Business

Reliance Industries Ltd has got government approval for making additional investments in developing gas reserves in its KG-D...

As of March 2024, Jio boasts a massive subscriber base of 481.8 million, out of which 108 million subscribers are on Jio's True5G Standalone network. The number reflects Jio's stronghold in the Indian telecom market.

Reliance Industries Ltd on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record h...

India's largest telecom operator Reliance Jio on Monday posted a 13 per cent year-on-year rise in its standalone net profit at Rs 5,337 crore in March quarter. Its revenue from operations for Q4FY24 came in at Rs 25,959 crore, up 11 per cent over the year-ago period. The net profit was pegged at Rs 5,337 crore for just-ended quarter, up from Rs 4,716 crore in the fourth quarter of FY23, which translated into a 13.16 per cent increase.

The global landscape of wealth is ever-evolving! After a year of record wealth creation, most richest people on the globe saw their net worth rise sharply in FY 2023-24. Towards the end of last month, Forbes unveiled the top echelons of affluence – the ten individuals who reign supreme on the world's wealthiest list. India’s richest man Mukesh Ambani also features in this elite list of the world’s richest people.

It has been a tough few years for India’s flagship entertainment industry, Bollywood! Very few movies have managed to break the shackles and amass hundreds of crores, while many films involving the largest stars have performed below expectations. During such a bleak period for the entertainment industry, an underdog content format has started to get attention — audio shows.

Indian Renewable Energy Development Agency Ltd (IREDA) has opened an office in GIFT City at Gandhinagar which will specialise in providing debt options denominated in foreign currencies to facilitate natural hedging and significantly reduce the financing costs for green hydrogen and renewable energy manufacturing projects, the Ministry of New and Renewable Energy said on Thursday.

Just ahead of its mega FPO opening to public investors, Vodafone Idea (VIL) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the telco. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC).

In an abrupt move, Arjun Mohan, who was elevated as the embattled edtech firm Byju CEO just about seven months back, has quit to pursue other opportunities, the company confirmed on Monday.The company's Co-founder and CEO Byju Raveendran will take a more hands-on approach in spearheading the daily operations of the company after Mohan's resignation, who will be part of the edtech firm in an "external advisory role".

Indian telecom companies may hike the tariff by 15 to 17% after the 2024 general elections. The tariff hike, led by Bharti Airtel is expected to take place around July-October. A report by Moneycontrol, citing analysts has said that Sunil Mittal-led Bharti Airtel will be the biggest gainer of the tariff hike. The last major tariff hike was announced in December 2021 and it increased the prices by around 20%.

BharatPe co-founder and former MD Ashneer Grover is set to launch a new app called 'ZeroPe' that will provide loans for healthcare. According to the apps' Google Play Store listing, ZeroPe is presently in the testing phase and has been developed by Third Unicorn, which was founded by Grover after his exit from BharatPe.

Country's largest software services company TCS on Friday reported a 9.1 per cent growth in its March quarter net profit at Rs 12,434 crore. The Tata Group company's post tax profit during the January-March period last year stood at Rs 11,392 crore. In the fiscal year 2023-24, the company's net profit grew 9 per cent to Rs 45,908 crore, as per an exchange filing.

Cigarette maker Godfrey Phillips India on Friday said it has decided to exit from its loss-making retail business 24Seven. The board of the company in a meeting held on Friday "decided to exit from carrying out the business operations of its Retail Business Division," said a regulatory update from Godfrey Phillips India. Godfrey Phillips India was operating 150 stores/kiosks of 24Seven as of December 2023.

Cash-strapped Vodafone Idea on Friday announced a follow-on public offer of up to Rs 18,000 crore at a price band of Rs 10-11 per share, marking the biggest FPO in the country. The fundraise -- which comes close on the heels of a Rs 2,075-crore fund infusion by Aditya Birla group via a preferential share issue earlier this month, would give the ailing telco the firepower to improve its positioning in the Indian telecom market, where it currently trails larger rivals such as Reliance Jio and Bharti Airtel, by a wide margin.

Ather Energy earlier this month launched the Rizta, the company’s electric scooter aimed at customers looking for a family-oriented scooter. Rizta marks the company’s entry into the family scooter segment from the performance scooter segment. With this, the Rizta takes on the TVS iQube, which has been consistently performing well since its launch in the country. The TVS iQube features a traditional scooter design while offering all the benefits of an electric scooter, including things like navigation, music control and more.

After facing significant flight disruptions recently, Vistara CEO Vinod Kannan on Thursday told the airline staff that the "worst is behind us" and operations have already stabilised. Pilot woes have forced the Tata Group airline to temporarily cut down capacity by 10 per cent, affecting about 25-30 flights daily. Kannan also said it has been a "learning experience".

Cornerstone Ventures, a venture capital firm focusing on B2B Enterprise technology investments, has launched its second fund, with a target size of $200 million. It will include a green-shoe option which permits underwriters to sell additional shares beyond the original offering size, providing flexibility to meet investor demand. The fund seeks to generate substantial value for entrepreneurs, extending beyond mere capital infusion. It offers access to an extensive enterprise customer network, strategic funding from subsequent round investors, and a vast array of mentors and go-to-market collaborators.

Indian brands are turning cautious with their retail expansion. Hence, the leasing in the sector is expected to sustain at 6-6.5 million square feet in 2024, according to the latest report by the commercial real estate firm CBRE. The saturation follows the remarkable growth in 2023, as brands absorbed a little over 7 million sq ft. The supply environment in terms of retail space like malls and high streets is also expected to be stable in the current year. By the year-end, 5-6 mn. sq. ft. of investment-grade mall space will become operational in tier-I cities.

AI cloud and platform-as-a-service (PaaS) startup Neysa on Wednesday said it has raised $20 million (nearly Rs 166 crore) led by Matrix Partners India, Nexus Venture Partners and NTTVC investment firms. The funding will help drive the Generative AI cloud platform as a service and observability for companies in India and global markets, said the startup, co-founded by Sharad Sanghi (CEO) and Anindya Das (CTO).

Embattled edtech platform Byju's finally started disbursing salaries to its thousands of employees for the month of March after arranging an alternative line of credit. In a letter to employees seen by IANS, the company said the salary disbursement has commenced and will be completed over the next 10 days. "Unfortunately, despite our efforts, we haven't yet secured approval to access the rights issue funds, because of the action of four foreign investors," the communication read.

Ride-hailing company Ola on Tuesday said it has decided to shut down all of its existing global markets, namely the UK, Australia and New Zealand amid rising competition. The company mentioned that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" in the country. "The future of mobility is electric -- not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India," an Ola spokesperson said in a statement.

The country is in the midst of a real estate upcycle, yet the pace of new project launches has slowed down in the top four cities. The number of launches went down by 2% in Mumbai and 4% in Ahmedabad in the January-March quarter of 2024. National Capital Region (NCR) and Hyderabad showed a marginal 3% and 1% respectively, as per data launched by Knight Frank India. But, that’s only half the story.