Business

30 Aug

FirstCry founder faces probe for $50 million tax evasion

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness, india

India's tax department founders of three Indian unicorns - FirstCry.com, and Globalbees Brands Ltd. are investigating an alleged tax evasion by Xpressbees, according to people familiar with the matter. The department, which runs India's finance ministry, has sent notices to founder Supam Maheshwari asking why he did not pay taxes on more than $50 million in equity transactions conducted in privately held FirstCree, the people said, asking not to be named. Information is not public. At least six investors in FirstCry, including private equity firm CrisCapital Management Co and the family office of Sunil Bharti Mittal, have also received inquiries…

29 Aug

Aditya-L1 Mission to be Launched At 11:50 AM on September 2

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness

Vikram and Pragyan, Chandrayaan-3 lander and rover, continue science on the moon, ISRO has set the launch date for its solar mission - September 2 at 11.50 am.The agency completed the integration of the Aditya-L1 spacecraft – India's first solar observation mission – with its workhorse launch vehicle, PSLV, at Sriharikota. Vikram Sarabhai Space Center Director S Unnikrishnan Nair told TOI that with this, ISRO has entered the final stages of launch preparations. “Launch vehicles and spacecraft are integrated. Now, we are conducting tests after which the PSLV will be moved to the launchpad.” The spacecraft, realized at the UR…

29 Aug

Nitin Gadkari to unveil world’s first ethanol-powered Toyota Innova

Priyanka BhowmickBusiness, IndiaBusiness, india

Union Minister Nitin Gadkari will today launch the world's first BS-VI (Stage-II), electric flex-fuel vehicle in India to use alternative fuels like hydrogen, flex-fuel, biofuel etc. and reduce the country's dependence on traditional fuels sources. The new 100% ethanol-fueled variant of Toyota's Innova will be launched today and will run on 100 percent ethanol. The vehicle will be the world's first BS-VI (Stage-II), electrified flex-fuel vehicle. It would also produce 40 percent of the electricity, making ethanol much cheaper to use. Gadkari launched a hydrogen-powered car in 2022, the Toyota Mirai EV. The vehicle was launched as a pilot project…

28 Aug

Tim Cook’s fake Instagram account removed

Priyanka BhowmickBusiness, BUSINESSBusiness, india

An Instagram account named after Apple CEO Tim Cook was discovered this week. Cook has been a relatively private person when it comes to social media presence. As a result, the new account received considerable attention. It's worth noting that even prominent figures in Apple's leadership have begun following the account. However, it was later found to be fake. An account with the handle @tim.d.cook was spotted by 9to5 Mac. The account's first post was made to look like an actual post from Cook It was released in commemoration of World Photography Day on August 20, featuring two captivating images…

28 Aug

Reliance Retail launches youth fashion retail brand ‘Yousta’

Priyanka BhowmickBusiness, IndiaBusiness, india

In January, ET reported that Reliance Retail was planning to launch a value apparel format to directly compete with Tata's Zudio, Landmark Group-owned Max, and Shoppers Stop's new mass-value brand InTune. All products on Yousta are priced below Rs 999, with most priced below Rs 499. Akhilesh Prasad, President and CEO, of Fashion & Lifestyle, Reliance Retail said, “The team will continue to work with India's younger generation to understand their evolving fashion needs." Experts say India's consumption structure has been skewed in the past to a narrow base of affluent consumers who account for a large share of the…

25 Aug

RIL and Oberoi to co-manage three iconic hospitality projects

Priyanka BhowmickBusiness, IndiaBusiness, india

Reliance Industries will co-operate on three hospitality projects with Oberoi Hotels and Resorts (Oberoi), the company announced on Thursday. These include the upcoming Anant Vilas Hotel at Bandra Kurla Complex (BKC) in Mumbai, Stoke Park in the UK, and another planned project in Gujarat. As part of the luxury 'Villas' portfolio managed by Oberoi, Mumbai Anant Vilas is envisioned as the first metro-centric property located in the Bandra Kurla complex which is identified as a bustling business district. The said location is becoming a mixed-use destination with business, hospitality, shopping, F&B, arts and culture, educational and residential uses. "Anant Vilas…

24 Aug

WhatsApp to allow users to create groups without naming them: Reports

Priyanka BhowmickBusiness, IndiaBusiness, india

Meta CEO Mark Zuckerberg today announced a new feature for WhatsApp that allows users to create groups without names. In a recent Facebook post, Zuckerberg said the functionality could come in handy when you're in a rush and don't have the time or bandwidth to name a group. Also, a nameless group with up to 6 participants will now be dynamically named based on who is in the group. For example, if there are two participants in a group called 'Mat' and 'Lupin', WhatsApp will automatically label the conversation as 'Matt and Lupin'. WhatsApp explains that the feature protects user…

24 Aug

India may ban sugar exports for first time in 7 years: Reuters reports

Priyanka BhowmickBusiness, IndiaBusiness, india

India may ban sugar exports for the next season, which starts in October, due to reduced sugarcane yields due to insufficient rains, Reuters news agency reported, citing three government sources. The expected move follows a lack of rains affecting the top sugarcane-producing regions, with monsoon rainfall in Maharashtra and Karnataka 50 percent below average. The ban on Indian sugar exports, which has not happened in seven years, could push up global benchmark prices, raising potential inflation in global food markets. The prospect of such a decision comes as India faces concerns over food inflation, with retail inflation hitting a 15-month…

23 Aug

Pencil maker DOMS files DRHP with SEBI to raise ₹1,200 crore via IPO

Priyanka BhowmickBUSINESS, IndiaBusiness, india

The public issue includes a fresh issue of shares worth Rs 350 crore and an offer-for-sale of Rs 850 crore by the promoters. FILA- Fabbrica Italiana Lapised Affini S.p.A. The company's corporate promoter, which holds 51 per cent shareholding, has offloaded shares worth Rs 800 crore through OFS, while domestic promoters Sanjay Mansukhlal Rajani and Ketan Mansukhlal Rajani will sell shares worth Rs 5 crore each. The Gujarat-based company, which manufactures and sells products under the DOMS brand, may consider a pre-IPO placement of Rs 70 crore before filing a red herring prospectus with the ROC. Once the pre-IPO placement…

22 Aug

Meta set to launch web version of Threads this week: Report

Priyanka BhowmickBusiness, IndiaBusiness, india

It's been over a month now since Instagram's reply on Twitter (at least that's what it said then). Called Threads, the app got off to a flying start but has now slowed somewhat in terms of daily users and time spent on the app. However, it looks like a web version of the app is coming soon, according to a report in The Wall Street Journal, a web app for Threads could be coming as early as this week. Instagram head Adam Mosseri pointed out last week that the web version is a bit of a gamble. "It's a bit…