Business

05 Jan

Narayana Murthy opens up about his ‘big regret’

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness

Infosys co-founder Narayana Murthy says he now regrets the decision to keep his family out of the company. Murthy, who co-founded Infosys in 1981 with a loan of Rs 10,000 from his wife Sudha Murty, never allowed her to join the firm even though he believed her to be more qualified than the other co-founders. "I had this feeling that good corporate governance means not bringing the family into it," he said when asked by CNBC-TV18's Shereen Bhan why he didn't let his wife, who gave him seed money, join Infosys. "Because in those days, it was just family-owned, all…

04 Jan

Karan Adani elevated as MD in this Adani Group firm

Priyanka BhowmickBusiness, IndiaBusiness, india

Adani Ports and Special Economic Zones Limited (APSEZ) has announced a top-level reshuffle with Chief Executive Officer (CEO) Karan Adani elevated to the role of Managing Director.In a board meeting held on Wednesday, the directors also approved the appointment of Ashwani Gupta, former global chief operating officer of Nissan Motors, as the new CEO. The position of managing director was earlier held by founder Gautam Adani (who was the chairman and MD).He has now been re-designated ‘executive chairman’ of the company.Adani Ports said in a statement after market hours that under the leadership of Karan Adani as CEO, it has…

29 Dec

Zomato slapped with INR 401 Crore tax notice

Priyanka BhowmickBUSINESS, IndiaBusiness, india

Food delivery giant Zomato has received a Good and Services Tax (GST) notice on a tax liability of ₹401.7 crore. The Directorate General of GST Intelligence (DGGI) had sent tax notices to Zomato and Swiggy for not paying GST on delivery charges and said that delivery charges fall under the services category and companies are liable to pay 18 percent GST. Zomato responded to a show-cause notice issued by DGGI and said that it is not liable to pay any tax and said, "Delivery charges are collected by the company on behalf of the delivery partners. Further, as per the…

27 Dec

Adani family to invest ₹9,350 cr in Adani Green

Priyanka BhowmickBusiness, Economy, FinanceAdani Group, Business

Adani Green Energy (AGEL) on December 26 said its board of directors has approved a priority issuance of warrants to promoters for an amount of Rs 9,350 crore at Rs 1,480.75 per share. The funds will be used to reduce and accelerate capital expenditures, the company said. It added that AGEL is now fully equipped to achieve its target of 45 GW by 2030, with 20.6 GW of installed capacity, over 2,00,000 acres (equivalent to 40 GW of additional capacity) of secured land in India's resource-rich areas, and an additional equity infusion of Rs 9,350 crore which fully funds this…

25 Dec

Apple stops online sales of watches

Priyanka BhowmickBusiness, IndiaBusiness, india

As Apple Stores across the US begin closing for the day, Apple Watch Series 9 and Apple Watch Ultra 2 sales are officially in effect. Apple removed its flagship Apple Watches from its online store on Thursday, and now they're also being removed from the Apple Store. When Apple stores reopen after Christmas on December 26, the Apple Watch Ultra 2 and Apple Watch Series 9 will not be available. The ban on Apple Watch sales comes as part of a long-running patent dispute between Apple and medical device company Masimo. ITC ruled in October that the blood oxygen sensors…

15 Dec

Mumbai resident ordered food worth Rs 42.3 lakh from Swiggy in 2023

Priyanka BhowmickBusiness, IndiaBusiness, india

Want to know how much India Swiggy'd this year? Well, food delivery juggernaut Swiggy has just dropped its annual culinary data – the 2023 'Swiggy Wrap' report. And remember, the report isn't your typical snoozefest; It's a delicious journey filled with 'tasty' news about Swiggy's top customers and eye-popping orders. After all, a Mumbai resident stole the spotlight as one of Swiggy's high rollers, spending Rs 42.3 lakh on food throughout the year. pause Yes, you read that right – a small fortune in gastronomic delight! The internet collectively rubbed its eyes in disbelief at this culinary scene, doing a…

14 Dec

Foxconn to invest an additional Rs 13,911 crore in Karnataka

Priyanka BhowmickBUSINESS, IndiaBusiness, india

Karnataka's State High-Level Clearance Committee (SHLCC), headed by Chief Minister Siddaramaiah, on December 12 approved Foxconn's investment of an additional Rs 13,911 crore. Karnataka's Large and Medium Industries and Infrastructure Development Minister MB Patil said the company was earlier approved to invest Rs 8,000 crore in the state. "SHLCC has approved Foxconn's proposal to invest an additional ₹13,911 crore", he said. Officials said the additional investment has been earmarked for a manufacturing facility within the Information Technology Investment Zone (ITIR) industrial area at Doddallapur in Devanahalli Taluk. In May 2023, Hon Hai Precision Industry (Foxconn) acquired land worth Rs 300…

12 Dec

Jayesh Sanghrajka is new Infosys CFO as Nilanjan Roy resigns

Priyanka BhowmickBusiness, IndiaBusiness, india

Infosys Chief Financial Officer Nilanjan Roy has resigned with effect from March 31, 2024. The IT services major has announced the appointment of Jayesh Sangharajka as the new CFO effective April 1. Roy's resignation comes at a time when Infosys and other tier-I IT services peers including Wipro, HCLTech and TCS are witnessing top-level exits. In a statement, Infosys said Roy, who was appointed to the role in 2018, decided to step down to pursue his personal aspirations outside of Infosys. In the last one and half years, former presidents Ravi Kumar S and Mohit Joshi resigned from the organization.…

11 Dec

Tata to build India’s biggest iPhone manufacturing plant in Tamil Nadu

Priyanka BhowmickBusiness, IndiaBusiness, india

Tata is set to build India's largest Apple iPhone manufacturing plant in Tamil Nadu, creating employment for over 50,000 people. In a move to boost South Asian manufacturing and production of Apple products, Tata is set to build India's largest iPhone assembly plant in Tamil Nadu. The plant will be built in Hosur, news agency Bloomberg reported. The iPhone factory is expected to have more than 20 assembly lines and employ more than 50,000 workers within two years, sources told Bloomberg. The goal is to have the site up and running in 12-18 months. The plant will strengthen Apple's efforts…

09 Dec

Spotify’s CFO Paul Vogel is leaving the company

Priyanka BhowmickBusiness, IndiaBusiness, india

Spotify's chief financial officer will step down next year, according to the music streaming service, just days after announcing a third round of layoffs for 2023. In a statement announcing CFO Paul Vogel's departure, Spotify CEO Daniel Ek said the two 'came to the conclusion that Spotify was entering a new phase and needed a CFO with a different mix of experience.' Spotify said this week it would cut 17 percent of its global workforce, citing the need to cut costs and become profitable. About 1,500 people will lose their jobs, a spokesman confirmed to the Associated Press (AP). Shortly…