Country Financial News

Mint was the first to report NewQuest’s interest in the company. The $100 million raised includes about $50 million in primary capital, $18 million in venture debt, and the balance in secondary investments. The company has so far raised nearly $120 million from investors such as Eight Roads Ventures, US investment firm NGP Capital, Qualcomm Ventures and Mirae Asset Naver Fund, and Flipkart.

₹300 crore in a year would pay ₹18-30 crore to an operator for management services. These partnerships are often long-term, with most hotels signing contracts lasting 12-15 years. Many hotels are looking to largely brand hotels that are new developments or greenfield projects for their upcoming pipeline as opposed to brand conversions projects, which would account for just 20-30% of the pipeline.

Godrej Appliances on Tuesday said it expects at least a 20 per cent growth in sales of air conditioners and refrigerators during the summer season. The city-based company is the fourth largest air conditioner brand with 0.7 million units sales and the fifth when it comes to refrigerators with 1.8 million sales in the country. «We expect the summer to be scorching this year after an extended winter and this should help us clock at least 20 per cent uptick in volume for both ACs and refrigerators. »Last year, our AC sales more than doubled," Kamal Nandi, executive vice president and business head at the Godrej Appliances told PTI here on Tuesday.

British Airways supervisor believed to be on the run in India after his role in an alleged GBP 3 million visa scam from over five years came to light, according to a UK media report on Tuesday. ‘The Sun' newspaper reports that the unnamed 24-year-old suspect worked at Terminal 5 at Heathrow Airport and is said to have charged customers GBP 25,000 per trip to abuse a loophole and fly them across the British Airways (BA) network without crucial visa documents. British police are now said to be working with their Indian counterparts to try to trace the man, who reportedly vanished with his partner – a BA ground services staffer – after he was arrested on January 6 and released on bail. He is believed to have flown out to India where he has reportedly bought several properties.

(Reuters) — Unity Software shares sank 15% in premarket trading on Tuesday after the videogame software provider's 2024 forecasts came in below Wall Street estimates, a sign that its turnaround was taking longer than expected.

I got what looked like a nice email from Amazon last week. There were no spelling mistakes, so I figured it wasn’t a Russian bot and I could click on it. I was right. It was Amazon announcing a new initiative promoting Quebec products: “Les produits du Québec.” How the titans of globalization cower before the power of local interests!

Tribune report, Moosewala’s parents used In Vitro Fertilization (IVF) to get pregnant. Moosewala was murdered on May 29, 2022. Satwinder Singh alias Satinderjit Singh alias Goldy Brar had claimed responsibility for the murder of popular singer Moosewala in Punjab on May 29, 2022.

Mark Zuckerberg, who is on a mini-Asia tour, is currently in Japan, exploring the heritage and food of the country. The Meta chief is likely to visit Seoul and attend the pre-wedding celebrations of Anant Ambani, the youngest son of Mukesh Ambani, in Gujarat’s Jamnagar. “Mark is in Japan for a personal trip and will also meet with a few key partners while he is here," Bloomberg quoted Meta Platforms' spokesperson as saying.

digital infrastructure that they use to generate large revenue, a top executive at global telecom industry body GSMA said, adding that a revenue share with telcos won’t lead to higher content costs for consumers. Julian Gorman, head of Asia Pacific at GSMA, told ET that the increasing demand for content is pushing telcos to make higher investments in expanding the digital infrastructure, leading to an investment gap, which needs to be addressed at a global level. “The concept of fair share is being discussed broadly across the world… I think the challenge, the overall problem is how the countries in the world build the infrastructure to support the digital future,” said Gorman.

VOC Port at Tuticorin in Tamil Nadu will become India's first green hydrogen hub as it will develop an ecosystem of green ports and also emerge as a transshipment hub when Prime Minister Narendra Modi launches numerous initiatives on February 28, Union Minister Sarbananda Sonowal said on Tuesday. Also, Chennai would become the gateway to the Eastern Maritime Corridor to Vladivostok, Russia, and further increase the bilateral trade between the two countries, he said. «Tomorrow PM Modi will lay the foundation stone, inaugurate, and dedicate to the nation 36 transformative projects worth over Rs 17,000 crore. This is a step towards Viksit Bharat @2047,» Sonowal told reporters here. About 30 projects under his Ministry of Ports, Shipping and Waterways worth Rs 10,324 crore would be inaugurated, foundation laid or dedicated by the prime minister, he said. Of these, six projects worth Rs 7,587 crore are only in the two ports in Tamil Nadu.

Piyush Goyal on Tuesday said there is an urgent need to give a boost to small businesses in the textile sector to help them realise their true potential. Speaking at Bharat Tex-2024 in Delhi, Goyal talked about helping SMEs in the textile sector by providing them with modern machines and other allied infrastructure. He said that the textile sector would not just be benefited through any one government scheme but by their convergence. “No one government scheme would help the textile industry, but a convergence of all schemes in a streamlined manner could help in this regard.” The minister called for intelligently using the budget for handloom and handicraft, and making the budgetary spending transparent. He also said that industry and government officials should work together to help artisans earn more. “Let’s take our industry to other countries where we know the market.”

Bristol Myers Squibb aims to expand its research and development presence in India and expects its newly inaugurated Hyderabad facility to become its largest unit outside the U.S. by 2025, CEO Christopher Boerner said on Tuesday. The $100-million facility, inaugurated by Boerner on Monday, is expected to employ over 1,500 employees and will be used to enhance its drug development through the use of digital technologies and artificial intelligence, he said in his keynote speech at the BioAsia conference. Bristol Myers also operates a research and development centre in Bengaluru in partnership with the Biocon Group's Syngene International.

India’s industrial growth and modernization, giving people access to modern energy services. Despite this progress, the average household in India only consumes a tenth as much electricity as the average household in the United States. India’s sheer size and its huge scope for growth mean that its energy demand is set to grow by more than that of any other country in the coming decades.

Gaganyaan. He called them the four forces that encompass the aspirations of 1.4 billion people in the country. The four astronauts are -- Group Captains Prasanth Balakrishnan Nair, Angad Pratap, Ajit Krishnan, and Wing Commander Shubhanshu Shukla, Modi said at the Vikram Sarabhai Space Centre (VSSC) at Thumba near here.

MNRE has a programme to bring out bids for 50000 MW RE capacity every year, with nearly 80% allocated for solar. There is a new resolve to install rooftop in one crore homes which adds to 30000 MW in three years. Even if it takes some time to ramp up installation from present 20000 MW per year to double, there is a possible optimistic case of adding about 1,20000 MW solar capacity by the end of 2026.

businesses need to nurture and invest in startups but not with an intention of owning them, Deepinder Goyal, founder and CEO of food-delivery company Zomato said on Tuesday. “I think established businesses need to nurture startups…and I don’t think we have that kind of a culture yet, and larger businesses also need to start funding startups but not with an intention to own them but with an intention to help them become bigger,” Goyal said, at the curtain raiser event of the Startup Mahakumbh, which is slated to happen on March 18-20.

₹1,800 crore. Further, PM Modi reviewed the progress of the Gaganyaan Mission, and announced the names of the four astronauts who are undergoing training for the country's maiden human space flight mission.

Following the government's capex-push led surge in infrastructure shares such as L&T, the stock market is likely to shift its focus to the consumption story, particularly in rural India. This shift aligns with the release of the National Sample Survey Office's (NSSO) delayed monthly household expenditure survey for 2022-23, which appears to support the Bharatiya Janata Party's narrative ahead of the Lok Sabha elections. The political narrative is expected to resonate within stock market trends as well, especially since the findings of the last survey for the year 2017-18 were discarded after results leaked to the press, showing a drop in consumption levels.

‘Viksit Bharat’. He sees the Indian economy rising further in leaps and bounds by making the country a 'developed nation worth $30 trillion economy by 2047. The Indian equity market has been an instrumental part of the country's economic growth.

Reuters, citing Spain's Higher Council for Scientific Investigation (CSIC) said on Sunday, “This discovery demonstrates for the first time that the Highly Pathogenic Avian Influenza virus has reached Antarctica despite the distance and natural barriers that separate it from other continents." CSIC further added that the presence of the virus was confirmed on Saturday in samples of dead skua seabirds that were found by Argentine scientists near the Antarctic base Primavera. Also Read: Bird Flu Outbreak: WHO issues warning after H1N1 strain infects cats in countries.

SIDBI ET MSME Conclave held in Rajkot saw a stellar turnout. From conversations around building financially resilient and competitive MSMEs to the challenges that need immediate solutions, the Rajkot edition aimed to understand the role of Gujarat in shaping a viable ecosystem for the MSME sector. Small and medium industries in the city are dominated by foundries, engineering & automobile works, and units that manufacture textiles, gold & silver jewellery, handicrafts, spices, medicines and wall clocks. Gujarat has the fourth-highest number of micro, small and medium enterprises in the country, after Maharashtra, Tamil Nadu and Uttar Pradesh, according to data provided by the Union government in Parliament last year.