Everest Financial News

Subscribe to enjoy similar stories.In 1984, Siddharth Kak landed a ringside view into an expedition to Mount Everest as part of a film crew—at the heart of all the action, yet at a safe distance from it. Or so he thought.India was looking to put the first woman on the summit. The newspaper advert that Kak, then 36, stumbled upon seemed too good to be true.

Three of India’s mid-sized IT companies—Persistent Systems Ltd, Hexaware Technologies Ltd and Firstsource Solutions Ltd—are looking to scale up their business and employ more people outside the US, which makes up more than three-fifths of their business. This mirrors the trend of their larger peers shifting their focus from the US to Europe and growth markets including Asia and South Africa.From acquisitions and large deals to strategic employee hubs, India, Australia, South Africa and West Asia are emerging as the key hotspots for these mid-sized IT services companies earning $1 billion to $5 billion in revenue as they look to insulate themselves from macroeconomic tensions and tap new growth markets.Persistent Systems, the country’s ninth-largest IT services company, got about 80% of its $1.41 billion revenue from North America.

Subscribe to enjoy similar stories. Uber India is shifting its fleet strategy. Until now, the company had invested only in Everest Fleet, backing the operator with a $20 million funding round in June 2023, followed by around $30 million in 2024 and another $20 million in 2025.

Subscribe to enjoy similar stories. MUMBAI : Fresh from its success of recently-listed Pinelabs, Groww and Meesho, their funder and one of India's top venture capital fund Peak XV believes the speed of value creation in India is likely to be much faster in the coming decade than it was in the past, its managing director Mohit Bhatnagar said in an interview. The firm wants to double down on bets in consumer, fintech and software sectors even while scouting for opportunities in sunrise sectors such as space tech, precision manufacturing, and semiconductors.

artificial intelligence infrastructure in the country, likely undermining a key goal of the administration, analysts said on Thursday. Trump and technology executives have touted lofty plans by Oracle, SoftBank and others to invest heavily in artificial intelligence since his return to the White House earlier this year. On Wednesday, Trump slapped steep duties on leading technology equipment suppliers including 34% on China, 32% on Taiwan and 25% on South Korea while imposing a 10% baseline tariff on all imports to the U.S.

Uber Technologies is in early stages of discussions to acquire BluSmart Mobility, the Gurugram-based all-electric cab service operator, two people in the know said. A deal could help Uber increase its presence in the growing space for electric cabs in India as well as signal consolidation in the urban mobility industry. The discussions come at a time when Gensol Engineering, the solar engineering procurement and construction company promoted by BluSmart cofounder Anmol Singh Jaggi, is facing liquidity issues. “Uber is scoping out BluSmart’s assets...particularly the electric vehicle fleet, which could help shore up its presence in the segment,” one of the people said.

Patanjali Foods Ltd has recalled four tonnes of red chilli powder from the retail market after national foods regulator Food Safety and Standards Authority of India (FSSAI) asked the company to recall a specified batch of the same due to non-conformity with food safety norms.

National Cadet Corps (NCC) Republic Day Camp at Delhi Cantonment, Gen Dwivedi also wished his best to an NCC expedition team that will attempt to scale Mount Everest later this year.

Mt Everest, also known as Mount Qomolangma, following a 6.8-magnitude earthquake that jolted Dingri County in the Tibet Autonomous Region on Tuesday. Dingri is home to the base camp of the world's highest peak.

On the BSE, VCK Cap Market(down 17.37 per cent), Robust Hotels(down 9.96 per cent), Mishtann Foods(down 9.95 per cent), Rose Merc. Ltd.(down 9.12 per cent) and Rajdarshan Ind(down 8.86 per cent) were among the stocks that plunged over 5 per cent during the session.

Domestic benchmark index NSE Nifty gained 88.7 points to 24545.85, while the BSE Sensex traded 332.97 points up at 81178.72.

Subscribe to enjoy similar stories. New Delhi: What’s in a name? A lot, apparently, if you’re in the venture capital business, as one firm named after the world’s tallest mountain is fast realizing. In 1865, a few years after Andrew Waugh, the then surveyor general of India, proposed that it be named after his predecessor Sir George Everest, the peak was officially named Mount Everest.

And this is just the tip of the iceberg. OpenAI CEO Sam Altman recently outlined a heady vision of ‘artificial superintelligence’, one where “our children will have virtual tutors who can provide personalised instruction in any subject, in any language, and at whatever pace they need”. “If a lamplighter could see the world today, he would think the prosperity all around him was unimaginable. And if we could fast forward a hundred years from today, the prosperity all around us would feel just as unimaginable.” — SAM ALTMAN, CEO and co-founder, OpenAI, on the potential evolution we could see in the next few decades thanks to AI Given all this potential, ETPanache asked leaders what tasks they would like to automate if they could and what tasks they would hate to give up control of. Irina Ghose MD, Microsoft India

Everest Fleet has raised $30 million as part of its ongoing $50 million Series C funding round led by the Indian arm of ride-hailing major Uber. The company’s board approved the allotment of 13,726 series C compulsory convertible preference shares, raising Rs 251.7 crore ($30 million), according to regulatory filings sourced from Tofler. The investment will be used to scale Everest Fleet's operations and expand its fleet of clean-energy vehicles, including compressed natural gas (CNG) and electric vehicles (EVs), the company said on Friday.

Suresh Narayanan, chairman and managing director of Nestle India. When the 64-year-old is not looking at volume growth and operating margins, the uptick of Maggi and the prices of cocoa, he sets his sights on rocky trails and mountain peaks. An avid trekker and mountaineer, he went on a weeklong arduous trek with a band of friends to Tosamaidan, at a height of 13,000 ft, in Kashmir, a couple of months ago. It is not just Narayanan. A growing tribe of corporate chieftains, in their 50s and 60s, take a break from their corner office for the arduous outdoors. They swap one set of challenges for another as they travel to tough terrains. Some climb Mount Kilimanjaro in Tanzania and Machu Picchu in Peru. Others make their way to the Everest base camp or Kang Yatse in Ladakh. Nearer home, Uttarakhand, Kashmir and Himachal Pradesh are their playgrounds. These executives dare themselves at every stage. The discipline required to push through challenging conditions is something they often bring back to the boardroom.

ABB India and Kfin Technologies, along with 33 other companies, are expected to be in focus today as they have set August 23 as the record date for determining shareholders eligible for dividend payments. This means today is the last day to purchase shares of these companies to qualify for the announced dividends.

The Food Safety and Standards Authority of India conducted inspections, sampling and testing of mixed spice blends after Hong Kong suspended sales of some blends of the MDH and Everest brands in April over high levels of a pesticide. Britain then tightened controls on all spice imports from India, while New Zealand, the United States and Australia have said they were looking into issues related to the brands.

From Wipro to LTIMindtree, IT employees irked by another delay in salary hikes Subcontractor costs for Tata Consultancy Services Ltd, India’s largest IT services company, dropped to 4% of its operational revenue of ₹62,613 crore in the June quarter, its lowest since October-December 2019, when its temporary worker costs accounted for 7.9% of revenue. For HCL Technologies Ltd, this figure dropped to 12.6% from 14.8% in the same period, and for Wipro Ltd, to 11.3% from 14.7%.

macro uncertainties. Such contractual revisions can potentially erode margins at these companies, experts say. At least three top IT firms – Infosys, Tata Consultancy Services, and HCLTech spoke about either changes in the scope of clients’ contracts or passing productivity benefits to clients by doing the same amount of work for lower price in the last two quarters.

IPO) for its Indian unit, which owns spices and condiments brands MTR and Eastern. «We initiated a process to consider structural opportunities for Orkla India, including conducting an IPO readiness study. The results of the study are encouraging. And we will now proceed with an evaluation of accessing the capital markets in India. Any conclusion should not be expected until sometime 2025,» Nils Selte, president and CEO at Orkla, told investors. «There are a lot of things to do before we are good to go.»

About a quarter of senior executives in GCCs are from the IT services sector, according to a study conducted by staffing firm Xpheno. The report was shared exclusively with ET. According to the findings, there are about 120 top GCCs in India with some 21,000 senior executive roles, including those of vice-president, assistant vice-president, senior vice-president and director. These senior executives have a minimum experience of 15 years, and in the last one year, more than 100 have moved from an IT company to a GCC.