Mobile Financial News

Reliance Industries’ annual general meeting on Monday. Like always, investors’ eyes will be glued to Chairman Mukesh Ambani’s speech, as he addresses shareholders at the 46th AGM of the conglomerate. In the last few years, some of the big-bang announcements from Ambani’s stable have usually come at the AGM. Therefore, this event has taken centre stage on Dalal Street. But this time, Ambani gave out goodies much ahead of the AGM in the form of a stake sale in Reliance Retail Ventures and the listing of Jio Financial Services. On Wednesday, the conglomerate announced that Qatar Investment Authority will pick up a nearly 1% stake in the retail arm, valuing the country’s largest retail firm at $100 billion. The valuation of the retail business of Ambani has doubled within three years, and this has increased the noise of a possible initial public offer (IPO) of Reliance Retail on the Street. At RIL’s AGM in 2019, Ambani had first announced plans to list the telecom and retail businesses of the conglomerate. In 2020, Ambani did a mega fundraising programme by selling stakes in both Reliance Jio and Reliance Retail to marquee private equity firms and sovereign wealth funds. Then, Reliance Retail Ventures raised Rs 47,265 crore, which valued the company at Rs 4.21 lakh crore. The sharp expansion in the valuation could lure private equity investors to take in some of the money back home.

Meta is shutting down the Messenger Lite app, the lightweight stripped-down version of Messenger, on Android.Currently, users of the app are receiving a message that advises them to «use Messenger to keep chatting», reports TechCrunch. The app has already been removed from the Google Play Store for new users and will no longer be available after September 18 for existing users. «Starting August 21, people using the Messenger Lite app for Android will be directed to Messenger or FB Lite to send and receive messages on Messenger,» a Meta spokesperson told TechCrunch in an email. In 2016, Meta (then known as Facebook) had introduced Messenger Lite for Android for users with less-powerful Android devices, offering only the essential features of the instant messaging app to consume less storage space and processing power. Even thoughMeta released Messenger Lite for iOS, the company had discontinued it in 2020. According to mobile analytics firmdata.ai, the Lite versions of the app had combined downloads of around 760 million globally, with India holding the single largest portion, followed by Brazil and Indonesia. Meta recently announced that Messenger will drop SMS support next month. It had notified users that they «will no longer be able to use Messenger to send and receive SMS messages sent by your cellular network when you update your app after September 28, 2023». Earlier this week, Meta had announced its plans to release default end-to-end encryption on Messenger by the end of this year.

State Bank of India: SBI Chairman Dinesh Khara is likely to remain at the top post for another 10 months. The official – appointed in October 2020 – may now remain in the role beyond this three-year term. SBI rules mandate retirement at the age of 63 for its chairman – an age that Khara will reach in August next year.

A man with close links to former Kidman Resources chief executive Martin Donohue has been charged with insider trading, with the corporate regulator alleging he had early knowledge of Wesfarmers’ $776 million plan to buy the lithium company in 2019.

₹50.02 crore, including interest, for not complying with the phased manufacturing programme norms under FAME II. It had claimed subsidies worth ₹44.3 crore. Under the norms, EV manufacturers benefiting from FAME II scheme need to manufacture the vehicles and components indigenously.

JAIPUR : India and Britain are discussing business mobility under their proposed free trade agreement (FTA), Kemi Badenoch, the UK minister for business and trade, said on Thursday. Overall visa liberalization issues do not come under the ambit of trade pacts, she clarified. In the services sector, she said, the UK is the largest market in Europe for Indian IT services.

What better way to celebrate the enduring connection you share with your siblings than by gifting them a device that keeps you connected in this modern world? Explore a range of cutting-edge smartphones that combine innovation, functionality and style, all while enjoying enticing discounts. This Rakhi, make your gesture of love truly memorable with the Amazon Rakshabandhan Sale.

N Chandrasekaran, chair, B20 India, Thursday, lauding India’s growth trajectory. “We are the fifth largest economy, and we have a lot of things going for us. Just not in terms of economic growth, but in terms of infrastructure as well,” the chairman of Tata Sons said on the eve of the B20 Summit India 2023, organised by the Confederation of Indian Industry in New Delhi. Chandrasekaran noted that India stood at the cusp of changes happening worldwide. “Be it digital, energy, or supply chain resilience and transition due to geopolitical situation.

Indian Space Research Organisation (ISRO) on Thursday said that all activities related to the Chandrayaan-3 Mission are on schedule and all systems are functioning normally. Taking to X (Former Twitter), ISRO said," Chandrayaan-3 Mission: All activities are on schedule.

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Canara Bank has waived service charges for up to 3 doorstep banking services for senior citizens for a limited period. According to the Canara Bank’s social media X account (previously known as Twitter), “Banking made effortless, right at your doorstep! Introducing our Special Doorstep Banking Services Campaign, running from 21st to 31st August 2023. Service charges waived for up to 3 doorstep banking services during the campaign for all senior citizens. It's required that you link your mobile number to your bank account. All accounts associated with your Customer ID automatically link up with your mobile number.

Income Tax Return Verification and Refund News (August 24): Many taxpayers submit their returns on the e-filing portal of the Income Tax Department before the due date but forget to verify. As per tax rules, all ITR filers are required to verify their returns within 30 days. When a taxpayer fails to verify his/her ITR, such return is not taken for processing and may result in non-issuance of tax refund (if applicable).

Google Workspace, the company’s productivity and collaboration suite, is getting a major security pump up with new AI-powered features. The new features are designed to help organisations protect their data from cyberattacks, improve security, and comply grant them with more granular controls over data use and access.

Grab Holdings forecast a smaller operating loss for the current year and pulled forward its profitability timeline on Wednesday, as cost savings from its recent workforce reduction supplement strong demand for its food delivery and ride-share services. The Southeast Asian internet firm also delivered better-than-expected results for the last quarter, sending its U.S.-listed shares up 9%. The company now expects to break even on an adjusted core earnings basis in the current quarter ending September, ahead of its earlier fourth-quarter target. Moreover, it expects $80 million in annualized cost savings from the recent changes, including layoffs. Grab is undergoing a restructuring focused on lowering costs, with measures including cuts to its cloud bill and consumer and worker incentives. In June, the company reduced around 1,000 roles, or about 11% of its workforce, in its biggest round of layoffs since early 2020, when the pandemic began. It now sees adjusted loss before interest, taxes, depreciation and amortization between $30 million and $40 million, compared to its earlier forecast of $195 million to $235 million. «While we tried to optimize our bottom-line, we're also making sure that we can continue to grow our business,» Grab CFO Peter Oey said in an interview. «There's still a lot of opportunity in mobility.

TPG Telecom boss Inaki Berroeta has defended the company’s decision to offload the email accounts of one million customers as the telecommunications group revealed plans to overhaul its brands.

Reliance Industries: Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to invest ₹8,278 crore ($1 billion) into the retail arm of Reliance Industries Ltd (RIL), marking a fresh round of investments into Reliance Retail Ventures Ltd (RRVL) after the country’s largest retailer raised ₹47,265 crore in 2021. QIA’s investment values RRVL at ₹8.28 trillion or $100 billion, twice its ₹4.21 trillion valuation in 2021. QIA’s investment will translate into a 0.99% stake in RRVL on a fully diluted basis, RRVL said on Wednesday.

Tabcorp has posted a $66.5 million net profit after tax in its first year after the demerger of its lotteries and Keno business, as a growing wagering business offset softer market conditions.

TPG Telecom plans to dump some of its brands and products to cut costs after its interim profits slid 71 per cent to $48 million.

Tata Communications, a part of Tata Group, Wednesday said it plans to raise ₹1,750 crore through issuance of non-convertible debentures (NCDs). The deemed date of allotment of the NCDs is August 29 and they will mature after three years of the allotment date. Tata Communications in a regulatory filing said the issuance will be done on a private placement basis to eligible investors. The company will issue a total of 175,000 NCDs of face value ₹1,00,000 each aggregating to ₹ 1,750 crore, the filing said. «The NCDs are proposed to be listed on the wholesale debt market segment of the National Stock Exchange of India Limited,» it added.

₹2.49 lakh ex-showroom price tag, makes the two-wheeler maker the only one in the category to have products in both the convenience or comfort category and sports segment in electric two-wheelers. It will also feed TVS’s export ambitions, as the company explores new markets in Europe, besides Latin America and neighbouring nations where it has an export presence, from the next fiscal. TVS is targeting doubling its electric vehicle sales to 40% of its portfolio by 2025, Venu told Mint, responding to when he expects sales of EVs to take over IC-engine products for the company.

MoS) for Science and Technology, Dr Jitendra Singh said that the Lander, Vikram has landed in a hazard-free location with the help of its algorithm and instruments. In a media briefing, the MoS explained the next course of action of Chandrayaan-3 mission. Apart from the cameras onboard, the confirmation about the soft-landing, ISRO has received by other sensors as well, he said. Meanwhile, ISRO also confirmed that a communication link has been established between the Chandrayaan-3 Lander and MOX-ISTRAC, Bengaluru. Fulfilling the dream of 140 crore Indians, the Chandrayaan-3 spacecraft on Wednesday touched down on the surface of the Moon after its 41-day odyssey. Chandrayaan-3 is the most ambitious project of Indian Space Research Organisation (ISRO) so far. The task for the duo is cut out and there are multiple operations they will do once they reach the lunar south pole. The Lander has the capability to touch down at a specified lunar site and deploy the Rover which will carry out in-situ chemical analysis of the lunar surface during the course of its mobility. The Lander and the Rover have scientific payloads to carry out experiments on the lunar surface.