Platform Financial News

₹87,295 crore to banks and financial institutions, according to the Union Finance Ministry. Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing ₹8,738 crore to banks, followed by Era Infra Engineering Limited owing ₹5,750 crore, REI Agro Limited ₹5,148 crore, ABG Shipyard Limited ₹4,774 crore, and Concast Steel and Power Limited ₹3,911 crore. Other wilful defaults are Rotomac Global Private Limited ₹2,894 crore, Winsome Diamonds and Jewellery Limited ₹2,846 crore, Frost International Limited ₹2,518 crore, Shri Lakshmi Cotsyn Limited ₹2,180 crore, and Zoom Developers Private Limited ₹2,066 crore.

indirect tax body, the Goods and Services Tax (GST) Council, will on Wednesday finalize the fine print of the indirect tax regime covering online gaming, casinos and horse racing and put in place ways to check any tax evasion. Mint takes a look at what to expect and why online gaming platforms are up in arms. The GST Council, led by union finance minister Nirmala Sitharaman, will meet virtually to discuss and approve the amendments to Central GST (CGST) Act and the respective state GST (SGST) laws to give effect to the decision taken at its meeting last month regarding taxation of online gaming, casinos and horse racing.

A leading global investment firm, KKR, acquired majority stake in LEAP India, which is a pallet pooling platform in India, the company announced on Wednesday. With this deal, the funds managed by KKR will acquire a majority stake in the Company.

TikTok with new features. One such feature being rolled out by YouTube is the experimentation with live video previews in a user's Shorts feed, similar to how TikTok displays live videos. With the new addition, viewers can click on the preview to watch the livestream and explore other live videos within the feed.

Flipkart Big Saving Days sale, the iPhone 14 and iPhone 11 will be accessible at reduced prices in India. Currently, these models are listed on the platform for ₹68,999 and 41,999 respectively. Flipkart claims that the upcoming sale will offer even greater discounts, continuing its tradition of substantial price cuts on popular 5G smartphones.

Social media platform X has appealed to an Indian state court to set aside its ruling that rejected a plea against some government orders to remove content from its platform, formerly known as Twitter.

From across the globe, spanning a diverse range of applications in finance — these are the world's top 200 fintech companies.

communal clashes that broke out during a Vishva Hindu Parishad procession in the Nuh district on Monday, and later spread to other districts of Haryana including Gurugram. There were rumors that Monu Manesar, who was booked earlier for the murder of two Muslim men whose charred bodies were found in the Bhiwani district in February, would be joining the procession. However, he did not participate in the procession.

Pinterest beat Wall Street targets for second-quarter results on Tuesday and forecast higher margins for the year, supported by an advertising market recovery and cost-cutting measures.Tech giants Meta Platforms and Google parent Alphabet had also recorded strong ad sales, signaling a rebound in marketing spending by businesses as inflation cools and consumer confidence improves. Pinterest CFO Julia Donnelly said its adjusted core earnings margin will be higher by «roughly 400 basis points» in the current fiscal year. It was 16% in 2022.

McDonald's Hong Kong has teamed up with The Sandbox, a decentralized virtual gaming platform owned by Animoca Brands, to create the first Web3 experience platform. This partnership has resulted in the launch of «McNuggets Land», a unique metaverse gaming experience that marks the 40th anniversary of McNuggets.

Disney Star is bullish on onboarding robust sponsorships from most sectors, be it startups or established firms, banking on flexible advertising packages for the upcoming marquee Asia Cup and ICC ODI World Cup events that it forecasts will see unprecedented reach. «We are making advertising on Disney Star network flexible, we are making it customisable.

Apple is likely to report a dip in iPhone sales in the April-June quarter as shoppers held out for a new model in a slow economy, making it important for the company to detail how it is using artificial intelligence to augment growth, analysts said. The world's most valuable firm will wrap up Big Tech earnings on Thursday, with a likely 1.6% drop in total quarterly revenue, according to Refinitiv — its steepest drop in third-quarter revenue since 2016.IPhone sales likely fell more than 2% in the period, according to 24 analysts polled by Visible Alpha, compared with a near 3% increase a year earlier and a 1.5% rise in the quarter ended March.

Maruti Suzuki: Maruti Suzuki India reported single-digit sales growth in July with the sports utility segment continuing to drive overall demand in the market. Maruti Suzuki on Tuesday said its total domestic passenger vehicle sales stood at 1,52,126 units last month as compared to 1,42,850 units in the year-ago month, a growth of 6 per cent. Utility vehicles, consisting of Brezza, Ertiga, Fronx, Grand Vitara, Jimny and XL6, clocked sales of 62,049 units last month, a two-fold jump as against 23,272 units dispatched in the year-ago period.

Reuters, MB Patil further noted that the manufacturing facility will be spread across 100 acres in the state, said in a post on social media platform X. Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility.

hiring platform for students and graduates, on Tuesday said it has raised $5 million from Japan-based human resources firm Mynavi, online education provider Coursera and others. The Delhi-based startup is Coursera’s first India-based investment. Unstop will use the capital to enhance its technology, marketing, product and sales functions, as per a statement.

Tata Cliq.Tata UniStore Ltd, which owns and runs Tata Cliq, posted a 16% increase in net loss at Rs 874.7 crore for fiscal 2022-23, even as its turnover dropped to less than half at Rs 407.7 crore compared with Rs 844.6 crore the year before, as per its latest regulatory disclosures. In the filings to the Registrar of Companies (RoC) made on July 25, Tata UniStore attributed the drop in turnover to the platform’s exit from certain categories of electronics, and said the loss increased as it continued to invest in scaling up the business.

Slack sees India as a key go-to-market and production region, said CEO Lidiane Jones. Cloud services giant Salesforce acquired Slack for around $28 billion in 2021. Speaking exclusively with ET, Jones said that India represents a key product development hub for the company.

A nonprofit organization that researches links between social media, hate and extremism has been sued by X, the social media platform formerly known as Twitter

Stephen Amell, who is known for his role in «Arrow,» voiced his disagreement with the ongoing SAG-AFTRA strike during an appearance at GalaxyCon in North Carolina. The 42-year-old actor expressed support for his union but criticized the strike as a reductive negotiating tactic, finding it frustrating. After a fan asked the actor about the strike, Amell said, «I support my union, I do, and I stand with them. I do not support striking. I don't. I think that it is a reductive negotiating tactic, and I find the entire thing incredibly frustrating.» Amell's statement comes amidst the backdrop of Hollywood actors' decision to strike in July, joining writers, who were already on strike. The strike has led to the suspension of numerous movie and TV show productions, causing significant disruptions in the industry. The Screen Actors Guild (SAG) and the Writers Guild of America (WGA) strikes have also halted the production of TV shows and movies, with notable impacts on upcoming releases like Zendaya's «Challengers,» which was scheduled for the Venice International Film Festival but has now been postponed to 2024. Hollywood writers began their strike in May, demanding better payment contracts, particularly with the rise of streaming services like Netflix. Actors are also seeking improved pay deals, especially from streaming platforms. Despite Amell's reservations about the strike, he clarified that he stands with his union, indicating that his appearance at GalaxyCon does not violate the strike terms since it is unrelated to «struck» companies and not contractually bound to a studio.

The summer of wealth management name changes rolls on as CI Private Wealth, one of the fastest-growing registered investment advisors ever to compete in the financial advice industry, Tuesday morning said it was rebranding as Corient, a combination, according to the company, of the phrase “client oriented.”

Tata Group is continuing to burn money on its first ecommerce platform, Tata Cliq.Tata UniStore, which owns and runs Tata Cliq, posted a 16% increase in net loss at ₹874.7 crore for fiscal 2022-23, even as its turnover dropped to less than half at ₹407.7 crore compared with ₹844.6 crore the year before, as per its latest regulatory disclosures. In its filings with the Registrar of Companies made on July 25, Tata UniStore attributed the drop in turnover to the platform's exit from certain categories of electronics, and said the loss increased as it continued to invest in scaling up business.