Profiles Financial News

Walmart, which owns local ecommerce firm Flipkart, said its international business growth was driven by Flipkart, China, and Walmex, without disclosing specific contributions. The Bentonville-based retailer also said in its second-quarter earnings for FY25 that its advertising business grew 23%, led by Flipkart and Walmex. Walmart recorded nearly $30 billion in net sales from international markets–a growth of 8.3% on year. Walmart also reported an operating income of $1.4 billion for the quarter under review. “Operating income growth led by Flipkart, China, and Walmex…. benefited from lower losses in ecommerce across markets..,” a presentation from the Flipkart owner showed on Thursday.

India's renewable energy storage capacity is expected to surge 6 GW by fiscal 2028 from less than 1 GW operational as of March 2024, driven by a robust pipeline of projects under implementation, said Crisil Ratings. Such an increase is crucial to sustainably absorb the rising share of renewable energy in the country's overall power generation mix. Despite slow progress on project implementation, the government's push to develop renewable energy power and tariffs for round-the-clock renewable energy, discovered in the last two fiscals, being comparable with other sources of round-the-clock power — improves confidence around adoption, said the rating agency.

A major organic seed company has surprised its supporters by announcing it will end sales this month and give hundreds of varieties away

Andhra Pradesh government is set to initiate the first-ever skill and industry census to gauge the state's labour force profile and create linkages between the unemployed youth and industry. The state-wide census will capture the demography with social and economic details of over 1.6 crore households. The exercise would be first initiated through a pilot project in one mandal (smallest administrative unit) and one educational institution towards the end of September. After the data is collected and cleaned up, the state government will initiate a state-wide census in January 2025. A highly-placed state government source told ET, «The census will take about 12 months. After this, the data will be cleaned and collated.»

RBI) has prohibited housing finance companies (HFC) from raising public deposits for more than five years, placed a ceiling on the quantum of deposits they can raise, and asked them to increase the share of liquid assets to 15% from 13% now in a phased manner. RBI on Monday said that public deposits accepting HFC can renew deposits after 12 months or more but not later than sixty months. It has allowed existing deposits with maturities above sixty months shall be repaid as per their existing repayment profile. Separately, RBI has directed non-bank finance companies to put in place a mechanism to provide nomination facility for depositors irrespective of customers demanding the service.

Every day, around the clock, a small group of cybersecurity professionals scours Facebook, looking for the face of their boss, an Australian billionaire who is determined to take the social-media giant to court. Like American financiers such as Bill Ackman, Andrew Forrest says he has spent years trying to get Facebook-parent Meta Platforms to do more to stop scam advertisements that use his likeness to promote fraudulent investment schemes. Yet unlike other Meta adversaries, the mining executive has pledged to spend vast sums on his legal campaign.

Russell Investments is strengthening its profile in the alts space as it welcomes a veteran executive from Goldman Sachs into its leadership.

Sunil Mittal on Monday said the conglomerate's decision to acquire a 24.5 per cent stake in BT Group marks a «good, long-term investment» and an «attractive buy», citing the British company's strong portfolio of home broadband, fibre, mobile and enterprise offerings. Mittal, a telecom industry stalwart, exuded confidence about the investment and business prospects of BT and indicated that while the priority, for now, is to understand the company and the UK market in-depth, «if there are more opportunities in Europe, we will certainly be open to it in future». On Bharti's decision to buy a 24.5 per cent stake in BT Group — a move that would make it the single largest shareholder in Britain's largest broadband and mobile company — Mittal said: «I think this is a very attractive buy… the UK and European telecom companies are trading at low multiples...so given the cash flow expectations of BT, we believe this is going to be a good investment, and it is a long-term investment.

Alberta Advantage Immigration Program (AAIP) is a provincial initiative designed to nominate individuals for permanent residency in Alberta, targeting those with skills to address labor shortages or who intend to establish or purchase a business in the province. The program is administered jointly by the Alberta government and the federal government of Canada. Successful nominees, along with their spouse or common-law partner and dependent children, can apply for permanent residency status through Immigration, Refugees, and Citizenship Canada (IRCC), which makes the final decision on all applications.

The National Women’s Soccer League and its players’ union have agreed to a collective bargaining agreement that will run through 2030

Hindenburg Research alleged that Madhabi Puri Buch, chairperson of the Securities Exchange Board of India (SEBI), and her husband Dhaval Buch held stakes in an offshore fund with significant investments from Vinod Adani, brother of Gautam Adani. These entities were allegedly involved in a network used by Vinod Adani to siphon money, raising questions about SEBI's impartiality due to potential conflicts of interest. According to the Hindenburg report, on March 22, 2017, days before Madhabi Puri Buch’s appointment as SEBI chairperson, her husband contacted Mauritius fund administrator Trident Trust regarding their investment in the Global Dynamic Opportunities Fund (GDOF). “In the letter, Dhaval Buch requested to 'be the sole person authorised to operate the Accounts', seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment,” alleged the report.

restructuring spree under new CEO Srini Pallia, IT major Wipro has elevated three veterans, as per an internal email seen by ET. Meanwhile, a senior executive who joined under ex-CEO Thierry Delaporte's watch has decided to exit the firm. Wipro has appointed Nanda Kishore, who has served the company for 30 years, as chief of delivery and operational excellence. He is currently the chief operating officer (COO) of Americas One. Dilip Dialani, who has been with Wipro for almost two decades, will take over from Nanda as COO of Americas One in Q3. Before he succeeded Delaporte as Wipro CEO, Srini had helmed Americas One as CEO. The firm is elevating the role of its chief information security officer Aathir Ahad, a Wipro veteran for over 21 years. Effective immediately, he will report to the company's COO Sanjeev Jain. Ahad will continue to shape the company's security strategy, ensuring compliance and safeguarding data, read the mail. Questions mailed to Wipro remained unanswered till the time of going to press.

The Indian financial market experienced significant volatility in the past quarter. Fluctuations were notable during the national elections in June, and now with the recent declines, driven by various factors, such as concerns of recession in the US, the fallout of the Japanese Yen carry trade, and the ongoing geopolitical tensions. 

Independence Day, the Indian national flag is being sold in post offices all around the country as part of the Har Ghar Tiranga Abhiyan 3.0. The Government of India has launched the campaign two years back to encourage all citizens to hoist the National Flag in their houses. The flags are available in India Post from August 1 to August 13, according to the website. On July 28, 2024, the Prime Minister encouraged the public in his most recent Mann Ki Baat episode to hoist the Tiranga at home in observance of Independence Day and to carry on the «Har Ghar Tiranga» tradition, which has seen a significant increase in public participation over the previous two years.

Bitcoin mining company, Bitfarms has experienced a surprising surge in its stock price, rising 20% despite reporting a mixed financial performance for the second quarter.

Alysha Newman has addressed the critics of her OnlyFans presence amid a surge in her profile's popularity following her bronze medal win at the 2024 Paris Olympics. Newman, who gained viral fame for her celebratory twerking at the Stade de France, is embracing the newfound attention to her subscription-based fan page.

Mint, pegs the growth in leadership hiring in the first six months of this year at 15% year-on-year. In January-June, 474 top-deck recruitments happened compared to 411 in the same period last year. Business head and chief operating officer (COO) appointments increased by 13%, while chief executive officer (CEO) hiring increased by 8%.

Journey Strategic Wealth has extended its footprint to include the Sunshine State as it welcomes an advisor previously with LPL.

Apollon Financial, a fee-based provider of advisory services affiliated with Apollon Wealth Management, has just expanded its reach in the Southeast with its latest acquisition.

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₹440 to ₹465 per share. The ₹4,193.73 crore worth FirstCry IPO is a combination of fresh issue of 3.58 crore equity shares aggregating to ₹1,666.00 crore and an offer for sale (OFS) component of 5.44 crore shares totalling ₹2,527.73 crore.