Strategy Financial News

E-commerce major Amazon India on Tuesday said its 2023 festive sale is the best in its 13 years of operations in the country fuelled by a strong demand, a company official said. Online sales by the e-commerce industry during this festive season are expected to witness 18-20 per cent growth to reach Rs 90,000 crore, according to market research firm Redseer Strategy Consultants.

Market maker and alternative asset manager Abacus Life is expanding into financial planning with the launch of a new wealth division to support its secondary insurance market clients.

I've often mentioned October as a possible game-changer for bullish market trends, and it's surprising how quickly things can shift.

₹665 crore) from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan (OTPP). The firm said it would use the fresh capital to drive growth and support its management team's ambitions. “We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers," said Amitava Saha, founder and chief executive officer at Xpressbees.

Just a few days ahead of “National Education Day" observed on November 11 every year, Axis Bank and the Institute of Rural Management Anand (IRMA) have entered into a Memorandum of Understanding (MoU) on November 06, 2023. The idea behind entering the MoU is to establish the Axis Bank Chair for financial inclusion at IRMA. Established for five years, the Chair’s primary objectives include conducting research, fostering closer collaboration between the industry and academia, promoting thought leadership, and advocating for policy development. The Chair’s overarching goal is to enhance and expedite the advancement of financial inclusion (FI) and financial literacy in India.

By Vaibhav Agrawal

Devyani International on Tuesday, November 7, reported a consolidated profit of ₹33.35 crore for Q2FY24, down 43 per cent against the profit of ₹58.76 crore in the corresponding quarter last year. Revenue from operations for the quarter under review stood at ₹819.47 crore, up 9.64 per cent year-on-year (YoY) against ₹747.43 crore in Q2FY23. The reported EBITDA, post-IND-AS, closed at ₹158.8 crore, resulting in an EBITDA margin of 19.4 per cent.

Paisabazaar is looking to clock a net profit from next quarter onwards, in line with its parent PB Fintech, Naveen Kukreja, cofounder and chief executive of the credit marketplace, told ET. The company has been earnings before interest, taxes, depreciation, and amortization (Ebitda) positive since the December quarter.

BEIJING (Reuters) -The International Monetary Fund on Tuesday upgraded its 2023 gross domestic product growth forecast for China to 5.4% from 5%, citing a «strong» post-COVID-19 recovery, but said the fund still expected the world's second-biggest economy to slow next year.

steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030. «We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route,» Sinha said addressing the '4rth Indian Steel Association (ISA) Steel Conclave' event in the national capital.

Murthy had said productivity has to rise for the country to grow. “So, therefore, my request is that our youngsters must say, ‘This is my country. I’d like to work 70 hours a week’,” he had said.

UBS posted its first quarterly loss in almost six years, as the ongoing absorption of Credit Suisse drags on the Swiss lender’s performance.

Post-retirement investment management is as critical as during the employment years, especially considering the escalating health costs and the desire to sustain a certain standard of living in the years following retirement. Relying solely on a monthly pension may not always suffice, given the potential mismatch between funds and rising expenses.

mobile phone brand Lava has appointed Sunil Raina as the interim managing director, assuming his role with immediate effect after approval from the board, following the arrest of co-founder and managing director Hari Om Rai in a money laundering case by the enforcement directorate. Following the elevation, Raina will become a whole-time director of the company following approval of the board of directors on November 6. Raina, who has been serving as the President and Business Head of the mobile phone brand since the past five years comes with an experience of more than two decades having worked extensively in marketing, strategy, product development, communications, sales and distribution functions. “We are in a fast paced growth phase of our brand journey and we see a great opportunity ahead. I'm pleased to take on this role and eager to contribute to Lava's continued success through consistent innovation and delivering exceptional quality to our consumers,” Raina said. Rai was arrested as part of an investigation into alleged money laundering by Chinese smartphone brand Vivo.The ED alleged that 23 companies under Vivo India helped the company funnel Rs 62,476 crore of its sale proceeds illegally to China.

World Cup 2023 match. So much so, that someone on X (erstwhile, Twitter) tweeted, “Our batsmen are doing good because they practice with great bowlers. Our bowlers are doing good because they practice with great batsmen." In a few years from now, you may find people willingly discussing investments more effectively as they discuss cricket.

bankruptcy filing broke. The stock has tanked 99.8 percent since its initial public offering (IPO). On November 1, the Wall Street Journal reported that WeWork plans to file its Chapter 11 petition for bankruptcy in New Jersey.

Global Advanced Metals is up for sale after a maverick run offloading three undeveloped West Australian mines that went on to become world-class lithium assets.

ICICI Prudential Dividend Yield Equity Fund gave the highest return of around 33.69% in the three-year horizon. Templeton India Equity Income Fund, second in the list, offered 27.67% in three years. Aditya Birla Sun Life Dividend Yield Fund, the oldest scheme in the category, offered 26.30% in three years. The scheme has completed around 20.75 years in the market.

By Joseph White

(Reuters) — WeWork, the SoftBank (TYO:9984) Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.

Intel (NASDAQ:INTC) is at the forefront of possibly receiving multi-billion-dollar government funding for secure microchip manufacturing plants serving the U.S. defense and intelligence, according to The Wall Street Journal, which cited people familiar with the matter.