Navin Gurnaney set to join Reliance Brands
Tue, Feb 16, 2021 3:55 AM

Navin Gurnaney set to join Reliance Brands

Reliance Brands Ltd., that retails a wide portfolio of fashion brands in the country has appointed Starbucks India head Navin Gurnaney as CEO— foods for a new food and hospitality venture the retailer is set to establish. Gurnaney took to LinkedIn to announce the development on Monday. He is set to join Reliance Brands starting 1st May after stepping down from his role at Starbucks.

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Sebi orders forensic audit of books of SunEdison Infrastructure
Tue, Feb 16, 2021 3:15 AM

Sebi orders forensic audit of books of SunEdison Infrastructure

Sebi on Monday ordered a forensic audit of the books of SunEdison Infrastructure Ltd (SIL) to ascertain whether there have been any manipulations and said the clouds surrounding the acts and intentions of the company and its connected entities need to be urgently removed. The watchdog has asked BSE to appoint a forensic auditor to examine the books of accounts of the company.

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Byju’s nears deal to acquire  rival  Toppr
Tue, Feb 16, 2021 3:13 AM

Byju’s nears deal to acquire  rival  Toppr

Edtech unicorn Byju’s is in advanced talks to acquire smaller rival Toppr for $150-160 million, two people familiar with the development said, as consolidation continues in India’s booming online learning sector. Both Byju’s & Toppr operate in the K-12 (Kindergarten to Class 12) learning space. Edtech firms Byju’s and Unacademy gained significantly last year as schools closed due to the COVID-19.

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Top 10 important cryptocurrencies (other than Bitcoin) | FlipItFact
Mon, Feb 15, 2021 10:00 PM

Top 10 important cryptocurrencies (other than Bitcoin) | FlipItFact

Cryptocurrencies take the form of tokens or “coins” and exist on a distributed and decentralized ledger. Here are the top 10 cryptocurrencies in the world (other than Bitcoin): [1] Ethereum (ETH), [2] Litecoin (LTC), [3] Cardano (ADA), [4] Polkadot (DOT), [5] Bitcoin Cash (BCH), [6] Stellar (XLM), [7] Chainlink, [8] Binance Coin (BNB), [9] Tether (USDT), and [10] Monero (XMR).

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Vodafone Idea CEO Ravinder Takkar reveals the telco is ready for 5G rollout
Mon, Feb 15, 2021 9:34 PM

Vodafone Idea CEO Ravinder Takkar reveals the telco is ready for 5G rollout

Vodafone Idea announced on Monday that it is prepared for the 5G wireless service rollout after rival Bharti Airtel recently announced that its network is ready for 5G launch. Ravinder Takkar, CEO, Vodafone Idea stated that the spectrum bands—3,300MHz to 3,600MHz—earmarked for 5G are expensive. The telco will participate in the upcoming spectrum auction and has deposited earnest money to the DoT.

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Misleading in French hotel rankings led to $1 million fine for Google
Mon, Feb 15, 2021 9:29 PM

Misleading in French hotel rankings led to $1 million fine for Google

Google will pay a fine of 1.1 million euros after French authorities concluded the search engine displayed misleading rankings for French hotels. Earlier, it used the official source Atout France as well as input from other hotel-industry websites in its algorithm to rank hotels from one to five stars. Google said that it has now made the necessary changes to only reflect the official ratings.

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GST officers arrest 4 in 3 different cases of ITC fraud of Rs 178 crore
Mon, Feb 15, 2021 9:18 PM

GST officers arrest 4 in 3 different cases of ITC fraud of Rs 178 crore

GST officers arrested 4 persons in three different fake invoicing cases involving total input tax credit (ITC) fraud of Rs 178 cr. The officers unearthed a network of fictitious firms to generate goods-less invoices and pass on fake ITC to multiple beneficiaries. In one case, four non-existent firms were created by the main perpetrators to pass on ITC of Rs 54 crore, primarily to 14 other firms.

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Deepak Nitrite Q3 PAT increases by 38.2% to Rs 216.56 crore
Mon, Feb 15, 2021 9:10 PM

Deepak Nitrite Q3 PAT increases by 38.2% to Rs 216.56 crore

Deepak Nitrite announced 10.25% growth in total revenues for the Q3'FY21 on a consolidated basis at Rs1,234.69cr. The basic chemicals and performance products saw a fall in revenues on a YoY basis. However, while sales of fine and specialty chemicals were flat, the company saw a sharp growth of almost 40% in phenolics. The consolidated PAT for Q3'FY21 was up 38.19% at Rs216.56cr.

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BBTC Ltd Q3 PAT falls 65.14% to Rs 70.19 crore
Mon, Feb 15, 2021 9:06 PM

BBTC Ltd Q3 PAT falls 65.14% to Rs 70.19 crore

Bombay Burmah Trading Corp reported 6.12% growth in total revenues for the Q3'FY21 on a consolidated basis at Rs3,236.48cr. BBTC is the holding company of the Nusli Wadia group and has a wide array of business interests. The steady growth came from BBTC’s stake in Britannia Industries. The consolidated profit after tax (PAT) for the Q3'FY21 was down -65.14% at Rs70.19cr.

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Byju's considering to buy edtech rival Toppr Technologies for $150 million
Mon, Feb 15, 2021 8:40 PM

Byju's considering to buy edtech rival Toppr Technologies for $150 million

Byju's is eyeing to acquire rival Toppr Technologies in a deal valued at roughly $150 million. Toppr provides online learning materials to students in standard 5 through 12. It is also backed by SAIF Partners and Helion Ventures. Toppr has also been a key target for Byju's, which has been expanding aggressively in recent months. Online education is the hottest sector during the COVID-19 pandemic.

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Bharat Dynamics Q3 PAT declines by -7.5% at Rs 49.2 crore
Mon, Feb 15, 2021 8:24 PM

Bharat Dynamics Q3 PAT declines by -7.5% at Rs 49.2 crore

Bharat Dynamics posted -9.72% fall in total operating revenues for the Q3'FY21 on consolidated basis at Rs459.33cr. Bharat Dynamics basically derives its orders from the defence department of the government of India. The company order flows had fallen sharply in the Sep-20 quarter on account of the lag effect of COVID. The consolidated PAT for the Q3'FY21 was down -7.50% at Rs49.19cr.

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Advanced Enzyme Q3 PAT increases by 28.21% at Rs 43.1 crore
Mon, Feb 15, 2021 8:16 PM

Advanced Enzyme Q3 PAT increases by 28.21% at Rs 43.1 crore

Advanced Enzyme reported 23.05% growth in total revenues for the Q3'FY21 on consolidated basis at Rs137.74cr. The company produces and sale of enzymes through its operations in India as well as its subsidiaries in the US and Germany. It has earned a global leadership position in the manufacture of enzymes. The consolidated PAT for the Q3'FY21 was up 28.21% at Rs43.09cr.

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TVS Motor partners with Public Motors to enhance distribution in UAE
Mon, Feb 15, 2021 7:45 PM

TVS Motor partners with Public Motors to enhance distribution in UAE

TVS Motor Company on Monday announced a new distribution partnership with Public Motors, a part of Ghaf Investments LLC, in the United Arab Emirates.  As part of this association, a 2,000 sq ft marquee showroom was inaugurated along the Sheikh Zayed Road in Dubai.  TVS Motor Company will launch the new 2021 Apache RR 310 in the super-premium segment.

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India's exports increases by 6.16% in January
Mon, Feb 15, 2021 7:39 PM

India's exports increases by 6.16% in January

India's exports grew by 6.16% to $27.45 billion in January, according to data by the commerce ministry. Imports too grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review. Exports during April-January this fiscal dipped by 13.58% to $228.25 billion, while imports declined by 25.92% to $300.26 billion.

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India creates record by adding 1,600 plus tech start-ups in 2020
Mon, Feb 15, 2021 7:30 PM

India creates record by adding 1,600 plus tech start-ups in 2020

India added a record 1,600 plus tech startups during 2020 and is the third-largest tech startup ecosystem in the world, according to a recent report published by NASSCOM. It also suggests that this is the highest number of startups added in three years. During 2020, close to 12 new Unicorns were added, with the funding scenario going back to pre-COVID-19 levels.

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