The Times Of India Business
Govt shelves BPCL privatisation for now as bidders exit
India has stalled the privatisation of state-owned refiner Bharat Petroleum Corporation Limiter (BPCL) as most bidders walked out of the process, according to an official with direct knowledge of the matter. There was only one potential buyer left in the fray for purchasing the government’s 53% holding in the company.
India better placed to face global challenges: CEA
Chief economic adviser (CEA) V Anantha Nageswaran on Wednesday said amid global uncertainties caused by the ongoing Russia-Ukraine war, India is still better placed among the large economies because of an improved financial system and a robust corporate health.
ITC Q4 net profit up 11.60% at Rs 4,259.68 crore
ITC Ltd on Wednesday reported an 11.60 per cent rise in its consolidated net profit to Rs 4,259.68 crore for the fourth quarter ended in March 2022.The company had posted a net profit of Rs 3,816.84 crore during the January-March quarter of the previous fiscal, ITC said in a regulatory filing.
'RBI opted for off-cycle rate hike to avoid tougher action in June'
Waiting for the scheduled monetary policy meet in June would have meant losing time and opting for a stronger action, RBI governor Shaktikanta Das told members of the MPC before they unanimously decided to go for an off-cycle hike in interest rate on May 4.
Sri Lanka can’t find cash to pay even one ship for petrol
Sri Lanka asked citizens not to queue for gasoline as the nation on the verge of default has no dollars to pay for a fuel shipment. “There is a petrol ship in our waters,” energy minister Kanchana Wijesekera told parliament Wednesday. “We do not have the forex.” Sri Lanka “hopes” to release the ship “today or tomorrow,” the minister said. The nation also owes the same supplier $53 million for an earlier shipment of gasoline, he added, without elaborating.
Edtech platform Vedantu lays off 424 more employees
Education technology firm Vedantu laid off 424 more employees on Wednesday, the company said in a blog post. Citing scarcity of capital for the upcoming quarters, the firm it will be laying off 7 per cent of its workforce.
India to press ahead with strict cybersecurity rules despite concerns
India will not change upcoming cybersecurity rules that force social media, technology companies and cloud service providers to report data breaches swiftly, despite growing industry concerns, the government said on Wednesday.
IndiGo names KLM veteran Elbers as new CEO; Ronojoy Dutta resigns
The stage is set for a battle Royale between India’s two largest airlines — Tata Group's four airlines led by Air India and market leader IndiGo. KLM Royal Dutch Airlines president and CEO Pieter Elbers, 52, will be IndiGo’s next CEO, in a sign that India’s biggest domestic airline will now expand its wings in the international skies. IndiGo’s current CEO Ronojoy Dutta, 71, has resigned and will retire from the position on September 30, 2022. Elbers will take over by October 1, 2022.
5G set to spawn massive job opportunities: Telecom secretary
The advent of 5G and new services that it would usher, will spawn fresh job opportunities in the market, requiring suitable skilling of manpower in new technologies, telecom secretary K Rajaraman said on Wednesday.
Ruchi Soya Industries to change name to Patanjali Foods
The Board of Directors of Ruchi Soya Industries on Wednesday decided to change the name of the company to 'Patanjali Foods Limited'. The board has also approved a proposal to acquire Patanjali Ayurved Limited's food retail business for Rs 690 crore. Ruchi Soya is a part of yoga guru Baba Ramdev-led Patanjali Group. Patanjali acquired Ruchi Soya Industries Limited through an insolvency process in 2019.
Tata in acquisition talks with as many as 5 consumer brands
Since its formation in 2020 during an ongoing streamlining of Tata’s 153-year-old business empire, which operates across dozens of sectors, Tata Consumer Products has widened its portfolio by buying stakes in companies such as bottled-water business NourishCo Beverages Ltd, as well as cereal brand Soulfull.
Sensex, Nifty extend gains to third day, global slowdown concerns linger
Domestic indices rose for a third straight session on Wednesday, helped by gains in some financial and IT stocks, even as investors fretted about the impact of interest rate hikes on global economic growth.
