Business – NP News24 https://npnews24.com Latest News Update realtime on the move Fri, 23 Aug 2019 11:55:12 +0000 en-GB hourly 1 161264391 Future Retail down 5% as Amazon acquires stake in Future Coupons https://npnews24.com/2019/08/23/future-retail-down-5-as-amazon-acquires-stake-in-future-coupons/ Fri, 23 Aug 2019 11:19:00 +0000 https://npnews24.com/2019/08/23/future-retail-down-5-as-amazon-acquires-stake-in-future-coupons/ Amazon
Amazon

Mumbai, Aug 23 (IANS) Shares of Future Retail settled over 5 per cent lower on the Bombay Stock Exchange (BSE), as the company announced that Amazon will acquire a 49 per cent stake in Future Coupons. Future Coupons holds a 7.3 per cent stake in Future Retail. The shares of Futures Retail on the BSE […]

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Amazon
Amazon

Mumbai, Aug 23 (IANS) Shares of Future Retail settled over 5 per cent lower on the Bombay Stock Exchange (BSE), as the company announced that Amazon will acquire a 49 per cent stake in Future Coupons. Future Coupons holds a 7.3 per cent stake in Future Retail.

The shares of Futures Retail on the BSE closed at Rs 390 per share on Friday, lower by Rs 23.45 or 5.67 per cent from its previous close.

The company in a regulatory filing on Thursday evening said: “We have been informed by Kishore Siyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons Limited (Promoters) that they have entered into a share subscription agreement and a shareholders’ agreement with Amazon.Com NV Investment Holdings LLC (Amazon).”

“Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49 per cent stake comprising both, voting and non-voting shares,” it said.

As part of the agreement, Amazon has been granted a call option which allows Amazon to acquire all or part of the promoters’ shareholding in Future Retail and is exercisable between the third to tenth years, in certain circumstances, subject to applicable law.

–IANS
rrb/niy/bg

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Microsoft, ISB to empower Indian business leaders in AI https://npnews24.com/2019/08/23/microsoft-isb-to-empower-indian-business-leaders-in-ai/ Fri, 23 Aug 2019 10:49:01 +0000 https://npnews24.com/2019/08/23/microsoft-isb-to-empower-indian-business-leaders-in-ai/ Microsoft
Microsoft

Hyderabad, Aug 23 (IANS) The Indian School of Business (ISB) and Microsoft India on Friday joined hands to equip Indian business leaders with tools and strategies to make their organizations Artificial Intelligence (AI)-driven. Through the creation of the AI Digital Lab, the two organizations will collaborate in research which will use AI and Machine Learning […]

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Microsoft
Microsoft

Hyderabad, Aug 23 (IANS) The Indian School of Business (ISB) and Microsoft India on Friday joined hands to equip Indian business leaders with tools and strategies to make their organizations Artificial Intelligence (AI)-driven.

Through the creation of the AI Digital Lab, the two organizations will collaborate in research which will use AI and Machine Learning (ML) to study issues that are relevant for business and public policy.

In addition, they will also jointly introduce a new executive programme, to begin in October which aims to train 1,000 executives in AI and its role to improve business decisions over a period of two years.

“With this coming together of ISB and Microsoft, it is a unique opportunity to increase the innovation with AI in business. Our new partnership with ISB will empower business leaders to increase their tech intensity and do more with AI,” said Anant Maheshwari, President, Microsoft India.

According to a recent Microsoft and IDC Asia/Pacific study, lack of a coherent AI-strategy is among the top three challenges that Indian business leaders face while trying to accelerate the growth of their respective businesses.

“Transforming organizations guided by AI and augmented by frameworks integrating analytics with human behaviour and management issues will be an important imperative for business leaders,” said Professor Rajendra Srivastava, Dean, Indian School of Business.

“Our collaboration with Microsoft India will enable us to use AI to understand new phenomena that are relevant for business as well as policy and subsequently disseminate the knowledge to business leaders who will need to transform their businesses through artificial intelligence to compete effectively,” he added.

ISB’s executive programme, titled “Leading Business Transformation in the Age of AI” will enable C-suite executives to come up with a coherent strategy to transform their respective organizations into AI-driven organizations.

three-day non-technical programme is done under the purview of Microsoft’s online AI Business School.
“It will also enable social science researchers to derive new insights from data and explore phenomena that were, hitherto, unexplored,” said Professor Anand Nandkumar, Associate Dean, Indian School of Business (ISB).

–IANS
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Time for Musk to step down as Tesla CEO: Top investor https://npnews24.com/2019/08/23/time-for-musk-to-step-down-as-tesla-ceo-top-investor/ Fri, 23 Aug 2019 04:49:00 +0000 https://npnews24.com/2019/08/23/time-for-musk-to-step-down-as-tesla-ceo-top-investor/ Elon Musk
Elon Musk

London, Aug 23 (IANS) A top investor in the electric car maker Tesla has stressed that Elon Musk should step down as CEO as his irresponsible tweets can do the company more harm than good. James Anderson from the UK-based investment management firm Ballie Gifford, which holds a 7.5 per cent stake in Tesla, told […]

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Elon Musk
Elon Musk

London, Aug 23 (IANS) A top investor in the electric car maker Tesla has stressed that Elon Musk should step down as CEO as his irresponsible tweets can do the company more harm than good. James Anderson from the UK-based investment management firm Ballie Gifford, which holds a 7.5 per cent stake in Tesla, told a German magazine that he “does not think Elon needs to be CEO”.

“His micro-management also includes the desire to speak to the stock market and the world in ways we do not necessarily consider helpful,” Anderson, who knows Musk personally, told Germany’s Manager magazine on Thursday.

His comments referred to Musk’s fondness for controversial midnight tweets that has already forced him to step down as Tesla Chairman.

Musk reached a settlement with the US Securities and Exchange Commission (SEC) over his controversial Twitter activities in April, agreeing to have more specific oversight on his tweets about the company.

According to the settlement, all tweets from Musk about Tesla’s financial health, sales or delivery numbers would have to be pre-approved by a company lawyer.
The SEC sued Musk last year as well for making fraudulent statements after he tweeted in August 2018 that he had “funding secured” to take Tesla private at $420 per share.

The parties later settled and Musk agreed to step down as Chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company.
Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement.

–IANS
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Sensex tanks 578 pts, as stimulus hopes fade https://npnews24.com/2019/08/22/sensex-tanks-578-pts-as-stimulus-hopes-fade-lead/ Thu, 22 Aug 2019 10:34:08 +0000 https://npnews24.com/2019/08/22/sensex-tanks-578-pts-as-stimulus-hopes-fade-lead/ Sensex
Sensex

Mumbai, Aug 22 (IANS) The Sensex and Nifty on Thursday came under heavy selling pressure over fading hopes of a stimulus to revive economic growth. Chief Economic Advisor (CEA) K. Subramanian at a summit in New Delhi said the Indian economy does not need a fiscal stimulus to tackle the ongoing economic slowdown. “We can’t […]

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Sensex
Sensex

Mumbai, Aug 22 (IANS) The Sensex and Nifty on Thursday came under heavy selling pressure over fading hopes of a stimulus to revive economic growth. Chief Economic Advisor (CEA) K. Subramanian at a summit in New Delhi said the Indian economy does not need a fiscal stimulus to tackle the ongoing economic slowdown.

“We can’t expect the government to intervene every time some sectors go through sunset. Not all sectors are doing bad, some are doing well,” the CEA said.

The benchmark Sensex fell sharply by 587.44 points or 1.59 per cent to 36,472.93 while the Nifty declined by 177.35 points or 1.62 per cent at 10,741.35.

Subramanian said policymakers need to be careful while deciding on any fiscal stimulus as a way to boost economic growth.

–IANS
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Sensex down 170 points, Yes Bank sheds 5% https://npnews24.com/2019/08/22/sensex-down-170-points-yes-bank-sheds-5/ Thu, 22 Aug 2019 06:19:04 +0000 https://npnews24.com/2019/08/22/sensex-down-170-points-yes-bank-sheds-5/ Sensex
Sensex

Mumbai, Aug 22 (IANS) In the absence of any positive development and concerns over the damaging slowdown in the domestic economy, the markets continued to trade lower on Thursday. Yes Bank fell over 5 per cent during the early trade as investors were worried about the corporate governance issues reported in CG Power. The private […]

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Sensex
Sensex

Mumbai, Aug 22 (IANS) In the absence of any positive development and concerns over the damaging slowdown in the domestic economy, the markets continued to trade lower on Thursday.

Yes Bank fell over 5 per cent during the early trade as investors were worried about the corporate governance issues reported in CG Power. The private lender has significant stake in CG Power.
At 10.32 a.m., the Sensex was trading 169.34 points lower at 36,891.03 while the broader Nifty was down 62.20 points to 10,856.50.

Foreign Institutional Investors (FIIs) on Wednesday sold scrips worth Rs 770.81 crore while the Domestic Institutional Investors (DIIs) offloaded stocks worth Rs 353.97 crore.
Analysts said that an extended slowdown in the domestic economy has increased the volume of stressed assets in segments like industrial, infrastructure and financials.

–IANS
ravi/sdr/arm

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Walmart sues Tesla for faulty solar panels https://npnews24.com/2019/08/22/walmart-sues-tesla-for-faulty-solar-panels/ Thu, 22 Aug 2019 05:34:02 +0000 https://npnews24.com/2019/08/22/walmart-sues-tesla-for-faulty-solar-panels/ Walmart
Walmart

San Francisco, Aug 22 (IANS)  In a big setback for Elon Musk, retail behemoth Walmart has sued Tesla’s energy division for providing solar panels that caused multiple fires at its stores, asking the company to immediately remove the panels from more than 240 Walmart locations. According to a report in USA Today, the Walmart lawsuit, […]

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Walmart
Walmart

San Francisco, Aug 22 (IANS)  In a big setback for Elon Musk, retail behemoth Walmart has sued Tesla’s energy division for providing solar panels that caused multiple fires at its stores, asking the company to immediately remove the panels from more than 240 Walmart locations.

According to a report in USA Today, the Walmart lawsuit, filed in New York State Supreme Court, states that fires broke out at “no fewer than seven” stores between 2012 and 2018 and has “since caused millions of dollars in damage”.

“Tesla routinely deployed individuals to inspect the solar systems who lacked basic solar training and knowledge,” claimed the lawsuit. The lawsuit comes at a time when Musk last week relaunched Tesla’s solar panel services, claiming it could save a user about $500 a year.

The lawsuit said this is a “breach of contract action arising from years of gross negligence and failure to live up to industry standards by Tesla with respect to solar panels that Tesla designed, installed and promised to operate and maintain safely on the roofs of hundreds of Walmart stores”.
Tesla or Musk were yet to comment on the lawsuit.

Tesla acquired solar installer, SolarCity, for $2.6 billion in 2016 to pump up its energy business.
Last week, Musk took to Twitter to ask followers what they thought about the relaunch of Tesla’ solar business.

“Lmk what you think,” wrote the entrepreneur with a link to the new website.
According to Tesla’s website, one can rent solar power panels or solar roofs for as little as $50 a month and that cost included panel installation, hardware, and ongoing maintenance.

Musk said consumers could cancel anytime, although according to the Tesla website, there was a $1,500 charge to remove panels and restore the roof to its previous condition.
In June, Musk tweeted that he hoped to manufacture about 1,000 solar rooftops a week by the end of 2019.

–IANS
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Parle may to cut 10,000 jobs amid sluggish demand https://npnews24.com/2019/08/21/parle-may-to-cut-10000-jobs-amid-sluggish-demand/ https://npnews24.com/2019/08/21/parle-may-to-cut-10000-jobs-amid-sluggish-demand/#respond Wed, 21 Aug 2019 08:06:12 +0000 https://npnews24.com/?p=111300 Parle-G
Parle-G

NPnews24 online, New Delhi: Biscuit and confectionery firm Parle Products is likely to fire as many as 10,000 people if the slump in consumption continues slowed down in economy signal stand. In 2018-19, GDP slowed to 6.8 per cent. In last week, Prime Minister Narendra Modi had reviewed state of economy with Finance Minister Nirmala […]

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Parle-G
Parle-G

NPnews24 online, New Delhi: Biscuit and confectionery firm Parle Products is likely to fire as many as 10,000 people if the slump in consumption continues slowed down in economy signal stand.

In 2018-19, GDP slowed to 6.8 per cent. In last week, Prime Minister Narendra Modi had reviewed state of economy with Finance Minister Nirmala Sitharaman and other top officials.

This Top brand like Parle-G, Monaco, Milano, Hide biscuit employs more than 1 lakh people. Parle operates 10 company-owned manufacturing facilities, in addition to 125 third party plants.

Mayank Shah, head of Parle Products said, “Reduction in goods and service tax (GST) on biscuit is at Rs 100 per Kg or below, which is typically sold in packs of Rs 5 and below. If government doesn’t provide that stimulus, then no option but to let go of 8,000-10,000 workforce from factories.

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FPIs buy Rs 31,700 cr equities in Q1: Kotak https://npnews24.com/2019/08/21/fpis-buy-rs-31700-cr-equities-in-q1-kotak/ Wed, 21 Aug 2019 07:34:26 +0000 https://npnews24.com/2019/08/21/fpis-buy-rs-31700-cr-equities-in-q1-kotak/ Kotak
Kotak

Mumbai, Aug 21 (IANS) Foreign Portfolio Investors (FPIs) bought equities worth Rs 31,700 crore in the quarter ended June 2019, broking firm Kotak Securities estimated. Diversified financials, insurance, oil, gas and consumable fuels and telecommunication services were the top sectors that witnessed FPI buying. FPI ownership in the BSE-200 Index increased to $444 billion in […]

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Kotak
Kotak

Mumbai, Aug 21 (IANS) Foreign Portfolio Investors (FPIs) bought equities worth Rs 31,700 crore in the quarter ended June 2019, broking firm Kotak Securities estimated. Diversified financials, insurance, oil, gas and consumable fuels and telecommunication services were the top sectors that witnessed FPI buying.

FPI ownership in the BSE-200 Index increased to $444 billion in the June quarter from $433 billion in the March quarter. Domestic Institutional Investors (DIIs) sold companies in capital goods, electric utilities and oil, gas and consumable fuels sectors. FPIs and DIIs holding in the BSE-200 Index stood at 24.1 per cent and 13.5 per cent at the end of June 2019 quarter, it said.

FPIs effected highest increase in stakes in Gruh Finance, Mahindra Logistics, Godrej Properties while Mutual funds (MFs) had large stakes in Emami, Shriram Transport, Vodafone Idea and the Banking Financial Institutions (BFIs) had gained stakes in MMFSL, Magma Fincorp, Piramal Enterprises.
These three types of investors had also decreased their stakes in some stocks. FPIs reduced their stake in a big way in Yes Bank, Dish TV and DLF while the highest decrease by MFs were in India Cements, Appllo Tyres and Yes Bank. The BFIs lowered their stakes in BHEL, Indraprastha Gas and PowerGrid that can be the highest decrease in stakes.

The key sectoral changes happened during the quarter, while FPIs bought stocks of diversified financials, insurance and telecom sector, the MFs bought banks, pharmaceuticals, telecom and the BFIs sold stocks of capital goods, commodity chemicals and electric utilities.

The foreign investors were overweight on banks, diversified financials and IT services and underweight on consumer staples and capital goods. The MFs were overweight on banks, capital goods and electric utilities and underweight on consumer staples, diversified financials and IT services .
–IANS
ana/dpb

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Sensex, Nifty flat, Yes Bank down 3% https://npnews24.com/2019/08/21/sensex-nifty-flat-yes-bank-down-3/ Wed, 21 Aug 2019 05:19:04 +0000 https://npnews24.com/2019/08/21/sensex-nifty-flat-yes-bank-down-3/ Sensex
Sensex

Mumbai, Aug 21 (IANS) The Sensex and Nifty on Wednesday traded on a flat note awaiting a stimulus package from the Union government. The Sensex opened slightly lower at 37,298.73 from its Tuesday’s close of 37,328.01. At 10.07 a.m., the Sensex traded 59.02 points higher at 37,387.03 while the Nifty was up 13.75 points at […]

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Sensex
Sensex

Mumbai, Aug 21 (IANS) The Sensex and Nifty on Wednesday traded on a flat note awaiting a stimulus package from the Union government. The Sensex opened slightly lower at 37,298.73 from its Tuesday’s close of 37,328.01.

At 10.07 a.m., the Sensex traded 59.02 points higher at 37,387.03 while the Nifty was up 13.75 points at 11,030.75. Yes Bank was trading 3.09 per cent lower during the early trade after latest worry originating from a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution.

Yes Bank holds 12.8 per cent stake in CG Power, which hit lower circuit for the second straight day on Wednesday. Besides, the rupee continue to trade with weakness against the US dollar. The rupee closed at over six-month low against the US dollar at 71.71 on Tuesday.

Foreign Institutional Investors bought stocks worth Rs 373.23 crore on Tuesday while Domestic Institutional Investors purchased scrips worth Rs 296.41 crore.
–IANS
ravi/in

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IL&FS did not disclose NPAs for 4 years: RBI https://npnews24.com/2019/08/21/ilfs-did-not-disclose-npas-for-4-years-rbi/ Wed, 21 Aug 2019 04:04:05 +0000 https://npnews24.com/2019/08/21/ilfs-did-not-disclose-npas-for-4-years-rbi/ RBI
RBI

New Delhi, Aug 21 (IANS) : The IL&FS had not disclosed any NPAs for the last four years, the Reserve Bank of India (RBI) has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT. “Wide […]

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RBI
RBI

New Delhi, Aug 21 (IANS) : The IL&FS had not disclosed any NPAs for the last four years, the Reserve Bank of India (RBI) has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.

“Wide divergences were observed between reported and assessed position of assets classification and provisions,” the 5th progress report of IL&FS stated, quoting the RBI inspection. Further, the IL&FS and RBI report highlighted various lapses and instances of mismanagement of the affairs of IL&FS and its group entities by the erstwhile board of IL&FS.

Apart from an interim report submitted by SFIO in November 2018, the audit panel of IL&FS appointed Grant and Thornton India LLP in January this year to conduct a special audit for all high value transactions of IL&FS and group companies for period April 2013-September 2019. This also includes special audit for IL&FS Financial Services.

–IANS
ana/akk

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