The Chittoor urban police on Tuesday nabbed two youth from Vellore in Tamil Nadu and recovered 20 motorcycles worth about ₹26 lakh, including six high-end bikes, from a forest-fringe location on the Chittoor-T.N. border. Addressing a press conference here, Deputy SP (Law and Order) N. Sudhakar Reddy said that four members of an inter-State gang were trying to sneak into Tamil Nadu on two stolen bikes from Chittoor. Acting on a tip-off, a special party led by the I-Town police went to the spot and began checking vehicles. Around 2. a.m., the youth reportedly took a U-turn and tried to flee towards Chittoor on seeing the police personnel at Reddigunta junction. After a chase, the police could apprehend two of them, while two others had escaped under cover of darkness. The two arrested were identified as Siva Sankar (26) and Vasanth of Katpadi of Vellore district of Tamil Nadu. Their modus operandi was to steal brand new bikes from Chittoor and surrounding areas and dispose them of … [Read more...] about Andhra Pradesh: Motorcycles worth ₹26 lakh recovered, 2 arrested in Chittoor
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Food delivery aggregator Zomato has in a Rs 4447-crore deal acquired 33,000 shares of grocery delivery platform Blinkit in an all-stock deal. The company in a regulatory filing said that its board had approved to acquire the quick delivery ecommerce platform, earlier known as Grofers. Zomato said that this acquisition is in line with Zomato’s strategy of investing in the quick commerce business. Zomato already hold one equity share and 3,248 preference shares, or 9 per cent stake, in Blinkit (formerly known as Grofers) currently. “The board of directors of Zomato Limited…at its meeting held today i.e., June 24, 2022 inter-alia, has considered and approved the…acquisition of up to 33,018 equity shares of Blink Commerce Private Limited (formerly known as Grofers India Private Limited) for a total purchase consideration of Rs 444 7,4 7,84,078 at a price of Rs 13,46,986.01 per equity share by issuance and allotment of up to 62,85,30,012 fully paid-up equity shares of the company … [Read more...] about Zomato-Blinkit Deal: Zomato Chief Mentions Dark Store in Letter to Shareholders; What is It?
Cab service aggregator Uber Technologies Inc. has reportedly explored options for its ride-hailing business in India — including a sale. As per a new report quoting people having knowledge on the matter, authorities of Uber suspended the discussions following the collapse of tech startup valuations. The news comes at a time when Uber, along with its Indian rival Ola, is facing trouble to make profit in India despite having a growing market. According to a report by Bloomberg, the United States-based company had begun mulling alternate options and reached out to multiple interested parties after it realised that it had little potential for profitable expansion across India. According to the news agency, the people, who did not ask to be named, also said that Uber weighed in on a “stock swap with local companies or even a pullout”, before the plans were upended by a global equity market rout. “A stock deal was favored in exploratory talks as that would allow Uber to retain a … [Read more...] about Uber Explored Options to Sell Indian Ride-Hailing Wing: Report
Indian Oil Bonus Shares: Government-owned Indian Oil Corporation Limited (IOC) has declared that it will issue bonus shares to its shareholders in the ratio of 1:2, i.e, for every two existing shares investors hold, one new bonus equity share will be issued. The IOC board has fixed next week, Friday, July 1, 2022, as the record date to determine the eligibility of shareholders to receive bonus shares. The board of directors of the company in its filing said, “the Board has recommended issue of Bonus Shares in the ratio of 1:2 i.e. One new bonus equity share of Rs. 10/- each for every Two existing equity shares of Rs. 10/- each fully paid up subject to the approval of shareholders through postal ballot. The Board has fixed July 1, 2022, as the record date to determine the eligibility of shareholders to receive bonus shares.” Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 100119.58 Crore) operating in the Gas & … [Read more...] about Indian Oil Recommends Issue of Bonus Shares; Know Record Date, Share Ratio, Other Details
Shares of Indian Oil Corporation Limited (IOC) slipped nearly 4 percent in the early trade on May 18 after it reported a 31.4 per cent drop in the fourth quarter (Q4) net profit on a margin squeeze in petrochemicals and losses on auto fuel sales. The state-run oil marketing company reported revenue of Rs 2,06,461 crore during the quarter under review, as compared to Rs 1,63,733 crore logged in the corresponding quarter of the previous financial year. Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing. Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter. For the fiscal April 2021 to March 2022, IOC posted the highest-ever revenue by any Indian corporate at Rs 7.28 lakh crore or USD 96 billion (standalone). Consolidated revenue, after including earnings of subsidiaries like CPCL, came at Rs … [Read more...] about Indian Oil Corporation Share Drops As Net Profit Slips In Q4; Should You Invest?
US President Joe Biden on Tuesday nominated Indian-American scientist Dr. Arati Prabhakar as Director of the Office of Science and Technology Policy (OSTP). If confirmed by the Senate, Dr. Prabhakar would make history as the first woman, immigrant, or person of colour to head OSTP. “Dr. Prabhakar is a brilliant and highly-respected engineer and applied physicist and will lead the Office of Science and Technology Policy to leverage science, technology, and innovation to expand our possibilities, solve our toughest challenges, and make the impossible possible,” said Mr. Biden. “I share Dr. Prabhakar’s belief that America has the most powerful innovation machine the world has ever seen. As the Senate considers her nomination, I am grateful that Dr. Alondra Nelson will continue to lead OSTP and Dr. Francis Collins will continue to serve as my acting Science Advisor,” he said. Once confirmed she would also be Assistant to the President for Science and Technology. In this capacity, … [Read more...] about Biden nominates Indian-American Arati Prabhakar as top science advisor
HAPPY BIRTHDAY PT USHA: Born into a poor family to EVM Paithal and TV Lakshmi on June 27 in 1964, in Kerala, Pilavullakandi Thekkeparambil Usha rose to became a legendary figure in Indian sports history. She earned the sobriquet ‘Payyoli Express’ and ‘Queen of Indian Track And Field’ for her stellar record at the international stage. Widely regarded as one of the greatest Indian athletes, she hogged the limelight throughout the 70s, 80s, and 90s. Usha was passionate about sprinting since her childhood but poverty and ill-health nearly shattered her dreams. But, like every dark tunnel has a ray of light at the end, Usha’s destiny took a turn for the better when she received a scholarship of Rs. 250 from the Kerala government which then had just set up a women’s sports division. True to her humble spirit, Usha owes her success to her personal coach, Om Nambiar, who has been instrumental in her stupendous rise as a woman athlete at that time. On her 58th birthday today, here are … [Read more...] about PT Usha Turns 58: Did You Know ‘Queen of Indian Track And Field’ Ran for National Pakistan Games?
In a move that will benefit persons in the unorganised sector, the GST Council on Wednesday decided to waive mandatory registration for small entities selling their products online. The exemption will be for those having an annual turnover of up to Rs 20 lakh and those not making any inter-state taxable supply. The changes will be effective from January 1, 2023. The two-day 47th meeting of the GST Council, headed by Finance Minister Nirmala Sitharaman, took place on Tuesday and Wednesday in Chandigarh and the final decision of the Council was announced on Wednesday. The Council has provided the “waiver of requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions, such as – a) the aggregate turnover on all India basis does not exceed the turnover specified under sub-section (1) of Section 22 of the CGST Act and notifications issued thereunder; b) the person is not making any inter-state … [Read more...] about Big Decision For Small Online Players: No Need For GST Registration If Sales Are Below Rs 20 Lakh
The US owner of pharmacy chain Boots has pulled its plans to sell the UK retailer. Walgreens Boots Alliance (WBA) has said it will now keep Boots and the No7 beauty brand under its existing ownership following a strategic review which started in January and saw the group receive a number of takeover approaches. These reportedly included approaches from suitors such as Indian billionaire Mukesh Ambani , valuing the business at about £5 billion. The Walgreens merger deal for Boots in 2014 valued the firm at about £9 billion at the time. The US firm highlighted on Tuesday it had moved away from plans to offload Boots after an “unexpected and dramatic change” in the financial markets. Recommended By-elections show voters have run out of patience with Boris Johnson “As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots … [Read more...] about Boots owner WBA pulls £5bn sale of UK pharmacy chain
A decade ago, financial advice meant visiting a primly dressed, mostly middle-aged CA’s office and trying to make sense of mundane jargon, percentages, figures, benefits, and risks... Cut to the present: A brigade of 20 and 30-somethings, in far from formal attire, have taken over social media to dole out financial know-how from the comforts of their homes — their backgrounds, however, keep changing from nightclubs to parking lots, office cubicles to automobile showrooms and so on. Say hello to finfluencers or financial influencers, sporting mock moustaches, dramatic expressions, and exaggerated accents, in a bid to simplify finance. They creatively use everyday concepts such as shoe sales, vacations, and buttered parathas even, to draw comparisons with financial terms and explain them through short fun Reels, posts or YouTube videos. Given that Income Tax season is upon us. You might just want to pay attention. The rise of finfluencers first started with the COVID-19 … [Read more...] about Wondering what to do with your salary? These Indian financial influencers can help you save money