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Twitter confirmed that it has received Tesla CEO Elon Musk's letter for the buyout deal and said it "intends to close the transaction at $54.20 per share", the same price he agreed to in April. Musk's lawyers added that they'll proceed with the agreement if Delaware Chancery Court will "adjourn the trial and other proceedings related to the ongoing lawsuit".
short by Ridham Gambhir / 08:23 am on 05 Oct
Buying Twitter is an accelerant to creating X, the everything app: Musk
short by Ridham Gambhir / on 05 Oct 2022,Wednesday
The world's richest person Elon Musk has proposed to proceed with his original offer of $44 billion to acquire Twitter. Soon after, Musk tweeted, "Buying Twitter is an accelerant to creating X, the everything app." While he didn't explain what 'X app' could entail, he added, "Twitter probably accelerates X by 3 to 5 years, but I could be wrong."
short by Ridham Gambhir / 08:42 am on 05 Oct
Indian online payments gateway BillDesk is preparing to sue PayU-parent Prosus after it terminated a $4.7-billion acquisition deal, Moneycontrol reported. The deal, which was set to be Indian fintech sector's largest acquisition, was terminated on Monday, nearly a month after CCI approved it. PayU's executives in India were reportedly informed of the termination hours before the announcement.
short by Ashley Paul / 10:53 pm on 04 Oct
The world's richest man and Tesla's CEO Elon Musk is proposing to buy Twitter at $54.20 a share, the original price he proposed for its acquisition, Bloomberg reported. Twitter shares jumped over 12% on the news, after trading was briefly halted. This comes ahead of Musk and Twitter set to enter the courtroom over Musk backing out of the deal.
short by Pragya Swastik / 10:15 pm on 04 Oct
90% of all startups fail: Billionaire Anand Mahindra
short by Pragya Swastik / on 04 Oct 2022,Tuesday
Mahindra Group Chairman Anand Mahindra tweeted, "Over 90% of all startups fail." He explained, "Many fail because of one-off circumstances or because of poor risk management...Yet they had potentially viable models & good tech." He added, "That grey zone is a fertile field for large companies to plough." Recently, Mahindra Logistics acquired logistics startup Rivigo's B2B business for ₹225 crore.
short by Pragya Swastik / 09:32 pm on 04 Oct
Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focussing on China, Turkey, and other markets where better premiums are offered, Reuters reported. India's gold imports in September fell 30% from a year ago to 68 tonnes, while Turkish gold imports soared 543%. China's net gold imports via Hong Kong jumped nearly 40%.
short by Anmol Sharma / 10:17 pm on 04 Oct
Sony India-Zee Entertainment merger approved with modifications: CCI
short by Ashley Paul / on 04 Oct 2022,Tuesday
Competition Commission of India (CCI) on Tuesday approved merger of Zee Entertainment Enterprises with Culver Max Entertainment, formerly known as Sony Pictures Networks. CCI said the merger was approved with "certain modifications". The firms have reportedly been asked by CCI to ensure they don't misuse market dominance resulting out of the merger. Zee and Sony had announced merger last year.
short by Ashley Paul / 07:27 pm on 04 Oct
According to a telecom ministry spokesperson, the government has approved ₹26,000 crore for installation of 25,000 mobile towers in 500 days. The spokesperson added that financial support for the project will be provided by Universal Services Obligation Fund. The project was announced by Telecom Minister Ashwini Vaishnaw at the recent 'Digital India Conference of State IT Ministers'.
short by Ambarish Awale / 07:46 pm on 04 Oct
UPI payments cross ₹11-lakh-crore mark in September 2022
short by Ashley Paul / on 04 Oct 2022,Tuesday
Payments made through Unified Payments Interface (UPI) crossed the ₹11-lakh-crore mark in September 2022, as per National Payments Corporation of India's data. In September, 678 crore transactions, in volume terms, were carried out. As many as 657.9 crore transactions worth ₹10.72 lakh crore had taken place in August, up from 628.8 crore transactions worth ₹10.62 lakh crore in July.
short by Ashley Paul / 07:51 pm on 04 Oct
EV startup Euler Motors raises $60M in Series C round
short by Ambarish Awale / on 04 Oct 2022,Tuesday
Electric vehicle startup Euler Motors said it has raised $60 million in a Series C funding round led by GIC Singapore. Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures and Moglix also participated in the round. Euler said the capital will be used to expand its manufacturing and supply chain infrastructure, and accelerate product development.
short by Ambarish Awale / 10:53 pm on 04 Oct
Ukraine's war-torn economy will fall 35% this year: World Bank
short by Dharini Mudgal / on 04 Oct 2022,Tuesday
The World Bank on Tuesday forecasted that the Ukrainian economy will fall 35% this year amid the ongoing invasion of the country by Russia. The bank expects the Ukrainian economy will return to growth in 2023, expanding by 3.3%. It further estimated that rebuilding Ukraine will cost at least $349 billion, i.e. 1.5 times the size of Ukraine's pre-war economy.
short by Dharini Mudgal / 09:35 pm on 04 Oct
Tata Steel sells 19% equity stake in Oman-based mining arm AI Rimal
short by Dharini Mudgal / on 04 Oct 2022,Tuesday
Tata Steel has sold its 19% equity stake in Oman-based limestone mining company Al Rimal Mining LLC to Oman National Investments Development Company (Tanmia), it informed the exchanges today. With this, Tata Steel's shareholding in its step-down subsidiary Al Rimal has been reduced from 70% to 51%. Other existing shareholders of Al Rimal will also sell their stake to Tanmia.
short by Dharini Mudgal / 09:53 pm on 04 Oct
Increase in tea prices to offset impact of wage rate hike: Report
short by Ambarish Awale / on 04 Oct 2022,Tuesday
An ICRA report said that an increase in tea prices following global supply issues will likely offset the impact of increased wage rates in West Bengal and Assam. ICRA said that overall financial performance will likely see a year-on-year improvement in FY23. The report said that orthodox tea prices are at all-time high due to production disruptions in Sri Lanka.
short by Ambarish Awale / 07:56 pm on 04 Oct
Edelweiss raises $425 mn for fund, targets $1 bn corpus
short by Anisha Joneja / on 04 Oct 2022,Tuesday
Edelweiss Alternative said that it has raised $425 million (₹3,400 crore) for its third 'Special Situations Fund' (SSF III) from large pension funds and insurance companies globally along with domestic high net individuals. The company said that it is targeting a corpus of $1 billion with a greenshoe option of $500 million. The fund has already invested ₹1,000 crore.
short by Anisha Joneja / 10:18 pm on 04 Oct
HSBC board looking to sell Canada business: Report
short by Ambarish Awale / on 04 Oct 2022,Tuesday
According to a Sky News report, HSBC's board is looking to sell its operations in Canada. The HSBC board had reportedly directed JP Morgan's investment bankers to contact potential purchasers of the bank's domestic operations. According to an analyst, the value of HSBC's Canadian subsidiary could be in the region of $7 billion.
short by Ambarish Awale / 11:02 pm on 04 Oct
5G launch in India to help other developing economies: Qualcomm CEO
short by Dharini Mudgal / on 04 Oct 2022,Tuesday
Qualcomm President and CEO Cristiano Amon on Tuesday said that the launch of 5G services in India will be a "catalytic event" in terms of scaling up the technology. He said 5G launch will enable its proliferation in other developing economies across Latin America, Southeast Asia and Middle East. Notably, PM Narendra Modi launched 5G services in India on Saturday.
short by Dharini Mudgal / 10:32 pm on 04 Oct
Bombay Dyeing board approves ₹940 crore rights issue draft
short by Ambarish Awale / on 04 Oct 2022,Tuesday
Bombay Dyeing & Manufacturing Company, in a BSE filing, said that its rights issue committee has approved the draft letter of offer for the proposed ₹940 crore. The draft letter of the offer, dated October 3, 2022, will be submitted to the National Stock Exchange of India, Bombay Stock Exchange, and the Securities and Exchange Board of India.
short by Ambarish Awale / 10:53 pm on 04 Oct
Rajasthan govt signs 4,192 MoUs ahead of Invest Summit 2022
short by Ambarish Awale / on 04 Oct 2022,Tuesday
The Rajasthan government signed 4,192 Memoranda of Understanding (MoUs) and Letters of Intent (LoIs), involving investment commitment worth ₹10.44 lakh crore ahead of Invest Rajasthan Summit 2022. Rajasthan CM Ashok Gehlot said the MoUs and LoIs were signed between November last year and September this year. Out of them, 520 MoUs/LoIs have been executed, while 1,160 are under execution.
short by Ambarish Awale / 11:07 pm on 04 Oct
According to preliminary data released by the commerce ministry, India's trade deficit widened to $26.72 billion, while exports decreased by 3.52% to $32.62 billion in September 2022. Sectors like engineering, ready-made garments of all textiles and rice saw a decline in exports in September. The merchandise export during the April-September 2022-23 period rose by 15.54% to $229.05 billion.
short by Ambarish Awale / 11:19 pm on 04 Oct
Reliance Industries' subsidiary RSBVL and US-based Sanmina Corporation have completed the deal to set up an electronics manufacturing joint venture at a total enterprise valuation of about ₹3,300 crore. RSBVL will invest up to ₹1,670 crore in new shares in Sanmina's existing Indian entity. The day-to-day business will continue to be managed by Sanmina's management team in Chennai.
short by Ambarish Awale / 07:36 pm on 04 Oct
Electronics Mart India's ₹500-crore IPO subscribed 50% on Day 1
short by Dharini Mudgal / on 04 Oct 2022,Tuesday
The ₹500-crore IPO of Electronics Mart India Ltd was subscribed 50% on the first day of the subscription on Tuesday. Retail investors reportedly subscribed 94% shares of the allotted quota, while the non-institutional investors bought 33% shares of the allotted quota. It received bids for 10.58 crore equity shares against an offer size of 6.25 crore equity shares, data showed.
short by Dharini Mudgal / 09:10 pm on 04 Oct
CESL selects agencies to set up 124 battery swapping stations for EVs
short by Ambarish Awale / on 04 Oct 2022,Tuesday
Convergence Energy Services Limited (CESL) said that it has selected agencies to establish 124 battery swapping stations and 352 standing chargers for electric two and three-wheelers. CESL added that the agencies will also install 1,294 standing DC fast chargers for electric four-wheelers. CESL CEO Mahua Acharya said adequate charging infrastructure is a necessity to scale-up electric mobility.
short by Ambarish Awale / 10:53 pm on 04 Oct
Piyush Goyal to meet export promotion councils on October 7
short by Ambarish Awale / on 04 Oct 2022,Tuesday
An official stated that Commerce and Industry Minister Piyush Goyal will meet different export promotion councils on October 7 to discuss ways to promote the growth rate in the country's export shipments. Representatives from export bodies, including the Federation of Indian Export Organisations, Apparel Export Promotion Council and Council for Leather Exports, would participate in the meeting.
short by Ambarish Awale / 11:01 pm on 04 Oct
India trade deal may not have everything on services: UK Trade Minister
short by Ambarish Awale / on 04 Oct 2022,Tuesday
UK Trade Minister Kemi Badenoch said the Free Trade Agreement (FTA) between Britain and India might not contain everything the services sector wants. Speaking at Conservative Party's annual conference, she said, "We want something comprehensive, but it has to be right for both countries." She said any deal that was agreed upon could also be expanded at a later date.
short by Ambarish Awale / 10:16 pm on 04 Oct
Bajaj Electronics IPO to remain open till October 7
short by Ambarish Awale / on 04 Oct 2022,Tuesday
The Initial Public Offering (IPO) of Electronic Mart India Limited, which operates outlets in the name of Bajaj Electronics, will remain open till October 7. The price band for a share of EMIL has been fixed ₹56-59. Out of the total lots, 50% is reserved for qualified institutional investors, 35% for retail investors, and 15% for non-institutional investors.
short by Ambarish Awale / 06:58 pm on 04 Oct
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