An investigation by India’s antitrust body found food delivery giants Zomato and SoftBank-backed Swiggy breached competition laws, with their business practices favouring restaurant chains listed on their platforms, documents show. Zomato entered into “exclusivity contracts” with partners in return for lower commissions, while Swiggy guaranteed business growth to certain players if they listed exclusively on
Aditya Birla Fashion and Retail Ltd (ABFRL) released its fiscal second quarter earnings with a loss of Rs 214.70 crore in comparison to a loss of Rs 200.34 crore recorded during the corresponding quarter of previous year. It posted revenue from operations at Rs 3,643.86 crore, registering a growth of 12.9 per cent as against
Go to Live UpdatesQ2 Earnings 2024 Live Updates: While major companies across sectors have already released their Q2 numbers for FY25, market participants and investors are keenly waiting for many others to announce their earnings report. Firms including Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Tech Mahindra, Reliance Industries, Mahindra and Mahindra, Bharti Airtel
The Enforcement Directorate (ED) on Thursday raided offices of some sellers operating on Amazon and Walmart-owned Flipkart for alleged violations of foreign investment norms and prevention of money laundering Act (PMLA). Official sources said that searches took place at 19 locations in New Delhi, Gurugram, Panchkula, Hyderabad and Bengaluru. Some reports indicate that Appario Retail
The Solar Energy Corporation of India (SECI) has barred Reliance Power Ltd and all its subsidiaries from participating in future tenders to be issued by it for the next three years, citing “fake” bank guarantees submitted by the Anil Ambani-backed company in the last renewable energy (RE) bidding round. SECI, the official agency to implement
Luxury hotel brand Oberoi Hotels & Resorts is set to open its first hotel in London’s Mayfair district, British urban property major Grosvenor and EIH London Investments announced on Thursday. The hotel will be part of Grosvenor’s landmark South Molton development and will occupy a prime position at 40-46 Brook Street. Work began onsite in
As the pre-budget exercise for 2025-26 gathers steam, industry bodies on Thursday urged the government to further streamline tax administration by reducing the peak tax rate on partnerships/LLPs to 25%, lowering the tax on interest income from bank deposits and slashing the number of TDS rates to the bare minimum. In their meeting with Revenue
India is likely to witness a continued momentum of increased cooperation in the energy sector from the US under Donald Trump’s second presidency, industry experts believe. For the global oil market, Trump 2.0 would mean continued oil and gas supply given Trump’s focus on increasing the US oil production which should keep oil prices under
Edtech giant Physics Wallah has confidentially filed for an initial public offering (IPO) that could raise as much as $500 million, according to a report by IFR. The company in October 2024 said it might launch a $400-500-million IPO in 2025. If the public issue is launched, Physics Wallah will be the first pure-play edtech
Advance tax collections from the corporate sector, other firms and individuals in the current fiscal stood at Rs 10.45 lakh crore as on Sunday, up 14.6% on year. In the corresponding period of last fiscal, these collections — a proxy of corporate profitability and the state of the economy — stood at Rs 9.11 lakh
The four new companies formed after the restructuring of Vedanta have the potential to be $100 billion firms each, chairperson Anil Agarwal has said in a letter to shareholders. He has also highlighted the potential of the natural resources sector, both in India and global economies.“While Vedanta currently contributes close to 1.4% to India’s GDP, there
Fast-moving consumer goods (FMCG) companies are asking for a separate law to govern beauty and personal care (BPC) products, saying current regulations under the Drugs and Cosmetics Act 1940 impede growth. At present, the making of soaps, skin care, hair care, oral care and cosmetic products, much like drugs, is regulated under a system of
E-commerce major, Amazon, is exploring the possibility of spinning off its India operations and listing it, according to industry sources. The company, which is the second largest player in the e-commerce sector, behind Flipkart, has initiated preliminary talks with investment banks to assess the feasibility of such a move, sources added. According to a report
