Insurance giant Life Insurance Corporation of India (LIC) is exploring the possibility of setting up its own fintech arm as part of a potential business model, although specific details about the initiative are yet to be finalised. The state-run insurer has appointed a consultant to steer the project and is in discussions with potential partners....
The highly-awaited Tata Technologies IPO closed on Friday evening with a record high 70x bids worth ₹1.56 lakh crore, surpassing the country’s biggest IPOs. Tata Group saw a huge success with its first initial public offering in the last 20 years – Tata Technologies IPO – with the three-day issue closing on Friday evening with...
In a major development, the Embassy of the Islamic Republic of Afghanistan announced permanent closure in New Delhi owing to the “persistent challenge from the Indian government.” Releasing an official statement on the closure of its diplomatic mission in New Delhi, the Afghan embassy said, “the decision follows the embassy’s earlier cessation of operations on...
The Enforcement Directorate (ED) has issued a notice to edtech major Byju’s, asking it to pay ₹ 9,000 crore for allegedly violating foreign funding laws, sources have said. The company has, however, denied receiving any such communication from the authorities. According to sources in the ED, Byju’s received foreign direct investment (FDI) of around ₹ 28,000 crore between 2011...
Sunil Bharti Mittal-led Bharti Airtel is reportedly exploring a fundraise of around $1 billion (around Rs 8,330 crore) to prepay a bulk of its remaining dues relating to the spectrum bought in 2015. This fundraise could also include a potential bonds issue. According to a report in The Economic Times, the telco giant is expected...
The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and...
One windy night at Elon Musk’s SpaceX facility in McGregor, Texas, Lonnie LeBlanc and his co-workers realised they had a problem. They needed to transport foam insulation to the rocket company’s main hangar but had no straps to secure the cargo. LeBlanc, a relatively new employee, offered a solution to hold down the load: He...
Prithvi Raj Singh Oberoi, Chairman Emeritus of the Oberoi Group of hotels and resorts, passed away on Tuesday morning at the age of 94. In 2002, he took over as the Chairman and Director of EIH Limited after the death of his father and founding chairman of the Oberoi Group Mohan Singh Oberoi. He remained the...
Former high-flying startup WeWork Inc. filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019. The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed...
Amazon.com has confirmed that it has started laying off employees in its Music division, marking the latest in a series of job cuts that have affected over 27,000 employees in the past year. According to a report by Reuters, the layoffs were announced on Wednesday and have impacted employees across Latin America, North America, and Europe....