Page 5 - Companies

TikTok CEO Shou Chew set to enter a Washington fight he can't win

The mobile app's 150 million users in the US and the strength of its content-recommendation engine mean any infraction is viewed as a potential societal threat

Venture capitalists ask startups to keep money with new SVB amid crisis

High-profile investors have voiced their support for Silicon Valley Bank. In an interview with Bloomberg Television, investor Vinod Khosla said he was encouraging companies to keep funds with the bank

China Evergrande's EV unit likely to shut down without new funding

The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, "in face of the inability to obtain additional liquidity

Compliant with localisation norms under FAME II: Okinawa MD Sharma

Co submitted requisite documents; awaiting meeting with MHI; at an industry level subsidy worth Rs 1,500 cr held up

Spotify has spent less than 10% of its $100 million diversity fund

The initiative got off to a slow start hiring staff and has suffered from shifting priorities, according to people familiar with the effort

Our sourcing from India has grown from 11% to over 23%: Bayer's Santos

In a Q&A, the president of the firm's crop science division says digital farming will be a key driver of the company's growth in India in the years ahead

In a bid to bolster its leadership, Shemaroo makes two key appointments

Arpit Mankar has been appointed head of the non-Bollywood category, and Abhishek Joshi will lead the OTT platform of Shemaroo, ShemarooMe

Ola to raise $300 mn to fund expansion of scooter, and battery cell plants

This fundraising will reduce the promoters' shareholding marginally from 40 per cent currently to 37-38 per cent

CCI to set up in-house digital mkt data unit for regulating tech platforms

Jyoti Jindgar Bhanot, secretary of the CCI, emphasised on early intervention as a key to ensure that competitive landscape in digital markets is not distorted beyond repair

How Vartika Shukla, the first female leader at EIL, is plotting change

Shukla, who's worked for the company for more than three decades, is attempting to change its profile, branching out from construction of fossil-fuel plants into new areas

Ola Electric to raise $300 mn for expansion plans to meet corporate needs

E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability. The fundraising would be managed by investment bank Goldman Sachs, and the funds would be raised from existing and marquee global investors and sovereign funds, the sources added. With close to a billion dollar annual revenue run rate, Ola Electric led the pack of Indian EV manufacturers by volume and revenue within a year of beginning deliveries of its electric scooters -- Ola S1 and Ola S1 Pro. The company has been building on its plan to develop core technologies like cell manufacturing, and is looking to expand its product portfolio across segments of two-wheelers and four-wheelers. Ola Electric had recently signed an MoU with the Tamil Nadu government to acquire land to set up

India to see avg salary hikes of 10.2% in 2023, biggest in e-commerce: EY

Average salary hikes in India will be lower in 2023 compared to 2022, says EY's 'Future of Pay 2023' report. E-commerce, professional services and IT to the biggest hikes

Power Finance Corp board approves plans to raise Rs 80,000 cr in FY24

State-owned Power Finance Corporation (PFC) on Tuesday said its board has approved raising up to Rs 80,000 crore through various financial instruments. An amount of Rs 40,000 crore will be raised through long-term domestic borrowings, and another Rs 20,000 crore by way of long-term foreign currency borrowing, according to a filing. Besides, proposals have been approved for raising up to Rs 20,000 crore through short-term borrowings and commercial paper. The proposals approved are for raising fund during the financial year 2023-24, the company said. PFC, under the Power Ministry, is a leading non-banking financial company (NBFC).

Finolex Cables expects to more than double turnover to Rs 11,000 cr

Finolex Cables, which leads the electrical and communication cables segments, hopes to net Rs 500 crore in revenue from each of the five fast-moving consumer electrical segments it recently entered, by fiscal 2028, which will also help it more than double its present revenue. The Pune-headquartered company made around Rs 200 crore, or about 5 per cent of its top line last fiscal from these segments. It also expects to more than double its turnover to Rs 11,000 crore by that time, which is likely to sniff at Rs 5,000 crore this fiscal going by the first nine months' numbers with the December quarter alone crossing Rs 1,150 crore. The company entered the fast moving consumer electric segment in 2020 and have already made some good traction with our switches, ECBs, fans, lightings, and water heaters. Last year we closed with around Rs 200 crore, or about 5 percent of the top line. "Over the next five fiscals, we hope to make Rs 500 crore from each of these five new products or about 25

Snapdeal starts taking orders on ONDC, sees demand for smaller cities

Company says it's only e-commerce platform to fintegrate its buyer and seller platforms on platform

US, Europe banking woes likely to hit Indian IT companies' growth

Indian IT players like TCS, Infosys, Wipro, HCL Technologies, Mphasis, and LTIMindtree have exposure to some of the troubled banks

Accenture to acquire AI company Flutura; deal terms not disclosed

This is Accenture's third acquisition of such a company in India in recent years

Amul aiming to become a total foods and beverages company: MD Jayen Mehta

Commenting on high inflation in the dairy sector and three price hikes in the last one year, Mehta said that it was 'imperative' as 'cost of feed and fodder is a direct cost to the farmer'

Flipkart undertakes management rejig amid resignations, high costs: Report

Ravish Sinha, senior VP at Flipkart, has resigned. He was the VP of engineering before taking up the role of SVP of supply chain

Air traffic to grow 20% in FY24 as Indian carriers add 132 aircraft: Report

Turbine fuel cost and declining yields to put pressure on airlines, says CAPA India