Friday, November 29
The Tata Group is considering injecting $1 billion of fresh capital into its super app venture to enhance its digital business. This funding will be in addition to the $2 billion already invested earlier this year. Tata Digital Pvt. is expected to receive the additional funding next year. The conglomerate has urged its digital unit to improve the app's operations and user-friendliness. Tata Group has also suggested exploring funding from global sovereign and financial investors.
Ukraine has removed the Indian diamond manufacturer Shree Ramkrishna Exports (SRK) - one the largest in the world - from its list of international sponsors of war. The Mumbai-based company was accused last month of "continuing to co-operate with the aggressor, purchasing diamonds in Russia," despite Western sanctions.
Vande Bharat sleeper coach train is expected to roll out in early 2024 and it is being manufactured for Indian Railways by BEML. Shantanu Roy, the CMD of BEML shares exclusive details about the project.
Wipro CEO, Thierry Delaporte, believes that the company-wide transformation undertaken in 2020 has been successful, despite underperforming its peers. Delaporte highlights the focus on key markets, such as Europe, and large accounts as key factors in Wipro's favor. He also mentions the acquisition of consulting businesses like Capco and Rizing as contributing to the long-term transformation of the company. Wipro may not hire from campuses this year due to the current market environment.
Air India Express has unveiled a white, orange, and turquoise livery after merging with AirAsia India. The airline plans to sunset the Air Asia India brand and operate under the Air India Express branding. Other low-cost carriers such as easyJet and Jetstar have also used orange in their livery. Air India CEO Campbell Wilson said that the merged airline is on a fleet expansion drive.
Bank of Baroda has reportedly suspended over 50 employees, including assistant general managers, as part of its crackdown on irregularities in customer onboarding for its mobile banking app, bob World. The action comes after the Reserve Bank of India (RBI) banned the bank from onboarding new customers onto the app following the discovery that staff were entering third-party numbers to inflate registered users.
The Indian government plans to take a cautious approach towards cryptocurrency despite the recommendations of the IMF and FSB. Experts will be tasked with assessing the impact of these recommendations on India and suggesting ways to address them. The government aims to have a foolproof regulatory regime in place and will consult with regulators such as the RBI and Sebi.
Netflix has raised subscription prices for its streaming plans in the US, UK, and France, following a surge in new customer sign-ups. The company gained nearly 9 million new customers worldwide, surpassing Wall Street's forecast of 6 million. Netflix attributed the growth to its crackdown on password-sharing and the success of new programming such as "One Piece."
The Indian government is set to announce a new regime for laptop imports without a licensing framework. The emphasis will be on sourcing from trusted locations, with incentives for local manufacturing or using India as an export base. The government has stated that its policies are compliant with the World Trade Organization (WTO) and there will be no deviations from commitments made under the global trade body.
