Friday, April 19

Author: Press Trust of India

Walmart to Hire 150,000 Workers as Virus spreads in US
News

Walmart to Hire 150,000 Workers as Virus spreads in US

Walmart plans to hire 150,000 people to meet increased demand during the coronavirus crisis and will pay out $365 million in bonuses, the US retail giant said. "These roles will be temporary at first, but many will convert to permanent roles over time," it said. The firm added it would pay $300 bonuses to full-time employees and $150 to those part-time. Walmart said Thursday it wanted to reward them "for their hard work and dedication to serving customers in a time of an unprecedented national health crisis." It also plans to speed up payment of the next quarterly bonus payments, which will take its payout to nearly $550 million. The hiring drive comes as travel restrictions and lockdown measures in various US states and cities to curb the spread of the virus have led people t...
Paytm Employee in Gurgaon Tests Positive for Coronavirus
News

Paytm Employee in Gurgaon Tests Positive for Coronavirus

A Paytm employee in Gurgaon has tested positive for the novel coronavirus, the company said in a statement on Wednesday, advising its employees to work from home for the next couple of days. It said the infected employee had recently returned from a vacation in Italy, one of the worst-hit countries. The leading digital payments firm has advised all its employees to work from home for the next couple of days while the Gurgaon unit gets sanitised, the statement said, adding its daily operations will not be impacted. "One of our colleagues based out of Gurgaon office who recently returned from Italy post a vacation has sadly been tested positive for Coronavirus. He is receiving appropriate treatment. As a precautionary measure, we have suggested his team members to get health tests ...
Comviva Sells Stake in TerraPay to Prime Ventures, Partech Partners and IFC
BUSINESS

Comviva Sells Stake in TerraPay to Prime Ventures, Partech Partners and IFC

Mobility solutions provider Comviva has sold its shares in fintech company TerraPay to a consortium of Prime Ventures, Partech Partners and IFC. The company has, however, not disclosed the value of the deal. Prime Ventures and Partech Partners are co-investing in TerraPay, along with International Finance Corporation, a member of the World Bank Group, a firm said. "Apart from acquiring Comviva shares, the investors have further invested USD 9.6 million in TerraPay to fund the company's expansion," it added. TerraPay, incubated by Comviva in 2015, provides payment infrastructure services by enabling payment service providers such as banks, mobile money operators, money transfer operators or other payment providers to instantly connect to each other at a low cost. Since 2015,...
SMEcorner raises USD 30 mln in Series B funding
FUNDING

SMEcorner raises USD 30 mln in Series B funding

Fintech firm SMEcorner has raised USD 30 million (around Rs 210 crore) through a combination of equity and debt in series B funding. The funding round was led by Paragon Partners, which invested USD 10.5 million, and the balance came from existing investors including Quona Capital, Accion Venture Lab, Bharat Shah and few other high networth individuals, according to a company release. "The additional capital will enable us to reach over 20,000 new customers and grow our distribution in the coming year," SMEcorner's founder and CEO, Samir Bhatia, said. Bhatia has also made an undisclosed investment in the current round of funding. The funds raised would go towards rapid business scale-up, lending partnerships and market expansion in the coming financial year. The SME-focusse...
Barbeque Nation files IPO Papers to Raise Rs 1,000-1,200 cr
Market

Barbeque Nation files IPO Papers to Raise Rs 1,000-1,200 cr

India based casual dining chain Barbeque Nation Hospitality has filed fresh papers with markets regulator Sebi to raise an estimated Rs 1,000-1,200 crore through an initial public offering. The IPO comprises a fresh issue of shares worth Rs275 crore and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the Securities and Exchange Board of India (Sebi). The company may consider a pre-IPO placement to the tune of Rs150 crore. Proceeds of the issue will be utilised to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes. The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by private equity firm CX Partners, whi...
Ed-tech Startup WizKlub Raises $1 Million in Seed Funding
FUNDING

Ed-tech Startup WizKlub Raises $1 Million in Seed Funding

Bengaluru, Jan 28, 2020: Ed-tech startup WizKlub raises $1 million (Rs 7 crore) in seed funding led by Incubate Fund India with participation from Insitor Impact Asia Fund. This round brings the total funds raised by the company to Rs nine crore so far, it said in a statement. The company, founded in February 2018 by serial entrepreneur Amit Bansal, plans to use the fresh capital for product and market expansion. "Supplemental education beyond curriculum is the greatest need in the Indian education system today and we are addressing this area with our research-based learning programmes", Bansal said.
BLOGS

‘Fake it until you make it’ Attitude May Backfire at Work

According to a study, Faking a positive attitude to elicit benefits may backfire when used with co-workers and making an effort to communicate the felt emotions can be more productive. The study, published in the Journal of Applied Psychology, surveyed working adults in a wide variety of industries including education, manufacturing, engineering, and financial services for two types of emotion regulation surface acting and deep acting. "Surface acting is faking what you're displaying to other people. Inside, you may be upset or frustrated, but on the outside, you're trying your best to be pleasant or positive," said Allison Gabriel, study co-author. "Deep acting is trying to change how you feel inside. When you're deep acting, you're actually trying to align how you feel with how...
Hyundai India Rolls Out Online Sales Platform
Automobile

Hyundai India Rolls Out Online Sales Platform

Hyundai Motor India has launched an online sales platform in addition to its existing physical retail sales network. The company said its 'Click to Buy' is a first-of-its kind online sales platform with simple and transparent process for purchase of Hyundai cars. "It is India's first online sales platform to cater to the needs of new-age digital customers for purchase of new Hyundai cars," Hyundai Motor India MD and CEO SS Kim said in a statement. The retail selling has witnessed a tremendous shift since the last decade and the new generation is immensely inclined to buy products online, he added. Hyundai has currently introduced the initiative on a pilot basis with few dealers in Delhi-NCR. All company models will be available on the 'Click to Buy' website and this would a...
Reliance Jio Net Profit Surges 62.5%
BUSINESS

Reliance Jio Net Profit Surges 62.5%

India's leading telecom operator Reliance Jio posted a 62.5 percent jump in its standalone net profit at Rs 1,350 crore for the October-December quarter of FY 2019-20. The telecom arm of Reliance Industries, Jio had posted a net profit of Rs 831 crore in the corresponding quarter a year ago. The company recorded an increase of 28.3 per cent in its operating revenue at Rs 13,968 crore as compared to Rs 10,884 crore in the year-ago period. "Jio has continued on its unprecedented growth journey receiving overwhelming customer response for best in class mobile connectivity services. Jio is also determined to redefine the wireline infrastructure, home entertainment and enterprise market in India with its FTTx services which bundle best-in-class connectivity with bouquet of digital con...
Sachin Bansal’s Chaitanya India applies for Universal Banking License
BUSINESS

Sachin Bansal’s Chaitanya India applies for Universal Banking License

Within four months of Flipkart co-founder Sachin Bansal acquiring majority stake in Chaitanya India Fin Credit, the microlender applied to RBI for a universal bank license. Bansal had acquired Chaitanya in September with an investment commitment of Rs 739 crore. The Reserve Bank, which is very selective about who enters the banking fray, had earlier made universal bank licenses available on tap. If given a license, Chaitanya will be the second microlender after the West Bengal-focused Bandhan to be granted a universal banking license. Other microlenders operate as small finance banks. "Building a universal bank is a reflection of our commitment to provide financial services to those who need them most," Bansal, chief executive, Navi Technologies, which had invested in Chaitany...
Huawei Exec Arrested in Canada, Can Extradite to US
USA

Huawei Exec Arrested in Canada, Can Extradite to US

Montreal, Jan 12, 2020: Canada Department of Justice said a Huawei executive arrested in Vancouver could be extradited to the United States, because her offense is a crime in both countries, according to documents released Friday. Huawei chief financial officer Meng Wanzhou, who was originally detained on a US warrant in late 2018, faces an extradition hearing in Vancouver that begins on January 20. The United States accuses Meng of lying to banks about violating Iran sanctions. However Meng''s lawyers maintain that she cannot be turned over to the United States, because in order for that to happen, her offense would have to meet a "double criminality" standard -- meaning it is a crime in both countries. Violating US sanctions against Iran, they say, is not a crime in Canada. ...
LIC Pension and Group Scheme Vertical’s premium income crosses Rs 1 lakh crore
BUSINESS

LIC Pension and Group Scheme Vertical’s premium income crosses Rs 1 lakh crore

LIC Pension and Group Schemes Vertical, which is looking after group schemes and superannuation business, has created a new record by collecting more than Rs 1 lakh crore premium income during the current financial year. This is the first time ever any single vertical of the insurer has crossed this record premium income figure, LIC said in a statement. Pension and Group Schemes Vertical of LIC provides Employees Retiral Funds' Management Solution to the who's who of India Inc and has been steadily holding more than 80 per cent market share in NBPI post opening of the life insurance industry, it said. This vertical of LIC manages funds of well over Rs 7 lakh crore managing through about over 80,000 gratuity, superannuation and leave encashment schemes, it said.