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Mindtree Chairman, CEO quit after L&T takeover

5Jul By AdityaNo Comments

BUSINESS

Mindtree Chairman, CEO quit after L&T takeover

Within 48 hours of L&T gaining control of Mindtree, the IT firm's founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan have resigned from the board and executive roles, paving the way for the new promoter to make appointments. Chairman Natarajan, vice chairman Parthasarathy NS and chief executive Ravanan have quit the company, the firm said in a regulatory filing Friday. The company said it will announce a new leadership team in due course. Over the past few weeks, there have been speculations about Ravanan quitting the company. Reports had suggested that the construction major wanted Ravanan to step down as new owners were preparing the grounds for a top management overhaul at the Bengaluru-based company. The founders had vehemently opposed the L&T bid,...

HCL Technologies Selected by Cricket Australia as Digital Technology Partner

20Jun By AnkitaNo Comments

BUSINESS

HCL Technologies Selected by Cricket Australia as Digital Technology Partner

HCL, a leading global technology company, will help the Australian cricket’s governing body provide an elevated and immersive digital experience to cricket fans, players, partners, employees, and volunteers across the country and around the world, through CA’s digital offerings. HCL will implement its Scale Digital methodology to enable Cricket Australia to unite and inspire their cricket community through advanced digital platforms. Cricket Australia selected HCL Technologies following an extensive search for a trusted digital partner that has proven credentials in enabling digital transformation journey for leading global businesses, enhancing ecosystem orchestration, improving business agility and delivering unique experiences to all users and stakeholders. Cricket Australia CE...

FedEx will stop delivery of Amazon products

8Jun By NitishNo Comments

BUSINESS

FedEx will stop delivery of Amazon products

World's leading logistics platform FedEx is dropping a contract for air shipment of packages for Amazon within the United States, reducing its ties with the online retail giant that is already expanding its own delivery business. FedEx said it will not renew the contract for domestic FedEx Express handling of Amazon shipments when the deal expires June 30. It's "a strategic decision" that will let FedEx focus on thousands of other retailers including Target, Walgreens and Walmart, company spokeswoman Katie Wassmer. On FedEx decision, Amazon in its reply said, "We respected FedEx's decision and thanked the delivery company for serving Amazon customers over the years." Amazon has been expanding its fleet of planes and is building package-sorting hubs at two airports. It's also la...

31May By PriyankaNo Comments

BUSINESS

Byju’s turns profitable, registered 2.4 million paid users

India's first edtech unicorn startup Byju's turns profitable in FY19, posted three-fold revenue $21 million (1430 crore) but did not reveal the profit amount. In FY18, Byju’s had $7.2 million (500 crore) revenue and a loss of Rs 37 crore. “The growth in revenue was fuelled by deeper penetration across India and significant growth in the number of paid subscribers,” a statement by Byju’s said. Byju's become the first profitable consumer internet start-up in India, putting other online consumer startups such as Ola, Flipkart, Swiggy and Paytm under pressure to turn profitable. The online learning startup has 2.4 million paid subscriber out of 35 million registered users. Byju's investors include such as the International Finance Corp, a World Bank arm, Light Speed India ...

Infosys completes Acquisition of ABN AMRO Bank Subsidiary

26May By AdityaNo Comments

BUSINESS

Infosys completes Acquisition of ABN AMRO Bank Subsidiary

IT services major Infosys said it has completed the acquisition of 75% shareholding in ABN AMRO Bank's wholly-owned cNV. In March, the country's second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about ₹989 crore). ABN AMRO continues to hold the remaining 25 per cent. "This partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies..." Infosys said in a statement. It added that the deal further enhances its strategy to help clients navigate their next digital transformation journeys. "The specialised knowledge and experience of Stater in the mortgage services market, combined with t...

Bollywood Actor Ajay Devgn to infuse Rs 600 crore in his multiplex chain NY Cinemas

17May By NitishNo Comments

BUSINESS

Bollywood Actor Ajay Devgn to infuse Rs 600 crore in his multiplex chain NY Cinemas

Bollywood actor Ajay Devgn is planning to invest Rs 600 crore in his multiplex venture NY Cinemas Llp (based on the names of his children Nysa and Yug Devgn) over the next five years. The 50-year-old actor said that he is aiming to open at least 250 screens across the Northern and Western parts of India. Devgn added that the first launch of his multiplex venture is slated in June in Ratlam, Madhya Pradesh. The NY Cinemas will target people who don't have access to modern theatres and live in remote parts of the country, said Ajay Devgn. Although he has not revealed much about the project but said that it will be unlike any other multiplex in the market. Till now, the actor has bought two single-screen theatres in Uttar Pradesh's Hapur and Ghazipur. According to Rajeev Sharma, Chi...

Tata Starbucks posts 30% sales growth in FY’19

26Apr By Press Trust of IndiaNo Comments

BUSINESS

Tata Starbucks posts 30% sales growth in FY’19

Tata Starbucks, a 50:50 joint venture between Tata Global Beverages and Starbucks Coffee of the US, has reported a 30 per cent top-line growth in fiscal 2018-19, driven by new stores openings and improved performance. Tata Starbucks, which is expecting to break-even in the current fiscal, has opened 146 stores till date. Tata Starbucks reported "double digit top-line growth 30 per cent for the full year, driven by new stores and improved store performance", Tata Global Beverages Ltd (TGBL) said in an investors' presentation. Tata Starbucks revenue for the 2018-19, is expected to be around Rs 450 crore. TGBL said Tata Starbucks opened 30 outlets in the previous fiscal, out of which, 15 new stores were opened during the last quarter of the financial year. The company said, it ...

TikTok’s parent ByteDance plans $1 bn investment in India in next 3 years

21Apr By Press Trust of IndiaNo Comments

BUSINESS

TikTok’s parent ByteDance plans $1 bn investment in India in next 3 years

New Delhi: Unfazed by the ban on TikTok in India, the popular Chinese short video app's parent ByteDance remains "very optimistic" and plans to invest $1 billion in the country over the next three years. ByteDance — touted to be among the world's most valuable startups with investors like SoftBank, General Atlantic, KKR and Sequoia on board also offer platforms like Helo and Vigo Video in India. Speaking to PTI, ByteDance Director (International Public Policy) Helena Lersch said the company has been strengthening its content moderation policies over the last many months. "We are obviously disappointed by the current developments, but we are also very optimistic that we will resolve this issue. We remain committed to our Indian users. As a company, we are looking to invest $1 billi...

Indian Messenger App Hike Expects 4x growth in 2019

17Apr By PriyankaNo Comments

BUSINESS

Indian Messenger App Hike Expects 4x growth in 2019

India's leading messaging app Hike expects four-fold growth in per day customer acquisition rate by the end of 2019 with the launch of its new sticker-based chat app. "There is so much happening in the company that Hike Sticker chat will become one of the two or three products that we have. Today we are adding 50,000 users per day. My goal is to get to a place where we are adding 3-4 times of that (by end of 2019)," Hike founder and CEO Kavin Bharti Mittal said. As part of its strategy to launch multiple apps, Hike on Tuesday unveiled new mobile messaging platform that will be majorly based on chat in the form of stickers. "We have 30,000 stickers. Challenge was to give right stickers to users at right time. We have integrated machine learning in the core of the app which will giv...

1Apr By Press Trust of IndiaNo Comments

BUSINESS

Titan increases stake in CaratLane

Tata group firm Titan has increased stake in its jewellery subsidiary CaratLane to 69.47 percent with an investment of Rs 99.99 crore. "In response to offer of shares made by Carat Lane Trading Private Limited, a subsidiary of the company, the company has subscribed to 30,48,780 additional equity shares of CaratLane thereby increasing its stake in CaratLane on March 30, 2019," Titan said in regulatory filing on Sunday. CaratLane is in the business of manufacturing and sale of precious and semi-precious jewellery through its e-commerce business and also through retail showrooms. "...the shareholding of the company in CaratLane has increased from 66.39 per cent to 69.47 percent," the company said. CaratLane registered a revenue of Rs 292.5 crore for the year ended March 2018. ...

Ayodhya based Yash Papers to invest Rs 150 cr on capacity expansion

26Mar By AdityaNo Comments

BUSINESS

Ayodhya based Yash Papers to invest Rs 150 cr on capacity expansion

Uttar Pradesh-based Yash Papers is investing around Rs 150 crore to double production capacity for the growth of its business, a senior company official has said. The company has a manufacturing plant in Ayodhya where it makes speciality paper and various paper products from sugarcane pulp. It also makes paper bags and tableware/containers. "We are expanding our capacity with a capex of around 150 crore. We will be doubling the production across our products range," said Ved Krishna, strategy head of Yash Papers. On the expected turnover of this fiscal, Krishna said the company's revenue will grow by 25-30 per cent this fiscal. The capacity of pthe pulp mill is 130 tonnes per day, while it makes 10 lakh pieces of tableware a day. The company is funding investment through intern...

Future Retail will Open new Big Bazaar outlets, Invest 200 Cr

10Mar By AdityaNo Comments

BUSINESS

Future Retail will Open new Big Bazaar outlets, Invest 200 Cr

Future Retail would spend Rs 150-200 crore a year for expansion of Big Bazaar stores in the eastern region, a company official said. The company would open around 25 such stores from April this year in eastern India, the official said. "We have a pipeline of around 25 Big Bazaar stores in the eastern region. Each store requires an investment of around Rs 2,000 per square feet for interiors only," CEO of eastern region of Future Retail Manish Agarwal told Pixr8 News. Agarwal said the eastern region contributed 25 per cent of the national sales, adding that West Bengal accounted for 30 per cent of the revenues from the east. https://pixr8.com/business/future-group-to-open-10000-small-stores-aims-revenue-jump-to-rs-60-cr/ The company would open 7-8 stores in Kolkata and its s...