Edelweiss to sell 51% stake in wealth management arm : Bulletin: Business Today
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Edelweiss to sell 51% stake in wealth management arm

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BusinessToday.In | August 28, 2020

Walmart joins Microsoft bid for TikTok's US operations

Walmart Inc said it was joining Microsoft in a bid for social media company TikTok's U.S. assets, revealing its plans hours after the video company's chief executive said he would step down. CEO Kevin Mayer, a high-profile former Disney executive, has left three months after joining TikTok, in the middle of negotiations to sell the Chinese-owned short-form video app's U.S. operations to Microsoft Corp or Oracle Corp. TikTok owner ByteDance aims to enter exclusive talks with a bidder in the next 24 to 48 hours and ink a deal by Sept. 15.

COVID-19 pandemic: Dell's quarterly profit beats expectations as WFH takes centre stage

Dell Technologies Inc on Thursday posted a smaller-than-expected drop in quarterly revenue and beat profit estimates on robust demand for its notebooks and software products for remote work and online learning. Shares of the company were up 2% in trading after the bell. The COVID-19 pandemic has led to a rapid shift to cloud, spurring demand for products that allow organizations to carry on.

Reliance Retail warns against franchise scam by bogus JioMart websites

Reliance Retail, the retail arm of Reliance Industries, has issued a warning against fraudulent websites seeking franchises in the name of its online portal, JioMart. The digital avatar of Reliance Retail which went live in May this year is offering its services in over 200 cities. In its statement, the company clarified that it is currently not running any dealership or franchise model at present.

Edelweiss to sell 51% stake in wealth management arm to Pacific Alliance Group

Edelweiss Financial Services on Thursday said that its board has approved sale of 51 per cent stake in its wealth management business to Pacific Alliance Group (PAG) for an investment of $300 million (approximately Rs 2,200 crore). The deal will be completed at a post-money valuation of Rs 4,400 crore. This will be PAG's first majority equity investment in India. The transaction is expected to close in the next 4 to 6 months, subject to regulatory approvals, Edelweiss Financial Services said in an exchange filing.

Kent launches touchless attendance system CamAttendance

A leading name in water purification space, Kent RO Systems has launched a next-gen touchless attendance system that uses face recognition technology to mark employees' attendance. As offices are opening up post the ease of lockdown, managing employee attendance using existing biometric attendance system has been a hassle for many organisations.

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