Patanjali's Rs 4,325 cr bid for Ruchi Soya gets lenders nod
In its first major acquisition, Yoga guru Baba Ramdev-led Patanjali Ayurved walked away with debt-ridden edible oil firm Ruchi Soya with a bid of Rs 4,325 crore, sources said. Patanjali acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over Rs 9,300 crore loans.
End of an era: Eric Schmidt leaves Google board
Google-parent Alphabet said Tuesday that Eric Schmidt, who was chief of the internet giant for a decade, will leave the board in June. Schmidt, who turned 64 this month, stepped down as chairman of the Alphabet board at the start of last year, remaining a member but shifting to a role as a technical advisor. Schmidt will not seek re-election to the board when his term expires in June, but will continue to advise on technical matters, according to Alphabet.
Huawei jumps ahead of Apple in tough smartphone market
China-based Huawei outsold Apple's iPhones in the first quarter of this year, seizing the California company's second place spot in a tightening smartphone market dominated by Samsung. A total of 310.8 million smartphones were shipped globally during the first three months of this year.
Bangalore pips global major cities to emerge as 11th best city for start-ups
India's IT Capital Bangalore has emerged as the 11th best city for start-ups, moving from 21st position last year, bypassing cities such as Tokyo, Paris, Moscow, Beijing and Hong Kong in the StartupBlink Startup Ecosystem annual Rankings. StartupBlink ranks 100 countries and more than 1000 cities according to their start-up ecosystem strength. The list is headed by San Francisco, New York, London, Los Angeles and Boston.
Mother Dairy appoints Sangram Chaudhary as MD
Mother Dairy Tuesday appointed Sangram Chaudhary as its new managing director after incumbent Sanjeev Khanna quit the company.Chaudhary would take charge as managing director with effect from May 1, 2019, Mother Dairy Fruit & Vegetable Pvt Ltd said in a statement.
Nirav Modi to make another bail plea in UK court on May 8
Fugitive diamond merchant Nirav Modi is making another bail plea at the UK court where he is undergoing extradition proceedings to India in the USD 1-billion Punjab National Bank (PNB) fraud and money laundering case. The 48-year-old, who has been behind bars at Wandsworth prison in south-west London since his two previous bail applications were rejected following his arrest on March 19, is to appear before Chief Magistrate Emma Arbuthnot at Westminster Magistrates' Court in London on May 8 for a third attempt.
Uday Kotak warns of more liquidity crisis, muddying waters for financial sector again
Banker Uday Kotak Tuesday warned of more liquidity crisis plaguing the financial sector, which is already passing through "turbulent times", for the next two quarters and stressed on the need to have strong balance sheets to withstand difficult times. The next six months are crucial for the financial sector, Kotak, the executive vice-chairman of Kotak Mahindra Bank said
Govt apprehensive US sanctions on Iran could boost oil prices, inflation
U.S. sanctions on Iran could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday, after the Trump administration said it would end waivers for Iran's oil buyers. President Donald Trump's efforts to sink Iran's oil exports to zero will have a direct impact on India, the largest buyer of the oil after China, Harsh Vardhan Shringla, the ambassador, said
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