Corporate

A U.S. lobby group which represents firms including Amazon.com and Walmart has urged India not to tighten foreign investment rules for e-commerce companies again, according to a letter seen by Reuters. India is considering revising the rules after traders in the country accused Amazon's Indian division and Walmart's Flipkart of creating complex structures to bypass investment regulations, Reuters reported this...

The e-commerce giant Myntra has decided to change its logo after a Mumbai-based woman activist lodged a complaint with the state cyber police alleging it to be insulting and offensive towards women. A Mumbai-based activist Naaz Patel who is associated with the Avesta Foundation NGO lodged the complaint in December 2020. Patel sought the removal of logo by the Flipkart-backed...

Saveo Healthtech, a B2B e-commerce marketplace for pharmacies, on Friday said it has raised $4 million (about Rs 29.1 crore) in funding, co-led by Matrix Partners India and RTP Global. The seed round saw participation from Incubate Fund and India Quotient, a statement said. Cred founder Kunal Shah, Bigbasket co-founders VS Sudhakar and Vipul Parekh, Blackbuck founder Rajesh Yabaji, OfBusiness...

Online shopping platform Amazon is preparing to set up a Polish based website so local shoppers will no longer have to order via its German site, it said on Wednesday, sending shares in top local rival Allegro down by over 7 percent. Amazon has been present in Poland since 2014 with nine logistics centres but customers have had to order...

The domestic stock markets are likely to open in the positive on Wednesday, going by early indications from SGX Nifty futures trading. At 8:30 am, the SGX Nifty futures were trading at 14,153.80, higher by 72 points or 0.5 per cent. On January 25, the S&P BSE Sensex had declined 530.95 points or 1.09 per cent to 48,347.59 and Nifty had...

Tata Consultancy Services (TCS) on Monday became the country's most valuable company, surpassing billionaire Mukesh Ambani-led Reliance Industries. TCS' share price rose as much as 1.26 per cent to hit a record high of ₹ 3,345.25 on the BSE. At the day's highest level, TCS' market value touched an all-time high of ₹ 12.55 lakh crore, data from BSE...

Merck & Co. is discontinuing development of its two experimental Covid-19 vaccines after early trial data showed they failed to generate immune responses comparable to a natural infection or existing vaccines. The U.S. drug giant, which has a long history of successfully developing vaccines, had adopted a different strategy from rivals Pfizer Inc., Moderna Inc. and Johnson & Johnson, using...

The country's most valuable company — Reliance Industries — on Friday reported that its net profit rose 13 per cent to ₹ 13,101 crore in quarter ended December 2020 from ₹ 11,640 crore during the corresponding period a year ago. The Mukesh Ambani-led company's profit was better than anticipated as analysts polled by Refinitiv expected the company to report profit of...

The courtroom drama over shutting down six of Franklin Templeton's local Indian mutual funds will soon come to an end, but the denouement shines an unkind light on how the country is running its capital markets. Almost 97% of unitholders have voted in favor of winding up the plans, which the U.S. fund house abruptly put into suspended animation during...

V-Guard Industries (V-Guard), India's leading fast-moving electrical goods (FMEG) company, on Thursday announced that its board has approved the acquisition of a minority stake of 18.77 per cent in Gegadyne Energy Labs Private Limited (GEL) for ₹ 33.4 crore. GEL is a Mumbai-based alternate battery technology start-up developing innovative energy storage (battery) solutions, which could deliver better battery performance on...