business news

Adani Ports and SEZ Limited, led by Gautam Adani, issues a statement to ease investor worries following the recent Hamas attack in Israel, affirming the safety of their business operations at Haifa port.

The Supreme Court has postponed the hearing of Google's appeal against the Competition Commission of India's (CCI) Rs 1,338 crore penalty for anti-trust violations to January 2024. The case centers around Google's alleged abuse of dominance in the Android mobile device ecosystem.

Applied Materials, the US-based semiconductor equipment manufacturer, is in discussions with the Karnataka government to establish a Center of Excellence for innovation and an R&D lab in Whitefield, Bengaluru, emphasizing the importance of chemicals, gases, and ease of doing business in the semiconductor ecosystem.

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, has decided to delegate the taxation of Extra Neutral Alcohol (ENA) to states and has reduced levy rates on millet flour and molasses. These changes aim to streamline taxation and benefit various sectors, including sugarcane farmers.

Ola, the Indian ride-hailing giant, has expanded its services once again, this time into the parcel delivery market. The company has launched "Ola Parcel" in Bengaluru, offering to deliver parcels through its electric scooters. The move is seen as a step towards creating an all-electric logistics ecosystem in India. Ola has set a fixed delivery fee for its parcel service, ranging from ₹25 for a 5km delivery to ₹100 for a 20km delivery.

Disney is exploring discussions with potential buyers, including Adani and Sun TV, to sell its India streaming and television business, including assets such as sports rights and Disney Hotstar. The move comes amid changing market dynamics after Reliance Industries secured streaming rights to the Indian Premier League cricket tournament and chose to broadcast it for free.

Amazon has introduced 'Prime Shopping Edition' exclusively for Android users in India at ₹399 per year. This initiative offers free shipping and one-day deliveries but excludes Prime Video, music, and other entertainment services. With over 650 million smartphone users in India, the move targets the majority who use Android devices, coinciding with the Great Indian Festival sale.

Abu Dhabi Investment Authority (ADIA) is set to invest ₹4,966.80 crore in Reliance Retail Ventures Limited, reinforcing the company's position as one of India's top four firms by equity value. The investment strengthens the partnership between ADIA and Reliance and signifies confidence in India's retail sector and Reliance's growth trajectory.

In a recent development, India has extended the tenure of Dinesh Khara, the chairperson of the State Bank of India (SBI), until August of the following year. This decision will allow Khara to continue serving in his role until he reaches the age of 63, in accordance with the established norms governing the position.

Apple CEO Tim Cook has sold 511,000 shares, amounting to approximately $41 million after taxes, marking his largest stock sale in over two years. This comes as Cook took a rare pay cut of around 40% for 2023, with other Apple executives also revealing stock sales amidst a recent decline in the company's stock value.