business news

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.

Maruti Suzuki India Limited has received a draft assessment order from the Income Tax Authority, amounting to Rs 2,159.70 crore for the financial year 2019-20. The company will file objections before the Dispute Resolution Panel, with no immediate impact on its operations.

Bandhan Bank announces the successful migration of its core banking system and internet banking, ensuring robust digital services as other banks grapple with technical difficulties in their tech-based offerings.

IDFC First Bank is set to raise Rs 3,000 crore through a Qualified Institutional Placement (QIP) with a green shoe option, as its shares outperform its sector by a substantial margin.

The World Bank has lowered growth forecasts for East Asia's developing economies, primarily due to a slowdown in China. This adjustment is expected to result in one of the region's slowest growth rates in five decades, attributed to various factors including tumbling retail sales, stagnant house prices, increased household debt, and trade tensions.

Mahanagar Gas Ltd (MGL) has announced a reduction in the prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Mumbai and neighboring areas. CNG prices have been lowered by ₹3 per kilogram, while PNG prices have been reduced by ₹2 per standard cubic meter (scm). Find out the new rates and the factors behind this price adjustment.