Author: News Desk
German venture capital firm UVC Partners has secured a €5 million investment from IT giant Infosys for a minority stake. This funding will be provided over a period of approximately five years, as needed. Infosys announced that this investment is part of its Innovation Fund, designed to collaborate with UVC’s ecosystem and startups to co-create advanced solutions using Deep Tech and artificial intelligence (AI). Enhancing Business Transformation The solutions developed through this partnership aim to support clients in their business transformation efforts by leveraging cutting-edge technologies such as AI and Deep Tech. Infosys views Germany as a key market and…
Mukesh Ambani, Asia’s wealthiest individual, experienced a massive financial setback on Tuesday, losing Rs 9,200 crore in just one day. This dramatic decline followed a downturn in the share market triggered by Finance Minister Nirmala Sitharaman’s announcements in the Union Budget 2024. The Finance Minister revealed an increase in both long-term capital gains (LTCG) and short-term capital gains (STCG) taxes, which led to a red market. Impact on Reliance Industries During the market turbulence on budget day, Reliance Industries, Mukesh Ambani’s flagship company, saw its stock trading negatively. This decline significantly affected Ambani’s net worth. According to the Bloomberg Billionaires…
Parle-G, synonymous with biscuits worldwide, stands as one of the largest biscuit brands globally. The company’s remarkable journey began nearly 100 years ago during the British colonial era in India. The story of Parle-G traces back to the early 1900s when a 12-year-old boy named Mohanlal Chauhan moved to Mumbai from a small town near Valsad in South Gujarat. Eager to learn a trade, Mohanlal mastered sewing and, by the age of 18, established a store in Gamdevi, Mumbai. This venture provided him with financial stability, leading him to start two independent businesses, D Mohanlal and Co. and Chhiba Durlabh.…
Aachi Masala Foods is a brand that embodies the rich culinary heritage of India, becoming a staple in kitchens across South India and beyond. Founded in 1995 in Chennai by Padmasingh Isaac, Aachi Masala Foods has grown to be a beacon of taste and tradition. Isaac’s journey from Nazareth, Tamil Nadu, to leading a culinary empire is one of resilience and innovation. Growing up in an agricultural family and inspired by his mother’s cooking, Isaac ventured into the spice business after a decade as a hair dye salesman at Godrej. His first product, a curry masala powder priced at just…
Mukesh Ambani, one of the wealthiest individuals globally, ensures that his personal staff are handsomely rewarded. In 2017, it was revealed that Ambani’s personal driver earns an impressive Rs 2 lakh per month, translating to an annual salary of at least Rs 24 lakh. This substantial compensation reflects Ambani’s commitment to rewarding his employees well. Rigorous Training and Security Ambani’s drivers undergo extensive training and are employed through specialised contracting firms. They are adept at managing both commercial and luxury vehicles and are trained to handle complex driving conditions. Additionally, Ambani’s vehicles are equipped with advanced bulletproof technology, ensuring the…
Finance Minister Nirmala Sitharaman’s Union Budget 2024 announcement brought significant good news for Ratan Tata’s company, Titan, which saw its market value increase by approximately Rs 19,000 crore in a single day. The surge followed a reduction in the import tax on gold and silver by 6%, leading to a 7% rise in Titan’s shares. Titan, which includes the well-known jewelry brand Tanishq under its umbrella, experienced a notable boost in its stock value. According to data from the Bombay Stock Exchange (BSE), Titan’s shares closed at Rs 3,468.15, up by 6.63%. During the trading session, the shares peaked at…
The wedding of Anant Ambani, son of billionaire Mukesh Ambani, and Radhika Merchant has captured global attention, not only for its grandeur but also for its staggering cost of ₹5,000 crores, making it one of the most expensive weddings in history. Among the lavish gifts received by the couple, a standout item has sparked discussions on social media: a Darts SUV valued at ₹15 crores. Darts, a Latvia-based company renowned for manufacturing high-performance armored vehicles, is known for its bespoke luxury SUVs, which are fully customized to meet the preferences of its clients. Reports indicate that Anant Ambani’s Darts SUV…
The recently released economic survey for the fiscal year 2023-24 has highlighted island development as a key focus under the government’s ambitious Amrit Kaal Vision 2047. This initiative aims to harness the potential of major island territories, specifically the Andaman & Nicobar Islands and the Lakshadweep Islands, as part of the broader Maritime India Vision 2030. The survey details a phased strategy to transform these islands into vibrant hubs for tourism and various maritime activities. Central to this effort is the Andaman Lakshadweep Harbour Works, which will play a crucial role in establishing the necessary port infrastructure to meet the…
Airbus Helicopters is set to establish a new production line for the H125 helicopter in India, in collaboration with Tata Advanced Systems Limited (TASL). This facility, which will be the fourth H125 production line globally, is expected to cater to a projected demand of 500 helicopters in India and South Asia over the next 20 years. Location and Facility Details The H125’s final assembly line (FAL) in India will be the first private sector civil helicopter assembly line in the country. The exact location for the facility is still under final assessment. Factors influencing the decision include the location’s appeal…
A substantial allocation of ₹1.28 lakh crore has been earmarked for telecom projects and public sector firms under the telecom ministry, in the Union Budget for the financial year 2024-25. The majority of these funds are designated for BSNL (Bharat Sanchar Nigam Limited) and MTNL (Mahanagar Telephone Nigam Ltd) for technology upgradation and restructuring, with BSNL set to receive ₹82,916 crore for these purposes. The budget document specifies that the total net allocation for this demand amounts to ₹1,28,915.43 crore, including an additional provision of ₹17,000 crore sourced from the Universal Service Obligation Fund. This additional funding will be utilized…