December 2021 – TradenTalks

Apple puts India iPhone maker Foxconn on probation for labour violations

December 29, 2021 Administrator_IndiaFoxconn, IPhone, News0 comment

Apple Inc. put Foxconn Technology Group’s factory in southern India on probation following worker protests and an investigation that revealed substandard living conditions. Foxconn, which uses the facility to assemble iPhones among other gadgets, apologized for the lapses in health standards and pledged to revamp its management and operations in the country. The factory, located in Sriperumbudur on the outskirts of Chennai, was shut down after the protests and will resume operations once “necessary improvements” are made. Apple’s key assembly partner has grappled with labor issues in the past, particularly in China, where…

Stock Market

Asian shares rise, yen falls as traders shrug off Omicron fears

December 28, 2021 Administrator_IndiaAsian Market, Stock Market, Trading0 comment

By Administrator_India Capital Sands Asian shares gained on Tuesday, cruising in the slipstream of another record-setting day on Wall Street amid strong retail figures, while the safe-haven yen lost ground as traders stayed in riskier currencies and asset classes like equities. A variety of asset classes from oil to Japan’s Nikkei Stock Average are now trading at around one-month highs, having walked back losses from late November when the Omicron variant of COVID-19 first emerged and sent investors scurrying for safe havens. As the worst fears of the impact of the new…

India

RBL Bank shares slump today. What brokerages say on the stock?

December 27, 2021 Administrator_IndiaBank, RBL0 comment

Shares of bank plunged as much as 23%, hitting a day’s low of ₹133 apiece on the BSE in Monday’s early deals after a slew of concerning developments over the weekend. RBL Bank’s Vishawvir Ahuja has stepped down as MD & CEO, and the bank has appointed Rajeev Ahuja as as the interim Managing Director and Chief Executive Officer. In a surprising turn of events, the Reserve Bank of India (RBI) has also appointed its Chief General Manager Yogesh K Dayal as an additional director on the board of RBL Bank. Brokerage house…

Business

Ola’s dream of world’s biggest e-scooter factory hits hurdle

December 24, 2021 Administrator_Indiaelectric scooter, Factory, Ola Electric Mobility0 comment

By Administrator_India Capital Sands Ola Electric Mobility Pvt., the Indian startup that’s pledged to build the world’s biggest electric scooter factory, doled out a handful of brightly-hued bikes earlier this month, complete with drummers and a saxophonist to mark the occasion. Founder Bhavish Aggarwal came to thank some 100 customers who brought along family and friends. But beyond the colorful proceedings, Ola isn’t living up to its lofty ambitions. Mass production of its e-scooters is likely to be pushed back until at least January, according to people familiar with its…

West Bengal announces fresh curbs, restricts flights from Mumbai, Delhi

Coronavirus News

Omicron spread: Curbs return to keep year-end celebrations muted again

December 23, 2021 Administrator_IndiaCoronavirus, Coronavirus Tests, Omicron variant0 comment

By Administrator_India Capital Sands A day after the Centre asked states to activate war rooms to tackle the rising Omicron threat, state governments stepped up their guards with fresh curbs on religious and social gatherings. They also limited capacity in restaurants and bars, and ordered strict vigil on the ground. Delhi with 57 detected Omicron cases — which according to the health ministry is the highest count in any state – on Wednesday banned all cultural gatherings ahead of Christmas and New Year celebrations. The city government has also capped the occupancy in restaurants,…

Omicron variant

Omicron variant three times more transmissible: Centre warns states

December 22, 2021 Administrator_IndiaCoronavirus, Omicron variant, WHO0 comment

By Administrator_India Capital Sands The Centre has told states that the Omicron variant of coronavirus, based on current scientific evidence, is at least three times more transmissible than the Delta strain, asking them to ensure prompt and focused action if there is any sign of a surge. The Union health ministry has noted said that 200 cases of Omicron have been detected in the country, so far, with Maharashtra and Delhi reporting the most — 54 cases of the variant each. Of total Omicron cases in the country, 77 have been discharged or have recovered. In a letter…

companies

Zepto races to $570 mn valuation, says median delivery time is 8:24 min

December 21, 2021 Administrator_IndiaFunding, Fundraising, StartUp0 comment

By Administrator_India Capital Sands Quick commerce platform Zepto, which was launched five months back by two teenage Stanford dropouts, has raised $100 million in its Series C round at a valuation of $570 million. The company said that its last funding round of $60 million was 45 days back and its valuation has doubled since then. Aadit Palicha, CEO and co-founder of Zepto, told Business Standard, “Our median delivery time is 8 minutes 24 seconds and our average order values are 20-30 per cent higher than that of food delivery companies. We are…

Economic News

Private sector invests Rs 15,164 cr in roads till November this fiscal

December 17, 2021 Administrator_IndiaEconomy, Nitin Gadkari, Private sector0 comment

By Administrator_India Capital Sands Road Transport and Highways Minister Nitin Gadkari said private sector investment in road construction in 2020-21 and 2019-20 was Rs 12,475.53 crore and Rs 21,925.98 crore, respectively Private sector investment in road construction till November this financial year stood at Rs 15,164.25 crore, Parliament was informed on Thursday. In a written reply to the Lok Sabha, Road Transport and Highways Minister Nitin Gadkari said private sector investment in road construction in 2020-21 and 2019-20 was Rs 12,475.53 crore and Rs 21,925.98 crore, respectively. Gadkari said the review of Model Concession Agreement…

Economic News

Asian stocks rise with bond yields as Fed outcome boosts risk sentiment

December 16, 2021 Administrator_IndiaAsian Stocks, Economy, Stocks0 comment

By Administrator_India Capital Sands Asian stocks followed Wall Street higher on Thursday after the U.S. Federal Reserve said it would end bond-buying stimulus in March to set up three interest rate increases next year to tackle heated inflation. Bond yields rose while the dollar stabilized after slumping overnight as havens fell out of favour. Gold gained along with crude oil. “The economy no longer needs increasing amounts of policy support,” Fed Chair Jerome Powell said in a news conference after the conclusion of the two-day policy meeting. Japan’s Nikkei climbed 1.67%…