The World Opinion

Category: Economy

  • Google Infuses $350 Million In Walmart-Owned Flipkart | Companies News

    New Delhi: As the Indian has invested nearly $350 million in Walmart-owned Flipkart, taking the homegrown company’s valuation at nearly $36 billion.In a statement, Flipkart said it has added Google as a “minority investor” in the e-commerce platform as part of the latest funding round led by Walmart. The company, however, did not disclose the financial details.

    The move, coming at a time when the Indian digital economy is growing at a much faster pace, is subject to receipt of regulatory and other customary approvals by both parties, the homegrown e-commerce firm said in a statement. (Also Read: HDFC Bank Customers Alert! UPI, Net Banking, And Mobile Banking Services Will Be Down On THIS Date & Time- Details Inside)

    “Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” it said. (Also Read: Adani Enterprises Stock Recovers $30 Billion Following Hindenburg Report)

    Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India’s digital commerce revolution. Currently, it has a registered user base of more than 500 million and the marketplace offers over 150 million products across more than 80 categories.

    According to the company, there are over 1.4 million sellers on the platform, including Shopsy sellers. Earlier this week, the e-commerce platform said it has clocked 1.6 times growth (year-on-year) in its grocery business. The company has launched 16 grocery fulfilment centres across key locations in the country.

  • HDFC Bank Customers Alert! UPI, Net Banking, And Mobile Banking Services Will Be Down On THIS Date & Time- Details Inside | Personal Finance News

    New Delhi: HDFC Bank customers would not be able to access several banking services early on Saturday, May 25. Due to scheduled maintenance, net banking, mobile banking and UPI will be unavailable from 3:30 am to 6:30 am, as stated on the bank’s website.

    HDFC Bank has informed its customers via SMS: “Scheduled Maintenance: Some transactions on HDFC Bank NetBanking and MobileBanking App will be unavailable on May 25, from 3:30 AM to 6:30 AM.”

    What banking services will be unavailable?

    The HDFC Bank website states that accounts, deposits, fund transfers (NEFT, IMPS, RTGS, and within bank transfers), online payments, and certain other transactions will be unavailable from 3:30 AM to 6:30 AM on May 25, 2024. (Also Read: Adani Enterprises Stock Recovers $30 Billion Following Hindenburg Report)

    Will UPI work during these hours?

    No, During this period customers will also be unable to make payments via UPI. (Also Read: Sensex, Nifty Close Flat After Touching All-Time High)

    HDFC Bank customers can utilize the bank’s ChatBanking service to learn more about the services affected by the scheduled maintenance of the bank’s platforms.

    What is HDFC ChatBanking service?

    HDFC Bank ChatBanking is a WhatsApp-based chat service allowing customers to access over 200 services and transactions 24/7. HDFC Bank’s ChatBanking service on WhatsApp is fully secure with end-to-end encryption.

    How to register for HDFC Bank’s ChatBanking service?

    To register for HDFC Bank ChatBanking simply save the number 7070022222 in your contacts. Then, send “Hi” or “Register” via WhatsApp from your bank-registered mobile number to 7070022222. You’ll receive guidance through the registration process. The bank has provided some frequently asked questions (FAQs) for customers regarding the ChatBanking service.

  • Adani Enterprises Stock Recovers $30 Billion Following Hindenburg Report | Markets News

    New Delhi: Shares of Adani Enterprises Ltd, the flagship company of Indian billionaire Gautam Adani’s group have erased from the losses caused by a critical short-seller report in early 2023. This recovery came after the conglomerate reduced its debt and sacred major projects.

    The stock has recovered from losses of over 30 billion dollars that followed allegations of widespread corporate misconduct and share-price manipulation by US-based Hindenburg Research in January 2023. However, the Adani group has consistently denied these accusations. (Also Read: Wipro’s Ex-CEO Thierry Delaporte Becomes Highest Paid Indian IT CEO For FY24)

    “There are a handful of groups in India that can undertake big projects and Adani Group has taken the leadership position,” said Abhay Agarwal, a fund manager with Mumbai-based Piper Serica Advisors Pvt, as reported by Bloomberg. He further added, “Investors are looking at Adani group as a policy play and since there is a clear direction on the country’s policy, we are seeing recovery.” (Also Read: Sensex Hits New All-Time High; Nifty Breaches 23,000-Mark For First Time)

    Adani Enterprises stock rose 1.7 percent to 3,445.05 today, May 24. It has nearly tripled  since its drop in February 2023. The rise comes as analysts anticipate Adani Enterprises’ stock will be included in the benchmark S&P BSE sensex index in June, potentially attracting more investment.

    Further, other Adani companies are working with global investors to raise new debt as the group continues to expand its cement and copper businesses. At least five of the 10 listed Adani group stocks are now trading higher than they were before the Hindenburg report besides Adani Enterprises.

  • Air India Announces Salary Hikes and Performance Bonuses for Pilots

    Air India Salary Hike: Air India on Thursday announced annual salary increments for its staff, and also introduced an annual target performance bonus for pilots, according to sources. This is the first appraisal process after Tata Group took over the loss-making airline a little over two years ago. The quantum of monthly hike varies from Rs 5,000 to Rs 15,000 for pilots, depending on their experience and position. The annual target performance bonus for pilots can be up to Rs 1.80 lakh, the sources said.

    On Thursday, Air India CHRO Ravindra Kumar GP announced salary increments for employees, with effect from April 1, 2024, as well as performance bonus payouts for FY 2023-24 based on company and individual performance, according to the sources. The airline has rolled out annual appraisals for all employees, who joined before December 31, 2023, including ground staff, cabin crew and pilots. The appraisals are based on the new Performance Management System (Rise.AI).

    In addition to the increase in fixed pay for FY 2023-24, the sources said the airline has introduced a component of annual target performance bonus for its pilots based on company and individual performance, and it will be applicable from FY2024-25. With sthe salary revision, the monthly fixed pay of first officers and captains will increase by Rs 5,000 each.

    In the case of commanders and senior commanders, the monthly hike will be Rs 11,000 and Rs 15,000, respectively, the sources said. There will be no hike in the monthly fixed pay for junior first officers. The annual target performance bonus will be paid on the basis of the company’s and an individual’s performance.

    Subject to meeting the expectations, a junior first officer will get the annual bonus of Rs 42,000 and the amount will be Rs 60,000 per annum for first officers as well as commanders, the sources said. For commanders, the annual bonus will be Rs 1.32 lakh and Rs 1.80 lakh for senior commanders.

    This is the first appraisal of Air India staff after the takeover by the Tata Group in January 2022. Last year, only compensation and contract restructuring for legacy employees were done, the sources said. Air India has around 18,000 employees.

  • 7,530 e-Challans Issued, 24 vehicles Seized In Noida For Traffic Violations | Auto News

    A total of 7,530 vehicle owners were penalised and 24 vehicles were impounded across Noida and Greater Noida on Thursday for violation of traffic rules, police said.
    A majority of these violations were of riders not wearing helmets, the traffic police said after it carried out a law-enforcement campaign on Wednesday in key areas of the twin cities.
    Among the challans issued, the maximum was for riding a motorbike without a helmet (4,710), followed by no parking (863), opposite direction driving (603), red light jumping (284), no seat-belt (223), defective number plates (137) and triple riding (106), according to a statement.
    Other violations for which challans were issued are the use of a mobile phone while driving (48), noise pollution (36), air pollution (61), and without a driving license (56), while 403 were under the ‘other violations’ category, the statement added.
    The enforcement campaign was chiefly carried out at Sector-15 Roundabout, Rajnigandha Chowk, Sector-18, 125, 62, Gaur City Kisan Chowk, in and around Surajpur, Pari Chowk and Kasna town, the police said.
    “During the campaign, a total of 28 vehicles were towed by the authorities and enforcement action was taken against 24 of them by impounding them while wheel clamps were put on 14 vehicles,” the police added.

     

  • Wipro’s Ex-CEO Thierry Delaporte Becomes Highest Paid Indian IT CEO For FY24 | Companies News

    New Delhi: Thierry Delaporte the former CEO and MD of Wipro has clinched the title of the highest-paid CEO in India’s IT sector for FY24. His earning exceeds 20 million dollars (or above Rs 165 crore), this marks his second consecutive year at the top.

    After resigning from the IT software major in April, Delaporte has been replaced by Srinivas Pallia. Delaporte earned over 3.9 million dollars in salary and allowance along with more than 5 Dollars million in commission/variable income, as revealed by Wipro’s 20-F filings with the US Securities and Exchange Commission (SEC). (Also Read: Buddha Purnima Holiday: Banks To Remain Closed In THESE Cities & States On May 23)

    In addition to his salary and commission he received 7 million dollars in additional payments and over 4 million dollars in long-term compensation. Meanwhile Pallia who replaced him commands an annual salary package of around Rs 50 crore, securing the second position among CEOs in India’s IT industry for FY25. (Also Read: Paytm Layoffs: Company Signals Potential Job Cuts Amid Sales Decline)

    This comes when Wipro’s revenue in FY24 fell (year-on-year) to Rs 89,760 crore from Rs 90,486 crore. The company’s revenue dropped 4.2 per cent to Rs 22,208.3 crore in the three months ended March 31, according to a stock exchange filing.

    The Bengaluru-based company had reported a consolidated revenue of Rs 23,190.3 crore in the same quarter a year ago. Wipro reported an 8 per cent net profit of Rs 2,835 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 3,074.5 crore in the same period last year. (With IANS Inputs)

  • Indigo Flight Overbooked Passenger: Know How It Happened | Aviation News

    IndiGo Airlines faced a situation on a Mumbai-Varanasi flight where an extra passenger was found on board, leading to a delay and the need to offload the individual. The incident sparked social media discussions, but IndiGo has assured steps to improve procedures and apologized for the inconvenience.

    What Happened?

    Overbooking is quite common in the aviation sector, particularly during peak seasons. Airlines anticipate some passengers may not show up, allowing them to sell more tickets than available seats. In this case, a standby passenger was allowed to board when the originally ticketed passenger didn’t appear at check-in.

    However, the ticketed passenger arrived at the boarding gate with only carry-on luggage and boarded the flight. The airline then discovered the double booking and requested the standby passenger vacate the seat.

    The situation became slightly unusual as the standby passenger reportedly moved to the galley area instead of disembarking entirely. The plane taxied to the runway with the extra passenger still onboard, who had gone through the boarding process. The error was eventually caught, prompting the plane to return to the gate to offload the individual and comply with safety protocols before taking off again.
    IndiGo acknowledged the “error during the passenger boarding process” and expressed regret for the inconvenience caused to all customers onboard. The airline spokesperson also emphasized their commitment to strengthening operational procedures to prevent similar situations in the future.

  • Indigo Airlines Issues Travel Advisory For Goa Flights Amid Runway Closure; Check Your Flight Status | Aviation News

    Indigo Airlines has issued a travel advisory for passengers flying to and from Goa’s Manohar International Airport (GOX/MOPA) due to temporary runway unavailability.
    The airline took to Twitter to inform travellers of the potential disruptions, advising them to stay updated on their flight status and reach out to the airline’s crew or on-ground team for immediate assistance.
    In a tweet, Indigo stated: “#6ETravelAdvisory: Due to temporary runway unavailability, flights to/fro #Goa (GOX/ MOPA) are getting impacted. For immediate assistance, feel free to reach out to our crew/on-ground team and to check flight status, visit https://bit.ly/3DNYJqj”

    #6ETravelAdvisory: Due to temporary runway unavailability, flights to/fro #Goa (GOX/ MOPA) are getting impacted. For immediate assistance, feel free to reach out to our crew/on-ground team and to check flight status, visit https://t.co/rpnOvAOxQl
    — IndiGo (@IndiGo6E) May 22, 2024

    The advisory, marked with the hashtag #6ETravelAdvisory, highlights the airline’s commitment to keeping passengers informed during this period of disruption.
    The closure of the runway at Goa’s newly developed airport has necessitated the cancellation or rescheduling of several flights, causing inconvenience to travellers.
    The temporary runway unavailability at Manohar International Airport, also known as MOPA, is expected to significantly impact flight schedules.
    Indigo Airlines, one of the major carriers operating in and out of Goa, has been actively managing the situation by rerouting flights and providing alternative travel arrangements where possible.
    Passengers travelling to or from Goa are advised to check their flight status regularly through the provided link or the airline’s official channels. 

  • SpiceJet To Seek Refund Of Rs 450 Cr From Kalanithi Maran After Delhi HC Ruling | Aviation News

    Following the Delhi High Court ruling, SpiceJet has announced plans to seek a refund of Rs 450 crore from former promoter Kalanithi Maran and his firm, KAL Airways.A division bench’s order overturned a previous single-judge order in the prolonged share transfer dispute.SpiceJet and its promoter, Ajay Singh, have been embroiled in the case against Maran and KAL Airways over issues stemming from a share transfer agreement.On May 17, the division bench ruled in favour of SpiceJet, allowing the airline to reclaim a substantial portion of the Rs 730 crore previously paid. This sum included Rs 580 crore in principal and an additional Rs 150 crore in interest.The single-judge bench had allegedly dismissed their Section 34 petitions without addressing key claims of patent illegality and unjustified interest charges.The division bench found merit in these challenges, citing that the single judge had not given due consideration to these critical issues.”The single judge had erred in dismissing the Section 34 petitions of Ajay Singh and SpiceJet without adequately considering the claims of patent illegality and the refund order passed against SpiceJet,” the court noted.Furthermore, it was said that penal interest had been charged despite SpiceJet not being in breach of the Share Purchase Agreement.The reversal of the July 31, 2023, judgment positions SpiceJet to recover Rs 450 crore, offering a significant financial reprieve for the airline.

  • KTM ‘Silently’ Launched Two New Bikes, TVS Apache RTR 200 4V Rival; Check Details | Auto News

    KTM has announced new colour options for its popular models, the 250 Duke and the 200 Duke. The KTM 250 Duke is now available for Rs 2,40,704 (ex-showroom), while the KTM 200 Duke is priced at Rs 1,98,317 (ex-showroom). Notably, these bikes will rival TVS Apache RTR 200 4V.
    The KTM 250 Duke now comes in an attractive Atlantic Blue colour. Meanwhile, the KTM 200 Duke has two new colour choices: Electronic Orange and Dark Galvano. These new colors are designed to enhance the aesthetic appeal of the motorcycles, offering riders more customization options.

    KTM 250 Duke Specifications

    The KTM 250 Duke is powered by a 249.07cc, single-cylinder, liquid-cooled, EFI engine, delivering a maximum power of 31PS and a peak torque of 25Nm. Built on a new trellis frame, the bike features a WP suspension package, LED lights, switchable ABS, and Quickshifter+ for enhanced performance and safety.

    KTM 200 Duke Specifications

    The KTM 200 Duke features a 199.5cc, single-cylinder, liquid-cooled, DOHC, EFI engine, producing 25PS of power and 19.3Nm of torque. This model is equipped with all-LED lighting, an LCD display, switchable ABS, WP USD forks, and a mono shock suspension. It also boasts a lightweight trellis frame with an aluminium swingarm for improved handling and stability.