Currencies higher than dollar

Deepinder Goyal. Zomato announced on June 24 that its board had approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore. According to the terms of the agreement, Blinkit shareholders will get a cumulative stake of 6.88 percent in Zomato and the target company’s leadership team, including co-founder and CEO Albinder Dhindsa, will stay on to run the ship. But, questions still remain about how Zomato, a company that registered losses of Rs 1,223 crore in FY22, plans to derive value from acquiring another loss-making delivery startup. The food delivery major’s top executives put out a ready reckoner laying out the rationale behind the deal. From having a Blinkit tab on the Zomato app to sharing delivery fleets to cut costs, here are some of the important reasons that came through from what they said: Increased customer wallet share Close “Quick commerce will help us increase the customer wallet share spent on our platform and … [Read more...] about Seven reasons for Zomato’s Rs 4,447-crore Blinkit buyout deal

Nandan Nilekani IT services firm Infosys gave capital return of over Rs 24,100 crore (about $3.1 billion) in 2021-22 with a total dividend of Rs 31 per share along with share buyback of over Rs 11,000 crore, company's co-founder and chairman Nandan Nilekani said on Saturday. While speaking at the 41st Annual General Meeting (AGM) of the company, Nilekani announced that the 2021-22 fiscal has been a year of exceptional growth 19.7 percent in constant currency bringing in $16.3 billion, which is the fastest growth that Infosys has recorded in 11 years. He said that the company's board has recommended a final dividend of Rs 16 per share which along with the interim dividend of Rs 15 per share leads to a total dividend of Rs 31 per share in FY2022. "With this, the company has announced a total dividend of approx. Rs 13,000 crore for FY22. Along with the share buyback of over Rs 11,000 crore completed in September, the total capital return in FY22 is over Rs 24,100 crore," Nilekani … [Read more...] about Infosys gives capital return of over Rs 24,100 crore in FY22: Nandan Nilekani

Share to Twitter Share to Linkedin You've probably seen the pictures of the mountains of luggage at London's Heathrow Airport. You've heard about the heat wave. And maybe you have friends who got Covid while they were in Europe. With all that's happening, maybe you need a better guide to traveling to Europe this summer. "Tourism is back," says David Corsun, director of the University of Denver's Fritz Knoebel School of Hospitality Management. "Hotels are full. Flights are full. Restaurants are full." Travel by Americans to Europe will soar 600 percent over last summer , according to new projections by Allianz Partners. ADVERTISEMENT Europeans are traveling more, too. A new survey by insurance company Europ Assistance Group found that 71% of Europeans intend to travel during the summer . That's a 14 percentage point increase compared to 2021. But you don't have to get stuck in a crowd and miss the best part of your European vacation. … [Read more...] about The Ultimate Guide To Traveling To Europe This Summer

Wall Street, New York City (File image: Reuters) Wall Street's main indices soared on Friday in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve's rate-hike plans. The S&P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index's sectors ended at least 1.5% higher. Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession. Still, investors have been gauging when the market might hit its bottom after the benchmark S&P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market. "Some of the moves, the sellers just get exhausted so you don’t have as much capital moving out," said Shawn Cruz, head trading strategist at TD Ameritrade. "This might be a … [Read more...] about Wall Street mints big gains to end a strong week