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Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × With his steadfast focus on R&D, PR Venketrama Raja has played a pivotal role in steering the Ramco Group, which has interests ranging from cement to IT services, and winning recognition for its products and services. PRV, as he is known in industry circles, established Ramco Systems with the goal of creating a world-class information technology company focused on enterprise applications and emerging technologies. For him, institution-building is far more important than playing the valuation game. Quiz him on his favourite company in the group and he says Ramco Cement , Ramco Systems and Rajapalayam Mills are equally important. In a free-wheeling interaction with Moneycontrol at the Ramco Systems office in Chennai, the Group Chairman opened up on a range of topics. Edited … [Read more...] about All our companies are equally important for us: Ramco Group’s Venketrama Raja

Metro Brands, according to the company’s Draft Red Herring Prospectus filed before launching its IPO last year, operated about 598 exclusive and multi-brand outlets across 136 cities in the country. Footwear retailer Metro Brands, which sells footwear and accessories under in-house brands such as Metro Shoes, Mochi, Walkway, and partner brands such as Crocs, embarked on an omni-channel journey during the pandemic, which led to exponential surge in its sales. According to the company, it currently draws about 10 percent of its sales from digital channels, such as marketplaces, compared to 2 percent in the pre-pandemic period. Alisha Malik, president, e-commerce and marketing and a member of the promoter-founder family, in a conversation with Anuradha Sengupta, said two years of pandemic made people digitally savvy and pushed the growth of the channel. “The pandemic also taught people how to understand what they really want in terms of the comfort of their footwear and how they … [Read more...] about How Metro Brands’ massive offline presence is helping its online journey

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

Motorbike taxi drivers allegedly had a turf-war shootout in front of a shopping centre in Samut Prakan, just southeast of Bangkok. The motorbike taxi drivers, known as “win” drivers, were allegedly fighting over a location for a win base outside the mall. No one was injured and the drivers took off shortly after shots were fired. The Big C shopping centre in the Bang Phli district is brand new and has only been open for a month. A resident (who asked not to be named) at the Britannia Srinakarin housing complex across the street says a new group of motorbike drivers set up a station in front of the Big C about 10 days ago. The new win station is about 50 metres from another station that has been there for years, he says. The resident says he normally takes a ride to the BTS station from the old group of win drivers, but since the new group was closer to his home, he decided to hitch a ride from them. He says the old drivers were angry that some of their regular customers were … [Read more...] about UPDATE: Motorbike taxi drivers have an alleged turf-war shootout

Representative Image After multiple rounds of deliberations, the Digital Lenders Association of India (DLAI) has decided to seek a six-month extension and meetings with Reserve Bank of India (RBI) representatives on the regulator's recent clarification barring several fintechs from facilitating credit through Prepaid Payment Instruments (PPIs) of their partner banks. While a final representation is yet to be sent to the regulator, Moneycontrol could gain access to the draft letter of June 24 addressed to the Department of Payment and Settlement Systems and the Department of Regulation within the RBI. In the letter, DLAI argued that business models that involve lending through prepaid instruments like wallets and prepaid cards were developed with: (a) the objective of ensuring accessibility of affordable and easy credit to the middle and low-income households in India and achieving financial inclusion; and (b) safeguards to account for systemic risks in transactions as … [Read more...] about Digital lenders seek 6-month extension, meeting with RBI, on PPI-based lending

The larger job market in India remains buoyant across sectors – even amid layoffs by a clutch of startups in recent months – and employees will generally continue to call the shots through FY23. “We see FY23 to remain an employees’ market with some amount of adjustments. Employees still have the bargaining power, opportunities and enjoy the benefit of demand,” said RP Yadav, chairman of Genius Consultants, a staffing and human resource company. While information technology and IT-enabled services will continue recruiting, e-commerce, logistics and export-oriented sectors including textiles and leather goods are doing well in terms of hiring. The consumer goods sector will increasingly do well, as will the retail and hospitality segment, according to staffing firms, HR experts and talent managers. The near-normal level of economic activity in retail and hospitality is indicative of a revival in these sectors after a prolonged phase of weakness due to the pandemic and offers a … [Read more...] about Amid startup layoffs, larger job market remains buoyant across sectors

Text messages obtained via Freedom of Information Act (FOIA) request from the Consumer Financial Protection Bureau (CFPB) show director Richard Cordray’s communications with Clinton donor and lobbyist Eileen Mancera. The Daily Caller exclusively broke news of Richard Cordray’s likely illegal use of a private device for communications with other CFPB staffers last month, concealing his messages from FOIA requests. Documents exclusively obtained by TheDC show that Cordray used a private device for communications and seemingly did not back them up or copy an official device, thus attempting to conceal them from public view. Now, it seems Cordray was attempting to use a private device to conceal his messages–to conceal communications with high-level lobbyists and donors. An analysis of Cordray’s text messages with other CFPB staffers, obtained via a FOIA request, show him communicating with then-CFPB staffer Rohit Chopra, directing him to talk to Eileen Mancera. Chopra is also a … [Read more...] about EXCLUSIVE: Exposed Richard Cordray Texts Contain Worrying CFPB-Lobbyist Connections

WEARINGTWO HATS Incoming CEO of the land, Ferdinand “Bongbong” Marcos Jr., has decided to concurrently manage the Department of Agriculture. —REUTERS Incoming President Ferdinand “Bongbong” Marcos Jr., who will be inaugurated as the 17th president of the Philippines on June 30, made the unorthodox decision to concurrently take on the role of secretary of agriculture. At a press conference, he said, “ .. As to agriculture, I think that the problem is severe enough that I have decided to take on the portfolio of the secretary of agriculture at least for now. We will rebuild the value chain of agriculture.” With this statement, one wonders, how severe is the problem? While rebuilding the value chain (the integrated range of goods and services necessary for an agricultural product to move from the producer to the final consumer) is important, there is in fact something more urgent: a hunger crisis. In March of 2021, the New York Times already reported that “a global food crisis … [Read more...] about What awaits President/Agri chief Bongbong Marcos?

Infy's market cap after peaking at $110 billion in January is around $79 billion now, more than double what it was when Salil Parekh took charge. By approving a mega-compensation package for Salil Parekh, its CEO for the last four-and-a-half years, Infosys isn’t just rewarding his performance but also correcting a historical wrong. In 2017, Parekh was brought in after the messy exit of previous CEO Vishal Sikka. Through all the sparks that flew in the months leading up to the eventual transition, it was Sikka’s high salary that was the bone of contention. The fact is, notwithstanding co-founder NR Narayana Murthy’s disagreements with Sikka over the issue, the company’s investors clearly were impressed with his performance, enough for its share price to rise 26 percent in the three years that he was at the helm. Nor was this part of a secular rise in IT stocks. During that period, Infosys was the outperformer in the stock market with shares of the other four Indian IT companies … [Read more...] about Salil Parekh’s salary is merely a reflection of Infosys’ performance

Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × The board of food delivery company Zomato on June 24 approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. Also, Zomato ’s restaurant supplies subsidiary Hyperpure will acquire the warehousing and ancillary services business of Hands on Trade Private Limited for Rs 60.7 crore. While the Blinkit deal value was earlier estimated to be upwards of $700 million, the drop in Zomato’s stock price has reduced it to $568 million at current exchange rates. “Quick commerce has been our stated strategic priority since the last one year. We have seen this industry grow rapidly both in India and globally, as customers have found great value in quick delivery of groceries and other essentials,” said Zomato CEO Deepinder Goyal. “This business is also … [Read more...] about Zomato board approves deal to acquire Blinkit for Rs 4,447 crore