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Rapido has more users than Uber and Ola. And Swiggy, Zomato, Zepto, Blinkit
Rapido averaged 82 million monthly active users between March and May, up 67% year-on-year. That put it ahead of Uber (39 million), Ola (27 million), Blinkit (79 million), Swiggy (67 million) and Zomato (63 million).
Trent slides 12% as Q1 growth fails to impress
Trent shares experienced a significant single-day decline on Tuesday. This drop followed first-quarter financial results that did not meet market expectations. Revenue growth was largely driven by recently opened stores in smaller towns. These new locations show lower revenue per square foot compared to metros. Analysts remain optimistic about Trent's long-term growth prospects.
Cochin Shipyard OFS gets 3.5x bids; govt exercises greenshoe
Cochin Shipyard's Offer for Sale saw strong demand from non-retail investors. The issue was subscribed 3.52 times on the first day of bidding. This robust interest prompted the government to utilize the entire greenshoe option. The Offer for Sale will now open for retail investors and employees. The floor price for this share offering was set at ₹1,400.
India Capitulate At Trent Bridge, Suffer Biggest Defeat By Runs In T20I History Against England
India suffered the biggest defeat by runs in their T20I history after being bowled out for 76 by England at Trent Bridge.
'Smartphone PLI plan exceeds targets, value addition quadruples': Industry informs govt
The commerce ministry questioned the smartphone PLI scheme's success for an extension. Industry data showed production more than doubling and exports rising ten times. Domestic value addition quadrupled, surpassing China's pace over decades. The scheme met all objectives, including exports and job creation. This policy intervention offers valuable lessons for future manufacturing growth.
Big 4 scores a win as ICAI pauses 'global networking norms'
The Institute of Chartered Accountants of India's networking guidelines have been put on hold. Influential Big 4 firms lobbied the government against these new compliance rules. The guidelines introduced onerous compliance and penal provisions for local audit firms. The Ministry of Corporate Affairs also raised concerns with the ICAI. This development seems to have paid off for the global consultancies.
India-bound vessel hit by suspected drone attack in Gulf of Oman, all crew members safe: Sources
An India-bound vessel from Qatar experienced a suspected drone attack. The incident occurred in the Gulf of Oman near the Strait of Hormuz. Four Indian nationals are among the twenty-nine seafarers on board the vessel. The vessel's engine room caught fire, producing heavy smoke after the strike. No casualties or environmental damage have been reported from the incident.
Trade Setup For July 8: Nifty Finds Key Support At 24,300 Amid Mixed Global Cues | Check Key Levels
Nifty on the charts for Wednesday.
Inspira Global completes ₹2,235-crore Restaurant Brands Asia acquisition
The deal gives Inspira control of Burger King India and Indonesia operations of Burger King and Popeyes, as consolidation gathers pace in the QSR industry.
Include infra loans in priority sector in absence of vibrant bond market: SBI economists
Economists propose reviewing priority sector lending guidelines for banks. They note banks struggle to meet targets without certificate purchases. Infrastructure loans should gain priority sector status for national development. Housing and education loan limits also need upward revision. Renewable energy project loan limits should be significantly increased.
EV retail sales at all-time high of 3,06,220 units in June, penetration cross 12 pc: FADA
Electric vehicle retail sales in India reached an all-time high of 3,06,220 units in June. This growth pushed overall EV penetration past twelve percent for the first time, says the Federation of Automobile Dealers Associations. The two-wheeler segment led this surge, registering substantial year-on-year increases. Electric passenger and commercial vehicles also saw their best-ever months. Electrification has now moved decisively into the mainstream of Indian auto retail.
Explained: What triggered the global stock market sell-off on Tuesday - The New Indian Express
Explained: What triggered the global stock market sell-off on TuesdayThe New Indian Express