Phonepe is the digital payment firm has received $82.5 million (Rs 585.66 crore) from its Singapore based parent Phonepe Private Ltd, as the competition within the space intensifies. As per MCA regulatory, the board of directors passed a resolution to allot 1,381,278 equity shares to PhonePe parent entity at Rs 4,230 each. This is the third round of fund infusion in the company in the ongoing fiscal. In previous months, it had raised Rs 405 crore and Rs 698 crore respectively in July and October in FY20. PhonePe has received a total $238 million from the Singapore-based parent entity during FY20 till now. This comes just a few weeks after its competitor Paytm closed around worth $1 billion. It also comes in the backdrop of PhonePe having been in talks to raise about $1 billion in external funding from the l

Gold prices remained weak today in Indian markets, falling for the fifth straight day amid weak global cues. On MCX, February gold futures were down 0.03 per cent to Rs 37,570 per 10 gram. In five days, gold prices are down about Rs 750 per 10 gram. After today's fall, gold is now down about Rs 2,450 per 10 gram from September highs of about Rs 40,000 per 10 gram. Silver prices have also fallen sharply in domestic markets in recent days. On MCX, silver rates were down 0.09 per cent to Rs 43,465 per kg. In global markets, gold prices were muted today, down to $1,460.95 per ounce as investors remained cautious ahead of a December 15 deadline for the next round of US tariffs on Chinese imports to take effect. Investors remained reluctant to make big bets. Optimism over trade talks is putting pressure on gold pr

As per the research firm, the sales were ‘one of the best growths seen in more than 32 months’, and attributed it to the weak 7 per cent sales growth seen in the corresponding month last year, as well as the entire festival season ending in October itself this year. Among the top 10 drug manufacturers, Sun Pharmaceutical Industries, Cipla, Cadila Healthcare, Lupin, Mankind Pharmaceuticals, Alkem Laboratories and Torrent Pharmaceuticals posted sales growth in the range of 12.6-17.9 per cent in November. India’s largest firm Sun Pharmaceutical posted a 14.5 per cent growth in sales for the month to Rs 1,035 crore, while the Abbott group, the largest multinational firm and India’s second-largest, posted 12 per cent growth to Rs 779 crore. While sales of drugs under the national list of essential medicines, w

Maruti Suzuki India (MSI) India’s largest carmaker shares rose 2 per cent in early deals. The company said is raised production in November by 4.3 per cent, after having reduced output for nine straight months due to lower demand. Maruti produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, it said in a filing to the exchanges. At 09:56 am, Maruti Suzuki’s stock was a shade higher than 2 per cent at  Rs 7,023. The Sensex, on the other hand, was a tad lower at 40,424.29 points. Since September quarter of 2018-19 decline domestic automobiles sales due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of Infrastructure Leasing and Financial Services Ltd. Maruti’s wholesales from April to October 2019 fell 20.4 p

Crude steel production of JSW Steel declined 7 per cent year-on-year to 12.9 lakh tonne in November, the company said in a filing to the exchanges. Similarly, output grew 3 per cent. The blast furnaces, which were temporarily shut down in October due to a slowdown in auto sales because of muted demand, resumed operations in the last week of November, the company said. Production of flat-rolled products declined to 9.09 lakh tonne in November from 9.15 lakh tonne a year ago, while the output of long rolled products declined 14 per cent to 2.99 lakh tonne during the reporting month. In October and November this year, the steel major supplied more than 30,000 tonnes of JSW Neo steel TMT bars for construction of metro projects in various cities of the country. JSW Steel is India’s second-largest steel manufactu

Walmart Inc. said it is rolling out a programme designed to work closely with 50,000 medium and small enterprises (MSME's) across India to help them scale, build capacity, and perhaps be part of global supply chains. The Walmart Vriddhi Supplier Development Program (Walmart Vriddhi) will also work to develop 25 institutes in India along with local organizations over the next five years. “Walmart Vriddhi will actively work with India’s micro, small and medium-sized enterprises (MSMEs) to expand domestic capabilities and participate in the global economy," the company said on Monday. MSMEs will receive in-person training, as well as advice, access to Walmart’s deep global experience and a network of peers and mentors in their local communities. In India, Walmart operates through the Best Price Modern Wholesa

State Bank of India (SBI), the country’s largest lender has warned customers against charging their phones at charging stations. The advice from the bank that the customers to think twice before plugging in their phone at charging stations as malware could infect smartphone, thus, in turn, getting robbed off all their important data and passwords. The bank has advised people not to use free phone charging station as this will infect their smartphones. Juice jacking, a USB charger scam could end up draining your bank account, the bank has warned. What is Juice Jacking: Juice jacking is a type of cyber attack involving a charging port that doubles as a data connection, typically over USB. This often involves either installing malware or surreptitiously copying sensitive data from a smartphone, tablet, or othe

Maruti Suzuki India Ltd (MSIL) has voluntarily recalled 63,493 units of the petrol smart hybrid variants of its model such as Ciaz, Ertiga and XL6 for such possible with the motor-generator unit (MGU), the automaker said in an exchange filing. India’s largest carmaker said it will inspect the smart hybrid variants of Ciaz, Ertiga and XL6 models manufactured between 1 January and 21 November. “A possible defect may have occurred in the MGU during manufacturing by an overseas global part supplier," it said today. Also, the Maruti Suzuki dealerships will reach out to the owners of the vehicles for inspection and replacement of the faulty part under the said recall initiative. “Vehicles requiring replacement of faulty part will be retained for part replacement free of cost." Automakers typically undertake ve