NEWS

Posted On:
27-03-2024

Have 75% veg orders, the decision for 'pure veg' fleet came after survey, says Zomato CEO Deepinder Goyal

Zomato founder-CEO Deepinder Goyal has in an interview explained why the online food aggregator and delivery platform launched its much criticised "pure veg" fleet. Goyal said the move was prompted by market research, with over 1,600 respondents expressing a preference for veg-only options, citing spiritual reasons rather than caste or religion, the Economic Times reported. "We did a large survey of people who are more than 50 years old. An overwhelming majority said they needed a veg-only option and preferred veg-only restaurants. It was a large customer segment… So, we launched it. We had not expected such an uproar. The survey had 1,600 (people) and about 72 percent of people said that they wanted veg-only delivery," said Goyal. Zomato stirred up controversy last week when announced the launch of its green-branded "pure veg" fleet for customers. The decision received heavy backlash on social media, with criticisms ranging from castist accusations to privacy concerns around food preferences.

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Posted On:
27-03-2024

South Korea's Hyundai Motor Group to invest $51 bn won over 3 years

South Korea's Hyundai Motor Group said on Wednesday it will invest 68 trillion won ($51 billion) over three years to bolster its growth potential in electric vehicles and new mobility business and separately hire 80,000 new employees. More than half of the investment, or 35.5 trillion won, will be allocated for new research and development infrastructure and assembly lines for electric vehicles, the group said in a statement. Another 31.1 trillion won will be slated for research and development in electric vehicles, including software-defined vehicles (SDVs) and battery technology, it said. A majority of the new jobs created will be to promote future business, with 44,000 new staff in electrification, SDVs and carbon neutrality, it said. Hyundai Motor Group includes flagship Hyundai Motor and its affiliate Kia, which together are the world's number three automaker by sales. Automotive parts maker Hyundai Mobis and Hyundai Engineering & Construction are also under the conglomerate.

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Posted On:
28-03-2024

ICICI Securities delisting gets nod, setting up merger with ICICI Bank

India's ICICI Securities has secured shareholders' nod to delist its stock, the brokerage said in the early hours of Thursday, paving the way to merge with parent and majority shareholder ICICI Bank. About 71.9 per cent of the brokerage's minority shareholders voted in favour of delisting, exceeding the regulatory requirement of a two-thirds majority for a resolution to pass. Among public institutional investors, which own a total 16.68 per cent in the company, 83.8 per cent voted in favour of the delisting, while only 32 per cent of non-institutional public shareholders, who hold 8.55 per cent in the company, were in favour. Norges Bank Investment Management, which holds a 3.2 per cent stake through one of its funds, making it the largest public shareholder in ICICI Securities, has previously said it voted in favour of the deal. ICICI Bank holds a roughly 75 per cent stake in the brokerage and its vote is not considered. It said last June it would buy the remaining 25 per cent in a share-swap deal and its stock has jumped 16 per cent since then, raising the implied offer price to about 726 rupees as of Wednesday's close.

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Posted On:
28-03-2024

Amazon pours additional $2.75 bn into Anthropic, total investment at $4 bn

Amazon said on Wednesday it is pouring an additional USD 2.75 billion into Anthropic, bringing its total investment in the artificial intelligence startup to USD 4 billion. Amazon will maintain a minority stake in San Francisco-based Anthropic, a rival of ChatGPT maker OpenAI. Generative AI is poised to be the most transformational technology of our time, and we believe our strategic collaboration with Anthropic will further improve our customers' experiences, and look forward to what's next, said Swami Sivasubramanian, vice president of data and AI at AWS, Amazon's cloud computing subsidiary. The Seattle-based tech giant made an initial investment of USD 1.25 billion in Anthropic in September and indicated then it had plans to invest up to USD 4 billion.The two companies are collaborating to develop so-called foundation models, which underpin the generative AI systems that have captured global attention. Under the deal, Anthropic will use AWS as its primary cloud provider and use Amazon's custom chips to build, train and deploy AI models. It will also provide AWS customers, which are mostly businesses, with access to models on an Amazon service called Bedrock. In its announcement on Wednesday, Amazon said companies like Delta Air Lines and Siemens are already using Bedrock to access Anthropic's AI models.

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Posted On:
29-03-2024

Kotak Mahindra Bank acquires 100% stake in Sonata Finance for Rs 537 crore

Kotak Mahindra Bank on Thursday informed exchanges that it had acquired 100 per cent stake in Sonata Finance Private Limited – a microfinance institution — for Rs 537 crore. With this acquisition, Sonata has become a wholly-owned subsidiary of the private sector bank. Sonata operates in 10 states through 549 branches and has assets under management worth Rs 2,620 crore as on December 31, 2023, the exchange notification said.

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