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NEWS

Posted On:
25-07-2024

Myntra expands into gifting category with over 70k options across sections

As the country gears up for this year’s festive season, Myntra is expanding into the gifting category with a large selection of more than 70,000 options to choose from. The Walmart-owned online fashion retailer said that India has a unique position where gifting occasions go beyond various festivals. There is also an evolution in the need for gifting, marked by newer occasions like gifting colleagues for promotions and farewells. This, along with rising disposable incomes and exposure to global trends, is giving a fillip to the $72 billion industry, according to industry reports. “Myntra’s gifting segment will give access to a wide assortment of more than 70,000 handpicked products,” said Sharon Pais, chief business officer, Myntra. “These include unique selections from renowned brands across accessories, home, beauty and personal care, as well as fresh products under one roof.” Brands like Giva, Swarovski, Calvin Klein, Kama Ayurveda, Boat, Noise, Zoop, Chumbak, Home Centre, Tied Ribbons, and Kidbea are part of Myntra’s gifting portfolio. The firm has expanded into fresh categories, offering 3,000 products across cakes, flowers, live plants, and gourmet gift hampers. For this, it has partnered with gifting players including Smoor, Ferns and Petals, IGP, RawFruit, and Floweraura.
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Posted On:
25-07-2024

CERT-In reported possible intrusion, data breach at BSNL on May 20: Govt

The Indian Computer Emergency Response Team (CERT-In) had reported possible intrusion and data breach at state-owned Bharat Sanchar Nigam Ltd (BSNL) on May 20, 2024, Parliament was informed on Wednesday. An Inter Ministerial Committee (IMC) has been constituted to conduct an audit of the telecom networks and suggest remedial measures for prevention of data breaches in the telecom networks, Minister of State for Communications Pemmasani Chandra Sekhar said in a written reply in the Lok Sabha. "The same was analysed and found that one File Transfer Protocol (FTP) server was having the data similar to the sample data shared by CERT-In. No breach into the Home Location Register (HLR) of the telecom network has been reported by the equipment manufacturer, hence no service outage in BSNL's network," he said. However, as a remedial measure to prevent such probable breach, BSNL has taken steps, and access passwords to all similar FTP servers have been changed. "Further, an Inter Ministerial Committee (IMC) has been constituted to conduct an audit of the telecom networks and suggest remedial measures for prevention of data breaches in the Telecom networks," Sekhar added.
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Posted On:
26-07-2024

BSNL income up at Rs 21,302 cr in FY24; records lowest debt among telcos

State-owned BSNL's total income increased by about 3 per cent to Rs 21,302 crore in the financial year 2023-24, Parliament was informed on Thursday. Minister of State for Communications Pemmasani Chandra Sekhar, in a written reply to the Rajya Sabha, shared that BSNL's total income was Rs 20,699 crore in 2022-23. The financial data shared by Sekhar shows that BSNL has received Rs 1.16 trillion from the revival package approved by the government between financial year (FY) 2020 and FY24. The state-owned firm received Rs 60,203 crore in FY24. The government has approved three revival packages for BSNL and MTNL, comprising Rs 69,000 crore support in 2019, Rs 1.64 trillion in 2022 and Rs 89,000 crore in 2023 for allotment of 4G and 5G spectrum. In a separate reply, Sekhar shared a comparative chart of BSNL's debt position as of March 31, 2024, with other telecom operators. According to the chart, BSNL's debt reduced to Rs 23,297 crore in FY24 from Rs 28,092 crore in FY23 and Rs 40,400 crore in FY22. The comparison shows that BSNL has the lowest debt level among telecom operators. Vodafone Idea had debt of Rs 2.07 trillion , Bharti Airtel about Rs 1.26 trillion and Jio Infocomm Rs 52,740 crore.
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Posted On:
26-07-2024

Mankind Pharma acquires Bharat Serums and Vaccines for Rs 13,600 crore

Mankind Pharma on Thursday said it has entered into a definitive agreement to acquire a 100 per cent stake in Bharat Serums and Vaccines (BSV) from private equity firm Advent International for an enterprise value of Rs 13,630 crore. BSV reported revenues of Rs 1,723 crore in FY24, delivering robust 20 per cent year-on-year growth with adjusted EBITDA margins of 28 per cent. The business has grown at a 21 per cent revenue compound annual growth rate over the last three years. The company was set up in 1971 with Vinod Daftary opening a blood bank and eventually launching an injectable for expecting mothers. Over the next few years, the company started exporting polyclonal sera and also set up a manufacturing plant in Thane. It has US FDA and EU-approved facilities in Germany and operates in the Philippines through a wholly-owned subsidiary. Private equity major Advent International was looking to exit BSV four years after it picked up a majority stake in BSV. Advent acquired a 74 per cent stake in BSV in February 2020, providing a complete exit to private equity investors OrbiMed Asia and Kotak PE and a partial exit to the promoter Daftary family. Following approval from the Department of Pharmaceuticals (DoP), Advent bought the remaining 26 per cent stake from the Daftary family in 2023-24.
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Posted On:
27-07-2024

Maruti Suzuki India gets tax demand of Rs 779.2 cr from I-T authorities

Automaker Maruti Suzuki India Ltd on Friday said it has received a demand of Rs 779.2 crore, including interest from the Income Tax authority. The company has received a final assessment order for the financial year 2019-20 from the Income Tax authority, Maruti Suzuki India Ltd (MSIL) said in a regulatory filing. The order has a total demand, including interest, of Rs 779.2 crore, it said, adding that it has also received a showcause notice for initiation of penalty proceedings with respect to the order. MSIL said it will file an appeal before the Income Tax Appellate Tribunal. There is no impact on financial, operation or other activities of the company due to this order.
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