IndiGo to Launch Business Class by Year-End

Brief by Shorts91 Newsdesk / 05:22pm on 23 May 2024,Thursday Business

IndiGo, India's leading airline, announced plans to introduce a business class service by the end of the year. This marks a shift from its current all-economy class model. CEO Pieter Elbers stated that this move aims to offer more options for travelers as India’s economy grows. The new business class will initially be available on the busiest domestic routes, with details to be revealed in August. It remains unclear if this service will extend to international routes. IndiGo has several new aircraft on order, including models suited for long-haul flights.

Read More at The Week

Taste of India Arrives in America as Amul Launches Fresh Milk Products

Brief by Shorts91 Newsdesk / 03:22pm on 22 May 2024,Wednesday Business

India's dairy behemoth Amul is embarking on a remarkable global journey, launching fresh milk products in the United States. Partnering with the Michigan Milk Producers Association, Amul will introduce four milk variants across major American cities like New York, Chicago, and Dallas, catering to the significant non-resident Indian and Asian communities. This milestone marks a new chapter in Amul's storied history, which began with a "milk strike" against exploitative trade practices during the British Raj. From its humble cooperative roots in Kaira, Gujarat, Amul has grown into a dairy powerhouse, exporting to 50 nations and uniting 36 lakh farmer members under its cooperative umbrella.

Read More at The Hindu

Norway's Central Bank Excludes Adani Company from Pension Fund over Ethical Concerns

Brief by Shorts91 Newsdesk / 06:46am on 18 May 2024,Saturday Business

Norges Bank, Norway's central bank, has excluded Adani Ports and Special Economic Zone (APSEZ) from its Government Pension Fund Global due to the company's "unacceptable risk" of contributing to human rights violations in war and conflict zones. The decision follows a recommendation from the Council on Ethics and ends APSEZ's observation period since March 2022. APSEZ, part of the Adani Group, operates ports and port services. Two other companies, Weichai Power Co Ltd and L3Harris Technologies Inc, have also been excluded. The Norwegian Government Pension Fund Global is one of the world's largest, owning 1.5% of all shares in listed companies.

Read More at The Indian Express

Reddit's Stock Price Shoots Up After OpenAI Partnership

Brief by Shorts91 Newsdesk / 05:52am on 17 May 2024,Friday Business

Reddit's shares have jumped over 10% after announcing a partnership with OpenAI, the company behind ChatGPT. The deal grants OpenAI access to Reddit content, while Reddit will gain AI-powered features. This move diversifies Reddit's income streams beyond advertising. The agreement comes as copyright owners, like Sony, challenge AI firms over using their material without permission. OpenAI has recently partnered with publishers like the Associated Press and Financial Times. Google also announced a Reddit data access deal in February to train its AI models. The partnership highlights the growing importance of AI in social media and content creation.

Read More at BBC

Air India and Vistara Hold Townhall to Address Merger Concerns

Brief by Shorts91 Newsdesk / 06:13am on 14 May 2024,Tuesday Business

Air India and Vistara held their first joint townhall meeting to address employee concerns ahead of their merger. The meeting, attended by over 20,000 employees, aimed to alleviate fears over career progression, pay, and job security. CEO Campbell Wilson and Vistara CEO Vinod Kannan addressed concerns, including the reduction of flying time and salaries for Vistara pilots. Wilson assured that 120 pilots have been seconded between the airlines and an integrated pilot upgrade sequence will be created to maintain seniority. The leadership team will comprise Wilson, Kannan, and Aloke Singh, CEO of Air India Express.

Read More at Hindustan Times

Stock Market Tumbles: Sensex Plunges 742 Points, Nifty Falls Below 21,900

Brief by Shorts91 Newsdesk / 05:53am on 13 May 2024,Monday Business

The Indian stock market experienced a sharp decline on Monday, with the Sensex plummeting 742 points to 71,922 and the Nifty slipping 194 points to 21,861. This downward trend was largely attributed to the continued selling by Foreign Institutional Investors (FIIs) on Dalal Street. As a result, investor wealth shrunk by a substantial Rs 4.85 lakh crore. The auto, consumer durables, and metal sectors were the hardest hit, with stocks such as Tata Motors, JSW Steel, and RIL leading the losses. All 19 BSE sectoral indices traded in the red, with the auto, capital goods, and consumer durables indices experiencing significant declines.

Read More at Business Today

Indian Stock Market Sees Sharp Decline, Sensex Down 1,000 Points, Nifty 50 Below 22,000

Brief by Shorts91 Newsdesk / 10:33am on 09 May 2024,Thursday Business

The Sensex and Nifty 50 indices extended morning losses, dropping over 1% on Thursday. The Sensex fell 1,062.22 points to 72,404.17, while the Nifty 50 closed at 21,957.50, down 345 points. The broader market underperformed, with Nifty Small Cap 100 and Nifty Midcap 100 losing 2.83% and 1.85%, respectively. The decline is attributed to ongoing election uncertainty and subdued Q4 results from large-cap companies, denting investor morale. This marks the lowest point for the indices in three weeks, with analysts predicting continued losses. The market's momentum is expected to continue downward due to these factors.

Read More at Mint

Rekha Jhunjhunwala Loses ₹800 Crore as Titan Shares Drop

Brief by Shorts91 Newsdesk / 07:20am on 07 May 2024,Tuesday Business

Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, suffered a significant loss on Monday as Titan Company's shares declined by over 7%. Her 5.35% stake in the company, worth ₹16,792 crore on Friday, reduced to ₹15,986 crore. Titan's shares tanked after its March quarter earnings failed to impress investors, wiping out over ₹22,000 crore from its market capitalization. The company's consolidated profit after tax rose 5% to ₹771 crore in the March quarter, while its total income increased to ₹11,472 crore. Despite this, the stock's decline resulted in a substantial loss for Ms. Jhunjhunwala.

Read More at NDTV

Zee Media Corporation Terminates CEO Abhay Ojha a Year After Appointment

Brief by Shorts91 Newsdesk / 06:53pm on 06 May 2024,Monday Business

Zee Media Corporation Ltd has terminated CEO Abhay Ojha's employment, effective May 4, 2024, without specifying reasons. Ojha, promoted as CEO last year, joined the company in 2022 as Chief Business Officer. The board confirmed his cessation as CEO in a meeting today. Piyush Choudhary, Chief Manager – Legal, resigned last month. Zee Media's shares closed 1.36 percent lower at Rs 10.90 on BSE. Ojha's departure follows recent changes in the company's leadership, signaling potential shifts in strategy or management direction.          

Read More at Moneycontrol

Dalal Street Bloodbath: Sensex Plunges Over 1,000 Points

Brief by Shorts91 Newsdesk / 12:12pm on 03 May 2024,Friday Business

Today, the stock market faced a sharp downturn, with the S&P BSE Sensex plunging by 1,010 points to 73,601 at 1:56 pm. The NSE Nifty50 also fell over 250 points to 22,394, following a record high earlier in the day. Experts attribute this drastic shift to increased volatility, fueled by pre-election anxieties and global speculation about the timing and impact of the season's first Fed rate cut. Domestic factors such as Q4 results, election result uncertainties, and high levels of margin trading further contributed to the market's rollercoaster ride.

Read More at India Today