Author: Suril Shah

If Shein appraisal is accurate, it might be worth as much as $100 billion, according to individuals who are familiar with the situation.   By requesting anonymity, sources say that Amazon.com is in negotiations with possible investors to fund up to $1 billion.  In response to media inquiries about its fundraising efforts and potential IPO plans in May of last year, Shein issued a statement stating that it was valued at several billion dollars and had no immediate plans to go public.   Details including the amount of money to be raised and the value are still under discussion, according to the…

Announcing on Thursday that it expects to be “IPO-ready” in 18-24 months, Vedantu is optimistic about the Indian market’s potential for development. With COVID-19 cases fading and offline learning modalities emerging, the explosive expansion of online learning has slowed, but the industry is still growing rapidly. According to the corporation, 90-95 percent of the industry is untapped, leaving a huge room for educational technology growth. Vedantu says it is currently supported and will not need more money for the next two years. Last year, it received USD 100 million from a slew of investors, joining the coveted unicorn club. Vedantu intends…

According to a source familiar with the situation, India would not draught cryptocurrency laws until there is worldwide agreement on how to regulate these assets. As the source requested anonymity because the negotiations are private, he or she said that the government has no plans to either regulate or restrict the terms of the legislation soon. A spokeswoman for the Finance Ministry was unable for comment at this time. Digital asset revenue would be taxed at 30 percent, making it more expensive to trade and putting it on level with industries like horse racing and lotteries, according to Prime Minister…

In Friday’s trading on Dalal Street at Bombay Stock Exchange, some stocks surged as much as 5 percent or more, while the benchmark Sensex gained 210.77 points to end at 58779.28, thanks to buying in frontline bluechip companies, according to market statistics. The Bombay Stock Exchange Sensex is a stock market index. It is used for tracking its 30 constituent companies stocks. Imagicaaworld Entert (up 10 percent), Jagsonpal Pharm (up 10 percent), Optimus Finance (up 9.98 percent), Karda Const (up 9.96 percent), FutureLifestyleFash (up 9.94 percent), Raj Rayon (up 9.82 percent), Khemani Dist (up 9.71 percent), Sangam (India) (up 9.5…

Earlier this year, the Russian central bank announced further restrictions on the amount of money that citizens and non-citizens of countries that have sanctioned Russia over the Ukraine crisis may send overseas. In an official statement, the bank said only 10,000 US dollars or the equivalent in another currency may be transferred from Russia to an account or to another person outside of Russia in a calendar month, the bank said in an official statement. For the next six months, transfers from sanctioned nations’ bank accounts of non-residents, persons, or legal companies will be suspended, according to the bank. Russians who…

Following the invasion of Ukraine, Russia is giving India huge discounts on direct oil sales, according to sources familiar with the subject. For India to increase supplies, the sanctions-hit Russia is providing its flagship Urals grade for up to $35 a barrel below pre-war pricing, the sources said on condition of anonymity.  Headline After a $10 jump in Brent prices, the discount to current pricing is much greater. Russia wants India to absorb 15 million barrels committed for this year, they claimed, adding government-to-government negotiations.  Despite international pressure and sanctions, China, Asia’s No. 2 oil importer, has increased its reliance…

Local stocks are supported by foreign capital inflows. On Thursday, the benchmark Sensex index rose over 127 points, led by index heavyweights HDFC, Bajaj Finance and ICICI Bank as oil prices fell sharply after the United States signalled that it plans to unleash significant amounts of petroleum.  Domestic shares were also bolstered by a resumption of foreign capital inflows, dealers added. It was trading 127.38 points higher at 58,811.37 points on the BSE barometer. NSE Nifty also rose by 47.1 points to 17,545.35. HDFC, Bajaj Finance, Axis Bank; Asian Paints; Kotak Mahindra Bank; ITC; HUL; ICICI Bank; and IndusInd Bank…

Sources said Reliance Industries would obtain a record price of about $10 per MMBtu for its KG gas, while ONGC will get more than twice that for its Mumbai High and other fields.  For gas generated from fields assigned to the state-owned Oil and Natural Gas Corporation (ONGC) on a nomination basis, the rate paid is projected to climb to $5.93 per million British thermal units, from the current $2.9.  Simultaneously, problematic areas like Reliance and BP Plc’s D6 block in KG basin are expected to get $9.9-10.1 compared to the present pricing of $6.13, two sources added.  ONGC’s Bassein…

A business letter indicates that Reliance, India’s largest retailer, justified an abrupt purchase of debt-ridden competitor Future Retail ‘s outlets by citing $634 million in debt. The acquisition is part of a $900 billion retail industry battle that will see the Indian Supreme Court decide between Reliance and Amazon.com Inc. The company’s position on the events of the night of Feb. 25, when workers unexpectedly showed up at numerous of its rivals’ outlets to seize control over overdue lease payments, Future’s actions startled Amazon, which has alleged contract violations to legally block a $3.4 billion agreement between the two Indian…

Cryptocurrency worth $600 million has been stolen from Axie Infinity gamers in one of the largest crypto heists ever. Computer nodes belonging to Sky Mavis and Axie DAO creator Axie Infinity were hacked, leading in the theft of 173,600 Ethereum and 25.5 million USD Coin, according to Ronin Network.  As Ronin Network reported in a newsletter article, the attacker utilised stolen private keys to create bogus withdrawals. After a user failed to withdraw 5,000 ethers on March 29, the digital ledger uncovered the hack.  According to Ronin Network, most of the stolen money are still in the hacker’s wallet, and…