The government will launch an open network for digital commerce (ONDC) as the government tries to end the dominance of U.S. companies Amazon.com and Walmart in the fast-growing e-commerce market, a government document showed. The launch of the platform comes after competition commission of india on Thursday raided domestic sellers of Amazon and some of Walmart’s Flipkart following accusations of competition law violations.
Axis Bank: The bank posted a 54% rise in fourth-quarter profit after earnings were helped by robust growth in loans and lower provisioning. Net income was 41.2 billion rupees ($538 million) in the January to March quarter, compared with 26.8 billion rupees a year earlier.
Tata Power: The Tata group firm has inked a pact with National Real Estate Development Council (NAREDCO) to install 5,000 EV charging points across Maharashtra, a statement said on Thursday. Tata Power will provide a comprehensive EV charging solutions across properties of member developers of NAREDCO, the statement said.
Colgate Palmolive: The company appointed Prabha Narasimhan as CEO and MD for five years effective September 1. Current MD and CEO Ram Raghavan resigned after being promoted as the President – Enterprise Oral Care, Colgate-Palmolive Company, New York. It also declared second interim dividend of Rs 21 per share of face value of Rs 1 each.
Vedanta: Profit skids 5 percent; revenue spikes 41 percent. Billionaire Anil Agarwal-owned Vedanta reported a 5 percent year-on-year decline in consolidated profit at Rs 7,261 crore in the quarter ended March 2022 impacted by higher tax cost and expenses, but saw healthy topline and operating income Moving on to markets
Indian indices are likely to witness a flat start on Friday.
On Thursday, the markets bounced back strongly after registering losses in the previous session.
However, the global indices were bolstered by upbeat technology earnings in the US, brushing aside fears of economic slowdown.
The Wall Street indices ended sharply higher in Thursday’s overnight session after reports of strong quarterly results by Facebook parent Meta
In Asia, shares rose in South Korea, Shanghai, and Australia, while that in Hong Kong declined in early trade on Friday.
Business Term of the day
A hostile takeover occurs when an acquiring company attempts to take over a target company against the wishes of the target company’s management. An acquiring company can achieve a hostile takeover by going directly to the target company’s shareholders or fighting to replace its management.
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