In this episode, find out about Zomato’s merger with Blinkt, also find out about Tata Motor’s investment plans in EV
Business Term of the Day: Know Your Customer Softbank managing partner Munish Ravinder Varma has resigned from the board of the digital financial services company One97 Communications, which operates under the Paytm brand, and PB Fintech, according to regulatory filings by both companies on Tuesday. Indian food-delivery firm Zomato Ltd has reached an all-stock merger with Blinkit that values the instant-delivery service between $700 million and $750 million. The firm will also acquire 16.66% stake in robotics firm Mukunda Foods. State-owned Punjab National Bank has reported a borrowing fraud of over ₹2,000 crore in the non-performing account of IL&FS Tamil Nadu Power Co. Ltd. The Rs 604.76-crore open offer by the Burman group through various entities to acquire an additional 26 per cent in batteries and flashlights maker Eveready Industries India Ltd is slated to open on April 26, 2022, according to a regulatory filing by the company. Tata Motors: The company is planning to invest Rs 15,000 crore in the EV segment in the next five years, a top company official has said. The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment, Moving on to markets Tracking strong global cues, the key benchmark indices are likely to start Wednesday’s session on a fairly higher note as per trends indicated by the SGX Nifty futures, which were quoting 16,900 levels at 7:45 am, signalling a 200 points gap-up start. investors will be closely watching the outcome of the US Federal Reserve’s 2-day meet on rate policy. Investors are expecting the US central bank to raise interest rates for the first time in three years by at least 25 basis points amid surging prices. Traders will also be closely watching the Fed for details on how it plans to end its bond-buying program. Business Term of the day Know Your Customer – KYC or KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. In other words, banks must make sure that their clients are genuinely who they claim to be. Banks may refuse to open an account or halt a business relationship if the client fails to meet minimum KYC requirements.
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