India is seeking to attract US firms that are willing to relocate from China as the US steps up efforts to blame Beijing for its role in the
pandemic. The government reached out to more than 1,000 companies in April, through overseas missions to offer incentives for manufacturers, Indian officials said on basis of anonymity.
BSE-listed Gaurav Mercantiles, on Wednesday, approved a proposal to acquire The Quint news
portal and certain affiliated websites from another company owned by Raghav Bahl. Earlier last year, Bahl who founded the Network18 Group that was later acquired by Reliance Industries, bought 66.42 per cent stake in Gaurav Mercantiles at Rs 42.50 a share for Rs 5.6 crore from its erstwhile promoters in 2018. Read here
HCL Technologies does better than most rivals in Q4; revenue rises 16%
HCL Technologies’ March quarter earnings growth exceeded that of its peers, and the company said it did not see a long-term impact from the Covid-19 pandemic. HCL’s revenue for the quarter rose 2.5 per cent sequentially to Rs 18,590 crore and 16.3 per cent annually, which is in contrast to larger rivals TCS and Infosys. Read here
Consumer goods firms flag Covid hit, cut festive season forecast
Apparels, shoes, refrigerators, air-conditioners and smartphones companies are cutting manufacturing orders and sourcing of components for this year’s festive season by up to 40% y-o-y as they expect much of current stock to remain unsold till then, company executives said, Economic Times reported. However, Consumer goods companies are targeting similar sales as last year during the festive season which accounts for around 40% of the annual business for most of them.