Sensex, Nifty Hit All-time Highs as Bulls Dominate Dalal Street

Brief by Shorts91 Newsdesk / 05:01am on 23 Sep 2024,Monday Business

The S&P BSE Sensex and NSE Nifty50 reached all-time highs in Monday's trading session. The Sensex hit 84,843.72 shortly after opening, while the Nifty50 rose to 25,910.35. By 9:30 am, the Sensex was up 257.38 points at 84,801.69, and the Nifty50 increased by 107.30 points to 25,898.25. Investor optimism was driven by expectations of more policy easing from the US Federal Reserve later this year, contributing to the positive momentum in India's stock market. Both indices reflect strong market confidence amid hopes for favorable economic conditions.

Read More at India Today

From Intern to CEO: Elliott Hill's 36-Year Journey at Nike

Brief by Shorts91 Newsdesk / 05:19am on 21 Sep 2024,Saturday Business

Elliott Hill's remarkable 36-year journey at Nike, from intern to CEO, has inspired many as his story circulates on LinkedIn. Hill began his career at Nike as a humble intern, after a six-month pursuit for the position. Over the decades, he steadily climbed the corporate ladder, embodying the dream of transforming an entry-level role into the top executive position at one of the world's leading athletic brands. His ascent reflects not only personal perseverance but also serves as a motivational tale for those aspiring to achieve their career goals. Elliott Hill will succeed John Donahoe as the President and CEO of Nike on October 14.

Read More at NEWS 18

India's Forex Reserves Reach Record $689.46 Billion Despite Drop in Foreign Currency Assets

Brief by Shorts91 Newsdesk / 03:24am on 21 Sep 2024,Saturday Business

India's foreign exchange reserves rose by $223 million, reaching a record high of $689.458 billion for the week ending September 13, according to the Reserve Bank of India. This follows an increase of $5.248 billion in the previous week, bringing reserves to $689.235 billion on September 6. Despite the overall rise, foreign currency assets (FCA), which form the largest component of forex reserves, fell by $515 million, totaling $603.629 billion. The decline in FCA reflects the impact of the appreciation or depreciation of non-US currencies like the euro, pound, and yen within the reserves, as measured in dollar terms.

Read More at The Times Of India

Harsh Goenka Criticizes Ashneer Grover's Support for Toxic Work Culture Amid EY India Employee Death

Brief by Shorts91 Newsdesk / 12:33pm on 20 Sep 2024,Friday Business

Indian businessman Ashneer Grover’s controversial remarks praising toxic workplaces have gone viral after the tragic death of 26-year-old EY India employee Anna Sebastian Perayil. In an old video, Grover criticized the “lifeless” atmosphere at EY, claiming toxic environments drive better work. Harsh Goenka, Chairman of RPG Enterprises, reacted on social media, calling Grover’s stance “baffling.” Following Perayil’s death, reportedly linked to work stress, former EY employees voiced concerns about harsh office conditions. The Union labour ministry is investigating the incident. Grover’s comments have sparked a broader debate on work culture in corporate India.

Read More at Hindustan Times

Indian Stock Market Hits Record Highs: Sensex at 84,149.80, Nifty at 25,692.40

Brief by Shorts91 Newsdesk / 06:15am on 20 Sep 2024,Friday Business

India's key stock indices, Sensex and Nifty, achieved record highs on Friday. The S&P BSE Sensex surged 965 points to 84,149.80, surpassing the 84,000 mark for the first time. The NSE Nifty50 gained 276.60 points to reach 25,692.40, an all-time high. This uptrend follows a strong rally on Wall Street, fueled by positive US labour market data and a larger-than-expected rate cut. The Indian stock market's gains reflect improved investor sentiment.

Read More at Mint

1,500 Samsung Workers in India Strike, Demand Union Recognition and Better Wages

Brief by Shorts91 Newsdesk / 10:05am on 19 Sep 2024,Thursday Business

Around 1,500 workers of Samsung India Electronics in Chennai, Tamil Nadu, have been on strike for 11 days, demanding better wages and recognition of their newly-formed union, the Samsung India Labour Welfare Union (SILWU). Workers claim unsafe conditions, low wages, and management pressure against the union. The protest has significantly disrupted production at the plant, which contributes $4 billion to Samsung’s annual revenue in India. Police detained 104 protesters for marching without permission. Samsung denies allegations of mistreatment and insists discussions are underway. Labour unions backed by leftist parties are supporting the workers' demands for collective bargaining.

Read More at BBC

Tupperware Files for Chapter 11 Bankruptcy Due to Post-Pandemic Financial Struggles

Brief by Shorts91 Newsdesk / 02:07pm on 18 Sep 2024,Wednesday Business

Tupperware Brands has filed for Chapter 11 bankruptcy protection amid declining demand and rising costs. The company, known for its food storage containers, reported assets between $500 million and $1 billion and liabilities ranging from $1 billion to $10 billion. Tupperware’s financial troubles worsened after a brief pandemic-related surge in sales. Rising raw material, labor, and freight costs have exacerbated the issue. In 2023, the company struggled with $700 million in debt and engaged Moelis & Co for strategic advice. The bankruptcy filing aims to address the company’s liquidity crisis and restructure its debt.

Read More at Economic Times

Amazon Requires Employees to Work in Office Five Days a Week from 2025

Brief by Shorts91 Newsdesk / 05:16am on 17 Sep 2024,Tuesday Business

Amazon.com will require employees to return to the office five days a week starting next year, tightening its previous three-day in-office mandate. CEO Andy Jassy stated that this change is essential for "inventing, collaborating, and staying connected," and noted that the three-day model reinforced the benefits of in-office work. The move contrasts with many companies allowing remote work since the pandemic, leaving some downtown offices underused. While other tech firms have adopted two- or three-day office policies, Amazon’s stricter stance comes as Covid-19 concerns diminish. Some employees have reported being required to work from distant offices or relocate to Seattle.

Read More at Business Standard

NXP Semiconductors to Invest Over $1 Billion in India, Doubling R&D Efforts

Brief by Shorts91 Newsdesk / 07:59am on 13 Sep 2024,Friday Business

NXP Semiconductors will invest over $1 billion in India, doubling its research and development efforts, CEO Kurt Sievers announced at the Semicon India conference near New Delhi. The Dutch company, which operates four semiconductor design centers with around 3,000 employees in India, is also in talks with the automotive and other industries. India, which aims to become a global semiconductor player, has launched a $10 billion incentive program to boost its chipmaking capabilities. The country’s semiconductor market is expected to reach $63 billion by 2026. Major players like Nvidia and AMD have also expanded their presence, highlighting India's growing role in the global semiconductor ecosystem.

Read More at Business Standard

IndiGo Aims for Global Expansion by 2030, Says CEO Pieter Elbers

Brief by Shorts91 Newsdesk / 03:59am on 13 Sep 2024,Friday Business

IndiGo, India’s largest airline, aims to transform from a dominant domestic carrier to a global player by 2030, according to CEO Pieter Elbers. With over 60% control of India’s domestic air traffic, the airline is focusing on international expansion. Elbers highlighted India’s expected rise as the world’s third-largest economy by 2030, emphasizing the need for airlines with the scale to compete globally. He stated that IndiGo's recent decisions align with the goal of becoming a global airline within the next decade. The airline’s growth strategy is designed to enhance its global presence and connectivity with other countries, positioning it competitively worldwide.

Read More at CNBC TV18

Menu