IGI Logo

Key News

Vedantu lays off another 424 employees, blames 'scarce capital'

Vedantu laid off 424 employees, or 7 per cent of the workforce on May 18, said the ed-tech firm days after announcing it had let go of another 200 people. “War in Europe, impending recession fears, and Fed rate interest hikes have led to inflationary pressures with massive correction in stocks globally and in India as well. Given this environment, capital will be scarce for upcoming quarters," said the company in a blog post.

Sun Pharma to launch new oral lipid lowering drug under Brillo brand

Sun Pharmaceutical Industries plans to launch a first in class lipid lowering oral drug - Bempedoic Acid - in India that helps to reduce low-density lipoprotein (LDL) cholesterol. The company will launch the drug under the brand name Brillo, it said. Sun Pharma claimed that this drug has a new mechanism of action compared to the currently available lipid lowering agents. "It is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol levels remain high, despite lifestyle changes and the use of maximum tolerated dose of statins," it said.

KLM's Pieter Elbers to replace Ronojoy Dutta as IndiGo CEO from Oct 1

InterGlobe Aviation Limited (IndiGo) on Wednesday appointed Pieter Elbers as Chief Executive Officer, subject to regulatory approvals, the company said in a stock exchange filing. He will join IndiGo on October 1, 2022. "Elbers succeeds Ronojoy Dutta (71) who has decided to retire on September 30, 2022, after guiding IndiGo through the turbulent Covid period," the airline said. Commending Dutta's service, Rahul Bhatia, Managing Director of IndiGo said, "The Board of Directors and I would like to thank Rono for effectively leading our business for almost four years with a steady hand through what has been the most turbulent period in the airline’s history and aviation globally."

Ruchi Soya to buy Patanjali's food business for Rs 690 cr, change its name

Ruchi Soya Industries has announced the acquisition of the entire food business of Patanjali Ayurved for Rs 690 crore in order to accelerate its transition to a leading FMCG company. The acquired food business consists of 21 products, including ghee, honey, spices, juices and atta, among other things.

Walmart's PhonePe set to acquire WealthDesk, OpenQ for about $70 mn

Walmart-owned digital payments firm PhonePe is scaling up its financial services and wealth management services, and planning to make more acquisitions in this space. The Bengaluru-based firm is set to acquire two wealth management firms for a total enterprise value of about $70 million as the firm plans to diversify its services, according to people familiar with the matter. PhonePe will buy investment technology platforms, WealthDesk for about $50 million and OpenQ for around $20 million, according to sources. Early this year, Phonepe applied to the Securities and Exchange Board of India (Sebi) for a mutual fund (MF) license, joining other fintech rivals with an intention to set up an asset management company (AMC).

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at http://www.aretesecurities.com/
SEBI Regn. No.: INM000012740

Above views are of the author and not of the website kindly read disclaimer