SENSEX SOARS 261 POINTS ON VALUEBUYING, GLOBAL REBOUND
MUMBAI: Benchmarks snapped their two-session falling streak to finish with smart gains on Wednesday, spurred by bargain hunting in recently-battered metal and bank stocks amid a rebound in global equities. The BSE Sensex vaulted almost 261 points to close at 35,547.33, while the broader NSE Nifty climbed 61.60 points to 10,772.05 Index heavyweight Reliance Industries topped the gainers list in the Sensex pack, spurting 2.44% to a record closing high of ₹1,019.95.
Bank of Maharashtra CEO, others held in fraud case
PUNE: The Economic Offences Wing of Pune police on Wednesday arrested six persons, including the serving and a former CMD of the Bank of Maharashtra in a cheating case lodged against city-based real estate developer D S Kulkarni and his wife, an official said on Wednesday. The bank’s present chairman and managing director Ravindra Marathe, executive director Rajendra Gupta, Zonal Manager Nityanand Deshpande, bank’s former CMD Sushil Muhnot, Kulkarni’s CA Sunil Ghatpande, and vice-president Rajiv Newaskar of the engineering department of Kulkarni’s firm, D S Kulkarni Developers Ltd (DSKDL), were arrested, the official added.
Acid leak at Thoothukudi smelter severe: Vedanta
THOOTHUKUDI: Vedanta Ltd said on Wednesday a sulphuric acid leak from a tank at its southern Indian copper smelter was severe and inaction could lead to serious environmental consequences. The district administration had said on Sunday the leak was minor, and steps were being taken to empty the storage tanks as a safety precaution.
Oyo announces launch of China business
BENGALURU: Hotel chain Oyo is expanding its China business, its third overseas market. Oyo, which is owned and operated by Oravel Stays Pvt. Ltd, has more than 11,000 rooms across 26 Chinese cities, including Hangzhou, Xian and Guangzhou. The company had entered China earlier this year, but disclosed its business only on Wednesday. “After our successful overseas expansion and operations in Malaysia and Nepal, we are thrilled to offer Oyo hotels’ hassle-free and standardised stay experience to guests in China,” said Oyo founder Ritesh Agarwal.
Byju’s raises revenue goal to ₹1,400 crore this year
BENGALURU: Online education start-up Byju’s said it crossed ₹100 crore in monthly revenue last month and upped its revenue goal for this year to ₹1,400 crore. Byju’s has been growing at 100% annually consistently for the past three years, the company said on Wednesday. It also claimed that it is one of the few Indian unicorns that has become profitable within a very short period of time since it launched its learning app in 2015. “The launch of the personalised version of our app last year further helped us boost engagement and enhanced the learning experience for our students. Our students and parents trust, understand, and believe that our products add immense value to them and this constantly motivates us to create unique and innovative learning programs for them,” Byju Raveendran, founder and chief executive officer said.
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