Jeff Bezos-led online retail giant, Amazon reportedly is in advanced talks to buy self-driving startup Zoox Inc. The move is expected to expand the e-commerce giant’s reach in autonomous-vehicle technology According to a Wall Street Journal report, the deal will value Zoox at less than the $3.2bn. The self-driving startup has achieved a similar valuation…
Suzuki Motor Gujarat recently announced that it has resumed production at its Hansalpur plant. The company manufactures cars for the Maruti Suzuki brand in India on contract basis. The same announcement was made by Maruti Suzuki India Limited in a regulatory filing with Bombay Stock Exchange. The company said it restarted the operations keeping all…
IDFC FIRST Bank recently announced that its senior management has volunteered to take a 10% cut in compensation in the current financial year 2020-21. Along with the leadership team, V Vaidyanathan, MD & CEO, IDFC FIRST Bank, has also voluntarily offered to take a pay cut of 30% in his compensation including Fixed compensation as…
As the coronavirus pandemic affects business revenues and future plans due to uncertainty of the economic environment, organizations have started to give their employees salary cuts to conserve cash during the crisis. Joining the likes of many other companies, Tata Sons have also decided to move ahead with salary cuts for its top brass. For…
India’s third largest two-wheeler manufacturing company, TVS Motor Company recently announced that it has decided to cut employees salaries for a six month period due to the decline in revenue amid the coronavirus lockdown. The company’s Chief Executive Officer KN Radhakrishnan communicated the decision to employees on May 23. With the recent announcement, TVS becomes…
Kolkata-based multinational conglomerate company, ITC Limited recently announced that it is set to acquire spice maker Sunrise Foods Pvt Ltd in a Share Purchase Agreement (SPA). The move is expected to help the company strengthen its position in India’s fast-moving consumer goods (FMCG) market. According to an official press release, ITC entered into a share…
Soon after an employee at Maruti Suzuki India’s Manesar plant tested positive for the coronavirus, three employees at Hyundai Motors’ Chennai plant have also tested positive for the virus. The recent development of positive coronavirus cases in workers at two of India’s biggest carmakers comes just days after restarting operations, exposing the risks companies and…
Mukesh Ambani-led Reliance Jio’s much anticipated e-commerce project JioMart has finally gone live after months of testing and trial projects. The company started receiving orders from serviceable pin codes soon after the website went live. In an attempt to lure new customers, the website is selling certain products at a minimum of 5% discount on…
Just days after reopening its production plant at Manesar, India’s largest automobile manufacturer Maruti Suzuki announced that one of its employees at the plant has tested positive for the novel coronavirus. A company spokesperson informed the media that the company is also looking at “a possibility of a second case” of infection at the plant…
Technology giant Microsoft recently announced that it has acquired robotic process automation startup, Softomotive for an undisclosed amount. The acquisition was confirmed by Microsoft Chief Executive Officer Satya Nadella during his Build keynote. Nadella informed that Softomotive would become a part of Microsoft’s Power Automate platform (PRA). “We’re bringing RPA — or robotic process automation…
Deutsche Bank’s top managers will waive one month of fixed pay in an effort to cut costs as Germany’s largest lender deals with the fall-out of the coronavirus crisis. As per a Reuters report, members of the management board as well as the bank’s group management committee will be affected by the move, chief executive…
Ecommerce giant Amazon recently announced that it is launching its food delivery services in India starting with Bengaluru. The recent development from Amazon comes just days after top local players Swiggy and Zomato reduce their workforce to tide over the coronavirus pandemic crisis. According to an Economic Times report, the firm had been planning to…
Online food delivery companies like Zomato and Swiggy have started home delivering alcohol in Jharkhand’s capital city, Ranchi. As of now, the service is only limited to one city, however, both the companies have said that the service will soon be available in other cities of the state. The companies are also in talks with…
Putting all the rumours aside, technology giant Apple recently announced that it has acquired virtual reality startup NextVr for $100million. The reason for the buyout is not yet disclosed by the tech major, however, it is being said that the acquisition will help Apple develop its own VR capabilities. In a media statement, Apple said,…
Chinese mobile handset manufacturer OPPO recently suspended operations at its Noida factory after six of its employees tested positive for the coronavirus. The company has said that the operations will remain suspended until the company completes the screening of all 3,000 employees at the plant. The company had resumed the operations on May 15 after…