Tata Group puts ‘super app’ launch on hold, awaits clarity on e-commerce rules
Tata Digital’s ‘super app’ launch plan has reportedly been put on hold as it awaits clarity on consumer protection rules. A formal unveiling of the ‘super app’ was slated this month, sources told ET. Since Tata Digital is an e-commerce entity, it may have to set up a separate company, if the draft Consumer Protection (E-Commerce) Rules, 2020, are implemented.
Ami Organics IPO subscribed 1.9 times, Vijaya Diagnostic 0.3 times on Day-1
Ami Organics’ initial public offering (IPO) was subscribed 1.9 times, while Vijaya Diagnostic Centre’s IPO was subscribed 0.3 times on first day of the issue. Vijaya Diagnostic Centre has fixed a price band of ₹522-531 per share for its ₹1,895 crore IPO, while Ami Organics has fixed a price band of ₹603-610 per share. Both IPOs will close on Friday.
Vedanta declares interim dividend of ₹18.5/share, amounting to ₹6,877 crore
Vedanta on Wednesday said that its board has approved an interim dividend of ₹18.5 per equity share for financial year 2021-22, amounting to ₹6,877 crore. Vedanta’s promoters would get ₹4,482 crore as their first interim dividend for the ongoing fiscal. According to the shareholding pattern for the quarter ended June, the promoters held 65.2% stake in the company.
Axis Bank fined ₹25 lakh by RBI for violating KYC rules
They imposed a penalty of ₹25 lakh on Axis Bank. It cited contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – Know Your Customer (KYC) Direction, 2016. “This action isn’t intended to pronounce upon the validity of any transaction entered into by the bank with customers,” RBI clarified.
Cryptocurrency a disaster waiting to happen, not a big fan: Donald Trump
Former US President Donald Trump told Fox Business that cryptocurrencies are “potentially a disaster waiting to happen”. Stating that he’s not “a big fan” of cryptocurrencies and doesn’t invest in them, Trump said, “I like the currency of the United States…I feel that [cryptocurrency] hurts the United States currency.” He added, “[Cryptocurrencies] may be fake. Who knows what they are?”