Big Bazaar’s Kishore Biyani’s remuneration falls to ₹2.17 crore in 2020-21
Kishore Biyani, the Founder of Future Group that runs Big Bazaar and FBB stores, saw his remuneration drop by 44% to ₹2.17 crore in FY 2020-21. Biyani’s annual remuneration stood at ₹3.86 crore in 2019-20. Future Retail’s Managing Director Rakesh Biyani also saw his remuneration decline by 4.82% to ₹3.75 crore in the financial year ended March 31, 2021.
Bitcoin will hit $100,000 by early 2022: Standard Chartered research
World’s largest cryptocurrency Bitcoin will double in value and hit $100,000 by early 2022 and it could be worth $175,000 longer-term, a cryptocurrency research team at Standard Chartered has predicted. The bank also said that it “structurally” valued Ethereum at $26,000 to $35,000. However, it added that Bitcoin would have to be near $175,000 for Ethereum to reach that level.
10 merchant bankers appointed by government for managing LIC IPO
The government has appointed 10 merchant bankers, including Goldman Sachs (India) Securities, Citigroup Global Markets India, to manage LIC’s IPO, a circular on DIPAM’s website showed. Other bankers include JP Morgan India, SBI Capital Market, Axis Capital, BofA Securities, ICICI Securities, Kotak Mahindra Capital among others. Sixteen merchant bankers were in the race to handle the IPO.
50% of FDI flows into India now digital, up from 20% a decade ago: HSBC
HSBC estimates that half of the FDI flows into India are now “digital”, up from 20% a decade ago. “Global liquidity, rising risk appetite and geopolitical changes have increased…supply of funds,” HSBC researchers said. A quantum leap in digital adoption and greater high-skilled exports have emerged as the newest drivers of economic growth and jobs in India, they added.
BYJU’S raises $150 million, reportedly at $16.87 billion valuation
BYJU’S has raised around $150 million in funding round led by Asmaan Ventures, with participation from Mirae Asset and ARK Ncore, filings revealed. It has raised the fresh tranche at a post-money valuation of $16.87 billion, Entrackr reported. However, Asmaan Ventures picked up shares at a discounted valuation of $14.5 billion.
Indian economy expected to clock 9.5% growth in 2021-22: S&P
The Indian economy is expected to grow at 9.5% in 2021-22, followed by 7% expansion in the next year, S&P Global Ratings said. It added that India is expected to post strong economic growth in the coming quarters, even as inflation, led by food prices, is likely to remain elevated. Indian economy grew at 20.1% in April-June quarter.
