5 Minutes Read

BlackSoil invests Rs 10 crore in dermatologist clinics firm Sreyas Holistic Remedies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In the recent past, Hyderabad-based startup Oliva has raised more than Rs 100 crore till date from India Life Sciences Fund, Entrust Family Office Investment Advisor and a few more, the statement said.

Alternative credit platform BlackSoil on Wednesday announced an investment of Rs 10 crore in dermatologist clinics firm Sreyas Holistic Remedies Pvt Ltd. Sreyas Holistic Remedies operates a chain of dermatologist clinics under the brand name of Oliva, offering skin and hair care products and treatments.

At present, the company operates 23 advanced clinics in seven Indian cities. ”BlackSoil, a venture debt and alternative credit fund, today announced its first investment of Rs 10 crore from its new alternative investment fund Blacksoil India Credit Fund into Sreyas Holistic Remedies Pvt Ltd (Oliva),” the credit platform said in a statement.

The fresh raise will be used by Oliva for its working capital requirement, general corporate purpose and to retire part debt. In the recent past, Hyderabad-based startup Oliva has raised more than Rs 100 crore till date from India Life Sciences Fund, Entrust Family Office Investment Advisor and a few more, the statement said.

Blacksoil is a specialised credit platform focused on providing debt solutions to PE/VC backed growth companies. It has completed over 45 deals in this space and disbursed Rs 450 crore in the past four years of operations. This is the firm’s sixth deal in the healthcare space.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Explained: Hallmarking process for gold and what it means for the jewelry industry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Hallmarking is a voluntary exercise, cast down by the non-transparency and high cost associated with it. If a customer does not insist, they are sold untested jewelry. As a result, only 40 percent of the gold sold and purchased in the country is hallmarked.

From June 2021, only hallmarked gold and silver jewelry will be sold in the country, according to the directives released by the Ministry of Consumer Affairs, Food & Public Distribution.

Consumer Affairs Minister Ram Vilas Paswan, in January this year said that  violation of this will attract penalty and imprisonment of one year.

Previously, jewelers had one year to register themselves with the Bureau of Indian Standards (BIS), clear out the old stock, and implement the mandatory hallmarking. But keeping the COVID-19 pandemic in mind, government has extended the time till June 2021.

In this explainer, we aim to dive into the hallmarking process and what it means for the jewelry industry.

Hallmark

A hallmark is an official mark struck on precious metals to certify the content of the noble metals like gold, silver, platinum. In simpler words, a hallmark lends credibility to the purity of the jewelry. Moreover, it obligates manufacturers to maintain the legal standards of fineness and purity.

Currently, in India, Gold and Silver come under the purview of Hallmarking.

The hallmarking process is carried out at the assaying and hallmarking centers present across the country and monitored by the Bureau of Indian Standards (BIS).

Jewelry buyers are often discouraged by the makers from hallmarking their metals on the fear of added cost and delayed delivery. To safeguard the buyers from this ruse, the government plans on making the hallmarking process quicker and transparent by establishing centers in every district of the country.

The Hallmarking System

India uses the BIS hallmark system for certifying gold and silver jewelry to establish the purity of the metal. It certifies that the jewelry conforms to the set of standards per the Bureau of Indian Standards, India’s national standards organization. BIS comes under the Ministry of Consumer Affairs, Food & Public Distribution, Government of India.

The BIS Hallmarking System has been aligned with the International criteria of hallmarking. As per this system, registration is granted to the jewelers by the BIS. The jewelers can then get their jewelry hallmarked from any BIS recognized Assaying and Hallmarking centers.

The Hallmarking Process

According to the new directives released by the Ministry of Consumer Affairs, Food & Public Distribution, hallmarking takes place for jewelry in three categories: 14 carats, 18 carats, and 22 carats.

The process of gold hallmarking involves three steps: homogeneity testing, purity testing, and marking individual items.

Homogeneity testing samples the items to ensure that they adhere to the basic regulatory standards.

Purity testing is a little complex process. In the first step, the bodies select the items that need testing, followed by carrying out the preliminary testing on the surface of selected items. The purity testing is completed by taking smaller samples from every item for detailed testing.

Finally, the centers carry out intense assaying to gauge the finesse of the metal.

The entire process takes five to six hours before the gold is ready to be hallmarked. Once they are satisfied by the results, hallmarks are applied via hand/press marking or laser marking.

The Hallmark on Gold Jewelry carries four marks: BIS mark, purity in carat, assay center’s name, and jewelers’ identification mark.

The Jewelry Industry

Hallmarking is a voluntary exercise, cast down by the non-transparency and high cost associated with it. If a customer does not insist, they are sold untested jewelry. As a result, only 40 percent of the gold sold and purchased in the country is hallmarked.

Keeping this in mind, the government has made it mandatory that only hallmarked gold and jewelry be sold in the country from January 15, 2021.

This decision not only impacts the buyers but jolts the jewelry industry as well. However, Somasundaram PR, the Managing Director of the World Gold Council India, believes that this decision would boost the market for Indian handcrafted gold material while safeguarding consumers’ interests, leading to further expansion of the industry.

He told PTI that the move would help create jobs in gold assaying and level the field for smaller jewelers.

Currently the country is home to 892 assaying and hallmarking centres in 234 district locations who carry out hallmarking process for 28,849 BIS registered jewelers. This number is expected to increase with the government’s directives to make the process more candid and straightforward.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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November sales for winter clothing strong: Monte Carlo

November has been good month so far for Monte Carlo Fashions, the company’s ED Sandeep Jain said in an interview to CNBC-TV18.

“We grew 20 percent in November over last year for winter sales,” he added. Winter sales are important because they account for nearly 60-65 percent of the revenues.

On margins, Jain said, “Margins on winter and summer clothes are almost equal, but winter revenue is 65 percent and that contributes significant revenue to the total turnover.”

According to him, working capital cycle peaks in September and comes down in January-February.

For entire interview, watch video

Normalcy returning; watches & eyewear business catching up: Titan

S Subramaniam, CFO of Titan said sales were returning to normalcy and that the company logged 15 percent growth in sales this festive season versus last festive season.

“We will grow in the jewellery business in Q3. Watches and eyewear business catching up, gold coin sales are returning to normalcy,” he said in an interview to CNBC-TV18.

According to him, sales in tier-III and IV cities too were strong. “We saw an uptick in demand during festive season in tier-I and II cities too,” added Subramaniam.

For entire interview, watch video

FMCG is a future business for us: Raymond’s Gautam Singhania

Vardhman Textiles | Brokerage: ICICIdirect | Rating: Buy | LTP: Rs 899 | Target: Rs 1,100 | Return: 22 percent

After seeing a gradual improvement over the last few weeks, textile major Raymond is cautiously optimistic about the demand environment. Speaking exclusively to CNBC-TV18’s Priya Sheth, Raymond CMD, Gautam Singhania said that the company is further looking at reducing costs and dismissed reports that it was planning to sell its FMCG business.

Singhania said FMCG is the future business of the company.

“It’s a very strong business for us. It’s called as Raymond Consumer Care. I think that is a future business for us,” he added.

On core operations, he said, “We looked at the pandemic as an opportunity to reset ourselves and costs and I am confident that we have brought down costs substantially.”

He said the demerger of lifestyle business has been pushed by a few months because of COVID-related disruption.

“Auto and engineering business is running at higher than pre-COVID levels and indications are that lifestyle business is at 70-80 percent pre-COVID levels,” Singhania further added.

For more, watch the video

Expansion plans to continue; will pay most of debt obligations in Q3: Phoenix Mills

Shishir Shrivastava, MD of Phoenix Mills said that the company will continue with its expansion plans.

Speaking in an interview to CNBC-TV18, he said, “We will be able to pay most of our debt obligations in Q3.”

On consumption, Shrivastava said, “Footfalls have reached 55 percent versus last year’s levels and consumption is around 104 percent compared to last year.”

According to him, footfalls are improving by 25-30 percent every month.

Phoenix Mills expects to close FY21 with revenues around 50 percent of last year’s levels.

For entire interview, watch video

 5 Minutes Read

Slippers selling; shoe sales under pressure: Relaxo Footwear

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Relaxo Footwear reported an improvement in operational performance during the second quarter, with lower raw material costs and other cost reduction measures helping as well. Ramesh Kumar Dua, Managing Director of the company discussed the numbers in detail.

Relaxo Footwear reported an improvement in operational performance during the second quarter, with lower raw material costs and other cost reduction measures helping as well. Ramesh Kumar Dua, Managing Director of the company discussed the numbers in detail.

“In Q1 and in the past, raw material prices have been quite benign, in Q3 also they will be under control. Q4 – prices of raw material will be under pressure,” he said in an interview with CNBC-TV18.

October sales for the company have grown 20 percent, mainly due to festive season purchases. “Let us see, how things play out post-festive,” he said.

Things are much better than what they were in last quarter, Dua said.

Sale of shoes remains under pressure because people are not moving, so outdoor activity is restricted, he added.

Sale of slippers were phenomenal, he said. “We were not able to fulfill the demand,” he said.

For more, watch video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID-19: Study links those who do not wear masks to antisocial traits

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Although containment measures such as wearing masks are the most effective way to flatten the curve, the study showed that antisocial and empathy traits play an essential role in making people compliant.

A new study conducted by scientists in Brazil has concluded that people’s resistance for not wearing masks to protect themselves from contracting coronavirus stems from their antisocial personality traits.

The study found that adherence to measures such as wearing masks is more challenging for people who show anti-social behaviour compared to those who have empathy.

The study was conducted to investigate the relationship between antisocial traits and compliance with COVID-19 containment measures.

Scientists surveyed more than 1,500 people in Latin America between 18 and 73 years of age. The survey asked personality-related questions about how well certain statements represented their behaviour on a scale; which is called “affective resonance”.

The survey included questions on containment measures like wearing mask while outdoors.

Profile analysis revealed the existence of two prominent groups: antisocial pattern group and empathy pattern group.

The antisocial pattern group consisted of people who showed antisocial traits such as disregard for right and wrong, persistent lying, being insensitive and disrespectful of others, using charm or wit to manipulate people for personal gain or pleasure, a sense of superiority bordering on arrogance, recurring problems with laws, impulsiveness or failure to plan, hostility, aggression or violence. These traits are typically present in people diagnosed with Antisocial Personality Disorder (ASPD).

The group showed lower scores in affective resonance.

Empaths, on the other hand, are highly sensitive, absorb other people’s emotions, introverted, need alone time, are highly intuitive, and can become easily overwhelmed. The group showed high scores in affective resonance, lower scores for traits associated with ASPD.

Antisocials were found to be resistant to safety measures, while empaths were compliant.

According to a study from Oxford’s Leverhulme Centre for Demographic Science, investigating the effectiveness of different face masks and coverings found that even homemade masks made of the correct material effectively reduce the spread of COVID-19 for the wearer and those around them.

Another study by The New England Journal of Medicine found using high-speed video to track droplets found even holding a washcloth over the mouth was effective in blocking droplets.

Another report published in The Lancet found that by wearing a face mask, the chances of contracting the virus are just 3 percent.

study by Cambridge University found that even basic homemade masks can reduce transmission and prevent a second wave.

Research broadly suggests that face masks won’t necessarily stop you from catching the virus, but it will lessen the chances of you passing it on if you are an asymptomatic carrier.

Despite the studies, people not wearing masks insists that masks are ineffective. There is an alarming number of people who refuse to wear masks, even when presented with facts. And studies show that a majority of these people are men.

In May, Middlesex University, London, and the University of Berkeley, California, surveyed 2,459 people in the US and found that men were less likely to wear masks than women, insinuating that masks are “shameful, not cool, and a sign of weakness”.

Another study conducted by the US-based Kaiser Family Foundation, found that 68 percent of women frequently wore masks outside homes compared to 49 percent of men.

Emma Lygnerud Boberg, gender and programme development advisor at the International Media Support, Denmark, said this trend had been observed in previous epidemics.

Even after contracting COVID-19, the US President was not too keen on wearing masks. When he removed mask on the steps of the White House after returning from hospital, summed the pandemic political theatre of 2020, The Independent wrote.

Trump has used this mask-wearing as a sign of weakness to further his political agenda.

Peter Glick, a bias and discrimination expert at Lawrence University, “Conservatives seem to be reacting to a broader sense of the erosion of male privilege and dominance in society, and they, therefore, look up to male leaders who embrace masculine stereotypes. The masculine leaders they elect are very protective of their macho image, making them anti-maskers.”

His theory is supported by research. In June, a study conducted by Pew Research Center found that 76 percent of Democrat voters reported wearing a mask all the time in public, while only 53 percent of Republicans said the wore a mask.

Left-leaning people are comparatively more invested in the care foundation, i.e., protecting the vulnerable. The right-leaning people, on the other hand, hold freedom as a core value. This is perhaps why politically right-leaning people see mask-wearing as an infringement on their masculinity to a higher degree than those on the left.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Aditya Birla Fashion-Flipkart deal: What it means for the 2 companies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Ankur Bisen of Technopak Advisors, Abneesh Roy of Edelweiss, Vaishnavi Mandhaniya of Anand Rathi Financial Services shared their insights on what it meants for both Flipkart as well as ABFRL in an interview with CNBC-TV18.

Walmart owned Flipkart is going to buy a minority stake in Aditya Birla’s Fashion Retail (ABFRL) for Rs 1,500 crore.

Ankur Bisen of Technopak Advisors, Abneesh Roy of Edelweiss, Vaishnavi Mandhaniya of Anand Rathi Financial Services shared their insights on what it meants for both Flipkart as well as ABFRL in an interview with CNBC-TV18.

It is a great deal in the context of how retail and fashion retail has changed in the post-COVID world, said Bisen. “This omnichannel as a reality is now, and here to stay for both e-commerce retailers and brick retailers,” he said.

ABFRL has got some solid brands, a great legacy, it is one of the largest men’s fashion retailer in fashion, and so the deal is a win-win deal for both ABFRL and Flipkart, said Bisen.

“We see significant rerating. ABFRL has one of the highest debt-to-equity ratio in this space and my sense is in the next one year, it will become almost net debt-free,” said Roy.

“Reliance will be relevant in every retail format, second will be Amazon and third will be Flipkart and fourth will be Tata. So all other brands would need to realign themselves otherwise it will become very tough for them to survive. ABFRL gains from here. I would see much higher chances of succession,” Roy said.

Mandhaniya sees a lot of scope for online growth. “The deal will win. However that is more of a longer-term view that will play out. In the short-term, the debt reduction will take place for them on a more immediate basis which will lead to a rerating,” she said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Answer Anonymously

Should Elon Musk be able to buy Twitter?

Aditya Birla Fashion in talks for alliance with global players: Sources

Hit hard by the lockdown, Aditya Birla Fashion & Retail is looking to expand its online presence.

Sources told CNBC-TV18’s Nisha Poddar that Aditya Birla Group is in talks with global giants to explore various options for a strategic alliance.

The e-commerce space is doing better in India and that is the area that Aditya Birla Fashion is looking at capturing.

For more, watch the video