Zomato lists with gain of over 70 percent; market cap crosses Rs 1 lakh crore
The shares of Zomato debuted on the stock exchanges on Friday, with a gain of around 70 percent in early trade against the listing price of Rs 76 per share. Trading was brisk, with shares opening at Rs 116 per share on the National Stock Exchange (NSE) and rose rapidly to a level of Rs 133. The market capitalisation crossed Rs 1 lakh crore, with over 40 crore shares being traded.
CCI issues notice to Amazon; seeks explanation on FCL deal submissions made in 2019
The Competition Commission of India has issued a show cause notice to Amazon seeking an explanation from the ecommerce major regarding a deal with a Future Group firm that was approved by the watchdog in 2019, according to sources. The notice has been issued following a complaint filed by the Future Group, which is locked in a bitter legal battle with Amazon over the former’s proposed Rs 24,713 crore deal with Reliance Industries.
NetApp Excellerator announces graduation of eight startups
US-based global cloud-led data software company NetApp announced the graduation of eight startups from the current cohort of its startup accelerator programme. The startup graduating from NetApp Excellerator, which was started in 2017, falls under business-to-business (B2B) tech sectors, working in artificial intelligence, cloud, data and machine learning. The cohort includes B2B-location engine Data Sutram, cybersecurity startup FireCompass, and AI-focused Metabob.
Amazon India launches ‘Multi-Seller Flex’
Ecommerce major Amazon India has announced the launch of ‘Multi-Seller Flex’ (MSF) that will help reduce operational costs for sellers in Tier II cities and beyond. Multi-Seller Flex sites are fulfilment centres (warehouses) operated by authorised third-party service providers (local entrepreneurs). Amazon India partners with these local entrepreneurs to help sellers get access to storage space for their inventory and processing of customer orders.
Twitter non-compliant with IT Rules on May 26, named officials as contingent arrangement later: MoS IT
Twitter was non-compliant with the IT rules on May 26 when the new regulations came into effect, but the microblogging platform has subsequently appointed a chief compliance officer and a resident grievance officer as a contingent arrangement, Parliament was informed on Thursday.
Zomato, Paytm, others face temporary disruption after Akamai outage
Various online platforms in the country, including Zomato and Paytm, faced temporary disruption in services late Thursday evening due to a global outage at internet infrastructure company Akamai Technologies. While some of the websites showed ‘can’t be reached’, others reflected ‘DNS failure’. A number of other international websites also suffered outage.
Edited by Anju Narayanan
