Suzano SA, the world’s largest wood pulp supplier based in São Paulo, reported a substantial loss of BRL 3.77 billion ($680 million) for the quarter ending June, marking the company’s largest quarterly loss since 1998. This loss starkly contrasts with the BRL 5.1 billion profit reported during the same period last year. Analysts had projected a profit of BRL 2.13 billion, according to…
Binance has announced a significant recovery of over USD 73 million in user funds stolen through external hacks as of July 31, 2024. This achievement surpasses the approximately USD 55 million the exchange managed to recover throughout 2023.
Jimmy Su, Binance’s Chief Security Officer, emphasized the role of blockchain technology in enhancing security: “Blockchain technology provides a robust…
In the formative years of Facebook, few would have predicted the monumental role that Aditya Agarwal would play in shaping the company’s technological landscape. Joining Facebook in 2005 as a relatively unknown engineer, Agarwal was quickly thrust into a high-stakes challenge by none other than Mark Zuckerberg, the company’s visionary founder. As recounted by Agarwal, this challenge would…
In an exclusive interview with ET’s Pranav Mukul and Samidha Sharma, Sahil Barua, CEO of Delhivery, sheds light on the evolving dynamics of the logistics industry and the challenges facing quick commerce. Barua discusses how the rapid growth of quick commerce is reshaping market shares, particularly impacting traditional kiranas rather than traditional e-commerce platforms.
Barua highlights that…
Equity Residential has announced a significant acquisition, agreeing to purchase 11 apartment properties from Blackstone’s real estate unit for approximately $964 million. This transaction, marking the largest apartment purchase by a public REIT in seven years, includes complexes located in Atlanta, Dallas/Fort Worth, and Denver. The 3,572 units are poised to enhance Equity Residential’s…
Shares of Zillow Group surged on Thursday following the company’s announcement of a new CEO and its better-than-expected second-quarter financial results. The real estate services firm revealed a narrower loss of $0.07 per share, significantly less than the previous year and well below analysts’ forecasts. Revenue for the quarter increased by 13% to $572 million, surpassing…
Biocon, a leading biotechnology firm, announced a dramatic increase in its consolidated profit after tax for the first quarter ending June 2024. The company’s profit surged more than six times to ₹660 crore, driven by a significant one-time gain resulting from its collaboration with Eris Lifesciences through Biocon Biologics.
The substantial profit growth highlights the impact of strategic…
The Indian stock market saw a remarkable surge on Friday, with the BSE Sensex soaring more than 1,000 points and the Nifty50 climbing above 24,350 in early trade. At 9:16 AM, the BSE Sensex was trading at 79,687.89, marking a gain of 802 points or 1.02%. Meanwhile, the Nifty50 stood at 24,350.55, up by 234 points or 0.97%.
This rally comes after a brief pause on Wednesday, as market sentiment was…
Ola Electric: Bhavish Aggarwal in India’s billionaire list, worth $1.44 billion as stock rallies 17%
Ola Electric Mobility Ltd’s stock experienced a significant surge of 17% following its muted market debut, propelling the company’s founder Bhavish Aggarwal into the ranks of India’s billionaires. Aggarwal, who holds a substantial 36.94% stake in the company, saw his net worth soar to approximately ₹12,104 crore (about $1.44 billion) as a result of the rally.
The Ola Electric IPO, which…
Gokaldas Exports Limited, a leading apparel manufacturer and exporter, has reported a 16.5% decline in its profit after tax (PAT) for Q1 FY25, totaling ₹27.2 crore, down from ₹32.6 crore in the same quarter of the previous year. The decrease in PAT was attributed to production disruptions in April and May, which led to shipment delays and increased costs for overtime and…
