As Ola ramps up its hiring for the electric mobility business, the urban mobility firm is in the process of firing nearly 1,000 employees, The Economic Times reported on Friday quoting company insiders and recruitment agencies.

An earlier report by the newspaper had stated that the firm was laying off around 400-500 employees, while the annual appraisals for many staff were yet to be formalised.

One97 Communications, the parent company of Paytm, has prioritised the payments and distribution of lending products businesses while allocating the resources, as the company aims to achieve operating profitability by the second quarter of FY23.

The digital payments company presented the annual report for FY 2021-22 for the first time as a publicly listed company. Vijay Shekhar Sharma, the founder and Chief Executive Officer (CEO) of Paytm said the company has recorded rapid growth in payments and a huge scale-up in lending and payments devices businesses.

Domestic giant Tata Steel on Wednesday said it has inked a pact with a Bengaluru-based startup for drone-based mining solutions for effective mine management.

The primary goal of this collaboration is to jointly develop and offer sustainable and end-to-end integrated solutions that will focus on efficiency, safety, and productivity of open cast mining operations.

Hindustan Aeronautics Ltd (HAL) has signed a $100 million contract with US engine-maker Honeywell, for 88 engines to power the indigenous Hindustan Turbo Trainer – 40 (HTT-40), on which Army, Navy and Indian Air Force (IAF) pilots will first learn to fly.

“HAL signed a contract worth over $100 million for supply and manufacture of 88 TPE331-12B engines/kits along with maintenance and support services to power the HTT-40,” stated a Ministry of Defence (MoD) press announcement on Wednesday.

After two decades of being stuck in a trademark infringement suit, the Delhi High Court gave a judgment in favour of Cadbury and restrained an Indian company from selling its products that are similar to Cadbury Gems.

Justice Prathiba M Singh told an Indian company on Tuesday to pay Rs 16 lakh damages to British chocolate company Cadbury for infringing the Cadbury Gems trademark.

The Union Cabinet on Wednesday cleared a Rs 1.64-trillion package for Bharat Sanchar Nigam Ltd (BSNL) as part of a four-year turnaround plan. The package includes a mix of financial support, debt restructuring, viability-gap funding, and administrative allotment of spectrum, which may help the state-owned telecom service provider to de-stress its balance sheet, improve landline network, and launch 4G service.

It is expected that with the implementation of this revival plan, BSNL will turn around and earn profit in FY2026-27, Telecom Minister Ashwini Vaishnaw said.

In an unprecedented action, Indian aviation regulator DGCA has directed low-cost airline Spicejet to operate only 50 per cent of its flights for eight weeks. This follows an unusually high number of incidents involving the airline, raising safety concerns.

The curtailment of capacity is unlikely to have any commercial impact on the airline owned by entrepreneur Ajay Singh. SpiceJet already operates less than 50 per cent of the flights it had filed for the summer schedule.

The Indian Space Research Organisation (ISRO), through its commercial arms, has earned 279 million dollars in foreign exchange by launching satellites for global clients, Union Minister Jitendra Singh told the Lok Sabha on Wednesday.

In a written reply to a question, Singh said ISRO in association with its commercial arms has successfully launched 345 foreign satellites from 34 countries on-board Polar Satellite Launch Vehicle (PSLV).

Pakistani rupee (PKR) reached a new low against the US dollar on Tuesday, closing at Rs 232.93 in the interbank market.

The local unit closed at Rs 232.93 in the interbank market, up from Rs 229.88 a day earlier, as it shed Rs3.05 or 1.31 per cent against the dollar, data from the State Bank of Pakistan (SBP) showed.

With better than expected Rs 1.45 lakh crore bids coming in on the first day, the auction of 5G spectrum entered the second day on Wednesday with the opening of the fifth round.

Firms run by tycoons Mukesh Ambani, Sunil Bharti Mittal and Gautam Adani as well as Vodafone Idea are participating in the e-auction to buy fifth-generation (5G) airwaves.

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