Business News at 05:30 pm on 20th May, 2024

Let’s begin…India’s Data Centre capacity is expected to record the highest capacity addition of approximately 850 MW during the 2024-2026 period, higher than major APAC countries, said a report by CBRE South Asia. According to a CBRE report, titled ‘Asia Pacific Data Center Trends Q1 2024’, India tops major APAC countries with the highest data center capacity of around 950 MW in the Asia-Pacific region (excluding China), overtaking major countries like Australia, Hong Kong SAR, Japan, Singapore, and Korea. After India, Japan recorded the second-highest Data centers (DC) capacity with 892 MW, followed by Australia at 773 MW, Singapore at 718 MW, Hong Kong at 613 MW and Korea at 531 MW.

Up next, Only 28 per cent of organisations feel “very prepared” to navigate the complexities of impact investing, despite over 50 per cent of them having strong interest in it, including engagements with India’s Social Stock Exchange and other innovative models, such as social bonds and pay-for-success, reveals Deloitte India’s CSR preparedness survey. The survey further highlights that 50 per cent of organisations are re-evaluating their CSR strategies due to changing local and global regulatory landscapes and enhanced disclosure requirements. Interestingly, India’s CSR landscape is evolving from a compliance-driven activity to a strategic imperative as 80 per cent of organisations recognise CSR as a critical part in shaping their organisations’ corporate strategy.

Meanwhile, Uber has been granted an aggregator license by the Transport Department, Government of Delhi, to operate buses under the Delhi Premium Bus Scheme. Each Shuttle vehicle will be able to accommodate between 19 to 50 passengers and will be operated by local fleet partners utilizing Uber’s technology. The formal launch of Uber Shuttle, a bus service tailored for daily commuting needs, brings to fruition a pilot program that was initially tested in Delhi NCR and has been operational in Kolkata since last year under an MoU with the West Bengal Government. Leveraging Uber’s global expertise, Uber Shuttle aims to provide tech-optimized mobility solutions using private bus fleets, addressing road congestion and reducing carbon emissions by encouraging shared rides.

In other news, The Central Board of Direct Taxes has rolled out a new functionality in the Annual Information Statement to display the status of information confirmation process in real-time. This will display whether the feedback of the taxpayer has been acted upon by the Source, by either, partially or fully accepting or rejecting the same, according to an official release. In case of partial or full acceptance, the information is required to be corrected by filing a correction statement by the source. The AIS is available to all registered income taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). The statement provides details of a large number of financial transactions undertaken by the taxpayer which may have tax implications.

Up next, Awfis Space Solutions will be opening its IPO on May 20 to retail investors offering them 15.6 million shares. The company will be raising Rs 598.93 crore through fresh issues and offers for sale. The subscription will close on May 27. The company has set the IPO brand in a range of Rs 364 to 383 per equity share. A retail investor needs to bid for a minimum of one lot containing 39 shares amounting to Rs 14,937. The company is in the business of co-working space solution provider based in India. It caters its services mostly to individuals, start-ups, SMEs, and some large corporations. The company offers custom office spaces and mobility solutions.

In another development, Radico Khaitan announced that its flagship brand, Magic Moments Vodka, which had become the seventh largest globally last year, soared past expectations in the fiscal 2024, selling over 6 million cases. This amounted to sales worth Rs 1000 crore in comparison to the previous fiscal year’s sales of 5.2 million cases. With the current market share of 60 per cent nationwide, the brand has experienced a volume growth of 21 per cent compared to the previous year, showcasing its strong appeal and consumer preference. Adding to its spirit lineup, Magic Moments recently launched Pink Vodka, and the Holi Hai Edition towards the end of the financial year and received positive responses while significantly contributing to the overall sales.

Lastly, Kolkata Metro’s newly inaugurated underwater stretch, which connects Howrah to the state capital, has recorded around 24 lakh passengers commuting through it in the last two months, a statement from the Railway revealed. Commercial metro services began on March 15 for two key stretches: from Howrah Maidan to Esplanade on the Green Line 2, and from Kavi Subhash (New Garia) to Hemanta Mukhopadhyay (Ruby More) on the Orange Line. The Green Line 2 of East-West Metro, a part of which runs under the river Ganga, saw 24 lakh commuters hop on. The statement from the railway revealed that this helped the Metro railway generate Rs 3.40 crore just through that section. Howrah Metro station emerged as the busiest station in the last two months.