The CBI has arrested an Executive Director of GAIL in connection with the alleged Rs 50 lakh bribery case in which money changed hands to favour some contractors in the gas pipeline projects, officials said Tuesday.

Along with Executive Director (Projects) K B Singh of GAIL, four others have also been arrested, including Director of Vadodara-based Advance Infrastructures Surender Kumar, they said.

Shares of Nazara Technologies hit a 52-week high of Rs 853.25, as they surged 12 per cent on the BSE in Wednesday’s intra-day trade after the company announced plans to raise Rs 100 crore by issuing shares on preferential basis to Nikhil Kamath’s firms.

Nazara, diversified gaming and sports media platform, today said its board has approved preferential allotment of equity shares to raise up to Rs 100 crore, subject to necessary approvals.

Shares of GMR Power and Urban Infra were locked in the 20 per cent upper circuit at Rs 34.24, also its 52-week high on the BSE on Monday at 10:11 AM; after the company said GMR Group received Letter of Award (LOA) worth Rs 5,123 crore for smart metering project from Purvanchal Vidyut Vitran Nigam Limited.

Assam Chief Minister Himanta Biswa Sarma has announced that 22,000 posts will be advertised within the next two months in order to recruit one lakh people for government jobs under the present BJP-led regime.

At an official function, Sarma distributed appointment letters to 514 candidates of the last Assam Direct Recruitment Examination (ADRE) to fill up vacancies in Class-III and Class-IV posts under various departments.

Leading stock exchange BSE has revised the circuit limit of Jio Financial Services, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, to 20 per cent from the existing 5 per cent.

The new limits will be effective from Monday, September 4, according to a notification issued by BSE.

Swedish furniture maker Ikea is looking for omnichannel expansion with diverse retail formats besides kicking off online operations in Delhi-NCR by the end of 2024 as it enters the second phase of growth in the Indian market.

According to company India CEO Susanne Pulverer, Ikea is now planning to expand its operations by adding more stores to its network and considering new locations such as Pune and Chennai and increasing local sourcing making products more affordable here.

US retail giant Walmart has increased its stake in Indian e-commerce subsidiary Flipkart as it paid USD 3.5 billion (around Rs 28,953 crore) to acquire shares from its non-controlling interest holders in six months to July 31, 2023.

Additionally, during the six months ended July 31, 2023, the company received USD 700 million related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, said the Bentonville-based retailer in a US Securities & Exchange Commission (US SEC) filing.

Goods and services tax (GST) collection in August grew 11 per cent to Rs 1.59 trillion annually on account of increased compliance and anti-evasion measures.

In August 2022, collection was Rs 1.43 trillion.

However, during the month, the tax collected by the Centre (CGST) and the states (SGST), and the revenue from imports and inter-state sales moderated over the previous month.

Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries, is said to be in advanced talks with global investors to raise $2.5 billion by the end of this month. This latest fundraising plan follows RRVL bagging $1 billion investment in August from Qatar Investment Authority (QIA) for a 0.99 per cent stake. QIA valued the country’s largest retailer at a pre-money equity valuation of nearly Rs 8.28 trillion.

According to a Reuters report, based on three sources, the plan to raise $2.5 billion is part of a combined $3.5 billion target the firm has set for itself. The QIA investment was part of this exercise.

Food delivery and restaurant aggregation platform Zomato has introduced 'Foodie Buddy,' also known as Zomato AI, a personalised artificial intelligence (AI) based chatbot. The company said in its recent blog post that the chatbot has been designed to assist customers in making their dining choices.

According to the platform, this feature will be accessible exclusively to Zomato Gold members and will be launched in a phased manner.

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