Hike

Hike lays off around 55 people after GST surge in online gaming: CEO

Kavin Bharti Mittal-founded Hike, which owns Rush Gaming Universe, has laid off about 55 people - more than one-fifth of its total workforce to absorb the impact of the GST hike on online gaming, a top company official said on Thursday. The development comes within a week of gaming unicorn Mobile Premier League (MPL) laying off about half of its India team or close to 350 people to cut down cost burden due to the increase in GST to 28 per cent. "About 55 people, out of which 24 are non-full-time employees. Closer to 22 per cent. Business is in the best shape ever but this 400 per cent increase in GST is a bazooka pointed at us. We'll need to absorb some of it and as a result the reduction in workforce at Hike/Rush," Hike Founder and CEO Kavin Bharti Mittal said. The entire team of Hike is engaged in the development of Web 3 gaming platform Rush Gaming Universe'. Investors in Hike include Tencent, Foxconn, Bharti Group, Tribe Capital, Polygon, Flipkart co-founder Binny Bansal, seri

Updated On : 10 Aug 2023 | 4:44 PM IST

JK Tyre bullish on demand, hikes price by 6-7% to offset higher input costs

Optimistic about demand growth in the current fiscal, JK Tyre & Industries Ltd on Thursday said it has increased price by 6-7 per cent and a further hike is under consideration to reduce the raw material cost pressure. The leading tyre maker said EBITA has started improving and it is likely to be better in the forthcoming quarters. "On an average, the cost input impact on the company due to the unprecedented commodity price inflation was around 30-35 per cent over the last 18 months. We have taken consistent price hikes in the last fiscal and even in this fiscal further price increase to the tune of 6-7 per cent has been done, JK Tyre president (India) Anuj Kathuria said. However, the company has not been able to pass on the entire cost increase and further price hikes are under consideration, he said on the sidelines of the launch of two new tyres for the truck and bus radial segments. "EBITA is improving and it is expected to get better in the subsequent quarters with the price .