BUSINESS

    US court orders Byju’s to freeze $533 million owed to lenders

    New York: The steering committee representing term-loan lenders of Byju’s $1.2 billion loan on Friday said that a US judge has ordered to prohibit further movement or use of $533 million by the edtech company, which is owed to lenders. According to the steering committee’s statement, the company’s co-founders Byju Raveendran and Divya Gokulnath are prohibited by the judge from further transferring or using any of the $533 million in loan proceeds previously held by Camshaft Capital Fund, and subsequently transferred to an unnamed and unknown offshore trust. The court also found that Raveendran and Gokulnath “are working in concert with the defendants and ordered them to comply with its ruling”. In its ruling, the court confirmed that the transfer of funds from Byju’s Alpha, the edtech firm’s US subsidiary, and their continued concealment, “likely constitutes a fraudulent conveyance”. “The fact that the parent company is attempting to hide where the assets are…
    BUSINESS

    Disney, Reliance sign binding pact for India media merger: Report

    Walt Disney Co. and Reliance Industries Ltd. have inked a binding agreement to merge their media operations in India, reported Bloomberg News quoting people familiar with the development. The media unit of Reliance and its affiliates are expected to own at least 61 per cent of the merged entity, with Disney holding the rest, added the people quoted in the report.  As of now, none of the two entities have officially released any statement on the deal. However, the sources also said that the signing of the agreement along with other details is likely to be announced this week. They added that the stake split between the two companies may change at a later stage, depending on how Disney’s other local assets are factored in. It may be noted that Disney owns a minority stake in broadcast service provider, Tata Play Ltd, which Reliance may consider acquiring, as per media…
    BUSINESS

    Sebi cautions investors against fraudulent trading platforms offering stock market access via FPI route

    Capital markets regulator Sebi on February 26 cautioned investors against fraudulent trading platforms, claiming to facilitate stock market access to Indians through Foreign Portfolio Investors (FPIs) route. Sebi noted that fraudsters are enticing victims through online trading courses, seminars, and mentorship programs in the stock market, leveraging social media platforms such as WhatsApp or Telegram, as well as live broadcasts. Posing as employees or affiliates of Sebi-registered FPIs, they coax individuals into downloading applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy “institutional account benefits”— all without the need for an official trading or demat account, Sebi said adding that these operations often use mobile numbers registered under false names to orchestrate their schemes. The cautionary statement came after Sebi received a number of complaints regarding fraudulent trading platforms.
    BUSINESS

    Byju’s investors vote to remove CEO after ‘rowdy’ Zoom call. What next?

    Major investors of embattled edtech firm Byju’s voted to oust founder Byju Raveendran as the chief executive officer (CEO) on Friday after a Zoom call that lasted for hours. The proceedings of the Extraordinary General Meeting (EGM), called by major investors of Byju’s, faced delays as several employees of the edtech firm tried to disrupt proceedings, reported Bloomberg news quoting two people who attended. It was reported that on multiple occasions during the meeting, unidentified participants attempted to disrupt the proceedings by using whistles and other loud noises. Over 60 per cent of the investors voted for Raveendran’s ouster at the EGM, including Prosus NV and Peak XV Partners, citing mismanagement and other challenges at the edtech company. Prosus released a statement to confirm that the shareholders passed all the resolutions put forward for a vote. The development comes as a huge blow to the man who was once considered a poster…
    BUSINESS

    GPT Healthcare IPO: Latest subscription, GMP on Day 2

    The Initial Public Offering (IPO) of GPT Healthcare Ltd, a regional healthcare company mainly operating in Eastern India, has seen a moderate subscription rate on its second day of trading. The IPO, which made its debut at the stock market on Thursday, February 22, 2024, witnessed a subscription status of 37 per cent on its first day. Breaking down the subscription, the retail portion of the issue received a higher interest, with a subscription rate of 66 per cent. However, the non-institutional investors (NIIs) portion saw a modest subscription of 18 per cent, while the Qualified Institutional Buyer (QIBs) portion is yet to garner any bids. As of noon on Friday, February 23, 2024, the subscription stands at 0.64 times, indicating a lukewarm response from investors. In the retail category, the IPO saw a subscription of 1.07 times, while the QIB category remained unsubscribed, and the NII category recorded a subscription…
    BUSINESS

    UPI, Aadhaar set to drive India to $8 trillion economy by 2030

    New Delhi: Digital Public Infrastructure (DPIs) like Unified Payments Interface (UPI) and Aadhaar are poised to propel India towards a $8 trillion economy by 2030, helping the country achieve a $1 trillion digital economy target, a Nasscom-led report said on Wednesday. With successful mass adoption and larger economic impact, DPIs are impacting approximately 1.3 billion citizens, covering 97 per cent of India’s population. The matured DPIs enabled a value creation of $31.8 billion, equivalent to 0.9 per cent of India’s GDP in 2022. Aadhaar has enabled an economic value of $15.2 billion, primarily through the elimination of Direct Benefits Transfer leakages. UPI, on the other hand, has replaced cash transactions and electronic transfers across sectors, contributing $16.2 billion, according to the report by Nasscom in collaboration with global consulting firm Arthur D. Little. “India’s digital transformation, propelled by DPIs, marks a leap towards a digitally-empowered economy, a cornerstone of ‘techade’, driving…
    BUSINESS

    Amazon plans to launch low-priced fashion vertical ‘Bazaar’ in India

    New Delhi: E-commerce giant Amazon is set to launch a low-priced fashion and lifestyle vertical called ‘Bazaar’ in India. According to a communication the company has sent to its partners, the new vertical Bazaar is a special store where no “extra charges” will be imposed on vendors supplying unbranded and “trendy” fashion and lifestyle products, reports TechCrunch. “Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication. The items sold via Bazaar will be priced under Rs 600, the report noted. In the communication, the e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee. Meanwhile, net sales for Amazon increased 14 per cent to $170 billion in the holiday quarter that ended December 31, 2023, compared with $149.2 billion in the fourth quarter of…
    BUSINESS

    Tesla’s first India manufacturing plant likely to be set up in Gujarat: Report

    Electric vehicle (EV) manufacturing giant Tesla is likely to establish its first local India manufacturing plant in Gujarat, reported Ahmedabad Mirror. An announcement is likely to be made during the Vibrant Gujarat Summit scheduled for January 2024, with Tesla CEO Elon Musk likely to be present for the occasion. As per the report, Gujarat’s strategic advantages, including its favourable business environment and strategic location, have positioned it as the preferred destination for Tesla’s manufacturing endeavours. It added that the state government has proposed multiple locations, including Sanand, Dholera, and Becharaji, as potential sites for the Tesla plant. This move aligns with Tesla’s goal of addressing both domestic and international demands, including exports, from its Indian manufacturing base. Speculation about Tesla’s entry into the Indian market has been circulating for some time, with discussions ongoing between the company and the Indian government regarding concessions and regulatory considerations. While the government’s official stance is…
    BUSINESS

    Sensex, Nifty end higher as heavyweight stocks gain; Nestle India up 5%

    The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory. Benchmark stock market indices ended the trading session on a positive note on Tuesday as heavyweight stocks such as Reliance Industries Limited, ITC and SBI registered gains. The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory.
    BUSINESS

    EV sale picking up despite removal of tax exemptions in Telangana

    Hyderabad: Electric car sales, which saw a substantial drop after the State government withdrew the lifetime road tax and registration fee exemption enjoyed by electric passenger cars in July, are once again picking up with EV car manufacturers and dealers deciding not to pass on the tax amount to customers. The government has replaced the exemption from paying road tax for electric cars with a fee that ranges from 11 to 15 percent. Currently, EV car dealers in the State are deducting the road tax amount from the total price of the vehicle. In fact, they are using the tax amount as an incentive to attract customers. The customers are saving amounts ranging between Rs.1.6 lakh to Rs.2.5 lakh (Under Rs. 15 lakh vehicle cost) depending upon the cost of the car. According to Jasper Industries Private Limited (Secunderabad branch) sales manager K Venkatesh, after the State government withdraw the road…

    BUSINESS

    • Mar- 2024 -
      15 March

      US court orders Byju’s to freeze $533 million owed to lenders

      New York: The steering committee representing term-loan lenders of Byju’s $1.2 billion loan on Friday said that a US judge has ordered to prohibit further movement or use of $533 million by the edtech company, which is owed to lenders. According to the steering committee’s statement, the company’s co-founders Byju Raveendran and Divya Gokulnath are prohibited by the judge from further transferring or using any of the $533 million in loan proceeds previously held by Camshaft Capital Fund, and subsequently transferred to an unnamed and unknown offshore trust. The court also found that Raveendran and Gokulnath “are working in concert with the defendants and ordered them to comply with its ruling”. In its ruling, the court confirmed that the transfer of funds from…

      Read More »
    • Feb- 2024 -
      26 February

      Disney, Reliance sign binding pact for India media merger: Report

      Walt Disney Co. and Reliance Industries Ltd. have inked a binding agreement to merge their media operations in India, reported Bloomberg News quoting people familiar with the development. The media unit of Reliance and its affiliates are expected to own at least 61 per cent of the merged entity, with Disney holding the rest, added the people quoted in the report.  As of now, none of the two entities have officially released any statement on the deal. However, the sources also said that the signing of the agreement along with other details is likely to be announced this week. They added that the stake split between the two companies may change at a later stage, depending on how Disney’s other…

      Read More »
    • 26 February

      Sebi cautions investors against fraudulent trading platforms offering stock market access via FPI route

      Capital markets regulator Sebi on February 26 cautioned investors against fraudulent trading platforms, claiming to facilitate stock market access to Indians through Foreign Portfolio Investors (FPIs) route. Sebi noted that fraudsters are enticing victims through online trading courses, seminars, and mentorship programs in the stock market, leveraging social media platforms such as WhatsApp or Telegram, as well as live broadcasts. Posing as employees or affiliates of Sebi-registered FPIs, they coax individuals into downloading applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy “institutional account benefits”— all without the need for an official trading or demat account, Sebi said adding that these operations often use mobile numbers registered under false names to orchestrate their schemes. The cautionary…

      Read More »
    • 24 February

      Byju’s investors vote to remove CEO after ‘rowdy’ Zoom call. What next?

      Major investors of embattled edtech firm Byju’s voted to oust founder Byju Raveendran as the chief executive officer (CEO) on Friday after a Zoom call that lasted for hours. The proceedings of the Extraordinary General Meeting (EGM), called by major investors of Byju’s, faced delays as several employees of the edtech firm tried to disrupt proceedings, reported Bloomberg news quoting two people who attended. It was reported that on multiple occasions during the meeting, unidentified participants attempted to disrupt the proceedings by using whistles and other loud noises. Over 60 per cent of the investors voted for Raveendran’s ouster at the EGM, including Prosus NV and Peak XV Partners, citing mismanagement and other challenges at the edtech company. Prosus released a…

      Read More »
    • 23 February

      GPT Healthcare IPO: Latest subscription, GMP on Day 2

      The Initial Public Offering (IPO) of GPT Healthcare Ltd, a regional healthcare company mainly operating in Eastern India, has seen a moderate subscription rate on its second day of trading. The IPO, which made its debut at the stock market on Thursday, February 22, 2024, witnessed a subscription status of 37 per cent on its first day. Breaking down the subscription, the retail portion of the issue received a higher interest, with a subscription rate of 66 per cent. However, the non-institutional investors (NIIs) portion saw a modest subscription of 18 per cent, while the Qualified Institutional Buyer (QIBs) portion is yet to garner any bids. As of noon on Friday, February 23, 2024, the subscription stands at 0.64 times, indicating…

      Read More »
    • 21 February

      UPI, Aadhaar set to drive India to $8 trillion economy by 2030

      New Delhi: Digital Public Infrastructure (DPIs) like Unified Payments Interface (UPI) and Aadhaar are poised to propel India towards a $8 trillion economy by 2030, helping the country achieve a $1 trillion digital economy target, a Nasscom-led report said on Wednesday. With successful mass adoption and larger economic impact, DPIs are impacting approximately 1.3 billion citizens, covering 97 per cent of India’s population. The matured DPIs enabled a value creation of $31.8 billion, equivalent to 0.9 per cent of India’s GDP in 2022. Aadhaar has enabled an economic value of $15.2 billion, primarily through the elimination of Direct Benefits Transfer leakages. UPI, on the other hand, has replaced cash transactions and electronic transfers across sectors, contributing $16.2 billion, according to the…

      Read More »
    • 21 February

      Amazon plans to launch low-priced fashion vertical ‘Bazaar’ in India

      New Delhi: E-commerce giant Amazon is set to launch a low-priced fashion and lifestyle vertical called ‘Bazaar’ in India. According to a communication the company has sent to its partners, the new vertical Bazaar is a special store where no “extra charges” will be imposed on vendors supplying unbranded and “trendy” fashion and lifestyle products, reports TechCrunch. “Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication. The items sold via Bazaar will be priced under Rs 600, the report noted. In the communication, the e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee.…

      Read More »
    • Dec- 2023 -
      28 December

      Tesla’s first India manufacturing plant likely to be set up in Gujarat: Report

      Electric vehicle (EV) manufacturing giant Tesla is likely to establish its first local India manufacturing plant in Gujarat, reported Ahmedabad Mirror. An announcement is likely to be made during the Vibrant Gujarat Summit scheduled for January 2024, with Tesla CEO Elon Musk likely to be present for the occasion. As per the report, Gujarat’s strategic advantages, including its favourable business environment and strategic location, have positioned it as the preferred destination for Tesla’s manufacturing endeavours. It added that the state government has proposed multiple locations, including Sanand, Dholera, and Becharaji, as potential sites for the Tesla plant. This move aligns with Tesla’s goal of addressing both domestic and international demands, including exports, from its Indian manufacturing base. Speculation about Tesla’s entry into…

      Read More »
    • 19 December

      Sensex, Nifty end higher as heavyweight stocks gain; Nestle India up 5%

      The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory. Benchmark stock market indices ended the trading session on a positive note on Tuesday as heavyweight stocks such as Reliance Industries Limited, ITC and SBI registered gains. The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory.

      Read More »
    • 19 December

      EV sale picking up despite removal of tax exemptions in Telangana

      Hyderabad: Electric car sales, which saw a substantial drop after the State government withdrew the lifetime road tax and registration fee exemption enjoyed by electric passenger cars in July, are once again picking up with EV car manufacturers and dealers deciding not to pass on the tax amount to customers. The government has replaced the exemption from paying road tax for electric cars with a fee that ranges from 11 to 15 percent. Currently, EV car dealers in the State are deducting the road tax amount from the total price of the vehicle. In fact, they are using the tax amount as an incentive to attract customers. The customers are saving amounts ranging between Rs.1.6 lakh to Rs.2.5 lakh (Under Rs.…

      Read More »
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