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Your daily dose of crisp, spicy financial news in 80 words.
Captains stay with the sinking ship, but this doesn’t seem to be true with cash-strapped startup Dunzo. First, the largest shareholder, Reliance Retail’s Chief of Business Operations Ashwin Khasgiwala and Finance Head Rajendra Kamath, left the board in August. Now, Co-Founder Dalvir Suri has parted ways.
There are even speculations of another Co-Founder, Mukund Jha, leaving the troubled firm.
Cash-flow issues and pending dues have resulted in the exit of several representatives from the board.
It would be tough to interpret how Dunzo will sail in the storm. But you won’t have to worry about how to analyse the real estate industry. Click here to take advantage of this booming sector now.
Vedanta Limited, owned by billionaire Anil Agarwal, has announced a strategic move to demerge its various businesses into six separate listed entities, including metals, power, aluminium, and oil and gas.
These entities include Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited.
Shareholders of Vedanta Limited will receive one share in each of these newly listed companies for every one share of Vedanta Limited they hold.
Meanwhile, explore the IT sector's challenges and potential solutions here.
Emami's stock price surged nearly 5% in early trading after the company announced its entry into the juice sector.
Emami acquired a 26% equity stake in Axiom Ayurveda Pvt Ltd, the company behind "AloFrut" beverage products.
Axiom Ayurveda also offers a range of carbonated beverages, including mocktails and energy drinks, along with Ayurvedic healthcare juices under the Jeevan Ras brand.
Emami's move into the juice category signals its diversification efforts in the FMCG sector.
Read here to know about Himalaya: The company that bottled Ayurveda.
Formerly Google's General Manager, Kiran Mani, will now be the CEO of Viacom18's subsidiary JioCinema. Kiran would lead technology development for the company and head partnerships with Hollywood studios.
Mani is well known for being the former adviser to Bodhi Tree investment firm and handling Google's Asia Pacific region.
With Mani's appointment as the CEO, JioCinema's wish to expand its reach in the nation would be the priority.
Meanwhile, read about what RIL has in the plan for its telecommunications firms by clicking here.
India’s newest airline company shocked the nation when it revealed being in a crisis due to a lack of pilots. Akasa Air lodged a complaint against 48 pilots who jumped ships without completing the mandatory notice period.
Delhi High Court ruled in favour of Akasa Air, giving them the power to take action against pilots and airlines opposing the Civil Aviation Requirements (CAR).
Read here to know how Akasa Air might be on the verge of shutting down.
Several real-money gaming firms, including Dream11 and Head Digital Works, are preparing to take legal action against the ₹55,000 crore in tax dues they recently received notices for.
Dream11 has already filed a petition in the Bombay High Court, and others are expected to follow suit.
With the possibility of total GST dues reaching ₹1 lakh crore, these companies are seeking legal remedies to address their tax challenges, especially in the wake of the 28% GST on gaming.
The Indian online gaming industry faces uncertainty and potential challenges due to these tax-related developments. To know more, click here.
ICICI Lombard has received a government notice demanding ₹1,728.86 crore in taxes for alleged GST non-payment.
The notice, related to co-insurance and reinsurance transactions from July 2017 to March 2022, was disclosed by the company recently.
This follows similar tax notices issued to Delta Corp and Dream11.
These tax challenges highlight the growing scrutiny on financial transactions and tax compliance in India, potentially impacting various sectors.
For insights into how the recent GST increase has affected Delta Corp, click here.
Answering the growing demand for insurance and pension funds, the Indian Government is bringing out first-ever 50-year bonds. The bonds, worth ₹30 billion, will be sold between October and February.
As per the borrowing plan of the Reserve Bank of India, 50-year tenor bonds, along with 30 and 40-year tenor ones, would help boost India's financial security and retirement plans.
This announcement gives an insight into citizen's expanding financial awareness.
Indians' idea of saving for the future is improving, but is our national currency in pace with the advancement? Read to know where Rupee stands.
Newly appointed Byju’s CEO, Arjun Mohan, plans to restructure the troubled EdTech firm. What doesn’t come as a surprise is how those plans include Byju’s tradition of laying off employees.
The major changes would include cutting 4,000-4,500 jobs, almost a third of the total workforce, as a cost-cutting method. This number may go up or down depending on individuals.
Alongside plans to sell Epic and Great Learning and layoff, what else would Byju’s have in store? Time will tell.
Meanwhile, read about the best solutions to analyse the IT companies by clicking here.
Cash-strapped quick-commerce company Dunzo is planning to cut its workforce by 30-40%, following two previous rounds of layoffs that affected nearly 400 employees this year.
The company is also in advanced talks for a $25-30 million funding round with key investors Reliance Retail, Google, and Lightrock. However, the valuation is yet to be determined.
Securing funds could be Dunzo's lifeline as it strives to overcome financial challenges and legal issues.
This situation reminds me of Byjus for some reason. To learn more about Byjus' struggles, click here.
Real Money Gaming (RGM) company Dream11 was forwarded a GST tax notice of ₹25,000 crore from the Directorate General of GST Intelligence (DGGI). This is said to be the largest indirect tax notice in India.
Companies like Play Games24x7 Pvt. Ltd. & its affiliates, Head Digital Works Pvt. Ltd. were part of the dozen pre-show cause notices of ₹55,000 crore served by DGGI.
The recent change of GST rates to 28% has overturned grounds for several gaming companies.
To know how the sudden GST hike affects the gaming industry, click here.
JSW Infrastructure's IPO has officially commenced today and will remain open for subscription until September 27th.
This IPO offers a fresh issue component valued at ₹2,800 crore by the company, with no offer-for-sale portion.
The price band for the issue has been set at ₹113-119 per share. The company will finalise the basis of allotment for IPO shares by October 3rd, with shares set to be credited to eligible investors' demat accounts by October 5th.
For details on JSW Infrastructure's financial performance, the purpose behind the IPO, and insights to help you decide whether to apply, click here.
For the coming 4-5 years, Apple plans to increase iPhone production in India to $40 billion (around ₹3,32,520 crore) from $7 billion. Apple deems India a key market at present and is setting to capitalise on it.
Along with iPhones, the tech giant is also organising the production of Airpods by next year.
With the many plans in motion, will Apple be able to amplify the number of switchers (Android to iPhone adopters) in India? Only time will tell.
Meanwhile, read about how you can profit from social media accounts with a simple adaptation by clicking here.
Delta Corp, a major Indian casino company, has received a tax notice of ₹11,139 crore from the Directorate General of GST Intelligence, Hyderabad.
This significant development coincides with the company's recent challenges, including imposing a 28% indirect tax on gaming company revenues by India's GST Council in July.
These tax issues could notably impact Delta Corp's standing in the Indian stock market.
Meanwhile, to know about the impact of the GST hike on Delta Corp., click here.
Omnichannel jewellery retailer Bluestone is close to setting a ₹550 crore funding round in which Zerodha co-founder Nikhil Kamath is pumping ₹100 crore. Bluestone's founder Gaurav Kushwaha informed that the company’s valuation reached ₹3,600 crore.
Other investors for the fund include Manipal Group chairman Ranjan Pai, Infoedge Ventures, IIFL, and Zomato founder and CEO Deepinder Goyal and Amit Jain, respectively.
With Tata Group increasing its stake in CaratLane, this news raises the bar for the jewellery market competition.
Curious about Tata Group? Read here to learn more about one of the essential companies under it.
Glenmark Pharmaceuticals is selling a 75% stake in its subsidiary, Glenmark Life Sciences (GLS), to Nirma for ₹5651.50 crore at ₹615 per share.
After the deal, Glenmark Pharma will retain a 7.84% stake in GLS.
The transaction is subject to regulatory and shareholder approvals, and Nirma will make an open offer to GLS's public shareholders. Glenmark Pharma aims to focus on growth and financial strength, creating value for shareholders.
To understand why investing in the pharmaceutical sector may not be the best choice, read this article.
Byju's has announced a significant leadership change in its India operations. Arjun Mohan, a company veteran, is taking over as the CEO of Byju's India, replacing Mrinal Mohit.
Arjun Mohan, who was previously Byju's Chief Business Officer and had a period at upGrad as CEO, has returned to the company.
This change shows Byju's commitment to growing in edtech, but will it pay off?
To learn more about the edtech giant's challenges, click here.
USA grocery delivery startup Instacart launched a $9.9 billion IPO, and the co-founder Apoorva Mehta made a fortune of $1.1 billion. Mehta handed his executive chairman position to CEO Fidji Simo and left the startup as a billionaire.
Instacart is USA’s largest grocery delivery company in revenue, valued at $9.9 billion.
Apoorva Mehta is the largest shareholder of the company. Instacart plans to expand into the advertising and grocery software business.
Also, read about Zomato’s idea of service: pretty packaging and rotten food by clicking here.
Infosys and NVIDIA are expanding their collaboration to integrate generative AI into enterprises, aiming to enhance productivity.
Infosys will leverage NVIDIA's AI Enterprise ecosystem and create offerings for easy AI integration. Additionally, Infosys plans to establish an NVIDIA Center of Excellence to train 50,000 employees in NVIDIA AI technology.
The partnership spans various sectors and this collaboration represents a significant step towards leveraging generative AI for business growth and innovation.
Meanwhile, to know whether ChatGPT is making you an AI slave, click here.
A sudden departure of 43 pilots has brought Akasa Air to a knife's edge. The aviation company informed the Delhi High Court of being “in a state of crisis” and may shut down.
Pilots who jumped ships to rival companies did so without serving the stipulated six-month notice period. Akasa Air has filed a writ petition against them.
The ongoing turbulence in the aviation industry and around 600 to 700 flight cancellations in September lands Akasa Air in a tight spot.
Meanwhile, read here about a different industry that might cause trouble for investors.
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