Bullets

The health-tech firm conducted a rights issue to raise ₹3,500 crore, opting for a share price 90% below its peak value to manage its debt. 

Despite being a leader in e-pharmacy, its current valuation is around $500 million-$600 million, notably lower than the previous peak of $5.6 billion in 2021. 

We have an interesting article on Why Investing in the Pharmaceutical Industry is not always the right idea. Make sure to give it a read.

US-based brokerage firm JP Morgan changed India's status from ‘neutral’ to 'overweight’ after the recent market dive. Indian stock market dropped by 7% in the past week, resulting in a loss for investors in lakh crores.

With this, JP Morgan advised the investors to take advantage of the dip by leveraging on additions.

Interestingly, the brokerage firm added Sun Pharma, Bank of Baroda, and Hindustan Unilever to its EM model portfolio.

Meanwhile, read how the global currencies are faring in the rapidly changing market here.

Reliance Industries Ltd. Chairman’s children, Isha, Akash, and Anant Ambani, received the proprietary nod as non-executives of the board. On the same side, RIL released its Q2 annual reports showcasing a Y-o-Y net profit rise of 30%.

With a consolidated net profit of ₹19,878 crore in the second quarter, RIL maintained its position as India's most valued company. 

Looks like the new generation of Reliance Group will have big shoes to fill. 

Click here to learn more about RIL's upcoming plans.

Ola Electric recently closed a fundraising round, securing ₹3,200 crore, with participation from Temasek and SBI, among others. 

This funding, consisting of both equity and debt, will support Ola's EV business expansion and the establishment of its gigafactory in Tamil Nadu. 

Despite some scepticism from investors due to concerns over scooter quality and a rumoured IPO, Ola Electric's valuation has risen to approximately ₹44,410 crore ($5.4 billion) from its previous $5 billion valuation in January last year.

Read here to know about the Upcoming IPOs in 2023-24.

Telecom company Vodafone Idea's loss fattened from ₹7,595 crore to ₹8,737 crore last September. Loss occurred despite an increase in revenue of ₹10,716 crore from ₹10,615 crore from the previous year.  

Factors like Net Interest and Finance Costs saw a rise from ₹6,033 crore to ₹6,534 crore for the quarter, leading to the widening of loss.

With ₹2.127 lakh crore debt as of September 2023, Vi’s troubles seem never-ending.

Meanwhile, read which foreign brand is having trouble entering India by clicking here.

ICRA, the rating agency, predicts the hotel industry will see robust revenue growth in FY24, driven by increased domestic and international travel. 

The G20 summit and ICC World Cup 2023 have also contributed to the sector's growth. It anticipates premium hotel occupancy rates of 70-72% and average room rates of ₹6,000-6,200. 

The medium-term outlook remains promising with improved infrastructure, air connectivity, demographics, and new convention centres. 

Is the hotel industry on the path to a strong recovery?

Valiant Communications has secured an international contract with Bhutan Power System Operator (BPSO) through a partnership with Tejas Networks, a Tata Group company. 

This collaboration includes the supply of Communication, Protection, and Synchronisation solutions. 

Valiant is also looking to explore more global opportunities in partnership with Tejas due to Tata Group's extensive reach. 

Additionally, Tejas has placed extra orders for the Indian utility market, totaling ₹608 lakh. For detailed analysis of the company, click here.

Shares of Vedanta rose 2% to ₹219.40 after announcing Ajay Goel as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective October 30, 2023. 

Goel returns to Vedanta as part of the "Gharwapsi" re-hiring program. He served as acting CFO & KMP from October 23, 2021, to April 09, 2023. 

Goel departed from Vedanta earlier this year to join Byju's, from which he left after six months.

For in-depth insights into Vedanta Ltd, read this article.

Delta Corp shares surged over 8%, reaching ₹140.65, as the Bombay High Court instructed the Directorate General of GST Intelligence, Hyderabad, to withhold final decisions on tax show cause notices to the company and its subsidiaries. 

The notices alleged tax payment discrepancies by Delta Corp and its subsidiaries, Highstreet Cruises and Entertainment Pvt. Ltd, and Delta Pleasure Cruise Company Private Limited. 

Curious about the impact of the GST hike on Delta Corp Ltd.? Click here.

Honasa Consumer Pvt. Ltd., the parent company of Mamaearth and others, has announced launching an IPO worth ₹1,700 crore on 31st October.

With a fresh shares issue worth 365 crore, Honasa Consumer IPO also includes 4.12 crore offer-for-sale shares. With this, the unicorn firm Honasa Consumer plans to reach a valuation of ₹10,500 crore.

IPO of The Derma Co and BBlunt’s parent company is said to be the most anticipated IPO in the Indian consumer segment.

Check out the list of other most awaited IPOs of the fiscal year and see their growth prospects by clicking here. 

The stock market is in uproar after the US treasury yield crossed the 5% mark. Bombay Stock Exchange (BSE) Sensex has been down by 825.74 points, causing investors a loss of around ₹7.7 lakh crore.

On the other hand, the National Stock Exchange (NSE) NIFTY dived down by 260 points.

Apart from the US bond yield, factors like the ongoing Israel-Hamas war, oil price surge, and turmoil in the global market are the reasons for such downfall.

Reserve Bank of India received a recommendation from the Ministry of Electronics & Information Technology (MeitY) to control illegal loan apps. MeitY suggests introducing a detailed Know Your Digital Finance App (KYDFA) for companies to undertake before accessing the Indian Banking system.

This step will work as a barrier to trace and flush out illegal instant firms and allow customers to receive loans from legitimate apps.

MeitY, under Rajeev Chandrasekhar’s leadership, has been active this year to make the digital space safe and secure for both companies and citizens. Read the piece here on what MeitY is planning for India.

Adani Group announced refinancing part of the debt for acquiring Ambuja Cements and ACC by raising $3.5 billion, which is over ₹28,000 crore.

The debt has a three-year tenor with an interest cost of $300 million (around ₹24.7 lakh crore). The funds are raised via a consortium of banks involving Barclays Bank PLC, BNP Paribas, etc.

Whether the group’s good connections in the global market support stabilising the shaken financials is yet to be seen.

Also, read the tale of Adani Group getting into trouble and its counterattacks by clicking here.

Paytm, a high-performing stock, may become profitable soon, gaining 83% year to date and even outperforming Nifty's 8% return. 

Jefferies rates it 'buy' with a ₹1,300 target, forecasting profitability in four quarters, strong growth, double-digit EBITDA margins, and stable profits. 

Goldman Sachs predicts Paytm will be India's most profitable Internet company. To know more about the company's business model, check this article.

Japanese investment firm SoftBank plans to sell a 1.1% stake in Zomato. The deal, reportedly worth ₹1,024 crore, might take place through block deals on Friday.

On the other side, Tata Motors is buying 26.7% stakes worth ₹105 crore in Freight Tiger. The firm is planning an additional investment of ₹100 crore in the digital logistics solution platform over the next two years.

Read about Tata Motors' financials and company analysis by clicking here.

Two significant funding developments made headlines. Zetwerk, a B2B manufacturing unicorn, secured $120 million in a Series F round led by Avenir Growth Capital, with participation from various investors, including Footpath Ventures, Greenoaks Capital, and Lightspeed. 

In a separate move, Neo Wealth and Asset Management raised $35 million from Peak XV Partners, enhancing its growth prospects and wealth management divisions. 

Want to know about the different phases of funding for startups? Check this.

Employees' shares worth ₹7,14,918 crore ($86 billion) from OpenAI are looking for new owners, as per the Economic Times. ChatGPT developer is in discussion with potential investors for what they are calling a tender offer.

With this transaction, OpenAI would become one of the world's most valuable, closely held companies.

This would bring Microsoft-invested firms in close competition with SpaceX and TikTok parent ByteDance.

Curious about ChatGPT's famed firm, OpenAI? Click here to dive deep into the world of artificial intelligence-boosting companies.

CK Birla has reportedly engaged with Gautam Adani to sell his 37.9% promoter stake in Orient Cement after rejecting earlier offers from domestic firms that didn't meet his valuation expectations. 

An open offer for an additional 26% stake is expected due to takeover laws when a new controlling entity enters. Mails sent to Adani Cement remain unanswered.

This development raises questions about the future of Orient Cement and its place in India's cement industry.

Meanwhile, read here about the Top 5 fastest growing industries.

To protect the domestic market and avoid price hikes, the Directorate General of Foreign Trade (DGFT) announced an extension on sugar exports. The export of sugar has been drawn out to 31 October till further notice.

Poor monsoon season has affected the growth, leading to this declaration from India. However, this restriction does not apply to the sugar exported to the USA and EU.

How the nation’s sugar price would fare from this ban is yet to be seen.

Meanwhile, read here on how the poor pay more than others for essentials like rice and sugar.

HDFC Bank Ltd, in its first results following the HDFC merger, reported a 51% YoY increase in net profit at ₹15,976 crore for the September quarter. 

This exceeded expectations and was driven by reduced provisions. Although the Net Interest Margin (NIM) declined to 3.6%, below the bank's post-merger guidance, analysts have mixed opinions on the stock.

Some have increased price targets, while others lowered them due to short-term impacts on financial ratios resulting from the merger. 

Discover more about the merger by clicking here.