Bullets

EdTech firm Byju's long-delayed FY22 results will be released by the end of this week.

There's too much action going on in Byju's basement, from the resignation of auditor Deloitte to Vedanta executive Ajay Goel's hiring as CFO. After an 18-month delay in filing FY21 results, waiting for the release of annual reports is now a custom for Byju's.

After a 19-month wait, Byju's negative or positive future will be revealed. So, stay tuned with Insider.   

Learn how Byju's ship came to be on shaky grounds by clicking here.

Troubled wellness firm Mojocare plans to return around ₹100 crore to its investors. This news came out after the founders' end revealed revenue inflation and sales figures.

Facebook co-founder Eduardo Saverin's B Capital, Chiratae Ventures, and Peak XV Partners are the firm's most prominent investors. Additional vendor payments must be made before returning the capital to the original owners.

Looks like the wellness firm should have focused on its own health first.😅

While we are on the subject of health, check out the article on Pharmaceutical Sector Analysis to see how the industry is faring.

Tata Motors (TML) is selling a 9.9% stake in Tata Technologies (TTL) for ₹1,613.70 crore to TPG Rise Climate, valuing TTL at around $2.0 billion.

This divestment aligns with TML's deleveraging strategy. TTL, a TML subsidiary, specialises in engineering services for global OEMs, strongly focusing on the automotive sector. 

TPG Rise Climate, an arm of TPG's impact investing platform, is involved in climate-focused investments, having previously invested $1.0 billion in Tata Passenger Electric Mobility. 

To read about Tata Technologies upcoming IPO, click here.

Tata Steel is implementing eco-friendly measures by utilising hydrogen, solar, and wind energy sources to reduce carbon emissions by 7%-10% per ton of crude steel. 

It has already introduced hydrogen in one blast furnace in Jamshedpur and plans to use renewable energy sources in a Tata Power agreement. 

Additionally, a syngas pilot facility at the Kalinganagar plant will replace coke-in blast furnaces, with a scheduled launch in February 2024. 

Meanwhile, check: How Tata Steel earned more profits than TCS?

Swiggy has increased the platform fee it charges customers for food orders from ₹2 to ₹3. This 50% rise was then copied by Swiggy’s competitor Zomato as well.

The reason for the hike is said to be the food delivery platform’s way to improve its unit economies. The platform fee is charged in addition to the delivery fee customers pay for orders below ₹200.

Interestingly, Swiggy One customers also had to pay this fee despite subscribing to the loyalty programme.

Read an interesting tale of the food war between Kissan and Maggi to nurse your heart from the damage the food industry is causing

Despite solid revenue growth, Avenue Supermarts anticipates a year-on-year decline in Q3 2023 net profit due to operational challenges. 

Standalone revenue surged nearly 19% YoY to ₹12,308 crore, yet net profit is expected to decrease by about 3% to ₹666 crore, per five brokerages' estimates. 

Analysts are keen to hear the management's insights on the forthcoming quarter, which will benefit from increased spending during the festival season and higher in-store foot traffic.

For an in-depth analysis of DMart, click here.

Manipal Group’s chairman, Ranjan Pai, is set to invest between $250- $300 million into Byju’s subsidiary, Aakash Institute, amid ongoing disputes with its founders, JC Chaudhry and Aakash Chaudhry. 

Pai is also exploring potential co-investments with undisclosed private equity firms. A significant portion of this investment, up to $170 million, will go toward settling Byju’s outstanding debt to US-based investor Davidson Kempner (DK). 

To learn more about Byjus' struggles, click here.
 

With 6.62 million active clients, Groww has pushed Zerodha aside to be the biggest stockbroking firm in the nation. Zerodha found home as the runner-up with 6.4 million active users.

At the same time, Angel One and Upstox took 3rd and 4th positions as per data from September 2023.

This is a massive achievement for Groww, who began operations in 2020, whereas Zerodha has been the market leader since 2019.

Are you a Groww or Zerodha user? If you wish to join the leading firm, check out this review article for all the juicy details.

Tata Consultancy Services (TCS) ended the second quarter with a 9% Y-O-Y hike in consolidated net profit of ₹11,342 crore. In contrast, consolidated revenue of ₹59,692 crore was reported, expressing an 8% Y-O-Y hike.

TCS Board also announced an interim dividend of ₹9 per share and approved a buyback share worth ₹17,000 crore.

The quarter growth of 0.5% in revenue and 2.4% in net profit showcases the firm's somewhat mediocre financial growth.

While the quarter results of TCS were announced, check out the financial story of another Tata company by clicking here.

Prominent business figure Naveen Jindal has expressed interest in purchasing financially troubled airline Go First, which is owned by the Wadia family.

The bid was submitted through Jindal Power, an unlisted entity under Naveen Jindal's closely held company, Worldone Pvt Ltd. It remains uncertain whether this interest is for full acquisition or a strategic investment. 

While other bidders failed to meet eligibility criteria, stakeholders are actively seeking legal avenues to revive the airline, emphasising adherence to legal processes.

Go First will be the first Indian commercial carrier to seek bankruptcy protection voluntarily. To know about why did the company crash. Click here.

Axis Bank has partnered with Fibe (formerly EarlySalary) to introduce India's first numberless credit card designed for tech-savvy Gen Z consumers. 

This innovative card enhances security by not displaying a card number, expiry date, or CVV on the physical card. 

Customers can access their card details via the Fibe app for added control and security. It's powered by RuPay and can be linked to UPI, making it widely accepted.

Meanwhile, discover India's Top 5 Banks and their financials here.

The International Monetary Fund (IMF) predicts India's economy to be the world's largest. With a 20 basis point increase from July, India's 2023-24 GDP growth is estimated to be 6.3%.

IMF's announcement for India's GDP growth now intercedes with the World Bank's projection of the India Development Update.  

The IMF also revealed forecasts for the global GDP growth in 2023 at 3.0% and reduced the 2024 prediction by 0.1% to 2.9%.

These predictions are bound to affect global currencies. Click here to know where the US Dollar and Indian Rupee stand.

Bajaj Finance has teamed up with Amazon and Flipkart, India's top e-commerce platforms, for the Amazon Great Indian Festival and Big Billion Days Sale. 

This collaboration, timed for the festive season, offers customers exclusive deals, competitive pricing, and convenient no-cost EMI financing options. 

Bajaj Finance, part of the Bajaj Finserv group, is a versatile NBFC serving over 40 million customers across India.

What makes Bajaj Finance preferable for Investors? To know, click here.

General Motors announced further layoffs, totaling nearly 200 employees, citing the United Auto Workers (UAW) strike. 

This strike has now impacted the company's sixth plant. Initially, around 2,100 workers were affected by the strike at two assembly plants and 18 parts distribution centres. 

However, the latest update reveals that the number of affected workers has increased to approximately 2,300, with layoffs occurring at various locations, including Michigan and Ohio.

Learn about Byju’s, another company known for layoffs and missteps, in this article.

The food delivery sector has seen lots of adverse action these past few months, and now market leaders are also affected. Delivery workers from Swiggy and Zomato went on strike.

Better distribution of orders & workloads, optimisation of pickup & drop distances, comprehensive insurance coverage for workers & their families, and equitable access to incentive programmes are some demands.

Organised by Shiv Sena-affiliated Rashtriya Karmachari Sena and the Indian Federation of App-based Transport Workers (IFATW), thousands of workers are protesting.

Know how many of these demands are valid in the retrospective of Zomato by clicking here.

Cipla’s possible stake sale is seeing a roadblock in the form of a lack of common grounds from the promoter’s end. Cipla has a 33% promoter’s stake and was valued at around ₹1 lakh crore on September 2022.

As per inside sources, Cipla’s founders planned a deal keeping the company’s valuation at ₹1.09 trillion.

Now, the likely deal is on hold due to promoters being unaligned for the company’s valuation.

Cipla is one of the biggest pharmaceutical companies in India. Know whether investing in pharma companies is a complicated process by clicking here.

Institutional investments in Indian real estate surged to $4.6 billion in January-September 2023, a 27% year-on-year increase. 

The investments for the first nine months of 2023 have already reached 93% of the total inflows recorded in 2022 despite a complex global economic landscape. 

Some recent deals include Brookfield India REIT and GIC investing $14 million in office assets, Pragati Group securing $200 million from a Singapore-based fund, and HDFC Capital Advisors investing over $182 million with Abhinandan Lodha's group.

Is India's Real Estate Industry a Booming Sector for Investors? Check here.
 

Abu Dhabi Investment Authority (ADIA) plans to buy a 0.59% stake worth ₹4,966.8 crore in Reliance Retail Venture Limited (RRVL). The transaction is going to take place via a wholly-owned subsidiary of ADIA.

The fundraising round will increase RRVL's valuation to ₹8.38 lakh crore from September's valuation of ₹8.36 lakh crore. It would be the third funding in Mukesh Ambani's Reliance Retail for the fiscal year.

Ambani's big plans are indeed in motion.

Wondering what those "plans" are? Read about Reliance Industries Ltd.'s future intentions by clicking here.

Bajaj Finserv's shares surged over 3% and Bajaj Finance rose 1.8% following the latter's board approval to raise ₹8,800 crore through Qualified Institutions Placement (QIP) and an additional ₹1,200 crore via convertible warrants. 

Bajaj Finance will issue 15,50,000 preferential warrants to its promoter, Bajaj Finserv, which can be converted into equity shares within 18 months. 

The conversion will increase Bajaj Finserv's stake in Bajaj Finance from 52.45% to 52.57%.

For detailed company analysis of various players, click here.

Well-known Real Money Gaming (RMG) firm Dream11 has taken possession of Sixer. The fantasy game firm allows customers to buy and sell fantasy stocks in cricket players.

Based on cricket players' real-life performance, the price of the stocks rises and falls in Sixer.

Sixer's founder, Amay Makhija, believes his firm to be the future of fantasy sports and is optimistic about the deal. The deal size was not revealed.

This acquisition comes at a time when the Directorate General of GST Intelligence (DGGI) is passing dozens of notices for a 28% GST penalty. Click to know the matter in detail.