Bullets

India’s first opto-semiconductor chip manufacturing firm, Polymatech Electronics, plans to raise funds via an Initial Public Offering. The firm has filed for a Draft Red Herring Prospectus (DRHP) to SEBI.  

With a face value of ₹10 each and an issue size of ₹750 crore, Polymatech Electronics plans to bring out fresh equity shares.

The company plans to utilise funds worth ₹565.73 crore from IPO for purchasing machinery for its Tamil Nadu facility. Interested in investing in the IPO? 

While going through the DRHP of Polymatech Electronics, click here to know why companies wish to be listed on Stock Exchanges.

While Shell India has raised diesel prices by up to ₹20 per litre in a week due to international oil prices around USD 90 per barrel, public sector fuel retailers have kept rates unchanged for an unprecedented 18 months. 

Shell India, without its own refinery, sources products and adjusts prices based on international oil price surges since August. 

Is it time for a new approach to managing fuel costs?

Crude oil: Price war vs Global Demand- learn more here.

Today, the ICC Men's Cricket World Cup begins in India. To encourage women's participation, around 30,000-40,000 women from Ahmedabad will attend the opening match between England and New Zealand at the Narendra Modi Stadium for free. 

Local BJP leaders are distributing tickets and offering complimentary tea and lunch coupons to mobilise women, inspired by the recent passage of the women's reservation bill in Parliament.

To discover the advantages of the World Cup for you, click here.
 

Vedanta Resources, led by billionaire Anil Agarwal, is in advanced talks with JPMorgan Chase and Standard Chartered Bank to secure a $3 billion refinancing deal. 

This move aims to prevent a potential default as the company faces bond repayments of $3.1 billion in 2024-25. 

While the London-based parent company has relied on dividends from its subsidiaries to meet payment obligations, it has depleted the cash reserves of Vedanta Ltd and other units, constraining their growth potential.

To know all the details about the company, click here.

Maggi noodles manufacturer Nestlé witnessed a stock price hike of 4.45% on October 3 with the announcement of a stock split and interim dividend. Nestlé's board of directors will consider the proposal for the division of shares of ₹10 face value each.

With the financial report for the September quarter, the final call on stock split will be released on October 19.

35.6% growth in net profit in the June quarter has attracted people's attention towards Nestlé India.

With so much going on, Nestlé India's old rivalry with HUL is bound to take an interesting turn. Read here to get insight into the competition between the two giants.

X's CTO Elon Musk plans to make the platform an "everything app". In a video post on October 2nd on X, Musk revealed a video game streaming and live shopping feature.

A 40-minute streaming of the game Nightmare Dungeon game by Musk followed a partnership with Paris Hilton's 11:11 Media company for live shopping. 

Looks like Elon is powering up his idea of making X the "super app" competing with China's WeChat. What about X's ongoing capital troubles?

Musk and X is a combination of drama. Read here to learn how X, previously Twitter, has been suffering ever since its management change.

Man Industries' shares reached ₹196.70 today following an order worth around ₹400 crore, with the customer's identity kept confidential.

Specialising in pipe manufacturing, the company anticipates completing the project within six months and holds an unfulfilled order book valued at approximately ₹1600 crore.

In the June 2023 quarter, the company recorded a 13% increase in net profit, reaching ₹11.88 crore, with a revenue of ₹464 crore.

To learn about another company that recently secured an order equivalent to half of its market capitalisation, click here.

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.