Bullets

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.

Torrent Pharmaceuticals is in early discussions with Apollo Global Management for a $1 billion loan to bid on a 33.4% stake in Cipla. 

They're also considering partnerships with CVC Capital Partners and Bain Capital for up to $1.5 billion in funding. 

Apollo may acquire part of Cipla's stake as succession concerns loom with the senior age of Cipla's top leadership.

To know why investing in the pharmaceutical industry is not always the right idea, check this article.

A huge relief to the Over-The-Top (OTT) players!

The Department of Telecommunications (DOT) has removed OTT platforms from the list of Telecommunication Services in the Telecom Bill. Hence, OTTs won’t be regulated similarly to telecom services.  

Apps like Whatsapp, Telegram, and Signal will be regulated differently than telecom services as per the existing Indian Telegraph Act. 

MeitY will regulate OTT platforms, whereas broadcasting apps like Netflix will fall under the Ministry of Information & Broadcasting (MIB) jurisdiction.

The Ministry of Electronics & Information Technology (MeitY) plans to add a section for OTT regulation in the Digital India Act. Read here to know what else would be a part of the new act.

India is set to implement gradual customs duties on telecom components to discourage imports and bolster domestic manufacturing. 

The Department of Telecommunications is contemplating a 10% import duty starting in January, which will escalate to 15% by October the following year. 

This initiative aligns with the government's Phased Manufacturing Programme, strategically fostering local production and adding value to the telecom sector.

This move signifies India's determined push toward self-reliance and growth in the telecommunications industry.

Learn about a lesser-known telecom company with great investment potential here.
 

Foxconn, the Taiwanese contract manufacturer known for making iPhones, plans to double its workforce and investment in India by next year. 

While specific details are yet to be disclosed, Foxconn already operates a significant factory in Tamil Nadu with over 40,000 employees. 

The company is also exploring opportunities in the electric vehicle (EV) sector, indicating a broadening of its business horizons in India.

Is Foxconn's expansion a sign of India's growing importance in the global tech and EV markets?

Meanwhile read about Google Vs Indian Startups here.
 

Vodafone Idea paid ₹ 1,701 crore as the second annual spectrum instalment to the Department of Telecommunications (DoT). The amount was paid for the 5G Spectrum worth ₹18,799 crore VI acquired last year.

VI has opted to pay this due to the government in 20 equal instalments. The first instalment of ₹1,680 crore was paid in August 2022.

Interestingly, Vodafone Idea is the only operator that hasn't yet provided 5G services.

Read here about an underdog company in the telecom sector with many opportunities for investors.

India's largest bank, State Bank of India (SBI), plans to raise approximately ₹10,000 crore through 15-year infrastructure bonds next week to secure long-term capital. 

These bonds are expected to carry AAA ratings from ICRA and India Ratings, with issuance scheduled for September 22. 

The anticipated coupon rate falls in the range of 7.45-7.50%, offering a competitive spread over similar benchmarks.

SBI's move represents a strategic step toward strengthening the nation's infrastructure and securing long-term capital.

Meanwhile, to decode the business of IDFC First Bank, click here.
 

The UK government has agreed to provide Tata Steel with a grant of 500 million pounds. The company has also received a green light for an investment of 1.2 billion pounds to improve infrastructure at Port Talbot.

The motto of this deal would be to present Tata Steel with capital to boost ecologically sustainable steel production.

It would be interesting to witness Whether Tata Steel can overcome current challenges in its UK division with this investment.

Interested in more world news? Read here to know who will replace the Dollar for the prime position in the currency’s market.

SpiceJet has successfully made a $1.5 million payment to Credit Suisse, meeting its obligation following a Supreme Court directive. 

The court had recently issued a stern warning to SpiceJet's Chairman and MD, Ajay Singh, for failing to fulfil payments to Credit Suisse AG, even hinting at the possibility of jail time for non-compliance.

This payment by SpiceJet signifies a critical step in resolving the dispute, but it raises questions about the airline's financial stability and ongoing legal challenges.

To know why Airline industries are always struggling, click here.
 

NavIC (Navigation with Indian Constellation), the Made-In-India navigation system, would be mandated by the government for all smartphones by December 2025.

MeitY minister Rajeev Chandrasekhar said that the smartphones could either give support for NavIC-powered chips or use NavIC chipsets. NavIC is currently used in some mobile devices, cars, and by the Indian military.  

Tech giant Apple supports the NavIC protocol by including it in several iPhone15 models.

Know what other actions MeitY is undertaking for the benefit and security of Indian citizens by reading this article.

Classic Legends, backed by Mahindra & Mahindra, is set to invest ₹1,000 crore by FY26. 

The aim is to make a mark in India's mid-weight lifestyle motorcycle market and cater to the growing demand abroad. 

The funds will go into various areas like product development, marketing, distribution networks for global markets, and more. This financial boost will come from internal sources, existing stakeholders, and external investors.

Is this the road to Classic Legends' triumph in the world of classic motorcycles?

Click here to read about another automobile company that was in news recently.
 

Isha Ambani-headed Reliance Retail is planning a $3.5 billion fundraising in which $1.25 billion by Qatar Investment Authority and $250 million by KKR is collected. Now, they are looking for a fresh $1.5 billion infusion.

Along with the investors, parent conglomerate Reliance Industries Ltd. will also contribute to this investment.

This investment will raise Reliance Retail’s valuation. Looks like competitors will have to crane their necks further to lock eyes with Reliance Retail.🤔

RIL’s retail unit is not the only one with robust future plans. Read here what Reliance Industries has in store for the next step in world domination.

Byju's is once again in the spotlight amid allegations that it concealed $533 million in a little-known hedge fund from three years ago. 

Lenders seeking to recover the funds are at the centre of this dispute, claiming that this money serves as collateral for a $1.2 billion loan. 

According to Bloomberg, Byju's reportedly transferred over half a billion dollars to the Camshaft Capital Fund in 2022.

Is this a strategic move or a potential financial pitfall for Byju's?

For all the details about the company, click here.
 

TP Solar, subsidiary of Tata Power Renewable Energy is securing ₹3,521 crore from the US International Development Finance Corporation (DFC) for a new 4.3 GW solar manufacturing plant in Tamil Nadu, India. 

Tata Power aims to become a customer-focused energy solutions company, investing in solar modules, EV chargers, and energy management solutions. 

This venture is set to generate jobs for approximately 2,000 individuals.

Is this the turning point in Tata Power's journey towards sustainable energy dominance? 🧐

Curious about Solar Industries, a company unrelated to solar energy? Click here to learn more.