Bullets

Australian investment firm GQG Partners invested $1.1 billion (around ₹9,000 crores) in Adani Power by buying an 8.1% stake via bulk deals. This marked the largest block deal between a single buyer and a seller, with 31.2 crore equity shares involved.

GQG Partners has been increasing its stake in the Adani group via several deals this year, including buying a 3% stake in Adani Transmission in July.

Adani Power’s shares closed with around a 2% fall on Wednesday.

The Hindenburg report started the chain reaction of troubles for the Adani group. Read here to know what took place in depth.

OLA has made some major declarations in its gala event in its Future Factory in Tamil Nadu. Seems like the company is ready to set fire to the electric two-wheeler market (hopefully not literally)!

The EV manufacturer unveiled its cheapest scooter, the OLA S1X, priced at ₹79,999 and four premium motorcycles. The deliveries for this bike will take place in a year.

Apparently, the company is also in the works of releasing EV cars by 2024.

Click here to read about another automobile company which, despite its laziness, is somehow the country's biggest player!

Rakesh Gangwal & family are selling their 4% stake worth ₹3,730 crore through a block deal. Gangwal has put up 15.6 million shares for sale at a floor price of ₹2,400 per share.

After resigning last year from the board of Interglobe Aviation (Indigo’s parent company), Gangwal planned to sell his stakes over the next five years.

By June 2023, Gangwal held a 29.72% stake in Indigo valued at ₹29,218 crore as per market price.

Meanwhile, the online gaming sector is fighting tooth & nail to reduce the 28% GST application. Read this article to know the matter between the GST Council & gaming sector.

With TCS, Tejas Networks has signed a master contract for the delivery, support, and annual maintenance of its Radio Access Network (the RAN) equipment for BSNL's Pan-India 4G/5G network, which covers roughly 1,00,000 locations. 

As a result of this contract, TCS issued the company a Purchase Order for ₹7,492 crore, nearly half of Tejas Networks Market Cap.

The order will be executed during the calendar years 2023 and 2024.

In other news, ITC reported a rise of 17.59% in its net profit for this quarter, can it be due to the demerger news? Click here to find out everything about the demerger.
 

Former employees and around 500 investors, represented by Swiss Investor Protection Association, will file a claim in Zurich's court as they faced significant losses when UBS took over the bank in March. 

Bondholders' investment worth $17 billion dollars became worthless. Also, the takeover didn't allow the shareholders of either bank to vote.

UBS had paid $3.4 billion for Credit Suisse which was less than half the bank's pre-deal market value.

There's another case which Indian startups have filed against Google, to read about it click here.
 

After signing an LoI with the Tamil Nadu government to set up a ₹1,600 crore mobile manufacturing plant, Foxconn is not done with India. The Taiwanese company aims to make India its third EV manufacturing destination after Ohio and Thailand.

While the details of the deal are still foggy, Foxconn aims to supply around 5-7 lakh EVs by 2025, meeting 5% of the global sales. There are also talks about possibly establishing a plant in Telangana or Tamil Nadu.

Foreign vehicle manufacturers aside, one of India's biggest automobile companies has something brewing with its shares. Read about it here.

After its government agency FSB released its suspicion of several Apple products being compromised, Russia banned its usage. The compromise of iPhones and iPads seems to be part of a U.S. espionage operation.

This ban is applicable to work-related activities; personal use is yet not prohibited.

As per Reuter, Apple has refuted Russia’s allegations, whereas FSB refused to comment on the matter.

Secrets make up the world, just like the secret of Satyendra Dubey’s death. Click here to learn how a whistleblower saw an unfortunate demise.

Deloitte Haskins & Sells LLP, the auditor for Adani Ports & SEZ, will resign in the coming days, just one year after being reappointed.

The cause is disagreements between the auditor and company management on the auditor's position on certain transactions. 

At Adani Group, this will be the third change of auditors in recent months. Walker Chandiok & Co LLP took over as auditor of Adani Total Gas after Shah Dhandharia & Co LLP resigned in May.

Click here to read in-depth articles about Gautam Adani and the organisation.
 

India's biggest stock broker Zerodha’s Asset Management Company, Zerodha Fund House, gets the go-ahead signal from SEBI. Founder Nithin Kamath's AMC will partner with the fintech platform Smallcase.

Vishal Jain, ex-head of ETFs at Nippon India Mutual Fund, will be the CEO of the newly formed mutual fund house.

Zerodha Fund House will soon bring its New Fund Offer (NFO). The new entry of a well-established player in the AMC space might create competitive ripples.    

Until you wait for Zerodha's NFO, read a detailed article on how stock brokers fuel fake advisories here.

The publicly traded insurance company declared a standalone profit of ₹9,544 crore for the June quarter. 

The same was ₹683 crore during the same quarter the previous year, which caused the share price to increase by over 4%.

Check out this article for more information about LIC's business, financial performance and the areas of concern in their business.
 

To help out founders in the early stages, venture capital firm Antler has launched an Open Network for Digital Commerce (ONDC) platform. Through this platform, founders could receive a pre-seed capital of ₹2.5 crore.

Antler’s ONDC platform would collaborate with Infosys chairman Nandan Nilekani’s Foundation for Interoperability in Digital Economy.

Initial stage funding is one of the most crucial steps for a startup, and Antler bringing this platform during difficult times is a wonderful opportunity.

Regarding investments, did you know that your favourite coffee chain is also one of the largest banks? Read here to know more.

The National Company Law Tribunal (NCLT) has finally approved the merger between Zee Entertainment Enterprises and Sony Pictures Networks India. After reserving the decision in early July, the merger train is finally good to go. 

The merger was halted multiple times since 2021 for reasons like SEBI’s action against key management and shareholders’ opposition. But now it’s finally happening.

Whether Punit Goenka will be the CEO of the merged entity or not is still unclear.

Till then, read what happened when BCCI stole from Zee Entertainment here.

The board of Axis Bank has approved the acquisition of additional shares in Max Life Insurance. With an investment of ₹1612 crore, their stake will rise from 9.99% to 16.2%. 

The bank would acquire the additional stake by subscribing to the preferential issue of about 14 crore fully paid-up equity shares at a market value of  ₹113.06 per share. 

Know in detail about what exactly is happening with Paytm and the change in shareholding. Look over this article.
 

The Monetary Policy Committee has decided to keep the Repo rate unchanged for the third time in a row. Based on this decision, the Repo rate will remain at 6.50%.

Due to increasing food prices, consumer inflation rose to 4.81% in June. While this number is within the RBI's comfortable standards, the central bank is preparing for possible aftereffects reaching into the month of July.

Click here to better understand the quantitative and qualitative aspects of RBI's monetary policy.

Society of Manufacturers of Electric Vehicles (SMEV) says that the central government’s decision to stop the FAME II subsidy will result in a massive loss for EV makers.

Loss of market share, unpaid dues, interest, and additional cost of capital could amount to a loss of ₹9,000 crore.

EV makers falsified localisation claims to avail of the government's incentives. This resulted in the Ministry of Heavy Industries halting the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles II.

Also, read about how Maruti Suzuki got up to the challenge by Hyundai in India here.

Gautam Adani's conglomerate could possibly be looking into selling its stake in the FMCG joint venture with Singapore's Wilmar. Adani Enterprises currently holds a 44 per cent stake in Adani Wilmar.

Since the release of this news, the FMCG giant's shares have fallen by around 5%.

The company suffered a ₹79 crore loss this quarter, citing falling oil prices and high inventory costs as the reason behind this shortfall.

Is Adani trying to get rid of oils from its diet to preserve its Fortune?🤔

The Adani group has lost even more money since the beginning of this year. Click here to read how.

Founder Byju Raveendran's efforts to appease Byju's Term Loan B (TLB) lenders aren't working. The increased interest rate for the $1.2 billion loan would likely take Byju's another $50-60 million back.

85% of the TLB creditors agreed to work out new terms for the loan by 3rd August, but nothing official has been announced yet.

Even if creditors accept Byju's proposal for a low-interest rate, how would the troubled EdTech generate the amount is the biggest question.

Catch another ongoing war between Indian forces and the foreign tech giant by reading here what happened between Google and Indian Startups.

Mobile Premier League, a company based in Bengaluru, announced 350 employee layoffs in response to the revelation that online gaming companies will now have to pay 28% GST.

In an email to the staff, co-founder Sai Srinivas stated that the 28% tax will increase the tax burden by 350%–400% and thus the company will have to make some difficult decisions.

Even after numerous requests, there is still no indication that the decision is being reconsidered. 

To learn more about the rate increase's specifics and how it will affect Delta Corp Ltd., read this article.
 

Vijay Shekhar Sharma, CEO and founder of Paytm will acquire a 10.3% stake from Antfin, increasing his shareholding to 19.42% making him the largest shareholder. 

Antfin (Netherlands) Holding B.V. held a 23.8% stake in Paytm, which will reduce to 13.5% after this deal. 

No cash is involved in the transaction. Sharma will buy a stake worth $628 million via his Netherlands-based firm Resilient Asset Management.

Stay tuned for an in-depth article about all that is happening.
 

Hero Motocorp's X440 has been received with much fervour by the Indian populace.

The Royal Enfield competitor brought in 25,000 orders for the Hero raising share prices by 3%. According to Hero, 65% of the orders were for the ₹2.69 lakh model.

The new entrant does not seem to steal the spotlight from the old player but adds to it. Siddhartha Lal's Eicher Motors reported a 50% increase in net profit, from ₹611 crore to ₹918 crore for Q1FY24.