Bullets

The awaited Digital Personal Data Protection Bill is only one step away from becoming a law as it passes Lok Sabha. Now, after receiving maximum votes from the upper house, Rajya Sabha, the bill would become law.

This bill would safeguard the data privacy of 1.4 billion Indians and will include certain improvements from the Right to Information Act 2005.

Fines up to ₹250 crore would be levied on entities violating the bill’s terms. Data thieves, beware!

Read here to know what pointers may be included in the upcoming bills acts by MeitY.

Food delivery, quick commerce, B2B ingredient platform, Deepinder Goyal's startup has been able to do it all, except earn profits. Well, the profit pain point has actually changed (up to some extent).

The 15-year-old startup finally declared a ₹2 crore PAT for the quarter ended June 2023.

The turnaround has led to a rise in share price by over 13% in a single day! The only problem is, the profit is a result of tax provisions, not operational improvement alone.

State Bank of India is trying to sell bad loans worth ₹96,000 crore to Asset Reconstruction Companies (ARC) in order to clear its financial books, 

The non-performing loan amount has witnessed a 3x increase over last year's amount.

A list of 331 accounts had been sent to the ARC which included loans of the Future Group, companies promoted by Anil Ambani, Videocon Group, Jaypee Group, Visa Power, Shirpur Power, ABG Shipyard and a few more.

Meanwhile, you can click here to learn more about another less well-known bank.
 

Reliance's telecom unit, RJIL, obtained $2.2 billion in funding from Swedish Export Credit Agency. The fund would be utilised to finance the equipment and services for the 5G rollout by RJIL.

RJIL has imported gear from Swedish & Finnish companies Ericsson and Nokia to fulfil its 5G network demands.

Also, Reliance's newly demerged entity Jio Financial Services might be listed soon, as per chairman Mukesh Ambani. Ambani wishes to make JFS India's largest non-banking lending arm as soon as possible.

Did you know that Reliance was once the target of the intelligence agency RAW? Check out the mysterious story here.

Byju's has been regularly in the news, much like a daily ritual of sipping morning tea.

After facing a legal dispute with lenders over a $1.2 billion loan, alleging bogus default claims for control. 

The deadline for loan restructuring negotiations was August 3, and as a result, there was uncertainty and a delay in financial reporting. 

Talks with lenders are scheduled for next week. Till then, for those interested in a comprehensive understanding of the matter, click here.
 

In June, Apple achieved a historic milestone by reaching a $3 trillion valuation. 

However, due to reduced sales and disappointing fourth-quarter results, the company's shares recently fell by around 4.2%. 

As a result, Apple's market value decreased by about $150 billion, falling to $2.85 trillion. 

Navigating through such market changes can be challenging. Meanwhile you can click here for interesting success tales of Indian companies.
 

Madras High Court dismissed 14 out of 16 cases filed against Google Billing Policy by Indian startups Bharat Matrimony, Unacademy, and more. Court said that the case falls under the jurisdiction of CCI, and any decision taken by the body would apply to both parties.

Industrial body ADIF, who led the appeal for the startups, has disclosed its decision to appeal for the HC’s decision.

Google’s new billing policy charges 11-26% of commission, previously 15-30%, by app developers.

This fight between Indian startups and Alphabet’s Google will not end soon. To check what happened or will happen, click here.

Temasek, a Singapore-based Investment firm, has agreed to invest ₹1,200 crore into the four-wheeler passenger electric vehicle arm, Mahindra Electric Automobile Limited (MEAL).

The investment will be made in the form of Compulsorily Convertible Preference Shares (CCPS) at a valuation of up to ₹80,580 crore, a 15% increase from the previous valuation.

The Mahindra & Mahindra group has set their “wheels” in motion🚗! 
 

Contrary to the panic spread, the import of laptops and other consumer electronics is NOT BANNED. Vendors like Apple, Dell, HP and more will need special licensing to import these devices.

Vendors will have a one-month period to fulfil orders placed before the implementation of this law. Also, devices bought abroad and brought back to India will not face any restrictions.

Coupled with "PLI 2.0", this move will support the "Make in India" scheme...

and ruin your Diwali tech shopping.🤣

SpiceJet, facing financial challenges, plans to offer 5.91% stake to Carlyle Aviation Partners in exchange for reducing its debts. 

Carlyle will convert SpiceJet's dues of $28.16 million into equity shares at ₹48 each, surpassing the airline's recent closing price of ₹31.42 per share. 

The airline also seeks to issue a 20% stake to Spice Healthcare, owned by its CEO Ajay Singh. 

Will these moves help SpiceJet soar again?
 

Digital ID creator Worldcoin will allow third parties, governments and companies, to use its ID-verifying technology. OpenAI CEO Sam Altman’s company uses iris scanning to create World IDs for individuals.

The motive of Worldcoin’s establishment is to help identify humans among AI bots.

The announcement of sharing data and technology with 3rd parties has raised privacy concerns. Kenya is among those nations that have suspended Worldcoin activities to check data protection & privacy risks.

The Adani Group aims to secure a total of ₹15,000 crore by issuing listed and unlisted bonds ranging from ₹500 crore to ₹1,000 crore, primarily for fulfilling capital expenditure needs. 

Interestingly, there seems to be a cycle of raising funds to clear debts and subsequently raising funds again for debt repayment. 

The practicality of this strategy raises questions to us🤨
 

Foxconn Group has been making headlines because of minor confusion. The iPhone manufacturer has signed a ₹1600 Crore deal with the Tamil Nadu government to set up a mobile components manufacturing facility.  

The agreement will go through Foxconn’s subsidiary Hon Hai Technology Group.

But, media outlets confusedly believed the deal to be signed with Foxconn Industrial Internet, to which FII declined. FII & the TN government are said to have discussed future agreements whose outcome is unclear.

Byju’s is giving 90s movie heroines a run for their money as it is falling into trouble one after another. Davidson Kempner Capital Management accused Byju of financial misconduct. 

The New York-based investment firm has taken control over Aakash Educational Services. The CEO & CFO of AESL has resigned as well.

Byju’s raised ₹2000 Crore fund from Davidson Kempner in May 2023 and planned to take Aakash public. But, like many of us, planning things out doesn’t seem to work for Byju’s.

Tata Consultancy Services' new CEO, K Krithivasan, who took charge on June 1, has initiated a significant restructuring. 

The Industry Solutions Unit (ISUs) will now be regrouped into key business groups based on industry segments, enhancing customer centricity and driving growth. 

These changes will be implemented from August 1 onwards. 

Be prepared for a change towards the consumer under TCS' new leadership!
 

Tiger Global, who held 4.1% shares in Flipkart, sold it to the parent company Walmart and exited with a gain of $3.5 billion.

The American investment firm invested in Flipkart in 2009 when it was valued at $42 million and left the e-commerce at a valuation of $35 billion.

Tiger Global’s departure from Flipkart is said to be the largest exit from a firm. The reason behind its departure is left unsaid for now.

To jointly borrow $600-750 million, the conglomerate is in discussions with Barclays, Deutsche Bank AG, and Standard Chartered.

With the latest $394 million in funding from Barclays and Deutsche Bank AG, Adani New Industries is moving closer to building a sizable, integrated green hydrogen industry. 

The conglomerate's borrowing choices draw attention as it grows its green business initiatives. 
 

Apart from 2 Maintenance Vehicle Pull Outs and 1 SUV launch in India, Toyota plans to form a base in the country. The Japanese automotive company plans to establish a manufacturing unit in India.

Toyota has an industrial park in Bangalore and is considering planting an EV components facility here. This is per Toyota's plan to sell 3.5 million Battery Electric Vehicles by 2030.

The deal, if it goes through, would be a significant boost to India's EV sector.

Jio Financial Services Ltd. recently separated from Reliance Industries, and now it joins forces with BlackRock in a 50-50 venture called Jio BlackRock. 

Their goal is to offer affordable and innovative investment solutions to millions of Indian investors through technology. 

With an initial investment of $150 million each, this partnership is poised to shake up the Indian market.

Will this collaboration be a game-changer? Time will tell.
 

M&M invested ₹417 crore in RBL Bank for a 3.95% stake on July 26, becoming the second largest shareholder, after Baring Private Equity Asia with a 9.9% stake in the bank.

M&M may increase its investment but would not exceed a 9.9% stake. (Not like they can anyway, RBI prohibits conglomerate holding in banks from exceeding 10%).

Indian investors had a mixed reaction to this news, as RBL shares jumped ~9% since the investment, while M&M shares fell by ~7%.