Bullets

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%.

Taiwan-based Foxconn’s subsidiary plans to invest $200 million in an electronics component manufacturing plant in Tamil Nadu. As per Reuters, CEO of Foxconn Industrial Internet (FII) Brand Cheng, government officials and the CM of Tamil Nadu met to discuss the investment.

FII wishes to establish the plant by 2024 with an initial investment of $180 million to $200 million.

Alongside, Foxconn is looking for a new JV partner to enter India’s semiconductor sector after breaking things off with Vedanta.

Apple seems to be going through the same fate as Google. Around 1500 app developers in the UK have joined hands to file a lawsuit worth $1 billion against the tech giant.

The 15-30% commission charged by Apple plays a huge role in its revenue rise as well as a monopoly in the market.

Along with Japan and Europe. the lawsuit filed by the UK’s Competition Appeal Tribunal is a new addition to Apple’s legal troubles.

ITC will finally separate its hotel business, with 40% stake retained and 60% given to shareholders. 

This move will attract suitable investors aligned with the hospitality industry, subject to board approval on August 14th. 

With travel picking up, it's a stock worth watching closely🧐. 

To know more about ITC and this demerger, click here.

Gujarat really is the GIFT that keeps on giving...

The dry state will establish the brand new Hirasar airport 30 km away from Rajkot, which will be inaugurated by PM Narendra Modi on his Gujarat trip on July 27 and 28.

The airport cost ₹1,405 crore to build under an MoU between the Airport Authority of India and the Civil Aviation Department of the Gujarat Government. The greenfield airport aims to facilitate the ceramic industry in Morbi and similar businesses.

OpenAI CEO Sam Altman launched a cryptocurrency project named Worldcoin this Monday. The project is designed to assist in differentiating AI bots from humans present online using an in-person iris scan.

World IDs created using Worldcoin’s “orb” would work as digital passports verifying humanness with iris scans. Worldcoin would offer 25 crypto tokens "WLD" to users on signup.

Worldcoin’s motive to identify humanity in an AI-influenced world seems hypocritical after the development of ChatGPT.

Byju's has reached an initial agreement to renegotiate its $1.2 billion term loan B with lenders holding over 85% ownership. 

Before August 3, 2023, the parties want to complete the amendment, preventing the possibility of speeding up the process of repayment of loan. 

Byju's COO, Mrinal Mohit, also gave staff assurances that there would be no more layoffs in the tuition-centre sector.

Seems like their train is getting back on track.
 

Adani Group bids adieu to the financial sector by selling its 90% stakes in Adani Capital and Adani Housing to Bain Capital. The 90% stakes value is around ₹1600 crore, with CEO & MD Gaurav Gupta holding the remaining 10% stake.

The transaction between both parties is expected to occur by the year's fourth quarter.

Chairman Gautam Adani finds Bain Capital a credible investor and deems it the right time for the group to exit the NBFC sector.

BYD Motors, the world's largest EV maker by sales, has been rejected by the centre from establishing a manufacturing unit in India. FDI policy's strict regulations seem to be the cause for rejection.

BYD Motors with Megha Engineering and Infrastructures Ltd. submitted a proposal to set up a $1 billion four-wheeler manufacturing facility in Hyderabad which was seemingly rejected.

With the proposal's decline, BYD Motors' wish to compete with Tesla in the global market is likely delayed.

Infosys reported a Q1 FY24 net profit of ₹5,945 crore, up 11% from the previous year. 

However, because of the revised revenue growth prediction of 1%-3.5% for the whole year, as opposed to the original estimate of 4%-7%, the company's share price opened lower and fell by about 10%. 

Despite this, major companies' increasing focus on Indian markets indicates well for our economy.
 

Suspended in March 2023, Adani Enterprises led PVC project in Mundra will resume with a ₹34,000 crore funding. An SBI-led consortium has provided significant backing, with ₹14,500 crores funded by public sector banks and the other half by private lenders.

A PVC plant with an initial capacity of 1 million tonnes would be set up by Mundra Petrochem, Adani Enterprises’ subsidiary, under the project.

Dharavi project and now Mundra PVC project, Adani is back in action.

Tata Group plans to invest $5.2 billion in the UK, establishing an electric vehicle battery plant to support Jaguar Land Rover and other European manufacturers. 

This action will strengthen the UK auto industry significantly and generate about 4,000 new direct employment. 

The gigafactory will start producing batteries in 2026 to supply JLR's next electric vehicles.

To me this signals a turning point for the UK's automobile sector and a move towards a more environmentally friendly automotive future.