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Your daily dose of crisp, spicy financial news in 80 words.
Market regulator SEBI has ordered IIFL Securities to stop its client onboarding for two years. The order comes as a result of the broker mismanaging client funds as its own.
IIFL Securities used the funds in the credit balance client accounts to settle the payments of its business' obligations.
From selling user data to misusing client funds, do new age brokers have no shame?!
After barring Zee's Chairman Emeritus Subhash Chandra and MD & CEO Puneet Goenka from holding key positions on 12th June, SEBI filed a 197-page affidavit. The affidavit contains details of the misappropriation of funds as well as multiple false disclosures & submission of statements by the two individuals.
A "Letter of Comfort" given by Subhash Chandra for a ₹200 Crore loan to Essel Green Mobility revealed the whole fiasco.
What's interesting is Subhash Chandra is no longer associated with the company.
In the next three years, Physics Wallah will spend ₹500 crore in Xylem Learning, a learning platform with roots in Kerala.
The presence of Physics Wallah in peninsular India will grow as a result of this action. Alakh Pandey, the company's founder, predicted that this investment will help Kozhikode's Xylem spread to other states.
Physics Wallah will also visit a few M&A options in the area. Let's wait for their South test results to see how they do!
Adani Digital Labs Private Ltd, Adani Enterprises' wholly-owned subsidiary, has acquired the ticket booking, Trainman. The acquisition was completed by buying a 100% stake in Stark Enterprises Private Ltd, the company that operates Trainman. The financial details of the acquisition remain undisclosed.
This marks Adani Enterprise's third foray into the travel market, following Adani One, a flight and cab booking platform, and a minority stake in ClearTrip.
Are clean, timely trains the next stop on Indian Railways' privatisation express?
Micron Technology Inc., the largest US-based chipmaker, is discussing setting up a semiconductor packaging plant in Indian soil. The plant is estimated to be worth $1 billion.
The news may be announced with PM Modi’s visit to the USA next week as it surmounts another success in the “Make in India” approach.
After the ban from the US, this Indian investment will increase the dark clouds hovering over Chinese chipmaking companies.
IDFC First Bank, owing to high trading volumes, reached its all-time high of ₹81 today. The bank's previous peak was observed on 30 September 2016 at ₹79.85.
What's more, is that IDFC First Bank's shares have generated a grand 47% return over the past couple of months. The reason behind the rally seems to be the ₹2,485 net profit posted by the private bank.
Is it time to go shopping, then?
Known for manufacturing iPhones, Taiwanese-based Foxconn might be ready to put an EV factory in India. The Taiwanese executives and Indian officials are in talks for a factory establishment by this year.
Maharashtra or Tamil Nadu might be the location chosen for the factory base due to its dominance in the automobile industry.
This news is yet another prediction of the boom India will come across in the EV industry. The future of the EV in India is here.
Lenskart, the eyewear unicorn, has just scored a massive $100 million investment from private equity firm ChrysCapital.
This funding round includes fresh capital injection and the purchase of existing shareholders' shares. In the past year alone, Lenskart had raised a staggering $850 million, fueling its expansion within India and across Asia and the Middle East.
Talk about vision! Lenskart is truly on a mission to conquer the eyewear world, one stylish frame at a time😎
Gaining $20 million from Uber, Everest Fleet is ready to grow its presence throughout India.
This investment, led by Uber, marks one of Uber's direct investments in an Indian startup. Everest intends to embrace EVs and lessen its reliance on CNG. It is hoping to have a fleet of 10,000 EVs by 2026.
Everest Fleet is set to revolutionise shared mobility with a greener and more sustainable future. Get ready for an eco-conscious adventure on the road ahead!
Google's Adx, its $225 million ad exchange business, is locking horns with the EU's anti-competitive commission as it investigates possible misconduct by the tech giant.
Google has been alleged of misusing its dominance to snuff out rival ad businesses, increasing its monopoly in the digital ad space.
If the allegations land, the commission may direct Google to break up its ad business and pay a fine of 10% of its global sales.
Now who will recommend me shadily specific ads?
Kotak General Insurance might get a new parent company in Zurich Insurance as the latter wishes to acquire it.
Kotak’s subsidiary is valued at $800 million, and Zurich Insurance is eyeing $400 million worth of shares in it that will land it a 49% or 51% control. This deal is still in talking rounds as Kotak Group seems unwilling to relinquish control of its subsidiary.
Check out other acquisitions that changed the ins and outs of the Indian market here.
Vodafone Idea is looking at a ₹14,000 crore equity infusion to revive its business. The promoter group already invested around ₹5,000 crore through the telecom revival package in September 2021. Aditya Birla Group and Vodafone Group PLC will invest ₹2,000 crore, with the remaining amount being raised through external investors.
Owing to this news, Vodafone shares jumped by around 10%, with trade volume reaching over 200 million.
All these struggles, just because Reliance wanted to give free data to India!
LTIMindtree (LTIM), a global technology consulting and digital solutions company owned by L&T, has joined the Microsoft Intelligent Security Association (MISA).
By joining forces, LTIM can utilize Microsoft's security technology to strengthen its MDR platform and assist enterprises in effectively countering advanced cyber threats using Microsoft Sentinel.
This collaboration empowers LTIM to enhance its services and provide real-time protection against complex cyberattacks.
Together, they aim to create a more secure digital landscape for businesses worldwide.
Accenture is keeping pace with the world by investing $3 billion in its data & AI practice. This investment would be undertaken over the next three years, including hiring, acquisitions, & training employees.
Along with this, Accenture also plans to double its employees to 80,000. Accenture’s CEO Julie Sweet believes the advancement in AI would help customers define a smooth flow from “interest to action to value”.
In times of layoffs due to AI, Accenture turned the table with talks of hiring.
A Telegram bot run by the account “hak4learn” was found showing CoWin data on the entrance of mobile numbers. Birth date, Aadhaar/Voter ID number, sex, passport, and vaccination location were included in the data breach.
But MeitY minister Rajeev Chandrasekhar tweeted that the breach contained previously stolen data.
This tweet failed to downplay the danger we face as more than 1 billion citizens were vaccinated with almost one vaccine shot using the CoWin platform.
According to data released by the National Statistical Office, India's retail inflation rate dropped to 4.25% in May due to decreased food and fuel prices.
This marks the third consecutive month that the inflation rate has fallen within the RBI's target range of 2-6% and the fourth consecutive monthly decline.
Food inflation stood at 2.91% in May, with Spices experiencing the highest inflation rate at 17.90%.
Remember, as prices come down, so does the heat on inflation!
MRF has become the first Indian stock to cross the milestone of ₹1,00,000. Although it came close to achieving this in May but fell short of ₹66.50.
In terms of metrics like PE or PB value, MRF is not the most expensive stock, there are other companies who feature on the list with high price tags.
Remember, the price may catch your eye when it comes to stocks, but the real value lies beyond the digits.
A legal policy for bike taxi aggregators in the nation’s capital will likely be implemented by June 31, 2023. Till then, two-wheeler taxis from Ola, Uber, etc., were barred in Delhi.
But on May 26, the Delhi High Court put a stay on the ban. Supreme Court has now revoked this stay.
This to-and-fro has caused bike riders trouble as their livelihoods are on the line. Whether bike riders find relief with a well-defined policy is bound to be seen.
Twitter's partnership with Google, aimed at battling spam, eradicating child abuse content, and safeguarding accounts, hangs in the balance.
The social media behemoth stopped paying for Google Cloud services once Elon Musk took over, and negotiations to renew the contract have hit a dead end.
By the approaching deadline of June 30, Twitter's access might be terminated. As a result of this cloud service dilemma, the platform's trust and safety measures teeter on the verge of failure.
The social media company Tiki is taking its last breath as it will close operations on June 28th, 2023. The app was used to create and stream short videos and had 100 million downloads on Google Play Store.
Despite being one of India's top 30 grossing apps, Tiki is shutting down due to challenges in the tech industry.
After Tiki fails to stand the heat in the tech industry, who will the next be to fall?
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