Bullets

Ford and General Motors (GM) have partnered to use Tesla’s electric vehicle charging network, which has caused its shares to soar by about 7%.

This ground-breaking partnership guarantees that Tesla's superchargers become the norm in the US, securing their status as the main charging infrastructure.

The stage is set for a phenomenal year of growth, adding more than $194 billion to Tesla's market valuation. Tesla's stock is accelerating into high gear, poised to overtake its competitors.
 

The Foreign Exchange Management Act authority has fined the Chinese phone company Xiaomi ₹5,551.27 crore for siphoning off money from India to three entities (including one group company) since 2015.

The authority presented show cause notices to Xiaomi, its Director and CFO, Sameer B Rao and former MD, Manu Kumar Jain. Citi Bank, HSBC Bank and Deutsche Bank AG also received notices.

Seems there will always be a Chinese phone manufacturer to mess with the Indian Government...

To avoid more frauds from happening, like crypto exchange FTX bankruptcy, the EU might take regulatory action against social media platforms.

The European Commission & Consumer Authorities is considering taking action against platforms like Instagram, Twitter, YouTube & TikTok for promoting misleading ads regarding crypto assets.

Wrong data from cryptocurrency promotions are similar to a little spark in gasoline. Readers, Insider suggests being extra cautious while coming across such ads.

While people normally go for "retail therapy" or "munch mania" when stressed, Byju's tries to lose weight! The EdTech platform is allegedly looking to shed ~1,000 more jobs in the near future. The sales and marketing departments are predicted to feel the brunt.

These moves come at a time when Byju's faces debt dilemmas of $40 million, valuation volatility of $13.6 billion and more funding fumbles.

May the EdTech Gods bless Byju's, because the markets seem fresh out of mercy.

After 6 consecutive hikes of 250 basis points since April 2022, the Monetary Policy Committee has decided to pause the repo rate hike at 6.50%.

RBI Governor Shaktikanta Das clarified that this stoppage in the hike is a pause, not a pivot. This means that the rates have a likelihood of being raised but not relaxed.

Focus will also be kept on "withdrawing accommodation", i.e. reducing liquidity in the economy.

Get ready for "Tangi Times"!

It would be the third time in five years that BSNL has received a revival boost from our government. This time the package is worth ₹89000 Crore. This takes the authorised capital to ₹2.10 lakh crore from ₹1.50 lakh crore.

The move aims to improve 4G services in rural areas and enhance 4G & 5G services across the country.

Will BSNL finally provide its loyal users with unbreakable connectivity and a seamless network? At least, we hope so!

Aditya Birla Group is looking to make a ₹5,000 crore investment in the jewellery business with the establishment of a new unit named Novel Jewels Ltd.

Kumar Mangalam Birla, chairman of the group, bases the opening of this new vertical on the "rising disposable income" and increased favour for "design-led, bespoke, and high-quality jewellery".

While players like TBZ, Kalyan, and Tanishq already stand tall, AB Group might have chosen a bite into a cookie too hard to chew, diamond-hard!

Venture capital Sequoia Capital has broken into three independent firms. The Sequoia India & Southeast Asia branch formed a new company named Peak XV Partners.

The US-based Silicon Valley investor was behind the fund that supported big names like Google & Apple in India. The recent fund of $2.85 billion will continue under Peak XV Partners.

Portfolio conflict & profit distribution caused Sequoia Capital’s exit from Asia. Looks like the investing firm was only looking for huge profit without responsibilities.

Titan's jewellery brand, Tanishq, and CaratLane have been in a sparkly partnership since 2010. 

Titan invested a staggering ₹440–450 crore on CaratLane between 2016 and 2019 and even a dazzling ₹99 crore was provided as the initial injection. 

Titan controls a proud 72.3% of CaratLane and the remaining 27.8% is held by the three founders and employees, who must be over the moon. 

Negotiations are ongoing, but hey, startups gotta shine bright and be agile, right?
 

Bengaluru-based Town Essentials is taking Tata-owned big basket to court over a dispute regarding the acquisition of the micro-delivery platform, DailyNinja. The dispute arose due to losses caused to Town Essentials, as its exclusive sourcing partner, DailyNinja's customers, were moved to BigBasket's platform, without informing Town Essentials.

Town Essentials now demands that BigBasket halts any micro-delivery business and fulfils its supply needs from Town Essentials till the end of the ongoing trials. Town Essentials also demands ₹36 crore in damages.

EdTech unicorn Byju’s is planning the launch of its test-prep subsidiary, Aakash Education Services, sometime in 2024. The Byju’s board have already passed the proposal to make the subsidiary public.

The board believes that with this IPO, Aakash will get the opportunity to broaden its reach and improvise its infrastructure.

The announcement of an IPO launch seems like a desperate attempt, especially when parent Byju’s struggles to pay off its $1.2 billion debt.

In May, there was a significant influx of ₹43,838 crore from FPIs into Indian stocks, marking the highest amount since August of the previous year. 

The increased investments can be attributed to robust economic performances and favourable market prices. 

Notably, in March, a significant investment of ₹15,446 crore was made by US-based GQG Partners into four Adani group companies, contributing to positive net flows. 

From Selling to Surging, FPIs seem on a rollercoaster ride of the Indian Equities. 
 

BharatPe hasn’t seemed to rest since the Ashneer Grover fiasco broke out in January. BharatPe’s annual report included an opinion on irregularities from auditor Deloitte.

Apparently, the fintech company’s screening for vendor selection and payment approvals doesn’t follow the necessary guidelines. This can be a huge red flag, resulting in inappropriately approved prices in BharatPe. 

Is BharatPe still suffering from the drastic aftermath of the loss procured by Grover, or as Grover proclaims, is it an internal issue?

EdTech giant BYJU's is faced with yet another monetary issue! As if the allegations of "hiding $500 million" weren't bad enough, the startup now needs to make an interest payment of $40 million on the $1.2 billion loan that lenders are looking to restructure.

Failure in repayment would lead to a default on the loan, which stands to be the largest unrated loan by a startup ever.

India's most valuable startup? What's the point if the value is borrowed?!

IRDAI has directed SBI Life Insurance to take on the liabilities of 2,00,000 policies and acquire the assets of Sahara India Life Insurance due to its deteriorating financial condition. 

SILIC, appointed as administrator in 2017, failed to meet regulatory requirements. SBI Life will establish a specialized unit to serve policyholders and provide necessary information on its website for compliance. 

The outcome of this decision remains uncertain, and its future implications are yet to unfold.
 

Finfluencers are now adding a new feather of innovation to their hats. While SEBI requires individuals to possess an RA license to provide advisory services, which include the infamous "stock tips", they are quite tight-fisted with said license.

According to Moneycontrol and Business Standard, these influencers are now paying 20% of their fees from advisory services to "rent" these licenses from individuals that possess them already to bypass SEBI's rules.

Ye India hai! Yahan har cheez ka jugaad mil jaega!

A deal worth $1.6 Billion is on Tata Group’s next agenda as it signs a Memorandum of Understanding (MoU) with the Gujarat government.

The plant is set to be based in Sanand, northern Gujarat, and will have an initial manufacturing capacity of 20 Gigawatt hours(GWH)

This lithium-ion cell plant will surely boost the nation’s efforts to expand the Electric Vehicles supply line. The sustainable automobile era is coming right up!! 🚗

EdTech firm Byju's is having the carpet yoinked from underneath it as it goes through funding and managerial troubles.

Lenders to Byju's are accusing the educator of hiding a whopping $500 million by transferring the money out of the business account, based on a confession by an unnamed manager.

Now, lenders to the firm are withdrawing from restructuring existing debts worth $1.2 billion. Lenders also want to replace existing management with their own representatives.

Practice your finances better, Byju's.

The NPCI announced a remarkable milestone for UPI with a record of 9 billion transactions in May this year. 

This umbrella organization overseeing retail payments and settlement systems shared the information via its official Twitter account. 

The transaction count stood at 9.41 billion, with a transaction amount of ₹14.89 lakh crore. There was a YOY growth of 58% in transaction count and 43% in transaction amount.
 
Get ready for an astonishing leap in digital payments!
 

Beware all Amazon’s Alexa & Ring users, as your activities might be recorded! As a settlement to a privacy violations case, Amazon has agreed to pay a fine of $30.8 million.

Kids’ voice records and locations were stored by voice assistant “Alexa” and video doorbell “Ring” engaged in unlawful surveillance of customers.

Amazon avoided deleting these data for years for profitable use, and now the power of money would help Amazon carry on its usual spying. What a world!