Bullets

Hyundai is revving up EV production in India with a ₹20,000 crore investment over the next 10 years.

The automaker plans to increase output at its Chennai factory, set up a battery pack assembly unit with an annual capacity of 178,000 units, and install 100 EV charging stations across Tamil Nadu in the next five years.

Hyundai is driving full speed ahead to modernize its vehicle platform. Let’s see if it reaches its destination or crashes midway!

Conquering the ONDC platform with a third of total orders, Paytm is now heating the market by planning to forego its 3% commission. As a buyer app, Paytm will remove the commission on orders fulfilled by sellers with no customer complaints.

This step will boost orders paid by Paytm as well as increase competition for platforms like Zomato & Swiggy. 

Looks like the ongoing decline in Zomato & Swiggy’s orders will soon see another steep dive.📉

Vanguard, a US investment company, has reduced the valuation of the ride-hailing firm Ola by 35%, from $7.4 billion to $4.8 billion. 

Vanguard's share value in Ola fell to $203.78 from $314.58.

After making an exit from the verticals like food & grocery delivery and second-hand car marketplace, the company has decided to focus just on their keystone ride business.

It seems like the investors have lost faith in Ola's ability to succeed in the cutthroat market.

Taiwanese multinational tech company Foxconn has recently bought a 300-acre land worth ₹300 crore on the outskirts of Bangalore. The purchase was made on May 9th, and the possession will be transferred after the May 10th elections.

The purchase was made by Foxconn's subsidiary entity, Foxconn Hon Hai Technology India Mega Development, and is a part of Foxconn's "Project Elephant".

Employment opportunities for the country are nice and all, let's just hope "the sweatshop effect" does not follow the company.

After a difficult year, Adani seems to have found a way out of the financial crunch. On May 13th, the company’s board is approving a proposal for funding from the public market.

To raise funds, issuing equity shares, private placement, qualified institutional placement, or preferential issue are being considered.

Hindenburg revealing Adani Enterprises' stock manipulation & accounting frauds have cost the company a ₹20,000 crore follow-up public offering.

Will the new funding help Adani find its footing again?

JSW Infrastructure, a port business owned by JSW Group, has submitted its DRHP to SEBI for an IPO worth ₹2,800 crores.

They offer services related to ships and the transportation of goods, such as loading and unloading cargo, storing goods, and helping with logistics. They are working towards becoming a company that offers a complete range of logistics solutions.

JM Financial will be the lead banker for this fresh issue.

One-and-only foreign social networking company in China, LinkedIn, has decided to shut down its job-based app, InCareer. 9th August is the set date for InCareer’s exit from China market.

After its exit from China in 2021, LinkedIn is closing its last connection with the country. Plus, LinkedIn is slashing 716 employees due to slow revenue growth & a shift in consumer behaviour. 

Removing over 700 employees & shutting down a popular job-posting platform, LinkedIn did a number on China.

Mankind Pharma, which was oversubscribed by 15.32 times, got listed on the exchange today at a 20% premium to the issue price.

The Initial Public Offering worth Rs 4,326 crore was one of the largest IPOs of 2023 up to this point. It is the second largest by a local pharmaceutical company since Gland Pharma's issue of Rs 6,480 crore in 2020.

The pharmaceutical industry's baby step has paved the way for a giant leap for Mankind.

Geological Survey of India (GSI) officers recently claimed that Lithium reserves have been traced in Rajasthan. According to these claims, the newfound reserves are larger than the ones recently found in Jammu and Kashmir.

The reserves, if they turn out to be as abundant as they are thought to be, could substitute 80% of India's demand for lithium. India imported around ₹6,000 crore in 2021-22 with China contributing around ₹3,500 crore.

Even Indian geography wants to go China Plus One!

Taking a “reverse flip”, Razorpay plans to return to India. After flipping to the USA as part of the Silicon Valley Y Combinator’s 2015 batch, Razorpay is now planning to move its branch again.

This seems to be the result of the Indian government’s efforts to bring back fintech companies as well as Razorpay’s chance to secure licences from RBI.

Does this transition open the gates for Razorpay’s IPO? Who knows!🤔

Fashion and beauty brand Shopper's Stop is planning to open India's biggest beauty store in Kolkata. The details of the store are still being kept a secret.

Reliance recently entered the beauty segment with its 4,300 sq. ft. "Tira" store in Mumbai. With Shopper's Stop drawing 17% of the company's revenue from beauty segment, it wasn't going to lose its place in the game!

Now it's only a matter of time to see if cash burn will beat market loyalty.

Flight regulator Director General of Civil Aviation (DGCA) has ordered insolvency-bound airline Go First to halt bookings of its flights indefinitely, effective immediately. The aviation regulator had also issued a show-cause notice to Go First under the provisions of the Aircraft Rules, 1937, for its "failure to continue the operation of the service in a safe, efficient and reliable manner".

From the top 3 in budget carriers to carrier budget troubles, why did Go First crash? Find out here.

Paytm is aiming to turn "Free-Cash-Flow positive in the near future", as well as integrate Artificial General Intelligence (AGI) into its processes. The declarations come through a letter to the shareholders from the CEO.

Paytm recorded ₹2.3 thousand crore in Q4 revenue, a 51.5% increase from the previous year as a result of a growing loan book. Paytm's losses have also narrowed to ₹168.4 crore.

So, is Paytm getting ready for a comeback, or is this just smoke and mirrors?

Cognizant’s CEO Ravi Kumar S finds his first 4 months in the US-based IT firm to be historic. With a 3% rise in Q1 (Jan-Mar) net profit, Cognizant now plans to improve by making a structural cost shift.

Cognizant is letting 3,500 employees go, as well as cutting down on millions of square feet of office space.  

Hiring & laying off is a company’s routine, it’s only the employees who suffer from this never-ending to-and-fro between jobs.

SoftBank-backed e-commerce platform Meesho has decided to remove 251 employees in a third round of layoffs.

The firm previously conducted layoffs in April and August last year, axing 150 employees and 300 employees in each round. These previous layoffs were in relation to the rebranding and closure of their grocery arm Farmiso.

Co-founder and CEO Vidit Aatrey, in a note to the employees, mentioned "judgment errors" as the reason for these firings. At least one of them admits their fault.

Adani Entreprises shares rallied 4% in today's trading session as the company declared a 137% net profit growth for Q4 2023 and a 120% dividend at ₹1.20 per share.

The company also showed growth in its operating revenue. The quarterly numbers went up from ₹24,865.52 crore during Q4FY22 to ₹31,346.05 crore during Q4FY23, while the annual numbers went up from ₹69,420.18 crore during FY22 to ₹136,977.76 crore during FY23.

Just remember, growing traders' confidence does not a good company make!😈

Ajay Banga, a US citizen of Indian origin, has been appointed as the upcoming president of the World Bank.

Banga was nominated by Joe Biden in February and was elected after a four-hour interview. His five-year tenure will begin on June 2. Since his nomination, he has met with officials from 96 governments, which shows his commitment to building strong relations with member countries.

Let’s see what the future holds for the World Bank under his leadership.

SpiceJet is looking to get 25 of its grounded planes back in the air. The airline is reportedly looking to mobilise ₹400 crore for this plan and will also draw funds from the government's Emergency Credit Line Guarantee Scheme.

SpiceJet's 6.9% was behind Indigo's 55.7% and Go First's 7.8% market share of domestic flights.

With Go First crashing and burning, the airline industry could get a bit bland, no wonder SpiceJet is trying to bring back some flavour.

After ChatGPT alternatives from Microsoft & Elon Musk’s X.AI, India is joining the AI race. Tata Consultancy Services plans to introduce its generative AI platform utilising the internal code, data and resources they have.

TCS COO Subramaniam claims that this project is bound to create new roles for prompt engineers to supervise contextual queries in enterprise requirements to large language models.

After all, why should foreign companies have all the AI fun?

IBM CEO Arvind Krishna recently revealed to Bloomberg that the company plans to temporarily halt hiring for positions that are likely to be automated in the near future, particularly in back-office functions like HR.

According to McKinsey Global Institute, up to 800 million jobs are predicted to be displaced by 2030.

I guess the potential impact of automation and AI on the job market is becoming increasingly evident, which highlights the need for workers to acquire new skills.