Bullets

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?

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!