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Your daily dose of crisp, spicy financial news in 80 words.

The IPO proceeds of Birla Pacific Medspa (BPML) were β‚Ή65.17 crore. These noble people, they stated in the prospectus that the funds would be utilised in setting up of 55 'Evolve' healthcare clinics across India. But, there was a hiccup in the plan, we hear?😟

Ten entities, including Abhijit Desai, PVR Murthy, Yashovardhan Birla, and more, were penalised by the SEBI for siphoning off β‚Ή34.91 crore of those funds. Talk about the disparity between projected and actual utilisation of funds much?🀌

Here’s a bonus, you might want to read the actual reason behind why most companies want to be listed these days. 
 

As of today, Meta shares have fallen ~60% this year, eroding ~$71 billion of Mark Zuckerberg's wealth. As a result, for the first time in its 18 years, Meta is looking to freeze hiring and possibly downsize.

Citing unstable markets, the CEO said on Thursday that the company would be "somewhat smaller" by 2023. Sure, blame unstable markets, not the platform that manufactures unhealthy mentalities and sells user data.🀦‍♂️

The "Metaverse Hype Train" really went off the rails, it seems.☠

The Indian economy seemed safe from the oncoming global recession until recently, are things about to change? RBI Monetary Policy Committee has decided to increase the Repo rate by 50 basis points, reaching 5.9%. The Repo rate was previously hiked by 50 basis points in August from 4.9%πŸ“ˆπŸ“ˆπŸ“ˆ

While the move seems like a precautionary measure against the relative fall of the Rupee against global currencies, haphazard rate hikes expose the economy to the threat of recession.☠

Thursday, 29 Sep 2022
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As the US attempts to curb inflationary pressure by increasing interest rates, the Dollar bloats in value, making the Rupee look weaker. So the news of "Rupee touching an all-time low of β‚Ή80+" is actually "Rupee stays put, Dollar blows up".

Other western countries like UK following suit to preserve their currency value expose the world to a threat of global recession.πŸ“‰

Rupee must feel like SRK from K3G (main thehra raha, zameen chalne lagi)πŸ’Έ

Wednesday, 28 Sep 2022
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"The enemy of my enemy is my friend" seems to be the idea driving the banking partnership between India and Russia. While no love was lost between US and India, the former's sanctioning of F-16 jets for Pakistan did not sit well with the Indian government.πŸ™…‍♂️

As per the partnership, UCO & Yes Banks will collaborate with Russia's Gazprom and Petersburg Social Commercial Banks. The arrangement will allow the two countries to conduct bilateral business using their local currencies.πŸ€‘

Wednesday, 28 Sep 2022
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SEBI is looking to establish a fund-blocking system similar to ASBA. Under this new method, money spent by investors/traders would not leave their bank accounts unless the trade is complete, leaving no funds in the brokers' ledgers.

Non-bank-based brokers would no longer have access to float money available in their ledgers for up to 90 days. Bank-based brokers already have a similar system in place.

Based on their development, honestly, why not just get rid of brokers altogether?🀷‍♂️

Tuesday, 27 Sep 2022
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Supermarket Grocery's Bigbasket is looking to raise upwards of $200 million from Tata Digital and other shareholders. The Tata Digital grocery arm is expected to be valued at $3.5 billion.

With the share lock-in period ending on September 30th 2023, Bigbasket is also looking to bring an IPO by the end of FY23. Tata Group seems to be banking heavily on Bigbasket, looking to fill the crater left in the retail ecosystem by BigBazaar's collapse, competing with Reliance's Retail business.😏

Saturday, 24 Sep 2022
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In an attempt to step away from the British-era jurisdiction, DoT has created the draft Indian Telecommunication Bill, 2022. Under the proposed bill, social media platforms and OTT platforms shall be included in the purview of "telecommunication services", allowing monitoring of the same.πŸ‘

The platforms claimed this change would deter innovation (innovation=malpractice); the general public's stance was more alarmist towards their privacy. With the youth oversharing on the internet, however, I thought they would welcome the invasion of "privacy"!🀣

Who to hold accountable when a brand like Mahindra & Mahindra errs, and it cannot be reversed? M&M’s ‘recovery’ agent, who was in the process of taking possession, ran over a 27-year-old pregnant woman, causing her death. So much for “Rise. Live Young. Live Free”!😐

The big bank, RBI, has gotten into action right away and has barred M&M Financial Services from outsourcing its loan recovery or repossession activity after the incident. Guess what happened next? Its stock plunged 10%. πŸ“‰πŸ€·‍♀️

Thursday, 22 Sep 2022
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When well-established companies follow the same tactics as newbie startups, the end times are near. However, Wipro firing 300 of its employees seems justified. The IT giant emptied its payroll, owing to discovering these employees secretively associating with a rival company. "Jis motherboard pe code kiya, usi main chhed?!"😲

Rishad Premji, Wipro chairman called this practice of moonlighting "Cheating, plain and simple." Honestly, this one firing seems pretty well suited, considering the ongoing startup winter and lay-off storms.πŸ₯Ά

Thursday, 22 Sep 2022
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Nykaa founder Falguni Nayar has become India's richest woman reaching a net worth of β‚Ή30,000 crore. Her net worth experienced an increase of 345% to reach this monumental amount; all of this as a self-made entrepreneur too!

Seeing a woman reach, and shatter this "richest in geographical region" ceiling is a breath of fresh air after hearing oh so often about "Mr X-ani vs Mr X-ezos" only. I wonder when female entrepreneurs will become commonplace million/billionaires?

Wednesday, 21 Sep 2022
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The family that takes over together, stays together! Gautam Adani is looking to join the board of directors of India's oldest cement companies, ACC and Ambuja. This move will be a part of Adani Group's β‚Ή83 thousand crore acquisition of Holcim's assets.πŸ’Έ

The reshuffle will include previous members stepping down and Gautam's son and nephew, Karan and Pranav, joining the board of directors. Hurray for family businesses! Karan and Pranav won't have to break any Ambuja walls.πŸ’₯🧱

Remember the seagull scene from Finding Nemo? Now replace the fishes with Vedanta Group and the seagulls with domestic banks. This newfound fame is the result of a proposed β‚Ή1.54 lakh crore semiconductor manufacturing unit.πŸ€‘

Although the manufacturing unit will belong to Volcan, Vedanta's holding company, Vedanta stock prices have seen some major volatility this past week. The prices went from β‚Ή277 to β‚Ή318πŸ“ˆ, only to fall back to β‚Ή280 following the clarification of the JVπŸ“‰.

Monday, 19 Sep 2022
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Adani Group has edged closer and over the Tata Group as the most valuable business conglomerate in India. The nation that took every word with a grain of "Tata Salt" is now going to be "Fortune-ate" with oil.🀭

Tata Group, which had a listed market cap of β‚Ή20.72 lakh crore, was left in the dust as Fortune's listed market cap achieved β‚Ή20.86 lakh crore. Adani seems ready to beat competitors in a race of valuation, even with possibly hollow claims.😏

Monday, 19 Sep 2022
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TCS cannot seem to catch a break! It was recently declared the most valuable brand in India, but soon after, as it wanted to implement hybrid working into its timetables, the employees seemed to demand a different schedule.

The millennial employees moved back to their hometowns to make living affordable during the pandemic. However, when it comes to returning to work, these same employees want to pull a move they got familiar with during the pandemic, ghosting.

Monday, 19 Sep 2022
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The "IPO Fever" that Covid-19 brought seems to be fading! As many as 19 companies are approaching deadlines for the IPO application that lasts for a duration of one year. IPOs worth β‚Ή24,000 crore might go dark if these companies meet their deadlines.☠

Market instabilities are one of the reasons why companies seem to be retracting from approaching the publicπŸ“‰πŸ“ˆ. Another reason seems to be cautious investors that look into the company's performance and managementπŸ”.

Friday, 16 Sep 2022
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πŸ“ˆWhoever said that life has its ups and downs was probably predicting Gautam Adani's net worth in 2022!πŸ“‰

The richest man in Asia knocked Jeff Bezos from his position as the second richest globally, with Adani's net worth touching β‚Ή12.36 crore today.πŸ₯ŠπŸ€‘

However, he soon lost this position to French businessman Bernard Arnault as Sensex lost close to 1000 points and shrunk Adani's wealth. What good is beating a rival if it doesn't improve one's position in the race?πŸ€”πŸ˜‚

Thursday, 15 Sep 2022
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Edtech company Byju's reports a loss of β‚Ή4500 crore for FY2021.πŸ“‰ Audit reports released by the edtech giant revealed that its losses had increased by over 13 times (talk about 13 being unlucky)!πŸ‘€

This audit report was released after being delayed for months, like a student trying to hide a bad report card.πŸ˜‚

All we need now, is someone to call and harass Byju's like their teachers salespeople do to parents & students they want to sell their classes to...πŸ€”

Thursday, 15 Sep 2022
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Vedanta, the multinational mining company seems to have struck the goldmine of deals as it enters into a 60:40 Joint Venture with Taiwanese electronics manufacturer. Foxconn. The partnership is aimed at reducing the cost of semiconductors that go into various electronic products.

With domestic manufacture of silicon parts, import duty on the same would go down, reducing the final price of various electronic products. My time to show off fruits on my phone might finally be here soon!πŸ€‘

The Right to Information act has taken the inspection and risk assessment report under the purview of information that needs to be made available to the public domain.

HDFC Bank, SBI and PNB have been the financial organisations most displeased by this decision, vocally opposing it. The banks cited a breach of the Right to Privacy of their lenders and customers.

Are the banks more worried about their shady trades being exposed or the loss of data to sell?πŸ€”

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