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Your daily dose of crisp, spicy financial news in 80 words.
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!
Indian GDP has grown at a rate of 7.2% for the year 2022-23, while the GDP growth for Q4FY23 stood at 6.1%. Both of these growth rates are higher than forecasts set out by the Reserve Bank of India.
This was after multiple financial organisations had reduced the growth projection of the Indian GDP, including the RBI setting the rate to 7.0%.
RBI, staying prudent, has forecast a growth rate of 6.5% for the next financial year.
Failing to raise equity worth ₹1,000 Crore, PharmEasy breached its covenant with investment company Goldman Sachs. The efforts to raise equity for a year included postponing their Initial Public Offering (IPO).
₹2,280 Crore was borrowed by PharmEasy from Goldman Sachs last August to pay off its debt to Kotak Mahindra Bank in the Thyrocare acquisition.
Will Goldman Sachs end up taking over Thyrocare or even the entire PharmEasy, as mentioned in the covenant agreement?
Byju's and Meesho's valuations have joined the infamous valuation tumble. After three months, BlackRock again dropped Byju's valuation to $8.2 billion from an $11.15 billion slash by the US-based investor in March.
Whereas, Meesho saw a 10% cut by US investor Fidelity making its valuation drop from $4.9 billion to $4.4 billion.
Swiggy, PineLabs, Ola, and Oyo are some names joining the valuation tumble this year. What's happening in the investing sector?🤔
WhatsApp is starting to monetise its Business platform with a new pricing policy. Based on the nature of communication, WhatsApp Business will charge ₹0.3082 for utility messages and ₹0.7265 for marketing messages from June 1st.
This news has hit small and medium businesses as they rely most on the medium to carry on their operations.
Many seem reluctant to continue their operations as usual with WhatsApp Business, whereas others think it is a necessity for their operations.
NDTV is currently being temporarily further monitored by the BSE and NSE because of unusual price swings caused by the spike in Adani group shares.
Since the previous Monday, when Adani companies rallied after being cleared of allegations by a Supreme Court-appointed commission, the stock has increased 34%.
Is it merely a coincidence that the Adani group companies had already been monitored, adding to the general suspicion raised by NDTV's latest investigation?
The government banned 232 betting apps in February 2023. To which iPhone maker Apple responded by asking for a “concrete or legal reason” to take down the betting apps from its phones.
After MeitY’s order to ban apps like Betway, Lotus 365, etc., many are still operating in the open with advertisements on digital platforms and Apple App Store.
Will Apple comply with the government’s clause, or will it take up arms in the court?
PR Sundar has agreed with SEBI to settle a prominent case by returning the advisory fee and surrendering over ₹6 crore.
The mastermind, along with his partner in crime Mangayarkarasi Sundar, both promoters of Mansun Consulting, had been accused of providing investment advice without proper regulatory registration.
Furthermore, they will be forbidden from engaging in any securities-related activities within India for an entire year. Indeed a piece of free advice is never good advice.
After asset management company Invesco slashed Swiggy’s valuation three months ago, Baron Capital cut the company’s fair value by 10%. Now the FoodTech company stands at $6.5 billion since March 31, 2023.
The US-based investor Baron Capital has held a 0.75% stake in Swiggy since January 2022.
The economic downturn and increased uncertainty of the rival Zomato’s stock prices have resulted in the downward slipping of Swiggy’s valuation. Or is it the fear of ONDC?
Ola Electric is gearing up for a potentially record-breaking IPO in India.
With the support of investment banks Kotak Mahindra Capital and Goldman Sachs, the company aims to achieve a valuation higher than $5 billion. By selling 10% of its shares in the IPO, they could secure the largest IPO of the year in India, despite the current market conditions.
The company's decision to go public before the government discontinues electric vehicle subsidies reflects its strategic timing and ambition.
Meta's third round of layoffs, or the "Year of Efficiency", is coming to India. Saket Jha Sourabh, Avinash Pant, and Amrita Mukherjee, directors of media partnerships, marketing, and legal team, are some of the Indian employees affected by this round of layoffs.
The "Year of Efficiency" consists of removing 10,000 employees and freezing hiring for 5,000 open positions, as managers from various departments are asked to become "individual contributors".
This Bullet feed's getting filled with layoffs, something needs to change.
Kicking big tech firms to the curb, IAMAI's council selects members from startups. Dream11’s founder & CEO, Harsh Jain, is the chairperson, while Rajesh Magow from MakeMyTrip and Satyan Gajwani from Times Internet are chosen Vice-Chirperson & Treasurer, respectively.
The 24-membered governing council surprisingly doesn’t contain a single member from either Google or any of the other big tech firms.
Looks like the big kids were not invited to the trendy tech party!🤭
Nykaa experienced a remarkable surge in revenue but encountered a turbulent journey in net profit during the Q4 of FY23.
While their revenue from operations bloomed by a splendid 33.7% to ₹1,301.7 crore, their net profit took a detour and declined by 71.8%, landing at a mere ₹2.4 crore.
Nykaa seems to have taken us on a rollercoaster of surprises with the financial performance. Let’s hope their next quarter brings smoother sailing for their margins!
The roads of Delhi, Mumbai, and Bengaluru will see 25,000 four-wheelers and 10,000 two-wheelers EVs running from next week. This initiative is part of the Uber Green category and is the first step toward Uber’s sustainability goals by 2040.
As an MoU agreement with Tata Motors, Uber will also release XPRES–Tata Motor EVs in a premium category.
The boom of EVs in India is a good sign of the nation’s movement toward creating greener surroundings.🚗
After withdrawing around $7 billion from Indian startups, reaching funding worth $15 billion in the country, Japanese Investment firm SoftBank is looking to reinvest around $400-$500 million.
The investment will be directed towards 5 startups in India, each with a valuation of around $400-$500 million, with investment in each firm exceeding $100 million if its investors want to exit, owing to the ongoing funding winter.
The aim behind the investment is to help these startups reach unicorn status.
Based on an Economic Times report, JioMart has laid off around 1,000 employees and plans to let go of up to 10,000 employees. Apart from the layoffs, many employees have been placed on Performance Improvement Plans as well.
Reliance's acquisition of Metro Cash and Carry India Pvt Ltd- Metro AG's Indian arm, which added close to 3,500 employees to its workforce, led to this decision.
Perfect, even the big shots are now jumping on the lay-off train! Who's next? Tata?
Meta has finally found a taker for Giphy after the UK's antitrust authority demanded the tech giant to sell the GIF library.
Shutterstock snatched Giphy for a price of $53 million, leaving Meta's wallet hurting from their initial $315 million investment.
However, they can still enjoy Giphy's content through an API agreement.
This rollercoaster ride encountered a roadblock when the UK regulator said, "Undo it!" After a detour through the Competition Appeal Tribunal, the deal wraps up next month. Phew!
Media intermediaries like Twitter & Facebook might soon be held accountable for the content on their platforms. With the public unveiling of the Digital India Bill, the neutral ground for these platforms is in danger of poofing.
MoS for Electronics & Information Technology, Rajiv Chandrasekhar, is releasing the draft of the Digital India Bill for public consultation in June’s first week.
Here’s hoping the 22-year-old IT Act’s replacement would bring much-needed changes to make the digital world safe for netizens.
The Adani Group has recently seen the market capitalisation of the various stocks of the conglomerate rise to their all-time highs since the ill-fated release of the Hindenburg Research report on 24 January 2023.
Adani Enterprises showed the strongest hike of all the stocks, reaching ₹2,600 on Tuesday from the ₹1,900 range last week.
After losing around ₹82,000 crore last week and making the same amount back through the ongoing rally, Adani is turning out to be one volatile underdog!
Meta, the proud owner of Facebook, has just been slapped with a mind-boggling fine of 1.2 billion euros!
Since 2020, the Irish Data Protection Commission (DPC), acting as the EU's watchdog, has diligently investigated Meta Ireland's practice of transferring user data to the United States.
This marks the third hefty fine Meta has faced in the EU this year and the fourth in just six months.
Ouch! Looks like Meta's piggy bank is taking a hit.
BSNL, the government-owned telecom company, has placed advance purchase orders worth over ₹15,000 crores to TCS and ITI for deploying 1,00,000 4G sites nationwide.
Tejas Networks, a key player in the TCS-led alliance, will provide the essential Radio Access Networks (RAN) equipment for the project.
Will this ambitious project finally bring high-speed communication services to every BSNL user?
The slowdown in e-commerce left logistics company Delhivery with consecutive losses in its quarterly revenue. After an 8.5% loss in Q3, the March quarter also saw a 10% decline.
Despite negative results, Delhivery is planning to invest in the SaaS platform Vinculum Solutions. Delhivery is set to buy 10.94% Vinculum stakes at ₹72.54 per share.
Will this initiative to boost the D2C approach increase Delhivery’s next quarterly results? Only the future would tell!
SBI declared its Q4 result yesterday, and it's looking good! Beating estimates from various brokerages, the largest bank in India declared a PAT of ₹16,694.51 crore for the March quarter, growing by a whopping 83.18% compared to last year's ₹9,113.53 crore for the same period. The bank's NII also increased from ₹31,197 crore to ₹40,392.50 crore, rising by 29.5%.
SBI is no hoarder either, as it has declared a 1,130% dividend at ₹11.30 per share!🤑
🎵 Uh-oh brace yourselves for the government’s latest single hit!
Starting July 1, all your international credit card payments are getting a 20% tax twist. The TCS rate was cranked up from 5% to 20% in this year's union budget.
The government has put them under the Liberalised Remittance Scheme, burdening banks and travelers with higher costs, remittance limits, and refund complexities.
So, whether you're swiping in Santorini or tapping in Tokyo, be prepared to sing the tax blues!
Fast fashion brand Shein is planning to re-enter India. Reliance Retail is partnering with Shein, which was banned in 2020 due to the India-China border situation.
After being shunned by the US for using Xinjiang cotton from China, Shein is facing difficulties in sourcing. By collaborating with Reliance, Shein will get one of its fabric sources back in India.
By bringing the previous general of the fashion empire back, Reliance is ready to dominate the industry yet again.
Tesla officials met Indian government officials from various departments to plan to establish an automobile manufacturing unit in India. This plan comes as a result of Tesla not wanting to sell its product somewhere it cannot manufacture and service them and India's aversion to importing goods manufactured in China.
Tesla currently has manufacturing units established in US, Germany and China. A manufacturing unit in India could help the economy by generating jobs and bringing competition to the near-monopolistic EV industry.
After being slapped with a hefty ₹936.44 crore fine by the Competition Commission of India in October for playing rough with its Play Store policies, Google faced the consequences.
The Alliance of Digital India Foundation stormed in, waving their banners of non-compliance, seeking a CCI review at the Delhi High Court.
But hold your popcorn, folks! In a high-stakes showdown, Google now bravely marches forward with its new payments policy in India, boldly proclaiming compliance with the CCI’s directives.
Chief Executive of Amazon Web Services (AWS), Adam Selipsky shared the company’s plans to invest over $12.7 Billion in India. This investment will boost the cloud infrastructure as well as add $23 Billion to the country’s GDP.
AWS has already invested $3.7 Billion in the country between 2016-2022.
After firing above 500 employees from Amazon India, is this the company’s way to placate the nation’s emotions?
Kishore Biyani's Future Retail has lost all favour, going from 49 ambitious bidders to just 6, with Reliance Retail and the Adani Group being the most recent and significant dropouts.
Space Mantra is the highest bidder, aiming for the whole business, while Pinnacle Air, Palgun Tech LLC, Lehar Solutions, Goodwill Furniture and Sarvabhishta e-waste management are bidding for parts of the company.
From 1,500 outlets to struggling for bidders, Future Retail really lost the plot.
Zomato has upped the game by introducing its own UPI offering called Zomato UPI in collaboration with ICICI Bank.
This exciting development allows customers to seamlessly make payments within the Zomato app, eliminating the need for redirection to external platforms like Google Pay or PhonePe.
They aim to entice users to embrace UPI payments over cash on delivery, by the simplification of the payment process.
Can this fancy manoeuvre provide a smoother customer experience and improved efficiency for Zomato?
Manish Chopra, Meta India’s Head of Partnerships and Director, has decided to resign. After holding the fort at Meta for 4.5 years, Manish is now looking for a new phase in his professional life.
This is not the first time a chief position holder at Meta has stepped down. Meta’s India head Ajit Mohan and Whatsapp Head Abhijit Bose, also resigned last November.
Am I the only one curious about what’s happening behind the scenes at Meta?🤔
The troubled $69 billion deal between Microsoft and Activision is now finally going to see the light of day. While UK competition regulators were opposed to the deal going through, the European Union has allowed the acquisition.
Problems seem to revolve around the phenomenon of "exclusive titles", which allow certain video games to be released on specific platforms only. One of the biggest video game producers getting acquired and limited to one platform could negatively affect the consumers' interests.
Cipla is bidding adieu to its stake in Saba Investment, UAE. They're handing over their 51% ownership to Shibam Group Holding, UAE. Sayonara, subsidiaries! 🙋♂️
Cipla Middle East Pharmaceuticals FZ LLC and Cipla Medica Pharmaceutical and Chemical Industries will no longer be Cipla's sidekicks. But fear not, Cipla's not vanishing, they're revamping their game.
Be prepared for a pharma rollercoaster of change as Cipla is ready to serve you with a fresh business model.
As part of laying off around 27,000 employees globally, Amazon India is now leaving 500 employees in the dust.
As per CEO Andy Jassy’s announcement in late March, employees from Amazon Web Services (AWS), Human Resources and multiple functions are targeted. This decision can also be the result of the slow growth the Seattle-based company is witnessing in its e-commerce business in India.
Seems like Amazon India will be delivering bad news instead of happiness today!
Guess who's joining the engineering game? 🏏
Cricket legend Sachin Tendulkar has stepped up to the plate, making a sizzling strategic investment in AZAD Engineering. While the exact investment amount remains a secret, Tendulkar's involvement allows AZAD Engineering to power up its dedication to the “Make in India” and “Atmanirbhar Bharat” initiatives.
With this unexpected collaboration between sports and engineering, let’s see how big they score in the world of innovation!
Separating its pharmaceutical business, Sanofi plans to demerge in its wholly-owned subsidiary, Sanofi Consumer Healthcare India. As a sign of a decision well made, Sanofi India’s plans to demerge its consumer healthcare business have boosted its stock prices.
The announcement has increased their stocks by 12%, making investors satisfied with the plans.
Focusing to improve its Diabetes business, this demerger seems like a sweet success for Sanofi!
Hero Electric, a prominent Indian electric two-wheeler manufacturer, plans to go public by 2025-26.
Its goal is to achieve a sales target of 2 million vehicles in the next 3-5 years. They plan to expand their production and sales network to reach the ambitious targets.
With the increasing demand for eco-friendly transportation, they are in a favourable position to capitalize on this trend. Will their plans electrify investors and spark a new wave of interest in the company?
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