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Your daily dose of crisp, spicy financial news in 80 words.
X's CTO Elon Musk plans to make the platform an "everything app". In a video post on October 2nd on X, Musk revealed a video game streaming and live shopping feature.
A 40-minute streaming of the game Nightmare Dungeon game by Musk followed a partnership with Paris Hilton's 11:11 Media company for live shopping.
Looks like Elon is powering up his idea of making X the "super app" competing with China's WeChat. What about X's ongoing capital troubles?
Musk and X is a combination of drama. Read here to learn how X, previously Twitter, has been suffering ever since its management change.
Man Industries' shares reached ₹196.70 today following an order worth around ₹400 crore, with the customer's identity kept confidential.
Specialising in pipe manufacturing, the company anticipates completing the project within six months and holds an unfulfilled order book valued at approximately ₹1600 crore.
In the June 2023 quarter, the company recorded a 13% increase in net profit, reaching ₹11.88 crore, with a revenue of ₹464 crore.
To learn about another company that recently secured an order equivalent to half of its market capitalisation, click here.
Captains stay with the sinking ship, but this doesn’t seem to be true with cash-strapped startup Dunzo. First, the largest shareholder, Reliance Retail’s Chief of Business Operations Ashwin Khasgiwala and Finance Head Rajendra Kamath, left the board in August. Now, Co-Founder Dalvir Suri has parted ways.
There are even speculations of another Co-Founder, Mukund Jha, leaving the troubled firm.
Cash-flow issues and pending dues have resulted in the exit of several representatives from the board.
It would be tough to interpret how Dunzo will sail in the storm. But you won’t have to worry about how to analyse the real estate industry. Click here to take advantage of this booming sector now.
Vedanta Limited, owned by billionaire Anil Agarwal, has announced a strategic move to demerge its various businesses into six separate listed entities, including metals, power, aluminium, and oil and gas.
These entities include Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited.
Shareholders of Vedanta Limited will receive one share in each of these newly listed companies for every one share of Vedanta Limited they hold.
Meanwhile, explore the IT sector's challenges and potential solutions here.
Emami's stock price surged nearly 5% in early trading after the company announced its entry into the juice sector.
Emami acquired a 26% equity stake in Axiom Ayurveda Pvt Ltd, the company behind "AloFrut" beverage products.
Axiom Ayurveda also offers a range of carbonated beverages, including mocktails and energy drinks, along with Ayurvedic healthcare juices under the Jeevan Ras brand.
Emami's move into the juice category signals its diversification efforts in the FMCG sector.
Read here to know about Himalaya: The company that bottled Ayurveda.
Formerly Google's General Manager, Kiran Mani, will now be the CEO of Viacom18's subsidiary JioCinema. Kiran would lead technology development for the company and head partnerships with Hollywood studios.
Mani is well known for being the former adviser to Bodhi Tree investment firm and handling Google's Asia Pacific region.
With Mani's appointment as the CEO, JioCinema's wish to expand its reach in the nation would be the priority.
Meanwhile, read about what RIL has in the plan for its telecommunications firms by clicking here.
India’s newest airline company shocked the nation when it revealed being in a crisis due to a lack of pilots. Akasa Air lodged a complaint against 48 pilots who jumped ships without completing the mandatory notice period.
Delhi High Court ruled in favour of Akasa Air, giving them the power to take action against pilots and airlines opposing the Civil Aviation Requirements (CAR).
Read here to know how Akasa Air might be on the verge of shutting down.
Several real-money gaming firms, including Dream11 and Head Digital Works, are preparing to take legal action against the ₹55,000 crore in tax dues they recently received notices for.
Dream11 has already filed a petition in the Bombay High Court, and others are expected to follow suit.
With the possibility of total GST dues reaching ₹1 lakh crore, these companies are seeking legal remedies to address their tax challenges, especially in the wake of the 28% GST on gaming.
The Indian online gaming industry faces uncertainty and potential challenges due to these tax-related developments. To know more, click here.
ICICI Lombard has received a government notice demanding ₹1,728.86 crore in taxes for alleged GST non-payment.
The notice, related to co-insurance and reinsurance transactions from July 2017 to March 2022, was disclosed by the company recently.
This follows similar tax notices issued to Delta Corp and Dream11.
These tax challenges highlight the growing scrutiny on financial transactions and tax compliance in India, potentially impacting various sectors.
For insights into how the recent GST increase has affected Delta Corp, click here.
Answering the growing demand for insurance and pension funds, the Indian Government is bringing out first-ever 50-year bonds. The bonds, worth ₹30 billion, will be sold between October and February.
As per the borrowing plan of the Reserve Bank of India, 50-year tenor bonds, along with 30 and 40-year tenor ones, would help boost India's financial security and retirement plans.
This announcement gives an insight into citizen's expanding financial awareness.
Indians' idea of saving for the future is improving, but is our national currency in pace with the advancement? Read to know where Rupee stands.
Newly appointed Byju’s CEO, Arjun Mohan, plans to restructure the troubled EdTech firm. What doesn’t come as a surprise is how those plans include Byju’s tradition of laying off employees.
The major changes would include cutting 4,000-4,500 jobs, almost a third of the total workforce, as a cost-cutting method. This number may go up or down depending on individuals.
Alongside plans to sell Epic and Great Learning and layoff, what else would Byju’s have in store? Time will tell.
Meanwhile, read about the best solutions to analyse the IT companies by clicking here.
Cash-strapped quick-commerce company Dunzo is planning to cut its workforce by 30-40%, following two previous rounds of layoffs that affected nearly 400 employees this year.
The company is also in advanced talks for a $25-30 million funding round with key investors Reliance Retail, Google, and Lightrock. However, the valuation is yet to be determined.
Securing funds could be Dunzo's lifeline as it strives to overcome financial challenges and legal issues.
This situation reminds me of Byjus for some reason. To learn more about Byjus' struggles, click here.
Real Money Gaming (RGM) company Dream11 was forwarded a GST tax notice of ₹25,000 crore from the Directorate General of GST Intelligence (DGGI). This is said to be the largest indirect tax notice in India.
Companies like Play Games24x7 Pvt. Ltd. & its affiliates, Head Digital Works Pvt. Ltd. were part of the dozen pre-show cause notices of ₹55,000 crore served by DGGI.
The recent change of GST rates to 28% has overturned grounds for several gaming companies.
To know how the sudden GST hike affects the gaming industry, click here.
JSW Infrastructure's IPO has officially commenced today and will remain open for subscription until September 27th.
This IPO offers a fresh issue component valued at ₹2,800 crore by the company, with no offer-for-sale portion.
The price band for the issue has been set at ₹113-119 per share. The company will finalise the basis of allotment for IPO shares by October 3rd, with shares set to be credited to eligible investors' demat accounts by October 5th.
For details on JSW Infrastructure's financial performance, the purpose behind the IPO, and insights to help you decide whether to apply, click here.
For the coming 4-5 years, Apple plans to increase iPhone production in India to $40 billion (around ₹3,32,520 crore) from $7 billion. Apple deems India a key market at present and is setting to capitalise on it.
Along with iPhones, the tech giant is also organising the production of Airpods by next year.
With the many plans in motion, will Apple be able to amplify the number of switchers (Android to iPhone adopters) in India? Only time will tell.
Meanwhile, read about how you can profit from social media accounts with a simple adaptation by clicking here.
Delta Corp, a major Indian casino company, has received a tax notice of ₹11,139 crore from the Directorate General of GST Intelligence, Hyderabad.
This significant development coincides with the company's recent challenges, including imposing a 28% indirect tax on gaming company revenues by India's GST Council in July.
These tax issues could notably impact Delta Corp's standing in the Indian stock market.
Meanwhile, to know about the impact of the GST hike on Delta Corp., click here.
Omnichannel jewellery retailer Bluestone is close to setting a ₹550 crore funding round in which Zerodha co-founder Nikhil Kamath is pumping ₹100 crore. Bluestone's founder Gaurav Kushwaha informed that the company’s valuation reached ₹3,600 crore.
Other investors for the fund include Manipal Group chairman Ranjan Pai, Infoedge Ventures, IIFL, and Zomato founder and CEO Deepinder Goyal and Amit Jain, respectively.
With Tata Group increasing its stake in CaratLane, this news raises the bar for the jewellery market competition.
Curious about Tata Group? Read here to learn more about one of the essential companies under it.
Glenmark Pharmaceuticals is selling a 75% stake in its subsidiary, Glenmark Life Sciences (GLS), to Nirma for ₹5651.50 crore at ₹615 per share.
After the deal, Glenmark Pharma will retain a 7.84% stake in GLS.
The transaction is subject to regulatory and shareholder approvals, and Nirma will make an open offer to GLS's public shareholders. Glenmark Pharma aims to focus on growth and financial strength, creating value for shareholders.
To understand why investing in the pharmaceutical sector may not be the best choice, read this article.
Byju's has announced a significant leadership change in its India operations. Arjun Mohan, a company veteran, is taking over as the CEO of Byju's India, replacing Mrinal Mohit.
Arjun Mohan, who was previously Byju's Chief Business Officer and had a period at upGrad as CEO, has returned to the company.
This change shows Byju's commitment to growing in edtech, but will it pay off?
To learn more about the edtech giant's challenges, click here.
USA grocery delivery startup Instacart launched a $9.9 billion IPO, and the co-founder Apoorva Mehta made a fortune of $1.1 billion. Mehta handed his executive chairman position to CEO Fidji Simo and left the startup as a billionaire.
Instacart is USA’s largest grocery delivery company in revenue, valued at $9.9 billion.
Apoorva Mehta is the largest shareholder of the company. Instacart plans to expand into the advertising and grocery software business.
Also, read about Zomato’s idea of service: pretty packaging and rotten food by clicking here.
Infosys and NVIDIA are expanding their collaboration to integrate generative AI into enterprises, aiming to enhance productivity.
Infosys will leverage NVIDIA's AI Enterprise ecosystem and create offerings for easy AI integration. Additionally, Infosys plans to establish an NVIDIA Center of Excellence to train 50,000 employees in NVIDIA AI technology.
The partnership spans various sectors and this collaboration represents a significant step towards leveraging generative AI for business growth and innovation.
Meanwhile, to know whether ChatGPT is making you an AI slave, click here.
A sudden departure of 43 pilots has brought Akasa Air to a knife's edge. The aviation company informed the Delhi High Court of being “in a state of crisis” and may shut down.
Pilots who jumped ships to rival companies did so without serving the stipulated six-month notice period. Akasa Air has filed a writ petition against them.
The ongoing turbulence in the aviation industry and around 600 to 700 flight cancellations in September lands Akasa Air in a tight spot.
Meanwhile, read here about a different industry that might cause trouble for investors.
Torrent Pharmaceuticals is in early discussions with Apollo Global Management for a $1 billion loan to bid on a 33.4% stake in Cipla.
They're also considering partnerships with CVC Capital Partners and Bain Capital for up to $1.5 billion in funding.
Apollo may acquire part of Cipla's stake as succession concerns loom with the senior age of Cipla's top leadership.
To know why investing in the pharmaceutical industry is not always the right idea, check this article.
A huge relief to the Over-The-Top (OTT) players!
The Department of Telecommunications (DOT) has removed OTT platforms from the list of Telecommunication Services in the Telecom Bill. Hence, OTTs won’t be regulated similarly to telecom services.
Apps like Whatsapp, Telegram, and Signal will be regulated differently than telecom services as per the existing Indian Telegraph Act.
MeitY will regulate OTT platforms, whereas broadcasting apps like Netflix will fall under the Ministry of Information & Broadcasting (MIB) jurisdiction.
The Ministry of Electronics & Information Technology (MeitY) plans to add a section for OTT regulation in the Digital India Act. Read here to know what else would be a part of the new act.
India is set to implement gradual customs duties on telecom components to discourage imports and bolster domestic manufacturing.
The Department of Telecommunications is contemplating a 10% import duty starting in January, which will escalate to 15% by October the following year.
This initiative aligns with the government's Phased Manufacturing Programme, strategically fostering local production and adding value to the telecom sector.
This move signifies India's determined push toward self-reliance and growth in the telecommunications industry.
Learn about a lesser-known telecom company with great investment potential here.
Foxconn, the Taiwanese contract manufacturer known for making iPhones, plans to double its workforce and investment in India by next year.
While specific details are yet to be disclosed, Foxconn already operates a significant factory in Tamil Nadu with over 40,000 employees.
The company is also exploring opportunities in the electric vehicle (EV) sector, indicating a broadening of its business horizons in India.
Is Foxconn's expansion a sign of India's growing importance in the global tech and EV markets?
Meanwhile read about Google Vs Indian Startups here.
Vodafone Idea paid ₹ 1,701 crore as the second annual spectrum instalment to the Department of Telecommunications (DoT). The amount was paid for the 5G Spectrum worth ₹18,799 crore VI acquired last year.
VI has opted to pay this due to the government in 20 equal instalments. The first instalment of ₹1,680 crore was paid in August 2022.
Interestingly, Vodafone Idea is the only operator that hasn't yet provided 5G services.
Read here about an underdog company in the telecom sector with many opportunities for investors.
India's largest bank, State Bank of India (SBI), plans to raise approximately ₹10,000 crore through 15-year infrastructure bonds next week to secure long-term capital.
These bonds are expected to carry AAA ratings from ICRA and India Ratings, with issuance scheduled for September 22.
The anticipated coupon rate falls in the range of 7.45-7.50%, offering a competitive spread over similar benchmarks.
SBI's move represents a strategic step toward strengthening the nation's infrastructure and securing long-term capital.
Meanwhile, to decode the business of IDFC First Bank, click here.
The UK government has agreed to provide Tata Steel with a grant of 500 million pounds. The company has also received a green light for an investment of 1.2 billion pounds to improve infrastructure at Port Talbot.
The motto of this deal would be to present Tata Steel with capital to boost ecologically sustainable steel production.
It would be interesting to witness Whether Tata Steel can overcome current challenges in its UK division with this investment.
Interested in more world news? Read here to know who will replace the Dollar for the prime position in the currency’s market.
SpiceJet has successfully made a $1.5 million payment to Credit Suisse, meeting its obligation following a Supreme Court directive.
The court had recently issued a stern warning to SpiceJet's Chairman and MD, Ajay Singh, for failing to fulfil payments to Credit Suisse AG, even hinting at the possibility of jail time for non-compliance.
This payment by SpiceJet signifies a critical step in resolving the dispute, but it raises questions about the airline's financial stability and ongoing legal challenges.
To know why Airline industries are always struggling, click here.
NavIC (Navigation with Indian Constellation), the Made-In-India navigation system, would be mandated by the government for all smartphones by December 2025.
MeitY minister Rajeev Chandrasekhar said that the smartphones could either give support for NavIC-powered chips or use NavIC chipsets. NavIC is currently used in some mobile devices, cars, and by the Indian military.
Tech giant Apple supports the NavIC protocol by including it in several iPhone15 models.
Know what other actions MeitY is undertaking for the benefit and security of Indian citizens by reading this article.
Classic Legends, backed by Mahindra & Mahindra, is set to invest ₹1,000 crore by FY26.
The aim is to make a mark in India's mid-weight lifestyle motorcycle market and cater to the growing demand abroad.
The funds will go into various areas like product development, marketing, distribution networks for global markets, and more. This financial boost will come from internal sources, existing stakeholders, and external investors.
Is this the road to Classic Legends' triumph in the world of classic motorcycles?
Click here to read about another automobile company that was in news recently.
Isha Ambani-headed Reliance Retail is planning a $3.5 billion fundraising in which $1.25 billion by Qatar Investment Authority and $250 million by KKR is collected. Now, they are looking for a fresh $1.5 billion infusion.
Along with the investors, parent conglomerate Reliance Industries Ltd. will also contribute to this investment.
This investment will raise Reliance Retail’s valuation. Looks like competitors will have to crane their necks further to lock eyes with Reliance Retail.🤔
RIL’s retail unit is not the only one with robust future plans. Read here what Reliance Industries has in store for the next step in world domination.
Byju's is once again in the spotlight amid allegations that it concealed $533 million in a little-known hedge fund from three years ago.
Lenders seeking to recover the funds are at the centre of this dispute, claiming that this money serves as collateral for a $1.2 billion loan.
According to Bloomberg, Byju's reportedly transferred over half a billion dollars to the Camshaft Capital Fund in 2022.
Is this a strategic move or a potential financial pitfall for Byju's?
For all the details about the company, click here.
TP Solar, subsidiary of Tata Power Renewable Energy is securing ₹3,521 crore from the US International Development Finance Corporation (DFC) for a new 4.3 GW solar manufacturing plant in Tamil Nadu, India.
Tata Power aims to become a customer-focused energy solutions company, investing in solar modules, EV chargers, and energy management solutions.
This venture is set to generate jobs for approximately 2,000 individuals.
Is this the turning point in Tata Power's journey towards sustainable energy dominance? 🧐
Curious about Solar Industries, a company unrelated to solar energy? Click here to learn more.
Google is having a rough start to the week as it faces legal fronts from two sides simultaneously: the DOJ’s Antitrust Trial in the USA and litigation for violating privacy laws in the Netherlands.
As per media outlets, Google has been monopolising the internet for a decade by spending $10 billion annually.
Google has faced several trials for the exact charges, but this time may prove difficult for the tech giant. The trial’s outcome will change history.
Read here to know how the ultimate fight between Indian Startups and Google went down.
Byju's finally plans to repay its $1.2 billion term loan B within six months.
It aims to pay $300 million in the next three months, with the rest following.
The company is selling key assets, Epic and Great Learning, to raise cash, potentially generating up to $1 billion.
Byju's is working with bankers to find strategic investors for the assets and is also seeking fresh equity capital.
To know all that is happening with Byjus, click here.
Reliance Retail Venture Ltd. (RRVL) received an investment of ₹2,069 crore from global investment firm KKR (Kolkata Knight Riders), raising its stake from 1.17% to 1.42%.
The investment is made through an affiliate, translating into an equity stake on a fully diluted basis. KKR invested ₹5,550 crore in 2020 in RVNL and is also an investor in Jio Platforms Ltd. with ₹11,367 crore.
RRVL’s valuation reached ₹8.36 lakh crore with this follow-on investment.
Along with its retail unit, Reliance Industries has many plans in motion for the future. Click here to learn how those plans might affect your investments.
US boutique investment firm GQG Partners has further increased its position in IDFC First Bank following a recent acquisition of a 2.6% stake worth ₹1,527 crore on September 4.
In today's block deal, 0.8% of the company's stake, equivalent to around 5.1 crore shares, changed hands at an average floor price of ₹94.50 offering a nearly 1% discount from the previous Friday's closing stock price of Rs 95.35.
Meanwhile, to decode the business of IDFC First Bank, click here.
USA-firm Coinbase sent an email on Sunday to all its users to withdraw their funds as they will be closing doors in India. Both the website and app will be accessible till September 25, 2023.
Coinbase entered India in April 2022, allowing users to buy crypto using UPI. However, the regulators created a huge obstacle, leading to disabling the service.
The clearing of all action from the US crypto firm was a long time coming.
While discussing ends, do you think the rise in UPI affects our favourite toffee industry? Read here to know how!
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