The key risk factors would be anti-incumbency, small vote share swings causing large impact on outcomes and the 2004 example.
IPO-bound hospitality major Oyo's India Chief Executive Officer (CEO) Ankit Gupta and the head of its Europe business Mandar Vaidya have resigned. A company spokesperson told Business Standard that the two had moved on from their roles six months ago in March 2023. During the same period, Oyo had rejigged its top management, where the company's COO Abhinav Sinha was reassigned as Chief Product and Technology Officer, while Chief Business Development Officer Anuj Tejpal was reappointed as Global Chief Merchant Officer.
Quick commerce startups hope to race towards better days. Can they crack the execution code?
The board of Nazara Technologies, a listed online gaming company, has approved the issue of shares worth Rs 100 crore to firms managed by Zerodha founders Nikhil and Nithin Kamath, the company said in a regulatory filing on Monday. The company is proposing to issue 1,400,560 equity shares at a face value of Rs 4 each, for Rs 714 per equity share. This will amount to Rs 99,99,99,840 and will be proportionately allotted to M/s Kamath Associates and M/s NKSquared.
The move comes barely a week after fellow crypto unicorn CoinDCX laid off 12 per cent of its workforce - an estimated 80 employees - amid challenging macroeconomic conditions and regulatory uncertainty in the sector. CoinSwitch has 519 employees, according to its LinkedIn profile. This means around 8 per cent of its workforce were shown the door.
The National Association of Software Services Companies (Nasscom) on Tuesday launched the Talent Connect portal to bridge the gap between recruiters and digitally skilled and certified candidates. The portal, which has been in the work for the last 28 months has 100,000 candidates and companies such as Tata Consultancy Services (TCS), Tech Mahindra and Salesforce recruiting from it. The platform, for the first time, is also making an attempt to bridge the gap of skill-based talent to employers, rather than the current practice of academic focused talent base.
Tata Group-owned Titan, which has agreed to purchase founder Mithun Sacheti's stake in CaratLane for Rs 4,621 crore, is planning to buy employee stock options (Esops) of the jewellery retailer's employees for around Rs 350 crore. This will take Titan's ownership in the company to 100 per cent. CaratLane reportedly has around 1,500 employees, most of whom do not own shares in the company.
'Given that the market is now demanding disciplined growth, well-run companies should be able to demonstrate profitability with the cash on hand.'
Krithi Krithivasan is the kind of person one might look to when the need is to calm things down and put things back on track.
'Companies are coming to the campuses, and we have companies booking their slots for the placement season, but the overall number of companies signing is low, and the hiring numbers are also lower.'
Quick commerce is proving to be a solid business proposition, with companies like Zomato's Blinkit and Y Combinator-backed Zepto recently registering growth, charting paths to profitability. Blinkit logged its highest gross order value (GOV) and customer transactions in June and July, showing a positive contribution for the first time in the quarter ended June 2023. Deepinder Goyal, Zomato's co-founder and chief executive officer (CEO), predicted that Blinkit would deliver more value to shareholders than the core food delivery business in the next decade.
'They have got the advisory council, a CEO has been appointed finally, and they have made some headway on the term loan B.'
Hyperlocal delivery platform magicpin experienced an overwhelming surge in demand at 9 am on Monday, causing its app to crash, leaving users temporarily unable to access the platform. The increased traffic came after the firm announced its "tomatoes @ Rs70" initiative last week in partnership with National Cooperative Consumers Federation of India (NCCF) and Open Network for Digital Commerce (ONDC). This led to magicpin's tomato stocks depleting within the first 10 minutes, leaving many buyers struggling to order.
Catamaran, the family office of Infosys founder Narayana Murthy, is targeting 15 per cent returns on its portfolio investments per annum as it shifts focus from early-stage investments to growth and late-stage bets. This would double the firm's assets under management (AUM) from the current $1 billion to $2 billion over the next five years. "For direct investments, we are focusing on growth-stage investments and very selectively on early stage," Deepak Padaki, president, Catamaran, told Business Standard. "(This is) primarily because the early-stage space in India, in the last three-four years, has completely changed. "There has been a huge influx of capital in the last two years. It has become a very crowded space for early-stage investment," he said.
'We have not seen too many large deals compared to last quarter.'
Similar discounts compared to online led to a spike in demand for offline, where customers can get a more personal and hands-on product experience.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
The first-quarter performance of top IT services players, as well as mid-cap firms, has been subdued, reflecting macro uncertainties. The numbers of the top four firms show several misses, hinting at difficult times ahead. One mismatch is the total contract value (TCV) signed by the firms and the revenue growth registered.
'As long as ASUS continues to introduce new products into the market, we still have a chance to grow our business in India.'
The gauge for the performance of informational technology (IT) stocks soared nearly 5 per cent-most in nearly three years-as growth worries eased following a robust order book posted by bellwether Tata Consultancy Services (TCS). The Nifty IT index rose 4.5 per cent to close at 30,945. This was the biggest single-day gain since September 14, 2020. Industry titan TCS' shares rose 5 per cent to Rs 3,509.
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