The billionaire Mistry family's estate is likely to soon change hands. The assets in the name of Cyrus Mistry, who died in September last year, may soon be divided equally among his wife Rohiqa and sons Firoz and Zahan, according to sources. The reorganisation will also include the 9.2 per cent stake in Tata Sons, which is currently in Cyrus Mistry's name and held through his investment company Cyrus Investments.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Fintech and venture capital firms such as Recur Club, Razorpay and Trifecta Capital have come to the aid of homegrown start-ups caught in the crossfire of the Silicon Valley Bank fiasco. Alternative funding platform Recur Club said it was allocating $15 million to all Indian founders affected by the crisis. It will not charge any platform fee for the same.
"Humble", "kind", and "spiritual" are some adjectives used to describe K Krithivasan, chief executive officer designate and global head of banking, financial services, and insurance business, Tata Consultancy Services (TCS), where he is an old stager. Krithivasan, based out of Chennai, has been part of the global technology sector for over 34 years. He joined TCS in 1989. During his long tenure at the company, he has held leadership roles in delivery, customer relationship management, large programme management, and sales.
Mergers and acquisitions (M&As) by Indian companies have declined sharply by 80 per cent so far this year, in contrast with the same period last year, as bankers predict lower deal volumes due to falling profit margins of Indian companies and feeble stock markets. The decline in Adani Group shares has also hit buyer sentiment. According to data from Refinitiv, M&As in India stood at $3.3 billion from 253 deals, year-to-date (YTD) - a fall of 80 per cent year-on-year (YoY). Cross-border deals by Indian companies were also down 84 per cent to just $1.5 billion.
'The skilling gap is a serious issue.' 'We partner with the government on skilling, but as a company we have several skilling programmes, and we work closely with the partner ecosystem.
N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. "I would hold venture capitalists responsible who propounded the theory that only the top-line is important and not the bottom-line. "I think that is completely wrong. In many ways it looks like a ponzi scheme.
Vedanta investors were jittery on Tuesday as its share price fell and bond yields of its parent firm rose following concerns raised by a rating agency on its capability to repay debt maturing later this year. Shares of the mining and metals major were down by 7 per cent on Tuesday to Rs 268 a piece on the BSE. The company has lost market valuation of 30 per cent in the last one year and 13 per cent since January 1 this year. Yields on the bonds of Vedanta Resources, the parent firm of the BSE-listed Vedanta, shot up to 39.8 per cent - showing investors' rising concern over the group's debt situation
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
Information technology major Wipro has asked candidates who have successfully completed their training and who were offered Rs 6.5 lakh per annum earlier whether they would be willing to take up projects for an annual compensation of Rs 3.5 lakh. Wipro told Business Standard that it had to adjust its onboarding plans "in the light of the changing macro environment and, as a result, our business needs". "Like others in our industry, we continue to assess global economies and customer needs, which factor in our hiring plans.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
Adani Enterprises, the flagship of Adani Group, said on Wednesday new businesses of renewables, data centres, airports and roads account for more than 33 per cent of earnings and it will complete all infrastructure projects on time. "We are laser focused on continuing our business momentum, in this market volatility. "We are confident in our internal controls, compliance and corporate governance.
78% Indians were unable to tell the difference between a love letter written by ChatGPT and one by a human being.
Despite the recent turmoil in the Indian markets after a scathing report on the Adani group from Hindenburg Research, American private equity major Blackstone is "bullish" on the India growth story and plans to invest more in the country's infrastructure and real estate projects. "We have a long-term view on India, as growth will be higher here. We have invested half of our Asia exposure in India. "Our extraordinary performance in India has made us bullish," said Jonathan Gray, president and chief operating officer of Blackstone.
The Supreme Court on Monday directed Uber to apply for a licence within three weeks to operate in Maharashtra, stressing that cab aggregators cannot function without one. A bench led by Chief Justice of India (CJI) D Y Chandrachud said that an earlier interim order by the Supreme Court that had allowed Uber to operate in the state would not provide legal cover, since an aggregator cannot operate without a licence. It ordered Uber to apply for a licence by March 6, said a report by Bar and Bench.
'Winning a deal is one aspect, making sure that we are able to execute it profitably is also important' says Rajesh Nambiar.
A day after the promoters of Adani Group prepaid $1.1 billion loans, one of the group's listed entities - Adani Ports and Special Economic Zone (APSEZ) - announced that it would prepay loans of up to Rs 5,000 crore by next month-end so as to improve its financial metrics. The company is targeting an earnings before interest, tax, depreciation and amortisation (Ebitda) of around Rs 15,000 crore this financial year. This was revealed by Karan Adani, chief executive officer (CEO) and whole-time director of APSEZ, while announcing the September-December 2022 results.
Manisha Sharma (name changed) was always among the high achievers in her company. She was recognised and rewarded for those efforts as well. Mid-December 2022, however, she received a jolt: an email informing her that she had been laid off - along with several of her colleagues. Sharma worked for a big tech firm, which had decided to downsize. And just like that, she was asked to go. "It did come as a shock," she says. "I did not take calls for the first two days, but then realised there is no point in beating oneself up for a situation that's not in your hand. "I thought let this be an opportunity to take a break. I'll now start looking for a job," she adds.
SoftBank-backed Inmobi has fired about 50-70 people on performance metrics. According to a source, the employees impacted are from Inmobi and the firm's lock screen-based content provider Glance. This comes even as the company announced that it will skip increments for CY23 and also undertake recruitment only when required. The Inmobi group has a total headcount of 2,600.
Dip in attrition rates and higher bench strength seem to be signalling a normal year for hiring in FY24.
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