The Reserve Bank of India (RBI) abstained from selling any US dollars throughout February, for the first time in nine months. The decision comes amid increasing pressure on the rupee, as expectations of rate cuts by the US Federal Reserve keep pushing back. The last time the RBI did not sell dollar over a month was in May 2023.
The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm Byju's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest.
The country's largest IT services company TCS on Wednesday said it has 250 staffers in Israel and stressed that the ongoing conflict will not have any major impact on its business. The company said it is in constant touch with all staffers, and at present, the focus is their safety and to look at how they help the communities they live in. It has initiated business continuity plans wherever necessary to ensure that the customers do not get impacted, TCS chief operating officer N Ganapathy Subramaniam told reporters, adding that it does not expect any major impact of the war on its business.
Edtech company Byju's, which was once India's most valuable start-up worth an estimated $22 billion, will face insolvency proceedings for failure to pay Rs 158.9 crore to cricket board BCCI. The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy proceedings against the firm and appointed an interim resolution professional, suspending the company's board of directors and freezing its assets.
The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
Strict screening protocols are to be implemented for passengers arriving from central African countries affected by the outbreak.
Canada-based Brookfield will acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of $2 billion, a release said on Friday. The transaction is subject to regulatory approvals and expected to close in the second half of 2024. "Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management, today announced the signing of an agreement with ATC to acquire 100 per cent of equity interests in American Tower's operations in India (ATC India), for an enterprise value of Rs 16,500 crore ($2 billion) which is subject to pre-closing terms as per the securities purchase agreement," it said.
Tata Consultancy Services (TCS) on Friday reported a 9 per cent growth in net profit at Rs 12,434 crore in January-March quarter of FY24, helped by improved margin and strong performance of its India business. The largest software services exporter had reported a post tax profit of Rs 11,392 crore in the same period of the preceding fiscal. In the entire FY24, the company's net profit surged 9 per cent to Rs 45,908 crore, while the revenue rose to Rs 2,40,893 crore from Rs 2,25,458 crore registered in FY23.
The country's forex reserves dropped by a further $2.166 billion to $584.74 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by $3.79 billion to $586.91 billion in the previous week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The government has cleared US-based chip maker Micron's project to set up a semiconductor test and packaging unit worth USD 2.7 billion in the country, according to sources. The approved project is expected to create 5,000 jobs. "The project was cleared about a week back," a source said, confirming details of the project.
India's forex reserves dropped by $4.992 billion to $593.904 billion for the week ended September 8, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty had jumped $4.04 billion to $598.9 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
India's forex reserves dropped by $30 million to $594.858 billion for the week ended August 25, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $7.27 billion to $594.89 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The latest report showed that between October and December 2023, over 2.25 million videos (2,254,902) were removed in India for violating YouTube's community guidelines. India topped the list of 30 countries in video removals.
The National Company Law Tribunal (NCLT) on Tuesday admitted a fresh petition filed by a Zee Entertainment Enterprises Ltd shareholder seeking enforcement of the now-cancelled merger deal between ZEEL and Sony. The Mumbai bench of NCLT also directed Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks and fixed the next date of hearing on March 12. On January 21, Sony Group Corp (SGC), the Japanese parent company of Sony Picture Network India (SPNI) and BEPL, announced the termination of the $10 billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.
Outward remittances under the Reserve Bank of India's (RBI) liberalised remittance scheme (LRS) rose in May 2023 to $2.88 billion as compared to $2.33 billion in April, mainly due to an uptick in travel spend. People in India spent close to $1.5 billion on international travel in May, against $1.10 billion in April.
British multinational BAT PLC on Tuesday said it plans to sell up to 3.5 per cent stake in India's ITC Ltd to institutional investors through a block trade. In a statement, British American Tobacco PLC (BAT), the single largest shareholder in ITC Ltd (ITC), said its wholly-owned subsidiary Tobacco Manufacturers (India) Ltd (TMI) intends to sell up to 43,68,51,457 ordinary shares in the Indian diversified entity to institutional investors by way of an accelerated bookbuild process (block trade), subject to customary closing conditions.
Nasdaq-listed Cognizant Technology Solutions has signed a definitive agreement to acquire global engineering company Belcan for about $1.3 billion (Rs 10,853.7 crore) in cash and stock. The transaction is expected to close in the September quarter. The total consideration includes $1.19 billion (Rs 9,935.31 crore) in cash and 1.47 million Cognizant shares, valued at $97 million (Rs 809.53 crore) based on the information technology services provider's closing share price on June 7, 2024.
Hotstar on Friday said it will offer the Asia Cup and ICC Men's Cricket World Cup tournaments at no cost to users.
The world is learning about a side effect of the COVID vaccine called Thrombosis with Thrombocytopenia Syndrome, he said.
India's foreign exchange reserves jumped $708 million to $602.16 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.42 billion to $601.45 billion.
Pharma giant AstraZeneca's Covid-19 vaccine is being withdrawn worldwide after the company acknowledged for the first time in court documents that it can cause a rare and dangerous side effect, according to a report in the British newspaper The Telegraph.
Cash-strapped edtech firm Byju's is likely to pay its employees the April salaries this week, according to sources. The company is grappling with the issue of delays in paying salaries to employees. "There has been a delay in salary. It is expected to be now paid sometime this week," said a person.
India's foreign exchange reserves rose by $1.85 billion to $595.05 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The overall reserve had dropped by $2.90 billion to $593.20 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion.
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
From those highs, the Bengaluru-headquartered company founded in 2011 is now looking to sell two companies it lists as "well-known acquisitions" on its website - Epic and Great Learning. But strategic buys have been critical to its quick expansion. The company got a valuation of about $8 billion by January 2020 after becoming a unicorn in late 2017.
'Despite the animosity shown by some of the investors in pursuing uncalled for legal actions, we continue to show good faith towards all our shareholders.'
'These are the two core skill sets that are required for any job, in any profession.'
The National Company Law Appellate Tribunal on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance against an NCLT order that approved the media company's merger with Culver Max Entertainment. However, a two-member NCLAT bench comprising chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger process during the pendency of the hearing. The appellate tribunal (NCLAT) has directed to list both petitions on January 8 for hearing, directing Zee Entertainment Enterprise Ltd to file a reply.
Edtech major Think and Learn, which operates under Byju's brand name, is learnt to have received a commitment of $300 million from investors for its ongoing rights issue which will close by the end of February, sources aware of the development said. Byju's floated a rights issue in January to raise $200 million at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion. Sources also shared that Byju's has offered miffed investors to appoint two independent directors to enhance transparency but only after the rights issue and declaring its financial results for the 2023 fiscal.
India's foreign exchange reserves jumped $4.53 billion to $588.78 billion for the week ended April 28, the Reserve Bank of India said on Friday. The overall reserves had dropped $2.16 billion to $584.25 billion in the previous reporting week. In October 2021, the country's forex reserves had touched an all-time high of $645 billion.
Edtech major Byju's is in process to raise Rs 600-700 crore to fund the company's operations till March by when it expects to realise money through the sale of Epic and partial stake sale in other subsidiaries, according to sources aware of the development. Byju's founder Byju Raveendran has recently raised money by mortgaging home and real estate assets owned by family members for paying salaries, sources said. "There is about Rs 50 crore gap per month in operational expenses where a large component is salary.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
The corporate affairs ministry has asked its field officers to expedite the inspection of the books of Byju's and submit the report, a senior official said on Monday as trouble continues to brew at the edtech firm. The ministry, which is implementing the companies law, will decide the further course of action after receiving the report from its regional office. In July 2023, the ministry had asked the office of the regional director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru.
India's forex reserves dropped by $1.32 billion to $593.75 billion for the week ended June 9, the Reserve Bank of India said on Friday. The overall reserves had jumped by $5.93 billion to $595.07 billion for the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Market participants do not expect any immediate impact on the rupee from the Reserve Bank of India's (RBI's) a "comprehensive" master direction aimed at strengthening the framework for hedging foreign exchange risks. RBI Governor Shaktikanta Das, in his monetary policy statement, revealed that the central bank is poised to issue a master direction to consolidate guidelines for all types of forex transactions. But this development, according to market players, is more of a directional guidance than a mandatory directive.
Two days after the termination of the merger agreement by Sony Group, Zee Entertainment on Wednesday hit back by filing a petition before the National Company Law Tribunal (NCLT), seeking a direction to implement the merger scheme. Besides, it has also initiated appropriate legal actions to contest the claims of $90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC), according to a regulatory update by Zee Entertainment Enterprise Ltd (ZEEL).
India's foreign exchange reserves dropped by $6.05 billion to $593.48 billion during the week ended May 19, RBI said on Friday. The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by $3.5 billion to take the overall quantum just shy of $600 billion.
Karnataka high court on Wednesday refused to stay an emergency shareholder meeting called by select investors of Think and Learn Pvt Ltd -- the owner of Byju's -- to oust the company's Founder and CEO Byju Raveendran and his family from the leadership in the edtech firm. Byju's had approached the Karnataka HC seeking a stay on the EGM but the court only gave an interim relief that any resolution passed at the EGM on Friday cannot be implemented before the next court hearing. "It is further submitted that the conditions for convening the Extraordinary General Meeting (EGM) are not complied and no notice is issued as contemplated under Section 100 (3) of the Companies Act 2013," the court order said.
It is being suggested that apps, such as WhatsApp and Telegram, should share their APIs with each other to ensure there is interoperability, just as it exists across email services.
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