Subsciption costs $100 for up to five devices for home users.
Automobile retail sales in India rose to a record high in November, aided by the best ever monthly performance across passenger vehicle and two-wheeler segments, dealers' body FADA said on Wednesday. The overall retail sales stood at 28,54,242 units last month, 18 per cent higher over 24,09,535 units in November 2022. Passenger vehicle (PV) retail sales rose to 3,60,431 units as compared to 3,07,550 units in the year-ago period, registering a growth of 17 per cent.
Byju's plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday. Banking on overall "improved performance", Think and Learn, the parent of Byju's, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds. Byju's India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
Two equity funds at the opposite ends of the risk matrix - small-cap and arbitrage - bucked the 'low inflow' trend in May this calendar year 2023 (CY23) to receive the highest net inflows in recent years. The Rs 3,280-crore net inflows into small-cap schemes in May was the highest for the category since the mutual fund (MF) industry started releasing fund-wise inflow data in April 2019. Arbitrage schemes raked in a net Rs 6,640 crore - the highest since July 2021.
Strong demand in the domestic market, coupled with an increase in raw material prices, is pushing up steel prices. According to SteelMint, a market intelligence and price reporting firm, the list price of flat steel has seen an increase of Rs 750-2,000 per tonne for October deliveries. The long steel price witnessed an increase of Rs 1,500 per tonne towards the end of September.
Larsen & Toubro (L&T) will aim to invest $3-4 billion in green hydrogen projects, along with its joint venture (JV) partners, said a senior executive from the company. These investments are planned over three to five years, depending on cost economics. The engineering conglomerate is also in talks to acquire the Nuclear Power Corporation of India's (NPCIL's) share in one of its forging JV companies for a consideration of Rs. 100-150 crore. "We are considering investments worth $3-$4 billion in the green hydrogen space, in collaboration with partners," said S N Subrahmanyan, chief executive officer and managing director of the company.
These ladies are laughing all the way to the bank!
Tata Motors, the market leader in electric four-wheeler space, has sought incentives for its Tiago EV under the government's production-linked incentive (PLI) scheme, group chief financial officer P B Balaji said on Tuesday. The Mumbai-headquartered firm has applied for all variants of the Tiago, which recently hit a sales milestone of 10,000 units. "The Automotive Research Association of India certification is done.
Among the 44 per cent of Indian students who have used Gen AI in their studies, 60 per cent say it helps them learn faster, 55 per cent say it allows them more creative use of learning, while 51 per cent say it frees up their time.
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
The lower quarterly profit was mainly due to rise in fuel costs, foreign exchange loss and lower yield
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Jharkhand Chief Minister Hemant Soren was questioned by the Enforcement Directorate (ED) for over nine-and-half-hours on Thursday in connection with its investigation into an alleged illegal mining case.
SBI sources said the other reason to clean up the balance sheet was to avoid any embarrassment at a later stage, when stressed assets would be thrown up by technology.
After underperforming its peers in the consumer space in 2022-23, and experiencing a mixed bag in the 2023-24 (FY24) April-June quarter (first quarter, or Q1), brokerages are positive about the medium-term outlook for liquor stocks. Higher raw material costs, concerns regarding increased duties, regulatory changes, and competitive pressures weighed on performance returns in the past quarters. Analysts believe that the sector could experience a reversal of fortunes due to better demand and margin improvements.
Its revenue from operations, however, grew 8.3 per cent to Rs 14,541 crore during the period under review from Rs 13,423.4 crore in the same quarter last year.
The National Stock Exchange (NSE) of India is going to indefinitely defer the internal deadline set for extending trading hours, according to sources in the know. The exchange aimed to introduce a three-hour evening session exclusively for index derivatives by March 2024, contingent upon regulatory clearance from the Securities and Exchange Board of India (Sebi). Sources indicate that the market regulator has not provided a favourable indication, dimming optimism surrounding the proposal.
Coupang, a prominent online retail giant headquartered in the United States (US), is gearing up to establish a cutting-edge technology centre in India, aiming to hire several dozen skilled professionals by the end of the year, Business Standard has learnt. The intended expansion involves the recruitment of software engineers across various domains, underscoring Coupang's commitment to extend its global reach. The Indian team will support the company's global technology team, sources said.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
Gulabo Sitabo was made with a budget of Rs 40 crore to Rs 45 crore. Amazon Prime bought the streaming rights for Rs 60 crore to Rs 65 crore, helping the producers make over Rs 20 crore.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
The Ayush ministry has been roped in by the BSF for the project. The ministry has provided the border-guarding force with the beehives and required expertise to fix those on the alloy-made "smart fence".
Riding the wave of the equity market, the mutual fund (MF) industry experienced double-digit growth in Samvat 2079, concluding the Hindu calendar year close to the Rs 50 trillion assets under management milestone. After a subdued 6 per cent growth in Samvat 2078, the industry's assets surged over 18 per cent last year to Rs 46.7 trillion. Industry players anticipate that Samvat 2080 will also be a fruitful year for the asset management industry, given the strong inflows from retail investors, particularly through the systematic investment plan route.
HUL and Genpact aim to enable these businesses to eventually get absorbed into the supply chains of large consumer companies, including that of HUL. In 2021, the maker of Sunsilk shampoos committed to spending Rs 2,000 crore annually with diverse businesses by 2025, Ansu Archana, procurement director, beauty & wellbeing, HUL, told Business Standard. Archana added that the program aligns with Unilever's wide-ranging set of commitments and actions to help build a more equitable and inclusive society.
The marketing spiel for the Hindi version has been around Shah Rukh Khan's inclusion as Pride Rock's patriarch and his son Aryan Khan's debut as Simba's voice.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
IT e-recruitment & consulting firm IT People (India) Ltd has declared a gross revenue of Rs 485.7 lakh for the year ended March 31, 2005 and a net profit Rs 24.1 lakh for the same period.
'Auto, pharma, and industrials have delivered well in the recent quarter, while businesses like quick-service restaurants, consumer staples, and durables have underperformed in volume growth.'
Action has been taken according to a memorandum that requires 'periodic review of performance of government servants'.
Eicher Motors is a leader in the premium motorcycle segment, where it holds market share of over 85 per cent under the Royal Enfield (RE) brand. The company's joint venture VE Commercial Vehicles (VECV) with Volvo, where it holds 54.5 per cent stake, gives it a strong footing in commercial vehicles (CVs). The company had good results in FY23 and it has a strong balance sheet and good operating margins.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
Byju's is planning to raise $500-600 million from Abu Dhabi's sovereign wealth funds and existing investors, according to sources, as the start-up world is facing a funding freeze. The educational technology (edtech) giant targets profitability by March next year. "There is no change in Byju's valuation. The new fundraising process is still going on," said a person familiar with the matter. "Any new valuation would be determined in the futureByju's is planning to raise $500-600 million from Abu Dhabi's sovereign wealth funds and existing investors, according to sources, as the start-up world is facing a funding freeze. The educational technology (edtech) giant targets profitability by March next year. "There is no change in Byju's valuation. The new fundraising process is still going on," said a person familiar with the matter. "Any new valuation would be determined in the future as it is very tough for investors to do that in this environment." as it is very tough for investors to do that in this environment."
The company's profit stood at Rs 292.79 crore (Rs 2.92 billion) in the year-ago period.
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
At least 10 Indian-Americans, almost all of them Democrats, have won local and state level elections held in several parts of the country, reflecting the growing political empowerment of the ethnic community that constitutes a little over one percent of the United States' population.
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
The Act deals with automatic disqualification of MPs and state legislators upon being convicted and sentenced for two years or more in a criminal case.
Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part of this structural shift, Cognizant will eliminate 80,000 seats, or 11 million square feet of real estate in large cities in India.
Its FY08 consolidated net profit was at Rs 3,282.90 crore (Rs 32.81 billion) and consolidated net sales was at Rs 20,019.50 crore (RS 200.19 billion).
