India's venture capital (VC) landscape saw a strategic shift during the first half (H1) of the calendar year (CY) 2024, with a notable increase in larger-sized investments. This was evident from a 45.3 per cent rise in disclosed funding value year-on-year, despite a 2.1 per cent drop in deal volume, according to GlobalData, a data analytics and consulting company.
Boosted by its demand, sales jumped 166% in February. The firm is now planning a massive facelift for its cars to keep the momentum going.
The country's first ever carmaker, Hindustan Motors, is looking at a second coming. Talks are on for a joint venture with a European auto company focused on the electric vehicle (EV) space. A memorandum of understanding (MoU) has been signed and due diligence is expected to start shortly and will take 2-3 months to conclude.
Sandeshkhali, a village in North 24 Parganas district of West Bengal, has been at the centre of a political storm for nearly a month and has witnessed unprecedented protests over allegations of sexual abuse by scores of women against a local Trinamool Congress leader.
Mergers and acquisitions (M&As) in India have moved into the slow lane, dropping 43 per cent in terms of deal value to touch $13.37 billion since January this year to date, compared to the same period in the last year. According to data sourced from Bloomberg, Indian companies reported deal value worth $23.5 billion between January and March 22, 2023. Data Infrastructure Trust's acquisition of American Tower Corporation's India telecom towers business for $2.5 billion was the top deal for the ongoing quarter so far, followed by the Highway Infrastructure Trust's acquisition of PNC Infratech's road projects for $1.08 billion.
Vendors are ready to pull out of Singur and follow Tata Motors, said some of them, a day after Ratan Tata threatened to do so.
C K Birla group company Hindustan Motors (HM) has drawn up plans for restructuring of the company which was suffering from poor cash flow due to lack of vehicle sales.
Amid the funding winter, 128 Indian startups have raised over $995 million (around Rs 8,000 crore) venture capital funding in August, GlobalData said on Thursday. The funds raised in August are 9.7 per cent more than that in the previous month, the data and analytics company said in a statement. Aurojyoti Bose, Lead Analyst at GlobalData, said: "Although the total VC funding amount still remains below $1 billion akin to July, August managed to reverse the decline in fundraising, despite a 2.3 per cent fall in deal volume."
The decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility during discussions, the company said.
Senior leaders of the Bharatiya Janata Party and the Congress were stopped by police on Friday from visiting the trouble-torn Sandeshkhali, escalating the political tensions in the state as the leaders accused West Bengal Chief Minister Mamata Banerjee of fostering a 'lawless situation' and attempting to 'communalise' the issue.
With the resignation of Uttam Bose as managing director and chief executive officer of HM last week, Moloy Chowdhury has been appointed as acting MD and CEO of the company, which owns assets at Uttarpara and Indore.
The Bharatiya Janata Party dubbed the arrest as scripted and claimed he was in the safe custody of West Bengal Police.
Venture capital (VC) investments in Indian startups plunged over 38 per cent in 2022 as economic uncertainty and market volatility affected fundraising and investment activities, GlobalData said on Tuesday. In a statement, GlobalData said an analysis of its financial deals database reveals that "a total of 1,726 VC funding deals worth $20.9 billion were announced in India in 2022 compared to 1,715 deals worth $33.8 billion in 2021." "The ongoing economic uncertainty and market volatility continue to affect the fundraising and investment activities in India and subsequently VC investment in the country startups suffered a massive year-on-year 38.2 per cent decline in value terms during 2022," the data and analytics company said.
Dwaipayan Bose on how index funds play a key role in the diversification of portfolios and help manage risks
The company was also looking for a strategic investor for the revival of the Uttarpara plant.
The Supreme Court on Friday upheld the validity of the Employees Pension (Amendment) Scheme of 2014 but quashed the threshold limit of Rs 15,000 monthly salary for joining the pension fund. The 2014 amendment had capped the maximum pensionable salary (basic pay plus dearness allowance) at Rs 15,000 per month. Prior to the amendment, the maximum pensionable salary was capped at Rs 6,500 a month.
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 Supreme Court on Thursday lamented that nobody was taking action against hate speeches despite its orders, and observed that the top court will be left "embarrassed again and again" if it is asked to give further directions to curb such statements.
Only NIIF has stayed the course as a viable infrastructure financing institution.
How did you mark this Republic Day?
Finance Minister Nirmala Sitharaman on Monday said she is awaiting an approval from the Cabinet on bill on cryptocurrency as the proposed legislation is before it. The inter-ministerial panel on cryptocurrency under the chairmanship of secretary (economic affairs) to study the issues related to virtual currencies and propose specific actions has already submitted its report. It has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
Uber and WhatsApp on Thursday announced a partnership that will allow people in the country to book a ride via WhatsApp - a global-first initiative by the ride-hailing platform. With this integration, riders will no longer need to download or use the Uber app. Everything - from user registration, booking a ride and getting a trip receipt - will be managed within the WhatsApp chat interface, a statement said. The integration is a global-first for Uber, and it will make booking a ride as easy as sending a WhatsApp message, it added.
None of the 2,600 workers had any clue about the suspension of work notice, put up on the gate of India's oldest automobile plant last Sunday.
Uttam Ghosh/Rediff.com recalls the many ways in which he has been influenced by Netaji Subhas Chandra Bose.
Rono J Dutta, former chief of the world's biggest carrier United Airlines, has taken over as president of Air Sahara in place of Uttam Kumar Bose.
The Modi government has handled inflation far better than any government in the past two decades. Both the stock market and currency indices have begun to show confidence in the economy, despite the mounting global headwinds of trade.
'We are not a dictatorship. If the people do not desire some law, it is impossible for any government to implement it,' says BJP leader Chandra Kumar Bose.
Do you know Ashaji crooned a seductive night club song, Zooby Zooby Je L'aime Vous for An Evening In Paris?
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
'The BJP may well be his ultimate destination.' 'In the process, he has probably shot himself in the foot.' 'It is unlikely that either Scindia or Pilot will be anything other than a No 3 or a No 4 in the Modi-Shah dispensation,' predicts Amulya Ganguli.
'The principles on which a modern Republic should be governed are changing and taking dangerous turns,' warns Uddalok Bhattacharya.
Air Sahara on Tuesday announced it had launched 16 new flights last week and was planning more with the induction of two additional 50-seater aircraft and two Boeings in the next few weeks.\n\n
The interim report highlights key competition issues in the e-commerce space like deep discounting, the imposition of unfair terms and conditions, the growing dependence of brick and mortar establishments on online platforms, and opaqueness in search rankings.
'There are different ways in which some are lucky through their lives. My great boon has been serendipity,' says Subir Roy.
It is important to approach the belief of people in ancient India's achievements with a sense of proportion, balance and empathy, argues B S Raghavan, the distinguished civil servant.
Lack of literacy is compromising the ability of farmers in India and China, two of the world's most populous countries with the smallest farm size, to raise productivity without losing soil fertility, says Kunal Bose.
'The creation of Pakistan was integral to Britain's grand strategy.' 'If they were to ever leave India, Britain's military planners had made it clear that they needed to retain a foothold in the NWFP and Baluchistan because that would provide the means to retain control of Iran, Iraq, Kuwait, the UAE, Bahrain and Qatar.'
'He was asked to do the KYC again because the earlier exercise would not do as they were 'computerising.' 'Getting the records transferred to the reluctant computer would take time and so he was advised to come a few weeks later.' 'My only prayer is that post offices will survive the modernisation process with at least some customer base intact,' says Subir Roy.
A meeting to pay homage to K G Subramanyam, one of India's most interesting painters and thinkers.
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