Restructured debt from Indian power distributors lures investors
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Arjun Mohan, CEO of India operations of Think and Learn, which owns Byju's brand, has resigned from the beleaguered firm, which on Monday also announced a business rejig consolidating its operations into three verticals. Mohan had joined Byju's in July last year as the CEO for international business after quitting rival UpGrad in February as CEO. Later, he was given charge of India operations in September after Byju's then CEO Mrinal Mohit resigned. After taking over the charge, Mohan undertook restructuring of the organisation which led to layoffs of around 4,000 employees at Byju's.
'Corporations that were recruiting 15 or 20 [students] have reduced the number to two or three.'
L&T surprised on the upside of consensus due to stronger-than-expected growth overseas. The Q1FY25 results were ahead of estimates on both revenue and net profit fronts. The company reported a 15 per cent year-on-year (Y-o-Y) growth in revenues along with 15 per cent Y-o-Y growth in operating profit and 12 per cent Y-o-Y growth in net profit on consolidated basis.
CDR amount jumps six times in first half; bankers expect things to worsen.
Edtech major Byju's top official on Wednesday said the company's $200 million rights issue has been fully subscribed and asked all shareholders to participate in the "renewed mission". Think and Learn Private Limited, which operates under Byju's brand name, has floated $200 million rights issue at less than 99 per cent enterprise valuation compared to its peak valuation of $22 billion. "Our rights issue is fully subscribed and my gratitude to my shareholders remains strong.
IT services provider MindTree Consulting is restructuring salary offers to its trainees over an 18-month period by staggering payments and linking these to tenure. The plan will be applicable to 250 freshers who joined the company in March this year. Another 250 people are expected to join in October this year.
According to the World Bank, economic growth in middle-income countries, including India, is not accelerating. 'In fact, it is slowing down as incomes increase, with the trend becoming more pronounced each decade.'
Due to the group's presence across multiple businesses, it is in a unique position in the aviation industry to bring the best of talents.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
Chief Operating Officer S D Shibulal denied that the first quarter results regarding volume growth was impacted due to the ongoing reorganiastion process.
rediffGURU Krishna Kumar, founder and CEO of GoMoTech, offers expert advice on how to scale up in your career and life.
President Mohamed Muizzu, known for his pro-China stance, has thanked India for enabling the resumption of medical evacuation services with civilian aviation personnel from India.
The PSU is planning to convert Rs 3,000 crore (Rs 30-billion) loan into long term debt.
Pharmaceutical major Wockhardt Ltd announced a restructuring of its field organization to upgrade its competitiveness and productivity
Microsoft has had great success with Office 365, with over 1,200 customer win-backs over the last year and a half against Google apps.
Loss-making national air carrier Air India has appointed global consultancy firm Deloitte to ratify a prospective financial restructuring plan for the company, which was prepared by SBI Caps, a source said.
"We have appointed a committee to examine the structure and functioning of four companies (MSTC, FSNL, KIOCL and HSCL) and make recommendations regarding their re-organisation, merger with other companies or other structural re-organisation as warranted," Steel Secretary P K Rastogi told PTI. The steel ministry is of the view that the proposed restructuring will enhance the efficiency and profitability of these companies, Rastogi said.
'The economy is expected to bounce back and things are expected to recover faster than what we previously thought.'
Disney+ Hotstar reported its biggest decline in paid subscribers to date - a fall of 3.8 million subscribers, or 6 per cent of its total - in the October-December period. The drop in numbers came after two warnings by the company that Hotstar's paid subscriber base would shrink as it didn't have streaming rights for the Indian Premier League (IPL) for the 2023-27 media cycle. The IPL would start on April 1 this year and continue till May 28.
Chairman of GHCL Sanjay Dalmia says that Dan River, the company they recently took over, is expected to see revenues of around $220 million in 2006.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
The government is set to carry out a performance review of companies that have opted for corporate debt restructuring (CDR).
Microfinance companies have been facing a crisis after a crackdown by the Andhra Pradesh government last year in response to allegations they were charging high rates and using coercive recovery practices.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
Edtech major Byju's may lay off up to 3,500 employees during the current fiscal as it looks to consolidate teams and enhance regional focus, sources privy to the development said. According to one of the sources, Byju's had "over hired" people at the time of Covid pandemic due to sudden jump in online education, but the demand has now receded, for which the company needs to do course correction. "There has been no retrenchment as of now.
Experts said many firms had unbilled assets on their books.
It, however, is yet to decide on the annual wage rise.
Edtech firm Think and Learn Private Ltd, owner of Byju's, on Thursday said neither the company's founder and CEO Byju Raveendran nor any other board member will attend the extraordinary general meeting called by some select investors. Shareholders at Byju's are set to vote on Friday on a resolution brought by some investors to oust founder CEO Byju Raveendran and his family members over alleged "mismanagement and failures". Byju's has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement.
The market could not make a clear assessment of Tech Mahindra with the stock swinging wildly in the last two sessions. The results on Thursday were expected to be weak but the stock dropped slightly. However, investors reviewed the three-year turnaround plan and decided the stock had been oversold and the price recovered 7.5 per cent.
The RBI said that the impact of unseasonal rains is still unfolding.
Tata Consultancy Services (TCS) has to "keep evolving" and be relevant to clients as generative artificial intelligence (GenAI) technologies emerge, K Krithivasan, chief executive officer and managing director of the IT company, has said in a New Year's message to employees. "It is always heartening to see the reinforcement of how strong our relationships are with our clients and the level of trust they place with us.
The Naresh Chandra Committee has observed that the physical strength of the Department has not kept pace with the increased strength of companies in India
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
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