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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.'
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.
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.
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.
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.
Managing Director Vinod Goenka says the company is not looking at restructuring.
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 shareholders have approved sale of the firm's fashion division, including the entire investment in Home Solutions (Retail) India, to its wholly-owned subsidiary, Future Value Retail and sale of its retail division to subsidiary Future Speciality Retail, Pantaloon said in a filing to the Bombay Stock Exchange.
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 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 board of directors of Sterlite Industries India Ltd will meet on January 29, 2003 to consider a scheme of restructuring of the company's business including the copper division and the power transmission aluminium conductor division.
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 airline, which was formed through a merger of international carrier Air India and domestic carrier Indian Airlines announced in 2007, has accumulated losses of Rs 4,334 crore till March 31, of which fiscal 2008-09 will account for almost Rs 3,000 crore.
Engineering goods major Jessop & Co Ltd, acquired by Ruia Cotex, is planning another round of financial restructuring to wipe out the entire accumulated loss of Rs 110 crore.
The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
The charge is likely to lower the company's adjusted fourth quarter net income by 46 per cent from a year earlier.
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.
Companies with more than Rs 10,000 crore of debt would seek refinancing.
Logistics and delivery firm Dunzo plans to settle dues of former employees in next three months while it is regularising salary for its current employees, sources said. The firm backed by Reliance Retail and Google said that while its co-founder Davlir Suri has decided to leave the company, another co-founder Mukund Jha will continue be part of the strategic leadership team. "In June salary of 85 per cent employees were paid.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
Tata Steel UK is reformatting its operations in Port Talbot by investing 1.25 billion in an electric arc furnace facility with the UK government contributing 500 million. The project will take around three years to complete, if all the regulatory clearances come through. The facility will use scrap and be classified as green since it will utilise renewable power and cut carbon emissions considerably.
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.
While the level of non-performing assets for banks is on the rise, despite the Reserve Bank of India's push for debt restructuring, cases referred to the corporate debt restructuring cell increased to 34 at the end of March 2009, as against 10 at the end of 2007-08. CDR, which was set up in 2002-03, is a mechanism for faster disposal of restructuring cases involving multiple lenders, though foreign banks are yet to join the platform.
Global beauty care products maker Revlon Inc will cut 400 jobs worldwide as a part of its restructuring plan to reduce cost by about $30 million, amid the uncertain economic environment.
Regulators find it difficult to track down illicit transactions with no limit on the number of subsidiaries.
'Due to the fear caused by the Byju's crisis, several employees have chosen to take up entry-level jobs in firms other than edtech.'
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Check out some of the stocks that will react on the basis of their numbers in the near term.
'We are seeing signs of improvement in rural overall in terms of demand, but I would still keep my fingers crossed.'
Restructure oil PSUs on a selective basis: Pant
A Chinese Navy warship capable of surveillance has docked at the Colombo port, nearly a year after another spy vessel berthed at a strategic port in the country and raised concerns in India.
From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the IBC in India can be largely attributed to the initial economic conditions of companies entering the Corporate Insolvency Resolution Process (CIRP). IBC experts also say the trend shows a certain stabilisation in IBC with the Code now rid of legacy bankruptcy issues.
'Right to apprenticeship means that anyone below the age of 25 years with a diploma or other qualifications can demand an apprenticeship with a private, a public sector company or a government organisation. And when he/she demands this, it is the obligation of the government to provide it.'
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