ED attaches 86 land parcels in Lakshmi Cotsyn bank fraud case
New Delhi [India], November 5 (ANI): The Directorate of Enforcement’s Lucknow Zonal Office has provisionally attached 86 land parcels (73.34 hectares) worth Rs 31.94 crore belonging to Shri Lakshmi Cotsyn Limited in Lakshmi Cotsyn Bank fraud case under the provisions of Prevention of Money Laundering Act (PMLA), 2002. According to the ED, immovable properties attached […] Key Points
ThePrintX Is Back in Brazil
Brazil’s Supreme Court has lifted its ban on X after the company paid a $5.1 million fine and blocked accounts accused of breaking the law. Key Points
WIREDCircle K’s Deal Machine Kicks Into Higher Gear With 7-Eleven Bid
Alimentation Couche-Tard Inc.’s approach to the parent company of the 7-Eleven convenience store chain is the most ambitious idea yet by a company that was built on making one deal after another. Key Points
mintJioFinance announced its entry to the French capital to assist Indian travelers
New Delhi [India], August 6 (ANI): Reliance arm Jio Financial Services Ltd has announced the entry of the JioFinance app in the French capital. The move will assist Indian travelers to transact digitally in the French market, the company said in a release. Show Full Article JioFinance will enable international payments for buying tickets to […] Key Points
ThePrintMultibagger Stock: Godawari Power & Ispat zoomed 200% in 13 months, advanced 4640% in 8 years; should you invest?
Godawari Power and Ispat’s shares have surged by 200% in the past 13 months, closing positively for 10 out of 13 months. The company has shown a remarkable 1918% increase in the last 5 years and 4640% returns in the past 8 years. Key Points
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Allied Blenders and Distillers shares list at 14% premium over issue price
Allied Blenders, post IPO debut, saw a 14% premium. The company holds 8% IMFL market share in India. Revenue grew by 9% and profit after tax by 50%. Facing financial volatility, it expanded the product portfolio with a strong brand presence. Key Points
Economic TimesRight time to sell a stock: 6 signs indicating it's time to exit a large-cap stock
When to sell a large-cap stock: Knowing when to exit is crucial for equity investors with large-cap stocks. One must carefully assess various factors and indicators before deciding if now is the right time to sell a large-cap stock. Understanding market trends, company performance, industry outlook, and personal financial goals are all essential in making an informed decision about whether to sell or hold onto a large-cap stock. Key Points
Economic TimesWipro will pay its ex CEO Rs 92.1 crore as severance pay but only if he does not join any other company
Wipro will be paying its ex CEO, Thierry Delaporte, a severance package of Rs 92.1 crore, contingent upon him not joining another company within a year. Key Points
India TodayChatGPT is now more direct and less verbose in its responses: OpenAI
“We’ve improved capabilities in writing, math, logical reasoning, and coding,” said the company. Sam Altman-run OpenAI on Friday said it has made its AI... Key Points
The Tribune IndiaBrookfield, Platinum slug it out to acquire PGP Glass; PE firms seek controlling stake now at $1.4-1.6 bn
Brookfield's private equity division is in discussions with Blackstone, the world's largest alternative asset manager, to buy into PGP Glass, formerly Piramal Glass. The Canadian asset management giant is competing with US firm Platinum Equity Partners, a relatively unknown entity in India so far. The deal contours have changed as negotiations progress, with the PE suitors now seeking a stake of 65-75% with Blackstone owning the rest. Key Points
Economic Times
Global private equity firms eye $1 billion bid for Bharat Serums and vaccines
Five global private equity firms, including Warburg Pincus, Permira, EQT, Bain, and TPG, are interested in bidding for Bharat Serums and Vaccines (BSV), which is seeking over $1 billion. The firms will sign expressions of interest soon and start due diligence on the Mumbai-based biopharmaceutical company. Advent International, the current owner, acquired BSV in 2019 and now wants to sell it. Some contenders may partner with pharmaceutical companies for the bid. Advent has engaged Jefferies and JP Morgan for the sale process. Key Points
Economic TimesVodafone Idea seeks shareholder approval for ₹20,000 crore fundraise
In a bid to shore up its finances, Vodafone Idea (VIL) held an Extraordinary General Meeting (EGM) on April 2, seeking shareholder approval to raise a staggering ₹20,000 crore through issuing new securities. The outcome of the vote is yet to be announced. Key Points
mintSRM Contractors shares list at 7% premium over issue price
SRM Contractors had a positive debut on BSE and NSE. Analysts praised the company's project control, financial performance, and focus on infrastructure projects in Jammu and Kashmir. Key Points
Economic TimesByju's firing employees over phone calls without giving notice period: Report
The report mentioned that Byju's is using phone calls followed by emails to inform employees about their termination. The email states that their last working day with the company will be March 31, 2024, and their full settlement will be as per the exit policy. Key Points
Business TodayByju’s lays off about 500 staffers, nearly half from tuition centre business
Layoff at Byju's has hit 500 staffers, affecting Tuition Centre operations, amidst a funding crisis. Staff face delayed salaries amid NCLT hurdles and upcoming $200-million rights issue, with assurances of arrears settlement by April 8. Key Points
Economic Times
Disney edges ahead in battle for board seats with activist investors
Disney is reportedly gaining a lead in a board seat battle, with T. Rowe and BlackRock backing current directors. Activist investors Trian and Blackwells Capital are pushing for new appointments. Key Points
Business TodayPatanjali misleading ads case: SC raps company for 'absolute defiance', says contempt plea to be taken to
The Supreme Court reprimanded Patanjali Ayurved, led by Baba Ramdev, for flouting court orders on misleading advertisements. Despite an apology, the court doubted the sincerity of the company's remorse and warned of contempt charges. Patanjali faced scrutiny for continuing ads despite an undertaking not to, leading to potential legal consequences. Key Points
Economic TimesAirtel arm penalised for alleged irregularity in claiming input tax credit: Filing
According to the filing, the penalty has been levied for alleged irregular input tax credit claimed during the financial year 2018-19 on the company's subsidiary Telesonic Networks. The company received the order on March 30. Key Points
Economic TimesNo NCLT stay on Byju's Friday EGM; reality check for laid-off startup CXOs
Four investors — led by Prosus — moved the NCLT, seeking a stay on the planned EGM to effectively block the rights issue. The matter will now be heard on April 4. Key Points
Economic TimesED files money laundering case against Kerala CM Pinarayi Vijayan's daughter Veena, her IT company
Enforcement Directorate filed a money laundering case against Veena Vijayan, daughter of Kerala CM, over alleged illegal payments by private mineral firm to her IT company. Investigation ongoing based on SFIO complaint. Key Points
Economic Times
Vruddhi Engineering Works IPO: Check GMP, subscription status on day 1, other details
Vruddhi Engineering Works IPO open for subscription from March 26 to March 28 with a price band of ₹66 to ₹70 per share. The company specialises in rebar couplers for infrastructure and construction sectors. Grey market premium at ₹0 indicates shares trading at issue price of ₹70. Key Points
mintMultibagger stock: Rategain Travel shares gain for third straight day, up 140% in a year
Rategain Travel: Over the past year, the company has witnessed steady growth in its shares, soaring from ₹325 apiece to the current trading price of ₹781.95, resulting in a multibagger return of 140%. Key Points
mintMaruti Suzuki to launch its first EV through NEXA channel: Report
Suzuki Motor Corporation in Japan has designed the EV, due for launch in 2025. The company is seeking to export the EV as a made-in-India product to Europe and Japan, the report said. Key Points
Economic TimesParadeep Phosphates share price drops 5% after CPCB orders closure of Odisha plant
Paradeep Phosphates stock price dropped 5% after CPCB notified plant shutdown in Paradeep, Odisha. Technical analyst expects weak performance, suggests lightening longs on bounce. company asserts no violation, plant closure for maintenance with no significant financial impact anticipated. Key Points
mintBoeing CEO Dave Calhoun steps down, says 'board has been prepared' -- Read full text here
I have been considering for some time, in discussion with our board of directors, the right time for a CEO transition at Boeing. I want to share with you that I have decided this will be my last year as CEO of our great company, and I have notified the board of that decision, said Boeing CEO. Key Points
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Akasa Air has enough pilots; will ensure there are no cancellations: CEO
Akasa Air CEO Vinay Dube allays concerns of pilot shortage, ensuring no flight cancellations. The company plans growth with over 200 aircraft on order, expanding to both domestic and international routes. Key Points
Economic TimesHindustan Zinc gets ₹91 crore GST demand, company plans legal challenge, HZL stocks in green
Hindustan Zinc Limited received around ₹92 crore demand for Goods and Services Tax (GST) on statutory levies. HZL plans to challenge this order in court, citing a similar successful case from the previous year. Key Points
mintFusion CX forays into the South Indian market with a new facility in TN
Chennai, Mar 20 (PTI) Business process management company Fusion CX has inaugurated its new facility here bolstering its growth plans besides generating employment opportunities in the region, the company said on Wednesday. The facility, spread across 12,000 sq ft in Ambattur, here would be able to accommodate 650 employees in two shifts. It also marks […] Key Points
ThePrintReddit’s CEO Steve Huffman leaves ‘young troll’ image behind in run-up to IPO
Co-founder and CEO of Reddit, Steve Huffman built the platform's first website himself in the programming language Lisp. He had started programming as a kid, and would later say that he spent his “formative years as a young troll on the Internet.” Key Points
mintByju’s to vacate several offices in cost-cutting drive, may give up HQ partially
Edtech firm Byju's is undergoing cost-cutting and restructuring efforts, downsizing smaller assets and consolidating its focus on the top four to five cities. The company has identified offices and tuition centers for closure across 17 cities, reducing the count to approximately 250. Byju's faces financial challenges, including disputes with landlords over rental payments and legal issues related to a $1.2 billion loan Key Points
Economic Times
SpiceJet sacks three executives over charter flight fraud
The audit found that the officials were taking commission from agents to sell the charters at a lower price than prevalent market rate, executives directly involved in the know said. The airline has terminated the services of three employees, and is tightening control over its commercial department like sales and revenue management, the executives added. Key Points
Economic TimesVehicle software maker Applied Intuition raises $250 million from Porsche, others
By Gursimran Mehar and Krystal Hu (Reuters) -U.S.-based vehicle software supplier Applied Intuition has raised $250 million in its latest Series E funding round, valuing it at $6 billion, the company Key Points
ThePrintDeven Choksey on what to do with ITC now & where to bet in midcaps
Deven Choksey says ITC's stake sale to financial investors is expected to unlock valuation and boost market capitalization. HAL remains a strong bet in the defense sector. Chemical sector shows signs of improvement. Auto ancillary companies offer strong investment potential. Choksey further says: We believe that currently automobile ancillary companies are remaining relatively stronger plays. Key Points
Economic TimesRakshit Ranjan explains why Marcellus made a new addition in Rising Giant portfolio, added to another in L
Rakshit Ranjan explains why Marcellus has added a ball bearing company and added more to a pipe company in the Risiging Giant portfolio. He also discusses the China plus one story playing out in the chemical space. Talks about the potential for normal growth rates, stock specific opportunities, and the benefits in the ball bearings, pipe, and cement sheets industries. Key Points
Economic TimesTorrent power shares surge over 9% to all-time high after bagging 306 MW solar power project
Torrent Power, a leading integrated power utility firm, saw its share price jump 9% to reach to new all-time high of ₹1,246.45 apiece in Monday's intraday session after the company received a Letter of Award from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) on March 07, 2024. Key Points
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SoundThinking, Maker of ShotSpotter, Is Buying Parts of PredPol Creator Geolitica
SoundThinking is purchasing parts of Geolitica, the company that created PredPol. Experts say the acquisition marks a new era of companies dictating how police operate. Key Points
WIREDWatsa's company to put $200 million in IIFL Finance after RBI curbs
India Business News: Fairfax group commits up to $200 million liquidity support to IIFL Finance. RBI bars IIFL Finance from extending gold loans. JM Financial faces Sebi s Key Points
Times Of IndiaMotovolt Mobility bets big on newly launched e-scooters
Kolkata, Mar 6 (PTI) City-based Motovolt Mobility is betting big on sales of its newly launched e-scooters for both passenger and cargo transportation in the country, a top company official said. The multi-utility e-scooter, manufactured at its Taratola factory, was launched on Tuesday. Adoption of electric mobility is increasing in the country, CEO of Motovolt […] Key Points
ThePrintJubilant Industries rose over 100% in February. What should traders do now?
Jubilant Industries, a smallcap company, has experienced a stellar rally in February, making it the leading gainer in the smallcap pack. The rally was fueled by a significant increase in volumes. The company, involved in the business of agri and performance polymers, recorded a strong EBITDA growth of 32% in the recent third quarter. Key Points
Economic TimesHG Infra shares zoom over 5% after company bags ₹447 crore order from South Central Railway
HG Infra Engineering shares surged 5.4% to ₹972.40 apiece, attributed to a ₹447.11 crore LoA from South Central Railway for the Doubling of Track project in Nanded Division. Key Points
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Byju’s unable to pay salaries as rights issue funds locked in separate a/c amid rift with investors
Byju’s founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through... Key Points
The Tribune IndiaRolls Royce, Lamborghini found, Rs 4.5 crore seized from tobacco baron's home
The Income Tax Department raided a Kanpur-based tobacco company and its owner's residence in Delhi and seized Rs 4.5 crore. Key Points
India TodayThe Sims maker EA announces layoffs, more than 600 employees will be affected
EA games, the company behind popular game The Sims, has announced large-scale layoffs. The company plans to cut 670 roles. Key Points
India TodayKeep rights issue funds in diff a/c: NCLT to Byju's
The National company Law Tribunal has directed Byju's to keep the funds received as part of the rights issue in a separate escrow account. The court has also asked the company to consider extending the closure date of the rights issue. Key Points
Times Of IndiaInfosys plans walk-in recruitment event in Bengaluru on March 9
Infosys' hiring comes after a renewal of four big-ticket contracts, spurring the need for more professionals. The company has sent a broadcast mail to employees, urging them to refer potential candidates in a sign of easing curbs on hiring and revival in business sentiment. Key Points
Economic Times
GPT Healthcare to debut tomorrow. Here's what GMP indicates ahead of listing
The shares of GPT Healthcare will debut on the exchanges on Thursday. Ahead of the listing, the company's shares are trading with a premium of Rs 17 in the unlisted market. Key Points
Economic TimesPlatinum Industries IPO: Planning to invest? Here are 10 key things to know from RHP before subscribing
Platinum Industries IPO is a book built issue of ₹235.32 crores. The issue is entirely a fresh issue of 1.38 crore shares. Key Points
mintMultibagger: This Adani Group stock soared 295% in a year, climbed over 5700% in 5 years
Adani Group stocks have witnessed a surge, with Adani Green Energy notably rallying. The company achieved a milestone in Gujarat and plans for the largest renewable energy installation at Khavda RE park. Moody's upgraded the company's rating. Key Points
mintExicom Tele-Systems IPO: From financials to peer group, 10 must-know points from RHP
Exicom Tele-Systems' ₹429 crore IPO's subscription window opened on Feb 27 and the offer was fully subscribed within hours, receiving 10.02 times subscription on the first day. Key Points
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