A clutch of lenders accounting for most of the loans to debt-laden Future Group on Thursday rejected a proposal to sell its retail, wholesale and logistics assets to Reliance Retail Ventures Ltd after the Reliance Industries Ltd unit cut the deal value in a surprise move, two people aware of the development said. Reliance not only lowered the offer from the ₹24,713 crore agreed in 2020, but it also attached several conditions that need to be met for the deal to happen even at the new value.
Dhiraj Rajaram, the founder of artificial intelligence and data analytics business MuSigma, is set to raise about $220 million in offshore debt at an interest rate of about 4% to buy out investors Sequoia Capital and General Atlantic and over 14 angel investors, two people familiar with the development said.
This will raise Rajaram’s stake to about 85% from 51.6% in 2016. The rest of the shares are held by angels and employees.
After a year of offering only directional guidance, HCL Technologies Ltd on Thursday said it expects revenue for this fiscal year to grow between 12-14% in constant currency on the back of a buoyant market environment and strong growth momentum in the last three quarters, especially in the services business. It also forecast earnings before interest and taxes (Ebit) margin in the range of 18-20% for FY23. Noida-based HCL posted a net profit of ₹3,593 crore for the March quarter, up 24% from a year earlier, excluding the impact of a one-time bonus paid to employees and tax expenses in the same period last year.
The Union government on Thursday said it would soon notify “quality-centric guidelines” for electric vehicles, even as a leading manufacturer recalled 2,000 two-wheelers to inspect batteries. Union transport minister Nitin Gadkari tweeted that the government will severely penalize EV makers found negligent in their processes once an expert committee investigating multiple incidents of EV fires in the last two months files its report. Several of these incidents have also proved to be fatal —five lives have been lost to EV fires so far.
Barbeque Nation: Investment firm Menu Pvt Ltd divested 1.30 per cent stake in casual dining chain Barbeque Nation for about ₹59 crore through an open market transaction. Those who picked up the shares of the Bengaluru-based casual dining chain were ace investor Ashish Ramesh Kacholia and Everest Finance and Investment Company.
Moving onto markets
Domestic markets are eyeing a weak start on Friday as global mood turned sour overnight.
The Dow Jones slipped 1.1 per cent, the S&P 500 shed 1.5 per cent and Nasdaq tumbled 2.1 per cent on Thursday after the US Federal Reserve chief, Jerome Powell, suggested that the central bank would move aggressively to curb inflation and a 50 basis points rate hike was seen on the table in May 2022.
Major markets in Asia on Friday morning were seen tracking the US losses. Japan’s Nikkei plunged over 2 per cent. Kospi and Taiwan, too, were down a per cent each, while Straits Times declined 0.6 per cent.
SGx Nifty Futures, too, were down nearly 200 points at 17,199 at 7:55 AM,
Meanwhile, Brent crude futures advanced 1.4 per cent to $108.33 a barre
Business Term of the day
net interest margin is a measure of the difference between interest paid and interest received, adjusted for the total amount of interest-generating assets held by the bank. It is one indicator of a bank’s profitability and growth. It reveals how much the bank is earning in interest on its loans compared to how much it is paying out in interest on deposits.
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business T ... Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business Term of the Day: Statutory Liquidity Ratio Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal ... Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal Business Term of the Day: Call Money Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of ... Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of the Day: Profit Margin Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: ... Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: Gross refining margin Read more
In this episode, find out about ITC’s new super app for farmers, and also find out about Reliance Brands’ partners with Maison Valentino. Business Term of the Day: European Centr ... Read more
In this episode, find out about ITC’s new super app for farmers, and also find out about Reliance Brands’ partners with Maison Valentino. Business Term of the Day: European Central Bank Read more
In this episode, find out about SBI’s plans to raise Rs 11,000 crore via bonds in FY23 and also find out why Wipro reported a fall in net profit. Business Term of the Day: Parity ... Read more
In this episode, find out about SBI’s plans to raise Rs 11,000 crore via bonds in FY23 and also find out why Wipro reported a fall in net profit. Business Term of the Day: Parity price Read more
In this episode, find out about RBI’s proposal for a four-tiered structure for Uran Cooperative banks, and also find out PNB Hsg Finance’s decision to settle the case with SEBI. Bu ... Read more
In this episode, find out about RBI’s proposal for a four-tiered structure for Uran Cooperative banks, and also find out PNB Hsg Finance’s decision to settle the case with SEBI. Business Term of the Day: Swiss Challenge Read more
In this episode, find out about Yes bank’s plans to invest Rs 350 crore in JC Flowers ARC and also find out about M&M hiking stake in subsidiary Sampo Rosenlew Business Term o ... Read more
In this episode, find out about Yes bank’s plans to invest Rs 350 crore in JC Flowers ARC and also find out about M&M hiking stake in subsidiary Sampo Rosenlew Business Term of the Day: Earnest Money Deposit Read more
