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 about why WHO has sought clarifications from Bharat Biotech, also find out why Kotak Mahindra bank’s net profit fell in Q2 Business Term of the Day: Prov ... Read more
In this episode, find out about why WHO has sought clarifications from Bharat Biotech, also find out why Kotak Mahindra bank’s net profit fell in Q2 Business Term of the Day: Provision coverage ratio Read more
In this episode, find out about why Biju’s is looking raise $500 m, also find out why Finance Minister is meeting infrastructure related ministries Business Term of the Day: Inter ... Read more
In this episode, find out about why Biju’s is looking raise $500 m, also find out why Finance Minister is meeting infrastructure related ministries Business Term of the Day: Internal Rate of Return Read more
In this episode, find out about why PhonePe is set to file a fresh suit against BharatPe, also find out why ICICI bank reported a strong Q2 earnings Business Term of the Day: Rati ... Read more
In this episode, find out about why PhonePe is set to file a fresh suit against BharatPe, also find out why ICICI bank reported a strong Q2 earnings Business Term of the Day: Rating Read more
In this episode, find out about why Indian Hotels is looking to raise Rs 4000 crore, also find out why Zee has agreed to consider Invesco’s demand for an EGM Business Term of the ... Read more
In this episode, find out about why Indian Hotels is looking to raise Rs 4000 crore, also find out why Zee has agreed to consider Invesco’s demand for an EGM Business Term of the Day: InvITs Read more
In this episode, find out about why RBI fined PayTm, also find out why Yes Bank is set to move NCLT against Dish TV Business Term of the Day: Exchange Traded Fund Read more
In this episode, find out about why RBI fined PayTm, also find out why Yes Bank is set to move NCLT against Dish TV Business Term of the Day: Exchange Traded Fund Read more
In this episode, find out about why Ola Cabs is looking to restructure its business, also find out why LIC favours Zee-Sony merger deal Business Term of the Day: Venture Capital Read more
In this episode, find out about why Ola Cabs is looking to restructure its business, also find out why LIC favours Zee-Sony merger deal Business Term of the Day: Venture Capital Read more
In this episode, find out about why Invesco has written an open letter to Zee shareholders, also find out why the government is looking at tax hike on some goods, services. Busin ... Read more
In this episode, find out about why Invesco has written an open letter to Zee shareholders, also find out why the government is looking at tax hike on some goods, services. Business Term of the Day: Turnover Read more
In this episode, find out about why SEBI has put on hold Aadhar Housing Finance’s IPO, also find out why Yes bank plans to approach NCLT post Dish TV board meet Business Term of t ... Read more
In this episode, find out about why SEBI has put on hold Aadhar Housing Finance’s IPO, also find out why Yes bank plans to approach NCLT post Dish TV board meet Business Term of the Day: enterprise value Read more
In this episode, find out about why National Company Law Appellate Tribunal has granted relief to Zee, also find out why Piramal is looking to segregate its pharma business. Busin ... Read more
In this episode, find out about why National Company Law Appellate Tribunal has granted relief to Zee, also find out why Piramal is looking to segregate its pharma business. Business Term of the Day: Demerger Read more
In this episode, find out about why Srei Group promoters have contested RBI’s move in Bombay HC, also find out why Swiggy has unveiled $40 m ESOP buyback program Business Term of ... Read more
In this episode, find out about why Srei Group promoters have contested RBI’s move in Bombay HC, also find out why Swiggy has unveiled $40 m ESOP buyback program Business Term of the Day: Foreign direct investment Read more
