Corporate & Markets

Series A: Zolve raises Rs 300 cr at Rs 1,575-cr valuation

The round is being touted as one of the largest Series A funding rounds in the Indian start-up ecosystem till date. This funding round raises the 10-month-old company’s valuation to Rs 1,575 crore
Zolve, DST Global, eobank enabling global access to financial services,, Zolve valuation

Policybazaar parent firm sets IPO price band at Rs 940-980

The IPO includes a fresh issue of equity shares aggregating up to Rs 3,750 crore and an offer for sale by the existing shareholders aggregating up to Rs 1,960 crore at the upper end of the price band

IPO, policybazaar, portal Paisabazaar, SoftBank unit SVF Python II, offline presence; strategic investments and acquisitions

Zee-Invesco tussle: NCLT adjourns case to November 16

The Mumbai bench of the NCLT, which heard the case again on Wednesday, adjourned it to November 16 for directions. The tribunal had earlier adjourned the case as it wanted to hear the Bombay HC’s ru

The bench, headed by Suchitra Kanuparthi and Anuradha Bhatia, also gave the direct-to-home service provider, in which Yes Bank holds a 25.63% stake, time till November 15 to file its response.

IndusInd Bank Q2 profit up 72% on higher income, lower provisions

Restructured advances constituted 3.6% of the bank’s loan book. “If you look at our conservative simulation of credit costs from the restructured pool, I think we are well provided to take care of

Provisions were down 13% YoY to Rs 1,703 crore. The management attributed the jump in profit to NII and fee growth.

International Labour Organisation sees slow recovery of labour market

At the equivalent of 125 million, the global working hours worked in the current year will be 4.3% below the pre-pandemic levels (the fourth quarter of 2019), the ILO said in its latest report on the

In the third quarter (July-September) of 2021, total hours worked in high-income countries were 3.6% lower than the fourth quarter of 2019. By contrast, the gap in low-income countries stood at 5.7% and in lower-middle income countries, at 7.3%.

Aluminium industry flags coal crisis to PMO, warns of risk to a million jobs

The government had stated earlier that around 0.3 MT of coal is being supplied to the non-power sectors such as aluminium, cement and steel to meet their demand on a daily basis.

This, as per industry sources, it can meet only half the fuel requirement of the captive power plants.

Centre gets Rs 6,665-crore final dividend from BPCL for FY21

The board of directors of BPCL had earlier declared and distributed two Interim dividends during the year 2020-21, totalling to Rs 4,555 crore (Centre’s share about Rs 2,413 crore).

Of the disinvestment target of Rs 1.75 lakh crore for FY22, the Centre has budgeted Rs 75,000 crore from the privatisation of some CPSEs such as BPCL and minority stake sales in CPSEs.

Covid-19 vaccine Covaxin approval: WHO seeks more data from Bharat Biotech for Emergency Use Licensing

Soumya Swaminathan, WHO chief scientist tweeted that TAG had asked for additional clarifications from the company to conduct a final EUL risk-benefit assessment for global use of Covaxin.

The EUL process is done by WHO and the Technical Advisory Group of independent experts who determine if the vaccine is quality-assured, safe and effective.

Paytm Insuretech raises Rs 920 crore from Swiss Re

Paytm Insuretech plans to leverage Paytm’s customer base and merchant ecosystem to develop innovative insurance products and offer the best-in-class solutions.

Swiss Re will invest Rs 397.3 crore upfront, and the remaining will be in tranches subject to fulfilment of certain milestones. Swiss Re will also pick up an aggregate stake of 23% in Paytm Insuretech on a fully diluted basis, both firms said in a statement.

Three corporate houses join to form Marengo Asia Healthcare

Samara Capital, along with Havells Family Investment Office and Godrej Family Investment Office, have come together to form Marengo Asia Healthcare, a platform to operate multispecialty hospitals

“The platform commits to deploy sizeable pool of capital in investing and partnering with hospitals in India,” said Abhishek Kabra, managing director, Samara Capital.

Less coal supplies from CIL subsidiaries leave Damodar Valley Corporation’s thermal units with no stock

The 500 MW Chandrapura TPS, 2,340 MW Mejia TPS and the 1,200 MW Raghunathpur TPS have no coal stock at their plants.

The three DVC plants in the state including Bokaro, Chandrapura and Koderma have not been generating enough to steadily supply power to the state.

We want to be cautious about entering the credit business: Rishi Gupta, MD & CEO, Fino Payments Bank

Of our revenues, 30%-odd is remittances. Another 30-35% is the cash withdrawal product, which is micro ATM and AePS (Aadhaar enabled payment system).

The regulator has been saying that you should have just one QR code which is interoperable.

Yields on Treasury bills rise as investors turn cautious

Yields on T-bills maturing in 91 days rose by 11 basis points on Wednesday. Those on 182-day and 364-day were up by 13 bps and 9 bps, respectively. The Reserve Bank of India (RBI) accepted the full am

The absence of G-SAP operations has put pressure on the longer end of the curve. “We expect liquidity normalisation measures to be the key driver for pushing the shorter end of the curve higher,” a report from Kotak Mahindra Bank said.

ITC: Stock under pressure on proposed tobacco tax policy

India is currently at c.55%; there are countries on either side i.e. lower as well as higher, with some even at c.80%.

Way forward: The expert group will analyse the existing tax structure on all forms of tobacco, including smoking & smokeless. The intent is to also develop a roadmap for tax policy and recommend immediate steps to make India compliant with regard to the 'R' component.

Indian Overseas Bank net profit spurts 154%; bad assets decline

Sengupta said the bank had total cash recovery of Rs 831.77 crore which includes recovery from tech write off of Rs 428.61 crore, against Rs 751.97 crore (including recovery from tech write off of Rs

The bank has made required provisioning in advances in specific accounts so as to improve net NPA.

IiAS flags Rs 200-cr debt raising plan by Inox Wind

The proxy advisory firm cited high equity dilution at current stock price, and increase in leverage in case of debt raise as the reason for flagging against the fundraise.

Inox Wind

‘Alliance with SILS to help add next-generation vaccines, drive long-term growth’

The alliance with Serum Institute Life Sciences (SILS) provides Biocon Biologics an asset-light and accelerated entry into the vaccines segment.

kiran mazumdar shaw

Real estate sentiment index at historic high in Q3 of 2021

The index captured the rebound in stakeholder sentiments in residential and office segments, as the second and more virulent Covid wave subsided.

Real estate sentimenst index, builders optimistic , covid pandemic, Optimism' in sentiments, Niranjan Hiranandani, National President, NAREDCO

Consumer affairs ministry likely to finalise e-commerce rules in November

The feedback received are under consideration and meetings have been continuing to finalise those rules, Nandan told reporters.

ecommerce, flikart, amazon

Sugar exports may face some challenges this season

Addressing the All India Sugar Traders Association (AISTA) on global sugar, he said that last year India was able to export 7.2 million tonne of the sweetener to various destinations and almost 50% of

The sector is now on its feet and intervention of government year by year will reduce.

India losing out on paper exports to China; mills shut down for input cost hike

Indian paper exports, which had reached to almost 1 lakh tonne per month with China demanding fresh Indian paper instead of imported old corrugated cartoons (OCC), are now badly hit. High production c

Bajaj Finance net profit up 53% to Rs 1,481 crore

Loan losses and provisions for the quarter stood at Rs 1,300 crore, as against Rs 1,700 crore in the September quarter of FY21. Total provisions in the first half of FY22 stood at Rs 3,051 crore.

The company is upgrading its consumer app. The current app as 12.9 million customers.

Analyst Corner: Maintain ‘add’ on CEAT with revised target price of ₹1,480

Growth momentum continues to be led by organic growth in CV and PV segments coupled with new PV order wins (e.g. Nissan Magnite, Renault Kiger, Mahindra Thar).

CLP India rebrands as Apraava Energy

Expects ‘meaningful’ Indian ownership in next five years; to double power portfolio through renewable energy

The acquisition of the Kohima-Mariani interstate power transmission asset, spanning three north-eastern states, is also expected to be completed soon.
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