CATEGORIES

Peak XV, Prosus flag Byju's lapses for exit

Peak XV Partners (formerly Sequoia Capital India) informed its limited partners (LPs) on Monday that it has resigned from the board of Byju’s due to its inability to influence the management of the edtech firm to improve compliance and governance norms, a person briefed on the letter sent by Peak XV said. The issue also figured in a statement issued by another investor Prosus on Tuesday.

Tata Cap, Trifecta, Xponentia lead Auxilo fundraise

Education-focused nonbanking finance company Auxilo Finserve Pvt. Ltd said on Tuesday it has raised ₹470 crore (about $57 million) as primary equity capital in its recent funding round.

Agriculture ministry in talks to take over tomato, onion, potato scheme

The Union agriculture ministry is in talks with the food processing industries ministry to take over a scheme aimed for the integrated development of the tomato, onion and potato (TOP) value chain, a government official aware of the matter said.

One in three PM-JAY hospitals inactive since scheme's launch

Over a third of hospitals empanelled under Ayushman Bharat are inactive, official data showed, in a worrying trend for the world’s largest health insurance scheme aiming for universal health coverage.

GPS-based tolling plan faces privacy concerns, delays

The government’s plan to implement a GPS-based tolling system on highways to ensure smooth payments and vehicle movement on national highways has triggered privacy concerns, delaying its launch.

The problem with X? Meta, Microsoft, others own trademarks

Billionaire Elon Musk's decision to rebrand Twitter as X could be complicated legally: Companies including Meta Platforms Inc. and Microsoft Corp. have intellectual property rights to the same letter.

India-Australia trade gap narrows by 15% with FTA

The India-Australia interim free trade agreement (FTA), in place for six months, has led to a 15% narrowing of India’s trade deficit with Australia on increased exports of drugs, electrical machinery, and iron and steel articles, along with a significant decline in coal imports due to a milder Indian summer.

Wipro Enterprises seeks to buy out shareholders reluctant to sell

Azim Premji’s Wipro Enterprises Ltd has offered to buy the remaining 1.55% of shares from 150 shareholders of the $10 billion privately held company at ₹1,654 a share, eight years after a similar attempt ran into opposition from longstanding investors.

'India strongest part of our steel portfolio'

T.V. Narendran, who will start his new term as Tata Steel Ltd’s chief executive and managing director, highlighted the challenges the company faces in Europe, even as he emphasized that the Indian operations remain “structurally the strongest part\" of the steelmaker’s portfolio.

L&T announces first ₹10,000 cr buyback

Firm to buy shares at 17% premium to the stock's current price

Do you need supplements for better gains?

Experts share advice on how different supplements work on our bodies

The role of genes in our covid vulnerability could be of help

Better vaccines can spring from research on variations in illness

Advancing technologies are not giving all children a better future

Prioritize equitable and affordable e access to the internet for digital inclusion and equal opportunities for India's have-nots

Achieve road efficiency at minimal privacy risk

Satellite tracking of highway movement will enable road pricing that could eventually help optimize traffic flows. So a good shield for personal data should be a road-safety priority

How can I keep my expenses under control?

Keeping track of expenditures is the first step in financial planning. It’s good that you are thinking about it and that should help you move in the right direction.

Musk reveals new logo to replace blue bird

The X started appearing in the desktop version of Twitter on Monday

OTTs hit pause button on box office flops

Streaming platforms once considered havens for niche, non-mainstream narratives are no longer willing to splurge on movies that failed to resonate with theatergoing audiences.

Apple eyes steady iPhone shipments despite turmoil

Apple Inc. is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before, according to people familiar with the matter.

Execs yet to decide on investing after EBRD chief's meet

While Indian business leaders recently met the president of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, they are yet to make concrete investment commitment with the multilateral development bank that funnels investments to build market economies, two people with direct knowledge of the matter said.

TVS Motor profit jumps 46% to ₹468 cr in Q1

TVS Motor Co., the Bengaluru-based two-wheeler manufacturer, posted robust financial results in the quarter ended 30 June, with its net profit at ₹468 crore, up 46% from ₹321 crore a year earlier.

Byju's, lenders in deal to rejig $1.2 bn loan, end litigation

Struggling edtech platform Byju’s and its lenders have reached a consensus on restructuring its $1.2 billion term loan B. According to a joint statement by Byju’s and its lenders, the proposed amendment, that will be effective before 3 August, seeks to address loan acceleration, end all litigation, and prevent any further enforcement actions.

Stocks down as FPIs sell, crude prices rise

Benchmark equity indices Sensex and Nifty ended lower on Monday, extending corrections from their all-time highs for the second session in a row due to massive selling in heavyweight stocks.

Steep provisions drag IDBI Bank net NPAs below 0.5% in Q1

Private sector lender IDBI Bank was able to restrict its net non-performing asset (NPA) ratio to less than 0.5% in the three months through June, aided by a strategy to aggressively set aside provisions.

Sebi may ease delisting process, review insider trading rules

Markets regulator Securities and Exchange Board of India (Sebi) is planning to simplify the delisting process for listed companies.

Agri warehousing co Sohan Lal looks to raise up to $60 mn

Sohan Lal Commodity Management (SLCM), one of the top agri warehousing companies in India, is looking to raise $48-60 million (₹393-491 crore) from institutional investors by December-end, said two people aware of the matter.

Big Tech eyes cloud biz revival

US tech giants could signal an end to the nearly year-long slowdown in their cloud businesses as signs of economic resilience encourage clients to boost technology spending, while a pickup in digital ads will also aid profits.

New forms or old? Clarity on annual company filings soon

The new forms will be web-based and will enable real-time checking of data keyed in

ISRO arm's second commercial mission for Singapore

New Space India Ltd (NSIL), the commercial space missions arm of the Indian Space Research Organisation (Isro), on Monday, announced the second consecutive commercial space mission, scheduled to take-off aboard Isro’s trusted rocket Polar Satellite Launch Vehicle (PSLV) on 31 July.

Govt notifies 8.15% interest rate for employees' PF for FY2023

The finance ministry has accepted the Central Board of Trustees’ recommendation to set the annual interest rate on the Employees’ Provident Fund at 8.15% for FY23, marking a slight increase from the previous year.

Petro product usage up 4.9% in Apr-Jun

The consumption of petroleum products in India during April-June rose 4.9% to 58.8 million metric tonne.