Education technology platform Byju’s valuation has surged to over Rs 37,000 crore, or around $5.4 billion, after a fresh funding of $25 million from existing investor General Atlantic. Byju’s is now the fourth most-valued private internet company in India. Byju Raveendran’s 36% shareholding in the edutech start-up is now valued at Rs 13,267 crore, or $1.9 billion. Byju’s is also one of the only major venture capital-backed companies where founders still hold over 30% stake.
ICICI Prudential Small Cap Fund which was open only for subscriptions through the systematic investment plan (SIP) mode will now accept lump sum investments. In January 2018, ICICI Prudential closed the ICICI Pru PMS Smallcap Portfolio as valuations in the space were stretched. In July 2018, it closed lump sum investments in ICICI Pru Smallcap Fund due to high valuations and heightened volatility. Many fund houses still continue to impose restrictions on lump sum flows in their smallcap funds. DSP Small Cap Fund and SBI Smallcap Fund still do not accept lump sum investments.
The Indian government has decided to post Customs intelligence officers in China in its effort to check black money, trade-based money laundering and other financial frauds. Two posts of the Customs Overseas Intelligence Network (COIN) have been created in the Indian Embassy in Beijing and in the Consulate General of India at Guangzhou. COIN officers are usually required to pass on information gathered from their respective positing stations overseas to help Indian intelligence agencies – mainly Directorate of Revenue Intelligence (DRI). The move has been initiated by the DRI, the lead agency to check Customs frauds and smuggling.
In a setback to several charitable institutions, the Tamil Nadu Authority for Advance Ruling held that conducting marathons by a charitable trust registered under the Income Tax Act does not exempt it from the GST liability as only activities covered under the definition of ‘charitable activities’ under a 2017 notification are exempt. In response to the application filed by Dream Runners Foundation, the AAR ruled that the entity needed to register itself under the applicable GST laws it was making a taxable supply of services and its aggregate turnover in the financial year also exceeded Rs 20 lakh.
Reliance Industries (RIL) is now part of the world Top 75 club with a market capitalization of $122.87 billion. The median market cap of the top 75 companies in the world was $161 billion, according to Bloomberg data. The RIL stock, which has surged 45% over the past 12 months, gave the third best return among the top 100 companies globally by market value after Eli Lilly and Merck.
Bengaluru-based Page Industries is the exclusive manufacturer, and distributor of innerwear cum leisurewear products under the ‘Jockey’ brand in India, Sri Lanka, Maldives, Bangladesh, Nepal and UAE. It is also a licensed retailer of ‘Speedo’ swimwear products and accessories in India. The company has a market share of 55% in men and women’s innerwear. The firm has pan India presence with over 50,000 touch points. Page's main competitor, Van Heusen, has 12,000 touch points. Since its listing in 2007, the stock gave a return of 67 times at the current market price.
Oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has approved a 37% rise in tariff from April 1 for the pipeline that transports Reliance Industries’ eastern offshore KG-D6 gas to customers. The pipeline primarily transports KG-D6 gas, which has steadily dipped from 69.43 million standard cubic meters per day (mnscmd) achieved in March 2010 to under 3 mnscd. PNGRB said transporting natural gas on the East-West pipeline would cost Rs 71.66 per million British thermal unit (mmBtu) from April 1 as compared to Rs 52.33 per mmBtu tariff.
Industrial output growth stood at 1.7% in January on account of slowdown in the manufacturing sector. Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 7.5% in January 2018. During April-January 2018-19, industrial output grew at a marginally higher 4.4% as against 4.1% in the same period previous fiscal.
Jeans maker Levi Strauss & Co said on March 11 it expects to raise as much as $587 million through its initial public offering (IPO). The company expects to offer 36.7 million shares priced between $14 and $16, giving it a market value of about $6.17 billion. The 145-year old Levi's is one of the world's biggest denim brands and the inventor of blue jeans. The company intends to list as "LEVI" on the New York Stock Exchange.
Led by IT industry, hiring activity picked up in February 2019. Number of people hired in February 2019 grew by 16% year-on-year to 2415 from 2087 in the same period last year. The IT industry clocked a recruitment growth rate of 38% in February. Hiring in Chennai, Mumbai and Pune saw an increase of 30%, 26% and 25% respectively. This is followed by Bengaluru and Hyderabad at 19% and 14% respectively.
Chinese Vice Commerce Minister Wang Shouwen said on March 9 said that China and the United States are working relentlessly to achieve a trade deal that suits the interests of both sides. Wang said he was optimistic about negotiations with the US administration. Trump recently deferred imposing tariff hikes on Chinese imports worth $200 billion on the back of advance deal talks. The increased tariffs were scheduled to kick in from March 2.
US President Donald Trump said that he would sign a trade deal with China only if the deal benefitted the US. However, he expressed confidence in reaching a conclusive trade pact with China. The US and China are locked in a trade war since Trump hiked import tariff up to 25% on $250 billion of Chinese goods in March last year. China, the world's second largest economy after the US, retaliated with tariffs on $110 billion of American goods.
The NCLT approved Reliance Industries and JM Financial’s joint bid of Rs 5,050 crore to acquire the debt-laden textile firm, Alok Industries. Alok Industries owed its lenders Rs 29,500 crore. The resolution plan was approved by the Committee of Creditors (CoC) in June 2018. The lenders had agreed to take about 83% haircut on their dues. SBI leads the consortium of lenders claiming dues of more than Rs 23,000 crore from Alok Industries.
The National Company Law Appellate Tribunal (NCLAT) on Friday directed the NCLT, Delhi bench to decide on JSW Steel Ltd's bid for the debt-ridden Bhushan Power and Steel Ltd by 31 March. On 4 February, NCLAT had dismissed Tata Steel Ltd's plea and allowed lenders' decision to approve resolution plan of JSW Steel for Bhushan Power and Steel. JSW Steel had revised its offer for Bhushan Power from RS 11,000 crore to Rs 18,000 crore and later to over Rs 19,000 crore, whereas Tata Steel's last offer was at Rs 17,000 crore and it refused to revise its bid.
The National Company Law Appellate Tribunal (NCLAT) on Friday allowed UK-based Liberty House to withdraw its bid for ARGL. Liberty House had emerged as the highest bidder in ARGL, a subsidiary of debt-ridden auto components maker Amtek Auto. NCLT had earlier fined Liberty House Rs 1 lakh for its casual approach.