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US court orders Byju’s to freeze $533 million owed to lenders-Telangana Today

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Byju Raveendran and Divya Gokulnath are prohibited by the judge from further transferring or using any of the $533 million in loan proceeds previously held by Camshaft Capital Fund, and subsequently transferred to an unnamed and unknown offshore trust.

Published Date – 15 March 2024, 11:42 AM


US court orders Byju’s to freeze $533 million owed to lenders


New York: The steering committee representing term-loan lenders of Byju’s $1.2 billion loan on Friday said that a US judge has ordered to prohibit further movement or use of $533 million by the edtech company, which is owed to lenders.

According to the steering committee’s statement, the company’s co-founders Byju Raveendran and Divya Gokulnath are prohibited by the judge from further transferring or using any of the $533 million in loan proceeds previously held by Camshaft Capital Fund, and subsequently transferred to an unnamed and unknown offshore trust.

The court also found that Raveendran and Gokulnath “are working in concert with the defendants and ordered them to comply with its ruling”.

In its ruling, the court confirmed that the transfer of funds from Byju’s Alpha, the edtech firm’s US subsidiary, and their continued concealment, “likely constitutes a fraudulent conveyance”.

“The fact that the parent company is attempting to hide where the assets are is huge. It shows that they are engaged in what appears to be a potential fraud,” the judge said in its order.

“Raveendran… either was being untruthful or he’s the most incompetent officer or director of a company in Delaware history.”

Additionally, the court ordered the arrest of William Morton, the founder of Camshaft Capital Fund, following his repeated refusal to appear in court and provide any of the requested information regarding the transfers of the $533 million in loan proceeds and the current status and location of the funds.

The ruling confirms that “Byju Raveendran himself is acting in concert with, among others, his brother, Riju, his wife, Divya, and fugitive William Morton, and that these individuals are continuing to intentionally defraud Byju’s lenders,” claimed the lenders’ steering committee.

The court-ordered freezing of assets is “an important step towards recovering the missing $533 million, and we will take all necessary legal actions to recover what we are rightfully owed”.

Business

Paytm gets five handles to continue UPI transactions, existing one to continue-Telangana Today

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On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company’s users.

Updated On – 15 March 2024, 10:59 AM


Paytm gets five handles to continue UPI transactions, existing one to continue


New Delhi: Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website.

The company’s existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end.

National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank.

NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately.

Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end.

On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company’s users.

Paytm’s UPI transactions were earlier being carried out through Paytm Payments Bank (PPBL) that has been barred by the Reserve Bank of India from accepting deposits, credit transactions, or top-ups in any customer accounts after March 15.

One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL, while company’s Founder and CEO Vijay Shekhar Sharma holds 51 per cent stake in the beleaguered bank.

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Sebi board to consider allowing employees to donate on social stock exchange: Buch-Telangana Today

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Buch added that personally, she is very keen to support the cause for emancipation of girls.

Updated On – 14 March 2024, 09:17 PM


Sebi board to consider allowing employees to donate on social stock exchange: Buch


Mumbai: Sebi chairperson Madhabi Puri Buch on Thursday said the regulator’s board will consider a proposal for allowing staff to donate money for causes through the social stock exchange (SSE).

Speaking at an event to mark the listing of first five non-profits on the newly created SSE, Buch said Sebi personnel are not allowed to invest in securities right now and they need to be allowed to participate in the upliftment of the disadvantaged people.

“We are actually going to the Sebi board tomorrow to take permission for Sebi staff to be able to buy zero-coupon, zero-principal bonds because we are not permitted to buy securities,” she said, adding she is hopeful of the proposal going through.

Buch added that personally, she is very keen to support the cause for emancipation of girls.

As per the Sebi website, nearly 1,000 people worked at the capital markets regulator as on March 2022. The ‘zero-coupon, zero-principal’ are instruments for donating money to non-profit organizations listed on the SSE.

Underlining the importance of the NGO ecosystem and the role that they can play in channelling money, Buch said that at present, she is grappling with executing donations for charities before the financial year ends on March 31.

Buch recounted how a chartered accountant sent her a message recently, flagging the need to do the donations as she does normally.

“Now, I am scurrying, and I am asking my husband we have to make our donations for the year. We have not done any. Now we have only ten days left and I better hurry up,” she said.

SSE is a concept where the well-regulated and trusted markets can play a role in helping social causes just like they help a corporate house raise resources for business expansion, she said.

“Most of these organizations are credible, reputed, existing donors, support of large number of people. What do we get incrementally? The question is really of how do we expand the donor base, how do we expand the volunteer base, the access to funds for the social sector,” she said.

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Rupee falls 5 paise to 82.86 against US dollar in early trade-Telangana Today

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Forex traders said the strength of the American currency, foreign fund outflows, and elevated crude oil prices in the international market dented investors’ sentiments.

Updated On – 14 March 2024, 03:15 PM


Rupee falls 5 paise to 82.86 against US dollar in early trade


Mumbai: The rupee depreciated 5 paise to 82.86 against the US dollar in early trade on Thursday, tracking a negative trend in domestic equities.

Forex traders said the strength of the American currency, foreign fund outflows, and elevated crude oil prices in the international market dented investors’ sentiments.

At the interbank foreign exchange, the rupee opened at 82.84 against the dollar and touched an early low of 82.86 in initial trade, registering a fall of 5 paise over its previous close.

On Wednesday, the rupee had settled at 82.81 against the US dollar.

“Rupee weakened on Wednesday as the sentiment was dampened by a sell-off in equities. Nevertheless, rupee is still the best performing Asian currency in 2024 so far, having strengthened 0.4 per cent against the US dollar,” IFA Global Research Academy said in a research note.

Rupee is likely to trade in the 82.75-82.90 range with sideways price action, the note added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 102.85, higher by 0.06 per cent.

Brent crude futures, the global oil benchmark, rose 0.23 per cent to USD 84.22 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 99.2 points, or 0.14 per cent, lower at 72,662.69 points. The broader NSE Nifty was down 6.70 points, or 0.03 per cent, to 21,991.00 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 4,595.06 crore, according to exchange data.

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Markets trade lower in early trade on fresh foreign fund outflows-Telangana Today

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The 30-share BSE Sensex dropped 264.7 points to 72,497.19, while the Nifty declined 80.2 points to 21,917.50.

Updated On – 14 March 2024, 03:15 PM


Markets trade lower in early trade on fresh foreign fund outflows


Mumbai: Equity benchmark indices extended their previous day’s bearish trend and declined in the early trade on Thursday amid heavy foreign fund outflows and mixed trends from the global markets.

The 30-share BSE Sensex dropped 264.7 points to 72,497.19, while the Nifty declined 80.2 points to 21,917.50.

From the Sensex pack, Bajaj Finance, Tata Steel, JSW Steel, Tata Consultancy Services, Bajaj Finserv, Tech Mahindra, Titan, and HDFC Bank were the major laggards.

Mahindra & Mahindra, Reliance Industries, Larsen & Toubro and Nestle were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,595.06 crore on Wednesday, according to exchange data.

In Asian markets, Seoul and Shanghai traded in the green while Tokyo and Hong Kong quoted lower.

The US markets ended on a mixed note on Wednesday.

The BSE benchmark index tanked 906.07 points, or 1.23 per cent, to settle at 72,761.89 on Wednesday. The Nifty plummeted 338 points, or 1.51 per cent, to 21,997.70.

Global oil benchmark Brent crude climbed 0.20 per cent to USD 84.20 a barrel.

Business

Gold and silver prices rise in India-Telangana Today

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In the international markets, spot gold at Comex was trading at USD 2,169 per ounce, up by USD 9 from the previous close

Published Date – 14 March 2024, 05:28 PM


Gold and silver prices rise in India


New Delhi: Gold prices rose Rs 250 to Rs 66,200 per 10 grams in the national capital on Thursday amid a rally in precious metal prices in the global markets, according to HDFC Securities.

The yellow metal had settled at Rs 65,950 per 10 grams in the previous close.

Silver also surged Rs 1,700 to Rs 77,000 per kg. In the previous trade, it had ended at Rs 75,300 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,200 per 10 grams, up by Rs 250 from the previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,169 per ounce, up by USD 9 from the previous close.

Gold prices recovered from a recent low and moved higher during the European trading session on Thursday due to a pullback in the US dollar and safe-haven buying, Gandhi added.

Silver also quoted higher at USD 24.92 per ounce, and it had settled at USD 24.22 per ounce in the previous trade.

“Investors look forward to today’s US data, such as the Producer Price Index (PPI), weekly job data, and retail sales, to gauge the direction of precious metal prices,” Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

Investors closely monitor these indicators for further insights into the health of the economy and potential shifts in the US monetary policy, which can affect the demand for safe-haven assets like precious metals.

Business

Reliance Industries to buy 13% stake in Viacom 18 media for Rs 4286 Cr-Telangana Today

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Viacom18, a TV18 Broadcast Limited subsidiary, is primarily owned by Reliance Industries, holding 57.48% stake through Compulsorily Convertible Preference Shares.

Published Date – 14 March 2024, 02:30 PM


Reliance Industries to buy 13% stake in Viacom 18 media for Rs 4286 Cr


New Delhi: Reliance Industries has signed an agreement to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited (Viacom18) held by Paramount Global through its two subsidiaries for an aggregate consideration of Rs 4,286 crore.

Viacom18 is a material subsidiary of TV18 Broadcast Limited. Reliance Industries currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48 per cent equity stake (on a fully diluted basis).

Post the completion of this transaction, Reliance Industries equity stake in Viacom18 will increase to 70.49 per cent (on a fully diluted basis). The acquisition is not a related party transaction and none of the company’s promoter/promoter group/group companies have any interest in the acquisition, Reliance Industries said in a filing.

On February 28, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited (Viacom18) and The Walt Disney Company (Disney) announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India.

As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (SIPL) through a court approved scheme of arrangement. In addition, RIL has agreed to invest at closing Rs 11,500 crore ($ 1.4 billion) into the JV for its growth strategy.

Business

India’s February WPI inflation eases to 0.2%-Telangana Today

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WPI Inflation Declines for Third Consecutive Month, Down from 0.73% in December

Published Date – 14 March 2024, 01:40 PM


India’s February WPI inflation eases to 0.2%


New Delhi: India’s inflation rate based on the Wholesale Price Index (WPI) eased to 0.2 per cent in February, from 0.27 per cent in January, data released by the Commerce and Industry Ministry on Thursday showed.

This is the third consecutive month of decline in the annual rate of WPI inflation, which had stood at 0.73 per cent in December.

Official figures show that there was a decline in the prices of fuel an power segment during February with the inflation rate at (-) 1.59 per cent inflation rate. The decline was due to a fall in the prices of petrol and diesel.

Similarly, the manufactured products group also recorded a fall in prices with the inflation rate working out to (-) 1.27 per cent.

There was a decline in the prices of textiles, chemical and paper products as well as processed foods during the month

However, there was a 4 per cent increase in the WPI prices in the food commodities segment.

The other goods that recorded an increase in inflation during Feb include natural gas, electricity, machinery & equipment and motor vehicles, trailers & semi-trailers etc.

Business

Hyundai, Kia to recall 1.7 lakh EVs over charging software issue-Telangana Today

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The Ministry of Land, Infrastructure and Transport said 12 car models totaling 232,000 units from Hyundai Motor, Kia, Stellantis Korea and Tesla Korea are subject to recall due to manufacturing defects.

Updated On – 14 March 2024, 12:15 PM


Hyundai, Kia to recall 1.7 lakh EVs over charging software issue


Seoul: Hyundai Motor and Kia will voluntarily recall nearly 170,000 electric vehicles (EV) to address a software error in the charging system, the government said on Thursday.

The Ministry of Land, Infrastructure and Transport said 12 car models totaling 232,000 units from Hyundai Motor, Kia, Stellantis Korea and Tesla Korea are subject to recall due to manufacturing defects.

Of those, 169,932 Hyundai Motor and Kia units were found to have software errors in the integrated charging control unit. Models affected are Hyundai’s Ioniq 5, Ioniq 6, Genesis GV60, GV70 and GV80 EVs, totaling 113,916 units, and 56,016 units of Kia’s EV6, reports Yonhap news agency.

The ministry said that the error could prevent the vehicles in question from conducting low-voltage charging, leading to the possibility of the vehicles stopping while driving.

Additionally, 61,131 Hyundai Avante units will be voluntarily recalled due to a problem with the durability of the headlights.

According to the ministry, 527 units of Stellantis’ Jeep Cherokee were found to have reverse lights installed higher than the standard, while 148 units of the Jeep Wrangler plug-in hybrid electric vehicle model were found to have defective high-voltage batteries.

A total of 136 Tesla Model 3 units were found to have issues where pedestrian warning sounds do not activate during low-speed driving or reversing.

Business

Investors become poorer by Rs 13.47 lakh crore in single day-Telangana Today

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Benchmark indices started the trade on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red.

Published Date – 13 March 2024, 06:44 PM


Markets crash: Investors become poorer by Rs 13.47 lakh crore in single day


New Delhi: Dalal Street investors became poorer by Rs 13.47 lakh crore in a single day on Wednesday amid heavy selling in the equity market, where the BSE benchmark Sensex tumbled over 900 points.

A sharp fall in small cap and midcap indices played spoilsport for the markets.

The 30-share BSE benchmark tanked 906.07 points or 1.23 per cent to settle at 72,761.89. During the day, it plummeted 1,152.25 points or 1.56 per cent to 72,515.71.

The market capitalisation (mcap) of BSE-listed companies eroded by Rs 13,47,822.84 crore to Rs 3,72,16,602.67 crore.

“Markets erased early gains and slipped into the negative zone with frenzied selling towards the end dragging benchmark Nifty below the 22k mark. There have been concerns over the rising valuations of mid and small-rung stocks for a while, and with the regulator too asking to maintain caution, traders preferred to trim their exposure which resulted in a massive correction across the board,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Benchmark indices started the trade on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red.

In the broader market, the BSE smallcap gauge tanked by 5.11 per cent, while the midcap index declined by 4.20 per cent.

Power Grid was the biggest loser in the Sensex pack, dropping over 7 per cent, followed by NTPC, Tata Steel, Tata Motors, Titan, JSW Steel, Bharti Airtel, Reliance Industries and Hindustan Unilever.

In contrast, ITC, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance and HDFC Bank were the gainers.

All the indices ended in the red, with utilities tumbling 7.21 per cent, metal dropping by 5.75 per cent, services (5.71 per cent), telecommunication (5.45 per cent), oil & gas (5.16 per cent), commodities (4.28 per cent) and industrials (4.23 per cent).

A total of 3,516 stocks declined while 400 advanced and 60 remained unchanged.

“In contrast to the global uptrend, unfavourable risk-reward balance of mid and small-cap stocks, fuelled by prolonged premium valuations, has aggravated the downfall. Meanwhile, FMCG and contrarian plays like gold are offering some refuge. Other than the premium valuation no fundamental issue is noticed to drawback the long-term growth image of domestic midcaps,” Vinod Nair, Head of Research, Geojit Financial Services, said.