ITC Ltd Posts Robust Q3 FY24 Results: Net Profit Surges 11% to Rs 5,572 Crore ITC Ltd, a leading conglomerate, has reported a stellar standalone net profit of Rs 5,572 crore for the December quarter of FY24, marking a significant 11 percent growth compared to Rs 5,031 crore in the same period the previous financial year. The company’s performance exceeded market expectations, beating Street estimates and showcasing a resilient financial trajectory. Additionally,...
Byju’s Valuation Plunge: A Drastic Reset in Pursuit of Capital In a surprising move, Byju’s, the world’s most valuable edtech startup, has embarked on a rights issue, slashing its valuation ask by a staggering 99%. The Indian edtech giant aims to raise $200 million through this initiative, emphasizing its critical need for capital to address pressing working capital requirements. Valuation Reset: From Pinnacle to Near Zero Byju’s, once the crown jewel of...
Evergrande’s Unraveling: A Closer Look at China’s Real Estate Giant In a dramatic turn of events, a Hong Kong court has ordered the liquidation of Evergrande Group, a once-mighty Chinese real estate giant that now stands on the precipice of bankruptcy. The decision has sent shockwaves through the financial markets, leading to the suspension of trading in shares of key subsidiaries such as China Evergrande and Evergrande Property Services. The benchmark Hang...
Binny Bansal Bids Adieu to Flipkart: A Transition and Legacy in Indian E-Commerce Binny Bansal, co-founder of Flipkart, officially stepped down from the board of the e-commerce giant, marking the end of his association with the company he co-founded with Sachin Bansal in 2007. This departure follows Walmart’s acquisition of a 77% controlling stake in Flipkart through a $16 billion deal in 2018. Binny Bansal’s exit is attributed to his recent venture,...
Tesla’s Earnings Report: A Bumpy Ride for Investors Tesla faced a turbulent market response as it missed expectations and adjusted guidance in its latest earnings report, causing a 10% drop in the stock in early trading on January 25. Analysts swiftly adjusted their price targets, signaling a potential turning point for investors. This article delves into the various reasons investors might consider parting ways with Tesla stock, highlighting concerns about the company’s...
Navigating Uncertainty: Hong Kong’s Finance Industry Amidst Economic Turbulence An Unsettling Past Year In the not-so-distant past, Hong Kong’s finance industry held high hopes for a thriving future, anticipating that a reopening of China would spark consumer demand and usher in prosperity. Fast forward a year, and those aspirations have dwindled into a stark reality. The Hang Seng Index’s persistent selloff has sent shockwaves through the financial landscape, leaving bankers and traders...
eBay Announces Workforce Reduction Amidst Economic Slowdown In response to a challenging economic landscape, online retailer eBay Inc has announced a workforce reduction affecting approximately 1,000 jobs, representing around 9% of its full-time employees. The move comes as the company reassesses its staffing levels and expenditures, aligning them with the current pace of business growth in a slowing economy. CEO Jamie Iannone conveyed this decision to employees in a message on Tuesday,...
Market Rollercoaster: HDFC Bank’s Slide and Zee Entertainment’s Plunge In a day of twists and turns, Indian shares saw an early surge fade away, closing significantly lower. The NSE Nifty 50 settled 1.54% down at 21,238.80 points, while the S&P BSE Sensex lost 1.47%, ending the day at 70,370.55. HDFC Bank took the lead in the downturn, falling 3.5%, impacting the Nifty index the most and extending its own losses to about...
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