MyEquity News

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Fintech platform Zeta valued at $300 mn in its Series C round led by Sodexo

With this new capital, Zeta will look at expanding its business across 15 countries.Zeta provides a full-stack neo-banking platform to enterprises, allowing them to issue co-branded debit, credit, and prepaid products to employee

7/23/2019 9:45:30 AM

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Reverse Pitch | 'Startups with pro-society business models perform better in the market'

For the sustainable growth of a business, its offerings must have a market replete with active/potential consumers

7/23/2019 9:02:22 AM

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RBI names Kanungo to run monetary policy portfolio after Viral Acharya quits

Kanungo will also retain his currency management portfolio.He would become the sixth member of the RBI's Monetary Policy Committee, which will next convene on 5-7 August

7/23/2019 8:56:27 AM

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Moody’s assigns ‘Baa3’ rating to Hero FinCorp

Moody’s ‘Baa3’ rating to Hero FinCorp suggests that the Pawan Munjal-led NBFC may raise debt funds through bonds.The ratings agency says Hero FinCorp’s profitability, although modest when compared with the other NBFCs, is gradually improving as it grows in scale

7/23/2019 8:54:04 AM

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NHB's crackdown on home loans under subvention scheme to affect buyers, builders

National Housing Bank advised housing finance companies to stop providing loans to finance subvention schemes offered by builders to sell homes.Move will lead to increase in interest cost for homebuyers and aggravate the liquidity crunch faced by real estate developers, say realty bodies

7/23/2019 8:08:58 AM

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ZEEL to decide between two binding offers for stake sale

According to media reports, US cable major Comcast, is looking to team up with Blackstone and James Murdoch’s family office Lupa Systems to bid for ZEEL.ZEEL reports consolidated revenue of Rs20,081 million for Q1 of FY20

7/23/2019 7:28:25 AM

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L&T Q1 consolidated PAT rises 21%, but says funding for projects is uncertain

The company reported consolidated revenue of 29,636 crore, rising 10% year-on-year from 27,005 crore in the year-ago period.L&T won new orders of 38,700 crore during the quarter, registering a growth of 11% year-on-year

7/23/2019 7:25:39 AM

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From ‘Chand Pe Chadayee’ to ‘Mission Mangal’: Why Bollywood has shied away from science fiction

Akshay Kumar and Taapsee Pannu-starrer Mission mangal is only one of the handful of science fiction dramas the country has produced.Making a science fiction film is an expensive affair

7/23/2019 6:50:11 AM

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Saudi Aramco's talks to buy minority stake in RIL's refining assets stall

Aramco is concerned about Reliance’s proposal to shift some debt of the wider group to its refinery business ahead of the transaction.Reliance’s debt increased 20% over the past year as it spent $36 billion to disrupt India’s wireless market with cheap data and free calls

7/23/2019 6:28:22 AM

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Treating our audiences as people is our secret sauce: CNN Intl Commercial VP

On a recent visit to India, Tini Sevak spoke about the importance of creating relationships with audience, ensuring that CNN has the largest pool of audience and continue to grow that using technology

7/23/2019 6:02:16 AM

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Anand Piramal invests an undisclosed amount in Snapdeal

This investment also marks a new investment into Snapdeal after its last cash infusion in 2017 by existing investor Nexus Venture Partner.Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics, said Piramal

7/23/2019 5:03:32 AM

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NCLT to hear Jet Airways case next on 8 August

The tribunal asked the court-appointed IRP for Jet Airways to discuss employee’s salary concerns with the Committee of Creditors.Employee associations of Jet Airways had earlier through their lawyers sought the court’s permission to release a month’s salary

7/23/2019 5:03:28 AM

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L&T Q1 net profit rises 21% to 1,473 crore, but misses estimates

Consolidated gross revenue for the quarter rose 9.74% to 29,636 crore.The company won orders worth 38,700 crore during the quarter

7/23/2019 4:35:17 AM

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HUL Q1 net profit up 15% at 1,755 crore

Net profit for the quarter stood at 1,755 crore, up 14.86% from 1,528 crore a year ago.In the June quarter, growth was driven by its homecare portfolio which grew 10% on a comparable basis

7/23/2019 4:14:30 AM

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Viral Acharya and the art of crowd management

The outgoing deputy governor of RBI in his last published speech highlighted yet again the problem of crowding out by govt’s rising market borrowings.The threat from rising fiscal deficit has been well argued by several policy watchers and even some policymakers

7/23/2019 2:58:04 AM

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Huawei unit cuts more than 600 jobs following US sanctions

The layoffs will come at the Chinese company's US-based research and development arm, Futurewei Technologies.Futurewei employs more than 750 people, according to Bloomberg's corporate information database

7/23/2019 2:48:35 AM

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Kotak Mahindra Bank joins rivals in warning of challenges ahead

Kotak Mahindra Bank Ltd reported a 32.7% jump in its first-quarter profit.'The corporate loan book grew slowly in the June quarter,' said Jaimin Bhatt, chief financial officer of Kotak Mahindra Bank

7/23/2019 2:45:16 AM

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Microsoft pays $25 million to end US probe into bribery overseas

Microsoft sold software to partners at a discount and the partners then resold the products to the Hungarian government at a higher price.The difference went to fund kickbacks to government officials, the Wall Street Journal reported in 2018

7/23/2019 1:41:10 AM

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'PSB Loans in 59 minutes': Banks extend in-principle approval of loan upto 5 crore

According to the latest figures, more than 50,706 proposals have got in-principle approvals and have been sanctioned as on 31 March 2019.The portal was launched by the Narendra Modi government in November to provide loans up to 1 crore to MSMEs

7/23/2019 1:37:52 AM

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HPCL refuses to recognise ONGC as its promoter

In a regulatory filing HPCL made to stock exchanges on July 21, HPCL again listed ONGC as 'public shareholder' and not as its promoter.The government too has been treating HPCL as ONGC subsidiary

7/23/2019 1:16:04 AM

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Finding it difficult to exit some projects, Piramal’s real estate fund seeks extension

Launched in 2013, the fund has a tenure of six years which is extendable by another two years.The group firm said cash flow in a residential project in Pune was hit due to liquidity issues and inability to carry out sales and development activities

7/23/2019 1:01:29 AM

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Mumbai Metro Rail Corporation gives 253 crore order to Blue Star

On account of space constraints in Mumbai, the size of each station box is smaller compared to metro rail systems in other parts of India.This turnkey project will require 8,200 tonnes of refrigeration (TR) of water cooled screw and magnetic bearing chillers

7/23/2019 12:18:58 AM

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Paytm customers to get instant digital loan as company partners Clix Finance

Clix Finance to offer instant digital loans to customers and merchants on Paytm .Clix and Paytm will introduce several new products to further enhance customer experience

7/22/2019 11:43:04 PM

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Supreme Court cancels registration, lease of Amrapali group

The court directed ED to investigate the alleged money laundering by Amrapali CMD Anil Sharma and other directors of the group.The apex court also directed Noida and Greater Noida to handover a completion certificate to the flat buyers who are already residing in various projects

7/22/2019 11:37:41 PM

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Air India plans to bring all 17 grounded aircraft back into operation by Oct-end

Air India plans to use these aircraft on the new routes where it will start flying soon.These eight aircraft include four from A320 family, one B747, one B777 and two B787s

7/22/2019 11:36:44 PM

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Move over Elon Musk. Satya Nadella-Microsoft to invest $1 billion in OpenAI

OpenAI will use Microsoft’s Azure cloud services to train and run the group’s AI software.Microsoft CEO Satya Nadella said the goal is to 'democratise AI – while always keeping AI safety front and center'

7/22/2019 11:30:23 PM

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What to watch out for in HUL’s June quarter results

Analysts are expecting Ebitda margin to expand about 50-100 bps on a year-on-year basis.It’s worth noting that expectations are running low with the Street looking at a further moderation in volume growth

7/22/2019 11:02:57 PM

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IndiGo announces new routes, offers flight tickets from 1,999

Jodhpur will be IndiGo's 56th destination.IndiGo will also start daily non-stop flights on Mumbai-Singapore route and Mumbai-Bangkok route from 22 August

7/22/2019 10:39:45 PM

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Gold prices fall sharply after touching record high, silver follows suit

Profit-taking weighed on gold prices.Gold and prices have risen sharply this year

7/22/2019 10:10:30 PM

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With all odds in its favour, gold hogs limelight

Gold prices in India too soared to over 36,000/10gms recently, touching its life-time high.With equity valuations remaining expensive, gold seems to be regaining its safe haven status

7/22/2019 10:09:01 PM

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Companies seek clarity on buyback tax from finance ministry

Some companies have sought clarity on the applicability of the buyback tax on their offerings, which had been announced before the Budget proposal.In the past three years, publicly traded firms bought back shares worth 1.43 trillion

7/22/2019 9:42:53 PM

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Vistara to launch new flights. Check routes, fares here

The tickets can be booked through all channels.Vistara is a joint venture between Tata Sons Ltd and Singapore Airlines Ltd (SIA)

7/22/2019 9:30:08 PM

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Sensex, Nifty saw a marginal fall in the early trade

TVS Motor Co Ltd fell 4% to 365 on Q1 result outcome.HDFC Bank Ltd fell another 2% while HDFC Ltd down 2.1%

7/22/2019 9:21:20 PM

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Deals Buzz: Greenko raises $950 million through Asia’ largest green bond

In other news, SoftBank Vision Fund, the late stage fund led by Japan’s Masayoshi Son and one of the biggest investors in Indian tech-enabled startups, said it is not in a hurry to list the companies it has invested in the country and would wait for the right opportunity

7/22/2019 9:03:22 PM

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Rupee trades marginally lower against the US dollar

The home currency opened at 68.98 a dollar.The yield on the 10-year government bond was at 6.422%

7/22/2019 8:49:00 PM

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Warren Buffett’s charity lunch with crypto investor, who paid $4.5 million, postponed

Justin Sun bid a record $4.57 million this year to win the chance to dine with Buffett.Sun, who launched Tronix in 2017, said in June that he was hoping to educate Buffett on the benefits of crypto and the underlying technology, blockchain

7/22/2019 8:44:22 PM

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Future of payment banks uncertain, says SBI report

Payments bank face a blanket ban on any type of lending.The payments bank model was conceptualised by RBI

7/22/2019 8:44:07 PM

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Markets may be flattish; L&T, HUL, Zee Entertainment to report Q1 earnings

Asian stock markets were higher tracking gains in the US.Shares of IndiGo, Kotak Mahindra Bank likely to be in focus

7/22/2019 8:23:28 PM

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IEA promises to use emergency stocks to cover supply disruptions

IEA is closely monitoring the Strait of Hormuz situation.This comes in the backdrop of India, the world's third-largest oil importer trying to buffer its consumers from any spike in global prices

7/22/2019 7:24:34 PM

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Greenko raises $950 million through Asia’ largest green bond

The bond raise followed after two sovereign wealth funds agreed to pump in additional $329 million in Greenko .Greenko’s bond issuance comes at a time when India’s emerging green economy will require additional investments of around $80 billion till 2022

7/22/2019 7:13:17 PM

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Auditors to India's DHFL raise red flags around quarterly results

The Mumbai-based housing finance company has been also stung by allegations of fraud and improper lending practices.DHFL said on Monday its audited results were largely in line with the unaudited net loss it reported on 13 July

7/22/2019 1:16:05 PM

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Markets tank on fund outflows, RBI caution, weak Q1 earnings

Weakness in the stock markets may continue in the immediate term in the absence of any upside triggers.Emerging markets fell on Monday as hopes of a rate cut by the US Fed dwindled

7/22/2019 11:39:19 AM

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Mid-cap mayhem: Long road to recovery

Mid- and small-cap stocks have gone through a free fall. To make matters worse, large-caps are now in trouble.The large-cap-based BSE Sensex has been masking the pain. The bellwether gained 12% since Jan 2018, but within the large-cap universe, only a handful are driving the surge

7/22/2019 11:36:19 AM

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Lack of 5G spectrum for commercial use may push up auction prices

Of 300MHz,?Isro and defence?department have sought?100 and 25MHz, respectively.In India, the only band identified for 5G spectrum is under the 3.3-3.6GHz band, which has 300MHz of airwaves available

7/22/2019 10:50:05 AM

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Delhi HC allows Nestle to use ‘a+’ mark on its products

The HC order comes in a suit filed by Nestle against Kaira District Cooperative Milk Producers Union Limited which was applying the mark ‘A+’ to cheese slices in combination with their brand name ‘Amul’

7/22/2019 8:41:26 AM

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Oriental Bank of Commerce Q1 net profit at 113 crore

The lender had made a profit of 201.50 crore during January-March, 2018-19.OBC’s provisioning coverage ratio (PCR) increased to 76.32% as of June, 2019 from 64.59% a year ago. PCR is the amount set aside to cover NPAs

7/22/2019 7:49:41 AM

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Will pay creditors entire amount; complete due projects in 3 yrs: Jaypee Infra

The NCLAT reserved its order over exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process of Jaypee Infratech.A two-member bench headed by Chairman Justice S J Mukhopadhaya asked the Jaiprakash Associates Ltd to file written submissions over exclusion of time frame

7/22/2019 7:43:37 AM

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TVS Motor invests $7 million in US-based Scienaptic Systems

Scienaptic Systems is a big data analytics startup which has designed a unique platform called Ether using its proprietary machine learning and artificial intelligence algorithms.TVS Motor says solutions built on Ether will help the firm to improve risk and credit assessment and monitor evolving fraud patterns among other benefits

7/22/2019 7:38:01 AM

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TVS Motors braves slowdown in Q1, but uncertainty in sales loom ahead

TVS Motor’s 7.2% year-on-year growth in Q1FY20 net sales to 4,468.6 crore is impressive.While the management is confident of some revival in the festive season, it is also said that the second half FY20 would be less impressive than the year-ago period

7/22/2019 7:13:52 AM

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With a sturdy Q1 behind, Kotak Mahindra Bank in search of good pockets to lend

For the June quarter, however, the lender reported an enviable gross bad-loan ratio of 2.19%.The bank has reduced its exposure to non-bank finance companies after troubles began intensifying for many of them in the aftermath of defaults triggered by IL&FS last year

7/22/2019 6:57:12 AM