Byju’s Dismisses Employees Via Calls Amid Financial Crisis
Byju’s, the Indian education technology (edtech) major valued at $22 billion just two years ago, finds itself in hot water following reports that it terminated between 100 and 500 employees over phone calls, without proper notice or adherence to a performance improvement plan (PIP). This news comes as Byju’s grapples with ongoing financial difficulties exceeding […]
Zomato Receives ₹184 Cr Service Tax Penalty Notice
Online food delivery platform Zomato is locked in a tax battle with the Indian authorities. The company received a demand and penalty order for a staggering Rs 184 crore, a significant sum that they plan to vigorously contest. Service Tax and Penalty on Foreign Transactions The dispute centers on alleged non-payment of service tax between […]
T-Series’ Monthly Album, EP Releases Revealed
India’s music giant, T-Series, is rewriting the music release playbook with a groundbreaking strategy. In a move that capitalizes on the ever-evolving preferences of music consumers, the label announced a plan to unleash a tidal wave of fresh content – multiple Extended Playlists (EPs) and albums dropping every month. This ambitious initiative, spearheaded by Bhushan […]
FSSAI Directs: Avoid ‘Health’/’Energy’ Label on Malts
The Food Safety and Standards Authority of India (FSSAI) is taking a strong stance against misleading labeling practices on e-commerce platforms. In a recent directive, the regulatory body has instructed all online retailers to stop using the terms “health drink” or “energy drink” for products categorized as malt-based beverages. This move aims to ensure transparency […]
SBI Mutual Fund Invests in 3% of Savita Oil
In a move that ripples through the Indian financial landscape, SBI Mutual Fund, a giant in the domestic mutual fund industry, recently acquired a 3% stake in Savita Oil Technologies. This strategic acquisition underscores SBI Mutual Fund’s bullish sentiment on Savita Oil, a company that has been experiencing a stellar year. Savita Oil’s stock price […]
Kala Namak Rice Export Cap Set at 1,000 Tonnes by Govt
The Indian government, steering the world’s dominant rice industry with an annual production exceeding 135.5 million tonnes , has taken a calculated step towards introducing a new contender on the international rice scene. On Tuesday, they announced a shift in policy, permitting the export of up to 1,000 tonnes of Kala Namak rice. This aromatic, […]
HDFC Bank Plans Sale of HDFC Education
HDFC Bank is undergoing a strategic transformation through targeted divestments. In March 2024, the bank finalized the sale of a majority stake in HDFC Credila, its education loan arm, to a consortium of private equity firms for ₹9,553 crore. This move follows an earlier directive by the Reserve Bank of India (RBI) for HDFC Bank […]
Luminous Opens Solar Panel Factory in Uttarakhand
Luminous Power Technologies, a frontrunner in energy solutions, has cemented its commitment to a sustainable future with the grand opening of its technologically advanced solar panel manufacturing facility in Rudrapur, Uttarakhand. This momentous occasion, announced on March 28, 2024, marks a significant turning point for both the company and the Indian solar power landscape. A […]
Exporters Advocate 45-Day Rule Exemption for MSEs
Indian exporters are facing a perfect storm. A recent regulation aimed at aiding domestic businesses is instead creating a cash crunch that threatens their ability to compete on the global stage. The culprit? Section 43B(h) of the Income Tax Act 2023, which mandates a strict 45-day payment window for goods and services procured from Micro, […]
Adani Bounces Back with Rapid Expansion Post Hindenburg
Fourteen months after facing serious accusations of accounting fraud and stock manipulation by Hindenburg Research, the Adani Group appears to be back on track. Recent developments indicate a renewed focus on rapid expansion, marked by a flurry of strategic investments across various sectors. Weathering the Hindenburg Storm In January 2023, Hindenburg Research released a report […]