Corporates News - read breaking and trending Corporates news, stories, headlines. Business insider India is providing latest, handpicked stories related to the News category.

Corporates News - read latest and trending Corporates news and headlines

Capital goods companies are projected to achieve a revenue increase of 9-11 per cent in fiscal 2025, building on the anticipated 13 per cent growth in fiscal 2024, according to a recent analysis by CRISIL Ratings. In an outlook for India's capital goods sector, leading manufacturers are poised for sustained double-digit revenue growth amidst robust government and private sector spending. Key drivers of this growth include substantial investments across critical sectors such as railways (including metros), defence, and both conventional and renewable energy segments. Government spending on railways surged by 28 per cent year-on-year in fiscal 2024, while defence saw a commendable 10 per cent increase. Concurrently, conventional sectors expanded their capital expenditure by 6-8 per cent, with renewable energy investments spiking by an impressive 18 per cent. The robust capital expenditure is underscored by the capital goods industry's order books, which have grown by over 15 per cent in fiscal 2024, amounting to 2.5-3.0 times their revenue. This surge in orders reflects a buoyant market demand and underscores the sector's pivotal role in India's infrastructure development. Aditya Jhaver, Director at CRISIL Ratings, highlighted the sector's resilience, stating, "Private sectors' continued capital outlays in conventional sectors (6-8 per cent on-year rise) supported by a ramp-up in the commissioning of renewable capacities (25-30 per cent on-year rise) augur well for the prospects of capital goods companies." He added, "Although investment towards railways and defence has moderated to ~5 per cent on-year4 from the highs of ~20 per cent seen last fiscal, development of metro infrastructure in multiple cities should see good traction. Net-net, we expect 9-11 per cent overall revenue growth for capital goods companies this fiscal." Moreover, the implementation of Production-Linked Incentive (PLI) schemes and emerging sectors like electric vehicles and data centers are expected to further drive growth. These sectors, which constituted approximately 10 per cent of investments in fiscal 2024, are projected to rise to 25 per cent by fiscal 2028. Joanne Gonsalves, Associate Director at CRISIL Ratings, emphasised the implications for capital goods manufacturers, noting, "Such increased business intensity would necessitate larger working capital requirements. Yet, the credit profile of capital goods manufacturers is likely to remain 'stable', as healthy accruals and moderate capital spends would support debt metrics." He added, "The debt to earnings before interest, tax, depreciation and amortisation and interest coverage ratios of CRISIL Rated capital goods companies are expected to average 0.90-1 time and 9-10 times, respectively, over the near to medium term." While the outlook remains positive, potential delays in capital expenditures by end-user industries and the industry's ability to meet evolving technological demands in emerging sectors pose monitorable risks. <meta content="cms.next" name="cmsei" />

Capex and incentives will lead capital goods sector surge by 9-11% in FY25: CRISIL Ratings

There has been a record drop in the number of future unicorns, with 25 startups slipping out of the list because of funding winter, actions by financial regulators and also a bias towards profitability of ventures, a report said on Thursday. The number of unicorns — startups valued at over USD 1 billion — slipped by one to 67 in 2023. The unicorns had grown by three to 68 last year, as per the ASK Private Wealth Hurun Indian Future Unicorn Index. There were "record dropouts" in future unicorns at 25, including five companies valued at over USD 500 million that were likely to turn unicorn in three years (called gazelles) and 20 entities valued at over USD 200 million likely to turn unicorn in five years (called chettahs), the report said. The country is now home to 67 unicorns, 46 gazelles and 106 cheetahs, as per the list. It also added that there were 38 new entrants to the list, including seven gazelles and 37 cheetahs. ASK Private Wealth's Chief Executive and Managing Director Rajesh Saluja said the startup valuations were hit by the ongoing funding winter, which has seen a slowdown in bets as the higher interest rates pulls investors to fixed income. There were also other issues, including regulatory actions by financial sector watchdogs, which put question marks over some fintechs' valuations like in the buy now pay later (BNPL) segment and also growing insistence on profitability by the external investors, he said. Hurun India's Chief Researcher Anas Rahman Junaid said the uneven consumption growth may also have impacted valuations in some cases. Venture funds are preferring to hold on to cash due to lack of sufficient opportunities, Saluja said, adding that the industry is witnessing only 35-40 per cent of committed amounts being drawn down for bets on companies by funds. However, higher play by high networth and ultra high networth families has helped minimise the impact of funding winter on the ecosystem, Saluja said, adding that 2023 saw USD 8 billion investments in startups as against USD 38 billion earlier. Peak XVPartners continues to be the most active investor in the list with 47 bets, while Anand Chandrasekaran is the leading angel investor with stakes in 20 future unicorns, it said. The report said 35 Indian future unicorns have overseas headquarters, which includes 31 in the US, two in Singapore, and one each in the UK and Vietnam. Bengaluru continues to be the future unicorn capital of the country, being home to 46 such companies, and is followed by Delhi-NCR at 29 and 19 in Mumbai.<meta content="cms.next" name="cmsei" />

Record drop in future unicorns as funding winter, regulatory actions bites startup valuations

In a digital age where privacy and data security are paramount, Adobe’s recent update to its Terms of Service has stirred significant controversy among its users. The changes have left many creatives concerned that their unpublished and in-progress projects could be used to train Adobe's AI models. <cmsannotation type="cmsannotation" annotationid="The Controversial Clause" comment="subhead" text="The Controversial Clause">The Controversial Clause</cmsannotation> The controversy began when Adobe Photoshop and Substance 3D — the bread-and-butter applications of designers and artists worldwide — received a pop-up notice stating, "We may access your content through both manual and automated methods, such as for content review." This notice, coupled with an update in Adobe's Terms of Service, has led to widespread confusion and concern. The specific language in the updated terms reads: "Our automated systems may analyze your Content and Creative Cloud Customer Fonts (defined in section 3.10 (Creative Cloud Customer Fonts) below) using techniques such as machine learning in order to improve our Services and Software and the user experience." This vague wording has sparked fears that any user-generated content, including works under non-disclosure agreements (NDAs), could be accessed and utilised by Adobe's AI systems for training purposes. Further, the changes had reportedly already taken effect by February, despite Adobe only choosing to notify users now. <cmsannotation type="cmsannotation" annotationid="User Outrage and Privacy Concerns" comment="subhead" text="User Outrage and Privacy Concerns">User Outrage and Privacy Concerns</cmsannotation> The backlash was swift and fierce. Artists and designers took to social media to voice their concerns. One notable comment came from artist @SamSantala, who posted on X, "I can't use Photoshop unless I'm okay with you having full access to anything I create with it, INCLUDING NDA work?" This sentiment echoes a broader fear that sensitive and confidential projects may no longer be secure. The main concern is not just about the potential misuse of personal or professional work but also about the implications for privacy and intellectual property rights. For many creatives, the idea that their work could be used as training data for AI, without explicit consent or compensation, is unacceptable. <cmsannotation type="cmsannotation" annotationid="Adobe Releases Clarification" comment="subhead" text="Adobe Releases Clarification">Adobe Releases Clarification</cmsannotation> In response to the uproar, Adobe later issued a statement clarifying that it does not use unpublished user content to train its Firefly AI models. The company emphasised that only content stored in their Creative Cloud, and not content stored locally on users' devices, would be accessed. Furthermore, Adobe highlighted that only public content, such as contributions to Adobe Stock and submissions for Adobe Express, is used to train its algorithms. Interestingly, Adobe Chief Product Officer Scott Belsky noted that the company has had “something like this in TOS” for over a decade and that the new modifications were minor at best. He also mentioned that the company’s legal team is working on clearing up the confusion caused by the ambiguous language. "The focus of this update was to be clearer about the improvements to our moderation processes that we have in place," explained Adobe in a recent blog post. "Given the explosion of generative AI and our commitment to responsible innovation, we have added more human moderation to our content submissions review processes." According to the post, Adobe applications only access the work for pertinent functions such as creating thumbnails and previews, developing their machine-learned features such as ‘Photoshop Neural Filters’ and ‘Remove Background,’ and screening for illegal content such as child sexual abuse material. The company also clarified that it will never assume ownership of a customer’s work. However, the issue of using user content for AI training remains murky. While Adobe assures that only public domain data is used, the potential for copyrighted material to slip through remains a concern. This issue is not unique to Adobe; other AI tools, such as those from Midjourney, have faced similar allegations of copyright infringement. As Adobe navigates this controversy, it faces the challenge of balancing the improvement of its AI tools with the need to respect user privacy and intellectual property. For now, Adobe users are left grappling with the implications of the new terms, and many are reconsidering their use of the software for sensitive and confidential projects. <meta content="cms.next" name="cmsei" />

Why are so many creators talking about moving away from Adobe and Photoshop?

“Broo I’m so tired, I barely got any sleep since I was up working all of last night.” “I don’t know how you guys manage to catch up on your shows, I barely get time outside work for entertainment!” Do these sound like things you say on the regular? If you're seeking just a bit of sympathy, or think that highlighting work stress might be a clever way to showcase your efforts in the office, a new study suggests there's a good chance this could bite you in the rear. “This is a behaviour we’ve all seen, and we all might be guilty of at some point,” explains study author Jessica Rodell. “When I was wondering about why people do this, I thought maybe we are talking about our stress because we want to prove we're good enough. We found out that it often backfires.” The research team conducted an initial survey with 360 participants, who rated imaginary co-workers based on their statements after returning from a conference. The results were telling: colleagues who framed the conference as an additional stressor on their already overloaded schedules were seen as less competent and less likeable. Moreover, participants indicated they would be less willing to assist these stress-bragging co-workers. "People are harming themselves by doing this thing they think is going to make them look better to their colleagues," Rodell notes. <cmsannotation type="cmsannotation" annotationid="Stress can be contagious" comment="subhead" text="Stress can be contagious">Stress can be contagious</cmsannotation> A follow-up survey involving 218 real-life employees supported these findings. It also revealed another troubling trend: employees exposed to stress-bragging colleagues reported higher levels of personal stress and burnout. This suggests that stress-bragging doesn't just damage the braggart's reputation but also negatively impacts the broader workplace environment. Rodell explains that this behaviour fosters a culture where chronic stress is seen as normal and even admirable. When colleagues constantly see someone talking about their stress, they may begin to view it as a good thing. They then end up feeling more stressed themselves, leading to a spiralling contagious effect, according to the authors. Interestingly, the study found that merely being perceived as stressed didn’t generate the same negative reactions. If colleagues noticed someone was stressed without them boasting about it, they actually saw that person as more competent. So, what's the takeaway for employees and managers? For employees, it's crucial to avoid using stress as a way to signal commitment or capability. “If you genuinely feel stressed, it’s OK to find the right confidant to share with and talk about it,” Rodell advises. “But be mindful that it is not a badge of honour to be bragged about.” Meanwhile, managers need to be vigilant about the stress-bragging culture within their teams. Recognising and addressing this behaviour is vital to prevent its negative spillover effects. By fostering a supportive environment that values well-being over chronic stress, both employees and managers can create a more positive and productive work culture. The findings of this research have been published in Personnel Psychology and can be accessed <a href="https://dx.doi.org/10.1111/peps.12645" data-type="tilCustomLink">here</a>. <meta content="cms.next" name="cmsei" />

Bragging about how stressed you are at work will only paint you in a bad light, a study has shown

Zee Entertainment Enterprises has sought a termination fee of USD 90 million (around Rs 748.7 crore) from the Sony Group for calling off the USD 10 billion merger deal in January this year. It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Ltd (ZEEL) on Thursday. ZEEL has, on account of Culver Max's and BEPL's breaches under the Merger Cooperation agreement (MCA), terminated the MCA by issuing a letter dated May 23, 2024. The company has sought a termination fee from Culver Max and BEPL under the provisions of the MCA, it said. "Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee i.e. the aggregate amount equal to USD 90 million in accordance with the MCA," it said. Earlier on January 22, 2024, Sony Group Corporation (SGC) had said that ZEEL did not satisfy the merger conditions and initiated arbitration proceedings before the Singapore International Arbitration Centre (SIAC) claiming USD 90 million as termination fee. This was contested by ZEEL before the SIAC, which denied any interim relief to the Sony group against the Indian broadcaster. ZEEL had moved the National Company Law Tribunal seeking implementation of the proposed merger and later withdrew its plea. "We hereby wish to inform you that the company has, on account of Culver Max's and BEPL's breaches under the MCA, terminated the MCA by issuing a letter dated May 23, 2024, and sought a termination fee from Culver Max and BEPL in accordance with the provisions of the MCA," the filing said. ZEEL and SPNI had entered into an agreement to merge on December 22, 2021. On August 10, 2023 the Mumbai bench of NCLT approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a USD 10 billion media entity. However, two years after that Sony Corporation announced the termination of the agreement on January 22, 2024. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms" target="_blank">Poco F6 with Snapdraon 8s Gen 3 chipset launched starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/sports/webstories/sunrisers-hyderabad-and-rajasthan-royals-compete-for-the-ipl-finals-spot-on-may-24/slidelist/110362880.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/sunrisers-hyderabad-and-rajasthan-royals-compete-for-the-ipl-finals-spot-on-may-24/slidelist/110362880.cms" target="_blank">Sunrisers Hyderabad and Rajasthan Royals compete for the IPL finals spot on May 24</a> <meta content="cms.next" name="cmsei" />

Zee seeks $90 million termination fee from Sony for calling off merger

The Securities and Exchange Board of India (SEBI) has granted an additional three years of time to the Life Insurance Corporation of India (LIC) to achieve 10 per cent public shareholding, the insurance company informed stock exchanges on Wednesday. Under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, a company must have a 10 per cent public shareholding in 5 years from the date of listing. Accordingly, with the SEBI's extension, the revised timeline for the insurance corporation to achieve 10 per cent public shareholding is on or before May 16, 2027. The central government has earlier granted a one-time exemption to Life Insurance Corporation of India (LIC) to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years since its listing on the exchanges. The country's largest insurer, LIC, was listed on the exchanges in May 2022. The government had reportedly sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through initial public offering (IPO). Reportedly, the government currently holds 96.5 per cent stake in the company. The issue price for LIC's IPO was Rs 949. Ever since its listing on the exchanges on May 17, 2022, with a discount of over 8 per cent over its issue price, the insurance company's share prices have been on a decline and its onward journey has been rough, to recover thereafter. At the time of filing this report, the shares of LIC were 5.5 per cent higher at Rs 981.85. Established on September 1, 1956, the oldest and the largest insurance firm was introduced with a claimed objective of reaching out to all insurable individuals in the country, and providing them with adequate financial cover at a reasonable cost. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a><a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank">Qualcomm Snapdragon 8s Gen 3 chipset to debut in India with the Poco F6</a> <meta content="cms.next" name="cmsei" />

SEBI grants LIC three more years to achieve 10% public shareholding

AI-smartphones, AI-fridges, AI-this, AI-that.. it seems like we’re only a couple of years away from students using AI-powered pens to play pen-fight in their classrooms. However, as artificial intelligence protects us from the toil of day-to-day labour, what is protecting us from AI? For instance, Tamil Nadu’s Cyber Crime Department recently issued an advisory notifying that scammers were beginning to employ advanced AI to impersonate the voices of distressed family members, in the hope that they manage to extract money out of the unknowing victims. While the impersonation might seem ingenious on the fraudster’s part, this can still be considered a somewhat rudimentary tactic, when all things are considered. AI-tech, despite being in somewhat of a nascent stage, is already being leveraged to uncover major security breaches and inflict devastating financial losses to organisations, which can have a disastrous impact on them and their workforce. “Organisations have learned how to cope with cyberattacks that deliberately target enterprise technology, such as networks, cloud storage, and endpoint devices. But AI is a game-changer,” David Bicknell. “Now, organisations must respond to AI attacks that can adapt to a specific environment, seek out weaknesses, and exploit them. This is uncharted territory.” Anticipating such attacks, major tech giants have already begun ramping up their cyberdefenses. Despite this improvement, it will take another 2-3 “bumpy” years before these companies are sufficiently able to effectively counter such AI-led cyberattacks, notes GlobalData, a major data and analytics company, in their latest report. The report, "Cybersecurity – Thematic Intelligence," notes that while AI will be instrumental in enhancing threat detection and incident response, the looming threat of AI-led attacks will remain overwhelming for a while. However, this is not to say that companies aren’t doing something about it. The report notes that cybersecurity budgets are also on the rise, with the market likely to grow at a compound annual growth rate of 13% till 2027. According to GlobalData, the cyberdefense industry will be worth a whopping $290 billion by 2027, with maximum growth in the security services, application security, and identity and access management areas. Even PwC’s projections reveal that cyber investments will comprise 14% of the total IT operational tech budget in 2024, three points higher than in 2023. Major market public players within the cybersecurity theme include Accenture, Google parent Alphabet, Check Point Software, Cisco, Cloudflare, with Cybereason, Code42, ForgeRock, Illumio and LogRhytm expected to the be biggest private companies. In fact, the report elaborates further that Cisco's recent $28 billion landmark acquisition of Splunk, with its focus on AI-driven cybersecurity solutions, is poised to catalyse a wave of mergers and acquisition deals centered on AI-led security technologies. However, amidst the flurry of M&amp;A activity, regulatory scrutiny looms large. The consolidation of cybersecurity firms, driven by both established players and private equity investors, has raised concerns about freedom of speech, market competition and potential anti-competitive practices. With regulators keeping a close eye on deals like Thoma Bravo's acquisition of Darktrace, the cybersecurity M&amp;A landscape is fraught with regulatory challenges. As organisations chart their course in this era of AI-driven cybersecurity, collaboration, innovation, and regulatory compliance will be paramount. The fusion of AI and cybersecurity presents unparalleled opportunities for defense and disruption alike, challenging industry stakeholders to adapt, innovate, and stay ahead of emerging threats. <meta content="cms.next" name="cmsei" />

Fear of AI threats could propel cybersecurity into becoming a $290 billion industry by 2027, as per reports

IDBI Bank on Tuesday said it has received a GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC). In a regulatory filing, the private sector bank said the Dehradoon state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC. The order includes a tax demand of Rs 1.42 crore as well as interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively. "The bank is evaluating appropriate legal remedy, including appeal, as per law," IDBI Bank said. Shares of IDBI Bank were trading at Rs 85.41, down 3.82 per cent over previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank">Indegene IPO: Company details to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank">Asus ZenBook Duo review – an excellent dual-screen laptop for multitaskers</a> <meta content="cms.next" name="cmsei" />

IDBI Bank gets ₹2.97 crore GST demand order

India's space and satellite sector is poised for a significant transformation following the recent decision to permit local satellite companies to utilise foreign orbital resources for the first time. This landmark move, orchestrated by India's national space regulator IN-SPACe, is set to revolutionise the landscape of satellite communications (satcom) services within the country. If you have experienced your mobile signal weakening during road trips, this is because our devices rely on terrestrial mobile towers that transmit and receive data. As you move away from built-up areas, you also move away from these towers, which hinders your device’s ability to access networks. On the other hand, satellite devices (as the name suggests) directly tap into the satellites orbiting our Earth, meaning they have access to some network from just about anywhere on the planet. This is extremely useful for communication in remote areas, such as lesser-developed villages and mountainous regions. Satellite devices are especially important in emergency situations since they aren’t relying on fragile land-based communication infrastructure. <cmsannotation type="cmsannotation" annotationid="More affordable communication?" comment="subhead" text="More affordable communication?">More affordable communication?</cmsannotation> Previously, Indian satellite players — an industry still very much in its nascent stage — were constrained by reliance solely on domestic orbital resources, which often proved to be limited and costly. However, with the new IN-SPACe guidelines, Indian entities can now leverage surplus international satellite capacities to deliver satcom services at competitive rates, promising better services and affordability for end-consumers. This initiative opens doors for Indian companies to access non-Indian orbital slots and associated frequencies, a crucial development that fosters competition and innovation in the satcom sector. By tapping into global capacities, Indian players can expand their service offerings and enhance their competitiveness in the market. Pranav Roach, President of Hughes Network Systems India Ltd, lauded the decision, emphasising the greater flexibility it provides to satcom players in delivering broadband services across India. Similarly, industry executives anticipate a surge in local participation in the Indian space services sector, driven by the newfound commercial options enabled by access to non-Indian orbital resources. <cmsannotation type="cmsannotation" annotationid="Reliance, Starlink, OneWeb, Globalstar express interest" comment="subhead" text="Reliance, Starlink, OneWeb, Globalstar express interest">Reliance, Starlink, OneWeb, Globalstar express interest</cmsannotation> The implications extend beyond the domestic market, with global satellite giants such as Bharti Mittal-backed Eutelsat OneWeb, Amazon and Reliance Jio expressing interest in leveraging India's burgeoning satcom market. Elon Musk’s Starlink — which was instrumental in emergency communications during the conflicts in Ukraine and Gaza — is also eyeing the country’s satcom market. Globalstar, the American satcom company behind the emergency SOS services in Apple iPhones, has also been seeking clearances to launch similar services in India. If approved, upcoming handsets by the tech giant could be equipped with the potentially life-saving tech as well. <meta content="cms.next" name="cmsei" />

India's satcom sector to take off as IN-SPACe allows Indian players access to international orbital data

The founding family of the 127-year-old Godrej Group, which deals in locks to soaps to aerospace to real estate, has reached an agreement to split the conglomerate, as per a joint announcement. On Tuesday, the Godrej family announced an ownership realignment of their shareholdings in the Godrej Companies. The realignment in the conglomerate, incorporated back 1987, has been arrived at in a "respectful and mindful" way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members, both sides of the family said in a statement. This is expected to help maximize strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders. The realignment will be implemented after the relevant regulatory approvals have been obtained. Godrej Enterprises Group (GEG) comprises of Godrej &amp; Boyce (G&amp;B) and its affiliates, which have presence across multiple industries spanning aerospace, aviation, defence, engines and motors, energy, security, building materials, construction, green building consulting, EPC services, intralogistics, healthcare equipment, durables, furniture, interior design, architectural fittings, IT, software as well as infrastructure solutions. This group will now be controlled by Jamshyd Godrej, Chairperson and Managing Director, Nyrika Holkar, Executive Director, and their immediate families. Godrej Industries Group (GIG), which includes the listed companies, Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have Nadir Godrej as Chairperson and will be controlled by Adi Godrej, Nadir Godrej, and their immediate families. Pirojsha Godrej will be the Executive Vice Chairperson of GIG and will succeed Nadir Godrej as the Chairperson in August 2026, the statement said. Jamshyd Godrej said "With this future-facing family agreement now in place, we can further drive our growth aspirations with fewer complexities and focus on leveraging our core strengths in high-tech engineering and design-led innovation across our strong portfolio of strategic, consumer and emerging businesses." Nadir Godrej said "Godrej was founded in 1897 to help build economic independence for India. This deep purpose of innovating for a cause - the values of trust and respect and the belief in trusteeship and making communities that the companies operate in stronger and better - continue to form the bedrock of who we are 125 years later. We look forward to building on this legacy with focus and agility." Both Groups will continue to use the Godrej brand and are committed to growing and strengthening their shared heritage, it added. (ANI) <meta content="cms.next" name="cmsei" />

127-year-old Godrej Group splits conglomerate between family

Indegene Ltd, a healthcare tech firm focused on the global life sciences industry, on Monday said it has fixed the price band at Rs 430 to Rs 452 per share for its Rs 1,842-crore initial share-sale offer that opens for public subscription on May 6. The initial public offering (IPO) will conclude on May 8. The bidding for anchor investors will open for a day on May 3, the company announced. The company's IPO comprises a fresh issue of equity shares worth up to Rs 760 crore and an Offer For Sale (OFS) of up to 2.34 crore equity shares aggregating Rs 1,082 crore, at the higher end of the price band, by selling shareholders. This takes the total IPO size to 1,842 crore. The OFS would see sale of shares by existing investors CA Dawn Investments, a Carlyle group entity, Vida Trustees in its capacity as partner of Group Life Spring, Brighton Park Capital's entities BPC Genesis Fund I SPV Ltd, and BPC Genesis Fund I-A SPV Ltd, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair. At present, Nadathur Fareast Pte Ltd is the biggest shareholder in Indegene with a 23.64 per cent stake. CA Dawn Investments has a 20.42 per cent stake, and Brighton Park Capital owns a 12 per cent stake in the company. Funds raised through the fresh issue would be used to pay debt, funding capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, funding inorganic growth and general corporate purposes. Indegene had raised USD 200 million from Carlyle Group and Brighton Park Capital in February 2021. Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle. Kotak Mahindra Capital, Citigroup Global Markets India, J P Morgan India, Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a><a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-india-exclusive-blue-edition-launched-starting-at-19999/articleshow/109686243.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-india-exclusive-blue-edition-launched-starting-at-19999/articleshow/109686243.cms" target="_blank">Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999</a> <meta content="cms.next" name="cmsei" />

Indegene's ₹1,842 crore IPO to open on May 6

Shanghai [China], April 28 (ANI): Tesla CEO Elon Musk has headed to China on Sunday on a surprise visit to the country, which is also the second biggest market of the electric vehicle giant, news agency Reuters reported citing two people with knowledge of the matter. Musk's visit to China comes a week after his visit to India was postponed due to 'Tesla obligations.' He was scheduled to meet with Prime Minister Narendra Modi and announce plans to enter the Indian market. Meanwhile, as of now, Musk is seeking to meet senior Chinese officials in Beijing to discuss the rollout of Full-Self Driving (FSD) software in China and to obtain approval to transfer data collected in the country abroad to train algorithms for its autonomous driving technologies, Reuters said, citing one of the two people. In response to a query on social media platform X, the Musk stated that Tesla may make FSD available to customers in China "very soon." Notably, Musk's visit to China was not made prominently visible in public eyes. According to Reuters, Tesla, since 2021, has stored all data collected by its Chinese fleet in Shanghai as required by Chinese regulators and has not transferred any, back to the United States. The US EV maker rolled out FSD, the most autonomous version of its Autopilot software, four years ago but has yet to make it available in China despite customers urging it to do so. (ANI) <meta content="cms.next" name="cmsei" />

A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit

We’re all familiar with that one insufferable uncle whose visits home leave you questioning how they can afford to devour so many of your family’s snacks while being so full of themselves. And as we grow older, we trade one harrowing narcissist for another — uncles, friends, partners, landlords — till we reach the final boss: the corporate manager. The narcissistic manager, without being too rude, is a special kind of person. Not only can they be impossible to deal with, their questionable hiring choices can leave you wanting to pull your hair out. But if you’ve been feeling like your boss’ narcissism may be spreading through your workplace like an affliction, you might partly be onto something. A new study examining over nearly 12,000 LinkedIn profiles of top managers in the United States has found that birds of a narcissistic feather tend to hire more birds that love to rustle their own. Not only does this lead to unhealthy internal competition that can impair the team’s stability, the process can also lead to significantly higher turnover rates for the company. Narcissism isn’t something that you can typically put a number on. Therefore, to gauge how narcissistic a manager may be, the researchers looked at corporate elements associated with them, such as how large the executive’s picture may be in reports, or how often they choose to insert their name into the press releases and letters to shareholders. This, the researchers believe, helps the narcissist convince a broader audience that they are the superior folk, fulfilling their sense of pride. "We have demonstrated that we can reliably measure the narcissism of managers on the basis of their LinkedIn profiles by analysing the number of pictures of the manager, the length of the text in the 'About' section, and the skills, certificates, and career steps listed," explains study author Graf-Vlachy. The results are striking, to say the least. The more narcissistic the manager, the more likely they were to hire a narcissistic executive. And as these narcissists yearn to dominate each other, the internal conflicts inadvertently lead to team fluctuations. This diminished inability to retain employees can incur significant costs to the company, the researchers emphasised. Not to mention that it can be extremely frustrating dealing with even more employees that display narcissistic traits, such as the lack of empathy. <a href="https://doi.org/10.1037%2Fbul0000323" data-type="tilCustomLink">Studies</a> have shown that interacting with a narcissist in the workplace can lead to higher levels of stress, especially since such people are more prone to unwarranted aggression. "The results of the study show that it is important for CEOs and supervisory boards to understand the dynamics in their executive teams better and to review the selection process for managers," the researchers explain, emphasising the need to invest in good human resource personnel. "This can be achieved if the personality traits of managers are also viewed in a balanced way." The findings of this study have been published in Journal of Management and can be accessed <a href="https://dx.doi.org/10.1177/01492063241226904" data-type="tilCustomLink">here</a>. <meta content="cms.next" name="cmsei" />

Narcissistic top management leads to poor employee retention, shows research

Mumbai, Country's largest software services company TCS on Friday reported a 9.1 per cent growth in its March quarter net profit at Rs 12,434 crore. The Tata Group company's post tax profit during the January-March period last year stood at Rs 11,392 crore. In the fiscal year 2023-24, the company's net profit grew 9 per cent to Rs 45,908 crore, as per an exchange filing. In the March quarter, its revenue grew 3.5 per cent to Rs 61,237 crore year on year. Its operating profit margin expanded by 1.50 per cent to 26 per cent. TCS scrip closed 0.45 per cent higher at Rs 4,000.30 apiece on the BSE on Friday as against a 1.06 per cent correction in the benchmark.<meta content="cms.next" name="cmsei" />

TCS net profit rises 9% to ₹12,434 crore in Q4

New Delhi, Cigarette maker Godfrey Phillips India on Friday said it has decided to exit from its loss-making retail business 24Seven. The board of the company in a meeting held on Friday "decided to exit from carrying out the business operations of its Retail Business Division," said a regulatory update from Godfrey Phillips India. Godfrey Phillips India was operating 150 stores/kiosks of 24Seven as of December 2023. A decision in this regard was taken following a detailed review of the company's retail business division and after due consideration of the stakeholders' feedback, long-term performance, prevailing market conditions of the retail sector and long-term business strategy of the company, it added. "The exit will be subject to completion of the necessary formalities," it said. Revenue of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the total revenue from operations for the company. "The Retail Business Division had a negative net worth as on 31st March 2023 on account of accumulated losses generated by it," the company said. Godfrey Phillips India is the flagship company of Modi Enterprises. It makes popular cigarette brands like Four Square, Red &amp; White, Cavanders, North Pole and Tipper. It also manufactures and distributes brand Marlboro under a license agreement with Philip Morris.<meta content="cms.next" name="cmsei" />

Godfrey Phillips to sell 24Seven business, to exit from retail sector

New Delhi, Cash-strapped Vodafone Idea on Friday announced a follow-on public offer of up to Rs 18,000 crore at a price band of Rs 10-11 per share, marking the biggest FPO in the country. The fundraise -- which comes close on the heels of a Rs 2,075-crore fund infusion by Aditya Birla group via a preferential share issue earlier this month, would give the ailing telco the firepower to improve its positioning in the Indian telecom market, where it currently trails larger rivals such as Reliance Jio and Bharti Airtel, by a wide margin. The funds would also help VIL shore up finances for the much-delayed 5G rollout and strengthening 4G services, and in payment of vendor dues. VIL has been hemorrhaging subscribers month-after-month, and fighting a desperate battle for survival saddled with debt of Rs 2.1 lakh crore and quarterly losses. According to a statutory filing on Friday, VIL's follow-on offer will open on April 18 and close on April 22. "The Board of Directors of the company, at its meeting held on April 11, 2024 approved Further Public Offering (FPO) of equity shares, aggregating up to Rs 18,000 crore. The capital raising committee in its meeting held today that is April 12, 2024 approved the price band for the FPO issuance," the company said in a BSE filing. Vodafone Idea shares, however, tanked in early trade following the announcement of the Rs 18,000-crore FPO. The floor price for the mega offer has been set at Rs 10 and the cap at Rs 11 per equity share. The higher-end of the price band (Rs 11) is at a discount of about 26 per cent compared to recently approved preferential issue price to the promoter entity at Rs 14.87 and a discount of about 15 per cent compared to last closing price of Rs 12.95. A minimum bid lot will be 1,298 equity shares and in the multiples of 1,298 equity shares, thereafter, the company said. The back of the envelope calculations show that at the upper-end of the price band, the minimum application amount would add up to Rs 14,278 for a single lot of shares. "... Pursuant to the approval accorded by the Board of Directors of the company at its meeting held on February 27, 2024 and the special resolution passed by the members of the company on April 2, 2024, the Board has, at its meeting held today that is on April 11 2024...passed resolution for approving, adopting and filing of the red herring prospectus dated April 11, 2024 with the Registrar of Companies, Gujarat at Ahmedabad, in connection with the further public offering of Equity Shares, aggregating up to Rs 18,000 crore," VIL said. Prior to this, the largest FPO in the Indian market was a Rs 15,000 crore share sale by Yes Bank. VIL on Friday said it will be participating in road shows and interacting with investors and analysts in various cities across India from the week of April 15, 2024 up to the bid closing day. The board has also fixed the anchor investor bid/offer period to be April 16, 2024. The recent preferential issue of VIL has been a precursor-of-sorts to this blockbuster fundraising plan by the crisis-ridden telco. On April 6, Vodafone Idea board approved raising Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore. The Vodafone Idea board had approved issuance of up to 1,395,427,034 equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 2,075 crore to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis. The company had received shareholders nod for raising up to Rs 20,000 crore by issuance of securities in an extraordinary general meeting (EGM) held on April 2. Earlier this year, Vodafone Idea had outlined plans to raise Rs 45,000 crore through a mix of equity and debt as it looked to match services offered by rivals Reliance Jio and Bharti Airtel and arrest an alarming and prolonged subscriber churn. According to Trai's data Vodafone Idea continued to bleed on the subscriber front. VIL lost 15.2 lakh wireless subscribers, plunging its mobile subscriber base to 22.15 crore in January, in sharp contrast to subscriber gains by Jio and Airtel.<meta content="cms.next" name="cmsei" />

Vodafone Idea announces ₹18,000-cr FPO; offer opens on Apr 18

New Delhi, Realty firm Godrej Properties on Tuesday reported a 84 per cent increase in sales booking to a record Rs 22,500 crore in the last financial year, on higher volumes amid strong consumer demand for residential properties. Godrej Properties has surpassed the sales booking numbers of Bengaluru-based Prestige Group, which on Monday reported pre-sales of Rs 21,040 crore during the last fiscal year. Macrotech Developers has reported sales of Rs 14,520 crore in the previous fiscal. DLF is yet to announce its numbers. These four listed entities are in the race to gain market share. In a regulatory filing, Godrej Properties said the company has achieved its best ever quarterly and annual sales in the fourth quarter of the last fiscal and for the full 2023-24, respectively. During the fourth quarter of the last fiscal, Godrej Properties' sales bookings more than doubled to Rs 9,500 crore year-on-year. Its sales bookings during the last fiscal grew by 84 per cent year-on-year to more than Rs 22,500 crore. "This is the highest-ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million square feet," the company said. Godrej Properties said the company's sales bookings in volume terms grew by 56 per cent year-on-year in the January-March quarter of the last fiscal to 8.17 million sq. ft. The company's sales bookings rose 31 per cent year-on-year during the entire last fiscal to 20 million square feet. "Sales were driven by superlative consumer demand in some key new project launches," Godrej Properties said. Godrej Zenith in Delhi-NCR achieved a booking value of more than Rs 3,000 crore and Godrej Reserve in Mumbai Metropolitan Region achieved a booking value of Rs 2,690 crore, the company cited. Gaurav Pandey, MD &amp; CEO, Godrej Properties, said, "We are delighted with the scale-up we have achieved in the past two years. The sales bookings of over Rs 9,500 crore in Q4, FY'24 surpasses our annual bookings in FY22." "We achieved a growth of 84 per cent in FY24 to register bookings of over Rs 22,500 crore. We are pleased that this sales growth was on the back of both an improving project mix as well as strong volume growth of 31 per cent," he said. Pandey said the company has a strong launch pipeline for the current fiscal, which will also be bolstered by the recent entry into the important Hyderabad market. "We have built a deep understanding across key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics," Pandey said. Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in India.<meta content="cms.next" name="cmsei" />

Godrej Properties FY24 bookings hits a new record of ₹22,500 crore

New Delhi, Birla Pivot, a B2B e-commerce platform for building materials of the Aditya Birla Group, is targetting revenue of USD 1 billion in the next three years, according to a top company official. The platform, a business unit of Grasim Industries, has crossed Rs 1,000 crore revenue in its first year of operations in FY24, the company said in a regulatory filing on Monday. "Birla Pivot's vision is to leverage technology to create smarter and more efficient solutions across the value chain for buyers and sellers. The aspiration is to reach USD 1 billion revenue in the next three years," Birla Pivot CEO Sandeep Komaravelly said. Bullish on India's construction industry, he said it is undergoing exponential growth and is projected to reach USD 1.4 trillion by 2025. "With less than 2 per cent digital penetration, the construction industry faces many challenges from fragmented supplier networks, and logistical bottlenecks to access to credit," he added. Launched in August 2023, Birla Pivot offers more than 35 product categories and over 18,000 SKUs sourced from more than 150 Indian and international brands across categories including cement, steel, plywood, sanitaryware, tiles, among others, the company said, adding it has also introduced its private label for plywood and tiles. Birla Pivot delivers in over 200 cities across 25 states to a range of customer base spanning EPC companies, civil contractors, real estate developers, OEMs, fabricators, dealers, and retailers.<meta content="cms.next" name="cmsei" />

Aditya Birla Group's Birla Pivot eyes $1 bn revenue in 3 years

Mumbai, The Piramal Group on Monday announced a Rs 110-crore investment into Biodeal Pharmaceuticals. The contract development and manufacturing company will deploy the funds infused by Piramal Alternatives for improving its infrastructure and capacities, technology upgrade and a nutraceuticals manufacturing facility, as per an official statement. The infusion is done through convertible instruments from Piramal Alternatives' Performing Credit Fund, it said. The Piramal group statement said Biodeal is among India's leading manufacturer of nasal sprays catering to marquee international and domestic pharmaceutical companies. Piramal Alternatives' chief executive Kalpesh Kikani said the market potential in the nasal sprays segment is strong, and pointed to Biodeal's leading position in contract manufacturing and adherence to global regulatory standards as aspects which make it into an exciting opportunity. Biodeal's managing director Anurag Kumar said the fundraise will help it boost the production capacity by three times, be ready with a new upcoming facility in compliance with United States Food and Drug Administration (USFDA) accreditations in coming 12-15 months and expand its market reach.<meta content="cms.next" name="cmsei" />

Piramal Group arm invests ₹110 crore in Biodeal Pharma

New Delhi, The National Company Law Appellate Tribunal has directed the National Highways Authority of India (NHAI) not to terminate the concession agreement of an IL&amp;FS group entity -- Baleshwar Kharagpur Expressway Ltd, and take appropriate measures for its insolvency resolution. The appellate tribunal said the resolution of Baleshwar Kharagpur Expressway Ltd (BKEL), a SPV set up by IL&amp;FS Transportation Networks Limited (ITNL), "is in final stages" and any termination at this stage would "further complicate" the process. "It is also relevant to notice that when Resolution of Respondent No 2 (BKEL) is at the final stages, there is no occasion for Respondent No 1 (NHAI) to proceed to terminate the concession agreement to further complicate the resolution of an entity," said NCLAT. NCLAT observed that the insolvency resolution of BKEL, which is for the development of a road project in Baleshwar-Kharagpur Section of NH-60, is as per the framework approved by appellate tribunal for recovery of debts of crisis-hit IL&amp;FS group and its entities. It further said when an entity is to be resolved as per the resolution framework, payments to all creditors/ claimants including the lenders have to be as per the resolution process. "We further direct that the applicant as well as respondents to take appropriate measures for final resolution of the entity, i.e. respondent No.2," said NCLAT while disposing of the interim application moved by State Bank of India (SBI). A concession agreement was signed on April 24, 2012 between NHAI and BKEL, in which it had availed financial facilities from the SBI. As per the concession agreement, BKEL was obliged to pay concession fees and premium to the NHAI. However, a deferment in payment of premium was granted by NHAI by entering into a supplementary agreement in 2016. However, in 2018, IL&amp;FS crisis happened and in 2019, BKEL was categorised as 'Red Entity' of the IL&amp;FS Group as per the roadmap approved by NCLAT. In the red list, those IL&amp;FS group companies were listed which were not able to meet financial and operational obligations, including payment obligations to their creditors. Meanwhile, NHAI wrote several letters demanding repayment of premium dues, interest, default interest, penal interest, interest overdue etc, which was objected by SBI as it may derail the resolution process. Later, NHAI issued notice for initiating a proposal for procurement of a third-party agency for user fee collection in two toll plazas on NH-60, which were held by BKEL. On this, SBI approached NCLAT and submitted that NHAI had demanded for payment of a premium over Rs 400 crore, whereas in escrow account at present the balance is only Rs 291.41 crore. As per the concession agreement, payment has to be made to NHAI within 30 days of receiving a demand along with necessary particulars, failing to which it will terminate the agreement.<meta content="cms.next" name="cmsei" />

NCLAT directs NHAI not to terminate concession agreement of IL&FS group entity

New Delhi, Auto components major Bharat Forge on Wednesday announced the elevation of Amit Kalyani, son of its Chairman and MD Babasaheb N Kalyani, as Vice-Chairman and Joint Managing Director of the company. The board of directors of the company in its meeting held on April 3, 2024, approved the re-appointment of Amit Kalyani as a whole-time director designated as "Vice-Chairman and Joint Managing Director" for a further term of five years commencing from May 11, 2024 till May 10, 2029, Bharat Forge said in a regulatory filing. Amit Kalyani's present tenure as Joint Managing Director will conclude on May 10, 2024, it added. He was elevated as Deputy Managing Director in 2019 and as Joint Managing Director in 2023. He has been associated with Bharat Forge since 1999, starting his career focusing on operations &amp; manufacturing before moving on to IT and Finance, the company said. Since May 2004, he has been the company's Executive Director and played a key role in strategy and execution of several acquisitions and also played a key role in the company diversifying its business by pioneering into new ventures, it added.<meta content="cms.next" name="cmsei" />

Amit Kalyani to become Vice-Chairman & Jt MD of Bharat Forge

Mumbai, Amid flight cancellations due to non-availability of crew, Vistara's top officials on Wednesday held a meeting with pilots where discussions were held on new contracts and rostering issues, according to sources. The Tata Group airline cancelled around 26 flights on Wednesday, the sources in the know said. With a section of pilots reporting sick to protest against the revised pay structure, Vistara cancelled over 100 flights in the last two days and aviation regulator DGCA has asked the carrier to submit a daily report on the cancellations and delays. The sources said top officials of Vistara, including CEO Vinod Kannan, held a virtual meeting with pilots to discuss their problems. Officials of human resources among other departments attended the meeting. There was no official statement from Vistara on the meeting with the pilots. Flight operations are returning to normalcy and the number of flights cancellations has come down, the sources said. On issues related to rostering and stretched working hours, the airline officials have assured the pilots that they will be sorted out by May, the sources said. They also claimed that the current situation was mainly due to higher utilisation of the available pool of pilots. Vistara, which is in the process of getting merged with Air India, has around 1,000 pilots, including about 200 who are at various stages of training. In the summer schedule that started from March 31, the airline is to operate a little over 300 flights daily.<meta content="cms.next" name="cmsei" />

Vistara cancels 26 flights, holds meeting with pilots to address issues

New Delhi, Online food delivery platform Zomato said it has received a service tax demand and penalty order aggregating over Rs 184 crore, and will file an appeal against it before an appropriate authority. The demand order has been received for non-payment of service tax for the period October 2014 to June 2017 determined on the basis of certain sales made by the foreign subsidiaries and branches of the company to its customers located outside India, the company said in a late night regulatory filing. The company also mentioned that in its response to the show cause notice it had clarified on the allegations along with supporting documents and judicial precedents, "which appears to not have been appreciated by the authorities while passing the order." Subsequently, the company said it received the order passed by the Delhi Central Tax Commissioner (Adjudication) on April 1. "The company has received an order for the period October 2014 to June 2017 passed by the Commissioner, Adjudication, Central Tax, Delhi raising demand of service tax of Rs 92,09,90,306, along with applicable interest (not quantified) and penalty of Rs 92,09,90,306," Zomato said. The company said it will be filing an appeal against the order before an appropriate authority as it believes it has a "strong case on merits".<meta content="cms.next" name="cmsei" />

Zomato gets service tax demand and penalty order of ₹184 crore

New Delhi/ Mumbai, Aviation watchdog DGCA has asked Vistara to submit a daily report on flight cancellations and delays, and the situation is also being monitored by the civil aviation ministry, amid non-availability of pilots causing flight disruptions for the airline. A day after the carrier announced reducing operations due to non-availability of crew and other operational reasons, sources on Tuesday said some commanders as well as first officers of its A320 fleet are also reporting sick to protest pay revisions due to signing of new contracts. The Directorate General of Civil Aviation (DGCA) on Tuesday said in view of various flight disruptions of Vistara, it has asked the airline to submit daily information and details on the flights that are being cancelled and delayed. The officials of the DGCA are also monitoring the situation to ensure compliance with requirements for providing facilities to passengers in case of flight cancellations and delays. This is to minimise the inconvenience to passengers, the regulator said. On Tuesday, the civil aviation ministry said it is monitoring the situation of Vistara flight cancellations. "However, flight operations are managed by Airlines themselves. Airlines have to comply with DGCA norms to ensure passenger facilitation in case of cancellation or delay of flights," the ministry said in a post on X. Many passengers have taken to social media to complain about flight delays and cancellations. In recent weeks, discontent has been simmering among pilots at Vistara, which is in the process of getting merged with Air India, following the new contracts wherein there are concerns that fixed pay component is getting reduced and there is more flying-linked incentive in the salary structure. The new contracts that will bring parity between pilots of Vistara and Air India have been introduced as part of the ongoing merger process. Vistara is a joint venture between Tata Group and Singapore Airlines. Many first officers of Vistara's A320 fleet have been reporting sick in the past few weeks and on Monday alone, around 50 flights were cancelled and many were delayed as there were not enough pilots to operate flights. The sources said that now some commanders of the A320 fleet are reporting sick. Vistara has a fleet of 70 planes comprising 63 aircraft from A320 family and 7 wide-body Boeing 787s. As per the summer schedule, which started from March 31, the airline is to operate little over 300 flights daily. In a statement on Monday, Vistara said it had a significant number of flight cancellations and delays in the past few days due to various reasons, including crew unavailability. "We have decided to temporarily reduce the number of flights we operate, to ensure adequate connectivity across our network," the airline had said and also apologised for the disruptions. The airline has also decided to temporarily reduce the number of flights it operates, to ensure adequate connectivity across its network. Further, the airline has deployed larger aircraft like B787-9 Dreamliner and A321neo on select domestic routes to combine flights or accommodate more customers, wherever possible. In the ongoing summer schedule, Vistara will be operating 25.22 per cent more weekly flights at 2,324. Sources had said, the number of flight cancellations are expected to go up and touch 70 on Tuesday.<meta content="cms.next" name="cmsei" />

DGCA seeks daily report from Vistara on flights cancellations

<ul><li>Top listed players seem to be losing premium customers to global and digital-first brands.</li><li>The market share is leaking to regional and smaller brands in the mass category.</li><li>In the home and personal care segment, unlisted players grew almost thrice as fast as listed players in 2023. </li></ul> It’s been a fairly bland fiscal year for top-listed FMCG majors like – HUL, Marico, Britannia and more who have been <a href="https://www.businessinsider.in/business/corporates/news/new-troubles-pile-on-fmcg-majors-as-they-await-consumption-uptick/articleshow/107291204.cms">awaiting a consumption uptick</a>. But macro factors like inflation are not the only reason for their troubles. Top listed players seem to be losing premium customers to global peers and digital-first brands, apart from mass customers to regional and smaller brands. At the lower end of the market – small and regional players emerged after commodity prices dropped last year. These brands offered attractive prices to downgrading and downtrading customers. Many customers, especially in hand wash, body wash, shampoos, floor cleaners, and cooking oils, have been downtrading – shifting to brands that offer better prices. “It appears that listed FMCG companies have also underperformed as competitors from both mass and premium end are outperforming. At the mass end, the resurgence of competition from price-warriors post a correction in input cost prices has led to market share losses,” says a report by ICICI Securities. Due to a K-shaped recovery, the premium categories are growing at a much faster clip than others. Here too, global unlisted companies, new-age and emerging brands are growing much faster — squeezing the listed players from both ends. “In premium categories, unlisted MNCs peers having higher salience of premium positioned portfolio and digital-first brands (largely in beauty and personal care categories) are taking away market shares from listed peers at the premium end,” adds ICICI Securities. Diverse consumer tastes, and high-decibel campaigns by new-age brands are starting to have an effect. Materially ‘low’ growth in HPC Listed players’ revenue growth is materially lower than unlisted consumer staples companies, the report says. As of FY23, the average revenue growth of listed companies like — ITC, HUL, Britannia, Nestle, Tata Consumer, Marico, Dabur etc — was 11%. But the same for unlisted peers like — Kellogg’s, Hershey's, L’Oreal, P&amp;G, and Parle — was around 18%. The gap in growth between listed and unlisted peers is much wider in home and personal care. While listed companies’ revenue growth is at 8% for HPC, unlisted companies lost almost thrice as fast – at 22%. “Higher competitive pressure at both mass and premium end has led to underperformance of listed home and personal care, in our opinion,” says ICICI Securities. In the food and beverage category, however, listed companies performed better. “We believe outperformance of listed F&amp;B companies is distribution driven by higher focus on increasing either direct reach or improving the line selling by Nestle, Britannia, Mrs. Bector’s,” the report says. In the last few quarters, FMCG players have been correcting their prices and waging a war against regional brands. Many analysts believe that top-listed peers are expected to win the war against their competitors, even as price-led growth has been slowing down. “We note growth trajectory for listed peers is likely to improve gradually given the competition from price-warriors is likely to reduce with most companies passing the input cost price benefit to consumers. Our channel checks suggest growth of unlisted consumer staples companies has also decelerated in the last couple of quarters,” says ICICI. <meta content="cms.next" name="cmsei" />

Top Story

Capex and incentives will lead capital goods sector surge by 9-11% in FY25: CRISIL Ratings