RIL-Adani, Swiggy IPO, Byju's, Anthropic, Mamaearth, UPI, Linkedin, X, etc.

Author

Vaishali Sharma
March 29, 2024

Reliance-Adani Partnership: A Power Move in the Indian Energy Sector

  • Strategic Partnership: RIL and Adani Power sign a 20-year power purchase agreement.

  • Investment Details: RIL acquires a 26% stake in Mahan Energen’s 600MW unit for Rs 50 crore.

  • Capacity Expansion: Adani Group to increase Mahan Energen’s capacity to 4,400 MW from 1,200 MW.

  • Regulatory Compliance: Investment complies with Electricity Rules, 2005.

  • Financial Strategy: Adani Power consolidates Rs 19,700 crore of short-term loans into single long-term debt.

Swiggy's Strategic Shift Amid $200M Loss: IPO on the Horizon

  • Financial Performance: Swiggy's loss amounted to $200 million over nine months ending in December 2023, with a previous annual loss of $500 million.

  • Market Conditions: Despite a 28% increase in the Indian stock market, skepticism surrounds IPOs due to high valuations of loss-making startups.

  • Cost Reduction Plans: Swiggy aims to decrease losses in the fiscal year 2023-24 by cutting wages and marketing expenses.

  • Revenue Insights: Reported revenue was $1.02 billion in the first nine months of fiscal 2023-24, slightly down from $1.05 billion the previous year.

  • IPO Plans: Targeting a stock market listing by year-end, with SoftBank's backing.

  • Expansion and Valuation: Valued at $10.7 billion in 2022, Swiggy has expanded from meal deliveries to groceries and restaurant services.

Court Battles Intensify Around Byju’s Financial Restructuring Plans

  • NCLT Bengaluru didn't halt Byju’s EGM for a $200-million rights issue.

  • Karnataka High Court continued the interim stay against the CEO’s removal from a previous EGM.

  • Byju’s plans to increase share capital, needing over 50% EGM votes.

  • Investors, spearheaded by Prosus, attempted to stop the EGM and rights issue.

  • Court hearings on the matter will resume on April 4.

  • Byju’s instructed to disclose its captable registry to investors.

  • The company’s rights issue, crucial for its financial recovery, has been fully subscribed.

Briefs, You Can’t Miss:

  1. Adani’s Copper Debut: Metals Division Kicks Off with a Bang.

  2. Upcoming EV Surge: India to Witness Unprecedented Model Launches.

  3. $600 Million Financing on the Horizon for Adani Energy.

  4. Mamaearth Unveils Staze, a Fresh Makeup Line for GenZ.

  5. From Small Beginnings: FY24’s Rally and the Rise of Large-Caps in FY25 - MC.

  6. Adani Boosts Ambuja with Rs 6,661 Crore, Stake Hits 66.7%.

  7. Uttarakhand’s Solar Revolution: Luminous Power Launches New Factory.

  8. BillDesk FY23: A Closer Look at Its Financial Ups and Downs.

  9. PhonePe Expands to UAE, Enables UPI Payments on Neopay.

World Briefs

  • 25-Year Sentence for Sam Bankman-Fried in FTX Fraud Case. 

  • X’s Bold Move: Testing Waters with NSFW Adult Communities.

  • YouTube Rolls Out Subscriber-Exclusive Shorts to Creators.

  • LinkedIn’s New Twist: A TikTok-Style Video Feed in Testing.

  • Monetizing Mini Content: 25% of YouTube Creators on Shorts.

  • Amazon’s Checkout Innovation: One’s Palm-Scanning App Launches.

AI Briefs

  • Google AI Employees in Zuckerberg’s Sights for Meta Recruitment.

  • Pixel 8 to Get Cutting-Edge AI Features, Google Announces.

  • AI21’s Latest AI Model: Setting New Standards for Context.

  • Amazon Finalizes $4B Investment in AI Firm Anthropic.