Business News at 05:30 pm on 26th June, 2024

Let’s begin – Latest government investigation point to deficiencies in Byju’s corporate governance but cleared the struggling online education startup of financial misconduct. According to sources familiar with the yearlong probe conducted by the Ministry of Corporate Affairs, there was no evidence of activities like fund diversion or financial manipulation. However, the investigation did uncover governance lapses that have contributed to the company’s increasing losses, according to the Economic Times. The findings provide some support for Byju Raveendran, the once-celebrated founder who has faced accusations of mismanagement from disgruntled investors. Last year, three shareholders, including Prosus Ventures and Peak XV Partners, departed from Byju’s board due to disagreements with Raveendran over business processes and internal controls.

Meanwhile, foreign portfolio investors have continued their buying streak in Indian equities for the 12th consecutive session, purchasing $141 million worth of shares on Tuesday. Since June 7, FPIs have cumulatively invested $3.7 billion in Indian stocks, following the reduction of uncertainty regarding policy continuity at the Center. During same period, domestic institutional investors bought $1.6 billion worth of shares. The last similar extended buying spree from foreign investors lasted 26 days through June 2, 2023, according to data available. Investor sentiment has also been bolstered by India’s current account swinging to a surplus after ten quarters of deficits. For the quarter ending March 2024, the current account surplus stood at $5.7 billion, or 0.6% of GDP, compared to a deficit of $8.7 billion in the previous quarter.

In a separate development – Adani Total Gas Ltd on Wednesday announced that it has received an approval from regulator Petroleum and Natural Gas Regulatory Board to operate a city gas distribution network in Jalandhar. It added that PNGRB’s approval was an essential condition precedent in business transfer agreement of company regarding acquisitions of certain business undertakings pertaining to cut gas distribution and retailing of CNG covering inter alia Jalandhar geographical areas. “PNGRB approval was an essential condition precedent in the BTA,” the company said in a regulatory filing, while adding that with Jalandhar GA, it now has 34 GAs that enable it to have its footprint in Punjab. In May, Adani Total had posted a 71.5% rise in net profit at Rs 167.96 crore for quarter ended March.

Now a tech news – Just hours after its debut in China, Motorola has revealed the India launch date for the Moto Razr 50 Ultra. The highly anticipated foldable phone is set to launch in India on July 4, nearly a week before Samsung unveils its Galaxy Z Flip 6 and Galaxy Z Fold 6 at the Paris Unpacked event. The product listing page for the Moto Razr 50 Ultra on Amazon India confirms the launch date and reveals the colour options available for Indian market. The Moto Razr 50 Ultra will be offered in three colors: Peach Fuzz, Spring Green, and Midnight Blue. However, it remains unclear if Motorola will also introduce the more affordable Moto Razr 50 in India.

In another development – IndiGo, India’s leading airline, has announced the introduction of additional daily non-stop flights between Mumbai and Jeddah, starting from August 15, 2024.This expansion aims to meet the growing demand for travel between India and the Middle East. The new daily flights underscore IndiGo’s commitment to expanding its global footprint and linking key destinations within its extensive network, according to an official release. The Mumbai-Jeddah route connects two dynamic cultural and economic centers. Jeddah, known as the gateway to Mecca and Medina, attracts travelers seeking spiritual fulfillment and cultural immersion. Mumbai, celebrated for its iconic landmarks, offers a glimpse into India’s rich heritage. This enhanced connectivity ensures increased convenience and flexibility for passengers.

Now a news related to economy – India’s digital currency, the e-rupee, has seen a significant decline in usage, dropping to just one-tenth of its peak in December, Reuters reported, citing four sources. The Reserve Bank of India initiated a pilot for the e-rupee in December 2022, positioning it as a digital substitute for physical currency. By December 2023, the pilot had achieved its target of 1 million retail transactions per day. However, sources directly involved in the pilot project now report a sharp decline, with daily transactions plummeting to around 100,000. The ongoing transactions are partly sustained by banks disbursing benefits to their employees via the e-rupee.

Lastly – The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 147.50 points or 0.62% to settle at 23,868.80, while the BSE Sensex jumped 620.72 points or 0.80% to 78,674.25. The broader indices ended in mixed territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 264.50 points or 0.50% to settle at 52,870.50. Media and Energy stocks outperformed among the other sectoral indices while Metal and Realty stocks shed.