Zee promoter Subhash Chandra wrote to FM before Sony merger termination; CureFit sacks 120-150 employees in a restructuring exercise; Tech & more
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Byju's FY22 net loss is the third biggest for the year after Vodafone and Tata Motors
With burgeoning losses, Byju’s, once ranked among the most valuable startups in the country, is now finding itself at the bottom of the ladder. At a loss of ₹8,245 crores in FY22, the ed-tech company is not only the largest loss-making startup but also featured among the highest loss-making companies in India.
According to Bloomberg data, telecom operator Vodafone Idea had reported the highest loss of ₹28,245 crore in FY22, which was followed by Tata Motors, with a net loss of ₹11,441 crore. While Tata Motors returned to profit in FY23 by posting a bottom line of ₹2,414 crore, Vodafone Idea’s losses increased by ₹1,056 crore during the year.
Zee Entertainment shares rebound after biggest single-day drop on record
Shares of Zee Entertainment are up 8% in early trading on Wednesday after reporting the biggest single-day drop on record on Tuesday.
The stock had declined over 30% after Sony Pictures terminated the potential $10 billion merger agreement, which led to multiple brokerages cutting their estimates and price targets on Zee.
CNBC-TV18 this morning has also accessed a letter written by Zee promoter Subhash Chandra to Finance Minister Nirmala Sitharaman, seeking her intervention in protecting the interest of minority shareholders.
Zee promoter Subhash Chandra wrote to FM before Sony merger termination: CNBC-TV18 accesses letter
Zee Entertainment's promoter Subhash Chandra wrote to Finance Minister Nirmala Sitharaman last week on January 16, a week before its $10 billion merger with Sony Pictures was terminated. The letter, accessed by CNBC-TV18 sought the Finance Minister's intervention to "safeguard the interest of Zee Entertainment's minority shareholders."
The letter alleges that efforts are ongoing to scuttle the merger with Sony. Chandra wrote in his letter that he is not concerned about the probe by market regulator SEBI but with the timing of the new notice.
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OnePlus 12, OnePlus 12R Launch Highlights: OnePlus 12 to hit the Indian market at ₹64,999
OnePlus has officially introduced its flagship smartphone lineup for 2024, featuring the OnePlus 12, OnePlus 12R, and the highly anticipated OnePlus Buds 3. The unveiling took place at the 'Smooth Beyond Belief' event in Delhi at 7:30 pm, exclusively for Indian users. The OnePlus 12, expected to be priced at approximately ₹70,000, stands as the premium offering, while the OnePlus 12R is positioned as a slightly scaled-down mid-range option. Notably, the OnePlus 12 made its debut in China on December 5, followed by the OnePlus 12R (dubbed OnePlus Ace 3) released on January 4 for the Chinese market. Stay tuned for live updates on the event, accessible via CNBC-TV18.
Coforge plans to make 40% of its incremental investments in artificial intelligence in FY25
As India’s IT services space looks to gradually place bigger bets on artificial intelligence, Noida-based IT solutions provider Coforge is looking to make 40% of its incremental investments in artificial intelligence in the 2024-25 fiscal.
“We've been investing now for almost three years in the AI space and almost for three quarters now specifically in Gen AI. We launched our own proprietary AI platform, Gen AI-based platform Quasar,” Sudhir Singh, CEO and ED, Coforge told CNBC-TV18 on January 23.
Coforge CEO said, AI is very strongly influencing the company’s ability to reimagine delivering its existing services, whether it is next-gen application development and maintenance services (ADM), product engineering, or business process solutions (BPS) services.
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CureFit sacks 120-150 employees in a restructuring exercise: Sources
CureFit, which operates fitness platform Cultfit, has laid off about 120-150 employees in a restructuring exercise and streamlining operations, sources tell CNBC-TV18. Mid to senior-level employees were the most impacted by the decision, according to a report by Moneycontrol.
“As part of our regular annual operating planning process, we have reduced some redundant positions with the aim of streamlining operations. This is aimed at improving productivity and setting us up for full profitability in FY25. We have done this with thoughtful consideration and with the interest of creating long term value for our stakeholders,” a company spokesperson told CNBC-TV18.
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Tencent's Riot Games to lay off about 11% of staff
Tencent’s Riot Games plans to lay off 530 employees, or about 11% of its staff globally, the online gaming company said in a blog that included a letter to employees from CEO Dylan Jadeja.
Los Angeles-based Riot, whose popular titles include "League of Legends", said teams outside of core development will see the largest impact from layoffs.
#ExpertEdge💡
How decarbonisation and circular economy works for greening the supply chain
The global logistics industry plays a pivotal role in the movement of goods worldwide. However, this crucial function also has significant environmental consequences, primarily due to its carbon footprint. The transportation and storage of goods are responsible for a substantial portion of greenhouse gas emissions. Decarbonising the supply chain has become an imperative goal in this era of increasing environmental awareness.
Before we delve into strategies, it's essential to comprehend the supply chain's carbon footprint. The carbon footprint represents the total greenhouse gas emissions produced directly or indirectly by an individual, organisation, event, or product.
#PersonalFinance💰
14 new fund offers currently open: What's leading the surge in NFO numbers?
The market has recently experienced a surge in New Fund Offerings (NFOs). Currently, 14 NFOs are open, and investors can anticipate further additions to the lineup. While PGIM India Large and Midcap Fund will open on Wednesday, January 24, the HSBC Multi Asset Allocation Fund will be launched on February 8.
Experts believe that investor demand plays a pivotal role in the escalating number of NFOs.
According to Palka Arora Chopra, Director at Master Capital Services, investors' demands often escalate during periods of favourable market conditions and heightened confidence in future returns.
14 new fund offers currently open: What's leading the surge in NFO numbers?
The market has recently experienced a surge in New Fund Offerings (NFOs). Currently, 14 NFOs are open, and investors can anticipate further additions to the lineup. While PGIM India Large and Midcap Fund will open on Wednesday, January 24, the HSBC Multi Asset Allocation Fund will be launched on February 8.
Experts believe that investor demand plays a pivotal role in the escalating number of NFOs.
According to Palka Arora Chopra, Director at Master Capital Services, investors' demands often escalate during periods of favourable market conditions and heightened confidence in future returns.
#Entertainment🎧
Oscar Nominations 2024: A-listers Margot Robbie, Leonardo DiCaprio face unexpected snubs — Biggest upsets
After the much-anticipated Oscar nominations announcement, Hollywood is buzzing with disbelief over the glaring omissions of several A-listers and standout films from this year's race. The truncated awards season, marked by a nearly four-month Screen Actors Guild strike, has left even the most seasoned veterans surprised by the snubs.
Here's a look at the biggest surprises from the 2024 Oscar nominations.
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