Sunday, October 18
Byju's founder Byju Raveendran has admitted that one of the company's biggest mistakes was opting for a $1.2 billion term loan in 2021, despite having sufficient equity funding options.In an interview with ANI, Raveendran revealed that the decision, made collectively with board members including investor and founder directors, was not driven by desperation, as the company had raised $5 billion earlier. Reflecting on the move, he acknowledged that alternative options were available and the loan ultimately contributed to Byju's financial challenges."Only mistake if you ask me, which created all this is that we shouldn't have taken this, when we had enough equity options, we shouldn't have taken this term loan at that time in 2021. One billion (USD) because we had other options. We have raise
Mumbai: Shares of railway-related companies surged in a breakout rally on Friday, riding the bullish wave in mid-cap and small-cap stocks, amid optimism that orders from the Railways have restarted.Shares of Rites (Rail India Technical and Economic Service) jumped 15.7%, followed by Titagarh Rail Systems, which gained 12.8%. Shares of Rail Vikas Nigam(RVNL), BEML and Indian Railway Finance Corporation (IRFC) went up between 6% and 9% at close."The run-up in railway stocks is part of sector rotation in the market, as currently we are seeing the outperformance in PSU stocks, which had been quite beaten down in the recent market correction," said Sunny Agrawal, head of fundamental research at SBI Securities.Agrawal said that management of Tube Investments of India in their results call also s
Mumbai: IndusInd Bank, where accounting anomalies have already accounted for the scalps of the CEO and his deputy, is set to report its March quarter and full year FY25 earnings on May 21, likely logging a significant net loss. A one-time charge of about ₹1,960 crore, tied to accounting discrepancies in its derivatives portfolio, is expected to dent the bottomline at the lender that has lately been consuming column inches over uncomfortable disclosures.The issue stems from the misaccounting of internal derivative trades, especially those terminated early. These errors led to the recording of notional profits, which artificially inflated the bank's financials over prior quarters.The bank, which is currently being run by a committee of senior executives, is also expected to speak to analys
The Jammu and Kashmir government has approved a proposal for deploying former military personnel to safeguard vital infrastructure across the Union Territory, an official said on Saturday. Terming it a unique collaboration between veterans and civil authorities, the official said 4,000 ex-servicemen volunteers have been identified for the initiative, and their role is "non-combatant", focusing on static guard duties, presence-based deterrence, and local coordination. "In a major step towards strengthening community-based security and harnessing the capabilities of former military personnel, the Sainik Welfare Board of Jammu and Kashmir had moved a proposal for mobilising Ex-Servicemen (ESM) to safeguard vital infrastructure across the Union Territory. "This proposal has now been formally a
Microsoft acknowledged Thursday that it sold advanced artificial intelligence and cloud computing services to the Israeli military during the war in Gaza and aided in efforts to locate and rescue Israeli hostages. But the company also said it has found no evidence to date that its Azure platform and AI technologies were used to target or harm people in Gaza. The unsigned blog post on Microsoft's corporate website appears to be the company's first public acknowledgement of its deep involvement in the war, which started after Hamas killed about 1,200 people in Israel and has led to the deaths of tens of thousands in Gaza. It comes nearly three months after an investigation by The Associated Press revealed previously unreported details about the American tech giant's close partnership with th
