India bans 118 more Chinese apps
The Government of India took another big step in their ‘digital strike’ towards China. It has banned 118 apps today, including the hugely popular mobile game PUBG. Ludo World, PUBG MOBILE LITE and WeChat reading are other popular apps among the list. In June this year, the government of India had banned 59 Chinese apps including TikTok and UC Browser.
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Vodafone Idea to raise funds; share price jumps
The stressed telecom operator Vodafone Idea is set to have a board meeting on Friday to consider proposals for fundraising. The company looks to raise funds through public issue, preferential allotment, QIPs or through other mediums. This comes after the Supreme Court has allowed telcos 10 years for staggered payment of adjusted gross revenue (AGR)-related dues. Vodafone Idea’s share price closed at 12.99% higher today.
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LIC Housing Finance plans to raise Rs 50,500 crore
Mumbai-headquartered LIC Housing Finance is planning to raise Rs 50,500 crore by issuing debt securities or by other private means. They will ask for shareholders’ approval in the upcoming annual general meeting which is scheduled to happen on 28 September 2020. According to the company’s statement, its overall borrowing power is Rs 3 lakh crore. Thus, their fundraise project is well-within the limit.
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Reliance buys 50% of Venezuela’s oil exports in August
Mukesh Ambani-led Reliance Industries has been the largest buyer for Venezuelan crude oil in August. This has helped the nation to recover from the historic lows attained in the past two months. According to the data, Reliance has purchased 216,000 barrels per day (bpd) last month, almost half of the total exports.
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Softbnk invests in India’s Unacademy at $1.45 Billion Valuation
Japanese investment giant, SoftBank Group, is leading the round of venture investment in India’s education startup Unacademy. As the demand for online learning has exponentially increased, Unacademy’s valuation has increased to $1.45 billion. Other investors in the $150 million funding include Facebook Inc. and Sequoia Capital. Currently, the start-up has 30 million registered users and 350,000 paying users.
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Jubilant FoodWorks Q1 results: Net Loss of Rs 74.47 crore
Jubilant FoodWorks Limited, operating fast-food chains Domino’s Pizza and Dunkin’ Donuts in India, reported a consolidated net loss of Rs 74.47 crore for the first quarter which ended in June 2020. Primary reason assigned to this loss is the closure of the stores during the lockdown period. Company’s revenue from operation declined 59.07% to 388.41 crore.
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Two-wheeler sales rise in August
As economic activities resume, two-wheeler sales also witnessed a surge in demand. Country’s top three manufacturers holding 96% of market share had an increase in sales in August. Hero MotoCorp, India’s largest two-wheeler manufacturer, reported an increase of 8% sales compared to last year.
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Happiest Minds Technologies’ IPO to kick off on Sep 7
Happiest Minds Technologies to raise up to Rs 702 crore via Initial Public Offering opening on September 7. Company involved in IT consultancy and services is planning to utilise the IPO proceeds to meet long-term working capital and general corporate purposes. The price band has been fixed at Rs 165-166 per share.
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Arvind Fashions Limited reported net loss of Rs 213.13 crore in Q1
Arvind Fashions Ltd reported a consolidated net loss of Rs 213.13 crore in the first quarter of 2020. The company had reported a net loss of Rs 95.08 crore in April-June quarter a year ago. Currently, the company’s 80 percent stores have reopened and sales have improved compared to the initial lockdown period.
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Gaana raises Rs 375 crore from existing shareholders
The largest Indian audio streaming platform, Gaana, has raised Rs 375 crore in debt funding. Their existing shareholders, Chinese technology giant Tencent and Times Internet have helped the entity to raise money. According to the company, its platform has 185 million active monthly users currently.
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