On May 12, 2023, Tata Motors, the Indian multinational automotive manufacturing company, released their financial results for the March quarter. The company declared a consolidated profit of Rs. 5,408 crore for the quarter, a stark contrast to the deficit of Rs. 1,033 crore reported during the same period last year. This positive development was attributed to strong demand in India and improved supply at JLR, leading to continuing volume improvements. The business also disclosed that its board of directors has recommended a final dividend of Rs. 2 per ordinary share and Rs. 2.1 per share for DVR shareholders, subject to…
Author: Mohit Singh
Mohit Singh
Mohit Singh is an accomplished content writer with extensive experience in the startup industry. As a vital member of the Startup Insider team, Mohit brings his exceptional writing skills to deliver engaging and informative content to our readers.
Adani Transmission, a company owned by Gautam Adani, has announced plans to raise capital through Qualified Institutional Placement (QIP) or other means. According to a regulatory statement released on Saturday, the electric power transmission business is seeking to raise up to Rs 8,500 crore, subject to shareholder approval. The funding comes months after a report from the US-based short-seller Hindenburg Group shook investor confidence, alleging share price manipulation and fraud. The report caused the group’s stock to plummet, prompting the Adani Group to undertake measures to alleviate investor fears about the conglomerate’s capacity to discharge its debt. The Board has…
Avenue Supermarts, the operator of DMart retail stores, announced a 21% growth in sales, from Rs 8,606.09 crore in the previous year to Rs 10,337 crore this year. The company’s net profit also saw an increase of 8% to Rs 505.21 crore from Rs 466.35 crore in the same period last year. However, the company’s sales and net profit declined from the previous quarter ended in December. The sales decreased from Rs 11,304.58 crore to Rs 10,337 crore, and the net profit dropped from Rs 641.07 crore to Rs 505.21 crore. This may be attributed to the impact of the…
Nuro, the autonomous delivery robot company, has announced that it will lay off approximately 30% of its workforce, or around 340 employees, as part of a strategy to extend its financing runway. The move is in line with the firm’s shift away from commercial activities and towards research and development. Co-founders Dave Ferguson and Jiajun Zhu outlined the company’s plans in a blog post, explaining that Nuro will not be ramping up commercial operations this year as previously planned. They also revealed that the firm will delay the volume manufacturing of its Nuro bot, the third-generation delivery robot, known as…
In December 2021, Elon Musk asked his followers on Twitter whether he should step down as CEO of Twitter, promising to follow the results of the poll. When 57% of the 10 million people who answered voted “yes,” Musk fulfilled his promise by appointing Linda Yaccarino as the new CEO. However, the appointment has been met with controversy due to Yaccarino’s alleged ties to both the right and left of the political spectrum. Many Twitter users have criticized Yaccarino for her connections to former President Donald Trump and right-wing extremists on the platform. During the Trump administration, Yaccarino was named…
BYJU’S, the Indian edtech company, has secured $250 million from US investment firm Davidson Kempner Capital Management as part of a $1 billion fundraising round. The investment provides relief for the Bengaluru-based firm following a challenging period of financial difficulty and regulatory obstacles. In this article, we will explore the recent developments at BYJU’S, including the new funding round, the public listing of its subsidiary Aakash Educational Services, and the regulatory inquiries. BYJU’S is a leading Indian edtech company founded by Byju Raveendran in 2011. The company offers a range of educational products and services, including interactive video lessons, practice…
The Indian startup ecosystem has been a major source of innovation and growth in recent years, attracting billions of dollars in investments from global venture capital firms. However, a new research report by Tracxn suggests that funding for Indian startups has dropped significantly in the first quarter of 2023, with a YoY decline of 75% to $2.8 billion compared to $11.9 billion in the same period the previous year. Factors Contributing to the Decline The Tracxn research report attributes the decline in startup funding to several factors, including rising inflation and interest rates, which have a significant impact on investment…