India’s ReNew Power will go public on Nasdaq, to raise $1 billion

By

-

August 23, 2021

Tomorrow, ReNew Power, India’s largest renewable energy independent power producer (IPP), will go public on the Nasdaq, raising around $1 billion. It will be the first major renewable energy company in India to go global and list on the New York Stock Exchange.

ReNew Power is now backed by Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF, and JERA. Goldman Sachs’ ownership will drop from 49 percent to around 33 percent after the IPO. CPP Investments and Abu Dhabi Investment Authority’s shareholdings, which were each over 17 percent, will be reduced to around 13 percent. The new institutional investors will own roughly 20% of the company.

The proceeds from the IPO will be used to fund the company’s expansion goals, which include a goal of 18.5 GW of operational wind and solar power by 2025. ReNew now has roughly 6 GW of operating capacity and another 4.5 GW in the works. On the back of around 7 GW of commissioned capacity, the company is expected to generate an EBITDA (earnings before interest, taxes, depreciation, and amortization) of $800 million in the current financial year. ReNew is looking at the potential in battery storage, grid management systems, solar panels, and module manufacturing as India’s power sector opens up.

Paytm and HDFC Bank have partnered to launch co-branded products for digital payments

By

BRL Editor

-

August 23, 2021

0

Paytm and HDFC Bank has launched a strategic alliance to provide financial services throughout India. The IT behemoths will roll out products in the areas of digital payments, lending, and point-of-sale systems. Both organizations’ combined network is projected to have a large reach.

Paytm and HDFC Bank will work together to develop complete solutions that include payment gateways, POS machines, and credit products such as Paytm Postpaid, Eazy EMI, Flexi Pay, and more.

The companies will roll out a payment gateway and POS systems for Indian merchant partners in the first phase.

Paytm will offer its existing line of Android POS systems to merchants who collaborate with the lender, according to the firms. Salespeople from HDFC Bank will begin marketing Paytm’s payment options in the market.

Paytm and HDFC Bank will also collaborate on a co-branded POS device for the retail sector, which Paytm will be able to sell to its customers.

With 333 million customers and 21 million merchants on board, Paytm is one of the country’s leading payment networks. One of the largest private lenders is HDFC Bank. It has a total of 50 million cardholders, both credit, and debit.

Coffee Day’s 3.04 percent ownership is sold by KKR Mauritius

By

BRL Editor

-

August 23, 2021

0

KKR Mauritius, a private equity firm, has sold 3.04 percent of its Coffee Day stock. It has kept 3.3 percent of its holdings. KKR owned 6.07 percent of Coffee Day Enterprises before the sale.

KKR Mauritius disclosed to the Securities and Exchange Board of India (SEBI) that it sold half of its 1,28,26,912 shares on the stock exchange through open market sales.

The private equity firm said it sold 64,29,086 shares with voting rights and maintained 63,97,826 shares with voting rights, representing 3.04 percent and 3.03 percent, respectively.

In July and August, the open market sale was completed in eight tranches. The investor sold 10, 00,000 shares on the 30th of July, 5, 00,000 shares on the 2nd of August, 21, 00,000 shares on the 3^rd of August, 4, 57,066 shares on the 4^th of August.

In 2010, KKR Mauritius invested Rs 360 crore in Coffee Day to buy a fourth of the company. It sold a 5.9% stake for Rs 405 crore in 2018. VK Siddhartha, the instigator of the coffee chain, died in 2019. Lenders, tax officials, and investors all put pressure on him. Coffee Day Enterprises’ stock price plummeted from above Rs 360 to less than Rs 30 per share.

On Monday, shares of Coffee Day Enterprises Ltd were trapped in a 5% downward circuit on the BSE. The stock began at Rs 26.30, down 5% from its previous closing of Rs 27.65. On the BSE, the company’s market capitalization plummeted to Rs 555.59 crore.

Business Review Live

By

BRL Editor

-

August 17, 2021

0

The CEO of HCL Technologies Ltd. might become the highest-paid manager among his peers

By

BRL Editor

-

August 9, 2021

0

President and CEO C. Vijayakumar of IT services business HCL Technologies Ltd. is expected to earn roughly $10.8 million per year over the next five years, making him the highest-paid IT executive among peers in the Indian software services industry.

The salary increase also indicates that the country’s third-largest software exporter has abandoned its decades-long practice of being a cautious paymaster.

Vijayakumar, the company’s CEO since October 2016, was not on the board of directors. Last month, founder Shiv Nadar stepped down from the board of directors, allowing Vijayakumar to be named Managing Director, along with the titles of CEO and MD, for a five-year term beginning July 20.

The Noida-based company revealed its CEO’s remuneration in its annual report for the primary time, adding that Vijayakumar will bring home an annual base salary of $2 million for the year ending March 31, up to $2 million in variable pay, as well as $384,000 in perquisites and other benefits, taking his total compensation to $4.38 million.

In addition, he will receive $31.5 million available options and restricted stock units over the subsequent five years, from March 31, 2026, to March 31, 2026. HCL, on the other hand, did not provide the breakdown of stock options and restricted stock units (RSUs) Vijayakumar will receive each year.

Google is planning to release its own processor for future Pixel phones

By

BRL Editor

-

August 3, 2021

0

Google, owned by Alphabet Inc., will utilize in-house processors for its Pixel phones, which will be released later this fall, marking a departure from Qualcomm Inc.’s technology, which has powered the search giant’s Android smartphones for more than 15 years.

Google announced in a blog post that the Tensor processor would power the Pixel 6 and Pixel 6 Pro phones, with further specifics to be revealed closer to the launch.

Qualcomm, the world’s largest producer of wireless processors for cell phones, was down slightly in afternoon trade.

The next Pixel phone, the 5a, will still use a Qualcomm CPU, according to Google.

“We will continue to work closely with Google on existing and future products based on Snapdragon platforms,” – a Qualcomm spokesperson said in a statement.

Reliance Retail in discussions to purchase Subway India

By

BRL Editor

-

August 2, 2021

0

Reliance Retail, owned by Mukesh Ambani, appears to be eyeing the India franchise of the world’s largest single-brand restaurant chain, Subway. The retail giant is buying subway India for $200-250 million, or Rs 1,488-1,860 crore. This comes as the restaurant business, led by Chief Executive John Chidsey, is undergoing reorganization, intending to reduce expenses and worldwide staff as revenues decline.

Reliance Retail has ventured into a variety of industries, including groceries, e-pharmacy, payments, apparel, and furniture. Quick service restaurants, on the other hand, appear to be right in their wheelhouse.

According to a story in The Economic Times, if the discussions are successful, RIL will obtain a network of 600-plus Subway restaurants across the country. RIL-Subway would ratchet up the rivalry, including Domino’s Pizza, Pizza Hut, Burger King, and Starbucks.

In contrast to the present arrangement of regional master franchisees and individual networks, the global chain has been trying to simplify its India operation with a local partner. Several Indian Subway franchisees attempted to build a platform in 2017 and were in negotiations with investors for a buy-in.

Sundaram Home Finance is looking to raise Rs 2,500 crore to fund its expansion plans

By

BRL Editor

-

July 29, 2021

0

Sundaram Home Finance Ltd, a subsidiary of Sundaram Finance Ltd, achieved a net profit of Rs 40.04 crore for the quarter ended June 30, 2021, the company announced on Wednesday. Sundaram Home Finance, situated in Chennai, reported net gains of Rs 33.94 crore in the preceding quarter of the previous year, according to a statement.

For the quarter under review, the company disbursed Rs 249.27 crore, compared to Rs 99.98 crore in the previous fiscal quarter.

According to the statement, the company was hoping to raise Rs 2,500 crore this year using a combination of debt instruments and bank borrowing to fund its expansion goals.

“The second wave of COVID-19 led to an uncertainty during the quarter, but relaxation of lockdown in most States in June led to a partial bounce back in demand in the real estate space towards the end of Q1”, company MD Lakshminarayanan Duraiswamy said on the financial performance.

“The disbursements in Q1 were driven by mid market segments, especially the salaried class, in tier II and III towns”, he added.

On the outlook for the year, he said, “..we are cautiously optimistic on the growth prospects for the rest of the year and believe that the worst is behind us”.

Sundaram Home Finance is a leading player in the housing finance sector and has 107 branches across the country. It provides home loans, plot loans, home improvement and loans against property among others.

Tesla CEO Elon Musk expects ‘temporary relief’ for electric vehicles in India in terms of import duty relaxation

By

BRL Editor

-

July 25, 2021

0

Elon Musk - US NEWS — image credit - KEVORK DJANSEZIAN/GETTY IMAGES

According to Tesla CEO Elon Musk, the brand may establish a manufacturing operation in India if it first succeeds with imported automobiles in the country.

He did say, though, that India’s import levies are currently “the highest in the world,” and that he hopes for “at least a temporary tariff relief for electric vehicles.” Mr. Musk responded to fans on Twitter who urged him to offer Tesla automobiles in India, saying, “We want to do so, but import duties are the highest in the world by far of any large country!” Currently, India charges a 100% import duty on fully imported cars with a CIF (Cost, Insurance, and Freight) value of more than $40,000, and a 60% tariff on those costing less.

“Clean energy vehicles are treated the same as diesel or petrol,” Mr. Musk continued, “which does not seem entirely consistent with climate goals of India.” He, on the other hand, stated, “We are hopeful that there will be at least a temporary tariff relief for electric vehicles. That would be much appreciated”. “If Tesla is able to succeed with imported automobiles, then a factory in India is quite likely,” Mr. Musk remarked when asked by a fan if Tesla might start with local assembly in India. Tesla had requested a reduction in import duty, according to a senior government official on July 23. Tesla has a golden opportunity to set up its production facility in India, according to Union Minister Nitin Gadkari, given the country’s push for electric vehicles.

According to the road transport and highways minister, Tesla is already sourcing numerous auto components from Indian automakers and that establishing a base here would be economically viable.

B.S. Yediyurappa, the Chief Minister of Karnataka, said in February that Tesla would establish a manufacturing facility in the state. Tesla India Motors and Energy Pvt Ltd has been registered with the Registrar of Companies in Bengaluru.

The Flipkart app will have an AR camera option for customers

By

BRL Editor

-

July 22, 2021

0

Flipkart, India’s largest e-commerce platform, launched an immersive e-commerce experience on Wednesday with Flipkart Camera, an Augmented Reality (AR) feature on the Flipkart App.

Before making a purchase, customers will be able to go from “imagining” to “experiencing” what a product would seem like in real life.

Flipkart Camera, according to the business, seeks to make consumers’ online experiences more interesting and useful by assisting them in making informed decisions.

“With the Flipkart Camera feature, we aim to make this experience a notch higher by offering in-house demonstrations of products from the comfort of a consumer’s living room, thereby helping them make an informed decision before purchasing,” Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart, said in a statement.

“This technology has far-reaching applications and can improve customer experience manifold while also helping customers find the right product fit,” Venugopal added.

Customers may have a visual, 3D experience of items in categories like furniture, bags, and large appliances, where they need to assess the size and fit of the object as well as comprehend its aesthetics before making a purchase choice.

Another significant sector in which this capacity will boost customer confidence and eliminate uncertainty is the beauty industry, where customers will be able to virtually sample items before making a purchase. Customers are increasingly using augmented reality as a result of the rising use of smartphones.

According to a Gartner research, Gen Z and millennials are driving demand for augmented reality (AR) and virtual reality (VR) features, with 30% of the sample space requesting more AR/VR capabilities in their purchasing experience.

CONNECT WITH US