Top Stories | More trouble for Byju's, Bajaj Auto results, FAME 3 EV scheme update, IMF on India's growth, and more
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The National Company Law Tribunal (NCLT) has accepted BCCI's insolvency plea against Think and Learn, the parent company of Byju's. Think and Learn, a major player in the edtech space, is gearing up to challenge this decision. Meanwhile, Bajaj Auto's Q1 results are in, and they're exceeding expectations with impressive revenue and expanded margins, thanks to better realisations. On the macro front, the IMF has raised India's growth forecast for FY25 to 7%, maintaining its global growth outlook but highlighting potential challenges on the disinflation path. For the electric vehicle enthusiasts: the FAME 3 scheme is set to launch soon, despite not making it into recent budget plans, according to Union minister HD Kumaraswamy.
NCLT admits BCCI's insolvency plea against Byju's parent Think and Learn, edtech to challenge order
The Bengaluru bench of the National Company Law Tribunal (NCLT) has accepted the Board of Control for Cricket in India’s (BCCI) request to start insolvency proceedings against beleaguered edtech Byju's parent company, Think and Learn.
Sources in Byju's told CNBC-TV18 that the company intends to contest NCLT’s decision by appealing to the National Company Law Appellate Tribunal (NCLAT).
The new fund offer rush: Should investors be cautious?
June witnessed a flurry of activity in the mutual fund space, with 17 new fund offers (NFOs) collectively attracting over ₹15,000 crore in investments. This surge has sparked discussions among experts about the implications for investors.
Dhirendra Kumar, CEO of Value Research, highlighted the allure of new funds in a buoyant market. Kaustubh Belapurkar, Director – Fund Research at Morningstar Invst Adviser, pointed out that while new funds may offer novelty, they lack a track record.
Bajaj Auto Q1 Results: Revenue beats estimates, margin expands on better realisations
Two-wheeler manufacturer Bajaj Auto Ltd. reported a net profit of ₹1,988 crore, which was in-line with the CNBC-TV18 poll of ₹1,980 crore. On a year-on-year basis, net profit for the company increased by 19.4%.
Bajaj Auto is the fifth-best performing stock on the Nifty so far in 2024 with gains of 45%.
FAME 3 electric vehicle scheme to roll out soon, excluded from budget plans: HD Kumaraswamy
Union Minister for Heavy Industries HD Kumaraswamy, on Tuesday, announced plans for an automotive mission spanning from 2024 to 2047. The mission aims to bolster electric mobility through market incentives and workforce training initiatives. Kumaraswamy, in an interview with CNBC-TV18, emphasised the need for India's workforce to be adequately prepared for the challenges posed by the transition to electric mobility.
The FAME 3 scheme, according to Kumaraswamy, will not be included in the upcoming budget but is set to be implemented shortly.
IMF raises India's FY25 growth forecast to 7%; maintains global growth outlook but warns of bumps along disinflation path
The International Monetary Fund (IMF) raised India’s GDP growth outlook for the financial year ending March 2025 to 7% in its latest World Economic Outlook update for July, 20 basis points higher than its previous estimate in April. The IMF left India’s real GDP growth forecast for FY26 unchanged at 6.5%.
The IMF said that global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2% in 2024 and 3.3% in 2025.
Vedanta Shares — What lies ahead for Anil Agarwal's firm post ~₹7,000 crore QIP
Vedanta Ltd. has launched its Qualified Institutional Placement to raise up to $800 million. This includes a base size of $600 million with a green shoe option of another $200 million.
The QIP, as per the CNBC-TV18 newsbreak will result in a total equity dilution between 3% to 4%, which means the promoter holding should fall down below the existing 59.31% reported after the recent block deal. Promoter entity will now have a 60-day lock in period for further dilution.
Army Chief briefs Rajnath Singh about counter-terror operation in J&K's Doda
Chief of Army Staff General Upendra Dwivedi on Tuesday (July 16) briefed Defence Minister Rajnath Singh about the ground situation and ongoing operation in Jammu and Kashmir's Doda district.
Four army personnel, including an officer, have been killed in action during the operation against a heavily-armed group of terrorists, according to official sources.
After 'assassination attempt', Donald Trump nominates JD Vance as vice presidential running mate
Former President Donald Trump nominated US Senator JD Vance of Ohio as his vice president running mate, as the 78-year-old looks to return to the White House. Here's some impotant information to know about Vance, a 39-year-old Republican now in his first term in the Senate.
Trump, 78, was shot-at on Saturday (July 14) during an election campaign in Butler, Pennsylvania.
Who is JD Vance? Things to know about Donald Trump's pick for vice president
Budget 2024 Expectations: Will Nirmala Sitharaman's seventh Budget provide a push for women empowerment?
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 on July 23. The annual economic survey on July 22 will precede the budget speech.
The government will have the opportunity to further support there on-going efforts towards a more equitable economic landscape where every woman can thrive.
Reports suggest that the government might consider raising the standard deduction to at least ₹1 lakh to better align with present-day expenses and inflation rates. Accounting company EY (Ernst & Young) anticipates significant reforms under the personal tax regime including streamlining tax slabs, clarity on taxation of employer contributions and ESOPs tax deferral. The Society of Indian Automobile Manufacturers (SIAM) has sought higher allocation of capital expenditure and steps to boost rural sector demand in the upcoming Union Budget.
Stay tuned here to see all the expectations from Budget 2024
TV18 Broadcast Q1 Results | Consolidated revenue declines 3% to ₹3,069 crore
TV18 Broadcast Ltd on Tuesday (July 16) reported a 3% year-on-year decline in consolidated revenue at ₹3,069 crore for the first quarter that ended June 30, 2024. In the corresponding quarter, TV18 Broadcast posted a consolidated revenue of ₹3,176 crore, the company said in a regulatory filing.
Shares of TV18 Broadcast Ltd ended at ₹43.49, down by ₹0.30, or 0.69%, on the BSE.
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