As the Indian business landscape continues to evolve, this week has been marked by significant developments across various sectors. The markets saw the earnings gather steam as several heavyweights posted their results. From Zomato‘s historic first profit to Adani Group‘s Q1, the market was abuzz with the June quarter results.
In the tech world, Tesla continued its push to woo India. Walmart‘s also increased its stake in Flipkart further solidifying its commitment to the Indian market. And there might be a white knight that’s headed to save the crisis-hit Byju’s. Find out all the details below.
Zomato Delivers First Profit
Zomato, the Indian food delivery giant, has reported its first quarterly profit since its listing. The company’s shares have been on a tear, with global analysts advising investors to hold onto the stock. The company’s revenue for the quarter was ₹1,002 crore ($134 million), a 140% YoY increase. The company’s net profit was ₹51 crore ($6.8 million), compared to a loss of ₹356 crore ($47.6 million) in the same quarter last year. Read the full article here.
Adani Group’s Q1
Several Adani Group companies including its flagship entity Adani Enterprises reported their June quarter results this week. The company’s revenue for the quarter was ₹10,145 crore, down from ₹16,513 crore in the same period last year. However, the company’s net profit rose by 8% YoY to ₹266.74 crore. Read the full article here. Read the other group company’s results here, here, here and here.
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Tesla Holds High-Level Talks with Indian Government
Tesla has held its highest-level talks with the Indian government since Elon Musk met with Narendra Modi during his US visit. The company’s executives reportedly met with Piyush Goyal to discuss the company’s plans in the country. The talks come as Tesla is looking to enter the Indian market, with plans to set up a manufacturing plant in the country. Read the full article here.
Early Investor May Offer Lifeline to Crisis-Hit Byju’s
Ranjan Pai, chairman of the Manipal Group and one of the earliest investors in Byju's, is in preliminary discussions to invest in Byju's-owned Aakash. This move could provide a lifeline to the struggling edtech firm. Pai is expected to invest between $80 million-$90 million via his family office. Read the full article here.
Walmart Buys Out Hedge Fund’s Stake in Flipkart
Retail giant Walmart spent $1.4 billion to purchase the remaining Flipkart shares from Tiger Global, boosting its stake in the Indian e-commerce startup. This transaction has allowed New York-based hedge fund Tiger Global to make a $3.5 billion profit from an initial investment of $1.2 billion. Read the full article here.
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