BUSINESS
Mohandas Pai slams OYO over 'fake accounting', hospitality major replies
In a tweet, T.V. Mohandas Pai who is currently Chairman of Manipal Global Education (Manipal University), said: "This is fake accounting! There is nothing like an adjusted ebitda. They are trying to mislead investors by such fake accounting. Regulators and stock exchanges should stop such misreporting in india."
Moody's withdraws rating of Kalyan Jewellers
The rating outlook prior to withdrawal was stable. "In view of the current market conditions, the company has pushed back its plans to access the international debt capital markets. Moody's has decided to withdraw the rating for its own business reasons," Moody's said.
Govt securities may trade in 7.15-7.40% range in near term: Joseph Thomas
Joseph Thomas, Head of Research, Emkay Wealth Management, said that the higher than expected inflation print has led 10-year government securities yield firming up and the liquidity condition has pushed the yields at the shorter end higher. Over the near term we expect the yields to be volatile with an upward bias, he says, adding that the near-term range for 10-year government securities may be 7.15 per cent to 7.40 per cent.
Insurtech platform Zopper raises $75 mn, plans global expansion
The startup aims to utilise fresh funds in cutting-edge technology, business development initiatives, inorganic growth through merger and acquisition (M&A) and global expansion. Zooper said it aims to achieve an annualised Gross Written Premium (GWP) of $500 million by March 2024.
Musk-Twitter battle: Jack Dorsey set to be questioned in court
According to media reports citing court filings, Dorsey was set to be questioned by the attorneys from both teams on Tuesday. Musk's legal team last month submitted a subpoena in the court for evidence from Dorsey. Twitter and Musk are preparing for their October 17 trial date at the Delaware Court of Chancery to argue over his attempt to terminate the $44 billion acquisition agreement.
German central bank expects double-digit inflation, sees signs of recession
"There are increasing signs of a recession of the German economy in the sense of a clear, broad-based and prolonged decline in economic output," Xinhua news agency quoted the bank's monthly report issued on Monday as saying. The institution's economic researchers expect the German economy to shrink markedly in the fourth quarter of this year and the first quarter of 2023.
Delhi HC allows Tatas' appeal against cryptocurrency 'TATA Coin'
A bench of Justices Manoj Kumar Ohri and Mukta Gupta, in the order, noted that "the appellant (Tata) is known for the quality of its goods and services. Any dubious and inferior products sold through the respondents' website, using the appellant's trademark, can seriously damage its credibility".
Rana Kapoor, Gautam Thapar charge sheeted by CBI in bank fraud case
The CBI had registered the case against Oyster Buildwell Pvt Ltd, Gurugram, and others on June 2, 2021 on the complaint from Yes Bank Ltd. It was alleged that the accused had committed criminal breach of trust, cheating, criminal conspiracy and forgery for misappropriation of public money, during the period from 2017 to 2019.
Porsche valued at up to $75bn in share sale
A prospectus will be published on Monday, after which investors can subscribe to Porsche shares. The share sale is set to be Germany's second-largest ever initial public offering (IPO), the report said."We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," said VW's Chief Financial Officer, Arno Antlitz.
Indices ends higher, Sensex up more than 300 points
At close, Sensex ended 300.44 points, or 0.51 per cent, up at 59,141.23, and Nifty closed up 91.40 points, or 0.52 per cent, at 17,622.45.Mahindra & Mahindra, Bajaj Finance, Hindustan Unilever, State Bank of India, and Nestle were major gainers on the Sensex.
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