Adani lifts payout for NDTV open offer to match payment to founders - The Indian Express

Adani Enterprises said on Tuesday it will raise the amount it pays New Delhi Television Ltd stockholders who tendered their shares in the conglomerate’s open offer to match what it paid the news broadcaster’s founders for their stake.

Adani Enterprises said it will pay an additional 48.65 rupees per NDTV share to investors who sold their shares in an open offer between Nov. 22 and Dec 5, taking the payout to 342.65 rupees per share and matching what it paid NDTV founders Radhika and Prannoy Roy.

“The Securities and Exchange Board of India’s takeover guidelines are clear … Whatever price the acquiree gets, the minority shareholders also should get the same,” said Shriram Subramanian, managing director of InGovern Research Services, a Bengaluru-based corporate governance advisory firm.

About 5.3 million shares were tendered in the open offer, at 294 rupees per share, and Indian billionaire Gautam Adani now controls about 65% of NDTV after acquiring a 27.26% stake from the Roys last week, four months after launching his takeover.

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Founded in 1988 and owned by the husband-and-wife team, NDTV had said the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders”.

Still, the founders sold a majority of their shares and retained only a 5% stake. The Roys and four other independent directors also resigned from the board, effective Dec. 30.

NDTV’s stock is down about 20% since Adani’s announced his takeover plans in August. They were last up 1.2% on Tuesday.

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Adani lifts payout for NDTV open offer to match payment to founders - The Indian Express
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Adani lifts payout for NDTV open offer to match payment to founders - The Indian Express

Adani Enterprises said on Tuesday it will raise the amount it pays New Delhi Television Ltd stockholders who tendered their shares in the conglomerate’s open offer to match what it paid the news broadcaster’s founders for their stake.

Adani Enterprises said it will pay an additional 48.65 rupees per NDTV share to investors who sold their shares in an open offer between Nov. 22 and Dec 5, taking the payout to 342.65 rupees per share and matching what it paid NDTV founders Radhika and Prannoy Roy.

“The Securities and Exchange Board of India’s takeover guidelines are clear … Whatever price the acquiree gets, the minority shareholders also should get the same,” said Shriram Subramanian, managing director of InGovern Research Services, a Bengaluru-based corporate governance advisory firm.

About 5.3 million shares were tendered in the open offer, at 294 rupees per share, and Indian billionaire Gautam Adani now controls about 65% of NDTV after acquiring a 27.26% stake from the Roys last week, four months after launching his takeover.

Subscriber Only Stories

Founded in 1988 and owned by the husband-and-wife team, NDTV had said the takeover move “was executed without any input from, conversation with, or consent of the NDTV founders”.

Still, the founders sold a majority of their shares and retained only a 5% stake. The Roys and four other independent directors also resigned from the board, effective Dec. 30.

NDTV’s stock is down about 20% since Adani’s announced his takeover plans in August. They were last up 1.2% on Tuesday.

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Adani lifts payout for NDTV open offer to match payment to founders - The Indian Express
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SBI, ICICI Bank, HDFC Bank remain domestic systemically important banks, says RBI - Moneycontrol

The Reserve Bank of India (RBI) on January 2 said State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs). The central bank said this while releasing the 2022 list of D-SIBs under the same bucketing structure as in the 2021 list of D-SIBs.

In simple terms, D-SIBs are those interconnected entities, whose failure can impact the whole of the financial system and create instability. Systemically important banks attract closer supervision and regulation from the country's central bank as these entities are considered to be too big-to-fail banking companies.

Central banks world-over began to look at 'too-big-to-fail' banking institutions closely after the 2008 global financial crisis.

Stricter rules

In addition to the usual capital conservation buffer, D-SIBs will need to maintain additional Common Equity Tier 1 (CET1). As per the RBI’s latest press release, SBI will have to maintain an additional 0.60% CET1 as a percentage of its risk-weighted assets. Similarly, ICICI Bank and HDFC Bank need to maintain additional 0.20 per cent each, the RBI said.

The RBI first issued the framework for dealing with D-SIBs on July 22, 2014. The D-SIB framework requires the central bank to disclose the names of banks designated as D-SIBs starting from 2015 and place these banks in appropriate buckets depending upon their systemic importance.

Based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it. Similarly, in case a foreign bank having branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable by the rules concerning G-SIBs, the RBI rules say.

Only 3 banks so far in the list

The RBI had announced SBI and ICICI Bank as D-SIBs in 2015 and 2016. Based on data collected from banks as on March 31, 2017, HDFC Bank was also classified as a D-SIB, along with SBI and ICICI Bank.

The current update is based on the data collected from banks as on March 31, 2022, the RBI said.

In September, 2015, global rating agency Moody’s had raised a few questions on the RBI's decision to award the D-SIBs status to only two banking entities initially.

The agency had said the central bank’s approach on D-SIBs or ‘too-big-to fail’ entities is ‘less stringent’ than other jurisdictions, hence credit negative.

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SBI, ICICI Bank, HDFC Bank remain domestic systemically important banks, says RBI - Moneycontrol
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Zomato Co-Founder Resigns: 5 Facts On Gunjan Patidar - NDTV

Gunjan Patidar joined Zomato in December 2008.

New Delhi: Food tech giant Zomato today announced that co-founder and Chief Technology Officer Gunjan Patidar has resigned. The company, however, did not disclose the reason for his resignation.

Here are 5 facts about Gunjan Patidar:

1. Gunjan Patidar was among the first batch of employees at Zomato and built the core tech systems there, the food aggregator said in a statement.

2. "Over the last ten-plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," the company said.

3. According to his LinkedIn profile, Gunjan managed all tech verticals at Zomato. He played a key role in nurturing tech talent and the deployment of new customer-oriented products.

4. Before joining Zomato in December 2008, he worked as a software engineer at Cyient.

5. He has a B. Tech degree from the Indian Institute of Technology (IIT), Delhi.

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Auto Sales December 2022: Toyota Reports Highest Yearly Sales Figures In A Decade - carandbike

Toyota Kirloskar Motor (TKM) have reported the sales figures for the month of December 2022, & yearly sales figures of the entire calendar year 2022 as well. The Japanese manufacturer reported sales of 1,60,352 units in CY 2022, making it the company's highest grossing year of the decade. 

Also Read: Toyota Innova HyCross Launched In India; Prices Here

Toyota reported a 22.6 per cent increase in sales compared to CY 2021, where the brand sold 1,30,768 units. However, it should be noted that sales in early months of CY 2021 was also affected by the lockdowns caused by the global pandemic. Toyota's best ever year in India is still 2012, where Toyota sold a staggering 1,72,241 units, and with the launch of a new strong-hybrid SUV & MPV, the auto giant could be on its way to a record year in 2023. 

Also Read: Toyota Innova HyCross Review: Hybrid Theory

Innova HyCross is Toyota's second new strong-hybrid offering in India.

Speaking about the sales figures, Atul Sood, Associate Vice President, Sales and Strategic Marketing, TKM said, “The year 2022 has been tremendous for TKM, both in terms of new product launches as well as sales performance. We introduced milestone models like the Urban Cruiser Hyryder & the Innova Hycross and both the models have been very well appreciated by our customers, attracting huge traction in terms of demand and we are trying our best to meet customer requirements accordingly."

Also Read: Toyota Glanza E-CNG Launched In India; Prices Here

While the overall CY 2022 sales posted a good figure, Toyota reported a drop in monthly sales in the month of December 2022. Toyota sold 10,421 units in India in December 2022, an 11.4 per cent month-over-month decrease compared to November 2022, and a marginal 3.8 per cent year-over-year decrease.

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Zomato founder Deepinder Goyal delivers food to customers as orders surge on New Year's Eve - Times Now

Zomato founder delivers food to customers as orders peak on New Year's Eve (Image source: @deepigoyal)

Photo : Twitter

While most people celebrate New Year’s Eve with family or friends, Zomato CEO Deepinder Goel was out delivering orders. Food aggregators like Zomato see a heavy spike in orders on special occasions like the evening of December 31, so Goel decided to do his bit.

"I'm going to deliver a couple of orders on my own right now. Should be back in an hour or so," Zomato CEO Deepinder Goyal tweeted on December 31.

To his surprise, his first delivery brought him back to the Zomato office.

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“My first delivery brought me back to the Zomato office. Lolwut!” he tweeted within minutes of posting the first message, informing his followers of his ‘new’ job.

Goel also tweeted an image of himself, dressed in the signature red jacket of Zomato. Zomato CEO delivered a total of 4 orders, one of them to an elderly couple celebrating New Year’s Eve with their grandchildren, Goel said.

This isn’t the first time that Goel has taken on the role of delivery person at his company.

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Sanjeev Bikhchandani, founder and executive vice chairman of Nauri.com, in a Twitter post in October, revealed that the Zomato Goel delivers orders “at least once in a quarter”.

"Just met @deepigoyal and the @zomato team. Delighted to learn that all senior managers including Deepinder, don a red Zomato tee, get onto a motorcycle, and spend a day delivering orders themselves at least once a quarter. Deepinder tells me that thus far nobody has recognised him," Bikhchandani tweeted.

Goel in a tweet yesterday also said that orders delivered by Zomato on December 31 evening surpassed all the orders delivered in the first 3 years of the food delivery service.

We have touched last year's OPM already! Folks, please order now to avoid last minute rush, and potential server FU… t.co/s2pfQDz5r4

— ANI (@ANI) Dec 31, 2022

“Fun fact: orders delivered today >> sum of all orders delivered in the first 3 years of our food delivery service,” Goyal wrote.

He also said the Zomato orders on December 31, 2022 were 45% higher than last year’s.

“45% up since the last year, so far!! Seem like we will hit crazy milestones today. IF we manage to stay alive. Nervous AF,” Goel wrote.

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Happy New Year! TCS salary hike announced for 70% employees; 20% raise expected - Times Now

Happy New Year! TCS salary hike announced for 70% employees; 20% raise expected

Photo : iStock

TCS Salary Hike: Tata Consultancy Services, TCS salary hike is making buzz but as per the TCS officials, the claims are found to be FAKE as company has not announced any such hike. Some media reports mentioned that TCS is offering a salary hike up to 20 per cent for 70 per cent of its employees along with 100 per cent variable pay for over 4 lakh employees. These claims are False and stakeholders are advised to not consider such claims.

TCS has not issued any communique validating the hike.

TCS has reported Rs 10,431 crore net profit, crossing the Rs 10,000 crore mark for the first time in a quarter.

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Tech giants in India and across the world have laid off lakhs of employees this year and such announcements amid such tough times are indeed a bonanza.

TCS is said to be one of the most secure employers. Amid mass layoffs ongoing TCS was reported to make 1200 new jobs. During July-September 2022, TCS reported a net addition of 9,840 employees. With this, the company’s workforce as of September 30, 2022, stood at 6,16,171.

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Content of this story was updated after new information was received.

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