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Khatabook on Tuesday said it has raised USD 100 million (about Rs 741 crore) in funding round, led by Tribe Capital and Moore Strategic Ventures (MSV) that valued the fintech company at close to USD 600 million. The series C round – which was oversubscribed – also saw participation from Alkeon Capital, with continued investment participation from B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital, a statement said. In addition, Balaji Srinivasan and Sriram Krishnan participated as independent investors, among others, it added. Khatabook said it is buying back USD 10 million worth of ESOPs to acknowledge and reward employees, ex-employees, and early investors who contributed to the companys growth. Eligible employees will be able to sell up to 30 per cent of their vested options, it said adding that Khatabook has expanded its ESOP pool to USD 50 million. Amidst the growing demand for technology solutions by Indias MSMEs, Khatabook experienced 150 per cent year-on-year growth FY20-21. Currently, Khatabook, across all its software products, has over 10 million monthly active users. Founded in January 2019, Khatabook is currently available in 13 languages. Besides its flagship ledger application (Khatabook), the company is also focused on the growth of its software ecosystem for MSMEs through its other apps – Pagarkhata for staff management, Cashbook for expense management, and recently acquired Biz Analyst for insight-driven decision making and business management for Tally ERP9 user base. Besides building financial services, the funding will also help Khatabook strengthen its talent base. Khatabook, which currently has over 200 employees, will accelerate hiring, especially in engineering, product, design, analytics, and data science functions, it said. The first phase of our journey was enabling digital transformation by building a tech ecosystem for Indian MSMEs. Now that we have created a widely accepted digital platform, the next step will be digitally-enabled financial services for small businesses, Khatabook co-founder and CEO Ravish Naresh said.
BSE Sensex and NSE Nifty 50 closed mixed on Wednesday after having scaled fresh all-time highs. SP BSE Sensex ended the day at 55,944 while the NSE Nifty 50 index closed at 16,634. Broader markets continued moving higher and outperformed the benchmark indices, closing comfortably in the green. India VIX surged 2.3% to settle at 13.5. Ahead of the monthly Futures Options expiry, SGX Nifty was trading flat, hinting at a muted opening for domestic equity markets. Global cues were mixed as some Asian stock markets failed to mirror Wall Street22% and NASDAQ surging 0.15% – both hitting fresh record highs. Dow Jones jumped 0.11%. However, among Asian markets, Shanghai Composite, TOPIX, and KOSPI were in the red while Hang Seng, Nikkei 225, and KSODAQ were trading in the green. What do the charts say: After hitting fresh all-time highs, Sensex and Nifty ended the previous day flat. But, this needs to be confirmed with reasonable weakness in the subsequent session to call this a reversal Pattern. Hence, long positions need to be protected with appropriate stoploss at the highs, Levels to watch out: Some believe the larger texture of the marker is still bullish with 16,700 acting as a hurdle. On the flip side, a strong possibility of quick intraday correction up to 16580-16550 levels is not ruled out if the Nifty succeeds to trade below 16620, FII and DII data: For the seventh consecutive day, Foreign Institutional Investors (FII) were net sellers of domestic equities. FIIs sold stock worth Rs 1,071 crore. Domestic Institutional Investors (DII) pulled out Rs 151 crore. Call and Put OI: Maximum Call open interest is placed at 16,700 strike for the current expiry. This is followed by 16,800 and 17,000 strike. Put OI is the most at 16,500, followed by 16,600 and 16,000 strike.
NSE Nifty 50 may scale 17,745 in the next one year – an upside of 6% from current highs – according to domestic brokerage and research firm Prabhudas Lilladher. However, rising volatility and inflow of significant retail money remains a key monitorable, the report added. Benchmark indices have remained resilient since April 2020, recovering from the covid-19 induced sell-off smartly. Now Sensex and Nifty are sitting well above pre-covid levels, near all-time highs of 56,198 and 16,712. Domestic equity markets have risen on the back of global liquidity infusion and rising hopes of demand recovery amid rising vaccination coverage. 5% for FY22 and 4.4% for FY23 at 690.5 and 787 a growth of 32.2% and 13.7%, Estimates pegged by Prabhudas Lilladher are higher than consensus by 4.2% for FY22, and 3.5% for FY23 NIFTY is currently trading at 22.6x 1-year forward EPS which shows 12% premium to 10 year average of 20.1x. In the base case scenario, analysts value Nifty at September 2023 EPS of Rs 840 a 5% premium to 10-year average PE (21x) and arrive at the September 2022 target of 17,745. On the other hand in a bull case scenario, the brokerage firm has upped its target for Nifty to 21,020 from the earlier 18,850. Large-cap stock picks HDFC Bank – Buy Target price: Rs 1,870 The brokerage firm has a buy rating on the stock and is overweight HDFC Bank in its model portfolio. Analysts believe HDFC Bank will see revenue growth of 12.1% in 2022 and 15.8% in 2023, while earnings will grow 17.5% and 19.9%. HDFC Bank The targe price for HDFC bank implies a 20% upside from current levels.4%. The management of Mahindra Mahindra believes tractor sales will grow in single digits in the financial year 2022. For personal vehicles, the trend remains strong for Thar with a 10-month waiting period and a strong pipeline for Bolero neo. So far this month, the stock has surged more than 6% to now trades at Rs 776, which still leaves an upside potential of 23.8%. Indraprastha Gas – Buy Target price: Rs 662 Analysts believe Indraprastha Gas to report revenue growth of 25.8% next year and 19.1% in the year after that. Although IGL reported lower than expected volume growth owing to the pandemic, it still remains a preferred stock for analysts. The stock has gained just 3.6% so far this year. To reach the set target price the stock will need to rally 25.8%. Hindustan Petroleum Corporation – Buy Target price: Rs 404 HPCL stock price has jumped more than 16% so far this year and there could be more upside for the stock. Prabhudhas Lilladher expects the company to report earnings growth of 6.1% in 2022 and 12.2% in 2023. The target price of Rs 404 implies a 57% upside from the current levels of Rs 257.
The RBI said on Monday the fair value of the share-linked incentives paid to chief executive officers, whole-time directors and other key functionaries by the private banks should be recognised as an expense during the relevant accounting period. The RBI has also asked all banks, including local area banks, small finance banks and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021. The central bank had issued guidelines on the compensation of whole-time directors\/ chief executive officers\/ material risk takers and control function staff in November 2019. Issuing a clarification in this regard, the RBI said, should be recognised as expense beginning with the accounting period for which approval has been granted In terms of the extant guidelines, share-linked instruments are required to be fairly valued on the date of grant using the Black-Scholes model. The RBI issued the clarification saying
Prime Minister Narendra Modi said on Sunday that the start-up culture has become very vibrant in India with youngsters in even smaller cities embracing it, and asserted that it is a sign of Indias bright future. In his monthly Mann ki Baat radio broadcast, Modi also noted that space sector reforms in the country have caught the peoples imagination and expressed confidence that a large number of satellites in the coming days will be developed by youngsters from universities, labs and other sectors. The prime minister touched upon a host of topics, including Indias rich spiritual tradition and the boost the sporting culture has received after the performance in the Tokyo Olympics, in the address and also paid glowing tributes to hockey legend Dhyan Chand, saying he conquered the world of hockey for the country. The National Sports Day is celebrated every year on August 29 to mark Dhyan Chands birthday. Noting that India won an Olympic medal in mens hockey after over four decades, he said youths are now drawn towards sports and their parents are happy to back them. This itself is a great tribute to Dhyan Chand, Modi said. Asserting that the young populations mindset has undergone a sweeping change, he said it is now keen on new destinations and new goals by taking new paths and having new aspirations. The momentum the sporting culture has received must be further advanced, he said, calling for sports competitions at the village level. Let us all countrymen strive to further this momentum as much as we can, contributing whatever we can. Let us transform the mantra of Sabka Prayas (everyones effort) into reality, he said. Modi said the Tokyo Olympics have created a major impact, and Indias achievements may not be a lot compared to some countries but are enough to bolster the peoples belief. Today, it is not that the youth is just watching sports. The youth is also looking at possibilities associated with sports.They now want to surpass conventional ways and adopt new disciplines, he said. Similarly, young persons are moving away from family traditions, expressing the wish to launch or join a start-up and are willing to take risks. He said, Today, the startup culture is expanding even to smaller cities and I am seeing it as an indication of a bright future. Just a few days ago, toys in our country were being discussed. Within no time this caught the attention of our youth and they too resolutely decided to work towards positioning Indian toys in the world with a distinct identity. Acceptance of mediocrity had crept into peoples mindset earlier but the young minds are now focusing on excellence, he said. Noting that the world has been paying heed to Indian spiritual traditions and philosophy, the prime minister said people also have a responsibility to carry forward these great traditions. Whatever was temporary and perished has to be left behind, but what is timeless has to be carried forward. Let us celebrate our festivals, understand their scientific meaning, and the connotation behind them. There is an underlying message in every festival, he said, wishing people a happy Janmashtami, which falls on Monday. Noting that the Vishwakarma Puja will be observed in the coming days, he said the festival is essentially an ancient Indian practice of paying tributes to different skills Modi also mentioned an FM radio station in Gujarats Kevadiya through which radio jockeys are working to promote Sanskrit. He said the ancient language, through its thoughts and medium of literary texts, nurtures knowledge and also strengthens national unity. The prime minister also urged people to continue to maintain COVID-19 precautions. More than 62 crore vaccine doses have been administered in the country, but still we have to be careful, be vigilant, he said. In the broadcast, he also played his conversation with an American woman, Jadurani Dasi, who is connected to ISKCON and specialises in Bhakti Arts. The prime minister also mentioned the Water Plus City campaign going on in Indore, which has consistently topped the ranking in the Swachh Bharat campaign. Water Plus City means a city where no sewage is dumped into any public water source without treatment, he noted.
The government may introduce legislative amendments in the Budget session of Parliament to enable Indian companies to directly list certain prescribed classes of securities abroad, Revenue Secretary Tarun Bajaj said on Wednesday. Direct listing of securities overseas by Indian entities is allowed but there are certain issues which need to be sorted out for this to become a success, he said, without elaborating on the hurdles. The direct listing is under consideration of the government because to make it success there would be requirements of some amendments to legislations to ensure there is smooth trading of these securities outside the territory of India. We are in discussions with the players who are asking for this. Maybe in the Budget session we will see what we can do, Bajaj said. The two-part Budget session of Parliament usually commences in the last week of January every year. Bajaj also said there is no mandatory requirement of listing of such securities at the International Financial Services Centre (IFSC) at this point of time. However, he said, it will be looked at when the regulations are framed. Parliament in September 2020 passed the Companies (Amendment) Bill, 2020 that permitted direct overseas listing of Indian corporates, among other things. Amendments were carried out in Section 23 of the Companies Act 2013 to include enabling provisions to allow direct listing of securities by Indian public companies in permissible foreign jurisdictions. Listing of Indian companies in foreign stock exchanges is expected to increase the competitiveness of Indian companies in terms of access to capital, broader investor base and better valuations. Currently, quite a few Indian companies have American Depository Receipts (ADRs) that are traded in the US. Some corporates also have Global Depository Receipts (GDRs). A depository receipt is a foreign currency denominated instrument, listed on an international exchange, issued by a foreign depository to a domestic custodian. In 2018, market regulator Securities and Exchange Board of India (SEBI) had proposed to allow direct listing of Indian companies on overseas bourses and of foreign firms on Indian exchanges.
Schools in the national capital are undertaking various measures, including thorough sanitisation of their buildings and drafting new time tables, as they gear up to welcome students from classes 9 to 12 on September 1 following prolonged closure due to COVID-19. The Delhi Disaster Management Authority (DDMA) on Monday notified the guidelines for reopening of schools, colleges and coaching institutions. Thorough sanitisation of the building is being done and arrangements will be made for regular cleaning and sanitisation of the common areas and classrooms. We have sent out consent forms to parents and depending upon the response, we will draft the time table from next week. This week will be used to let students settle in after a long break from classroom learning, said principal of a top private school. Following a marked improvement in the Covid situation in the national capital, the Delhi government on Friday had announced that schools for classes 9 to 12, colleges and coaching institutions would reopen from September 1. The Delhi government had clarified that no student would be forced to attend physical classes and the consent of parents would be mandatory. We have made it mandatory for each employee to get themselves vaccinated, Together we can only succeed if all stakeholders, especially the parents, cooperate with us. The children have to be cautious and aware of their regular habits and interaction at school, said Anshu Mittal, Principal, MRG School, Rohini Alka Kapur, Principal, Modern Public School, Shalimar Bagh said the school has substituted the conventional tap systems with touch-less water taps and have additionally placed touch-less sanitizers and dispensers at various points across the school premises. We are super excited to have our students back to school but at the same time we are extra cautious as we have to be extremely vigilant with respect to compliance of Covid protocols. We have been on our toes to address every foreseeable situation once reopening commences. After thorough discussions and taking into account various stakeholders, we have formulated pragmatic rules for all the staffs and students to follow. Rigorous training sessions and workshops have been taken for the school fraternity to apprise them with the Covid norms, she said. While the DDMA has permitted school buses to ply, not all schools are prepared yet to resume transportation services and are still working the details out. As of now, the school is not providing buses or any transport facility. Students who are willing to join the school will have to come on their own, Kapur added. Allowing only 50 per cent students per classroom, mandatory thermal screening, staggered lunch breaks, alternate seating arrangement and avoiding routine guest visits are among the guidelines announced by the Delhi Disaster Management Authority (DDMA) for reopening of schools and colleges from September 1. The DDMA has said students, teachers and non-teaching staff living in Covid containment zones will not be allowed to come to schools and colleges.
Guru Granth Sahib: The Guru Nanak Dev University has achieved a major feat and digitised a whopping 550 handwritten manuscripts of the holy scripture Guru Granth Sahib. The task has been undertaken by the university The exercise has been ongoing for the past seven years, and is still going on, according to a report in IE. For this, the centre accessed the manuscripts from individuals as well as Sikh institutions across Punjab, Uttarakhand, Haryana, Himachal Pradesh, Rajasthan, Uttar Pradesh, Delhi, Bihar, Madhya Pradesh, Chhattisgarh, Maharashtra, Jharkhand as well as Nepal. A webinar has also been scheduled by the centre in the first week of September to commemorate the 417th installation day of the Guru Granth Sahib. During this, there would be a showcase that would also include the highlight the work that has been carried out to preserve these manuscripts, the report cited CSSGGS direct Dr Amarjit Singh as saying. However, apart from the 550 handwritten manuscripts of the holy scripture, the centre has also undertaken the digitisation of 70 copies of handwritten Dasam Granth, and an additional 500 pothis that contain Sikh religious text. As many as 170 dated manuscripts that the centre has digitised originated between 1707 AD and 1800 AD. Now, the project has entered the third phase, and the centre is continuing to search for more handwritten copies of the Guru Granth Sahib that it would be able to digitise. However, the centre has faced challenges while undertaking the exercise. Dr Singh was cited by the report as saying that many individuals had not been ready to give them access to the manuscripts to undertake the exercise, as they had been worried that if the manuscripts became public, they might be taken away from them.
Co-living operator Stanza Living on Thursday said it will In a statement, the company announced a new full-scale ESOPs plan for all employees. It will cover over 800 employees across its network, including corporate teams and ground-operations staff in this plan. Stanza Living has set up an allocation pool of Rs 35 crore towards this effort, the statement said. Anindya Dutta, managing director and co-founder of Stanza Living, said, Over the past few years, we have established ourselves as the leading player in the managed accommodation sector. As we grow, we want to recognise and reward every employee across the organization who has contributed to our journey. Stanza Living also plans to create an ESOP-linked rewards and recognitions programme from the pool. We are establishing a tradition of recognising exemplary employees for their hardwork and commitment through a top-up ESOP plan, beyond their compensation increments. With the additional allocation, they will have the opportunity to strengthen their shareholding in the company and continue growing with us, he added. Since its launch in 2017, Stanza Living has scaled from 100 beds to close to 65,000 beds across 16 cities. The company has raised over USD 170 million in capital, including its most recent Series D fund raise in April this year. The company is backed by marquee global investors like Equity International, Alpha Wave Incubation, Falcon Edge Capital, Sequoia India, Matrix, Accel Partners and Alteria Capital. Despite the headwinds of the pandemic, the company continued to hold course and grow a portfolio of business vertials, including student housing, coliving for working professionals, third-party hostel facility management and more, Stanza Living said. In view of the COVID-19 pandemic, co-living segment, which includes student housing and accommodations for working professionals, has been badly impacted because of the closure of educational institutions and adoption of work from home policy by corporates.
The fast swelling unicorn universe in the startup ecosystem is set to witness a flurry of share sales as around 18 large startups are set to hit primary markets to raise USD 11-12 billion over the next 24 months, according to a Wall Street brokerage. The domestic startups have created around 60 unicorns, having USD 1 billion valuations or more, and 20 of them this year alone. Many reports predict that the number will cross the 100-mark this year, going by the massive fund inflows into startups. A Credit Suisse report in March pegged the number at 100 already. According to the industry report, 18 unicorn heavyweights like online education major Byjus, e-commerce giant Flipkart, digital payments leader Paytm, ride-hailing app Ola, and hotel and room aggregator Oyo planning to tap the IPO market over the next 24 months. Then there are also players like online insurance retailer Policybazaar, furniture retailer Pepperfry, tech player Inmobi, online grocery delivery player Grofers, payment app Mobikwik, Saas-based solutions Freshworks, online fashion and apparel brand Nykaa, merchant platform Pinelabs that provides financing and last-mile retail transaction technology; pharma retailer Pharmeasy, online grocery delivery platform Delhivery; Droom, and Tracxn, among others, are set to hit the market over the next two years. Of these, Paytm (Rs 16,600 crore issue), Ola (Rs 11,000 crore issue on Monday), Policybazzar (filed for a Rs 6,000 crore IPO), Mobikwik (Rs 1,900 crore issue that opens next month), and Nykaa (Rs 4,000 crore) have already filed for IPOs earlier this month. The first startup to hit the market was food delivery platform Zomato that had raised Rs 6,300 crore last month. We expect 17-18 unicorns to tap the IPO market over the next 18-24 months. Given the ample liquidity and the on-rush of retail investors who have been driving the ongoing market rally, we expect these unicorns to raise USD 11-12 billion, Gaurav Singhal, managing director, investment banking, Bank of America, told PTI from New York on Tuesday. Attributing the massive fund inflows into startups as a result of the radical digital transformation that has disrupted everything, he said the pandemic driven lockdowns have further driven this rally, and that this along with the huge market potential for these companies has caught the attention of global investors. Investors are looking for some sparks in new companies as they sit on mounts of liquidity and chase valuation. On top of this, India is a global growth story, thus lots of global funds and investors are chasing assets, he said. Singhal said the country still not having a super app like in the West, forcing us to use multiple apps, and it is also helping many startups to become unicorns. Unicorn IPOs will change the market landscape as traditionally share sales in the domestic markets are by family businesses. But, now startup promoters are ready to dilute their stakes in IPOs, creating both exit routes as well as liquidity to primary investors, he said, adding the recent Sebi move to reduce the pre-IPO lock-in period to six months is also helping startups to unlock value. Singhal said the internet ecosystem companies do not even control 1 per cent of the USD 3.4 trillion domestic equity market, whereas, in the US, the internet ecosystem dominates the market with 40 per cent of the market capitalisation. The BSE market cap is close to USD 3.4 trillion or Rs 248 lakh crore now. But with the slew of IPOs slated to hit the market, this anomaly will get corrected, he said. Singhal expects the number of unicorns in the country to grow by 75-100 per cent over the next five years. As of August 9, 18 startups became unicorns in 2021, taking the coveted tally to 60, with Upgrad becoming the latest entrant to the coveted list. The new set of unicorns include social media startup Sharechat, wealth management company Groww, messaging platform Gupshup, social commerce startup Meesho and epharmacy Pharmeasy, Blackbuck, Droom, Ofbusiness, Cred, Moglix, Zeta, Mindtickle, Browserstack, Upgrad, among others.