Business News: All Important Headlines Of Yesterday At A Glance | India Business Hour | CNBC-TV18

well a very good evening and thank you

for joining us on India business Kumar

and here are the headlines that we're

tracking this evening

[Music]

htfc twins see Sharp Falls after msci

rejects the weightage the last feat

boasts the worst single day fall in two

months since X loses nearly 700 points

and the Nifty loses about 200 wiping out

all the gains made this week

e-commerce unicorn me show announces a

second round of job Cuts Indian startups

have laid off over 6 000 employees in

just the first four months of 2023

venture capitalist investments into

Indian startups also dip to their lowest

level in 28 months startups raised 88

less funds in April compared to last

year

big Tech continues to deliver as Apple's

quarterly earnings beat estimates India

business sets a new record clocking

double-digit growth CEO Tim Cook says

that India is at a Tipping Point and is

a major Focus for Apple

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FS surge After Cash stopped go first

suspense operations a Mumbai to Delhi

flight tomorrow costs nearly 15 000

rupees fresh trouble for go first as

eight lessors send applications to

Aviation regulator seeking to

de-register 20 aircraft

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shares of manapuram Finance tumble after

enforcement directed it freezes assets

of managing director nand Kumar worth

143 crore rupees malapura management

terms the investigation as unfair and

claims that the Ed has frozen shares

worth 2 000 crore rupees

CBI searches seven locations linked to

Jet Airways in connection with an

alleged bank fraud amounting to 538

crore rupees also searches the residence

of its founder naresh Goyle the CBR

filed a new fir on a complaint from

canara Bank

three days after announcing its

resignation as the president of NCP a

U-turn from Charlotte pavar withdraws

the resignation says that he respects

the decision of a panel of senior

leaders who wanted him to continue as

the party chief

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India's foreign

cooperation organizations meeting in Goa

but no bilateral meeting takes place

between India and Pakistan Minister

jayashankar meets with his Chinese

counterpart and discuss the issues at

the border

Manipur remains tense following ethnic

clashes earlier this week the Indian

army says that the situation remains

under control as Center deploys more

troops the Northeast Frontier Railway

suspends all train operations through

the state for the next 48 hours mobile

internet remains cut off

World Health Organization lifts the

international public emergency status

for covid-19 says it is no longer a

global Health Emergency

mutual fund industry sees a sharp rise

in new investors Millennials account for

54 of the 1.57 crore new investors 90

Millennials preferred investing in

equity last fiscal while only three

percent preferred investing in debt over

50 percent of new Millennial investors

are below the age of 32.

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with straight to the market action shops

sell off on Friday wiped out almost all

the gains made this week sensex lost

nearly 800 points and the Nifty lost

about 200 points in what was the biggest

single day fall in two months HDFC twins

came under significant pressure and

Nifty Bank index was down over a percent

shares of the HDFC twins fell by over

five percent after index provider msci

said it will include the merged entity

in its large cap index at a weightage

below Street's expectations according to

nuvama research the announcement

adjustment factor of 0.5 times could

lead to an FBI outflow of 150 to 200

million dollars as against the

expectations of an inflow worth 3

billion dollars

and while in the oil market crude oil

prices saw some sharp recovery with the

Brent moving closer to the 75 dollar

mark this comes after a sharp drop in

prices over the last few days due to

fares of a Slowdown in the US and China

now despite the recovery on Friday oil

prices are likely to end the week in the

red

well in a fresh round of job Cuts

e-commerce platform me show has laid off

more than 250 employees now the

management said that they made an error

of judgment by overheading ahead of the

curve akhil vishwanath is here with the

latest

layoffs across the startup space

continue tell us more

that's right Michelle has got jobs for

the third time in the last one year if

we include the 251 employees who have

been fired in the latest round the

social commerce unicorn has let go more

than 700 employees since last April the

company says it was a difficult decision

but a necessary one as it looks to turn

lean to achieve sustained profitability

co-founder and CEO visit our three in a

letter to employees said the macro

climate has undeniably and considerably

changed and as a result the company has

had to accelerate its timeline to

profitability by tempering its growth

targets and staying highly prudent when

it comes to costs atres even admitted to

judgment errors in over hiring ahead of

the curve after the company witnessed

Stellar growth during the pandemic

micho is not alone in trying to cut

costs to rectify the error in thinking

that pandemic error growth will last

forever we need to keep in mind that the

funding winter has made it tougher to

raise funds to keep up the cash burn the

firing spree which began early last year

has led to over 90 Indian startups

laying off more than 25 000 employees

six thousand employees have been let go

in the first four months of 2023. now

besides we show several unicorns have

also cut jobs the largest of them coming

in attack with by Jews and Academy and

others slashing jobs in their core

businesses and at subsidiaries as well

in multiple rounds back to you

right thanks a lot for that now sticking

to the startup space layoffs have partly

been a result of deep funding Winter

According to venture intelligence VC

Investments have dropped by more than 80

percent since last year Indian startups

have raised only 2.4 billion dollars so

far this year as compared to 24 billion

in 2022 and 35 billion dollars in 2021.

in April 2023 alone fun day has dropped

by 88 since last year April has seen

Investments dipped to a 28-month low

well in today's earnings fmcg major

Britannia reported a mixed bag this

quarter net profit grew by nearly 50

percent however volume growth mistreats

estimates by a huge margin volume growth

of one percent was well below the

Street's expectations of four to five

percent growth the company said that

they are looking to adjust the price of

their products to gain market share

meanwhile Marico has met the streets

expectations in the fourth quarter as

higher other incomes aided the bottom

line the other income included a

one-time gain of 28 crores on sale of

land in one of the overseas locations

the fmct Giants Revenue came in at

around

2240 crore rupees while margins at 17.5

percent for a slight Miss

move from the earnings space Federal

Bank 70 net profit growth which was

aided by higher other income Beat Street

expectations net interest income however

was a big miss the bank's nii saw its

highest decline in the last 14 quarters

the stock ended eight percent lower in

trade the bank's asset quality is the

best however in 24 quarters

while some International earnings now

Tech Giant Apple reported better than

expected earnings during its March

quarter driven by record iPhone Revenue

the company profit came in at 24 billion

dollars while Revenue stood at an nearly

95 billion dollars beating wall Street's

expectations Apple's India business

posted a record quota and clocks

double-digit growth on a year-on-year

basis Tim Cook said that India is at a

Tipping Point Shilpa ranipeta joins us

more on Apple's big bet on India

well at a Tipping Point and an

incredibly exciting Market that the word

coming in from iPhone maker apple on the

Indian market which its Chief Tim Cook

has said is a major Focus area for the

company now in the quarter gone by the

iPhone maker said that it's set a

quarterly record in the Indian market it

drew double digits on a year-on-year

basis and answering uh while he was

answering an analyst question on the

India opportunity he said that beyond

the sales of its Hardware devices like

iPhones iPads Etc it does see a huge

opportunity across the board and this

includes services and this is despite

the fact that India he said has low

outputs or average revenue per user but

on a long-term basis he sees an

opportunity across the board including

services in the Indian market now

remember Apple operates in the premium

segment in the Indian market and this is

a segment that's not really been

impacted by inflation or the

macroeconomic headwinds that we've been

seeing but Tim Cook says that he sees a

lot of people entering the middle class

in the in India and he hopes that he can

convince some of these people to buy

iPhones as well and that could drive for

the business going ahead now remember

Apple opened two retail stores its first

two retail stores in India last month

one in Mumbai and one in Delhi as well

now looking at a global level or a at

the company level also Apple says that

the iPhone in fact locked a record

Revenue this quarter and this was led by

a very strong performance in Emerging

Markets which included India but also

South Asia Latin America and the Middle

Middle East now the iPhone revenues came

in at about 51.3 billion dollars and

overall Revenue was down about three

percent to about 94.8 billion dollars

and its net income a profit was also

down about three percent to 24.2 billion

dollars but while this is a second

straight quarter that the company had

seen a decline in its numbers this was

still above the street expectations

which was in fact

um expecting a very soft quarter for

Apple but a record iPhone sales have

driven a performance Beyond Market

expectations for the company and while

the company is not given um a guidance

on the June quarter it has said that the

jewel quarter will be similar to the

March quarter but that is given that

there is no worsening of the macro

economic Outlook than what it is

currently active

right Shilpa thanks a lot for that now

shifting Focus to the Aviation Space

fresh trouble for cash flapped Airline

go first eight aircraft lessors have

filed an application of the Indian

Aviation regulator dgca seeking to

deregister 20 planes now the airline

remains grounded and the nclt has

reserved its order on a pleap under the

bankruptcy law seeking an interim

moratorium Danish is joining us now with

more details on the lessors moving the

dgca Danish

but fresher shoes have cropped up for

vadia group backed Airline go first as a

Dublin based lassos are seeking group 2D

register 20 aircraft the lessons have

filed irrevocable deregistration and

Export request authorization to the

director general or civil aviation the

lasers are seeking to de-register four

Airbus A320 aircraft and 16 A320 Neo

aircraft out of eight lessons G by

Aviation has leased the maximum number

of aircraft that is 10 followed by SMBC

Aviation which has at least four

aircraft to go first and the remaining

six lessons have released 1 8 in each

these planes have been stationed at

various airports like kannur nagpur

Delhi Hyderabad Kolkata Chennai and

Mumbai and this development has come

within two days after the airline

announced its voluntary insolvency move

thanks a lot for that now as go fast

remains grounded FS have been surging if

you're flying from Mumbai to Delhi

tomorrow prepare to Shell out nearly 15

000 Rupees is joining us now with the

reasons behind the rise in these

airfares and a snapshot of prices across

major sectors take a look

waiting 180 to 185 flights every day and

was flying about 30 000 passengers daily

before filing for bankruptcy now with

the airline getting out of the market at

least for the foreseeable future this 30

000 passenger traffic gets directed to

other Airlines and with many Flyers

making last minute bookings all Airlines

were seeing an uptick in demand are

making the best of that opportunity now

let's look at some of the routes that

are seeing a dramatic Spike and I picked

up routes where go first operated more

flights so if you're traveling on the

6th of May which is tomorrow look at the

Delhi to Mumbai fares the highest fare

is 28 000 rupees and the lowest is 13

000 rupees look at the fares for some of

the routes where Gophers had a higher

frequency Delhi to Srinagar is 27 000

rupees whereas Mumbai to Srinagar is 34

000 rupees next check Mumbai to Lucknow

17 000 rupees in the lowest fare on this

route is 15 000 rupees another route

where go first flew Delhi to Patna

highest fare is 18 000 rupees the lowest

is 12 000 rupees then Mumbai to Ranchi

is 19 000 rupees and these fares are

easily more than double of the usual

rates Mumbai to kanpur another go first

route is over 18 000 rupees let's see

Mumbai to Kochi the highest pair is 28

000 rupees and the lowest fare is 14 000

rupees and important to note here that

these prices are off as of noon today

and if you check now some fares have

even jumped further I spoke to some

leading travel booking platforms and

they say prices are likely to remain

high and fluid for the next few days

before settling down at a level

well meanwhile the travel agents

Federation of India has written to go

for a CEO over cancel flights travel

agents say thousands of tickets had to

be canceled on account of the suspension

of flights following which passengers

whose flights have been canceled are

calling agents and are clamoring for

refunds travel agents say that they have

already paid go fast for such tickets

and it is not possible for the agents to

refund money to passengers until it is

received from the airline

and while more action from the Aviation

Space the Central Bureau of

Investigation has conducted searches at

seven locations in Mumbai associated

with Jet Airways and it's founder naresh

goyal now this search was conducted

after Canada Bank filed an fir accusing

the airline of fraud worth

538 crore rupees

well speaking of Investigations the

shares of manapuram Finance slumped

after its promoter VP nand Kumar

received an ed order which stated that

the personal assets have been frozen the

assets include over 19 crochets worth 2

000 crore bees held by nand Kumar in the

company manapuram Finance said that the

Ed action has nothing to do with the

company biashtra now joins us with more

details yeah sure tell us why is the ad

taking such action why have they frozen

the assets and what does the order say

well to sum up what's transpired in the

manapuram case so far the enforcement

directorate conducted searches at six

premises linked to the manapuram group

along with those six premises the

residents of manapuram Finance current

MD that is uh VP nand Kumar was also

searched by the enforcement directorate

the allegation from the enforcement

directorate is that one of the

subsidiaries of the manapuram group that

is manapuram Agro collected deposits

from people this in a situation where it

did not have rbi's approval to go ahead

and collect deposits uh the second

allegation is that these uh funds which

were raised through collection of

deposits were used towards buying of

immovable properties also this money was

invested in buying shares of the listed

entity that is manapuram finance also

the two sets of arguments and counter

arguments coming from the company that

is manapuram finance and enforcement

directorate there's a lot of discrepancy

in both those arguments in the first

case Edie says that they have Frozen

asset it's a of the value of around 143

crore rupees whereas manapuram finances

that the value of shares Frozen by

enforcement directorate itself is about

2 000 crore rupees Edie says that

manapuram Agro was not allowed to take

deposits uh here manapuram Finance says

that the subsidiary did accept deposits

but thus those funds were used in

manapuram Agro itself the third one is

where Edie says that the funds raised

from these deposits went into immovable

properties also invested in shares of

manapuram Finance here manapuram Finance

says that in a sebi and rbi's

investigation there was no adverse

findings on misappropriation of these

funds finally Edie says that there was

no kyc documentation done of the

depositors also there is no proof of

repayment here manapuram finances said

that the entire deposit pool of about

143 crore has been returned back to

those depositors except for a very small

amount of just about nine and a half

lakhs also manapuram Finance on this

particular issue did a conference call

today in which the mdvp Nanda Kumar has

said that they will move the high court

against enforcement directory case and

that move will happen primarily on three

prayers one is to quash Ed's case

entirely the second one will be to get

the assets which Ed has frozen to get

them released and the third one would be

to restrain Ed from undertaking any

further investigation in this particular

case then the same Concourse we also

asked the MD two important questions the

first one was whether he will step aside

as the managing director of manapuram

Finance still the investigation is going

on uh due to a possible chance of a

conflict of interest to which the answer

was that at this point of time there is

no requirement for any change as far as

the leadership is concerned the second

question that we asked him was on erie's

allegation on misappropriation of funds

whether These funds were used in buying

immovable properties and shared some

manapuram Finance uh that particular

question remain unanswered by the

management as far as the conference call

is concerned

ideas thanks a lot for that now demand

account openings have seen a sharp fall

since December 2020 a little more than

one million accounts were opened in

April compared to 3.5 million accounts

in October 2021 analysts have attributed

this decline to volatile markets

overpriced IPOs and muted returns for

investors

but speaking of the markets mutual fund

industry has seen a sharp rise in new

investors according to a report

Millennials account for 54 of the 1.57

crore new investors sonal bhutra is

joining us now with more details sonal

well yes the mutual fund industry saw a

sharp increase in new investors starting

from fy20 while there has been a big gen

Z Wave you know who contributed the most

to it the Millennials Millennials also

known as Gen Y are the ones born between

1981 to 1996. a report by CII Camp shows

84.8 lakh new Millennials joined the

mutual fund Community 1.54 crore sip

registrations were from this age group

1.03 lakhra of gross inflows and AUM

edition of 96 000 425 crore rupees and

26 of these Millennials were women

between FY 19 and fy23 totally 1.57

crore new investors joined the mutual

fund industry and 54 of them were

Millennials and of the total sips which

stood at 5.34 crores 29 came in from the

Millennials now how has this segment

grown in the last five years we saw big

influx of investors in the mutual fund

industry due to the pandemic FY 19 saw

an edition of 29 lakhs this actually

felt to 21.2 lakh in FY 20 fy21 was

similar for f522 so a big jump at 48

lakh and f523 continued with additional

investors despite the market volatility

Millennials continue to be the bigger

contributor here anywhere between 51 to

as high as 57 in F by 20. actually their

share peaked at 57 in f520 even among

the Millennials the number of investors

born between 1991 and 1996. that has

steadily increased over the five-year

period out of all the Millennials who

have entered the MF industry 50 are born

between 91 to 96 30 between 1986 to 1990

and the Western earlier years now

interest in making the first investment

in Equity Funds intensified in FY 20 and

fy23 even though the market rally peaked

in fy21 so as a category Equity

continued to be the flavor commanding 90

share in fy23 followed by their three

percent and other categories at six

percent so if we map the preference for

Equity Funds it has seen a sharp

increase from f521 to f523 the pandemic

period could have made them a little

cautious the record performance of the

market in fy21 may have made the

Millennials more interested in fy22 and

fy23 to put in money there whether this

continues or not we'll have to track

with that it's time now to slip into a

very short break but coming up next

India's foreign minister Shankar and

Pakistan's Bilal Bhutto greet each other

at the Shanghai cooperation

organizations meeting in Goa but no

bilateral meeting takes place between

India and Pakistan

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foreign

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Minister's meeting in Goa India's

foreign minister ashankar greeted his

Pakistani counterpart beloved however

the two countries did not hold bilateral

meetings addressing member states

jashankar delivered a strong message on

terrorism saying that it must be stopped

in all its forms the Indian Minister

also met with his Chinese counterpart

raised the ongoing dispute at the India

China border

the Menace of terrorism continues

unabated

taking our eyes of this Menace would be

Gentry bentle to our security interests

we firmly believe that there can be no

justification for terrorism and it must

be stopped in all its forms and

manifestations including cross-border

terrorism

the channel of finances for terrorist

activities must be seized and blocked

without distinction

five Indian soldiers have been killed

during an anti-terror operation in Jammu

and kashmir's suspected terrorists who

were hiding in a forest triggered an

explosive as the Army closed in on their

position following the incident mobile

internet services were suspended in

rajori

Manipur remains tense following ethnic

clashes earlier this week the Indian

army has said that the situation remains

under control as the center deployed

more troops the northeastern Frontier

Railways also suspended all-terrain

operations through the state for the

next 48 hours mobile internet in the

state remains cut off

three days after announcing his decision

to quit as the NCP president Charlotte

pawar has taken a U-turn hours after his

resignation was rejected by the top

party leaders pavar addressed a press

conference and said that he will

continue as the president of the party

he however added that there is a need

for a succession plan for any post or

responsibility in the organization Ajit

pawar however was conspicuously absent

from the press conference

wrestlers continue their protests

seeking the arrest of federation Chief

Bridge push and sing on allegations of

sexual harassment Sports Minister anurag

thakur has said that the Delhi police

was conducting a fair probe and urged

the protesting athletes to allow

investigators to do their job and for

the investigations to be completed the

wrestlers have been protesting at gentle

Mantra since the 23rd of April

and well with that it's a wrap on this

edition of India business ah thank you

so much for watching news and updates

continue