Private equity firm Everstone has acquired a majority stake in Wingify, an Indian SaaS company, for about $200 million. Wingify, founded by Paras Chopra and Sparsh Gupta, is known for its VWO product that enhances website performance. Sparsh will continue as CEO while Paras will remain on the board as a minority shareholder.
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Hindustan Unilever Limited (HUL) reported a 1.4% increase in revenue for Q3, reaching Rs 15,408 crore, despite weak demand in urban areas due to high food inflation. The company's net profit surged 19% to Rs 3,001 crore, thanks to gains from the sale of its Pureit business. Consumers have been opting for smaller product packs across various segments.
Infosys shares fell by nearly 6%, reducing the Murthy family's net worth by around Rs 1,900 crore. Despite strong financial results, including an 11% increase in net profit for the December quarter, the company's market capitalisation decreased.
Fraudsters are purchasing electric vehicles through financing, then replacing the new battery with a used one and selling the new battery. They subsequently default on the loan, returning a significantly devalued vehicle. To combat this, the Finance Industry Development Council has requested that the government include battery numbers on vehicle registration certificates.
L&T chairman SN Subrahmanyan, facing backlash for supporting a 90-hour work week, received Rs 51 crore in compensation last year. His comments about working Sundays have drawn widespread criticism, including from actress Deepika Padukone.
US President Donald Trump plans to reintroduce a 25% tariff on steel and aluminum imports, raising concerns for Indian steel producers facing intense competition and oversupply. Despite the significant tariffs, India's strong domestic market is expected to mitigate adverse effects on its steel industry.
Stephen Schwarzman of Blackstone believes the new US tariff regime could boost American growth and global consumption. He indicates India is well-placed in tariff negotiations and highlights the necessity of infrastructure investment and streamlined project approvals. Schwarzman remains optimistic about India's long-term economic trajectory despite market fluctuations.
India's retail inflation hit a 5-year low of 3.3% in March, driven by significantly lower food prices. This development is expected to prompt the RBI to cut interest rates to bolster growth amid global economic uncertainties. Experts anticipate retail inflation to remain stable, although geopolitical tensions and weather events require monitoring.
Industry bodies requested tax cuts, increased public spending, and focus on MSMEs in the budget to boost demand and job creation during their consultations with FM Sitharaman. Proposals included reducing personal tax rates, excise duty, improving credit flow to small businesses, and developing rural industrial parks, with an emphasis on public capex and female workforce participation.
Sunil Mittal of Bharti Group supports satellite connectivity for underserved rural areas using shared spectrum. He urges the regulator Trai and government to develop non-discriminatory policies for urban satellite connectivity, ensuring fair competition with terrestrial providers.
IndusInd Bank plans to auction Rs 1,573 crore worth of non-performing microfinance loans, setting a reserve price of Rs 85 crore, indicating a significant loss. The bank's promoters have pledged additional shares, raising the total pledged share capital to 6.86%, to secure an existing loan.