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Pramod Sawant, re- appointed as Goa CM. Goa Chief Minister Pramod Sawant on Monday said all cities need to identify long-term revenue models based on the infrastructure, which is being created under the Smart Cities Mission. Sawant was addressing the Smart Cities CEOs conference on data and technology, which is currently underway in the state. "In Goa, we have the saying ’Swayampurna Goem’, which is related to the concept of ’atmanirbharta’ (self-reliance)," the chief minister said. There is a need for all cities to identify long-term revenue models based on the infrastructure that is being created under the Smart Cities Mission, he said. This will ensure self-sustainability of all smart cities once the mission has concluded and will help fund future endeavours of the special purpose vehicles (SPVs), Sawant said. The Smart Cities Mission has covered a lot of ground, but smart cities need smart people as well. Universities, students, private and government institutions … [Read more...] about Cities must identify revenue models based on infrastructure created under Smart Cities Mission: Goa CM Sawant

Representative image Hospitality and travel-tech firm OYO estimates its revenue in 2022-23 to be USD 751 million on the back of which it expects to post its first operating profit in a full year, company Founder and Group CEO Ritesh Agarwal has told its employees. At an employees townhall held this week, Agarwal is understood to have shared how the company has been able to gradually strengthen its financials after overcoming the challenges of the pandemic. The company expects its revenue in FY23 to be USD 751 million, up 19 per cent from USD 629 million in FY22, he told the employees through a presentation during the townhall. In the first half of the fiscal year, OYO posted an adjusted EBITDA of USD 8.3 million. It had registered an adjusted EBITDA loss of USD 37 million in the same period of FY22. For the second half of the fiscal, continued momentum on topline coupled with margin expansion and healthy operating leverage are expected to result in USD 24 million adjusted … [Read more...] about OYO estimates its revenue to be $751 million in 2022-23: Ritesh Agarwal

Nykaa stated that currently, P Ganesh is CFO at TAFE Group.(Representative image) Nykaa, which is operated by its listed parent company FSN E-Commerce Ventures , on January 23 said that it has appointed P Ganesh as the company's chief financial officer (CFO) with effect from February 3, 2023. Currently, he is CFO at TAFE Group. Prior to TAFE, he has held leadership roles in India and overseas with the Godrej Group, Glenmark Pharma and Pidilite. As per the company's regulatory filing, P Ganesh is a Chartered Accountant, Cost and Management Accountant and Company Secretary and has over 27 years of "rich industry experience in domestic and international markets." Commenting on the appointment,  Falguni Nayar, Founder and CEO, Nykaa, said, “We are pleased to welcome Ganesh to our leadership team and be part of Nykaa’s growth story that will benefit from his rich financial experience. His knowledge about the Indian financial market and insights into International markets will … [Read more...] about Nykaa appoints P Ganesh as CFO effective February 3

Adani Group Companies linked to Indian billionaire Gautam Adani plan a detailed response Friday to a short seller’s report that they labeled as “bogus,” according to bondholders who participated in a conference call with Adani executives. The Adani Group held the call with fixed-income investors after US short seller Hindenburg Research leveled a series of extraordinary allegations about the sprawling conglomerate. Adani Group set out a reply to some of the issues in an 18-page presentation titled “Myths of Short Seller” on the call, according to people familiar with the matter, who asked not to be named as the talks were private. The group said it would publish a more detailed reply to Hindenburg’s 100-page dossier on Friday. On the call, it told investors that assertions of accounting fraud were “devoid of facts.” Eight of the nine Adani portfolio companies are audited by one of the so-called “big six” auditors, according to the presentation seen by Bloomberg. The … [Read more...] about Adani lines up detailed response to ‘bogus’ short seller report

An Air India aircraft. As the Tata group completes the first year of taking over Air India, the airline on Friday said it is finalising a historic order of new aircraft while the airline's chief Campbell Wilson highlighted that the carrier's progress has been quite remarkable. Stepping into the second year of Air India 2.0, Wilson, in a message to employees, acknowledged that there will be challenges along the way and emphasised that more than successes, "it is how we respond to our lapses ... that will define us". The airline has put in place a roadmap under Vihaan.AI for transformation over the next five years and has taken various measures, including committing USD 400 million to refurbish the interiors of its entire wide-body fleet. However, in recent weeks, the carrier has faced certain headwinds related to the unruly behaviour of passengers onboard two international flights and has also been penalised by the aviation regulator DGCA. Listing out major initiatives, … [Read more...] about Air India has made ‘quite remarkable progress’: CEO; airline finalising historic aircraft order

January 27 marks one year of Air India (AI) returning to the Tata fold Air India is set to place an order for 190 Boeing 737 MAX narrow body planes along with 20 Boeing 787s and 10 Boeing 777X today, a Reuters report quoted industry sources as saying. The order comes on a day when Tata Group will mark the first anniversary of its acquisition of Air India from the government. This is half of the order worth billions of dollars for around 495 jets, the report quoted industry sources as saying. This is part of an effort by the Tata group to make Air India more competitive in a tough aviation market. The other half of the order, sources told Reuters, is expected to be completed over coming days. This includes around 235 Airbus single-aisle jets and about 40 Airbus A350 widebody aircraft. The order comes at a time when the travel industry is seeing a strong post-COVID surge. Read More Flying high Marking the first anniversary of the take over, Air India … [Read more...] about Air India likely to seal half of jumbo plane order with Boeing today

The Life Insurance Corp. of India headquarters in Mumbai. Photographer: Dhiraj Singh/Bloomberg Shares of Indian banks and Life Insurance Corp. of India plunged on Friday amid concerns about their exposure to the Adani Group following a scathing short-seller report. The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners. “Negative sentiment is prevailing in the market, which is weighing on bank stocks,” said Kranthi Bathini, chief market strategist at WealthMills Securities Pvt. “Some of it is due to worries about Adani collateral,” although there’s also a bout of profit-taking after the rally in recent months, he added. Indian banks have reported sterling results over the past weeks, with their quarterly profits soaring driven by scorching credit demand. That euphoria has now been overshadowed by the drama unfolding in the country after US … [Read more...] about Adani report fallout: Banking, LIC shares crack

And you already thought it was difficult to get a reservation at Noma. The Copenhagen restaurant, one of the world’s most famous and a top destination for food tourism, has given notice that it will permanently close its doors to regular service. The good news for fine-dining groupies: The closing won’t come until the end of 2024. Rumors that Noma would close have been swirling for months. Rene Redzepi, chef-owner of Noma, said Monday that it wasn’t possible to make the math of fine dining work for his almost 100 employees and himself. “We have to rethink the industry,” he told the New York Times. In 2021, the restaurant lost money, even with government support, while selling $700 lunches, although it said it expected a better result in 2022. The restaurant is currently offering a seasonal tasting menu including sika deer, game birds and reindeer with forest-scavenged mushrooms and berries for 3,500 Danish kroner ($500), with a 1,800-kroner wine pairing. A Noma … [Read more...] about Noma, one of the world’s best restaurants, is closing its doors

The incident occurred at a McDonald's outlet in Cambridge. (Representational image) A UK man’s McDonald’s meal became the most expensive he had ever had after he was fined £100 (Rs 10,000) by a private parking company for taking too long to eat in the car park. Shapour Meftah received two penalty notices from a private car parking company at his home for his visit to the restaurant at New Market Road in Cambridge on January 4 and 6 respectively. His brother too has received the penalty tickets. "It was parking from hell - the most expensive McDonald's I've ever had", Meftah told local news outlets. He was meeting his brother at the fast food chain and spent eating for over 90 minutes – the maximum parking time allotted by the parking company. If he doesn't pay the fine within a week then the fine will go up to £100 each. He went for help at the McDonald’s too but they were not able to do anything. Meftah also claimed that there was no signage at the restaurant that … [Read more...] about UK man fined Rs 10,000 for exceeding parking time limit at McDonald’s

Honasa Consumer, parent of Mamaearth, is looking to raise Rs 400 crore through a fresh issue of shares, apart from an offer for sale of around 4.7 crore shares. “Valuation discovery is a process which will take place over time as we get into deeper conversations with investor community”. That was Mamaearth co-founder Ghazal Alagh’s response after the company faced #FinTwit’s ire for demanding a ‘sky-high, disastrous’ valuation for its public offering. Keeping Alagh’s comment aside, it is certain that Bollywood actor Shilpa Shetty will be laughing all the way to the bank as her Rs 6.8 crore investment in the company will grow multi-fold. The question is by how much? Let’s assume that Mamaearth lists at Nykaa’s current market capitalisation-to-sales (or price-to-sales) valuation, given both are direct-to-consumer (D2C) companies in the beauty and personal care (BPC) space. Nykaa trades at 7.4 times P/S based on FY23 annualised sales. Honasa Consumer, parent of Mamaearth, … [Read more...] about Shilpa Shetty could make a killing from Mamaearth IPO. Here’s how