COMPANY
Microsoft president says company respects European laws amid US criticism
Microsoft President Brad Smith affirmed the company’s respect for EU laws, including the Digital Markets Act, distancing it from US criticism of recent Big Tech fines. He also pledged legal resistance to foreign interference in European cloud operations and significant expansion of Microsoft’s European data infrastructure.
Q4 results today: Vedanta, Adani Power among 52 companies to announce earnings on Wednesday
Apart from the above Federal Bank, Forbes & Company, Go Fashion (India), Godrej Agrovet, Greaves Cotton, Orient Green Power Company among others will also declare their results.
To open source or not; Urban Company founders sell stock
Happy Wednesday! With Sarvam’s new government assignment, India is debating open sourcing. This and more in today’s ETtech Morning Dispatch.
Urban Company founders sell stock; Alibaba ups AI ante
Founders of Urban Company have sold shares in the run-up to the firm's IPO. This and more in today’s ETtech Top 5.
Urban Company founders sell Rs 780 crore worth of shares through multiple pre-IPO secondary deals
Founders used a portion of the Rs 780 crore raised through secondary share sales to fully pay for shares allotted to them in a 2019 rights issue. These shares were initially issued on a partly paid-up basis and required full payment ahead of the IPO.
TVS Motor shares slip 3% despite 76% YoY surge in Q4 profit, strong revenue growth
TVS Motor Company's shares declined 3% following Q4 results that, despite a 76% YoY jump in standalone net profit to Rs 852 crore and a 17% rise in revenue to Rs 9,550 crore, disappointed investors. While the company reported its highest-ever operating EBITDA, concerns linger regarding investments in subsidiaries and challenges adapting to Euro 5+ norms for Norton bikes.
Canara HSBC Life Insurance Company files IPO papers
Canara HSBC Life Insurance Company has filed for an IPO, with existing shareholders Canara Bank, HSBC Insurance, and Punjab National Bank planning to sell their stakes. The company, managing over 400 billion rupees in assets, reported a profit increase in fiscal year 2024, despite a slight revenue dip.
New players in UPI sweepstakes; Urban Company’s IPO papers
Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today’s ETtech Morning Dispatch.
Urban Company files DRHP for Rs 1,900-crore IPO
Urban Company, which provides mobile app-based beauty and home care services, will raise up to Rs 429 crore by selling new shares, while existing investors plan to offload stock worth Rs 1,471 crore.
Home care startup app Urban Company files draft papers for $223 million IPO
Urban Company, backed by Tiger Global, has filed for an IPO of 19 billion rupees. The online service aggregator will raise funds by issuing new shares. Existing investors plan to sell their stock. The company intends to use the funds to develop its technology. It will also use the funds for office leases and marketing.
Urban Company set to file DRHP for Rs 2,000-crore IPO
Urban Company, backed by Accel, is set to file its DRHP for a Rs 2,000-crore IPO, comprising a fresh issue of Rs 500 crore and a Rs 1,500 crore secondary share sale. Founders won't participate in the offer for sale portion of the IPO. The company, which has seen pre-IPO secondary rounds at a $1.8 billion.
Doctor can't be punished for prescribing a medicine from any pharma company: HC
The Orissa High Court has provided relief to doctors. It ruled that prescribing specific drugs, even from particular companies, isn't a crime. Unless the drug is dangerous or of poor quality, doctors are protected. The court quashed proceedings against Dr. Rabindra Kumar Jena. He was accused of favoring certain pharmaceutical companies.
Roche made over 100 times the cost of a medicine that it sold in India, calculations show; company defends itself
A recent report in The Times of India reveals that Roche may have profited immensely from risdiplam, a drug for spinal muscular atrophy (SMA), potentially earning 115 times its clinical trial expenses. Knowledge Ecology International estimates trial costs at $50 million, while Roche's risdiplam revenue reached $5.8 billion. Roche defends its pricing, citing unsuccessful projects and ongoing research.
Hot AC stocks: Sizzling summers, increasing demand, affordability all set to push up the stocks of these companies, but challenges remain
Room air conditioner companies anticipate robust growth in the March 2025 quarter. Early summer heat is expected to drive demand. Higher retail activity and channel restocking are key factors. The industry faces compressor shortages, but companies are finding alternatives. Voltas, Blue Star, and Amber Enterprises are well-positioned. Long-term growth is supported by urbanization and rising incomes.
Q4 results today: Ultratech Cement, Adani Green among 49 companies to announce earnings on Monday
The fourth quarter earnings season is gaining traction, with numerous companies set to announce their results on Monday. Ultratech Cement is anticipated to reveal a strong operational performance, driven by volume growth and stable margins. Revenue is projected to increase by 12% year-on-year, while profit is expected to rise by 8%.
Companies mull stockpiling as trade war turns tricky
Faced with the Trump administration's unpredictable tariffs, companies across various sectors, including cosmetics, pharmaceuticals, and electronics, have resorted to stockpiling goods in the US. This surge in exports, seen in countries like France, Ireland, and Switzerland, reflects an attempt to mitigate the impact of tariffs.
Independent directors depart as companies run into rough weather
Mounting regulatory pressure and promoter misconduct are prompting independent directors to resign from corporate boards, particularly in technology companies. A significant rise in voluntary cessations has been observed, often attributed to 'preoccupation' or 'personal reasons,' masking deeper concerns about legal and compliance risks.
DoorDash makes a $3.6 billion offer to buy British meal delivery company Deliveroo
British meal delivery company Deliveroo confirmed on Friday that it received a proposal from DoorDash on April 5 to buy all of its shares for 180 pence each. In June 2024, DoorDash showed interest in buying Deliveroo, but discussions fell through over valuation differences.
Culture scores: A predictor of company performance?
Companies with strong cultures are 1.6 times more likely to see improved net profit margins and have 1.7 times increased cash flows, according to a Deloitte study. Indian organizations score high on culture due to growth opportunities and inclusion focus, driving sustainable success.
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