Macrotech Developers to invest Rs 4,500 cr
New Delhi: Macrotech Developers Ltd will invest Rs 4,500 crore this fiscal year on construction of real estate projects as it seeks to ramp up execution capabilities amid strong housing demand. Mumbai-headquartered Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha noted that the demand for residential properties continues to be strong despite increase in mortgage rates as well as housing prices.
Mcap of nine firms jumps Rs 1.84 lakh crore
New Delhi: Nine of the top-10 most valued firms together added Rs 1,84,225.43 crore in market valuation last week, with Reliance Industries Limited and State Bank of India emerging as the biggest gainers, in an overall bullish equity market trend. Last week, the BSE benchmark jumped 1,457.38 points or 2.44 per cent. Hindustan Unilever Limited was the only laggard from the top-10 pack. The market valuation of Reliance Industries zoomed Rs 48,238.78 crore to Rs 16,37,408.27 crore. State Bank of India's market capitalisation (mcap) jumped Rs 31,325.39 crore to Rs 5,15,887.19 crore. The mcap of ICICI Bank rallied Rs 23,472.25 crore to Rs 6,40,949.71 crore and that of ITC climbed Rs 21,003.35 crore to Rs 5,28,377.17 crore. The valuation of Tata Consultancy Services (TCS) advanced Rs 19,886.94 crore to Rs 11,76,750.92 crore and that of Bharti Airtel gained Rs 18,874.22 crore to Rs 4,45,509.68 crore. Infosys added Rs 10,447.1 crore taking its market valuation to Rs 5,19,662.10 crore. HDFC Bank's valuation surged Rs 8,115.33 crore to Rs 9,42,052.68 crore and that of HDFC climbed Rs 2,862.07 crore to Rs 5,09,126.31 crore.
Draught beer brand Oi to open own cafes now
Mumbai: Pune-based draught beer maker Oi Brewing Company, which hawks its product under the label of Oi, is entering the cafe space and the first facility will come up in the tony Kalyani Nagar area of the city by October. The domestic draught beer market is nascent and concentrated in metro cities like Bengaluru, the largest market with over 50 players, Delhi-NCR, Pune and Mumbai; all operated by small-time players. From revenue and volume perspective the share of draught beer market is just about 1 per cent of the estimated USD 15-billion domestic beer market, which is expected to grow annually by 8.2 per cent between 2023 and 2027 to touch 5.81 billion litres, according to the industry publication Statista.
Brought more FDI than any other startup: Byju
New Delhi: After financial crime-fighting agency ED searched Byju's premises, the education platform's CEO Byju Raveendran wrote to employees saying the company brought more FDI to India than any other startup and that the firm fully complies with all applicable foreign exchange laws. India's most valuable startup, Byju's was once valued at USD 22 billion and has attracted global investors such as General Atlantic, BlackRock and Sequoia Capital. “As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA (Foreign Exchange Management Act) compliance, we are confident that the authorities will also come to the same conclusion," Raveendran said in the memo sent late on Saturday, which was seen by PTI. ED had on Saturday searched three premises in Bengaluru linked to the company over alleged foreign exchange law violations. Searches at 'Think & Learn Private Limited' (Byju's online learning platform) yielded "various incriminating documents and digital data was seized", ED had said. The firm had received foreign direct investment of nearly Rs 28,000 crore between 2011 and 2023, the agency had said, adding the firm remitted Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investments. In the internal memo, Raveendran said that the company had sent some money overseas to fund its international acquisitions.