<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi there! In today's edition of Terrible Ideas Come to Life: People are trying to recreate the <a target="_blank" href="https://www.businessinsider.com/temple-run-tiktok-videos-tourists-running-angkor-wat-cambodia-2024-8">"Temple Run" video game in a Cambodian temple</a>.For today's big story, Wall Street is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-preview-stock-price-artificial-intelligence-ai-investing-blackwell-2024-8">watching Nvidia's earnings report</a> as the chip giant <a target="_blank" href="https://www.businessinsider.com/nvidia-earnings-questions-product-delays-2024-8">faces some big questions</a>.What's on deck:<ul><li>Markets: The tech projects Wall Street execs <a target="_blank" href="https://www.businessinsider.com/wall-street-top-technology-projects-goldman-blackstone-morgan-stanley-2024-8">are most excited about</a>.</li><li>Tech: Breaking down <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-letter-jim-jordan-meta-facebook-censorship-politics-meaning-2024-8">Mark Zuckerberg's letter to Congress</a> that admitted Meta screwed up.</li><li>Business: For a certain group of workers, <a target="_blank" href="https://www.businessinsider.com/cities-losing-big-advantage-college-workers-wages-housing-costs-salaries-2024-8">big cities no longer come with big paychecks</a>.</li></ul>But first, happy Nvidia earnings day to all those who celebrate.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="30c2c05e-0670-4d6a-89da-40d8b6c4df08">The big story</h3><h2 id="4b92e336-69c3-4600-a703-fcc889c7609c">AI's darling reports</h2><div type="image" title="Photo illustration of Nvidia CEO Jensen Huang" height="975" width="1300" msid="112870297" hostid="261" sizebytes="114252"></div>The last week of August isn't typically a big one for markets, but this year is different.Nvidia reports earnings today after the bell in what investors view as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-this-week-most-important-week-year-nvidia-earnings-2024-8">a critical juncture for the AI industry</a>, writes Business Insider's Matthew Fox.Tech companies have been pressed this earnings season about when their AI investments will start paying off. Now the firm benefiting from all that spending takes center stage.Most Wall Street analysts expect Nvidia to beat revenue and earnings-per-share estimates, but concerns remain about the release of its newest product. BI's Filip De Mott summarized what six top firms <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-preview-stock-price-artificial-intelligence-ai-investing-blackwell-2024-8">expect from Nvidia's earnings</a>.Wall Street isn't alone in its excitement. At least one bar is hosting a <a target="_blank" href="https://www.businessinsider.com/nvidia-earnings-watch-party-bar-nyc-2024-8">Nvidia earnings watch party</a>, a sign of the AI hype (or just a good excuse to start drinking early on a Wednesday).It hasn't been smooth sailing for Nvidia since its last earnings report in late May. Its share price initially took off after a blowout report, surpassing Microsoft as the world's most valuable company in June.But the crown was quickly relinquished <a target="_blank" href="https://www.businessinsider.com/ai-boom-faces-crash-landing-stock-market-selloff-nvidia-microsoft-2024-8">amid a sell-off in the semiconductor space</a> throughout July and questions about AI's practicality. More recently, Nvidia has rallied back, with shares up more than 17% this month.The volatility isn't set to die down anytime soon. Options pricing data suggests Nvidia could see a nearly <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-300-billion-market-value-swing-q2-earnings-options-2024-8">$300 billion swing in its stock price depending on its earnings</a>.Ultimately, Nvidia's not just selling investors on itself, <a target="_blank" href="https://www.businessinsider.com/nvidia-earnings-ai-hype-investors-returns-jensen-huang-big-tech-2024-8">but on the future of AI</a>, writes BI's Hasan Chowdhury.<div type="image" title="Image of Nvidia semiconductor chip" height="900" width="1200" msid="112870292" hostid="261" sizebytes="44068"></div>So what are the biggest questions for Nvidia heading into earnings?BI's Emma Cosgrove and Helen Li broke down what investors are <a target="_blank" href="https://www.businessinsider.com/nvidia-earnings-questions-product-delays-2024-8">interested in hearing from the chip giant</a>.Demand remains a key part of the equation. The industry's insatiable appetite for Nvidia's AI chips is what sent the stock soaring in the first place.With tech firms facing scrutiny over the money spent on AI projects, Nvidia risks seeing a pullback from customers looking to appeal to their own investors.But Big Tech companies like Microsoft and Meta representing Nvidia's biggest customers have shown no signs of backing away from their AI bets.Of course, that doesn't mean they won't look for alternative ways to cut costs. Nvidia is essentially the only game in town for the type of hardware firms need for their complex AI plans. But it might not always be that way, as Amazon and Google try to build out their own offerings.A new product could ease demand concerns, but Nvidia is facing trouble here too. CEO Jensen Huang said the company was aiming to release a new product every year, but its next-generation AI chip, Blackwell, <a target="_blank" href="https://www.businessinsider.com/nvidia-ai-chip-blackwell-delay-new-annual-product-launch-2024-8">is reportedly facing delays</a>.But even with those headwinds, beating analysts' revenue expectations might be all Nvidia needs to stay in investors' good graces.<h3 id="fbde6e3f-09db-4b49-8ed8-34554d22c802">News brief</h3><h2 id="b80fce15-157d-496f-803d-f702ed72eb4a">Top headlines</h2><ul><li>Hundreds of private planes are touching down at a makeshift airport for <a target="_blank" href="https://www.businessinsider.com/burning-man-private-planes-landing-billionaire-tech-black-rock-city-2024-8">billionaire favorite Burning Man</a>.</li><li>Meet the 35-year-old CEO who wants to <a target="_blank" href="https://www.businessinsider.com/pf-changs-ceo-damola-adamolekun-red-lobster-bankruptcy-filing-fortress-2024-8">turn around bankrupt Red Lobster</a>.</li><li>Meta leans away from augmented-reality creators as <a target="_blank" href="https://www.businessinsider.com/meta-will-shut-down-augmented-reality-studio-spark-angering-creators-2024-8">it plans to shut down its AR studio</a>.</li><li>Eli Lilly just halved the price of its weight-loss drug — <a target="_blank" href="https://www.businessinsider.com/eli-lilly-cut-price-zepbound-tirzepatide-weight-loss-drug-copycats-2024-8">declaring war on the booming market of knock-offs</a>.</li><li>Super Micro Computer falls as short-seller Hindenburg Research <a target="_blank" href="https://markets.businessinsider.com/news/stocks/super-micro-computer-hindenburg-report-accounting-fraud-short-sell-stock-2024-8">accuses the AI darling of 'accounting manipulation'</a>.</li></ul><h2 id="7cda2aab-a94e-4fb9-b72b-a4f15325536e">3 things in markets</h2><div type="image" title="Photo collage of a wall street bull." height="1500" width="2000" msid="112870294" hostid="261" sizebytes="128950"></div><ol><li>The internal tech projects Wall Street's top firms are betting big on. From "Condor" to "Legend," BI got an inside look at <a target="_blank" href="https://www.businessinsider.com/wall-street-top-technology-projects-goldman-blackstone-morgan-stanley-2024-8">innovative projects in the works at eight top finance firms</a>. Some are focused on encouraging programmers to build their own tools (D.E. Shaw) while others are about organizing and automating access to a massive data library (Goldman Sachs).</li><li>The best place to invest might be outside the US. Domestic stocks have dominated the rest of the world for a decade. But William Blair's global equity team sees more opportunity outside the States <a target="_blank" href="https://www.businessinsider.com/where-to-invest-international-stocks-global-markets-japan-india-europe-2024-8">in places like Japan and India going forward</a>.</li><li>Brat summer may be a sign of economic slowdown. Demand is high for the other kind of brat this summer: sausage. It could signal that <a target="_blank" href="https://www.businessinsider.com/recession-outlook-sausage-demand-us-economy-slowing-grocery-prices-inflation-2024-8">US households are aiming to save more</a> on food costs as they replace steaks with the lower-priced option.</li></ol><h2 id="fa401a8c-809f-42cb-80f4-fabe3e3e880a">3 things in tech</h2><div type="image" title="Side profile image of Mark Zuckerberg" height="975" width="1300" msid="112870293" hostid="261" sizebytes="56856"></div><ol><li>Inside Zuckerberg's letter to Congress. Conservatives led by Rep. Jim Jordan are touting <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-neutral-politics-election-infrastructure-zuckerbucks-2024-8">Zuck's letter</a>, which admits the tech giant made some content moderation mistakes, as a "big win" for free speech. BI's Peter Kafka breaks down <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-letter-jim-jordan-meta-facebook-censorship-politics-meaning-2024-8">what Zuckerberg actually said</a>.</li><li>Is Google using AI to dodge employees' toughest questions? The tech giant has begun using AI to moderate its monthly town halls. But some workers say the AI moderator waters down question submissions and lets employers avoid concerns — leading certain Googlers to stop attending altogether. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-ai-dodge-tough-questions-tgif-meetings-2024-8">Here's how the moderator works</a>.</li><li>The Sam Altman stans are reaching Swiftie levels of fandom. AI superfans are speculating about an unreleased OpenAI feature called Strawberry, based on nuggets of "information" from a few viral posts. <a target="_blank" href="https://www.businessinsider.com/ai-fans-speculate-clues-sam-altman-hints-strawberry-q-openai-2024-8">Altman has stoked some of the rumors</a>; fans flipped out when he posted a pic of a homegrown garden strawberry on social media.</li></ol><h2 id="4dc5f588-bd1c-40a9-9854-2c26ff302228">3 things in business</h2><div type="image" title="Donald Trump and Taylor Swift with a circle-backslash symbol over them" height="1500" width="2000" msid="112870290" hostid="261" sizebytes="265704"></div><ol><li>Culture wars killed the media star. Brands are so afraid of causing controversy on either the left or the right that many advertisers avoid news and politics altogether. That's left many in the industry feeling like it's <a target="_blank" href="https://www.businessinsider.com/brands-scared-of-culture-war-controversy-its-hurting-media-2024-8">fundamentally broken</a>.</li><li>Bright lights, small paychecks. City dwellers have historically put up with less space, higher prices, and noisy neighbors in exchange for bigger paychecks. But because of skyrocketing housing costs, <a target="_blank" href="https://www.businessinsider.com/cities-losing-big-advantage-college-workers-wages-housing-costs-salaries-2024-8">that urban wage premium is going sideways</a>. Some workers even pay a penalty for living in the big city.</li><li>Google claps back at Amazon's AI diss. The search giant had some words for the king of e-commerce after internal documents revealed <a target="_blank" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">how Amazon instructs salespeople</a> to cast doubt on competitors. "<a target="_blank" href="https://www.businessinsider.com/google-flattered-amazon-seems-worried-about-ai-capabilities-2024-8">We're flattered they're worried about us</a>," a Google spokesperson wrote in an email to BI, "but fiction doesn't become fact just because it's in talking points."</li></ol><h2 id="fffcceb3-1c23-4f00-88a8-4ca0bec889f4">In other news</h2><ul><li>Don't give smartphones to kids under 11, a <a target="_blank" href="https://www.businessinsider.com/smartphones-kids-cell-operator-warning-parents-2024-8">major cell operator advises parents</a>.</li><li>Klarna CEO comments show the AI workplace everyone has been dreading is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/klarna-smaller-workforce-ai-boost-revenue-productivity-cost-savings-ipo-2024-8">already here</a>.</li><li>I interned at JP Morgan and Microsoft as a software engineer. <a target="_blank" href="https://www.businessinsider.com/how-to-get-software-engineering-internships-at-jp-morgan-microsoft-2024-8">This is my secret to landing offers</a>.</li><li>The stock market is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-prediction-new-highs-this-week-85-billion-buys-2024-8">poised for record highs</a> this week as $85 billion floods equities, Goldman Sachs says.</li><li>DirecTV is on the warpath against Disney in a battle it says is <a target="_blank" href="https://www.businessinsider.com/directv-disney-cable-bundle-pay-tv-venu-sports-fubo-streaming-2024-8">existential for cable TV</a>.</li></ul><h2 id="61fab1a7-b4a5-4e74-86fb-1de4d20fc811">What's happening today</h2><ul><li>Nvidia, HP, and other companies report earnings.</li><li>The Paralympics Opening Ceremony is held at Paris' Place de la Concorde.</li><li>Venice Film Festival begins with the world premiere of Tim Burton's "Beetlejuice Beetlejuice," the sequel to the horror classic.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Nvidia faces the music

While all eyes are on <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s much-awaited FY21 financial results that were set to be revealed on Wednesday, the edtech major has registered nearly Rs 9,991 crore in revenues in its FY22 financial results and its core K12 education business is growing very fast, top sources have revealed. In six months from February 2022 till July 2022, the company logged Rs 6,175 crore revenue, breaking all previous sales records, three people close to the matter told IANS. This is a substantial gain from its FY20 financial report, when the company registered revenue of Rs 2,434 crore with a net profit of Rs 51 crore. BYJU's investors were ecstatic at the company's growth in the core business in the recently-concluded meeting, sources told IANS, as the company logged 50 per cent growth (year-on-year) in its core K12 India business at Rs 1,205 crore, leaving no competition anywhere near it. After getting acquired by BYJU's for $1 billion last year, <keyword id="3406091" type="General" weightage="50" keywordseo="aakash-educational-services" source="Orion">Aakash Educational Services</keyword> (AESL) has transformed into a hybrid edtech firm, expanding rapidly across the country, which is one of the key reasons behind BYJU's FY22 success. Meanwhile, after nearly 18 months delay of "ironing out the complexities", edtech major BYJU's was all set to reveal its financial report for FY21. The company had received an 'unqualified' report from auditor <keyword id="6358918" type="General" weightage="50" keywordseo="deloitte" source="Orion">Deloitte</keyword> late last month. According to sources, there may be a substantial difference between the projected sales and the audited revenue in BYJU's FY21 financial results. Last valued at $22 billion, BYJU's has so far raised over $6 billion in funding, and aims to file an IPO in the US through the <keyword id="6767232" type="General" weightage="50" keywordseo="special-purpose-acquisition-company" source="Orion">Special Purpose Acquisition Company</keyword> (<keyword id="1817616" type="General" weightage="50" keywordseo="spac" source="Orion">SPAC</keyword>) route. The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/amazon-moves-delhi-hc-against-1-lakh-ccpa-penalty-in-pressure-cooker-case/articleshow/94190091.cms">Amazon moves Delhi HC against ₹1 lakh CCPA penalty in pressure cooker case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jaiprakash-power-ventures-avassa-ferro-alloys-among-successful-bidders-for-commercial-coal-blocks/articleshow/94190360.cms">Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks</a>

BYJU's logs nearly  ₹10K crore revenue in FY22, tops estimates

Ashneer Grover, who was sacked along with his wife Madhuri Jain Grover by fintech platform BharatPe over alleged financial irregularities, has slammed the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) over its latest directive to non-bank prepaid payment instruments to stop loading credit lines onto their products. In a tweet, Grover said that "not allowing loading of pre-paid instruments through credit is aimed at protecting bank's lazy credit card business from Fintech's potent BNPL (buy now pay later) business". "It's a flex move by banks -- rent seeking. But market is market and regulation will eventually come around to what market needs," he added. The RBI, in its latest one-page circular, has disallowed non-bank PPIs from loading credit, and several such startups and firms have already stopped customers' transactions on their prepaid cards to avoid penalty. The banking PPIs include HDFC Flexipay, ICICI PayLater, HDFC Payzapp, SBI YONO and others, along with several UPI-driven platforms like Paytm, PhonePe, Google Pay and Amazon Pay, etc. "The PPI-MD (PPI-master direction) does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007," according to the RBI directive. Grover is reportedly in talks with US-based private equity companies to raise up to $300 million for a new startup. "Today I turn 40. Some will say I've lived a full life and experienced more things than most. Created value for generations. For me it's still unfinished business. Time to disrupt another sector. It's time for the Third Unicorn," he had posted last week. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/rejected-i-banks-manufacturers-for-not-having-enough-women-on-board-says-mamaearth-founder/articleshow/92429742.cms" style="">Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder</a> <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-players-bullish-on-hiring-say-crash-is-just-a-phase/articleshow/92425464.cms" style="">India’s crypto players bullish on hiring; say crash is just a phase</a> <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms" style="">Slice payments app spies on photos, audio records and call history, says Google</a>

Ashneer Grover slams RBI over recent mandate

<ul><li>India’s financial investigation agency has been investigating Amazon and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> over the years. </li><li>The Enforcement Directorate issued a show-cause notice to both the companies and its founders last month. </li><li>Flipkart raised a $3.6 billion round at a valuation of $37.6 billion, a two-fold increase from 2018.</li></ul>India’s Enforcement Directorate (ED) has reportedly warned Walmart-owned Flipkart and its founders — <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> — with a $1.35 billion penalty for alleged violation of the country’s foreign investment laws. According to a Reuters report citing sources it did not name, the financial investigation agency has alleged that after Flipkart got foreign investment, a related party, <keyword id="1556044" type="PERSON" weightage="20" keywordseo="WS-retail">WS Retail</keyword>, started selling goods to consumers via the e-commerce platform. This is prohibited under Indian law. ED has issued show-cause notice to both the companies and its founders last month to explain why they shouldn’t face a penalty of $1.35 billion for allegedly violating India’s foreign direct investment (FDI) policy. Tiger Global, which has been an investor in Flipkart for a decade has also been issued such a notice. Tiger Global declined to comment on the issue. A Flipkart spokesperson told Reuters, the company is "in compliance with Indian laws and regulations…We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice." One of the sources at Flipkart told Reuters that they have around 90 days to respond to the notice and WS Retail had ceased its operations at the end of 2015. Flipkart was acquired by <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in 2018, after which Sachin Bansal sold off all his shareholdings but Binny Bansal continues to hold some. The company’s valuation has doubled since then, from $16 billion in 2018 to $37.6 billion now. Last month, the company raised a $3.6 billion round led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the round. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/whitehat-jrs-ceo-karan-bajaj-quits-exactly-a-year-after-byjus-acquisition/articleshow/85029450.cms">WhiteHat Jr’s CEO Karan Bajaj quits exactly a year after Byju’s acquired the company</a> <a href="https://www.businessinsider.in/business/startups/news/moengage-wants-an-office-in-new-york-and-hire-to-150-techies-in-india/articleshow/85057941.cms">INTERVIEW: MoEngage, which helps companies like Domino's engage with customers, wants an office in New York and 150 techies in India</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-pumps-enough-money-to-make-bharatpe-a-unicorn-about-a-month-after-it-got-a-banking-licence-with-centrum-as-its-partner/articleshow/85027918.cms">Tiger Global pumps enough money to make BharatPe a unicorn about a month after it got a banking licence with Centrum as its partner</a>

Flipkart and Tiger Global have a billion dollar notice to respond to in the next 90 days

<ul><li>At 7:40 am, the SGX Nifty was up 0.48%, indicating a higher start for Nifty50.</li><li>Here's a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the Asian peers. At 7:40 am, the SGX Nifty was up 0.48%, indicating a higher start for Nifty50. Other Asian markets were also trading in the positive trajectory — the Shanghai Composite Index was up 0.43%, and Australian ASX was up 0.45%. These are the stocks to watch out for during the trading session today: Bank stocks will be in focus RBI panel’s recommendations will keep the banking sector in focus in trade today. The central bank’s Internal Working Group (IWG) <a href="https://www.businessinsider.in/finance/banks/news/rbi-panel-proposes-raising-promoter-stake-cap-allowing-nbfcs-to-become-banks-and-large-corporation-can-own-banks/articleshow/79323107.cms">has proposed 12 changes to ownership</a> guidelines and corporate structure for Indian private sector banks. Watch out for bank stocks and NBFCs in trade today. RIL and Future Retail The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The ₹24,713 crore deal that would boost Reliance Industries' fast-growing retail business was announced in August. Meanwhile, the legal tussle between e-commerce major Amazon, Future Group and Reliance regarding the deal is still in the court. The shares of Reliance Industries ended 4% lower on Friday. Whereas, Future Retail gained over 4%. HDFC Bank India's largest private sector lender <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank's entir</a>e payment stack went down on November 21, leading to a temporary halt in its operations. The bank on November 22, however, informed that the services have been restored and said an unexpected outage at one of its data centres led to the transaction failures. The shares of HDFC Bank ended 2% higher on Friday. BEML BEML, a Bengaluru-based public sector undertaking, has bagged orders worth ₹501 crore from Delhi Metro Rail Corporation Limited (DMRC) for additional transfer of six cars, each to operate online 2Band 7 of the Mumbai Metro project. The shares of BEML ended flat on Friday. Bharti Airtel Bharti Airtel on Friday announced that it would acquire 5.2% stake in solar power company Avaada MHBuldhana for ₹4.55 crore in an all-cash deal. Avaada MHBuldhana is working to develop a captive generating solar power plant in Maharashtra, which will become operational by March 2021. The shares of Bharti Airtel ended over 3% higher on Friday. IIFL Securities The Board of IIFL Securities at its meeting held on November 20 has approved buyback of company's shares for an aggregate cash consideration of ₹90 crore, at a price not exceeding ₹54 per share. The shares of IIFL Securities ended nearly a percent lower on Friday. Punjab National Bank Reserve Bank of India has imposed a penalty of ₹1 crore on Punjab National Bank for violating regulatory guidelines. The shares of Punjab National Bank ended nearly a percent lower on Friday. Petronet LNG Petronet LNG has signed a non-binding MoU with the Ministry of Petroleum &amp; Natural Gas with an objective to foray into 'Green Energy and BioFuels' and for setting up of compressed BioGas plants under Sustainable Alternative Towards Affordable Transportation (SATAT) initiative of the Government. The shares of Petronet LNG ended 2% higher on Friday. Future Consumer The board of Future Consumer has allotted 4.95 crore shares to International Finance Corporation and 1.64 crore shares to Verlinvest SA, consequent to the conversion of compulsorily convertible debentures and outstanding coupons thereon. The shares of Future Consumer ended 4% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-pharmacy-is-going-to-be-the-first-big-test-of-public-trust-in-prime-and-will-expose-the-company-to-more-scrutiny/articleshow/79353327.cms">Amazon Pharmacy is going to be the first big test of public trust in Prime and will expose the company to more scrutiny</a> <a href="https://www.businessinsider.in/india/news/moderna-covid-19-vaccine-to-cost-govts-25-37-per-dose-ceo/articleshow/79353606.cms" data-type="tilCustomLink">Moderna Covid-19 vaccine to cost govts $25-$37 per dose: CEO</a>

Top stocks to watch — RIL, Future Retail, Kotak Mah Bank, Bajaj Finance, Ujjivan, Airtel, Future Consumer, HDFC, PNB, BEML, and others

<ul><li>At 7:45 am, the SGX Nifty was down 0.13%, indicating a tepid start for Nifty50.</li><li>Here's a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start lower on Wednesday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was down 0.13%, indicating a tepid start for Nifty50. However, <a href="https://www.businessinsider.in/stock-market/news/dow-climbs-200-points-as-investors-await-georgia-run-off-election-results/articleshow/80124817.cms">the US stocks ended higher </a>on Tuesday, as investors took advantage of the previous session's slump to buy back, ahead of the outcome of the Senate elections in the state of Georgia. The Dow Jones Industrial Average closed 167 points higher, and the S&amp;P 500 was up 0.71%. These are the stocks to watch out for during the trading session today: HDFC Bank The country's largest private sector lender HDFC Bank logged in a loan growth of 19% to ₹10,82,000 crore during the third quarter ended December 2020. Meanwhile, the bank's CASA (current account savings account) ratio rose to around 43%, compared to 39.5% in December 2019. BEML BEML has bagged orders worth ₹758 crore for supply of high mobility vehicles from the Ministry of Defence. Hero MotoCorp The government-owned Life Insurance Corporation (LIC) has increased its stake in Hero MotoCorp to 9.16% from 7.14% earlier. Bajaj Finance The Reserve Bank has imposed a <a href="https://www.businessinsider.in/finance/news/rbi-imposes-rs-2-5-crore-penalty-on-bajaj-finance-pune/articleshow/80119118.cms">penalty of ₹2.5 crore on Bajaj Finance</a>, Pune for breaching regulatory compliance norms. RBI also stated that there were complaints about recovery and collection practices. IndiGo India’s aviation regulator has <a href="https://www.financialexpress.com/industry/indigo-gets-edto-approval-for-29-pw-engine-powered-a320-a321neo-planes/2165042/">given the green light for IndiGo </a>to operate its Pratt &amp; Whitney powered Airbus A320/A321 neo fleet on longer overseas routes or as extended diversion time (EDTO) flights. EDTO allows a multi-engine aircraft to divert to a nearby airport in case of an emergency situation and is mainly applicable for international flights. Godrej Consumer Products FMCG player Godrej Consumer Products said it <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/373128e6-db11-4349-a838-73e4e8fc77fa.pdf">expects</a> to deliver "close to low double-digit sales growth" in the domestic market during the October-December 2020 quarter, led by soaps and household insecticides segments. The company has also witnessed a "sharp recovery" in its hair colour segment, which is expected to deliver mid-teen growth. ACC The cement manufacturer ACC has started operations at its new grinding unit in Dhanbad district of Jharkhand. This will result in an additional capacity of 1.4 million tonnes per annum to the existing 3 million tonnes units — taking the total capacity at Sindri to 4.4 million tonnes per annum. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

Top stocks to watch — Bajaj Finance, HDFC Bank, BEML, IndiGo, Godrej Consumer, Hero Moto, and others

<ul><li>A team of the BMC H-West Ward officers accompanied by a police posse reached the office with bulldozers, JCBs and other heavy equipment and took up the demolition work from the outside.</li><li>The development came barely hours after the BMC pasted a notice outside the office rejecting a reply filed by Kangana's lawyer, Rizwan Siddique, to the Tuesday (September 8) notice in which the civic body had listed a series of violations in the ongoing works in her office. </li></ul>The BrihanMumbai Municipal Corporation (BMC) on Wednesday started demolishing the Bandra office of Bollywood actress <keyword id="2201" type="PERSON" weightage="20" keywordseo="Kangana-Ranaut">Kangana Ranaut</keyword> for alleged unauthorised modifications/extensions, officials said here. A team of the BMC H-West Ward officers accompanied by a police posse reached the office with bulldozers, JCBs and other heavy equipment and took up the demolition work from the outside. <div type="twitter" handle="ians_india" handlename="IANS Tweets" image="http://pbs.twimg.com/profile_images/1253350197876396032/xOBFeu-C_normal.jpg" favoritecount="11" retweetcount="4" status="The BrihanMumbai Municipal Corporation (@mybmc) on Wednesday started demolishing the #Bandra office of #Bollywood a… https://t.co/ehH9TOYUTH" createdat="1599634074000" id="1303585908000583680"></div> The development came barely hours after the BMC pasted a notice outside the office rejecting a reply filed by Kangana's lawyer, Rizwan Siddique, to the Tuesday (September 8) notice in which the civic body had listed a series of violations in the ongoing works in her office. The BMC Executive Engineer said that he was satisfied that the (illegal) works were being carried out and the actress had failed to produce the permissions/approvals/sanction for it as per BMC laws. "Therefore, the work carried out by you as mentioned in the notice schedule is declared as unauthorised," said the Executive Engineer. He also said that the ongoing work on the premises was not stopped and warned that it is "liable for forthwith demolition at your risk, cost and consequences". The notice also cautioned that the actress could face imprisonment of minimum one month up to one year besides penalties. As per the notice, the violations include: merging of two bungalows, converting a ground-floor toilet into an office cabin, converting a storeroom into a kitchen, making an unauthorised pantry in the ground floor, adding toilets near the storeroom and a parking area, illegal partitions in first floor living room, an illegal meeting room in the "puja" room, converting a balcony into a habitable area besides a floor extension, etc. The latest development came two days after a BMC team paid a surprise visit to her office and surveyed the premises at Bungalow No. 5, Chetan Row House, Nargis Dutt Road, Bandra West, on September 7. The survey was followed by the notice to Ranaut to stop the ongoing works within 24 hours in her office of Manikarna Films on Tuesday. The bungalow, which Ranaut had bought three years ago, is listed as a residential property by the BMC. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/self-regulation-code-adopted-by-disney-hotstar-amazon-prime-and-other-ott-platforms-what-is-this-code/articleshow/78009955.cms">Self regulation code adopted by Disney+ Hotstar, Amazon Prime Video and other OTT platforms could either be a huge success — or go the Facebook-Twitter way</a> <a href="https://www.businessinsider.in/international/news/india-recorded-90000-coronavirus-infections-in-a-day-overtaking-brazil-to-become-the-2nd-most-infection-nation-after-only-the-us/articleshow/77976672.cms">India recorded 90,000 coronavirus infections in one day, overtaking Brazil as 2nd-most-infected nation after US</a> <a href="https://www.businessinsider.in/retail/news/reliance-retail-raises-1-billion-from-silver-lake-valuing-the-chain-at-57-billion/articleshow/78009435.cms">Reliance Retail raises $1 billion from Silver Lake valuing the chain at $57 billion</a>

BMC demolishes Kangana Ranaut's office for alleged unauthorised modifications

New Delhi, Mar 31 () E-commerce companies like Amazon and Grofers are gradually resuming services across various cities they operate in, but it will take at least a week or so to clear the pending orders, according to industry executives. E-commerce companies have been struggling to deliver orders after the government ordered 21-day lockdown, to contain the spread of the deadly coronavirus, came into effect. Even though the government allowed delivery of essential goods including food, pharmaceuticals and medical equipment through e-commerce, players have complained of their delivery staff being hassled by police. With local authorities shutting down warehouses and stopping trucks from crossing state borders, e-commerce players have seen their operations getting disrupted. Paytm Mall said there were over 1 lakh orders placed by customers which were yet to be processed by sellers due to the restrictions announced by the government. The company has now waived off order delay and cancellation penalties (charged at 3-7 per cent) for merchants until April 22. "These are unprecedented circumstances and Paytm Mall's merchant support and communication teams are working hard to ensure all seller queries are resolved timely and updated information regarding order processing and fulfillment are shared with them regularly," Paytm Mall Senior Vice President Srinivas Mothey said. Grofers, in a tweet, said it has a backlog of 5 lakh orders and it will be a few more days for the company to get back to 100 per cent operational capacity. Another challenge facing the industry is the availability of limited staff for warehouses and logistics. "Due to the lockdown, our delivery partners had also gone home for a few days. We are now requesting them to come back with us...We are also trying to scale up our operations by working with delivery partners from other companies who have come forward to help us," Grofers said. The company said it is working with local authorities to get passes for its staff that will allow them to continue operations and make deliveries. Snapdeal said it continues to accept orders for non-essential items, but they are expected to be delivered only by the end of April as per current estimates. "Our delivery partners are facing acute shortage of delivery agents. A lot of goods were stuck in transit (trucks, rail etc) and these are now starting to reach warehouses. We expect the warehouses to reach full capacity and overflow soon since a large number of customer orders are undelivered at this point," the company added. For large players like Amazon India too, it has been a difficult time. The company has resumed deliveries in select cities, and is working on first serving existing orders and for essential products that have been purchased using prepaid methods. To help e-commerce companies process the spurt in orders, fintech companies like Razorpay are also working overtime to ensure systems are in place. Harshil Mathur, CEO and co-founder of Razorpay said online businesses in the essentials category are struggling to keep up with demand and ensure business continuity. "We want to do our bit by helping them adapt and be flexible to meet these changing needs. We have now launched same-day settlements for all Razorpay customers who provide essential businesses till April 15, which means businesses will receive funds in just a few hours instead of the usual 3-5 working days settlement period," he said. This will help businesses improve their cash flows and manage operational expenses better, Mathur added. SR RVK

COVID-19: E-commerce cos resuming ops, clearing order backlog could take at least a week

New Delhi, Mar 26 () Delivery of essential items via e-commerce continued to face challenges on the second day of the 21-day lockdown, with the industry urging government for uniform classification of essential items across various states. While the government has allowed delivery of all essential goods including food, pharmaceuticals and medical equipment through e-commerce, online platforms like Amazon India, Grofers, bigbasket and Milkbasket have been facing disruptions in delivery to their customers. According to a senior industry executive, who did not wish to be named, e-commerce companies are finding it difficult to procure passes for their logistics and delivery staff separately for each state. The person said the process is time-consuming and instead the government can look at alternate mechanisms like digital identity checks. Another industry expert pointed out that there is an urgent need for uniform classification of essential items across various states, and that instructions need to flow down clearly to the last mile, where the delivery agents are facing issues. E-commerce platforms have seen a spike in orders on their platforms in India over the past few weeks as people logged online to stock up on food and household products as well as office items like routers and cables (to work from home) on concerns around spread of COVID-19 infection and restrictions in public movement that have now been enforced. "We have seen high demand on the platform, and working towards making deliveries at the earliest in collaboration with our sellers. We're also expecting that following government intervention, inter-state transport movement will also stabilise in the next couple of days," Flipkart said in an e-mailed statement. On Wednesday, after temporarily suspending operations earlier in the day, Walmart-owned Flipkart resumed its grocery and essential services delivery after assurance of safe passage of its supply chain and delivery executives by local law enforcement authorities. Amazon had said it was working with government authorities to enable it to deliver essential items. Grofers, which initially saw some of its delivery staff getting arrested and over 60,000 deliveries affected, said it has resumed operations in Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Bengaluru, Ahmedabad, Lucknow and Kanpur with the help of local authorities. "For the remaining cities, we are working closely with the respective authorities and shall resume operations as soon as we get the necessary permissions. Our team members are working around the clock to ensure support towards our customers, who are counting on us for essential supplies at their homes," he added. Snapdeal said it has been keeping an eye on the developments, and has extended the timelines available to its sellers for shipping the orders received by them. "Snapdeal has extended the timelines available to its sellers for shipping the orders received by them. It has also communicated to its sellers that no cancellation charges or penalties will be levied if they are not able to ship in time or ship at all," Snapdeal said. Grocery delivery platform bigbasket said it is operational in cities like Ahmedabad, Bengaluru, Bhopal, Mumbai, Noida and Vadodara even though its services were affected by "severe restrictions imposed on the movement of our staff and vehicles". "...due to high demand, we are booked for the next 4-5 days, and this situation could continue if the demand continues to remain high," it said. It said for locations like Ghaziabad, Gurgaon, Hyderabad, Jaipur and Kolkata, bigbasket is hopeful of being operational in a day or two, while for cities like Chandigarh, Chennai, Delhi, Ludhiana, Pune and Vizag, it is not sure when it will resume operations. "In each of these cities, our operations are completely shut down due to severe restrictions imposed on our staff and the movement of vehicles. We have been trying to work with the local government authorities to get necessary permissions/permits to start our operations, but unfortunately, we have not been able to get the necessary help so far," it added. Another player, Milkbasket said it has been able to resume partial operations across Gurgaon, Noida and Bangalore. "Our Hyderabad operations are still shut," it said but added that it is hopeful of resuming services to all customers by Saturday or Sunday. SR MBI MKJ

E-tailers still facing delivery challenges amid coronavirus lockdown

<ul><li>The Noida Authority on Tuesday extended the deadline for over a dozen builders to complete the pending projects here by December 31, 2021 under its 'zero period' policy, an official statement said.</li><li>These builders had earlier assured delivery of homes by the end of June 2021.</li><li>The decision was approved during the 199th Board Meeting of the Noida Authority in the wake of COVID-19 situation.</li></ul>The Noida Authority on Tuesday extended the deadline for over a dozen builders to complete the pending projects here by December 31, 2021 under its 'zero period' policy, an official statement said. These builders had earlier assured delivery of homes by the end of June 2021. The decision was approved during the 199th Board Meeting of the Noida Authority in the wake of COVID-19 situation. According to the "zero period" policy announced last December by the <keyword id="6357713" type="LOCATION" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> government, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck. However, the policy was applicable to those builders who were expected to provide homes by June 2021. The state government had expected one lakh new housing units to be constructed by that time. "... the developers who have given written assurance to complete their pending projects by December 31, 2021 have been given an extension till December 31, 2021 from June 30, 2021 as part of the zero period policy. Sixteen (land) allottees have been issued letters for giving written assurance regarding completing the incomplete projects by December 31, 2021," an official press note stated. The board also approved the annual budget of the authority, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore budgt for expenditure for the current fiscal 2020-21. The expenditures include expenses on land acquisition, development works, repair and maintenance of health and urban infrastructure, village development, miscellaneous expenses, among others, the statement said. In the budget, the funds have been enhanced from Rs 600 crore to Rs 1,000 crore for land acquisition, and from Rs 106 crore to Rs 125 crore for village development, it added. The board meeting was chaired by Alok Tandon, Commissioner of Infrastructure and Industrial Development. Noida Authority CEO Ritu Maheshwari, <keyword id="6356788" type="LOCATION" weightage="20" keywordseo="greater-noida">Greater Noida</keyword> Authority CEO <keyword id="9749251" type="PERSON" weightage="20" keywordseo="narendra-bhooshon">Narendra Bhooshon</keyword> and Yamuna Expressway Authority CEO Arun Vir Singh also attended the meeting. Altogether 37 agendas were put forth during the meeting besides 15 proposals for board's approval, it said. During the meeting, the board was told that the Noida Authority had given Rs 4,591.21 crore in loan to <keyword id="2528347" type="COMPANY" weightage="20" keywordseo="The-Greater-Noida-Authority">the Greater Noida Authority</keyword> and Rs 1,795.91 crore to the Yamuna Expressway Authority over a period of time. "Both the authorities have made no re-payment on those loans to the Noida Authority during the 2019-20 fiscal and the 2020-21 fiscal so far," according to the statement. The board was told that the Noida Authority has suggested taking some mixed-use land in the areas under the Greater Noida and the Yamuna Expressway Authority in lieu of the pending loan. "The board has directed for state government-level deliberations to find a way so that the two authorities could settle the dues in terms of land banks or repay the money in installments," the statement said. The board approved allocation of shops and restaurant space at the multilevel car parking in Botanical Garden, Sector 38A, on the basis of licence. The decision has been taken after the allocation could not be made via e-auction, according to the statement. There are 36 shops and two cafeterias at the site and rentals for these spaces would be hiked at a rate of 10 per cent annually and reviewed every two years, it stated. The board also gave its nod to the decision of not imposing penalty on land allottees who could not get their documents executed or take over possession during the lockdown period. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a> <a href="https://www.businessinsider.in/science/news/a-car-size-asteroid-flew-within-1830-miles-of-earth-over-the-weekend-the-closest-pass-ever-and-we-didnt-see-it-coming/articleshow/77603002.cms">A car-size asteroid flew within 1,830 miles of Earth over the weekend — the closest pass ever — and we didn't see it coming</a> <a href="https://www.businessinsider.in/careers/latest-job-openings-at-google-microsoft-jp-morgan-goldman-sachs-ericsson-amazon-adobe-zomato-for-software-engineers/slidelist/77585263.cms">Google, Microsoft, JP Morgan, Goldman Sachs, Ericsson and other companies hiring software engineers in India right now</a>

Builders in Noida to get an extension to complete pending projects by the end of the year

<ul><li><keyword id="743769" type="PERSON" weightage="20" keywordseo="Sir-Martin-Sorrell">Sir Martin Sorrell</keyword> announced the launch of media consultancy firm, <keyword id="7349373" type="UNKNOWN" weightage="20" keywordseo="MightyHive">MightyHive</keyword> in Mumbai.</li><li>He spoke about <keyword id="6575085" type="UNKNOWN" weightage="20" keywordseo="S4-Capital">S4 Capital</keyword>'s areas of focus and the four principles that they follow</li><li>Sorrell is optimistic about the Indian market which is growing at a faster rate than other markets and has a great potential</li><li>He shared that their focus will be on developing a new era, new-age model and on disrupting the traditional business approach model. </li></ul>After being at the helm of WPP for close to three decades, Sir Martin Sorrell launched S4 Capital, a digital advertising and marketing services company. In India currently, Sorrell has made two strategic announcements, firstly that of its global content practice MediaMonks acquiring Delhi-based content creation and production company WhiteBalance, and secondly, the launch of media consultancy MightyHive’s new office in Mumbai that will be led by <keyword id="8360841" type="UNKNOWN" weightage="20" keywordseo="Smita-Salgaonkar">Smita Salgaonkar</keyword>. While addressing a press meet, Sorrell spoke about S4 Capital’s areas of focus and the guiding principles. “We are currently focusing on two things, firstly on developing a new era, new-age model and secondly, on disrupting the traditional business approach model. We have four core principles. One is purely Digital. We’re not interested in any traditional activity. India is an interesting market because here Digital accounts for 20% of the market whereas globally it’s around 40%. However, while Digital is growing at around 30-35%, traditional is growing at high single digits and the overall industry is growing at about 10-12%. It’s not as rapid a growth as we've seen in the past but it’s still very strong in a worldwide context. It’s different because the market is still dominated by traditional media but with digital coming up fast,” he said. Delving deeper into their principles, Sorrell said, “Our second principle is this model that we have of first party data driving the development of digital content and programmatic. We're interested in personalization of advertising and marketing at scale. That’s on the content and programmatic side. The third fundamental principle is a tagline, ‘Faster, Better, Cheaper’, which sounds a bit simplistic but it really has traction with clients. To my mind, those are the things the clients are really focused on. We have been looking at industry trends and the thinking is dominated by those three things. So ‘faster’ is about agility. Old legacy companies are looking for their organizations to become more agile. ‘Better’ is about understanding the digital ecosystem. There are around 14-16 companies like Google, Facebook Amazon, Tencent, Apple and Microsoft, that we’re focused on and we have to agnostically evaluate those companies for our clients because that's how they distribute their digital. So understanding those companies is about ‘better’. And then the final area is ‘cheaper’ and becoming more cost efficient. And the fourth principle is a unitary structure instead of a fragmented one.” Sorrell also spoke about the increasing need of transparency in business which he said will help reduce the penalties being imposed on agencies by clients for not being able to fulfill their promises. While not disclosing the absolutes, he shared that S4 Capital has had a good 10 months and the last two months have especially been good. “We are now up to a market capitalization of $1.1 billion. We have 2000 people in 26 countries. So we’ve had a good start in just a little over a year. I’m very pleased with the progress but there’s a lot more work to do,” he said. Globally, S4 Capital has won some major new clients including Sony Pictures, Coca-Cola, HP, Google, and Apple, among others.

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