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The one-hour <keyword id="23618998" type="General" weightage="100" keywordseo="Muhurat-trading" source="keywords">muhurat trading</keyword> session, which marks <keyword id="20963892" type="General" weightage="20" keywordseo="Diwali-2024" source="keywords">Diwali 2024</keyword> and the onset of Hindu Samvat 2081 on both NSE and BSE, is set to commence at 6 pm today and will conclude at 7 pm. Generally, investors and traders make symbolic stock buys during this hour-long session, since it is believed that purchases made during this time herald wealth and prosperity for one’s investments for the year to come. If you are looking for <keyword id="19910146" type="General" weightage="20" keywordseo="stock-recommendations" source="keywords">stock recommendations</keyword> to add to your portfolio, here are a few value picks by SAMCO and Kotak Securities you can consider: <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> Ltd Holding period: 1 year Last Traded Price: Rs 1,734.30 Per the firm, “The bank has maintained a robust 10-year profit CAGR of 21.74%, operating with a NIM (net interest margin) of 3.5% and a low net NPA (non-performing assets) of 0.3%. Advances and deposits have shown steady growth. Currently, the stock trades below its 10-year average price-to-book value and at a price-to-earnings ratio of 19, offering a favorable risk-reward profile with a substantial downside buffer”. <keyword id="22086440" type="General" weightage="20" keywordseo="Vindhya-Telelinks" source="keywords" meta.keywordsubtype="org" meta.entityname="Vindhya Telelinks" meta.hostid="261" meta.entityid="Vindhya Telelinks">Vindhya Telelinks</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 1,992.55 SAMCO notes that this key cable manufacturing, which is a joint venture between Universal Cables Limited and Madhya Pradesh State Industrial Development Corporation, has shown robust growth over the last 5 years, nearly doubling revenues with a 14.3% CAGR. The company holds significant investments in Birla Cable Ltd, Birla Corporation Ltd, and Universal Cable Ltd, totaling Rs 3,618 crore—surpassing its market capitalization of Rs 2,545 crore. This solid investment base underscores Vindhya Telelinks’ strong fundamentals and financial potential. <keyword id="23763358" type="General" weightage="20" keywordseo="Ramco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ramco Industries" meta.hostid="261" meta.entityid="Ramco Industries">Ramco Industries</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 244.89 SAMCO observes that over the past decade, sales grew at a 7% CAGR, while the share price rose at a 14% CAGR. Known for its financial stability, Ramco Industries boasts a low debt-equity ratio of 0.07 and has consistently paid dividends since FY17, currently yielding 0.31%. The stock’s attractive price-to-book multiple of 0.5 offers a solid margin of safety, highlighting its investment appeal. <keyword id="22786675" type="General" weightage="20" keywordseo="Gravita-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Gravita India" meta.hostid="261" meta.entityid="Gravita India">Gravita India</keyword> Holding Period: 12 months Last Traded Price: Rs 2,119 Kotak explains that Gravita India is the market leader in India’s emerging recycling industry with a focus on lead recycling. Gravita India is increasing its recycling capacity by a massive 72% to 500 ktpa by FY27E. “We expect the company’s earnings per share to grow by 31.8% in FY25E &amp; 31.6% in FY26E. We also expect an upside of 15% or more on this stock over the next 12 months”, adds Kotak’s note. <keyword id="23763359" type="General" weightage="20" keywordseo="S-H-Kelkar" source="keywords" meta.keywordsubtype="org" meta.entityname="S H Kelkar" meta.hostid="261" meta.entityid="S H Kelkar">S H Kelkar</keyword> and Company (SHKL) Holding Period: 12 months Last Traded Price: Rs 289.90 The company is a flavors &amp; fragrances (F&amp;F) supplier and has started to make inroads into the global market. SHK is well-placed to drive double-digit revenue growth. The company is a small but emerging contender in the vast F&amp;F market, with potential for margin expansion—higher-margin geographies &amp; operating leverage—allowing for over 15% return upside in the next 12 months. Kotak Securities further notes that FY25 will likely see more broad-based growth across sectors. However, the OMCs (oil marketing companies) may likely drag down overall profits. Most sectors and stocks are quite overvalued, with the degree of overvaluation ranging from: (1) low for most large-cap consumers, IT services, and pharmaceuticals (2) medium in the investment space (3) high in the case of several low-quality companies. "As the broader market valuations are rich, opportunities arising from market correction can be used to add quality stocks (with attractive valuations) from a long-term investment perspective," explains the research firm's note. SAMCO further advises adding a little glitter to your portfolio using GoldBees and SilverBees ETFs since there are recessionary fears in the US and geopolitical tensions across the world. Even central bankers like RBI have been adding gold to their vaults like never before. At present, markets are looking to secure their return on capital rather than seeking a return on capital. "Thus all of these make a strong case to add gold and silver to the portfolio. They will give stability to your portfolio this Samvat," adds SAMCO's note.

Muhurat trading 2024: 5 stock picks you can consider this time around

<ul><li><keyword id="154241" type="General" weightage="80" keywordseo="axis-asset-management" source="Orion">Axis Asset Management</keyword> and New York based <keyword id="163368" type="General" weightage="100" keywordseo="tishman-speyer" source="Orion">Tishman Speyer</keyword> intend to develop commercial projects across Mumbai, Bangalore, Chennai and more.</li><li>Axis Asset Management plans to exercise end-to-end control of its project’s life cycle.</li><li>The last 6-8 years saw significant activity in commercial real estate by both institutional and retail investors, said Axis.</li></ul>Axis Asset Management today partnered with New York based real estate developer Tishman Speyer to develop sustainable office buildings. The partners are eyeing greenfield commercial projects across eight markets — MMR, NCR, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata. “I strongly believe that together we can create a compelling offering in this asset class. This platform once again showcases <keyword id="55941" type="General" weightage="80" keywordseo="axis-amc" source="Orion">Axis AMC</keyword> as an asset manager that has been at the forefront of product innovation, offering quality long-term solutions to our investors,” said Amitabh Chaudhry, MD &amp; CEO, <keyword id="6355975" type="General" weightage="50" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>. Axis Asset Management plans to exercise end-to-end control of its project’s life cycle across design, development, leasing and property management through the partnership. “Axis AMC is creating a market leading alternatives platform that provides unique non-correlated investment avenues. Although the market has products focusing on rent generating commercial assets, the Axis platform will provide a unique opportunity in the development stage in commercial assets,” said Chandresh Nigam, MD &amp; CEO at Axis AMC. Axis AMC, over the last five years, invested significantly in broadening its alternatives capabilities. It manages over ₹4,400 crore across various businesses including real estate, private equity, structured credit, quantitative and listed equities. “The last 6-8 years have seen significant activity and deepening of secondary markets in commercial real estate through participation by both institutional and retail investors,” says the company in a statement. Founded in 1978, Tishman Speyer is an owner, developer, operator, and investment manager of real estate around the world. It’s active across countries like the United States, Europe, Latin America, and Asia building and managing premier offices, residential, life science, and retail spaces. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/lt-reports-a-stellar-q1-but-remains-cautious-on-outlook-due-to-too-many-moving-pieces/articleshow/93141717.cms">L&amp;T reports a stellar Q1 but remains cautious on outlook due to ‘too many moving pieces’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rapido-ceo-unicorn-india-invest-in-windo-that-is-helping-small-businesses-take-their-business-online/articleshow/93139058.cms">Rapido CEO, Unicorn India Ventures invest in social commerce startup Windo</a>

Axis AMC, Tishman Speyer to build sustainable offices in India

<ul><li><keyword id="15491" type="General" weightage="100" keywordseo="airtel" source="Orion">Airtel</keyword> has formed a joint venture with <keyword id="340671" type="General" weightage="80" keywordseo="hughes" source="Orion">Hughes</keyword> Communications India Pvt Ltd.</li><li>The entity will offer broadband satellite service in the country.</li><li>Hughes holds 67% stake and Airtel holds 33% stake in the entity.</li></ul>Indian telecom provider Airtel has entered into a joint venture (JV) with Hughes Communications India Pvt Ltd (HCIPL), a provider of broadband satellite networks and services to offer <keyword id="745397" type="General" weightage="20" keywordseo="satellite-broadband" source="Orion">satellite broadband</keyword> services in India. Hughes will hold a 67% stake in the JV and Sunil Mittal-led Airtel will hold a 33% stake. The entity will be known as HCIPL and will combine the Very Small Aperture Terminal (VSAT) business of both the companies, allowing them to offer scalable enterprise networking solutions. <cmsannotation type="cmsannotation" annotationid="What is a VSAT terminal?" comment="subhead" text="What is a VSAT terminal?">What is a VSAT terminal?</cmsannotation> A VSAT terminal is a two-way satellite ground station that is used to transmit and receive data. It is used to provide satellite-based internet and telecom access to individuals and enterprise customers. “We are pleased to commence this joint venture, further delivering on our commitment to serving the growing demand for always-on, always-available network connectivity for enterprise and government customers,” said Partho Banerjee, president, and managing director, HCIPL. The agreement was announced in May 2019 and has finally received statutory approvals, including an approval from the National Company Law Tribunal and the Department of Telecom. The JV has a combined base of over 2 lakh VSATs, making it the largest satellite service operator in the country. This comes at a time when Starlink, Elon Musk’s satellite internet service has received its first <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">setback</a> in the country after its country director and chairman of the board, Sanjay Bhargava, stepped down citing personal reasons. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a href="https://www.businessinsider.in/science/space/news/scientists-piggybacking-on-starlink-satellites-to-break-free-from-gps-dependence/articleshow/86607657.cms">Scientists are piggybacking on internet satellites to break free from GPS dependence</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a>

Airtel and Hughes form joint venture, will offer satellite broadband service in India

<ul class="summary-list"><li>Giannis Antetokounmpo once kept his money in half a dozen bank accounts due to the FDIC limit.</li><li>The NBA star's ventures now include a sports drinks maker, two sports teams, and a sustainable ETF.</li></ul>When Giannis Antetokounmpo moved to the US at age 18, he <a href="https://markets.businessinsider.com/news/stocks/giannis-antetokounmpo-nba-bucks-lasry-bank-accounts-fdic-deposit-insurance-2023-4">opened accounts</a> at half a dozen banks after learning that federal deposit insurance would only cover $250,000 of his money at a single bank.The Milwaukee Bucks star and two-time NBA MVP has found better uses for his money over the past decade, partly by seeking advice from billionaire team owner Marc Lasry and other veteran investors. Here's a look at four of his business ventures.<h2>1. Ready Nutrition</h2>Antetokounmpo made his first brand investment in <a href="https://teamready.com/global-basketball-star-giannis-antetokounmpo-makes-first-brand-investment-joins-ready-nutrition/" target="_blank" rel="noopener">Ready Nutrition</a>, a sports-drink company that competes against Coca-Cola's Powerade and PepsiCo's Gatorade, in May 2020.The basketball player made a six-figure investment in the drinks maker, <a href="https://www.cnbc.com/2020/05/28/nba-star-giannis-antetokounmpo-lands-ownership-stake-in-ready-nutrition.html" target="_blank" rel="noopener">according to CNBC</a>, and also agreed to personally promote its products."This is not just an endorsement deal; it's something I believe in," Antetokounmpo <a href="https://www.forbes.com/sites/kurtbadenhausen/2020/05/28/nba-mvp-giannis-antetokounmpo-makes-significant-investment-in-ready-nutrition/?sh=6b143e3c5257" target="_blank" rel="noopener">told Forbes</a>.<h2>2. Milwaukee Brewers</h2>The "Greek Freak" bought into the Milwaukee Brewers, a Major League Baseball team, in May 2021."This is a dream come true for a kid from Sepolia, Athens, Greece, born from immigrant parents," Antetokounmpo said during a <a href="https://www.mlb.com/news/giannis-antetokounmpo-joins-brewers-ownership-group" target="_blank" rel="noopener">press conference</a>. "I could have never imagined I would be in this position."The power forward wanted to own a professional sports team, and was drawn to the Brewers partly because of his gratitude to Milwaukee for embracing him as a teenager and transforming his life, he said.Moreover, he wanted to plan for life after the NBA. He was "in a position where I can think about things, think about the future and where I want to be in the future, and what I want to do," he said.<h2>3. Nashville SC</h2>Along with his three brothers, Antetokounmpo invested in Nashville SC, a Major League Soccer club, earlier this year."My father was a professional soccer player, and it was the first sport I fell in love with in Greece," Antetokounmpo said in a <a href="https://www.nashvillesc.com/news/filip-forsberg-giannis-antetokounmpo-join-nashville-soccer-club-ownership-group" target="_blank" rel="noopener">press release</a>."I've always had the dream of owning a soccer team," he continued. "When my brothers and I explored Nashville SC, we knew it was a team and a city that we wanted to get involved with."<h2>4. Calamos Antetokounmpo Global Sustainable Equities ETF</h2>Antetokounmpo recently formed a 50-50 joint venture with Calamos Investments to launch an exchange-traded fund (ETF) that invests based on environmental, social, and governance (ESG) criteria.The basketball star helped shape the strategy of the Calamos Antetokounmpo Global Sustainable Equities ETF, and will donate a portion of his profits to charity. He won't be managing its portfolio or overseeing its day-to-day investments, the <a href="https://www.calamos.com/globalassets/media/documents/product-literature/factsheet/calamos-antetokounmpo-global-sustainable-equities-fund-etf-fact-sheet.pdf" target="_blank" rel="noopener">fund's launch sheet says</a>.Antetokounmpo's goal is to help people invest their money and improve their financial literacy, he <a href="https://www.cbsnews.com/news/nba-giannis-antetokounmpo-financial-literacy-sustainable-investing-calamos-investments/" target="_blank" rel="noopener">told CBS</a> this week."Unfortunately, growing up, I didn't have anybody sit me down and teach me how to invest my money and guide me through my own journey," he said."Now it's the number one thing I'm going to teach my kids," he continued. "I want my kids before they even get their first dollar to know how to make a dollar into two. Why just do it to my kids? How can I give people access to be able to invest?"

A NBA superstar went from keeping cash in multiple bank accounts to investing in 2 sports teams and launching an ETF. Here are 4 of Giannis Antetokounmpo's business ventures.

Two more Japanese banks are set to join 10 foreign and 16 local banks in the <keyword id="880043" type="General" weightage="20" keywordseo="tax-free" source="Orion">tax-free</keyword> <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of the GIFT City's <keyword id="34510" type="General" weightage="20" keywordseo="financial-sector" source="Orion">financial sector</keyword>, which is expected to play a key role in India's economic growth, International Financial Services Centres Authority (IFSCA) chairman K Rajaraman said here. "We also want Indian origin funds and businesses that are located in tax-free jurisdictions to return home and be part of the growing GIFT City hub," said Rajaraman, giving this update on the Ahmedabad-based city free trade zone, where ease of doing business procedures, processes and laws have become a benchmark for international standards. IFSCA is the regulatory body for the Indian special economic zones such as the GIFT City. Rajaraman said his recent delegation to Tokyo has resulted in two Japanese banks registering in the GIFT City, and more are expected as he continued discussions with potential businesses at the Singapore Fintech Festival being held 15-17 November 2023. "We are at Singapore Fintech Festival to promote the advantages of being in Tax-Free GIFT City," he underlined. He informed that 78 fund managers with 88 alternative investment funds, 82 funds with a corpus of USD 90 billion, as well as five insurance companies and two stock exchanges - GIFT CITY Nifty of National Stock Exchange and a bullion exchange are already part of the business community that the Indian government wants to establish and be part of the global financial network. "We believe a lot of India-focus business will certainly work out of GIFT City and a lot of fast growth is seen, he said, pointing out that 122 aircraft assets have been leased out tax-free city. "We have three electronic trading platforms - international trade finance solutions for bill factoring while there are insurance companies with international joint venture partners," said Rajaraman. The Singapore Fintech Festival had 650 companies from across the world.

Two Japanese banks set to start operations in GIFT City: IFSCA chief

<ul><li>Venture debt firm <keyword id="9353689" type="General" weightage="100" keywordseo="stride-ventures" source="Orion">Stride Ventures</keyword> sanctioned over ₹1600 crore to over 70 companies across various sectors. </li><li>Strides has diverse investments across sectors such as consumer, fintech, agritech, B2B commerce, healthtech and more. </li><li>Venture debt disbursed in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> last year stood at $538 million. </li></ul> Venture debt firm Stride Ventures today closed its Stride Ventures India Fund II after raising $200 million. The fund’s portfolio includes startups like CredAvenue (<keyword id="14257101" type="General" weightage="50" keywordseo="yubi" source="Orion">Yubi</keyword>), <keyword id="3030142" type="General" weightage="50" keywordseo="myglamm" source="Orion">MyGlamm</keyword>, <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword>, BluSmart and more. Stride said that the new fund saw participation from leading banks, marquee family offices, corporate treasuries, sovereign funds, PE funds, insurance firms and HNIs. "The growing investor trust in the Indian start-up ecosystem provided us with a great opportunity to develop a strong pipeline of deployments that we have utilized across various sectors. Stride Ventures goal is to continue being a preferred lender while developing innovative alternate financing solutions for founders,” said <keyword id="13803875" type="General" weightage="50" keywordseo="ishpreet-singh-gandhi" source="Orion">Ishpreet Singh Gandhi</keyword>, founder and managing partner at Stride Ventures. The fund saw its first close back in August 2021. Strides has diverse investments across sectors such as consumer, fin-tech, agri-tech, B2B commerce, health-tech, B2B SaaS, mobility &amp; energy solutions (EV). It has sanctioned over ₹1600 crore to over 70 companies across these verticals. “The current economic environment has made growing businesses more amenable to debt transactions than ever before, giving India's venture lending industry a chance to grow and evolve,” added <keyword id="1946603" type="General" weightage="50" keywordseo="apoorva-sharma" source="Orion">Apoorva Sharma</keyword>, partner at Stride Ventures. According to an India Venture Debt <a href="https://s3.ap-south-1.amazonaws.com/www.strideventures.in/Stride+Ventures+India+Debt+Report+2022.pdf">Report</a> 2022, the firm released in May, venture debt disbursals stood at $538 million last year. The fund facilitated joint-lending structures with leading banks over three years. It claims to have built innovative alternate financing solutions within venture debt for founders to allocate capital efficiently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/akasa-air-has-enough-capital-to-induct-72-aircraft-thanks-to-rakesh-jhunjhunwalas-visionary-role-says-ceo/articleshow/93616737.cms">Akasa Air has enough capital to induct 72 aircraft thanks to Rakesh Jhunjhunwala’s visionary role, says CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/workplace-recognition-and-not-salary-is-top-criteria-for-job-seekers-in-india-report/articleshow/93615940.cms">Workplace recognition, and not salary, is top criteria for job seekers in India: report</a>

Venture debt firm Stride Ventures closes a $200 million fund

<ul><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> has partnered with four major banks in India – State Bank of India, <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> and <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword>. </li><li>WhatsApp Pay finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI) in November 2020.</li><li>However, it initially has a limit of 20 million users. </li></ul> Facebook-led payments service WhatsApp Pay has partnered with four major banks in India – State Bank of India, ICICI Bank, HDFC Bank and Axis Bank to strengthen its UPI offering. “UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” said Abhijit Bose, Head of WhatsApp, India in a statement. WhatsApp continued to stress on making payments “as easy as sending a message”. WhatsApp Pay finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI) in November 2020. However, it initially has a limit of 20 million users. India is the first country where Facebook had begun its tryst with payments back in 2018 when WhatsApp began beta testing payments in the country. Since then, the company had met with several regulatory hurdles relating to data localisation, which was followed by a promise of storing data locally and WhatsApp Pay submitting revised data localization compliance this year. At the Facebook Fuel For India 2020 summit, Facebook founder <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms">Mark Zuckerberg </a>also pushed for WhatsApp Pay’s growth in India. “We just launched <keyword id="4685737" type="PERSON" weightage="20" keywordseo="WhatsApp-payments">WhatsApp payments</keyword> in India last month – now you can send money to your friends and family through WhatsApp, as easily as sending a message. That was possible because of the UPI system that has been built in India,” said Zuckerberg during a chat with Reliance chairman Mukesh Ambani. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

WhatsApp Pay strengthens its UPI offering —  ties up with SBI, ICICI Bank, HDFC Bank and Axis Bank

<ul class="summary-list"><li><keyword id="11930190" type="UNKNOWN" weightage="60" keywordseo="burger-king" source="Orion">Burger King</keyword> said the operator of its 800 Russian restaurants "refused" to close them.</li><li>But the businessman who manages the restaurants said he didn't have the power to close them himself.</li></ul>Burger King's attempts to close its Russian operation have been thwarted after the operator of its 800 outlets in the country said he is unable to close them because he doesn't have the necessary shareholder backing to do so, the BBC reported.The company's <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>n business is carried out through a joint venture partnership with Alexander Kolobov, who oversees the restaurants' day-to-day operations, investment firm Investment Capital <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, and VTB Capital, an affiliate of Russia's second-business bank. <keyword id="12378855" type="UNKNOWN" weightage="60" keywordseo="restaurant-brands-international" source="Orion">Restaurant Brands International</keyword>, Burger King's parent, has a 15% stake in the joint venture.Kolobov told <a href="https://www.bbc.co.uk/news/business-60789772?at_medium=RSS&amp;at_campaign=KARANGA">the BBC</a> that he owns a 30% stake in the business and that he himself didn't have the "authority or power" to stop Burger King's Russian operations."The decision to terminate and suspend operations of the franchisee which employs about 25,000 persons must be taken by all shareholders considering impact it may have on the employees and their families," Kolobov told the BBC on Sunday.Restaurant Brands International and Burger King did not immediately reply to requests for comment from Insider.His remarks to the BBC followed a statement made by the president of Restaurant Brands International on <a href="https://www.rbi.com/English/news/news-details/2022/Actions-on-Burger-King-Russia/default.aspx">Thursday</a> in which he said that the company had tried to have the restaurants close but was unsuccessful."We contacted the main operator of the business and demanded the suspension of Burger King restaurant operations in Russia," <keyword id="11892865" type="UNKNOWN" weightage="60" keywordseo="rbi" source="Orion">RBI</keyword> President David Shear said. "They have refused to do so."Western companies have been <a href="https://www.businessinsider.com/list-all-the-companies-pulling-out-of-russia-ukraine-war-2022-3?r=US&amp;IR=T">scrambling to pull out of Russia</a> since the country invaded Ukraine in late February. Firms have been shutting stores, closing offices, and halting trade.Burger King – which opened its first Russian restaurant in Moscow <a href="https://burgerking.ru/info-and-history">in 2010</a> – is <a href="https://www.businessinsider.com/mcdonalds-kfc-pizza-hut-starbucks-russia-fast-food-industry-2022-3?r=US&amp;IR=T">among the restaurant chains</a> limiting their operations in Russia. But, <a href="https://www.businessinsider.com/burger-king-wants-to-shut-down-russian-restaurants-2022-3?r=US&amp;IR=T">rather than closing its restaurants there</a>, Burger King has instead only been able to withdraw its corporate support.Shear said in the statement on Thursday that <a href="https://www.businessinsider.com/burger-king-wants-to-shut-down-russian-restaurants-2022-3?r=US&amp;IR=T">RBI was working to divest its ownership stake in the business</a>, but noted that this would "take some time." In the meantime, RBI has removed all corporate support for its Russian restaurants, including operations, marketing, and supply-chain support, and won't approve any new investment or expansion, he said.It's not just Burger King facing this problem. Insider reported that some <a href="https://www.businessinsider.com/why-mcdonalds-burger-king-papa-johns-cant-close-russia-restaurants-2022-3?r=US&amp;IR=T">McDonald's and Papa John's</a> outlets in Russia have remained open due to franchise agreements with third-party operators.Shear added that any profits RBI makes from its 15% ownership stake in the business would go to the United Nations High Commissioner for Refugees.

Burger King's attempts to shutter its Russia operations are thwarted after its joint venture partner 'refused' to close 800 restaurants

Mumbai, Kerala-based ESAF Small Finance Bank on Monday filed its Draft Red Herring Prospectus (DRHP) with markets regulator <keyword id="5083555" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of">Securities and Exchange Board of</keyword> India for an IPO. As per the DRHP, the aggregate issue size is up to ₹997.78 crore, comprising of a fresh issue component of up to ₹800 crore and an Offer for Sale up to ₹197.78 crore by promoter and other selling shareholders i.e <keyword id="8150050" type="UNKNOWN" weightage="20" keywordseo="PNB-MetLife-India-Insurance-Company">PNB Metlife India Insurance Company</keyword>, Bajaj Allianz Life Insurance Ltd, <keyword id="4412564" type="PERSON" weightage="20" keywordseo="Pi-Ventures-LLP">PI Ventures LLP</keyword>, and John Chakola. The net proceeds from the fresh issue will be used to augment the bank's Tier 1 capital (primarily loans, advances and investment portfolio) to meet future capital requirements. The company may consider a pre-IPO placement of up to ₹300 crore, subject to counsel from the lead managers. As per the CRISIL report, ESAF is one of the leading small finance banks in terms of yield on advances, AUM growth rate, and share of retail deposits. It currently operates across 21 states and two Union Territories with 550 branches, 421 customer service centres (which are operated by its business correspondents), 12 business correspondents, 158 banking agents and 327 ATMs and serves over 4.68 million customers. As of March 2021, ESAF's gross advances stood at ₹8,415 crore, compared with ₹6,606.51 crore a year ago and total deposits were at ₹8,999.43 crore against ₹7,028.38 crore. Additionally, the DRHP states that the bank will continue to focus on its rural and semi-urban franchisees and increase deposits across NRIs and CASA. As on date, it stands to have the highest share of retail deposits as a percentage to the total deposits when compared to the other small finance banks. Investment Bankers appointed to the issue are Axis Capital Ltd, Edelweiss Financial Services Ltd, <keyword id="334749" type="COMPANY" weightage="20" keywordseo="ICICI-Securities-Ltd">ICICI Securities Ltd</keyword>, and IIFL Securities Ltd. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-market-value-has-reached-1-10-lakh-crore-but-experts-had-different-views/articleshow/84757790.cms">While investors are still upbeat on Zomato stock, experts find it overvalued and expensive</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms">WazirX, CoinDCX and other Indian crypto exchanges will reportedly have new advertisement guidelines in the next seven to ten days</a>

Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO

<ul class="summary-list"><li>WorkMade is a new startup that lets freelancers keep track of their earnings and pay taxes.</li><li>Frequent freelancer Nick Simpson founded WorkMade in 2022 and scaled the startup to 12 employees.</li></ul>Nick Simpson has been freelancing for a while.The 27-year-old founder of WorkMade landed his first for hire gig when he was just 9-years-old. He helped his neighbors, who were spa consultants at the time, build and design websites. "I was a nerd who would steal their Wi-Fi from the fence in the backyard," he said. "They asked me if I made websites one day and I said yes."He turned those early gigs into a lucrative career as a designer for consumer-packaged-brands like the <a target="_blank" href="https://www.businessinsider.com/beverage-startup-hydrant-raises-8-million-from-aaron-rodgers-sloane-stephens-2021-4">hydration supplement Hydrant</a> and the skincare scrub brand Becky, which he also founded..But throughout his working life, paying taxes on his freelance earnings has always been a huge hassle. <a target="_blank" href="https://www.businessinsider.com/i-tried-freelancing-twice-before-making-six-figures-here-are-5-things-i-wish-id-known-earlier-2023-1">Freelancers</a> have to withhold taxes themselves when filing a 1099 form in the US, and payment schedules can vary from state to state.One year, Simpson got a shocking notice that he owed $140,000 in taxes, but when he went to pay the bill, there was nowhere on the IRS website where he could do so, he said. "That was the moment that I realized we were going to have a massive global tax issue, as the number of freelancers is only going to grow," he told Insider.That stressful incident was the catalyst for Simpson to found WorkMade, a startup that lets freelancers manage, withhold, and pay taxes on their business income all in one app. Founded in 2022, Simpson has grown the company to 12 employees and is launching the product to the public this month, after accruing a waitlist of over 30,000 sign ups.The startup has also raised $7.5 million in venture capital funding to date, with top seed investors like <a target="_blank" href="https://www.businessinsider.com/most-important-venture-capitalists-investors-in-los-angeles-2023-1#anna-barber-m13-1">Anna Barber's</a> M13, 1517 Fund, <a target="_blank" href="https://www.businessinsider.com/30-best-women-early-stage-seed-vc-investors-startups-2023-5">Gale Wilkinson's</a> Vitalize Venture Capital, and Slack.WorkMade offers business banking services for freelancers, supplied by Piermont Bank that includes a Mastercard debit card. When a customer signs up on the app, they're first prompted with a series of straightforward questions about how they typically file taxes, like whether they are single or married, filing jointly or separately, or use a vehicle for work, Simpson explained.Next, users can then link bank accounts to indicate which expenses are personal and professional, and WorkMade automates the rest of the tax management process using AI, such as tracking tax write-offs, calculating taxes owed each quarter and putting aside the correct amount from their earnings for taxes.When it comes time for a freelancer to pay their taxes, WorkMade manages that process too, including the payment without any forms, mail or extra calculations.There are many other<a target="_blank" href="https://news.crunchbase.com/job-market/contract-workers-freelance-unicorn-startups-vc-jobandtalent-remote/"> startup tools for freelancers</a> to manage their gigs like Madrid's freelance work marketplace Jobsandtalent or Wellington, New Zealand's Hnry. But WorkMade differentiates itself by focusing solely on solving the problems around managing tax payments for US customers, Simpson explained.And the market for tools for freelancers in the US is a rapidly growing one. According to Statista, there are an estimated 73 million freelancers working in the US this year, and that number is projected to grow to over 90 million by 2028.Simpson plans to use this infusion of capital to continue to build new features for freelancers and acquire even more customers through future partnerships and word of mouth recommendations."If somebody would have told me I'd be doing anything in taxes, banking and fintech, I would have laughed at them," Simpson said, "but I feel like it's just added up to what I've been doing for nearly the past two decades."

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