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<keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> Ventures Limited (RRVL), <keyword id="6436290" type="UNKNOWN" weightage="20" keywordseo="just-dial">Just Dial</keyword> and <keyword id="614985" type="COMPANY" weightage="20" keywordseo="vss-mani">VSS Mani</keyword> and others on Friday executed definitive agreements which will entail preferential allotment of 2.12 crore equity shares, equivalent to 25.33 per cent post preferential share capital, at a price of <keyword id="11656458" type="UNKNOWN" weightage="20" keywordseo="rs-1022-25">Rs 1,022.25</keyword> per share. Post the agreements, <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> will acquire 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62 per cent post preferential share capital) at a price per share of Rs 1,020. RRVL will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent stake in accordance with takeover norms. RRVL would make a public announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial, representing 26 per cent in accordance with <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> takeover regulations, RRVL said in a statement. VSS Mani shall continue as Managing Director and Chief Executive Officer to lead Just Dial through the next phase of growth. The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services. These investments will leverage Just Dial's existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users (as on March 31, 2021). Speaking on the transaction, Isha Ambani, Director of RRVL, said: "Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward." Mani, Founder and CEO of Justdial, said: "Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers. Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward." The transaction is subject to shareholder and other customary closing conditions and approvals. Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer, <keyword id="11656457" type="UNKNOWN" weightage="20" keywordseo="shardul-amarchand-mangaldas-and-khaitan-co">Shardul Amarchand Mangaldas and Khaitan &amp; Co</keyword> as legal advisors and Deloitte as accounting and tax advisors to RRVL. Goldman Sachs acted as exclusive financial advisor, Cyril Amarchand Mangaldas as legal advisor and Ernst &amp; Young provided tax advisory and diligence services to Just Dial and its promoters. SEE ALSO - <a href="https://www.businessinsider.in/tech/news/netflix-plans-to-add-video-games-to-its-categories/articleshow/84433119.cms">Netflix will reportedly add video games on its platform ‘within the next year’</a> <a href="https://www.businessinsider.in/business/corporates/news/just-dial-share-price-surge-as-mukesh-ambani-is-looking-to-buy-just-dial/articleshow/84432450.cms">As Mukesh Ambani reportedly dials in, Just Dial stocks surge 3%</a>

Mukesh Ambani's Reliance Retail to buy majority stake in Justdial, VSS Mani to continue as MD and CEO

<ul><li><keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>’s share price has nearly halved in the past one year, but analysts don’t recommend investors to ‘buy.’</li><li>Even at ₹13.55 per share, there’s a chance that the stock is overvalued.</li><li>Experts believe that Yes Bank may go for another round of funding in the near future to try and shore up its provisions as the second wave of pandemic bears down.</li></ul>When the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> had to rescue Yes Bank from collapsing in March 2021⁠ — the same time the pandemic hit us all unexpectedly ⁠— the double blow had taken the wind out of the share price that hit a low of ₹23.95. . Today, it is at ₹13.55 — nearly half of what it was a year go. This, 14 months after the RBI placed Prashant Kumar, the former deputy managing director of the State Bank of India, to save Yes Bank from becoming rubble. At the same time, its peers have made money for their investors while those betting on Yes Bank, or finding a bargain any time in the last one year, have been left disappointed. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in share price from 6 March 2020 to 6 May 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8.9% </td></tr></tbody></table>Source: NSE The latest shock was a ₹3,788 crore net loss in Jan-March 2021 triggering a fresh bout of ‘sell’ calls. Some of those targets, set for any time in the following 12 months, have already been hit. That’s how fast the stock has been falling. Yet, even at this price, analysts aren’t gutsy enough to say ‘buy’. “The real value may be much lower, if you look at book value compared to other banks,” Vikram Sud, chairman and consultant at VSS Advisors and an independent director on the board of DBS Bank, told Business Insider. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 15 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sell </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sell </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sell </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sell </td></tr></tbody></table>Source: Respective reports A year earlier, between January and March 2020, people who had an inkling that the company — at the time run by Rana Kapoor who is currently lodged at Taloja Jail — was running on fumes, had already been withdrawing their money. The average depositor followed later. These small deposits, also called CASA (current account-savings account) ratio, are the cheapest source of funds for any bank to make money. There is no run on the bank anymore and so, this number has shown remarkable growth in the last three months. For every ₹10 that depositors had parked in the bank a year ago, there is now ₹15.2. "In the next3years, we continue to stay focused on doubling the deposit book and increasing the customer base to almost 3 times. And we also aim to improve our CASA ratio to 40% and double the cross-sell ratios," Kumar said during Yes Bank's fourth quarter earnings call. However, the street is suspicious of that number too. “If you ask, any customer would not be confident about putting their money in Yes Bank right now. I don’t know if they have enough transparency around what kind of customers are the ones who can give them these deposits,” an analyst from Emkay Global told Business Insider. <cmsannotation type="cmsannotation" annotationid="The depositors’ confidence, or the lack of it, is not the only fear about Yes Bank" comment="subhead" text="The depositors’ confidence, or the lack of it, is not the only fear about Yes Bank">The depositors’ confidence, or the lack of it, is not the only fear about Yes Bank</cmsannotation> The problem with Yes Bank was that, under Rana Kapoor, it had given a lot of loans that wouldn’t return and it kept brushing the bad loans under the carpet until there was a lot more than it could hide. The issue of the elusive borrowers may still persist. Even in the first three months of 2021, the lender had to write off a little more than ₹6 out of every ₹100 it gave out. The amount of such stressed loans, ones that are more likely to turn sour, is still high even though it is a fourth of what it was just three months earlier. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank’s latest financials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-March 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net interest income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹987 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-22.5% (YoY) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net loss </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,787.75 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-244.1% (YoY) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Provision for bad loans </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5240 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">138.3% (QoQ) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross NPA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.41% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 bps (QoQ) </td></tr></tbody></table>Source: Yes Bank’s earnings report for Q4 2021 and Q4 2020 <cmsannotation type="cmsannotation" annotationid="Yes Bank CEO wanted to dump bad loans but couldn’t" comment="subhead" text="Yes Bank CEO wanted to dump bad loans but couldn’t">Yes Bank CEO wanted to dump bad loans but couldn’t</cmsannotation> The private bank’s plan was to get a licence from the Reserve Bank of India (RBI) to set up a separate asset reconstruction company (ARC). This ARC would buy the bank’s bad loans at a discount, help it clear the balance sheets, and start growing from there. According to the bank’s chief executive, Prashant Kumar, Yes Bank was hoping to deposit nearly ₹50,000 crore of bad loans to the ARC. However, the RBI turned down that request in March <a href="https://www.livemint.com/industry/banking/rbi-rejects-yes-bank-s-proposal-to-set-up-arc-11615722649056.html">citing</a> a conflict of interest. “Once the stock climbed back up [last year], they [Yes Bank] told investors they would want to apply for a separate ARC and they were confident of getting permission from the RBI, where they would basically park all the bad assets. But that didn’t happen,” said Emkay Global. However, according to Kumar, the option of setting up an ARC is still on the table. "That option is still alive and we would be waiting for more clarification to come from regulator after the report of the expert committee which they have made would come out," he said. Meanwhile, experts believe that Yes Bank may go for another round of funding in the near future to try and shore up its provisions as the second wave of pandemic bears down. “Market discounts all the knowledge that is known as of today. If new information comes out tomorrow, then the stock will react accordingly,” said an analyst on the condition of anonymity. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a> <a href="https://www.businessinsider.in/science/space/news/telescope-spots-the-chinese-long-march-5b-rocket-currently-in-an-unstable-orbit-around-earth/articleshow/82450870.cms">Telescope spots the Chinese Long March 5B rocket that is currently in an unstable orbit around Earth</a> <a href="https://www.businessinsider.in/business/startups/news/heres-why-zomato-is-reportedly-cutting-a-300-million-cheque-for-grofers/articleshow/82450062.cms">Here’s why Zomato is reportedly cutting a $300 million cheque for Grofers</a>

Yes Bank shares are cheaper than what they were a year ago — and what could revive the investment, if at all

Hi, Aaron Weinman here. The Fed raised rates on Wednesday. Let's unpack what that means for investment banking.Vamos!If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/fed-rate-hike-june-fomc-decision-interest-rates-inflation-surging-2022-6"></a>1. The Fed raised its benchmark interest rates by three-quarters of a percentage point on Wednesday to a range of 1.5%-1.75%. It's the most aggressive hike since February 1994 — the same month President Bill Clinton lifted the US trade embargo against Vietnam.When thinking about Fed Chair Jay Powell's latest increase, it's important to remember that these hikes started when interest rates were near rock-bottom. That meant borrowing costs for companies were dirt cheap, and investment banks <a href="https://www.businessinsider.com/banker-jobs-as-investment-banking-fees-decline-1q-bank-earnings-2022-4">feasted on record deal numbers</a> in the capital markets (where companies raise debt to service their operations). Corporates across the credit universe turned to cheap capital as the economy recovered in the aftermath of the global pandemic.Those <a href="https://www.businessinsider.com/goldman-dan-dees-jim-esposito-how-investment-banking-ranking-peers-2021-8">record numbers</a>, however, are now a distant memory. And they're in no danger of increasing in the short term. When rates rise, borrowers will have little interest in tapping the capital markets for new financing, and they'll be loath to refinance any debt they got their hands on during the cheap-money days.Speaking during a Morgan Stanley conference, Andrew Morton, Citi's global head of markets, said the US investment bank's wallet was <a href="https://www.reuters.com/business/finance/citigroup-markets-head-sees-q2-investment-banking-drop-markets-increase-2022-06-15/">down 50%-55% compared to this time last year</a>.IPOs, bond or loan deals, and the lucrative M&amp;A market are all down as Wall Street assesses a landscape severely different from the years of cheap money and an accommodative central bank.That said, Wall Street execs that ply their trade in <a href="https://www.businessinsider.com/wall-streets-top-distressed-credit-and-debt-traders-2020-5">the opportunistic restructuring space</a> have been waiting patiently in the wings for a smidgeon of volatility. As companies brace for weaker earnings, and some struggle to repay their debts, lawyers and bankers will look to pounce on chances to clean up their balance sheets through equity injections, debtor-in-possession financings, or bankruptcies.In other news:<a href="https://www.businessinsider.com/alex-spiro-attorney-elon-musk-jay-z-bobby-shmurda-2022-06"></a><div type="image" title="Alex Spiro and Elon Musk in front of stacks of papers and gavels 4x3" height="1750" width="2334" msid="92256270" hostid="261"></div>2. Elon Musk's go-to lawyer is a "streetfighter" in the legal world. Meet Alex Spiro, the 39-year-old litigator who <a href="https://www.businessinsider.com/alex-spiro-attorney-elon-musk-jay-z-bobby-shmurda-2022-06?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=new:%2010%20Things%20in%20Tech%20-%20native%20ad">helped the Tesla boss defeat a defamation suit</a>. Meanwhile, The Wall Street Journal reports that Musk is expected to reiterate his desire to own Twitter when he <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Felon-musk-expected-to-reiterate-desire-to-own-twitter-in-meeting-thursday-11655333603%3Fmod%3DdjemalertNEWS">speaks to the social-media company's employees later today</a>.3. Coinbase is fast-becoming the poster child for the depleted crypto space. The company announced plans to <a href="https://www.businessinsider.com/coinbase-layoffs-1100-employees-amid-crypto-bloodbath-2022-6">lay off 1,100 staff</a>. Here's one manager who told Insider that Coinbase broke promises, <a href="https://www.businessinsider.com/coinbase-layoffs-after-cryptocurrency-crash-2022-6">which left him frustrated and disappointed</a>.4. PayPal just unveiled a new BNPL offering. PayPal Pay Monthly will allow users to split purchases into monthly payments <a href="https://www.businessinsider.com/paypal-pay-monthly-launches-tough-bnpl-competition-market-slump-2022-6">spread over six to 24 month periods</a>.5. JPMorgan snared a Morgan Stanley exec to bolster its wealth-management team. Paul Halpern will <a href="https://www.businessinsider.com/jpmorgan-wealth-management-morgan-stanley-paul-halpern-2022-6">join the rival US bank as its chief marketing officer</a>.6. HSBC canned one of its London-based traders after scrutinizing the person's cell phone, Bloomberg reported. <a href="https://www.bloomberg.com/news/articles/2022-06-15/hsbc-fires-london-trader-as-crackdown-on-client-messaging-widens?sref=ipW5reFz">The departure</a> comes as Wall Street banks — under pressure from regulators — review bankers' messages on <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">unauthorized messaging apps like Meta-owned Whatsapp</a>.7. Private-credit funds are playing a bigger role in financing leveraged buyouts. These funds started with the odd million-dollar ticket on a deal, but now they're lending billions of dollars toward transactions. Here's an explainer from Bloomberg on the <a href="https://www.bloomberg.com/news/articles/2022-06-14/how-the-boom-in-private-markets-has-changed-finance-quicktake?sref=ipW5reFz">evolution of this marketplace that's changing the capital markets</a>.8. "Russian Davos" just kicked off, but it's lacking any notable attendees from the West. Many business execs have shunned the event due to Russian sanctions and its invasion of Ukraine, giving <a href="https://www.businessinsider.com/russian-davos-spief-western-leaders-sanctions-missing-vladimir-putin-2022-6">folks from China, India, and the UAE center stage</a>.9. Wall Streeters enamored with remote work have flocked to Hawaii since the onset of the pandemic. Here's the best way to use those frequent-flyer miles for <a href="https://www.businessinsider.com/personal-finance/best-ways-hawaii-on-points-and-miles">your next trip to the US' only archipelago</a>.10. German fintech Airbank just scored $20 million in Series A funding. Check out the pitch deck that the financial-management platform used to <a href="https://www.businessinsider.com/pitch-deck-airbank-german-fintech-startup-series-a-molten-ventures-2022-6">win over London-based Molten Ventures</a>.Done deals:<ul><li>Glade Brook Capital has <a href="https://www.businesswire.com/news/home/20220614005317/en/Glade-Brook-Announces-Hard-Close-of-Oversubscribed-Growth-Equity-Fund-With-430-Million-in-Commitments">closed its third strategic growth fund</a>. The $1.5 billion growth-equity investor raised $430 million to back emerging companies across the software and fintech spaces, among others.</li><li>Centroid Systems, a cloud services firm backed by private-investment firm VSS, has acquired Guardian Eagle, a data security consultant headquartered in St. Petersburg, Florida.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: Powell goes hiking

Hello, and welcome to this week's edition of the <keyword id="11040852" type="UNKNOWN" weightage="60" keywordseo="insider-tech">Insider Tech</keyword> <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>, where we break down the biggest news in <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>, including:<ul><li><a href="https://www.businessinsider.com/silicon-valley-startups-are-getting-flooded-with-vc-funding-offers-2021-3">Inside the extreme FOMO fueling Silicon Valley's startup scene</a></li><li><a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4">The Seed 100: The best early-stage investors</a></li><li><a href="https://www.businessinsider.com/richard-stallman-free-software-foundation-open-source-software-advocacy-2021-3">A controversial programmer's return has ignited a civil war in the open source community</a></li></ul>I'm your host Alexei Oreskovic. Hit me up with your thoughts, tips, rants and raves at <a href="mailto:aoreskovic@businessinsider.com?inline-read-more">aoreskovic@businessinsider.com</a>.<h4><a href="http://newsletter.businessinsider.com/join/4np/insider-tech">Did someone forward this newsletter to you? Sign up here.</a></h4>Soundtrack: This week's newsletter has been specially designed to be consumed while <a href="https://www.youtube.com/watch?v=2kAT7lThggw">listening to Stan Getz &amp; Charlie Byrd's "Samba Triste"</a><h3><a href="https://www.businessinsider.com/silicon-valley-startups-are-getting-flooded-with-vc-funding-offers-2021-3">This week: Startup fever in Silicon Valley</a></h3>Spring is here, arms are getting jabbed across the country, and in Silicon Valley the mood is feverish.Every day brings news of big-ticket startup funding deals, eye-popping valuations, and fresh stock listings. It's not as if Silicon Valley was struggling to attract capital before. But with the tech business having proven surprisingly impervious to the pandemic, an emboldened industry now seems convinced that the re-opening will bring only more good times. <a href="https://www.businessinsider.com/silicon-valley-startups-are-getting-flooded-with-vc-funding-offers-2021-3"></a>A <a href="https://www.businessinsider.com/silicon-valley-startups-are-getting-flooded-with-vc-funding-offers-2021-3">bad case of FOMO has gripped investors</a>, super-charging the pace and value of dealmaking.<ul><li>As Becky Peterson reports: "When a startup raises a smaller round at a lower valuation, whether it's out of necessity or just a strategic choice, fast moving investors can interpret that decision as a sign of weakness."</li><li>MindPortal, a startup working on a brain computing interface, received reach-outs from more than 100 VCs and angel investors during the week of Y Combinator's Demo Day; <a href="https://www.businessinsider.com/silicon-valley-startups-are-getting-flooded-with-vc-funding-offers-2021-3">six wanted to wire cash after 30 minute conversations.</a></li><li>Due diligence - the process by which VCs vet the companies they're considering investing in -<a href="https://www.businessinsider.com/investors-cut-corners-due-diligence-fast-paced-vc-deals-2021-3">is not always very diligent in this overheated of environment.</a></li></ul>And SPACs are blooming. The proliferation of blank-check companies have opened up a new pathway for <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups">startups</keyword> to reach the public markets. <ul><li>One question that's likely to become more relevant in the months ahead: <a href="https://www.businessinsider.com/spac-craze-could-prop-up-troubled-startups-in-hunt-for-deals-2021-3">Are SPACs distorting the Silicon Valley startup ecosystem, in which failure is considered a vital element for innovation?</a> </li></ul>And because the funding frenzy means such a big range in the quality of startups and investors, Insider has embarked on a big project to separate the wheat from the chaff. The result is the Seed 100, in which Insider's VC/startups team worked with Tribe Capital to analyze data on 1,000 seed-stage investors to identify the 100 VCs who have mastered the art of early stage investing.<h4>Read the full story here:</h4><h3><a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4">The Seed 100: The best early-stage investors</a></h3><a href="https://www.businessinsider.com/seed-100-top-early-stage-vc-investors-2021-4"><div type="image" title="seed 100 thumb 4x3" height="1126" width="1501" msid="81888870" hostid="261"></div></a><h3>From the curious file...</h3><a href="https://www.businessinsider.com/russia-requires-phones-devices-have-russian-software-pre-installed-2021-4">The Putin bundle</a>: Russian smartphone users will now have the privilege of using software produced by their comrades. A new law stipulates that phones, TVs and laptops sold in the country must come pre-installed with a selection of Russian-made apps alongside foreign apps. Some locals have apparently taken to calling it <a href="https://www.businessinsider.com/russia-requires-phones-devices-have-russian-software-pre-installed-2021-4">the "law against Apple."</a><a href="https://www.businessinsider.com/watch-spacex-rocket-space-debris-hurtle-seattle-pacific-meteor-2021-3">Elon's Space Junk:</a> Stargazers in Seattle and Portland recently were entertained with what seemed like a surprise meteor shower. It turns out the bright lights streaking across the sky <a href="https://www.businessinsider.com/watch-spacex-rocket-space-debris-hurtle-seattle-pacific-meteor-2021-3">were debris falling off of a SpaceX Falcon 9 rocket that launched earlier in March.</a><a href="https://www.businessinsider.com/robinhood-to-remove-controversial-confetti-feature-2021-3">Hold the confetti:</a> Stock trading app Robinhood has been criticized for the animated on-screen confetti explosions that occur after users make a trade, with critics saying it turns investing into a gambling-like game. Robinhood strenuously disagrees, <a href="https://www.businessinsider.com/robinhood-to-remove-controversial-confetti-feature-2021-3">but says it will indulge the critics by replacing the confetti</a> with "new, dynamic visual experiences that cheer on customers through the milestones in their financial journeys.<h3>Snapshot: <a href="https://www.businessinsider.com/virgin-galactic-spaceship-vss-imagine-unveiled-2021-3">Buckle up for Suborbital flight</a></h3>Virgin Galactic unveiled a shiny new spacecraft on Tuesday. The <a href="https://www.businessinsider.com/virgin-galactic-spaceship-vss-imagine-unveiled-2021-3">VSS Imagine is the latest version of a spacecraft</a> that will eventually carry tourists into suborbital space. Virgin Galactic said it will begin ground testing and glide flights this summer.<a href="https://www.businessinsider.com/virgin-galactic-spaceship-vss-imagine-unveiled-2021-3"><div type="image" title="Virgin Galactic VSS Imagine" height="1406" width="2500" msid="81888872" hostid="261"></div></a>Hundreds of people have already paid Virgin Galactic between $200,000 and $250,000 for tickets to suborbital space, though the company recently pushed back the expected departure date for these trips to "early 2022." Virgin's first spacecraft, the VSS <keyword id="6356323" type="UNKNOWN" weightage="60" keywordseo="enterprise">Enterprise</keyword>, <a href="https://www.businessinsider.com/virgin-galactic-spaceship-reportedly-crashes-during-test-flight-2014-10">was destroyed in a fatal crash in 2014. </a><h3>Recommended Readings:</h3><a href="https://www.businessinsider.com/richard-stallman-free-software-foundation-open-source-software-advocacy-2021-3">Developers say that the firestorm over controversial developer Richard Stallman is a moment of reckoning for the open source industry</a><a href="https://www.businessinsider.com/adam-selipsky-aws-ceo-benefit-the-salesforce-relationship-2021-3">Amazon's new cloud CEO is in the perfect position to strengthen AWS's friendship with Salesforce, his former employer</a><a href="https://www.businessinsider.com/deliveroo-stock-price-ipo-london-stock-exchange-food-delivery-2021-3">Deliveroo goes 'from hero to zero' after tanking 30% at its London IPO as investors get tough on gig-worker rights</a><a href="https://www.businessinsider.com/why-vc-keith-rabois-new-side-hustle-at-barrys-bootcamp-2021-3">VC Keith Rabois has a new side hustle in Miami as a Barry's Bootcamp instructor</a><a href="https://www.businessinsider.com/alexis-gay-comedian-clubhouse-viral-videos-twitter-housin-around-podcast-2021-3">After gaining millions of followers for videos poking fun at Silicon Valley culture, this woman quit her tech job to be a comedian full-time</a><h3>Not necessarily in tech:</h3><a href="https://www.businessinsider.com/tom-girardi-famed-attorney-accused-ponzi-scheme-2021-3">Famed lawyer Tom Girardi and 'Housewives' star Erika Jayne flaunted their life of excess. Now, with accusations of a Ponzi scheme, they may lose it all.</a>Thanks for reading, and if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/insider-tech">tell your friends and colleagues they can sign up here to receive it</a>.- Alexei

A startup fever is sweeping Silicon Valley

<ul class="summary-list"><li><keyword id="130495" type="COMPANY" weightage="60" keywordseo="Virgin-galactic">Virgin Galactic</keyword>'s stock surged 18% on Friday after <keyword id="58954" type="PERSON" weightage="60" keywordseo="Richard-Branson">Richard Branson</keyword> said he aims to travel into space on July 11.</li><li>The billionaire is set to beat Amazon CEO <keyword id="191583" type="PERSON" weightage="60" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> into space by 9 days.</li><li>Virgin Galactic's shares are trading 82% higher year-to-date.</li></ul><a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> Holdings shares rose as much as 18% in Friday's pre-market trading session after founder Richard Branson said he will travel on the spaceflight company's <a href="https://www.businessinsider.com/richard-branson-to-launch-to-space-before-jeff-bezos-2021-7">next test flight, scheduled for July 11</a>, nine days before Jeff Bezos' planned trip to space.The company's stock was changing hands at $51.18 per share at 9:34 a.m. ET, compared with $43.19 at Thursday's close. Its share price has gained 82% so far this year, and is up 165% over the past 12 months. <div type="image" title="SPCE stock" height="538" width="638" msid="84064890" hostid="261"></div>Branson will be joined by five crew mates on the winged rocket-powered VSS Unity spacecraft, including two pilots, as he puts the "private astronaut experience" through its paces, the company <a href="https://investors.virgingalactic.com/news/news-details/2021/Virgin-Galactic-Announces-First-Fully-Crewed-Spaceflight/default.aspx">said in a statement</a>. "I've always been a dreamer," Branson <a href="https://twitter.com/richardbranson/status/1410729503337418756">said in a tweet</a> on Thursday. "My mum taught me to never give up and to reach for the stars. On July 11, it's time to turn that dream into a reality aboard the next @VirginGalactic spaceflight."Virgin Galactic expects to carry out another two test flights before launching commercial service in 2022. The company plans to take tourists on flights into space, and it has developed spacecraft to do this.It has already received reservations for about 600 spaceflight tickets and collected over $80 million in "future astronaut deposits" as of March 31, <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001706946/3464bbe5-4fbd-45e0-9214-f508b5d3b895.pdf" target="_blank" rel="noopener noreferrer">according to an SEC filing</a>. It plans on reopening sales after Branson's flight.Virgin Galactic's share price has been buffeted by events, getting a boost from the Federal Aviation Administration's decision to award it a license for space flights recently, but also taking a hit from a double downgrade of the stock by Bank of America Securities this week.Branson's announcement came hours after Amazon CEO Jeff Bezos <a href="https://www.instagram.com/tv/CQyQ_asFQEO/?utm_source=ig_embed&amp;ig_rid=84298d08-e987-45bc-ab9d-606382a7b02fb02f">said Thursday on Instagram</a> that barrier-breaking female aviator, Wally Funk, will accompany him on his space trip on July 20. <a href="https://www.businessinsider.com/jeff-bezos-blue-origin-first-human-flight-mark-bezos-2021-6">Mark Bezos, the billionaire's brother, will also be on board the first human flight</a> of <keyword id="199288" type="COMPANY" weightage="60" keywordseo="Blue-Origin">Blue Origin</keyword>'s New Shepard spacecraft.Blue Origin CEO Bob Smith downplayed Branson's plans, <a href="https://markets.businessinsider.com/news/stocks/jeff-bezos-richard-branson-blue-origin-virgin-galactic-karman-line-2021-7-1030574915">telling the New York Times on Thursday</a> that the Virgin Galactic spaceflight won't fly as high as the Bezos spacecraft. Read More: <a href="https://www.businessinsider.com/investing-strategy-portfolio-advice-rest-of-2021-asset-classes-nuveen-2021-7" target="_blank" rel="noopener noreferrer">The investment chiefs at $1.2 trillion money manager Nuveen spell out 'best ideas' for how investors should build their portfolios in 5 major asset classes for success in the second half of 2021</a>

Virgin Galactic soars 18% after Richard Branson said he aims to reach space 9 days before Amazon boss Jeff Bezos

<ul class="summary-list"><li>New Mexico, one of the poorest states in the US, paid $220 million to build <keyword id="1138905" type="COMPANY" weightage="60" keywordseo="Spaceport-America">Spaceport America</keyword>.</li><li>Sunday's launch has some hopeful that <keyword id="130496" type="PERSON" weightage="60" keywordseo="space-tourism">space tourism</keyword> will revitalize their struggling town.</li><li>Other business owners are skeptical, saying they've seen little positive impact from the investment.</li></ul>"This is transformative," Val Wilkes told her wife while looking through binoculars at <keyword id="130495" type="COMPANY" weightage="60" keywordseo="Virgin-galactic">Virgin Galactic</keyword>'s VSS Unity as it shot through the blue Sunday-morning sky.However, even her fascination with space travel hasn't dulled her skepticism about how the space tourism company might impact the town. Val and her wife Cydney Wilkes co-own the Rocket Inn, located in Truth or Consequences, New Mexico, the sleepy town where futuristic planes rocket the society's upper crust into space. New Mexico, one of the poorest states in the US, used <a href="https://kvia.com/news/new-mexico/2021/07/09/how-much-has-spaceport-building-cost-dona-ana-county-taxpayers/">$220 million in taxpayer money</a> to pay for the construction of Spaceport America, but Val, who lives in one of the poorest counties in the state, hasn't seen her community or business benefit from that money."We're a dusty little town, and we're forgotten and ignored," Wilkes said. "They keep turning to us to support Spaceport financially, but we haven't seen any of that investment come back."<div type="image" title="Two married women sit next to each other." height="724" width="966" msid="84350122" hostid="261"></div>She said her business hasn't seen a bump in tourists or spaceport workers booking rooms, while the <a href="https://sierracountysun.org/government/t-or-c/truth-or-consequencess-water-lines-are-breaking-at-an-escalating-pace/">town's infrastructure suffers</a>. Truth or Consequences is a desert town with a declining population of 6,000 that's ringed by mountains, mesas, and hot springs that drive much of the town's tourism industry. Despite the surrounding area's natural beauty and appeal to tourists, the town's <a href="https://www.countyoffice.org/truth-or-consequences-unemployment-office-truth-or-consequences-nm-0d9/">unemployment rate hit 11%</a> in 2018, <a href="https://www.census.gov/quickfacts/truthorconsequencescitynewmexico">a third of its citizens</a> live in poverty, and a <a href="https://nmpoliticalreport.com/2021/07/01/as-water-levels-drop-in-elephant-butte-bor-prepares-for-conditions-not-seen-since-the-1950s/">decades-long drought</a> has shrunk nearby Elephant Butte Lake to 7% of its original capacity, endangering both the tourism and agricultural industries. Though Sunday's launch heightened optimism about a nascent space-tourism industry benefitting their town, Wilkes is wary of Virgin Galactic's estimate that <a href="https://www.businessinsider.com/virgin-galactic-ceo-high-speed-supersonic-hypersonic-space-tourism-travel-2020-6">400 flights to the edge of space will take off from Truth or Consequences</a> every year starting in 2022. Virgin Galactic has been promising the town's business owners for years that Spaceport America will generate hundreds of thousands of visitors, but the influx of tourists and money has yet to come, Wilkes said."We've been waiting - this has been going on for years," said Jeffre Dukatt, the owner of a custom T-shirt store in Truth or Consequences. "Everybody's excited but apprehensive. 200 million is a lot of money that we pay to support them. I hope they take off so we can see the benefits from the millions we've invested and the higher tax rate.So far, the spaceport has barely impacted his business or his town, he said. "It's just another souvenir that I can sell."The town's city manager, Bruce Swingle, is more bullish about Spaceport America's impact. While the spaceport has so far created only 20 jobs for the town, he said he expects Sierra County to see $500,000 in revenue from it and expects a jump in tourism once <a href="https://www.businessinsider.com/celebrities-reserve-tickets-to-fly-space-richard-branson-virgin-galactic-2021-7">Virgin Galactic starts launching commercial flights</a>. He hopes that space tourists, as well as their family and friends, will also take advantage of the hot springs, hot air ballooning, and nature around the area. "Finally the dream is coming true," he said. "The community is really excited."Even if Virgin Galactic meets Branson's ambitious projection, people are doubtful that Truth or Consequences will see much of the revenue.Wilkes said most Spaceport America workers and tourists stay and spend their money in Las Cruces, a bigger city 80 miles south of Truth or Consequences. The executive director of Spaceport America told KVIA that <a href="https://kvia.com/news/new-mexico/2021/07/09/how-much-has-spaceport-building-cost-dona-ana-county-taxpayers/">most of the spaceport's employees live in Las Cruces</a>."Las Cruces is going to be set to get the lion's share of the revenue, but we'll get a percentage of that and that's good for the community."

Business owners in a tiny desert town are 'excited but apprehensive' to see whether a $220 million bet on billionaire Richard Branson's spaceport will pay off

New Delhi, Jan 22 () The Union Cabinet on Wednesday approved closure of Hindustan Fluorocarbons Ltd (HFL), a central public sector enterprise with just 88 employees.
 The decision was taken in a meeting of Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
 "CCEA approves closure of HFL, a central public sector enterprise under the department of chemicals and petrochemicals," an official statement said.
 HFL has been making losses since 2013-14 and has negative net worth. As on March 31, 2019, it had accumulated losses of Rs 62.81 crore and net worth of (-) Rs 43.20 crore.
 It was also registered with the erstwhile Board for Industrial and Financial Construction (BIFR) as a sick company.
 According to the statement, financial implications of the proposal for the closure involve providing a support of Rs 77.20 crore to the company in the form of interest free loan for settling closure related liabilities of HFL.
 The liabilities include implementation of VRS/VSS, payment of outstanding salary and statutory dues, and repayment of SBI working capital credit and salary/wages and administrative expenses of HFL skeletal staff to be retained for implementing the closure plan for two years.
 It said the interest free loan is proposed to be repaid from the proceeds of the disposal of land and other assets of HFL after settling all the liabilities relating to closure of the company.
 If the land/assets sale proceeds are not sufficient to fully repay the loan amount, then the balance loan amount is to be written off, it said.
 "With unviable scale of operations, very old plants and technology and only one revenue earning product but of no strategic significance, sustainable revival of HFL is not economically viable," it said.
 Further the inevitable reduction in quota of HFL in 2020 will make the company's operations completely non-viable from March this year onwards.
 "Closure of the company's operations will not only avoid any future risks / liabilities but also protect the interest and welfare of HFL employees by separating them through VRS/VSS," it added.
 Thereafter, it said disposal of the company's land assets will enable their redeployment for more productive use which can attract both domestic and foreign investments.
 The statement said NBCC (India) will be appointed as land management agency for facilitating disposal of land assets.
 Disposal of plant/machinery and movable assets will be done by HFL through e-auction by MSTC, it added.
 HFL, which is a subsidiary of Hindustan Organic Chemicals, is engaged in the manufacture of Poly Tetra Fluoro Ethylene and Chloro Di Fluoro Methane. RR ANU
ANU

Cabinet approves closure of Hindustan Fluorocarbons Ltd

Is e-commerce 2.0 over in India? Going by the recent ripple of mergers and closures, impacted by an overall volatile economy, we often assume the worse. Investors’ loss of trust in the Indian ecosystem has become a litany for some time now but in spite of the downtime, a handful of Indian e-commerce firms have hit the headlines in 2013 for fast-paced growth and the big bucks they have managed to raise. Their operations vary widely – it can be as simple as business listing, as predictable as selling books and lifestyle items online or as unique as creating a whole new platform for a consumer requirement. But routine or innovative, these six Indian companies have gained both investors’ support and consumer trust that keep them going. Find out what’s making them tick while we bring you a tongue-in-cheek account of possible mergers &amp; acquisitions that may happen on their way. 
 
 
<keyword id="430602" type="COMPANY" weightage="100" keywordseo="JustDial">JustDial</keyword>: What’s next after a roaring listing business? 
Forget MakeMyTrip and its iconic NASDAQ listing – here is one success story just as good. Fresh from a mind-blowing IPO that was oversubscribed 12 times, this India-focused local business listing site has already entered online food ordering space and has some more projects in the pipeline. Of course, the Rs 950 crore IPO – a pure offer for sale in which founder VSS Mani and investors, including Tiger Global, Sequoia Capital and SAP Ventures, sold some 1.75 crore shares – is the largest on the Indian bourses this year and one of the biggest by an Indian Internet firm. 
 
However, the start-up had done its fair share of tight-rope walking earlier in the day. Since his first-ever business directory service AskMe failed in the early 90s, Mani made sure to make the next initiative failure-proof – taking one cautious step at a time (initially answering consumer queries over phone, then graduating to web queries and next moving on to mobile apps). Finally, India got its biggest business listings company, built from a paltry seed capital of Rs 50,000. And here is another interesting bit of information. Since 1999, Mani had taken six shots at the bourses and the last one has gone right home. 
 
Road ahead: What feels good about this start-up is that, JustDial is already up and about, looking at new businesses. In a recent media interview, Mani confirmed that the company would soon expand its online service range – diversifying into cab, movie ticket and doctor appointment booking. 
 
If consolidation happens: What if... search giant Google wants to focus more on India and requires a local partner that has scale and reach across multiple businesses? In fact, <keyword id="45395" type="CITY" weightage="40" keywordseo="Google-India">Google India</keyword> has already introduced Product Listing ads that will display features like product images, pricing and more, to highlight merchant offerings. Will it thrive more if JustDial comes on board? 
 
<keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>: All about pivots, deals &amp; marketplace, but can it do a TaoBao? Talk about pivots and you have Kunal Bahl who has done it as many times as Robert Bruce and courted success. His business pivoted seven times as Bahl started by selling restaurant deal vouchers (and printed ones at that); came up with a daily deal site and finally pivoted to a zero-inventory, e-commerce marketplace just like Amazon, with a B2C (business to consumer) focus. That definitely makes it different from <keyword id="161767" type="COMPANY" weightage="60" keywordseo="eBay-India">eBay India</keyword> where the focus is C2C. Snapdeal claims to be doing it big – with 20 million registered users and around 14-15 million visitors each month, according to his recent interaction with AllThingsD. And a total funding of $114 million or so (eBay is an existing investor in the company as well) definitely speaks a lot in terms of investor confidence. Snapdeal is not profitable yet, but it is eyeing an annual GMV of $400 million this fiscal and wants to do a billion dollar in GMV by 2015. 
 
Road ahead: Media reports say Bahl is all set to do a TaoBao Mall (a dedicated B2C e-commerce marketplace run by China’s Alibaba Group) right here in India. The seasoned entrepreneur prefers to call the marketplace a vast product discovery platform with fast and furious growth and has recently introduced a customer protection service called TrustPay – a service that ensures 100% money-back guarantee in case of any issue with product quality, size or delivery. It also serves as a seller protection service against any kind of consumer fraud. Snapdeal’s agility to move ahead of the market could be its USP, especially now that it has started working on ad revenues, but can it really achieve the momentum and the scale in the Indian context? 
 
If consolidation happens: That eBay is one of the investors in Snapdeal is an interesting fact. If the company ever considers a readymade marketplace with a B2B focus, this will be a good deal. Then there is <keyword id="6354743" type="COMPANY" weightage="40" keywordseo="Amazon-India">Amazon India</keyword> who could be buying out all competition. But given a choice, would it buy <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> or Snapdeal? Well, your guess is as good as ours. 
 
Flipkart: Big bucks are rolling in, but is the business booming? 
Don’t shop, Flipkart it – that’s the new mantra of this prolific e-com player, founded by Sachin and Binny Bansal (they are not related). They started as a book e-tailer, but soon expanded into all possible categories – from fashion to fitness and accessories, gadgets &amp; electronics to home &amp; lifestyle products, baby care items, toys and more. The success mantra is simple – best pricing and speedy delivery, backed by a dedicated logistics team. Understandably, the traction is awesome – the company claims to have 10 million registered users and over 1 million unique visitors a day. 
 
Flipkart has recently raised a fifth round of funding worth $200 million from its existing investors – Tiger Global, Accel Partners, ICONIQ Capital and South African Internet company Naspers – taking the total funding to more than $380 million. But that doesn’t mean all is well in paradise. It has recently shut down some digital businesses like Flyte (a much-hyped MP3 store launched only a year ago) and cut down on a number of electronics categories. On the plus side, it has launched its own payment gateway called PayZippy, introduced a voice-based search on the site, started selling e-books and has come up with a marketplace where third party vendors can sell directly to consumers. Flipkart has also entered a deal with the US-based indie e-book distributor Smashwords, Inc., which gives it access to Smashwords’ eBook store – a catalogue of 2 lakh-plus vetted and formatted e-books from more than 60,000 authors and publishers. 
 
Road ahead: Ambitious, to say the least, especially after the Series E booster. Just like Snapdeal, this e-com biggie wants to reach an annual GMV of $1 billion by 2015 besides doubling up the number of sellers on the marketplace to 1,000 by the end of this year. Although Flipkart is constantly harping on global level hiring, the biggest chunk of the funds raised is bound to be spent on technology, supply chain and (don’t be shocked) product development. PayZippy could be just the beginning and going ahead, Flipkart may evolve into a technology enabler for offline businesses keen to have an online presence. Infibeam’s Build A Bazaar, SmartStore from BigFoot Retail and PayU India’s PayUPaisa are doing just the same, but Flipkart can actually do a PayUPaisa by integrating the proprietary payment gateway with the Web stores for additional revenues (just like PayUPaisa does). 
 
But it is the Smashwords deal that intrigues us most. According to Nielsen BookScan Retail Panel data, in 2013, Flipkart holds an average of 40-45% in terms of value when it comes to the organised books market in India and the company has plans to grow it substantially. If that happens, it will become the undisputed market leader in the books category – both online and offline. And before we forget, Flipkart may focus even more on private labels – it already markets a private label brand called Digiflip for digital accessories such as laptop bags and camera pouches. But the biggest challenge is to get over the few setbacks, bring back the positive drive and get ready for a much-anticipated IPO. 
 
If consolidation happens: A head-on between Snapdeal and Flipkart or Amazon and Flipkart will be extremely interesting. However, the company is not losing much sleep over the competition from existing marketplaces. Another possibility is Flipkart acquiring Tradus since they have a common investor in Naspers and such deals have taken place before. 
 
<keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>: Fashion e-tailing on a roll, but for how long? 
Shun the incremental and go for the leap, said Jack Welch of GE. And if there’s one online retailer in the fashion and lifestyle segment that has literally fallen for this mandate, it’s Jabong.com, the dark horse in the fiercely competitive Indian e-commerce space. In less than 20 months, the Rocket Internet-backed venture has banged into the top rung – the third most-visited online shopping site after Myntra.com and Flipkart.com, according to a recent report by comScore. Reasons for such eyeballs? Huge inventory, aggressive marketing, speedy delivery and best-in-class customer care (including third-party logistics services). The deep pockets of the Samwer brothers help it burn the cash left, right and centre, and around 50-60% of its sales are coming from small towns, its founder, Arun Chandra Mohan, said in a recent media interaction. 
 
Road ahead: Could be bleak, going by Rocket’s reputation of creating hype and disposing its assets at the earliest. Jabong claims to do around 14,000 orders a day (average ticket size not disclosed), but it is yet to hit profitability. The company is said to be experimenting with private labels, but does not seem to be pushing it big time in spite of potential big margins. Moreover, just like Flipkart, Jabong has also handed out the pink slips. At the end of the day, it has to find a viable business model and we hope that the third-party logistics can bring in some hard cash as e-tailing spreads across the country. 
 
If consolidation happens: A takeover bid, either by Myntra or by Flipkart, will definitely put the bidder on the top. However, Flipkart is an unlikely candidate as its late initiative to enter fashion and lifestyle space is yet to gain traction and scale. Of course, it is not lacking in funds, but considering that the firm has already launched a marketplace in April this year and facing some stiff competition from Amazon India and other desi e-com marketplaces, will it really invest in an inventory-led model? Myntra, on the other hand, could be game if it is seriously considering a No. 1 slot. Interestingly, Bangalore-based Myntra is one of the heaviest funded players in the e-commerce space and has raised around $64 million till date. It has also made some interesting acquisitions and a shot at a competitor might not be unlikely. 
 
Just Zomato it: You can’t find a spicier chunk of food business 
Is this online restaurant guide doing a Jabong in terms of fast and furious growth? Well, apparently, going by the latest report card. Just five years into the business, this Gurgaon-based firm has expanded to 28 cities across 8 countries (India, the UAE, Qatar, Sri Lanka, the UK, the Philippines, South Africa and New Zealand) – with listings of over 1,18,000 restaurants and 15 million monthly users (web and mobile). And it all happened because founder Deepinder Goyal, while working for Bain &amp; Co. in Delhi, decided to do something about easy access to food joints, rather than stomaching an overcrowded office cafeteria or flying blind to find nearby eateries. 
 
Zomato’s USP is its user-generated reviews (pretty stringent, going by the new parameters set up not too long ago). Moneywise, it is pretty well-funded. Info Edge (India) Ltd, which runs a string of consumer internet portals including the coveted job listing site Naukri.com, is the majority stakeholder in Zomato and invested around Rs 86.06 crore in the company. 
 
Road ahead: Next destinations are Brazil and Turkey, to say nothing of the recent tie-up it had with UK-based toptables for restaurant booking in London, Manchester and Birmingham. And for a change, this start-up has reached break-even in India and Dubai could be next on the cards. As of now, revenues roll in via ads, event ticketing and restaurant booking. 
 
If consolidation happens: If you are not on Zomato, you are not really there – that’s how the saying goes for restaurants. So the next logical step is to expand into restaurant booking (it has already done it in the UK) and online food ordering. Zomato has reportedly declined such expansion plans in India, but going by JustDial’s latest foray into the online food ordering space, a look at Foodpanda (India), a food ordering platform backed by Rocket Internet, or other homegrown restaurant reservation sites like TableGrabber.com, Dineout.co.in, PoshVine.com and Tablewalla.com may just work out well for Zomato.

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