PLAN B

Flipkart-Swiggy deal talks; Corning’s India plan

Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.

US military looks for West Africa 'Plan B' after Niger ousting

Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, is visiting Africa to explore options for maintaining a U.S. presence in West Africa after Niger decided to expel the U.S. military in favor of partnering with Russia. Brown mentioned opportunities to work with countries in West Africa to possibly relocate capabilities from Niger to other locations. However, replicating the U.S. counter-terrorism presence in Niger seems unlikely. The changing political landscape in the region, with several coups, presents challenges for U.S. strategy. The U.S. is evaluating its goals and relationships in the region amid these changes.

CEO succession planning is important. But how you go about it makes all the difference

Succession planning, including CEO succession plans and leadership pipelines, is crucial for company stability and success. Companies with robust succession plans outperform peers by 20% in revenue growth. Neglecting leadership pipelines can cost companies nearly $1 trillion annually, emphasizing the importance of effective planning.

Green Cards for Grads: Trump’s new vote magnet?

Former President Donald Trump's proposal to grant Green Cards to foreign graduates could reshape international student dynamics and immigration policies, impacting countries like Canada, Australia, and the UK. However, uncertainties remain regarding the feasibility and implications of this initiative.

No neat solution to NEET, BSc or gap year part of study plan B

The National Eligibility cum Entrance Test (NEET) is embroiled in controversy, leading students seeking entrance to medical colleges to explore alternative paths such as taking a year off to prepare for the next round, considering foreign colleges, or opting for domestic Bachelor of Science (BSc) programs.

We are anticipating steady growth from Sunshine units every quarter: Dr B Bhaskar Rao, KIMS Hospitals

The aging population is increasing, leading to more disease-prone individuals. Per million, the number of people getting sick is rising, which we can accommodate. Additionally, advancements in science and new therapies are reducing the need for surgical procedures, making interventions more common.

B2B marketplace ReshaMandi fires 80% of workforce amid fund crunch

The B2B marketplace focused on silk products failed to secure Series B funding. Laden with over Rs 300 crore debt, it is facing court cases and may also be taken to insolvency court.

T20 WC: Australia win toss, opt to field against Scotland

In the T20 World Cup 2024 match at Daren Sammy National Cricket Stadium, Australia won the toss and opted to bowl against Scotland. Australia, leading Group B, is coming off a nine-wicket win over Namibia. Scotland, in third place, recently defeated Oman by seven wickets. Australian captain Mitchell Marsh announced changes, bringing in Mitchell Starc and Ashton Agar. Scotland's captain Richie Berrington expressed confidence in batting first on a good pitch. The match promises competitive cricket between the two teams.

How Elon Musk's $44.9B Tesla pay package compares with the most generous plans for other U.S. CEOs

Tesla shareholders on Thursday voted overwhelmingly in favor of restoring Musk's 10-year pay plan, valued by the company in April at $44.9 billion. It was worth more early in the year, but Tesla's stock value has fallen about 25% since then.

India-US discussions underway for $3.9 billion MQ-9B drones acquisition

A team from the United States is currently in India engaging in discussions regarding the acquisition of MQ-9B drones by the armed forces. The deal, estimated at $3.9 billion, has not been finalized as talks on technology sharing are still ongoing. Sources reveal that a team from General Atomics is in the capital for negotiations on the purchase of 31 drones, with 15 designated for maritime roles.

Park Hotels consolidated EBITDA margin for FY24 was 35% and is going to go up further: Vijay Dewan

Apeejay Surrendra Park Hotels, led by MD Vijay Dewan, reported a consolidated EBITDA margin of 35% for the past year, with plans for further improvement through efficiency measures and hotel upgrades. He says going forward, the EBITDA margins are going to further improve and a significant improvement in PAT in the coming year is expected as well.

B2B fintech startup Vegapay raises $5.5 million from Elevation Capital

Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.

Is it a good idea for laid off H-1B workers to switch to a US tourist visa, and back again?

When laid-off H-1B workers consider transitioning to B-1/B-2 visitor status for job searching, they gain valuable time and a streamlined process back to H-1B, endorsed by USCIS. This strategic move offers a safety net and opportunity for a successful career transition in the U.S.

Tea major B&A Ltd ventures into retail segment

B&A Ltd, a prominent company in the tea industry, has ventured into retail with its 'Gatoonga' brand of black tea, marking its first entry into the retail segment in its century-long history. The brand was launched in Assam, with plans to expand across India gradually. The company, previously focused on tea manufacturing, processing, packaging, tourism, and broking, now includes retail branding as its fifth vertical. With 11 tea estates in upper Assam and a recent acquisition, B&A Ltd aims for pan-India growth, investing Rs 50 crore over the next seven years.

PVR Inox looks to grow pre-ticketing F&B biz post its JV with Devyani

PVR Inox has partnered with Devyani International to expand into the food and beverage sector. Devyani will hold a 51% stake, while PVR will have 49%. This joint venture aims to boost pre-ticketing F&B revenue through branded food courts adjacent to cinemas. In FY24, PVR Inox's F&B sales rose 21% to Rs 1958 crore. The company plans to open 5-6 food courts initially. PVR Inox is also shifting to a capital-light model, reducing capex and adding new screens through a franchise model.

Amit Shah talks about BJP's plan B: 'What if BJP doesn't cross 272 on 4th June?'

Amit Shah on BJP Plan for 2024: Addressing concerns about potential constitutional changes if the BJP secures a significant majority, Shah refuted any intentions of misusing power. He stated, "We've had the majority to change the Constitution for the last 10 years. We never did it. The history of abusing majority power is not my party's. The history of misusing majority power belongs to the Congress during Indira Gandhi's time." When questioned about BJP's contingency plans if they fail to secure a majority, Shah expressed unwavering confidence in their success. "Plan B needs to be made only when there is less than a 60% chance for Plan A to succeed. I am certain that PM Modi will come to power with a thumping majority," he said.

Dixon ropes in Realme, plans to manufacture display modules for mobile phones: MD

Dixon Technologies, an Indian contract manufacturer, has secured Realme, a Chinese smartphone brand, as a new client. They intend to commence production of display modules for mobile phones, tablets, and notebooks, with a targeted capital expenditure of $30 million, excluding costs related to land and buildings.

Indian IT’s reliance on H-1B dropped 56% over past 8 years

Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.

WTicabs plans to induct 1,000 EVs in its fleet this fiscal

Wise Travel India Ltd to expand with 1,000 electric vehicles in tier II cities and international markets. The company's revenue reached Rs 409 crore in FY24, targeting 30-35% growth in FY25 to maintain CAGR.

Baron Capital raises Swiggy’s valuation to $12.1 billion; new digital competition law

The US-based asset manager has now marked up the fair value of its holding in Bengaluru-based Swiggy for the third consecutive time. The asset manager’s fund held a stake worth $87.2 million in Swiggy’s parent company as of December 31, 2023, up 17% from $74.4 million a quarter earlier.

Trump 2.0 to threaten H-1B plans of tech companies

Concerns arise over the possibility of a second Trump administration and its impact on the US immigration agenda. Tech industry alarmed by H-1B visa fee hikes, set to be implemented from 2025. Details about fee increases and previous H-1B denial rates are discussed.

Moglix plans to recruit 500 new professionals in 18 months

The B2B ecommerce platform ramps up hiring efforts across key business verticals as part of its expansion strategy

How Grasim Industries plans disruption in 'decorative paints' segment