Top headlines: Oyo posts positive core earnings; Ola lays off 200 engineers

Oyo reports its first EBITDA positive quarter, reduces FY22 losses

OYO, the Softbank-backed hotel aggregator, has reported an EBITDA of Rs 7 crore (around $1 mn) adjusted for the first quarter of FY23 and driven by an increase in gross booking value (GBV) and improved unit economics.

EBITDA margins increased marginally by +0.5 per cent in Q1 FY23, from -44 per cent in FY21 and -9.9 per cent in FY22. Oyo said it filed the addendum to the draft red herring prospectus (DRHP) on September 19 for its initial public offering (IPO). Read more

Laying off 200 engineers to 'centralise' operations, clarifies Ola

Ride-hailing major Ola on Monday clarified that nearly 200 engineers, including some in the software vertical, have been asked to go from its 2,000-strong engineer workforce -- 10 per cent of the headcount -- as part of a larger restructuring exercise towards its electric dream.

The company denied sacking 500 employees, adding that it is "centralising operations and is undertaking a restructuring exercise to minimise redundancy and build a strong lateral structure that strengthens relevant roles and functions". Read more

London: Sombre pageantry at funeral for Britain's Queen Elizabeth

Leaders and royalty gathered in London on Monday to mourn Queen Elizabeth amid scenes of matchless pageantry, a fitting end for Britain's longest-serving monarch who won respect the world over for her 70 years on the throne.

King Charles and other senior British royals followed her flag-draped coffin into Westminster Abbey on Monday at the start of her state funeral, the country's first since 1965 when Winston Churchill was afforded the honour. Read more

Jawahar Goel quits as Dish TV director, will step down at Sept 26 AGM

Jawahar Lal Goel has tendered his resignation from Dish TV India's board and has ceased to be the Chairman of the company, the company announced in a notice to the stock exchange. The resignation comes within days of the company announcing that Goel would not seek a reappointment to the board.

The company's annual general meet is scheduled for September 26, where Goel will step down from the board, the company said in a stock market notification on Tuesday. Read more