Top Headlines: Byju's focus on profit; YES Bank sells stressed loans

After reporting a loss of Rs 4,588 crore in 2021 fiscal, Byju Raveendran, the founder and CEO of the world’s most valuable edtech firm Byju’s, has told employees that the firm has already started shifting its focus toward profitable growth. Lenders to McLeod Russel India will meet shortly to discuss a proposal from Carbon Resources to clear outstanding debts of banks and take charge of the company. Read more on these in our top headlines.

Byju's focusing on profitable growth, $2-bn revenue in sight: CEO to staff

After reporting a loss of Rs 4,588 crore in the 2021 fiscal, Byju Raveendran, the founder and CEO of the world’s most valuable edtech firm Byju’s has told employees that the firm has already started shifting its focus toward profitable growth. He said revenue of $2 billion was within sight of the firm. “The April-June 2022 (period) was our best ever quarter by far,” said Raveendran in a letter addressed to the employees and reviewed by Business Standard. Read more
 

McLeod Russel India lenders likely to discuss Carbon Resources proposal

Lenders to McLeod Russel India will meet shortly to discuss a proposal from Carbon Resources to clear outstanding debts of banks and take charge of the company. On Friday, the Jalan family-owned Carbon Resources Private Limited sent a non-binding letter of intent (LOI) for debt resolution of McLeod Russel and acquiring a controlling stake in the country’s largest bulk tea producer. Read more
 

Yes Bank approves sale of Rs 48,000 cr stressed loans to JC Flowers ARC

Private lender Yes Bank said on Tuesday that its board has approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no bids to challenge that made by the private equity company. Consequently, Yes Bank’s board of directors has approved JC Flowers’ declaration as the winner of the Swiss Challenge method that was used for the sale of the stressed assets. Read more
 

Adani Group signs non-dealing pact with foreign banks on cement stake

Adani Group has signed a non-dealing undertaking with the foreign banks on its entire stakes in Ambuja Cements and ACC for raising funds to acquire the two cement companies, the stock exchanges were informed on Tuesday. After acquisition, the group holds 63.15 per cent in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). Read more
 

RBI wants fintech operators to follow rules of game: Shaktikanta Das

Governor Shaktikanta Das on Tuesday said the RBI will not stifle or penalise fintech companies, but wants them to follow the "traffic rules" where their innovations adhere to certain expectations from the regulator. The innovations that come out have to enhance the efficiency and resiliency of the financial system, while benefitting the customer, Das said at the third Global Fintech Fest. Read more