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Greptile CEO Faces Backlash Over 84-Hour Workweek Post, Receives Death Threats and Job Applications
- In November 2024, Daksh Gupta, CEO of AI startup Greptile, sparked controversy with a social media post about his company's 84-hour workweek.
- Gupta revealed employees typically work from 9 am to 11 pm or later, including Saturdays and occasional Sundays.
- Following the viral post, Gupta reported receiving 20% death threats and 80% job applications in his inbox.
- Gupta clarified that the intense work culture is temporary, part of the startup's early growth phase, and not meant to be permanent.
- The CEO faced criticism for promoting a "toxic work environment," while some praised his transparency about the demanding startup culture.
Tata Consumer Products Refutes Rumors of Starbucks Exiting India
- On December 20, 2024, Tata Consumer Products denied reports of Starbucks exiting India, calling them "baseless" in a letter to major stock exchanges.
- The clarification came after media reports suggested Starbucks might shut operations in India due to high costs and low profitability.
- Tata Starbucks, a joint venture since 2012, currently operates over 450 stores across 70 cities in India.
- On December 16, 2024, Tata Consumer CEO Sunil D'Souza announced plans to "calibrate" short-term store openings due to declining customer footfall.
- Despite short-term adjustments, Tata Starbucks remains committed to its goal of operating 1,000 stores in India by 2028.
Adani Group Unveils Massive ₹27,900 Crore Investment Plan for Bihar
- On December 20, 2024, at Bihar Business Connect, Pranav Adani announced a ₹20,000 crore investment for an ultra-supercritical thermal power plant in Bihar.
- The power plant project is expected to create 12,000 job vacancies during pre-commissioning and 1,500 skilled jobs in the operational phase.
- Adani Group plans additional investments: ₹2,300 crore in logistics, gas distribution, and agri-logistics; ₹2,100 crore for smart meters in five cities.
- The conglomerate aims to invest ₹1,000 crore in strategic infrastructure like Gati Shakti railway terminals and inland container depots.
- Pranav Adani praised Chief Minister Nitish Kumar's vision, citing it as a model for beneficial growth across India.
Steel Exchange India Board Approves Rs 600 Crore Fundraising Plan
- On December 18, 2024, Steel Exchange India's board approved raising Rs 600 crore through equity shares or other eligible securities with a face value of Re 1 each.
- The company can raise funds through various modes including private placement, preferential issue, or qualified institutions placement, in one or more tranches.
- A 'fundraising committee' will decide on the structure, pricing, and timing of the issuance, subject to shareholder and regulatory approvals.
- In Q2 FY2025 (ended September 30, 2024), Steel Exchange India reported a net profit of Rs 2.72 crore, down 25.48% year-on-year.
- On December 18, 2024, Steel Exchange India's shares closed 2.17% lower at Rs 10.83 on the BSE, amid a 0.62% decline in the Sensex.
Indian Rupee Hits Fresh Record Low of 84.95 Against US Dollar Ahead of Fed Decision
- On December 18, 2024, the Indian rupee weakened by 5 paise to close at a record low of 84.95 against the US dollar, touching 84.96 intraday.
- The rupee's decline comes ahead of the Federal Reserve's final policy decision, with expectations of a 25 basis point rate cut.
- Analysts predict the rupee could touch 85 on December 19 if the Fed adopts a slightly hawkish tone in its future guidance.
- The Dollar Index stood at 106.9850, up 0.03%, with expectations of continued outperformance in the first half of 2025 due to strong US economy.
- Brent crude oil prices remained steady at $73.63, up 0.44%, as traders await Fed cues and consider China's demand concerns and potential supply glut.
Senores Pharmaceuticals Announces Rs 582 Crore IPO, Opens December 20
- Senores Pharmaceuticals' IPO, opening on December 20, 2024, offers shares at Rs 372-391, comprising a fresh issue of Rs 500 crore and an OFS of 21 lakh shares.
- The Ahmedabad-based firm's IPO, closing on December 24, aims to raise Rs 582.11 crore, valuing the company at Rs 1,801 crore at the upper price band.
- Proceeds will fund subsidiary Havix Group's Atlanta facility, repay debt, support working capital, and finance inorganic growth through acquisitions and other initiatives.
- Senores develops pharmaceuticals for regulated markets in the US, Canada, and UK, with presence in 43 emerging markets, manufacturing critical care injectables and APIs.
- The company reported Rs 171.87 crore debt as of November 30, 2024. Equirus Capital, Ambit, and Nuvama Wealth Management are lead managers for the December IPO.