Author: Yashi Gupta

LIC IPO: A SWOT (strength, weakness, opportunity, threat) analysis

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman announced in her budget speech the initial public offer (IPO) of Life Insurance Corporation of India (LIC) is “expected shortly.” The government is planning to raise up to Rs 1 lakh crore through the sale of shares in the LIC IPO, which could be India’s biggest IPO to date.

The IPO, which is expected to come out in early March, is expected to fill the fiscal deficit of this year. A report by IIFL Securities has detailed the strengths, weaknesses, opportunities, threats (SWOT) analysis of the LIC IPO.

SWOT Analysis of LIC IPO

Strengths

Brand name: LIC is one of the “oldest and strongest” companies in India in terms of brand awareness. As per the report, the company is domestically and internationally known for its brand image, campaigns, and corporate excellence. LIC is also one of the third strongest and tenth most valuable insurance brands globally.

Product portfolio: The company caters to a wide range of product offerings, from insurance plans to whole life plans, moneyback plans, and endowment plans. Each of its plans has multiple schemes catering to different age groups and types of customers.

Market share: Plus, its market share is the highest in new business premiums (61 percent) and the number of policies (71 percent). Its accounts under management doubled to Rs 37.7 trillion in FY21 on a standalone basis.

Inorganic growth: It has a slew of investments throughout companies — private and public — that allows the company to grow organically while providing them with capital support. It has two subsidiaries and four associate companies that look after its pension fund, housing finance, mutual fund, banking, and cards business.

LIC has the strongest network of agents in the country. As of March 2021, it had over 13.5 lakh agents across the country.

Also Read | Union Budget 2022: LIC IPO expected shortly, says FM Nirmala Sitharaman

Weakness

Life insurance is a competitive industry. Despite LIC being a market leader, private companies compete with LIC in terms of better service. Moreover, the report said, “The company lacks in giving proper service to their customers due to their traditional way of doing business.”

LIC is also one of the largest employers in the country and shouldering this responsibility of enabling employment, it rarely invests in technology to improve its efficiency. Plus, the government often intervenes in the business where “maximum growth and income is involved,” the report said. This affects the “decision making and utilisation of its resources.”

As compared with private players, LIC’s expenditure on advertisement is low, as shown by the “quality of ads and content they create.”

Opportunity

IIFL Securities said the company has the ability to expand its product portfolio and cater to customers by introducing even more products depending on the needs of the customers. “The company should look forward to expanding its footprints into new geographies with new products,” it said.

The report also said LIC should focus on spending heavily on advertising and marketing to create new product offerings and cater to new-age customers.

Also Read | From LIC to Delhivery, Ola, Pharmeasy, a look at upcoming IPOs in 2022

Technology has played a major role in the insurance sector for a long time. The company can exploit advanced technologies such as blockchain and artificial intelligence to improve the business on a greater scale, the report suggested.

LIC has a high disposable income, which can be put to use by investing in new-age companies, from which even LIC can benefit in terms of technology advancement and make a high return, the report advocated.

Threats

“LIC has to abide by the rules and regulations laid down by the government. This puts limitations on the growth of the company,” the report said, adding that the company has invested in many loss-making companies in the past due to policies laid by the government.

It further mentioned the mis-selling attributes of LIC agents, saying the company doesn’t have a complete hold on the agents. “In order to gain personal interest, the agents mis-sell the customers with policies not required by them due to which LIC losses the customer’s trust,” the report mentioned.

LIC restricts its chances of catering to the young urban population by following traditional methods. They do not have a liberty “to garner new technologies and means of distribution,” it said.

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Closing Bell: Sensex nears 60,000, Nifty at 17,780; investors gain Rs 6 lakh crore in 2 sessions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian equity benchmark indices surged for the third straight session, to close at two-week highs Wednesday on the heels of a ‘growth-oriented‘ budget that stepped up on spending. The 30-scrip Sensex closed at 59,558, as it rose 695 points and the Nifty50 index surged over 200 points to end at 17,780.

The broader markets supported the rally as both mid-caps and small-caps rallied 1.2 and 1.5 percent, respectively. The market breadth favours the advances, with three stocks rising for every one stock that slipped.

Among sectoral gauges, a strong rally was seen in financial and realty stocks. Nifty Bank closed over 2 percent higher, Nifty Financial Services surged over 1.9 percent, Nifty PSU Bank advanced over 3.5 percent, and Nifty Private Bank surged over 2 percent. Nifty Pharma closed over 1.2 percent higher and Nifty IT advanced over 1 percent. Nifty Metal closed 1 percent higher and Nifty Oil & Gas surged over half a percent.

Among the 50 stocks on Nifty, IndusInd Bank, Bajaj Finserv, Bajaj Finance, HCL Tech, and HDFC Life led the gains, as each scrip rose up to 5 percent. Leading the losses were Tech Mahindra, Nestle India, UltraCement, Hero Moto, Britannia.

Nifty Bank gained over 825 points to close at 39,330 and all of its constituents closed higher in today’s session, with HDFC Bank leading the rally. HDFC Ltd rose over 2 percent after reporting a nine-quarter high AUM growth.

Jubilant FoodWorks, Balarampur Chini slid and Dabur rose after reporting the third-quarter numbers. Dr Lal, Union Bank, Vodafone Idea, GSPL, and Oracle were the top midcap gainers. Chola Investment, Chambal Fertilisers, Indian Hotels, Polycab are the top midcap losers.

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Jubilant FoodWorks Q3 earnings: Net profit rises 7.5% YoY, misses Street estimates; board approves stock split

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jubilant FoodWorks—the parent of Domino’s Pizza and Dunkin’ Donuts—reported its third-quarter earnings Wednesday, posting a net profit of Rs 133.2 crore, a jump of 7.5 percent year-on-year in the financial year 2022. The company had posted a net profit of Rs 123.9 crore in the corresponding quarter of the previous fiscal. However, the company missed Street estimates by 11.2 percent. CNBC-TV18 poll of analysts had pegged the company’s net profit to rise to Rs 150 crore.

The board of Jubilant FoodWorks have approved a stock split to “enhance the liquidity of the company’s equity shares and encourage the participation of small investors by making it more affordable,” the company said in a press release. Each stock of face value of Rs 10 would be split into five stocks having a face value of Rs 2, each fully paid up.

Its revenues came in at Rs 1,210.8 crore for the quarter under review, 13.2 percent higher than revenues of the corresponding quarter of the previous year. However, it missed Street estimates by 3 percent.

Also Read | HDFC Q3 Earnings: Net profit up 11% at Rs 3,261 crore, beats Street estimates

“The growth was driven by an improved recovery in the dine-in channel, well supported by a continued momentum in delivery channel,” the company said.

The EBITDA of Domino’s parent company rose 14 percent YoY to Rs 319.2 crore from Rs 280 crore. Its EBITDA margin also surged over 10 basis points to 26.3 percent. The company’s EBITDA missed the Street expectations by 1.8 percent. But its EBITDA margin exceeded the expectations by 30 basis points. CNBC-TV18 poll had expected EBITDA margin to come in at 26 percent.

The company added 75 Domino’s stores in Q3 FY22, exceeding Street expectations. CNBC-TV18 poll had pegged the store count to grow by 45-50 stores. “This is the highest ever number of new store openings by any franchisee in any quarter in any market,” it said. Domino’s also reported a growth of 7.5 percent in same-store sales, against the poll of 8 to 10 percent.

Compared with pre-covid period of Q3 FY20, Domino’s system sales recovered by 112.9 percent. “This was attributed to recovery in delivery and takeaway channels by 128 percent and 148 percent, respectively. Dine-in channel witnessed a healthy recovery at 71.7 percent,” the release added.

The company had recently announced hitting the milestone of 1,500 Domino’s stores in India, and “is confident of continuing its network expansion in the period ahead.”

At the last count, Jubilant FoodWorks shares were down over 4 percent to Rs 3,299. In comparison, Sensex was up over 1 percent to 59,534.

Track third-quarter earnings of FY22 of India Inc here

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Opening Bell: Sensex, Nifty open higher amid strong global cues; ITC, Eicher Motors gain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian equity benchmark indices opened higher on Wednesday following positive trading cues from the global markets, extending gains from the Budget day session.

At 9:15 am, the Sensex opened 0.7 percent or 430 points higher at 59,293. Nifty50 index opened at 17,706 — up 130 points or 0.7 percent. The broader market indices were trading higher as well.

Among the sectoral indices on Nifty, all the gauges were trading in the green, with Nifty Bank up over 1 percent. Nifty Auto was rising over 0.8 percent and Nifty PSU Bank was up over 1.4 percent. Nifty IT climbed 0.15 percent in early trade.

Bluechips leading the gains on the Nifty50 index were Kotak Mahindra Bank, ITC, Bajaj Finance, Power Grid, and Eicher Motors. Some nine stocks opened in the red, with Tech Mahindra, Britannia, Adani Ports, Sun Pharma, and UltraTech Cement leading the losses.

Follow our live blog for more stock market updates

While the stock market cheered on budget day, rising over 1 percent, the bond market witnessed a sell-off, sending bond yields surging. Bond yields on 10-year bonds surged to 6.828 percent Wednesday morning, the levels last seen in July 2019.

The bond sell-off picked pace after the government announced increased borrowing in the FY23 budget to Rs 14.95 trillion to support a bigger annual budget of Rs 39.45 trillion. Finance Minister Nirmala Sitharaman said the fiscal deficit for the current financial year is 10 basis points higher than targeted earlier.

Globally, Asian shares surged with tracking stocks on Wall Street. Japan’s stocks advanced 1.5 percent and Australian shares jumped nearly 2 percent. Trading in China, Hong Kong, South Korea, and Singapore markets was closed Wednesday for the Lunar New Year holiday. MSCI’s broadest index of Asia-Pacific shares outside Japan was up over 0.3 percent.

US stock futures were trading mixed with Dow Futures slightly in the red. S&P Futures were up over half a percent and Nasdaq Futures were up nearly 1 percent as Google’s Alphabet reported fourth-quarter earnings, beating estimates. The company has also announced a 20 for 1 stock split.

Over in commodities, US crude oil was surging over 0.2 percent to $88.37. Meanwhile Brent crude was at $89.34 as investors eyed OPEC+ meeting amid speculations that oil cartel might boost output as tensions in the Middle East and Europe surge. And spot gold was down 0.2 percent at $1,798.

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Budget has elements that address rural demand; crude oil a bigger risk to economy, says CEA Anantha Nageswaran

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The budget 2022 has “certain elements” that address the rural demand, Chief Economic Adviser Anantha Nageswaran told CNBC-TV18 Tuesday after Finance Minister Nirmala Sitharaman presented her fourth budget in the Parliament, which experts touted was “growth-centric”. The budget comes in face of the aftermath of the second and third waves of the coronavirus pandemic that resulted in job losses and sent inflation surging.

In his first interview after taking over as CEA, Nageswaran spoke about the elements in the budget that addresses the rural demand. “One is the allocation to the Prime Minister’s Gram Sadak Yojana and the entire credit guarantee is going to be revamped, and an additional tool has been developed for that. And then we have the MSP and record procurement happening. We also have the PM Kisan Scheme, which is a demand-driven program,” he counted.

So, we have enough cushion to help the demand recovery, he said. He further added that economic stress is high because of the pandemic cloud, which is still keeping people uncertain and restrained in their spending. “We would see that once the pandemic cloud lifts, I think the consumer sentiment and spending habits would come back to a normal growth pattern,” Nageswaran said.

Also Read | Budget 2022: From digital rupee to focus on growth, here are highlights from FM’s speech

Nageswaran said the crude oil is a bigger risk for the economy, bigger than a hawkish Federal Reserve, and monsoon. While monsoon is too early to talk about and regardless of how taper proceeds in the US, the fall out on India should be very, very manageable, which leaves crude oil, which, he said, is a “risk the world economy faces and not just India.”

Brent crude oil prices are trading close to $90, as the prices rose in response to tensions in the Middle East and Europe. However, the oil cartel OPEC+ adding to oil supplies this week could reduce the pressure on prices.

CEA said the answer for a high oil price is a high oil price because that’s what brings demand. He said, from April onwards, over the course of the next 12 months, the assumption of crude oil trading in the range of $70-75 per barrel is not unrealistic. And this 8-8.5 percent jump is a “manageable risk,” but it is “something we need to watch out for,” he added.

For all the latest updates on Union Budget 2022, follow our LIVE blog here. For full coverage of Union Budget 2022, click here.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2022 gives impetus to Kisan Drones; FM Sitharaman announces MSP on wheat, paddy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman announced Rs 2.37 lakh crore towards direct payments for minimum support price (MSP) to farmers growing wheat and paddy. Sitharaman said the MSP payments would be made to the farmers between April 2022 to March 2023.

Sitharaman also said the estimated procurement of wheat in Rabi 2021-22 and the procurement of Kharif in 2021-22 will cover over 1,208 lakh metric tonnes of wheat and paddy. This would come from over 160 lakh farmers and Rs 2.37 lakh crore direct payment of MSP value to their accounts, she added.

The government will also promote chemical-free natural farming, Sitharaman announced while presenting her fourth union budget. She said the scheme will focus on farmers’ lands in 5-km wide corridors along the river Ganga in its first stage.

She also announced the delivery of digital and high tech services to farmers. The government plans to involve public sector research, private agri-tech players, and stakeholders of agri-value chain and extension institutions. She said, “a scheme in PPP mode will be launched.”

The government will also promote the use of ‘Kisan Drones’ for crop assessment, digitisation of land records, and spraying of insecticides and nutrients.

The government is also seeking to finance startups for agriculture and rural enterprise, It will launch a fund with blended capital raised under the co-investment model via NABARD. “The activities for these startups will include, inter alia, support for FPOs, machinery for farmers on rental basis at farm level, and technology including IT-based support,” Sitharaman added.

The government is also implementing the Ken-Betwa Link Project, which is expected to cost over Rs 44,600 crore. The project will provide irrigation benefits to over 9 lakh hectares of farmers’ lands, drinking water supply for over 60 lakh people, over 100 mega-watts of hydro and 27 megawatts of solar power.

“Allocations of Rs 4,300 crore in RE 2021-22 and Rs 1,400 crore in 2022-23 have been made for this project,” Sitharaman told Parliament.

The government, in collaboration with states, will also provide a comprehensive package to adopt a suitable variety of fruits and vegetables, to use appropriate production, and harvesting techniques.

For all the latest updates on Union Budget 2022, follow our LIVE blog here. For full coverage of Union Budget 2022, click here.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing Bell: Sensex, Nifty close near day’s high amid volatility following budget 2022 announcements

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian equity benchmark indices closed over 1 percent higher in a volatile session after Finance Minister Nirmala Sitharaman unveiled the Budget for FY23.

The 30-scrip Sensex closed at 58,862, as it rose nearly 850 points and the Nifty50 index surged 237 points to end at 17,576. The broader markets supported the rally as both mid-caps and small-caps rallied a percent higher. The market is neutral, with the advance-decline ratio at 1:1.

Among sectoral gauges, a strong rally was seen in Nifty Bank, IT, FMCG, Financial Services. Nifty Metal surged over 4.5 percent and Nifty Private Bank index surged over 2 percent. Nifty Auto and Nifty PSU Bank indices closed over half a percent lower.

Among the 50 stocks on Nifty, Tata Steel, Sun Pharma, IndusInd Bank, Shree Cement, and Hindalco led the gains, with each scrip rising up to 8 percent. Leading the losses were BPCL, IOC, Tata Motors, Mahindra & Mahindra, and SBI Life.

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Metal stocks surged after the budget’s announcement of the extension of concessional tax. However, the auto stocks slipped following the announcement of lower-than-expected sales numbers for January. Sun Pharma rose to a five-year high Tuesday after a strong management commentary.

Tata Motors slipped as the third-quarter earnings came in lower than expected. On the other hand, ITC gained over 3 percent as the budget did not mention a cigarette tax. Real estate stocks also surged following the budget’s announcements on affordable housing. Oil marketing companies were among the top losers after posting a series of weak earnings.

Globally, world stocks looked set to leave a volatile January in the past on Tuesday, starting a new month on firmer ground as a slew of reassuring comments from Federal Reserve officials helped calm rate-hike jitters.

Also Read | Budget 2022: Power stocks rise post-FM Sitharaman’s announcements; Tata Power, Adani Power up

European stocks opened 1 percent higher, US stock futures rallied and Japan’s stocks surged over 0.3 percent. Overnight on Wall Street, Nasdaq allied over 3.5 higher but closed January on a worse note.

In what sounded like a well-orchestrated chorus, four Fed officials said they felt it was time for the US central bank to begin removing support from a strongly growing economy, where inflation is at its highest in four decades.

Over in commodities, the Brent eased a touch Tuesday at $89 a barrel while US West Texas Intermediate crude also slipped marginally at $88.08 a barrel.

With inputs from Reuters

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2022: Govt to levy 30% tax on crypto gains; gifts to be taxed as well

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman has announced a taxation scheme on virtual digital assets such as cryptocurrencies in the budget session of Parliament Tuesday. Sitharaman announced that any income from the transfer of any virtual digital asset shall be taxed at the rate of 30 percent.

Sitharaman added that while computing such income, no deduction with respect to expenditure or allowance shall be incurred, barring the cost of acquisition. She also said that loss from the transfer of cryptos or any digital asset cannot be set off against any other income.  In addition, a TDS of 1 percent would be made on the transfer of digital assets, she said.

“Further, in order to capture the transaction details, I also propose to provide for TDS on payment made in relation to transfer of virtual digital asset the rate of 1 percent of such consideration above a monetary threshold,” Sitharaman said while presenting the budget.

See Also | For all the latest updates on Union Budget 2022, follow our LIVE blog here. For full coverage of Union Budget 2022, click here.

Sitharaman also announced a tax on gifting the virtual digital asset, “in the hands of the recipient.”

Crypto experts said the tax was always applicable to crypto gains but the ecosystem did not have clarity on it. Avinash Shekhar, CEO of ZebPay said, this gives the entire ecosystem, including investors and exchanges, transparency on the road ahead.

“A 30 percent tax on income from virtual digital assets, while high, is a positive step as it legitimises crypto and hints at an optimistic sentiment towards further acceptance of crypto and NFTs across stakeholders in the country,” he added.

Meanwhile, Sitharaman has also announced the introduction of a Digital Rupee using blockchain and other technology. She said the introduction of a Central Bank Digital Currency (CBDC) will give a boost to India’s digital currency.

It will “familiarise Indians with the benefits and efficiency of virtual currency,” Shekhar said, while “building an appetite for the crypto, blockchain and the multitudes of innovations and employment opportunities that these technologies are capable of fostering.”

Also Read | Explained: What is RBI-backed ‘digital rupee’ and how will it be different from Bitcoin

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Budget 2022 boosts allocation to solar PLI scheme by Rs 19,500 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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During the Union Budget 2022-23 speech, Finance Minister Nirmala Sitharaman announced an additional allocation of Rs 19,500 crore to augment solar PV module manufacturing under the production linked incentive (PLI) scheme.

“To facilitate domestic manufacturing for the ambitious goal of 280 gigawatt (GW) of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made,” Sitharaman said.

In April 2021, the government had announced a Rs 4,500 crore PLI scheme to boost the domestic manufacturing capacity of solar PV modules.

Also Read | Economic Survey: India makes progress in sustainable development despite COVID 19

The PLI schemes were announced to generate employment and develop domestic manufacturing. The scheme provides incentives to companies for enhancing their domestic manufacturing.

The PLI scheme for the solar sector will help as India imports most of its solar modules from China.

India’s installed solar power capacity, as of December 31, 2021, was 49.35 GW against the target of 100 GW in seven years starting from 2014-15 under the National Solar Mission (NSM), according to the Economic Survey 2021-22.

Most of the players involved in the segment—Waaree Energies, Tata Power Solar Systems, Vikram Solar, Adani Solar—are not listed. Still, renewable energy firms welcomed the announcement, as shown by the BSE Power index, which was up 1.5 percent. Borosil Renewables, which supplies glass panels for solar modules, was up 4 percent. Tata Power, Adani Green Energy, and NTPC—among the most prominent solar energy players—were up 3 percent.

The Narendra Modi government introduced the first three PLI schemes in March 2020. Sitharaman said PLI in 14 sectors could create additional production of 30 lakh crore over the next five years.

Power Minister RK Singh told CNBC-TV18 that we need to expand our manufacturing and reduce import dependence on solar equipment. “PLI is for Make in India and also to deter customs barriers for solar equipment,” he said.

The government expects to invest Rs 1.5 lakh crore in the industry and generate employment from Rs 19,500.

Also Read | How India Inc is reacting to Nirmala Sitharaman’s Budget 2022

As a part of the government’s overall market borrowings, India will also issue Green Bonds to mobilise resources for green infrastructure. “The proceeds will be deployed in public sector projects, which help in reducing the carbon intensity of the economy,” FM Sitharaman said.

Green Bonds will also ensure that the cost of renewable energy in the country comes down, Singh said, adding that it will enable energy transition in India as we “need funds for energy storage, green corridor phase 2, among other renewable projects,” he added.

NITI Aayog CEO Amitabh Kant told CNBC-TV18 the government had done extensive interactions across the board with all sectors in which the schemes have been launched.

“We have seen tremendous response from the private sector. Especially from the electronic and mobile sector, automobile sector, and advanced chemistry cell batteries sector. The PLI scheme enables you to become a major centre for manufacturing in these areas,” he said.

“Actually, these schemes are for a limited period of five years. So, the objective is to get the size and scale of manufacturing and to create global champions who can penetrate global markets.”

Kant said the pending textile and steel PLI schemes have been put out to the private sector for discussions, and the government expects to get their response in the next three months.

Allocation for solar modules further boosts the government’s plan for the next 25 years.

Also Read | Budget 2022: FM Sitharaman announces bringing a battery swapping policy, to develop battery as a service model

While announcing the Budget 2022, Sitharaman said: “This Union Budget seeks to lay the foundation and give a blueprint of the economy over ‘Amrit Kal’ of next 25 years—from India at 75 to India at 100. It builds on the vision drawn in the Budget of 2021-22. Its fundamental tenets, which included transparency of financial statement and fiscal position, reflect the government’s intent, strengths, and challenges.”

She said inclusive development, productivity enhancement, energy transition, and climate action would be the four pillars of development.

In her speech, Sitharaman also announced significant allocations on the growth of renewable energy, energy efficiency, electric mobility, data centers, buildings efficiency, grid-connected energy storage, and supporting incentives for green bonds.

“The in-principle approval of PLI allocation can lead to the setting up of 30-35 GW of solar module capacity and 25-30 GW of cell capacity by 2024. This will reduce dependence on imports, which stand at 90 percent for cells and 75-80 percent for modules currently. It will make India not only self-reliant for annual module needs but also open up export opportunities for domestic module manufacturers,” CRISIL said.

“The additional outlay of Rs 19,500 crore for solar manufacturing will help the renewable industry expand rapidly. We expect IREDA, which has been capitalized recently, to move fast and issue letters of award to companies that have bid under the PLI scheme. The revocation of anti-dumping duty on steel will reduce the cost of modules considerably and ties in well with incentives for locally incorporated manufacturing entities, which can now commence manufacturing by March 31, 2024,” Sumant Sinha, Chairman and CEO of ReNew Power said.

Meanwhile, Gyanesh Chaudhary, Vice Chairman and Managing Director, Vikram Solar, told CNBC-TV18, “This (the additional PLI allocation) will strengthen the domestic solar manufacturing ecosystem, thereby, reduce our import dependence, create jobs, attract investments, and enable the Make in India vision.”

For all the latest updates on Union Budget 2022, follow our LIVE blog here. For full coverage of Union Budget 2022, click here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow