• Moneymint
  • Posts
  • The Magical Disconnection: How Vi Made 25,000 Retail Partners Disappear

The Magical Disconnection: How Vi Made 25,000 Retail Partners Disappear

Vodafone Idea cuts off 25000 retail partners in cost-cutting move

Saturday, June 17th 2023

Good Afternoon☕

Vodafone Idea is channeling their inner magician with a disappearing act that would make Houdini proud! Poof! They've vanished 25,000 retail partners faster than you can say "abracadabra." It's like they're trying to unlock the secret to financial magic by making their expenses disappear into thin air. But let's hope Vi doesn't pull a rabbit out of their hat and find themselves caught in a tangled web of dropped calls and disappearing customers.

1. Zee-Sony merger remains on hold as NCLT defers hearing to June 26

The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of the Zee-Sony merger case to June 26, 2023. The NCLAT has set aside the National Company Law Tribunal's (NCLT) order directing the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) to review their initial approvals to the Zee-Sony merger. The appellate tribunal has remitted the case back to NCLT, which will have to hear the issue afresh by granting all the parties a chance to put forth their case.

2. Vodafone Idea abandons 25,000 retail partners as cost cutting measure: Report

Vodafone Idea, also known as Vi, has reportedly cut ties with around 25,000 retail partners across India as part of a cost-cutting initiative. The company has removed these partners from the multi-brand retailer segment and stopped paying commissions to them. The move is part of Vi's efforts to reduce costs and improve its financial position. The company has been struggling financially due to intense competition in the Indian telecom market.

3. Fitch affirms stable outlook to $362.5 mn debt of Adani Green Energy RG2

Fitch Ratings has affirmed the Adani Green Energy RG2's USD 362.5 million senior secured, largely amortizing notes due 2039 at 'BBB-'. The outlook is stable. The rating reflects the project's strong operating performance, with a high plant availability factor and strong energy production, as well as the project's long-term power purchase agreement with a state-owned utility. The rating also considers the project's exposure to counterparty risk, given the single off-taker structure, and the potential for regulatory changes in the Indian renewable energy sector.

4. 11,000 fake entities found in drive against tax evasion: Vivek Johri

The Indian government has found 11,000 fake entities in its drive against tax evasion, according to Vivek Johri, the Central Board of Direct Taxes (CBDT) chief. The drive against Goods and Services Tax (GST) invoice frauds has been ongoing since November 2020, and has led to the arrest of operators of fake entities and their beneficiaries. This is part of a wider crackdown on GST frauds, which has seen the arrest of 215 people, including CEOs, for input tax credit errors.

5. Zerodha CEO Nithin Kamath does not feel like a bull run in market

Zerodha CEO Nithin Kamath has said that the Indian equity benchmarks reaching all-time highs does not indicate a bull run, citing weak retail participation. Kamath tweeted that retail activity is not picking up and that active clients on NSE, Google, and social media trends are way below all-time highs. He also said that Zerodha's competition is not from peers but from the fixed-income market, as most retail investors question whether taking the added equity risk is worthwhile when government bonds and FDs yield 7%+.

6. A Partnership Between ICMG and NirogStreet Brings Japanese Healthcare to India

ICMG Partners has partnered with NirogStreet to bring Japanese healthcare and personal care products to India. By partnering with NirogStreet, ICMG will be able to effectively deliver superior Japanese healthcare and personal care products to the Indian market. NirogStreet is a technology-led Ayurvedic platform that offers access to more than 50,000 Ayurvedic doctors on its peer-to-peer learning channel, electronic health record, and business-to-business e-commerce platform. The partnership will support the entry of Japanese healthcare and personal care products into the Indian market.

7. RBI approves re-appointment of Vasudevan P N as MD, CEO of Equitas SFB

The Reserve Bank of India (RBI) has approved the reappointment of P.N. Vasudevan as the Managing Director and Chief Executive Officer of Equitas Small Finance Bank for one year beginning July 23, 2023, in line with the request of the bank. Vasudevan founded Equitas in 2007 as a microfinance institution and announced his decision to move on from the SFB to work for his trust going ahead. The bank had earlier this month received SEBI approval for the Scheme of Amalgamation of Equitas Holdings with the bank.

8. India’s defence industry fulfilling security needs of friendly nations: Rajnath Singh

India's Defence Minister, Rajnath Singh, has said that the country's defence industry is crucial in meeting the security needs of friendly countries. Singh chaired a meeting of the Consultative Committee for the Ministry of Defence on 'Self-reliance in Defence Manufacturing' and emphasized the consensus among different political ideologies in achieving self-reliance in defence manufacturing. The responsibility for national defence rests with the Cabinet, which is discharged through the Ministry of Defence. The Raksha Mantri (Defence Minister) is the head of the Ministry of Defence. The Indian stock market is also expected to be vastly different in 2047 than what it is today.

9. Foxconn may set up EV factory in India this year: Report

Taiwanese contract manufacturer Foxconn is planning to enter the electric vehicle (EV) manufacturing sector in India this year, according to a report. The company is looking to set up a production line to provide two-wheeled EV manufacturing services that will cater to the market in Southeast Asia. Foxconn is reportedly in talks with four Indian states to set up the factory, and an Indian delegation is set to visit Taiwan to discuss the company's EV plans. The company aims to establish a comprehensive platform encompassing manufacturing, hardware, component manufacturing, and battery management.

10. Organised gold jewellers' revenues to surge 16-18% in the current fiscal year

According to a report by Crisil Ratings, sustained high gold prices are expected to increase the revenue of organized gold jewellery retailers by 16-18% in the current fiscal year. However, volume growth is expected to remain modest due to elevated prices. The report also stated that the credit profile of gold jewellery retailers will remain stable, with total outside liabilities to tangible net worth ratio and interest coverage expected at 1-1.1 times and 8.2-8.4 times, respectively. The organized sector accounts for slightly more than a third of the market, with the unorganized sector making up the rest.

World News 🌎

  • Ukraine war: Putin confirms first nuclear weapons moved to Belarus

  • Facebook, WhatsApp, Instagram Back Up After Global Outage

  • US To Send Real-Time Satelite Data To Canada To Help Detect Wildfires

  • Cash-Strapped Pak Gets $1 Billion Loan From China Amid IMF Bailout Delays

  • Forex Reserves up by $5.929 billion, end two-week loosing streak

  • 'China always placed hopes in American people' Xi Jinping to Bill Gates

  • Sooner or later, America’s financial system could seize up

  • Pakistan 'largely spared' as Cyclone Biparjoy weakens after landfall

  • South Korea recovers part of rocket used in North's failed satellite

  • Russia tries to signal normalcy as Ukraine forces advance

  • Sri Lanka can't afford to hold presidential polls this year: Cabinet