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29th March 2022
Good Morning! 

Well, things certainly got weird yesterday at the Oscars with the whole Will Smith - Chris Rock issue. We are sure you've seen it if you used the internet yesterday.

But what was really interesting was that CODA won the award for the best movie. This makes it the first movie distributed by a streaming service (Apple TV) to win the best movie award. We are surprised Netflix wasn't the first one to win here, but hey there is always next year.
  MARKETS
 

SENSEX

57,593.49

+ 0.40%

NIFTY

17,222.00

+ 0.40%

US$

76.71

- 0.13%

GOLD

51,648

- 0.44%

10-YR

6.84%

+ 2.5 bps

OIL

8,200

- 4.05%

*As of market close

  • Markets: Nifty and Sensex stock sold off in the morning but seemed to find a floor fairly quickly. A bounce in financial sector stocks took the indexes back up in the afternoon and they ended up closing in the green.

Corporate

Fake News Alert!
Fake news

Do you guys remember the Ruchi Soya FPO story we did a few days back? You can read it here in case you forgot.

Well, the story today is that in a very unusual move, SEBI has allowed people to withdraw their bids from the FPO.

An FPO is similar to an IPO in that the company uses it to raise money from the public. The main difference is that the company is already publicly listed.

Now people who wanted to buy shares in the FPO had submitted their bids (much like what you do for an IPO), but apparently, there has been a lot of misleading advertising going on about this offer.
There are unsolicited SMS messages doing the rounds which contain false and fraudulent information about the company, so SEBI wants to protect investors who may want to invest after reading them.

SEBI has also asked the company to issue ads in newspapers warning people against these fakes messages.

Not the first time
This is not the first time Patanjali-owned Ruchi Soya has landed in this sort of trouble. Last year, yoga guru Ramdev had told a group of followers that buying Ruchi Soya stock was a 'Mantra for becoming a Crorepati’

Ruchi Soya's Rs 4,300 crore FPO was subscribed 3.6x on the final day (yesterday), but now there will be a window for people to withdraw their bids.

Tech

Mukesh Bhai Enters The Frame
Money gun

Quick commerce has been all the hype over the past few months.
We had Zepto raise a huge round of funding, Dunzo and Swiggy going all in, Grofers renaming to Blinkit and then merging with Zomato.
Mukesh Bhai has seen all that activity and decided JioMart will be trying its hand at Quick Commerce as well.
They are planning on starting trials of JioMart Express in Navi Mumbai over the next 2 days.

While they are starting out with just Navi Mumbai, Reliance does have plans to take JioMart Express to all the 200 cities and towns where they are currently operating.
Considering Reliance is well Reliance, they already have their own stores and kirana partners across the country that they will be able to leverage.

An interesting thing to note is that Reliance also own a 26% stake in Dunzo who they will compete with as for now for Quick Commerce. We wonder if/when we'll see Reliance just acquiring Dunzo to make things easier. 

Tech

Soonicorn 
Money gun

INDmoney just raised $11 million more 3 months on from their $75 million raise.

Some of you may remember INDmoney from its previous name INDwealth.

INDmoney had started off as a wealth management app where users could track their finances. Users could see all their investments and expenses and set financial goals. But then they started allowing users to make investments through their app only without charging a commission. So now you can still see all your investments and set financial goals but you can also invest your money in mutual funds, bonds and stocks through them. This is why the change in name from INDwealth to INDmoney.

INDmoney claims to have 3.5 million users and most of them are aged 21-45.
We didn't get any deets on what sort of valuation this is at, but the last time they raised at a $600 million valuation.
How long do you think before they join the unicorn club?

On a Lighter Note

Campus Ambassador Program

If you are a college student do check out our campus ambassador program. 
For more deets follow this link.

If you have more time ...

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