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7th January 2022
Good Morning! 

Happy Friyayyy!! 
Already the first full working week of the new year has gone by.

Covid cases are increasing and doubling almost every 2-3 days here in Delhi🙈.We hope you all are staying safe, wherever you are in the world.

There's a weekend curfew here so we're hoping to work and be productive over the weekend. LOL. Who are we kidding, just send us TV show recommendations to binge-watch.
  MARKETS
 

SENSEX

59,601.84

- 1.03%

NIFTY

17,745.90

- 1.00%

US$

74.50

+ 0.18%

GOLD

47,480

- 1.13%

10-YR

6.53%

+ 1.8 bps

OIL

5,942

+1.96%

*As of market close

  • Markets: The first weekly options expiry of 2022 was a pretty volatile one, with big swings up and down after the Sensex and nifty50 opened lower. Minutes of the latest FOMC meeting were released overnight in the US and that caused a bit of a sell off in risk assets.

Corporate

Dish TV - What Is This Behaviour?
What are you talking about?

The Yes Bank v/s Dish TV fight continues, and the latest development is that Yes Bank has gone to the Bombay High Court against Dish.

They've asked the court to order Dish TV to publicly reveal the results of its Annual General Meeting (AGM) held on December 30th

You might be wondering why Yes Bank is so interested in what's happening at Dish TV. Well, it's because the bank is one of the largest shareholders of Dish!  

How did we end up here?
We'll try and give you The Gyst of it:
This has happened because Dish, like Zee Entertainment, is part of Subhash Chandra's Essel Group. Back in 2019, the Essel Group defaulted on debt worth Rs 5,270 crores owed to Yes Bank. To get these loans, Essel group had pledged shares of Dish TV as collateral.

Since they were unable to repay, Yes Bank invoked the pledge on those Dish TV shares and ended up becoming the owner of 48 crore shares of Dish TV, around 25% of the total company.

But then last year, Subhash Chandra filed a case against Yes Bank, alleging that he actually lost money because of the fraud committed by former Yes Bank chief Rana Kapoor. And so, they wanted ownership of 44 crores shares back.

And while this fight continues, Essel asked the court to block Yes Bank from voting at the AGM on Dec 30th. The court did not agree to that. But now, one week since the AGM Dish TV has still not revealed how the shareholders voted on 3 issues. Instead, they're saying they will hand over the result to the court in a sealed cover.

Yes Bank believes the results should be declared openly as there should be nothing to hide.🤷‍♀️

Tech

Quick Commerce
quick commerce

We are barely a week into the new year and Mukesh Bhai is back in the news.

Reliance has invested $200 million into your online chotu – Dunzo.
This was a part of a $240 million raised by Dunzo.
In return for the $200 million Reliance is getting a 25.8% stake.

We've been covering how the quick commerce model is all the rage right now.
If you are wondering what the quick commerce model is you've probably read about it earlier in our newsletter. We were just calling it the 'dark store model'. But the industry has decided 'quick commerce' sounds better.

In any case, both of them are just fancy terms for local warehouses for online orders. Because the warehouses are located close to delivery areas, they are able to fulfil orders quickly.

Dunzo is one of the first players in the space. But now we've had 2021 startup Zepto join the space along with Swiggy, Grofers(now Blinkit) and some others as well. 

The folks at Flow Club even ended up doing a video to see who is the quickest in Bangalore btw.

We can see how this deal suits both Dunzo and Reliance. Reliance is investing heavily in Jio Mart which can use Dunzo and Dunzo gets to partner up with Mukesh Bhai long term.

Surprisingly Dunzo still isn't a unicorn with them valued at $775 million. For some reason, we were assuming they'd have entered the club by now considering Zepto in 5 months is valued at $570 million.

On a Lighter Note

Campus Ambassador Program

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

If you have more time ...

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