Name: Troubled automobile startup GoMechanic acquired by Lifelong Group
Uploaded: 2023-03-29T14:41:47.000+05:30
Duration: T00M25S
Channel: Editorji News Desk
Description: The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Shares of Tesla have risen by 30.71% during the past month, giving Musk's fortune a boost

Elon Musk: World's richest man re-enters $200 billion club 

Elon Musk: World's richest man's fortune surpasses $200 billion

Shares of Tesla have risen by&nbsp;30.71% during the past month, giving Musk's fortune a boost

One month after Billionaire Elon Musk's fortune fall below the French tycoon Bernard Arnault,&nbsp; Musk is the world's richest man again with more than $200 billion in net worth. The move comes after Tesla shares surged to their highest level this year. After cratering to a two-year low in early January, Tesla shares are up nearly 115%, the third-largest return of any company in the S&amp;P 500, which is up 12% this year.
Musk's wealth has increased by $67.7 billion year-to-date as of June 5, according to the Bloomberg Billionaires Index.&nbsp;
In April, he was the second richest man in the world because his fortune fell well behind the French tycoon Bernard Arnault, whose net wealth was estimated at $211 billion at the time and now has fallen to $187 billion.

Zomato shares are doing well due to a number of reasons including Chris Woods of Jefferies' recent addition of the stock to two of his long-only portfolios with a weight of 4% each

Zomato stock price soars to a 52-week high, rising over 50% in the past 2 months

Zomato shares have gone up by over 50% since March, however it is still down 52% since its record high of ₹160.3, which it hit in November 2021.&nbsp;

Zomato shares reached a 52 week high , rising roughly 53% in the previous two months.&nbsp;
The stock rose as high as ₹77.9 a share, to close 2.7% higher, which is the highest price since April 26, 2022. Today,&nbsp;
Since March, the stock has increased by 53%. On November 15, 2021, it reached a record closing high of ₹160.30; it is still down 52% from that point.
Investors are purchasing the stock as a result of a number of favourable circumstances, including an improvement in earnings and Chris Woods of Jefferies' recent addition of the stock to two of his long-only portfolios with a weight of 4% each.
The company had previously disclosed a narrower loss for the March quarter, which analysts found encouraging. Zomato's net loss decreased from ₹360 crore a year ago and ₹345 crore a quarter ago to ₹188 crore. Zomato's total revenue rose by 70% year over year to ₹2,056 crore.
Who is Chris Woods of Jefferies
Chris Woods is a financial analyst and the Global Head of Equity Strategy at Jefferies. He has frequently been referred to as Asia's 'best strategist' by publications like asia money and Institutional Investor.
&nbsp;

M3M directors, including Roop Bansal, had filed a petition in the Delhi High Court following the searches to quash the ED case and summons issued to them, saying they have not indulged in any wrongdoing

ED arrests M3M group director Roop Bansal in money laundering case

M3M directors, including Roop Bansal, had filed a petition in the Delhi High Court following the searches to quash the ED case and summons issued to them, saying they have not indulged in any wrongdoing

The Enforcement Directorate (ED) has arrested a director of Gurugram-based realty company M3M in a money laundering investigation, official sources said Friday.
Roop Kumar Bansal was taken into custody under the Prevention of Money Laundering Act (PMLA) on Thursday, they said.
On June 1, the federal probe agency carried out raids against the M3M group and its directors as well as against IREO, another real estate group, in Delhi and Gurugram.
It later alleged in a press statement that the owners, controllers and promoters of the M3M Group -- Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons -- deliberately avoided investigations during the raids.
M3M directors, including Bansal, had filed a petition in the Delhi High Court following the searches to quash the ED case and summons issued to them, saying they have not indulged in any wrongdoing, sources indicated.
The agency on Monday said it seized luxury cars, including a Ferrari, Lamborghini and Bentley, worth Rs 60 crore as well as jewellery valued at Rs 5.75 crore during the raids on the two groups.
The agency has been investigating the IREO group for the last few years on charges of diverting, siphoning and misappropriating funds of investors and customers. It was later found that "huge amounts of money running into hundreds of crores were siphoned off through the M3M Group too".
"In one of the transactions, M3M group received about Rs 400 crore from IREO Group through several shell companies in multiple layers. The transactions were shown in the books of IREO as payments towards development rights.
"The land was owned by M3M group and the market value of the land was around Rs 4 crore," the ED alleged.

India is estimated to be the fastest-growing aviation market globally. The country is expected to fly 450 million passengers from over 200 airports by 2030, a growth of 300% over the current 145 million passengers

Ministry of Civil Aviation ramps up hiring to make air travel safer

India is estimated to be the fastest-growing aviation market globally. The country is expected to fly 450 million passengers from over 200 airports by 2030, a growth of 300% over the current 145 million passengers

The Ministry of Civil Aviation has increased hiring in its sector to make air travel safer. This comes, amid the criticism the Indian Railways is facing for failing to filling up critical positions that would maintain and develop the infrastructure in the aftermath of Odisha triple train crash.
Recently, Civil Aviation Minister Jyotiraditya Scindia in a press conference had said that there is a need to ramp up the institutional framework.
&ldquo;At this time of an increase in aircraft and airports, we also need to ramp up the institutional framework&rdquo;, said Scindia.
Since FY15, sectors across the aviation ministry has seen a hike in hirings. This includes induction of new air traffic control officers (ATCOs), in the Airport Authority of India (AAI), hiring additional personnel in regulatory bodies like Directorate General of Civil Aviation (DGCA), Bureau of Civil Aviation Securities (BCAS), and the Airports Economic Regulatory Authority (AERA).
The number of ATCOs jumped by 100% in the last nine years. While there were 2,305 ATCOs in FY14, that number has now jumped to 4,554. Along with this, the Ministry of Civil Aviation has also obtained Finance Ministry's approval for the hiring of another 756 ATCOS.&nbsp;
Meanwhile, the DGCA's staff numbers also saw a rise of 36%. In FY14 DGCA had 1,252 employees which has increased to 1,703. The aviation security regulator BCAS has seen the maximum rise of 212% in the number of staff. From 191 in FY14, the manpower has risen to 595. Airport regulator AERA to saw an hiring hike of 46%.
As per Business Today, India is estimated to be the fastest-growing aviation market globally. The country is expected to fly 450 million passengers from over 200 airports by 2030, a growth of 300% over the current 145 million passengers. Furthermore, major home-grown carriers are projected to place mega orders for an additional 1,400 aircraft over the next five years.

Byju's Layoffs 2023: The EdTech startup likely to layoff 1,000 more employees across several verticals including product, content, technology and media teams.

Byjus Layoffs 2023: Byju's likely to layoff 1,000 more employees in a cost-cutting effort

<h2>Byju's likely to layoff 1,000 more employees across several verticals including product, content, technology and media teams.</h2>

Byjus Layoffs 2023: Amid the hovering debt woes and legal tussle in the U.S, edtech startup Byju's is expected to cut 1,000 more employees reported The Morning Context.
As per the report, the employees who would be affected are contractual staff on ground sales team. These employees are hired from third-party staffers such as Randstad and Channelplay.
As per The Economic Times, this new round of layoff is in an effort to cut cost. The edtech company hires or let go of contractual employees based on the seasonality and demand of the business.&nbsp;
&ldquo;It is no surprise that Byju&rsquo;s is looking to cut costs now, especially when growth has completely stalled, and the focus for them is on building a hybrid play with (test-prep subsidiary) Aakash.
It seems like a hybrid strategy is one of the last straws left for online edtech as it gets harder to sell online courses,&rdquo; said a person who spoke to ET.
This cost cutting measures come after Byju's skipped paying the quaterly interest of about $40 million earlier this week on a $1.2 billion term loan. This loan is now under litigation.&nbsp;&nbsp;
Earlier this year, the company had laid off 900 to 1000 employees across several verticals including product, content, technology and media teams.
Byju's had reportedly sacked many top executives including senior vice-presidents who were taking salaries of Rs 1 crore and above, per annum.

Netizens slammed the lastest Mc Donald's advertisement saying it objectified employees and could lead to unwanted advances and harassment of employees. 




McDonald's latest 'love story' ad receives backlash from netizens 

Netizens slammed the lastest Mc Donald's advertisement saying it objectified employees and could lead to unwanted advances and harassment of employees.&nbsp;
&nbsp;

Fast food giant McDonald's efforts to stand out with its latest advertisment has not gone down well with netizens. &nbsp;
The ad which shows a love story brewing between a male customer and a female cashier of McDonalds has been criticised and called a 'terrible idea' on social media.&nbsp;
In the ad, a man is seen visiting the restaurant and buying a meal. He was served by a female employee of McD, and advertisement depicts a brewing love story between the two. "Sometimes, the greatest love stories start with the tiniest things &ndash; a glance, a smile, a meal. Watch this unusual date and find out how a meal can give you #MoreForLess at just Rs.179! Visit a McDonald&rsquo;s near you and get McVeggie Meals @ Rs.179," the company wrote on Twitter.
Many said the ad was in bad taste, that it objectified employees and could lead to unwanted advances towards employees creating an unsafe work enviornment.&nbsp;
&nbsp;

Modi told Altman that artificial intelligence has a vast potential to enhance India’s tech ecosystem.

PM Modi thanks ChatGPT creator OpenAI's CEO Sam Altman after meeting

Modi told Altman that artificial intelligence has a vast potential to enhance India&rsquo;s tech ecosystem.

A day after meeting the CEO of ChatGPT creator OpenAI, Prime Minister Narendra Modi thanked Sam Altman for an "insightful conversation".
The PM on June 9, 2023 said that the "potential of artificial intelligence in enhancing India&rsquo;s tech ecosystem is vast".
He added that India welcomes all collaborations which can "accelerate digital transformation" for empowerment of citizens.

As per Go First's filings with the National Company Law Tribunal, the airline owes about Rs 6,521 crore to its creditors. Including the dues that the airline has to pay its vendors, the total outstanding due is now at Rs 11,463 crore

Go First Bankruptcy: DGCA asks for CoC approval of revival plan

As per Go First's filings with the National Company Law Tribunal, the airline owes about Rs 6,521 crore to its creditors. Including the dues that the airline has to pay its vendors, the total outstanding due is now at Rs 11,463 crore

The Directorate General of Civil Aviation has asked the interim resolution professional of Go First to first get their revival plan approved by the committee of creditors (CoC). As per Financial Express the DGCA will only examine the plan after it is approved by the CoC.
The CoC that includes Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank as its main creditors is likely to hold its first meeting on Friday.
As per Go First's filings with the National Company Law Tribunal, the airline owes about Rs 6,521 crore to its creditors. Out of this, Rs 1,300 crore has been drawn under the government&rsquo;s emergency credit line guarantee scheme. Including the dues that the airline has to pay its vendors, the total outstanding due is now at Rs 11,463 crore.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/go-first-bankruptcy-airline-submits-6-month-revival-plan-to-dgca-1685699426155">Go First Bankruptcy: Airline submits 6-month revival plan to DGCA</a>
About a week ago, Go First had submitted a six month revival plan. As per the plan, the airline was ready to start its operation with its 26 aircraft and 400 pilots. The airline had also said that it can deploy two aircraft to start Delhi-Srinagar and Delhi-Leh chartered flights, immediately after DGCA's approval.
The airline has been grounded since beginning of May after it filed for voluntary insolvency proceedings.
&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,560 while the for 24K gold prices stood at ₹6,065 and 1 kg silver stood at ₹74,500

Gold, Silver Rates Today 9 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,560 while the for 24K gold prices stood at ₹6,065 and 1 kg silver stood at ₹74,500

Gold rates traded on the high today in the early morning deals. This amid the U.S Fed's interest rate pause expectations
The average price of 1 gram of 22K Gold stood at ₹5,560 while the 24K gold prices stood at ₹6,065.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,100, which was followed by Delhi and Lucknow where the gold costs ₹60,830.&nbsp;
The average price of 10gm of Silver was at ₹745 and 1 kg of silver stood at ₹74,500.
However, in Chennai, Hyderabad and Kerala the metal was sold at ₹79,700, followed by Mumbai, Delhi and Kolkata where silver costs ₹74,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 9
Delhi - ₹60,830 Chennai - ₹61,100 Mumbai - ₹60,650 Kolkata - ₹60,680 Bengaluru - ₹60,730
Indian Major Cities 1 KG Silver Rate Today June 9
Delhi - ₹74,500 Chennai - ₹79,700 Mumbai - ₹74,500 Kolkata - ₹74,500 Bengaluru - ₹74,000

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Zomato receives backlash

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Troubled automobile startup GoMechanic acquired by Lifelong Group Led Consortium

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Two months after car service and repair firm, GoMechanic publicly admitted to financial misreporting, the troubled startup has found a buyer in a consortium led by Lifelong Group. According to a report by Yourstory, Delhi-based Lifelong India Pvt Ltd is acquiring GoMechanic as the majority shareholder under its Servizzy entity. Lifelong Group, incorporated in 1985, is a renowned manufacturer of automotive components, medical devices, and a player in the ecommerce space. The development comes barely two months after the startup&rsquo;s co-founder Amit Bhasin admitted to errors in the company&rsquo;s financial reporting. The company also said it will lay off 70% of its workforce and conduct a third-party audit of its business. Founded in 2016, the Sequoia India-backed startup has serviced and repaired more than two million cars in the country through its service centers, and says its services cost 40% less than the offerings of automakers.

Following a currency devaluation in January, the rupee has depreciated by over 20 per cent this year, rendering it one of the weakest performers globally

Pakistan economy crisis: PM Sharif hopes to strike IMF deal as 'all conditions met' 

Following a currency devaluation in January, the rupee has depreciated by over 20 per cent this year, rendering it one of the weakest performers globally

Pakistan Prime Minister Shehbaz Sharif on Friday hoped the IMF would resume the stalled USD 6.7 billion bailout programme as his country has already met all prior conditions set by the global lender despite economic hardships.
The premier's remarks came as Finance Minister Ishaq Dar presented a PKR 14 trillion budget for the fiscal year 2023-24, which the government claims to have shared with the International Monetary Fund (IMF).
The budget needs to satisfy the IMF to secure the release of more bailout money for the cash-strapped Pakistan, which is due to hold a general election by November.
"The ninth review will be complete soon," Sharif said during his address to the federal cabinet of the coalition government, which presented its second budget.
Referring to the devastating floods triggered by climate change, he said it inflicted losses worth over USD 30 billion on the country's economy.
He added that the Ukraine crisis also pushed the prices of commodities in the international market.
"A country&rsquo;s sound economic growth is linked with its political stability," the premier said, adding that without political stability, even billions of budget could not make a difference in improving the economic situation.
The government, he further said, is cognisant of the problems being faced by the common man due to inflation. "We have to take care of the salaried class as well as the pensioners so that they can meet their basic requirements." He maintained that for the last 14 months, the government since assumption of power was to deal with the challenge of the IMF, the post-flood situation and global inflation.
Sharif also expressed satisfaction that the current deficit in 10 months was reduced to USD 3.3 billion and hoped that the agriculture sector would boost.
Dar has declared a 3.5 per cent GDP growth target for the next year.
The government has spun into action to put brakes on the "undesirable" outflow of foreign currency from Pakistan and promote transparency in foreign currency transactions conducted by exchange companies.
Washington-based IMF has said it is collaborating with Pakistani authorities to address concerns related to the country's currency market and other matters before resuming the ongoing bailout programme, which is scheduled to conclude this month.
Following a currency devaluation in January, the rupee has depreciated by over 20 per cent this year, rendering it one of the weakest performers globally.
The nation&rsquo;s dollar stockpile has remained stable at about USD 4 billion since late February, after falling more than 50 per cent in the past 12 months.
Funds will be crucial to prop up the economy beset by supply shortages and avert a sovereign default, with billions of dollars of debt payments approaching.
The economic situation has never been so grim in a country which since independence has thrice seen military coups and the ouster of elected governments.
Cash-strapped Pakistan&rsquo;s economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. Their woes increased manyfold after last year&rsquo;s catastrophic floods that killed more than 1,700 people and caused massive economic losses.

In this episode of Invest Smart, Editorji's Avni Raja speaks to Pankaj Mathpal, Founder & CEO, Optima Money Managers about why you need long-term investments. 

Invest Smart: Why you need long-term investments in Mutual Funds

In this episode of Invest Smart, Editorji's Avni Raja speaks to Pankaj Mathpal, Founder &amp; CEO, Optima Money Managers about why you need long-term investments and the importance of remaining invested in equity mutual funds for the long-term

Latest data by capital markets regulator SEBI shows that in the last financial year, half of investments made in mutual funds got redeemed within a year. Not just that, 73% of mutual fund units were redeemed with just 2 years of investments. And only 3% of the investments continued for more than 5 years.&nbsp; Now, this is quite concerning. Because investing for the long term, is the bedrock of wealth creation. Its only after the initial few years that you actually see the benefits of the power of compounding. For equity mutual funds experts say a minimum of 5 years is a must.&nbsp; Chasing past returns can often lead to disappointment and investors exiting their equity mutual funds too soon. Instead financial planning and investing based on your financial goals and risk appetite will ensure you invest in the right instruments and remain invested for the long term, says Pankaj Mathpal, CEO, Optima Money Managers.&nbsp; It is also important to ensure that your investment beat inflation in the long term. For this, long-term equity investments is a must, says Mathpal.&nbsp; 
&nbsp;

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy

Eurozone entered a recession at the beginning of 2023 

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy

The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second consecutive quarter, figures from the EU's statistic agency showed Thursday.
Eurostat revised down an earlier forecast that had predicted slight growth after economic powerhouse Germany said last month it had fallen into recession.
The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
Eurostat cut its earlier estimate of 0 per cent growth in the final quarter of 2022 and 0.1 percent growth in the first quarter of 2023 to 0.1 percent contractions in both periods.
Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
The bad news comes after a painful year for European economies as surging energy prices sparked by Russia's war on Ukraine sent inflation spiralling.
The European Central Bank has responded by hiking its key rates by 3.75 percentage points since embarking on an unprecedented campaign of monetary tightening in July last year.
The latest figures cast doubt over more optimistic predictions for the whole of 2023.
The European Commission forecast in mid-May that growth for the year would reach 1.1 percent across the 20 countries that use the single currency.

Global Brands Coming to India: From Dunhill to Roberto Cavalli, about 24 internation brands to enter India this year.

International Brands Coming to India: 24 Global brands to Open Stores in India in 2023

24 international brands will have opened stores in India in 2023

<h2>International Brands Coming to India: In 2023, it's predicted that retail leasing would reach 5.5-6 million sq ft in 2023, with 30&ndash;35 multinational brands entering India between 2021 and 2023</h2>

International Brands Entering India 2023: Encouraged by a post-Covid consumption surge, almost two dozen foreign brands will have opened their stores in India this year. This is the highest number of foreign brands ever to &nbsp;enter India in a single year.&nbsp;
Earlier about 12&ndash;15 brands used to enter India annually prior to the pandemic.
Italian luxury fashion brand Roberto Cavalli, British luxury goods brand Dunhill, and American sportswear and footwear retailer Foot Locker are in talks to enter India
In addition, chains such as Lavazza and Armani Caffe of Italy, Jamba of the US and The Coffee Club from Australia are also likely to enter India this year.
'We expect food and beverage and a few entertainment brands to establish a presence in the Indian market in 2023,' said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East and Africa, CBRE.
'The year has already witnessed several established international brands enter India after a hiatus due to Covid.'
Over the past two months, more than a dozen foreign brands, including Valentino, McLaren, and Balenciaga, have made their debuts in India in an effort to capitalise on the rise in demand for luxury brands following the ease of Covid lockdowns.
'The fashion space is seeing periodic openings of new brands, particularly in partnership with the larger groups like Reliance and Aditya Birla,' said Pankaj Renjhen, COO and joint MD, Anarock Retail.
'Home interiors retail has seen interest from two large global brands in the last year - West Elm and Pottery Barn opened up in India in partnership with Reliance.'
Experts predict that between 2021 and 2023, roughly 30-35 multinational brands will open stores in India.
Recently, Aditya Birla Fashion and Retail Ltd (ABFRL) and Galeries Lafayette partnered to launch upscale department stores and a specific e-commerce platform in India.
Through a partnership, Reliance Retail plans to bring Shein, a major player in Chinese fashion, back to India, as reported by The Economic Times.

Benchmark indices for stocks BSE Sensex dropped 223 points and NSE Nifty dropped by 71 points on Friday, continuing its downward trend from the previous session

Sensex, Nifty extend losses into second straight session, IT stocks drag

Benchmark indices for stocks BSE Sensex dropped 223 points and NSE Nifty dropped by 71 points on Friday, continuing its downward trend from the previous session

Equity benchmark indices Sensex and Nifty stayed on the back foot for the second straight session on Friday as investors offloaded FMCG, IT and teck stocks amid a weak opening in European markets.
Selling pressure in index heavyweight Reliance Industries also added to the weak trend in equities.
The 30-share BSE Sensex fell 223.01 points or 0.35 per cent to settle at 62,625.63. During the day, it declined 253.9 points or 0.40 per cent to 62,594.74.
The NSE Nifty went lower by 71.15 points or 0.38 per cent to end at 18,563.40.
Tata Steel was the biggest loser in the Sensex chart, slipping nearly 2 per cent, followed by State Bank of India, Hindustan Unilever, HCL Technologies, Infosys, ITC, Asian Paints, Mahindra &amp; Mahindra, Tech Mahindra, Tata Consultancy Services and Reliance Industries.
On the other hand, IndusInd Bank, Axis Bank, Larsen &amp; Toubro, Power Grid, UltraTech Cement and Tata Motors were among the gainers.

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