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TVTranscript
00:00 is it looking like over there?
00:01 >> Hi, Pragati.
00:02 As you mentioned, Prime Minister Narendra Modi just a few minutes ago has actually inaugurated
00:08 the much-awaited Mumbai Trans-Harbour link that was as scheduled.
00:11 As per his schedule, he was in Nasik in the morning, and then he came to Mumbai, and now
00:17 with the help of the bridge, he's going to go to Mumbai, where he has another event scheduled.
00:26 As you can see, if you can zoom in, I can show you where the car of the Prime Minister
00:33 actually took this way, and where they went ahead and then kind of inaugurated the event.
00:40 Along with him, he was accompanied by Maharashtra CM Eknath Shinde, as well as Ajit Pawar and
00:46 Devrani Farnamesh as well.
00:48 Just to give a context, this is India's longest sea bridge.
00:51 It's going to cut the travel time from South Bombay to Navi Mumbai in about 20-25 minutes,
00:56 which typically has been taking about more than an hour.
00:59 We are standing at one of the intersections, which is at Shivri in South Bombay, as compared
01:04 to other two intersections, which then leads to Navi Mumbai, and also connects to the upcoming
01:10 Navi Mumbai International Airport.
01:12 >> Right, Saloni.
01:14 Thanks so much for those quick updates.
01:16 We'll come back to you as soon as you have more.
01:18 And that was the MDHL bridge, which has been inaugurated.
01:21 Now, let's move on to Byju's.
01:23 Once regarded as the poster boy of India's startup system, now Byju's valuation has slashed
01:29 from $22 billion US to just $1 billion.
01:33 And this update comes after BlackRock, which owns less than a percent in the company, slashed
01:38 Byju's valuation.
01:39 Prosus too has cut the company's valuation to less than $3 billion.
01:43 To tell us more, we have a colleague joining us.
01:46 >> That's right, Prakriti.
01:51 Byju's valuation has been cut.
01:54 This is the most steep decline in valuation that it has seen over the past year.
01:59 Over the past year, as we all know, it has been in multiple legal battles.
02:04 It's facing a working capital crunch.
02:07 There's poor corporate governance that's been marring the startup for about a year now.
02:13 And it's really been startling, the sort of decline that we've seen in valuation.
02:19 It was valued at about $22 billion in October 2022.
02:24 And in less than two years, the kind of wealth erosion that we're seeing for investors that
02:32 have been in Byju's.
02:34 BlackRock has cut.
02:36 This is the third time that BlackRock has cut.
02:38 And it's not just BlackRock.
02:40 There's other big and small investors, US-based investors that have cut their valuations in
02:47 Byju's.
02:49 Those are Prosus, Prosus values Byju's around at under $3 billion, and so does Barron Capital.
02:57 What we're also seeing that Byju's has consistently been underperforming financially.
03:04 There is about a billion-dollar loss that they've reported for FY22.
03:09 So Byju's remains a story that we'll keep tracking closely.
03:13 Well, Rishabh, thanks so much for bringing us those details.
03:16 Now, this day also marks the final day of the Vibrant Gujarat Summit, and NDTV Profit
03:21 has been bringing you the latest updates on the coverage as well.
03:25 Abuzz with investments in green energy and semiconductors.
03:29 Janani joins in from Gandhinagar to give us all the wrap and what all transpired in the
03:34 three days at the Vibrant Gujarat Summit.
03:37 That's right.
03:39 Hello and welcome to the day and final day three and final day of the Vibrant Gujarat
03:44 Global Summit here in Gandhinagar.
03:47 As you're wrapping up the final day, if you look, take a look back at the three days of
03:51 the events that's been, one thing is clear, the investment momentum towards new priority
03:56 sectors, be it semiconductors, renewable energy, green hydrogen in particular.
04:01 These were some of the focus areas that we've seen over the course of the two days.
04:05 Today, we'll also speak about how MSMEs can benefit from this particular investment momentum
04:10 that's growing in the state.
04:12 What we can see clearly is that as of yesterday, there was a MOU signed for enhancing the
04:18 semiconductor ecosystem.
04:20 As we already know, Micron has set up a plant here in the state of Gujarat.
04:24 This is going to be followed by a co-location investment by Simtech.
04:27 These are some of the top investments.
04:29 Of course, the Tata Group has also stated that they will be setting up a semiconductor
04:34 fabrication plant here in Dholera, which will be the biggest one so far.
04:38 I think this bodes well for the semiconductor industry as a whole.
04:42 On the first day, we had a lot of the business leaders make commitments about building the
04:47 renewable energy momentum here in the state.
04:49 They made a lot of commitments for green hydrogen and clean energy.
04:54 Most importantly, Gautam Adani, chairman of the Adani Group, was speaking about how he
04:59 wants to invest two lakh crore over the next five years in the state.
05:03 Mukesh Ambani, chairman of Reliance Industries, spoke about how he wants to bear half of Gujarat's
05:08 energy needs by 2030.
05:09 Tall claims coming here from the Vibrant Gujarat Summit.
05:13 That's a wrap for you as to what's been taking place over here.
05:17 Back to you.
05:18 That's right.
05:19 That was the wrap from the Vibrant Gujarat Summit.
05:21 Now, let's move on.
05:23 The State Bank of India has introduced the Green Rupee Term Deposit.
05:26 This is for the purpose of allocating funds towards environmentally friendly initiatives
05:31 and projects.
05:32 We have our colleague Mimansa, who also tracks the banking space, very closely joining us
05:36 with more on this.
05:37 Hi, Prakriti.
05:38 So, SBI launched its rupee-denominated Green Term Deposits today to support environmental
05:44 friendly initiatives such as renewable energy, waste management, clean transportation and
05:49 more.
05:50 These deposits will be open to resident individuals, non-individuals and NRIs.
05:54 This will be available through branches for now, but it will be open through SBI's Eono
06:00 app and internet banking services.
06:02 So, SBI's Green offering has tenors of 1,111 days, 1,777 days and 2,222 days.
06:11 So, before SBI, AU Small Finance Bank had also launched its AU Green Fixed Deposit to
06:18 support renewable and green projects.
06:20 So, RBI has been stressing on the need for sustainable finance and thereby pushing lenders
06:26 to mobilize funds to support sustainable initiatives.
06:32 In the recent framework on December 29, RBI directed banks that they must raise green
06:37 deposits before financing the green projects.
06:41 So, on retail deposits, the interest rates stand at 6.40% for 2,222-day deposits and
06:49 6.65% for 1,111-day tenors and 1,777-day tenors.
06:56 For bulk deposits, the rates are 5.90% for the 2,222-day tenor and 6.15% for the rest
07:04 two.
07:05 Senior citizens or staff or staff that is senior citizen are eligible for an additional
07:10 interest rate over the applicable rate for the public.
07:13 Thank you, Mr. Mansoor, for bringing us those updates from the State Bank of India.
07:17 Let's slip into a short break but stay tuned, we'll be right back.
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09:53 Welcome back, you're watching The Reporter.
09:55 Now, TARC rallies in the trade today on the back of its luxury residential project launch.
10:00 We had a chance to speak with the MD and CEO of TARC, Amar Sareen, who also had to say
10:05 a lot on the demand in this particular sector.
10:08 DLF has done phenomenally well, you know, we've all seen the two last launches that they have.
10:14 So just being inspired by their story and, you know, we want to be an integral part of this growth.
10:19 I think there's enough demand in the market. I won't put a number to it, but I think, you know,
10:27 there's not enough supply for such good housing projects in the market.
10:32 I still believe that, you know, another maybe 10,000, 15,000 houses just in this year can offer the same,
10:40 you know, 9 to 12 floors can be absorbed very easily. And more so, you know, in a place like Delhi,
10:45 where not too many projects come up, people are usually living in, you know, ground plus three houses,
10:49 where security and parking is really an issue. People are, you know, opting to move out and go into high rises.
10:55 So that's, I think, a majority of the demand where it's coming from.
10:59 In line with that demand, what is Stark's pipeline like for this fiscal as well as for 2020 for the calendar year?
11:07 So we have three projects are lined up for this fiscal and we have another three projects which are on the drawing stage right now,
11:14 which are going to be launched sometime in the later part of the year.
11:18 So between these three projects put together, two in Delhi and one in Gurgaon,
11:22 we expect a top line of roughly 7,500 crores from these three projects.
11:26 Lastly, a bit on the stock performance. The stock has been doing really well.
11:31 It's grown about seven times since it listed. What do you have to say on that?
11:36 I think the market has really supported, the real estate market has really supported us, you know,
11:40 equity market really supported us. You know, the products that we have together, the kind of, you know, timing that we have
11:46 and the kind of response that we are getting, I think that's reflecting on the stock price.
11:52 That was Stark's MD and CEO. We also have an update from the Supreme Court.
11:56 Now, the Apex Court dismissed on Friday an insolvency application against INOX Wind Ltd.
12:02 Now, this was by GRI Towers India Ltd. and was on the grounds that the recovery of contractual dues was possibly not happening.
12:10 We have Varun joining in with more on this.
12:13 The Supreme Court has dismissed an insolvency application filed by GRI Towers India
12:19 against INOX Wind for recovery of certain contractual dues.
12:23 Now, while dismissing the plea, the top court said that although GRI can initiate arbitration proceedings against INOX as per their contract,
12:31 it has no respite under the Insolvency and Bankruptcy Code of India.
12:35 Last year, GRI, which is in the business of supplying manpower and equipment in the wind energy industry,
12:41 had alleged a default of Rs 1.7 crore on the part of INOX, which also included interest for delaying payments.
12:48 Now, the principal amount in this case was less than Rs 1 crore, which is lower than the threshold needed to initiate an insolvency application.
12:57 This prompted the NCLT to dismiss the application. Soon thereafter, however, an application was filed before the NCLAT.
13:05 The appellate tribunal also upheld the NCLT order and reiterated an established stance that IBC proceedings are not proceedings for recovery of contractual dues.
13:15 That was the update from Varun. Now, we have another update from Stanley Lifestyle.
13:21 Now, the company is planning to raise Rs 200 crore via fresh issue sales as it got SEBI nod for the IPO.
13:28 My colleague, Sesar Sen, spoke to Sunil Suresh, who is the MD of Stanley Lifestyle, about the company's growth plans with the funds.
13:36 What do you plan to do with the proceeds broadly? What kind of growth plans do you have for the company?
13:44 Yeah, okay. So, essentially, we have been strong in our home market in Bangalore.
13:50 You know, basically, that is where we have been focusing for the last decade or so, and we have expanded across the country.
13:58 We have three different formats of retail, and now we wish to kind of expand further into various other metros,
14:06 have a stronger presence with all three formats in various metros, and then also kind of take the store count or the experience center count to about 100 in the next two years.
14:17 So, most of the proceeds will be mainly for front-end expansion and a little bit for back-end expansion.
14:24 Back-end, we are already quite, you know, done with our expansions. We have two facilities in Bangalore, and we have capacity, not an issue.
14:33 So, most of the funds will be used for front-end expansion and growth.
14:38 All right. So, you know, we have seen luxury spending in India growing at a rapid pace.
14:44 Within furniture, I would like to know from you, how does the demand scenario look like, and how do you plan to capitalize on the luxury boom?
14:54 Yeah, so, essentially, the home interior, the furniture industry thrives in the tailwind of the housing industry.
15:02 So, if you really look at what is happening in India, especially, you know, in the last three, four years, there is a massive demand that has been picking up for premium housing.
15:12 So, currently, almost 27 to 30% of every project that is being made is of luxury and premium housing, and there's a big demand for it, and we hear they're being sold like a hot cake.
15:26 So, we are probably the only fully integrated manual retail brand capable of making bespoke furniture for every room of the home, and we have a presence in over 22 cities across the country.
15:40 So, I think, as I see, the demand is going to be exponentially growing because there's a lot of inventory that is going to come to the market in the next one, two, three years,
15:51 and they say that the housing industry is going to be a trillion dollar in probably 2029, 2030.
15:59 So, I think, based on this particular demand, we are also expanding ourselves and wanted to kind of be present in the right markets as we go forward.
16:10 Now, let's move on to Ayodhya.
16:13 The preparations for the Pran Pratishtha of the Ram Temple in Ayodhya are in full force.
16:18 For the grand day, Prime Minister Narendra Modi will commence a fast for 11 days ahead of the Pran Pratishtha of Ayodhya Ram Temple.
16:27 The Pran Pratishtha ceremony of the new idol of Lord Ram at the sanctum of the Ram Temple in Ayodhya is scheduled for 22nd January.
16:37 Prime Minister Narendra Modi will follow rigorous customs as a part of the Pran Pratishtha.
16:42 Now, to accommodate the influx of travellers to Ayodhya, the municipal corporation has also constructed a host of affordable dormitories.
16:53 Pallavi Nahata, my colleague who is also at one of those locations, joins in to tell us more.
16:58 There are over 50 hotels coming up in Ayodhya as we speak.
17:04 But if you are a budget traveller, not to worry, there's plenty of options available for you as well.
17:10 Now, the local municipal corporation has constructed dormitories across the city and currently the capacity at all of these combined is at about a thousand beds.
17:21 We're visiting one of them. Have a look.
17:24 Now, the dormitory we're currently visiting has 330 beds in total.
17:35 And that's not all. All of these dormitories are accompanied with parking facilities for cars as well as two wheelers along with food courts and shopping complexes.
17:46 Now, there are in the food courts multiple options available with cuisines from across the country.
17:53 Each of these dormitories is priced at 600 rupees per night and they're accompanied with a complimentary bottle of water for the travellers.
18:05 That was Pallavi Nahata from Ayodhya bringing you the latest updates.
18:09 Now, US and UK strikes against Houthi rebels have begun.
18:13 Both Bhutak and US and UK have launched a series of attack against the Iran-backed Houthi targets.
18:21 It's the first time that strikes have been launched since it started, targeting the international shipping in the Red Sea area as of last year as well.
18:30 Now, let's also take a look at how the markets fared during the day.
18:40 I have my colleague Mahima joining us for a quick wrap on the markets.
18:44 Mahima, considering that Nifty hit fresh highs during the day, how did the markets do?
18:50 Well, it's been a cheerful day for the markets today.
18:54 Both Nifty and Sensex closed at new life highs.
18:57 The benchmark indices closed fourth consecutive day in green today.
19:01 And the Indian equities have added as much as 2.21 lakh crores to market cap today.
19:06 Well, Nifty 50 closes 1.22% higher and Sensex closes 1.3% higher.
19:12 Nifty Bank closes 0.6% higher.
19:14 If we talk about the top gainers, Infosys and ONGC were top gainers and top laggards were Zipla and Apollo Hospitals.
19:20 If we talk about the broader markets, the broader markets have underperformed as compared to the benchmark indices.
19:25 However, Nifty Mid Cap closed 0.32% higher and the gains were led by Oracle Financial Services and Bank of India.
19:32 And Nifty Small Cap 250 closes 0.36% higher.
19:36 The gains were led by Fosso Solutions and Avanti Feeds, both buzzing in volumes.
19:41 Well, Nifty IT has clearly been the top sectoral performer to date, gained as much as 5.3%,
19:47 closed 5.3% higher in fact, and Nifty IT added as much as 1.53 lakh crores in market cap today.
19:55 The gains were led by Infosys and Coforge.
19:57 And if we talk about the sectoral laggards, Nifty FMCG was the top lagging sector on the index today.
20:03 And Nifty FMCG dropped sixth consecutive day in a row.
20:07 And Imami Varun Beverages were top laggards in terms of Nifty FMCG.
20:11 That's all for the market wrap of the day.
20:14 Thanks so much for that update, Mahima.
20:16 Now, in search for ways to help children with special needs for learning,
20:21 learning tools play a very important role.
20:24 These tools also help in changing their attitudes and perceptions.
20:27 While an initiative like Guinea's Planet is trying to trigger a conversation about inclusion and diversity,
20:33 Smart Cookie is a learning and development program focused on the holistic development in young children.
20:40 And the primary focus of this is children with special needs.
20:43 As a part of the Samarth by Hyundai initiative,
20:46 we talk about the importance of learning tools in the growth process of children with special needs.
20:52 Meet Guinea.
20:58 She's a busy girl.
20:59 She's fun loving and curious.
21:02 She was born with many physical challenges.
21:05 She has a radial club hand and a total of nine fingers in her two hands.
21:09 She needs to wear thick, heavy spectacles to see.
21:12 But Guinea is that unique doll who can explain diversity and inclusion to children.
21:19 I have been a disability rights and mental health professional since 2002.
21:23 So my work in the disability rights, diversity and inclusion field is not new.
21:28 But that's not why I started Guinea's Planet.
21:31 Guinea's Planet started after my son was born in 2016.
21:35 And he was born with multiple health conditions and a disability.
21:38 And that got me thinking that, you know, while I've been working with adults all my life,
21:43 who's working with children to help them believe that, you know, being different is OK.
21:47 That you can be different and other people around you can be different, but that's OK.
21:51 Guinea the doll and her story have helped hundreds of children,
21:56 making it easy for them to be part of the mainstream.
22:00 Since 2019, Guinea has met over 3,500 children in various forms and workshops.
22:08 Sahiba and Girisha are a couple of them.
22:11 My younger one, she wears specs. And my elder one, she's very studious.
22:16 So the younger one, she keeps on telling my mom, "I just wear specs. People make fun of me.
22:20 I don't want to wear specs. Make me wear the contact lenses."
22:23 So this thing, I really just appreciated the workshop right here.
22:27 She was telling them, "Accept yourself the way you are."
22:30 That they actually came across with a doll and it has one hand has five fingers and the other one has four.
22:36 Accept the way you are. Don't make fun of others that we really teach, but do accept yourself.
22:42 Guinea and her planet hope to build a world where every child believes that they have rights, respect and choices.
22:51 And that being different is OK.
22:53 Similarly, Smart Cookie, a different platform, approaches the issue from the parents' perspective.
22:59 They attempt to share learnings from Amrit Raj and Sanjana Raj's parenting journey.
23:05 Very early on in our parenting journey, my wife and I, we discovered our daughter had some issues.
23:13 Everything that we built to teach our daughter, we realized we were making flashcards on PowerPoint,
23:18 giving it to a printer, getting them laminated.
23:20 And before we knew it, we had a full stack from floor to ceiling in our house.
23:24 And we realized these should be made available to other parents.
23:27 So today, we have flashcards which cover the Prime Ministers of India with the actual photographs of individuals.
23:32 These are also fairly big cards with a smooth surface, waterproof and scratchproof.
23:38 These also have a QR code, which means we made them available digitally.
23:41 You download these on your phone, on your tablet, on your laptop.
23:45 So when you're traveling, you don't have to carry 20 boxes.
23:47 These are all in your phone or tablet.
23:50 Every child is different and has its own unique style of learning.
23:54 Smart Cookie's vision to promote inclusion and spread awareness about the needs of children with special needs.
24:01 Because getting the right kind of support can make all the difference.
24:05 Both organizations hope they can help children understand from a young age that societies improve with diversity and inclusion.
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24:33 That's all that we have for you on The Reporter.
24:35 But for fresh news and updates, please keep watching NDTV Profit.
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