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Published on 13/10/2022 10:08:59 AM | Source: Arete Securities Ltd

Key Stock News: - Byju,LIC,PepsiCo, HCLTech,NSDL,Wipro - ARETE Securities

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Byju's to lay off 2,500 staffers, targets profitability by March

* Edtech giant Byju’s is set to lay off nearly 2,500, or 5 per cent, of its employees as part of an “optimisation” plan. The move by India’s most valuable start-up comes amid a funding winter and steep losses.

* To avoid redundancies and duplication of roles, and by leveraging technology better, around 5 per cent of Byju’s 50,000-strong workforce is expected to be rationalised across product, content, media, and      technology teams in a phased manner,” said the company in a statement.

LIC sells over 2% stake in Power Grid for Rs 3,079 crore in 5 months

* LIC has sold over 2 per cent of its holding in Power Grid Corporation over the past five months for Rs 3,079.43 crore, the insurer said on Wednesday.

 * There is a decrease of 2.003 per cent in holding during the period from May 18, 2022 to October 11, 2022. As per regulatory requirement by Sebi, listed companies have to disclose about change in shareholding of 2 per cent and above. 

 PepsiCo's beverage volume logs double-digit growth in September quarter

* PepsiCo India’s beverage volume witnessed a double-digit growth in India in the 12 weeks ended on September 3. Also, its convenient food volume grew in mid single-digit, the company said on Wednesday.

“ Convenient foods unit volume declined 2 per cent (in Africa, Middle East and South Asia), primarily reflecting a high-single-digit decline in South Africa, partially offset by double-digit growth in the Middle   East and Pakistan, and mid-single-digit growth in India,” the company said in its earnings.

HCLTech restructures the top management with a new COO and CHRO

* India’s third largest IT company HCLTech on Wednesday announced a restructuring of its top management by switching its leadership for key roles including the heads for human resources (HR) and  corporate functions.

* VV Apparao, who has worked as the company’s Chief Human Resources Officer (CHRO) since 2017, will now take over as the chief delivery officer for nearshore. The nearshore refers to the strategy  wherein the company outsources its processes or services to countries within the same continent and with a similar time zone that of the market it serves.

NSDL acquires 5.6% stake in govt's e-commerce project ONDC for Rs 10 crore

* Leading depository NSDL on Wednesday said it has acquired a 5.6 per cent stake in the Union government's Open Network for Digital Commerce for Rs 10 crore.

* National Securities Depository Limited (NSDL) invested an amount of Rs 10 crore in ONDC under the private placement route, the depository said in a statement.

Wipro's Q2 profit slips 9.2% amid high employee costs; revenue up 14.6%

* Missing estimates, IT services major Wipro witnessed a 9.2 per cent decline in its net profit for the second quarter of FY23 on a year-on-year basis. The company gave a revenue growth guidance of 0.2-2  * per cent for the third quarter, much lower than what the Street expected and also less than the Q1 guidance of 3-5 per cent.

 

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