Category: Corporate

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Corporate

Porter Lays Off 300–350 Staff, Prepares for IPO

Porter, On-demand logistics startup, has laid off around 300–350 employees as part of a cost rationalisation exercise, ahead of a potential public listing, according to people familiar with the matter.

The Bengaluru-based company confirmed a one-time restructuring, stating that the move was aimed at building a “stronger, more agile, and financially resilient organisation.” Porter said the decision was difficult but necessary as part of its transition and long-term growth strategy.

Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers intra-city logistics and courier services, including on-demand trucking, packing and moving, and enterprise logistics solutions.

The startup achieved profitability in FY25, reporting an operating revenue of ₹4,306 crore, up 57% from the previous year, and a net profit of ₹55 crore, a sharp turnaround from a ₹96 crore loss in FY24. This financial performance reflects Porter’s rapid scaling and operational improvements, reinforcing investor confidence in its growth trajectory.

Porter has been actively raising funds to support expansion and strengthen its balance sheet. In May 2025, the company raised $200 million in a round led by Kedaara Capital and Wellington Management, valuing the startup at $1.2 billion. More recently, the firm has been in advanced discussions to raise an additional $100–110 million from existing and new investors, bringing its total funding to around $300–310 million.

The layoffs come as Porter focuses on streamlining operations, enhancing financial stability, and positioning itself for its next phase of growth, including a potential market debut. By restructuring now, the company aims to emerge leaner and more competitive while sustaining its long-term expansion plans in India’s rapidly evolving logistics landscape.

Also Read: Delhivery CFO Amit Agarwal Resigns

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Corporate

Maharashtra Becomes First State to Partner with Starlink

In a major step toward digital inclusion, Maharashtra is set to become the first Indian state to partner with the global satellite internet provider, Starlink Satellite Communications Pvt. Ltd.

The Letter of Intent was signed by Starlink Vice President Lauren Dreyer and IT Secretary Virendra Singh in the presence of Chief Minister Devendra Fadnavis.

The agreement, which is under regulatory approvals from the Government of India, aims to bring high-speed connectivity to tribal schools, health centres, disaster control rooms, coastal zones, and districts like Gadchiroli, Nandurbar, Dharashiv, and Washim.

Connectivity will also be extended to key infrastructure corridors like the Samruddhi Mahamarg, ferries and ports, coastal police networks and essential public services that support education and telemedicine.

A 90-day pilot project will begin soon, monitored by a joint working group with review milestones set at 30, 60, and 90 days. The chief minister will chair quarterly progress reviews.

“With Starlink joining hands with Maharashtra, we are bridging the last digital divide connecting every village, school, and health centre, no matter how remote,” said Fadnavis.

“This partnership marks a big step toward a connected, future-ready Maharashtra and sets the benchmark for Digital India at the grassroots.”

Dreyer said the initiative fits perfectly with the company’s goal of connecting those left behind by traditional networks. “Maharashtra’s vision for inclusive and resilient digital growth aligns with ours. Together, we will show how satellite internet can transform education, healthcare, and community life in even the most remote parts of India.”

The collaboration supports Maharashtra’s Digital Maharashtra mission and complements its efforts in electric mobility, coastal development, and disaster resilience, positioning the state as a front-runner in next-generation connectivity.

Also Read: Toyota Recalls 1 Million US Cars Over Camera Glitch

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Corporate

Toyota Recalls 1 Million US Cars Over Camera Glitch

Toyota Motor Corporation has announced a recall of 1.02 million vehicles in the US due to a software defect that may cause the rear-view camera display to freeze or go blank, raising safety concerns.

The recall includes several Toyota and Lexus models built between 2022 and 2026, such as the Camry, Highlander, RAV4, Prius, RX, TX, NX, LX, GX, and LS. Some Subaru Solterra units equipped with Toyota’s Panoramic View Monitor system are also affected.

Toyota said the problem lies in the parking assist electronic control unit, which can fail to transmit the rear camera image when the car is in reverse, an issue that violates US safety regulations.

The automaker will notify owners by December and update the camera software at dealerships free of charge. No crashes or injuries have been reported so far.

This marks Toyota’s second major recall in recent months involving rear-camera malfunctions, following a similar action for nearly 394,000 vehicles in October. The company said it is working to enhance quality control and ensure compliance with federal safety standards.

Also Read: Qatar Airways Sells Cathay Pacific Stake for $897 Million

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Corporate

Qatar Airways Sells Cathay Pacific Stake for $897 Million

Qatar Airways has sold its entire 9.7% stake in Cathay Pacific Airways for around $897 million, marking a complete exit from the Hong Kong-based carrier after eight years of investment.

Cathay Pacific will repurchase the shares at HK$10.84 each, about 4% lower than its last closing price. Once the deal is completed, Swire Pacific’s ownership in Cathay will rise to 47.69% from 43.12%, while Air China’s stake will increase to 31.78% from 28.74%.

Qatar Airways had acquired the stake in 2017, becoming Cathay’s third-largest shareholder. The sale is part of Qatar’s strategy to rebalance its investment portfolio and strengthen its position for future expansion.

Cathay Pacific described the buy-back as a sign of confidence in its growth plans. The airline is investing nearly HK$100 billion over the next seven years in new aircraft, upgraded cabins, and enhanced lounge experiences.

After facing heavy losses during the pandemic, Cathay has shown steady recovery, with passenger numbers in September rising nearly 20% year-on-year.

Despite the divestment, both airlines will continue collaborating through the oneworld alliance, maintaining strong commercial ties even as ownership structures change.

Also Read: Sensex Up 300 Points, Nifty Over 25,600, Asian Paints, M&M Rise

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Corporate

Sensex Up 300 Points, Nifty Over 25,600, Asian Paints, M&M Rise

Indian stock markets opened on a positive note on Thursday, supported by firm global trends. The Sensex gained over 300 points to trade near 83,750, while the Nifty 50 moved above 25,600 in early trade.

Buying in Asian Paints, Mahindra & Mahindra, Britannia Industries, and Sun Pharma lifted market sentiment. Asian Paints jumped nearly 4%, and M&M rose about 2%.

Among the top performers were Redington, CCL (India), Gujarat Pipavav, Shipping Corporation of India, and Asian Paints. Meanwhile, Delhivery, Hindalco Industries, Deepak Fertilisers, Asahi India Glass, and BEML were among the main losers.

Market analysts said investors remain cautious due to continued foreign fund outflows and mixed corporate earnings. They added that the next market trend will depend on upcoming Q2 results and global economic signals.

Also Read: RSWM, Adani Energy Team Up for Green Power

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RSWM, Adani Energy Team Up for Green Power

RSWM Ltd, a leading Indian textile manufacturer and flagship company of LNJ Bhilwara Group, has signed an agreement with Adani Energy Solutions Ltd (AESL) to procure 60 MW of renewable energy for its manufacturing facilities in Rajasthan.

Under the deal, AESL will manage the full green power value chain, while RSWM has invested ₹60 crore under a Group Captive Scheme to secure 31.53 crore units of green electricity annually. With this addition, renewable energy will cover 70% of RSWM’s total energy requirement, up from the current 33%.

“This milestone reinforces RSWM’s long-term vision of sustainable growth and industry leadership in clean energy adoption,” said Riju Jhunjhunwala, Chairman and CEO. Rajeev Gupta, Joint MD, highlighted that integrating hybrid power will reduce carbon footprint and strengthen energy security.

Kandarp Patel, CEO of AESL, added that the partnership showcases how renewable energy supports industrial growth while driving sustainability. AESL aims to expand its Commercial & Industrial energy portfolio to 7,000 MW over the next five years.

RSWM continues to embed sustainability in all operations, including energy efficiency, circular material flows, water conservation, and recycling, positioning itself as a future-ready textile leader.

Also Read: India Nears Top Three Globally, FM Sitharaman

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Corporate

SEBI to Revamp Broker Rules by Dec. 2025

The Securities and Exchange Board of India (SEBI) is set to overhaul stock broker regulations that have been in place for over 30 years. The move aims to modernize rules, improve risk management, and strengthen data protection, including updated definitions for algorithmic and proprietary trading. SEBI Chairman Tuhin Kanta Pandey said the changes could be implemented by December 2025.

The decision follows a discussion paper issued in August and comes amid concerns about trading disruptions, such as a recent technical glitch at the Multi-Commodity Exchange (MCX). SEBI is analyzing the incident to prevent future problems and ensure market stability.

The regulator is also addressing investor concerns by allowing the transfer of physical securities bought before FY20. In addition, SEBI resolved a disclosure violation with brokerage Angel One, which will pay ₹34 lakh in settlement.

Pandey stressed that the reforms aim to make India’s markets more robust, transparent, and investor-friendly, keeping regulations in step with modern trading practices.

Also Read: Goyal in New Zealand for FTA Talks

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Corporate

Mehli Mistry Steps Down from Tata Trusts

Mehli Mistry has resigned as trustee from three major Tata Trusts, namely, the Sir Ratan Tata Trust, the Sir Dorabji Tata Trust, and the Bai Hirabai J.N. Tata Navsari Charitable Institution Trust, with effect from October 28.

In his farewell letter to the board, Mistry described it as a “privilege” to have served the Trusts, a role he said was personally endorsed by Ratan N. Tata, whom he called “a dear friend and mentor.” He said his decision stemmed from a deep commitment to Tata’s values and his belief that no individual should overshadow the institution they serve.

“All of us must remember that nobody is bigger than the institution,” Mistry wrote, urging trustees to remain guided by transparency, good governance, and public interest. He added that he wished to avoid any action that could harm the century-old philanthropic legacy of the Tata Trusts.

His exit comes amid internal differences within the Trusts’ leadership over governance and reappointments. Mistry, who had recently filed a caveat with the Maharashtra Charity Commissioner seeking a hearing before any changes in trusteeship, said his move was intended to safeguard the reputation and integrity of the organisation.

The Tata Trusts, among India’s largest charitable entities, play a vital role in directing the philanthropic vision of the Tata Group, holding a majority stake in Tata Sons, the group’s principal investment company.

Also Read: Goldman, JPMorgan CEOs Flag US Debt Risks

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₹1,060 Crore Groww IPO Gets 57% Day-1 Subscription

Online investment platform Groww opened its ₹1,060 crore IPO on November 4, drawing robust retail participation on Day 1. The offer, which closes on November 7, includes a fresh issue and an offer for sale by existing shareholders, with a price band of ₹95–100 per share.

By the end of the first day, the IPO was 57% subscribed overall, while the retail portion was oversubscribed 1.9 times, indicating strong investor interest. The stock is trading at a ₹17 grey market premium, implying a potential 17% listing gain at the upper price band.

Groww commands about 26% market share in its segment and has 12.6 million active clients as of June 2025. For FY25, the company reported ₹4,056 crore in revenue and a 44% net profit margin.

At the upper end of the price range, Groww’s P/E ratio stands at 40.8×, which analysts find high. While most recommend a ‘Subscribe for Long Term’, they caution that the business remains dependent on retail trading volumes and regulatory shifts.

Also Read: Adani Ports Q2 Profit Up 29% as Logistics, Marine Shine

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Sensex, Nifty slip over 0.6% as IT, auto, metal stocks drag

Indian stock markets ended lower on Tuesday as selling in IT, auto and metal shares pulled the indices down.

The Nifty 50 dropped 165 points (0.64%) to close at 25,597, while the Sensex slipped 519 points (0.64%) to 83,459.

Among major losers were Power Grid, Tata Motors, Tata Steel, and Maruti Suzuki, which fell between 2% and 3%. IT stocks were under pressure after mixed comments from U.S. Federal Reserve officials weakened hopes of an interest rate cut in December.

The broader markets also fell, with the small-cap index down 0.8% and the mid-cap index lower by 0.4%.

On the brighter side, Bharti Airtel rose 1.9% to a record high after reporting strong quarterly earnings, while Titan Company jumped 2.3% on better-than-expected results. Mahindra & Mahindra and State Bank of India also gained from healthy profits.

Also Read: Sensex Falls 150 pts, Nifty Below 25,750, Hitachi Up, Reliance Down