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Meet the man; his father was wealthier than Gautam Adani and Mukesh Ambani, and he receives a pay package of almost Rs 8 crore!

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After nearly 53 years of leading the company to unprecedented heights, Rishad Premji, Azim Premji’s son, became leadership of the international corporation.

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Mukesh Ambani, Gautam Adani are currently the richest persons in India and they have been leading the list of richest Indians for the past few years. However if you go back almost a decade, you’ll be able to see Wipro’s former chairperson Azim Premji among the top two richest Indians. Premji has been in the list of richest Indian people for more than two decades now. He has also been among the most generous people that Indians have ever seen. As per EdelGive Hurun India Philanthropy List 2023, Azim Premji and family donated more than Rs 1774 crore last year. Azim Premji took the lead of Wipro, one of the leading IT firms in India with a market cap of over Rs 278000 crore, when he was just 21 years old. While Azim Premji is one of the most celebrated Indian industrialists, not many know about his son Rishad Premji, who is now spearheading the company.

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After taking the company to new heights for around 53 years, Azim Premji handed over the reins of the multinational company to his son Rishad Premji. Currently staying in Bangalore with his wife and two kids, Rishad Premji took a massive pay cut that nearly halved his annual earnings from the previous year. The Wipro Chairman took a compensation of less than 8 crore ($951,353) in the financial year 2022-23. Rishad reportedly opted for a voluntary pay cut in the view of the negative performance at Wipro’s IT services business. During the Covid-19 pandemic in the year 2019-20, Rishad opted for a 31% pay cut.

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Also Read: vibhor-steel-tubes-share-price-makes-a-blockbuster-debut-stock-lists-with-181-5-premium-at-%e2%82%b9425-on-nse/

Azim Premji’s son Rishad Premji is now the Executive Chairman of Wipro Limited which has more than 250,000 employees in six continents. Rishad joined Wipro in 2007 and worked in several roles before becoming Executive Chairman in 2019. With An MBA from Harvard Business School and a B.A. in economics from Wesleyan University in the US, Rishad Premji served as a Chairman of NASSCOM for the financial year 2018-19.

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Rishad is on the boards of Wipro Enterprises Limited (a leading player in FMCG and infrastructure engineering), Wipro-GE (a joint healthcare venture between Wipro and General Electric) and the Azim Premji Foundation (one of the largest not-for-profit initiatives in India). The Foundation, which is focused on improving public school education, works with more than 350,000 government schools across seven states in India.

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This Article Was Originally Published on DNAIndia.com!

Vibhor Steel Tubes share price makes a blockbuster debut, stock lists with 181.5% premium at ₹425 on NSE!

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Vibhor Steel Tubes IPO expected listing price
Vibhor Steel Tubes share price makes stellar debut on bourses, listed 181.5% higher than the issue price.

Vibhor Steel Tubes share price made a stellar debut on the bourses today. On NSE, Vibhor Steel Tubes share price opened at ₹425 per share, 181.5% higher than the issue price of ₹151. On BSE, Tubes share price today opened at ₹421 apiece, up 178.81% than the issue price.

Experts anticipated Vibhor Steel Tubes share price to list in the range of ₹260 to ₹280 per share.

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The three days of the Vibhor Steel Tubes IPO saw an incredible amount of response from investors. On the last day, subscription status was 298.86 times, as per BSE data. Retail investors portion was subscribed 188.17 times, Non Institutional Investors (NII) portion was booked 721.34 times, and Qualified Institutional Buyers (QIB) portion was booked 178.73 times. The employee portion was subscribed 201.48 times.

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Vibhor Steel Tubes IPO opened for subscription on Tuesday, February 13, and closed on Thursday, February 15. Tubes Limited IPO price band was set in the range of ₹141 to ₹151 apiece. Vibhor Steel Tubes IPO lot size consisted of 99 shares. Investors could bid for a minimum of 99 shares and in multiples thereof.

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Vibhor Steel Tubes IPO details

Vibhor Steel Tubes Limited IPO, which is worth ₹72.17 crore, completely comprises a fresh issue, and there is no offer-for-sale component.

The net proceeds of the offering are intended to be used for general corporate purposes and to fund the company’s working capital needs.

The company’s promoters are M/s Vijay Kaushik HUF, Vibhor Kaushik, Vijay Laxmi Kaushik, and Vijay Kaushik. The promoters currently own 1,32,46,500 equity shares in total, which represents 93.40% of the company’s pre-Issue issued, subscribed, and paid-up equity share capital.

IPO’s sole book running lead manager (BRLM) is Khambatta Securities Ltd, and the registrar to the issue is KFin Technologies.

Tubes IPO GMP today

Vibhor Steel Tubes IPO GMP or grey market premium is +140. Its similar to previous three sessions, risen sharply from Friday’s +120. This indicates Tubes share price were trading at a premium of ₹140 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Tubes IPO expected listing price was ₹291 apiece, which is 92.72% higher than the IPO price of ₹151.

Based on last 14 sessions grey market activities, today IPO GMP points upwards and expects a strong listing. The lowest GMP is ₹110, while the highest GMP is ₹140, as per investorgain.com analysts.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

This Article Was Originally Published On Indiatvnews.com!

Meet the man who is worth Rs 6500 crore, has a house valued at Rs 70 crore, does not run a business, and works as…

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Within business circles, he is respected not only for his intelligence and hard work but also for his humility. In fact, his office space is said to be much smaller than that of other CEO of DMart of large corporations.

India is a country brimming with successful businessmen, industrialists and entrepreneurs. While many have amassed vast fortunes, others, like Ignatius Navil Noronha, have quietly climbed the corporate ladder, demonstrating their leadership and vision.

The CEO of DMart, Ignatius Navil Noronha, stands out as one of India’s wealthiest individuals. Although he hasn’t founded a company or directly engaged in business activities, his leadership and strategic acumen have played a crucial role in DMart’s remarkable success. Despite his significant wealth, Navil Noronha remains unassuming and prefers to maintain a low profile.

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For those unfamiliar with him, Navil Noronha is happily married to Kajal Noronha. Within business circles, he is respected not only for his intelligence and hard work but also for his humility. In fact, his office space is said to be much smaller than that of other CEOs of large corporations. 

Navil Noronha holds a science degree from SIES College of Arts, Science, and Commerce and a management degree from the Narsee Monjee Institute of Management Studies (NMIMS). His journey at DMart started when he was in his twenties. Hired by renowned investor Radhakishan Damani, Navil Noronha quickly proved his worth by contributing significantly to the retail giant’s strategy and operations.

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Before joining DMart’s parent company, Avenue Supermarts Limited, Navil Noronha spent eight years at Hindustan Unilever, where he worked as a sales executive and gained valuable experience in market research and modern trade. His experience and insights were instrumental in DMart’s growth trajectory.

Currently serving as the CEO of DMart, Navil Noronha continues to propel Avenue Supermarts Limited to new heights. He is often referred to as the ‘Management GOAT (Greatest of All-Time)’ by the business community for his pioneering strategies that have reshaped the FMCG sector. Notably, his 48-hour supplier policy has been hailed as a game-changer.

While Navil Noronha generally shies away from media attention, he made headlines when he invested in a luxurious apartment in Mumbai. The property, located in Mumbai’s Bandra East area, cost him a staggering Rs 70 crore, which spans 9,552 square feet and is equipped with a 10-vehicle garage.

Reports suggest that Navil Noronha holds a 2 per cent stake in Avenue Supermarts Limited, contributing to his impressive net worth, estimated to be around Rs 6500 crore. With a rise of 113 per cent in the company’s stocks in 2021, he has solidified his position as one of India’s richest CEOs. Noronha reportedly earned a salary of over Rs 4.5 crore in FY 2021-22. 

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This Article Was Originally Published On DNAIndia.com!

Meet man whose life changed through one drunk text, built Rs 7500 crore company, not from IIT, IIM, NIT

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Ashish Hemrajani is the CEO and co-founder of BookMyShow, one of the most popular websites in India for buying tickets to live events like sporting events, plays, concerts, and movies.

Ashish Hemrajani

Ashish Hemrajani is the CEO and co-founder of BookMyShow, a popular website for buying tickets to live events in India such as sporting events, plays, concerts, and movies. In 1999, he founded Bigtree Entertainment, the parent company that runs BookMyShow. 

The founders of BookMyShow are Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande. They are alumni of Sydenham Institute of Management, Mumbai University. Ashish Hemrajani currently serves as the CEO of BookMyShow. 

Ashish Hemrajani, co-founder and CEO of BookMyShow, revealed in an interview that he once shared his business idea with his boss through a drunk text message back in 1999, as per the Entrepreneurs Today report. Surprisingly, his boss supported him, saying, ‘No problem. Go for it.’ It was this unusual conversation that set Hemrajani on the path to creating the influential platform, the report added.

With a background in marketing and advertising, Hemrajani played a pivotal role in the company’s inception. As multiplexes and electronic payment methods gained traction, he transitioned from offering back-end ticketing services to creating BookMyShow.

Ashish Hemrajani holds an MBA in Marketing from Sydenham. Before founding BookMyShow, Asish worked for J. Walter Thompson, an advertising company, holding positions in the client and account management departments. According to a StartupTalkey story, he later made a strategic change with BookMyShow and is currently the founder and CEO of the business.

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About BookMYShow

“Go For Ticketing” was BookMyShow’s original moniker. In 2002, the company went by the name “India Ticketing” before changing to its current moniker. When the company, which was then known as “India Ticketing,” launched a name-suggestions contest for its employees in 2007, an intern engineering student came up with the idea for BookMyShow. The report also stated that in this approach, the business developed a name that aligned with its aims and objectives.

Founded in 1999, Big Tree Entertainment Pvt. Ltd. is the owner and operator of BookMyShow, one of India’s premier entertainment destinations and a one-stop shop for all your out-of-home entertainment needs. BookMyShow was launched in 2007. Thanks to partners from across the industry, the company, which has locations in over 650 Indian towns and cities, offers millions of customers unmatched entertainment experiences. The company’s LinkedIn profile states that it has developed over the years from a fully online ticketing platform for films playing on over 6,000 screens to end-to-end management of live entertainment events, including music concerts, theatrical productions, sports and more, all executed to the highest standards in the world.

According to the The Time of India report, the valuation of BookMyShow is estimated to be around Rs 7,500 crore ($900 million).

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Meet the Bollywood star with a net worth of Rs. 12,000 crore who made fun of SRK’s hit movie Pathan and the CEO of Byju for…

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Ronnie Screwvala is not just a name; he is a personality synonymous with success, ambition, and innovation. Best known for his groundbreaking strides in the entertainment and education sectors, Ronnie Screwvala stands as a testament to what sheer determination and vision can achieve. His story is not just that of a self-made billionaire but also an example of how relentless pursuit of excellence can elevate an industry and inspire countless others.

A force to reckon with in the Indian film industry, Ronnie Screwvala’s journey to success is one for the books. Starting out as a humble toothbrush manufacturer in the 1970s, he quickly transitioned into the world of cable TV, founding a business that laid the foundation for his eventual entry into entertainment.

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In 1990, with just Rs 37,000 in investment, Ronnie Screwvala established UTV, a company that would go on to redefine the television and film landscape in India. UTV, under his leadership, became a powerhouse, creating iconic shows like Shanti and Sea Hawks and producing blockbuster films like Swades, Jodhaa Akbar, Fashion, Barfi, Chennai Express, and many others.

However, it was in 2012 that Ronnie Screwvala made headlines globally when he sold his share of UTV to Disney for over a billion dollars. The move not only solidified his reputation as a savvy businessman but also opened the floodgates for his next venture, RSVP Movies, which has produced critically acclaimed and commercially successful films like Uri and Kedarnath, among others.

But Ronnie Screwvala’s influence extends beyond the silver screen. With a keen eye for emerging industries and a knack for spotting trends, he has invested in a diverse portfolio of businesses, ranging from UpGrad, an edtech platform, to Usports, a sports management company, and Unliazer, a direct-to-consumer eyewear brand. These investments have not only added to his fortune but also positioned him as a thought leader in the startup and venture capital space.

Today, Ronnie Screwvala’s net worth stands at a staggering $1.55 billion, making him the richest man in the Indian film industry and a beacon of inspiration for entrepreneurs and dreamers alike. His legacy is one of ambition, resilience, and innovation, and his impact on Indian cinema and entrepreneurship will be felt for generations to come.

But Ronnie Screwvala’s journey to success has not been without its challenges. In a recent talk, he took a bold stand against Byju’s, a prominent player in the edtech sector, criticizing the company’s leadership and investors for its poor financial performance. He urged investors to ask the right questions and protect their investments, emphasizing the need for transparency and accountability in the industry.

Known for not mincing his words, Screwvala expressed support for the decision of Byju’s major shareholders to call an extraordinary general meeting (EGM) to oust the current management and reconstitute the board. 

He had posted on X, “Finally someone smelt the coffee! Hope it’s not a whiff and then whimper but they will stay the course and get this done – for the whole eco-system! For India as an investment destination! For just credibility overall of an otherwise sunrise and sunshine sector.”

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Last year, when Shah Rukh Khan’s Pathaan was declared the most successful Hindi film worldwide, he tweeted, “Just to be very factual and clear. Dangal is and will remain the highest-grossing Hindi movie globally – just in China it did 1200+ cr. Just so we keep the record straight.”

Ronnie Screwvala’s bold stance is a reminder that success is not just about accumulating wealth but also about using that wealth to drive positive change and make a meaningful impact. As he continues to push the boundaries of what’s possible, Ronnie Screwvala’s legacy will remain a testament to the power of ambition, innovation, and relentless pursuit of excellence.

This Article Was Originally Published On DNAIndia.com!

8 Investing Principles that guided Steven Cohen to dizzying heights of success in the financial world!

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Understanding the fundamental principles of Cohen’s approach can enhance investment decisions, although his methods may not be suitable for all investors.

Anyone with a keen idea for stock market investments cannot afford to ignore the much-acclaimed American billionaire investor Steven A Cohen who in his own words had a penchant for stocks since childhood. Cohen, the creator of Point72 Asset Management and former leader of SAC Capital, gained a reputation for his assertive and prosperous investment tactics. As of April 2022, his net worth is approximated to be $17.4 billion.

Despite the controversy surrounding some of his methods, there are essential lessons that can prove valuable for investors, irrespective of whether they intend to emulate his high-risk approach. Here are some fundamental strategies employed by Cohen:

Extensive fundamental analysis: Cohen places significant importance on comprehensive research and gaining a profound understanding of the companies in which he invests. His analysts conduct in-depth examinations of financial statements, industry trends, and competitive landscapes to pinpoint undervalued companies exhibiting robust fundamentals and growth prospects.

Contrarian investing: Cohen embraces a contrarian approach, fearlessly going against prevailing trends. He actively seeks opportunities where the market is misjudged and takes positions contrary to popular sentiment. While this strategy carries inherent risks, it has also contributed to some of his most significant successes.

Diversification: Despite employing assertive strategies, Cohen recognizes the significance of diversification. He allocates his investments across various asset classes, sectors, and geographical locations to minimize risk.

Stay focused: Concentration and thorough research are vital aspects of investing. Concentrating on a select few investments enables in-depth research, fostering a deeper understanding of the companies, industries, and market dynamics influencing them. This approach can result in more well-informed investment decisions, emphasizing the idea of knowing everything about something rather than having scant knowledge about everything.

Risk management: Cohen places utmost importance on risk management. He employs stop-loss orders, utilizes hedging strategies for his positions, and closely oversees his portfolio to minimize potential losses.

Don’t lose your composure: Humans often exhibit biases, such as confirmation bias, where we tend to favour information that confirms our pre-existing beliefs, potentially resulting in biased investment decisions. Cohen, akin to numerous other accomplished investors, acknowledges the significant impact of psychology in the markets. The emotions of both individual investors and the broader investor community can collectively steer market movements and give rise to complex situations.

Long-term focus: Despite Cohen’s reputation for adept short-term trading, he also adopts a long-term perspective. He advocates retaining successful investments over an extended period, even in the face of short-term market volatility.

Attracting and retaining talent: Cohen is acknowledged for attracting and keeping some of the brightest minds in the investment realm. He offers competitive compensation packages and nurtures a culture of collaboration and excellence.

Current investors need to recognize that Cohen’s strategies are intricate and demand substantial resources and expertise. These methods may not be suitable for all investors, particularly those with a low tolerance for risk. Nevertheless, comprehending the fundamental principles underlying his approach can prove valuable for anyone seeking to enhance their investment decisions.

This article was originally published on Hindustantimes News!

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Today’s stock market: An explanation of the 13% increase in SpiceJet’s share price!

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Today's stock market

Today’s stock market: SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece on NSE

Stock market today: Amid the bull trend in the Indian stock market, SpiceJet shares witnessed strong buying interest during Friday deals. SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece, logging around 13 percent intraday rise against its Thursday close of ₹63.63 apiece on NSE. While climbing to the intraday high, the aviation company’s stock came close to its existing 52-week high of ₹77.50 that it had achieved on 5th February 2024.

According to stock market experts, the DGCA (Directorate General of Civil Aviation) has released the January 2024 data in which it has reported that the low-cost carrier has managed to hold on to its market share in January 2024. 

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The DGCA data shows that SpiceJet has managed to hold on to its market share at 5.6 percent in January 2024. The DGCA data also reported that passenger traffic surged by 4.7 percent in January 2024.

DGCA data in focus

Speaking on the reason for the rise in SpiceJet shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The aviation stock is rising after the release of DGCA January data. In this data, SpiceJet has been reported holding on to its market share of 5.6 percent and the market is expecting benefits for the listing aviation company after DGCA reports a 4.7 percent rise in the number of flight passengers in January 2024.”

Gorakshkar said that the trigger is for the short term, and profit-booking on higher levels may trigger if there is no rebound after the current retracement from intraday’s high.

SpiceJet share price target

On the outlook of SpiceJet shares, Sumeet Bagadia, Executive Director at Choice Broking said, “SpiceJet shares are currently trading in the ₹60 to ₹75 per share range. the aviation stock may become highly bullish on breaching the upper hurdle of the current range whereas it may go further down if it breaches the lower support of its current range. So, a bullish or bearish trend can be assumed on the breakage of either side of the current range. SpiceJet shareholders are advised to hold the scrip maintaining stop loss below ₹60.”

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This Article Was Originally Published On livemint.com!

Massive deal announced by Wipro, owned by Azim Premji, to invest Rs 5480000000!

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Azim Premji: Wipro has gained media attention following the announcement of a significant Rs 548 crore agreement. Wipro disclosed that it is spending Rs 5480000000 to buy Aggne Global Inc., a US-based company.

Azim Premji

Azim Premji’s Wipro is one of the most valuable IT companies in India with a massive market cap of Rs 267000 crore. Azim Premji and his company Wipro are popular for their business ethics and philanthropic activities. The IT giant is often in the news for its stocks, business announcements and expansion. Once again Wipro has made it to the headlines as the company has announced a massive deal of Rs 548 crore. Wipro has revealed that it is investing Rs 5480000000 to acquire US-based Aggne Global Inc. and its Hyderabad-based affiliate Aggne Global IT Services. Wipro will initially own the 60% of the company, with an option to acquire the rest of the stake over the period of time.

For those who are unaware, Aggne Global is an IT, consulting, and managed services company founded in 2019 that caters to the property and casualty insurance industry. The company’s solution integrates with the Duck Creek platform, providing insurance companies and Insurtech organizations with access to technology and services that allow them to stay ahead of the competition.

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“Aggne’s Swift IPs (internet protocol) combined with Wipro’s wider offerings will position us as an end-to-end player in the P&C (property & casualty) insurance space,” Wipro said in a release to the exchanges. Aggne Group had massive combined revenues for the past three calendar years. For 2021, it had a revenue of 4.5 million dollars. Revenue increased to 9.1 million dollars in 2022 and 17.9 million dollars in 2023.

This article was originally published on DNAIndia!

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$18 combo meal! After price criticism McDonalds CEO vows to cut prices!

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McDonald’s faces backlash as rising menu prices spark customer outrage. CEO Chris Kempczinski addresses concerns.

McDonald’s CEO Chris Kempczinski has addressed the criticism from customers who are unhappy with the rising prices of the fast food chain’s menu items.

McDonald’s growth is slowing down due to boycotts and losing “low-income” customers. The company says some people are protesting its support for IDF soldiers in Israel, while others are eating at home because they earn less than $45,000 a year. The company also faces backlash for charging $18 for a combo meal, which some say is too pricey for fast food.

Many customers have expressed their dissatisfaction on social media, posting receipts that show how much they have to pay for their orders.

One customer shared a photo of a receipt that showed a bill of over $20 for two Egg McMuffins and another breakfast sandwich, and asked, “What has the world come to?”

The fast food giant explains on its website that its prices are determined by its franchisees, who have to adjust them according to the costs and demand in their markets.

However, this has also affected McDonald’s sales, which saw a lower-than-expected growth in the last quarter. While analysts had predicted a 4.7 percent increase in sales, McDonald’s only reported a 3.4 percent growth.

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Middle East conflict and cost challenges hit McDonald’s

One of the reasons for this slowdown was the conflict in the Middle East, which had a negative impact on the overseas franchises of McDonald’s. But Kempczinski also acknowledged that the cost factor was a challenge, and said that the company would focus more on ‘affordability’ in the coming year.

In an earnings call with analysts on Monday, 5 February, he said, “I think what you’re going to see as you head into 2024 is probably more attention to what I would describe as affordability

He also revealed that customers with low incomes, earning less than $45,000 per year, were ordering less from McDonald’s, and opting to eat at home more often, as the price of groceries went down.

Eating at home has become more affordable,” he said.

“The battleground is certainly with that low-income consumer.”

But the company’s chief financial officer, Ian Borden, told analysts that the situation would not improve significantly until the Middle East conflict was resolved.

Meanwhile, restaurant analyst Mark Kalinowski said that McDonald’s would still have to raise its prices, albeit at a slower rate of 2 to 3 percent over the next year. He said that McDonald’s would try to lure customers with special offers on its mobile app.

App discounts will be a big part of their arsenal,” he said.

The disappointing results of McDonald’s last quarter also affected its stock price, which fell by nearly 4 percent to $285.97 on Monday.

This article was published on Hindustantimes News!

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PM Modi to reply on ‘Motion of Thanks’ in Rajya Sabha today!

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Prime Minister Narendra Modi will reply to the Motion of Thanks to the President’s Address in Rajya Sabha today, February 7.

Prime Minister Narendra Modi will reply to the Motion of Thanks to the President’s Address in Rajya Sabha today, February 7. He replied to the Motion of Thanks to the President’s Address in Lok Sabha on Monday. President Droupadi Murmu addressed the joint sitting on January 31, the first day of the budget session. 

During his speech, he said that the third term of his government is not far and this time the National Democratic Alliance (NDA) will win 400 seats, and the Bharatiya Janata Party, individually will get 370 seats.

He said the work done by the government in its current term gave him confidence that in the third term of the NDA, India will become the world’s third-largest economy, up from its fifth position now.

“This is Modi’s guarantee,” he told legislators, citing the speed of work in the country that gave him confidence this target would be reached within the next five-year term if the NDA wins the national election.

PM Modi said that in the interim budget for 2014, the then finance minister had said India had become the world’s eleventh-largest economy and over the next three decades would become the third-largest economy.

“This meant that India would become the third-largest economy only by 2044. We are confident of achieving this feat in the government’s third term itself,” Modi said.

“Our third term will be full of big decisions…I had said from the Red Fort and also reiterated at the time of Ram Mandir Pran Pratishtha that I want to see the country prosperous and at the pinnacle of success for the next thousand years. The third term will be the time to lay a strong foundation for the next 1,000 years,” Modi said.

The Budget Session, which began on January 31, will be spread over eight sittings spread over 10 days and may conclude on February 9. 

Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech.

This article is sourced from Hindustantimes News!

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