Grasim stock hits fresh high after Birla Opus launch

Grasim Industries Ltd shares reached an all-time high intraday on February 22 as it announced the launch of its paint business (Birla Opus) and the opening of three new plants. The stock hit a lifetime high of Rs 2,244.95 and closed 0.4 percent higher at Rs 2,201.10 on BSE, while the Sensex rose 0.74 points to 73158.24. The stock ended higher for the seventh straight session. So far this year, the stock is up 3.5 percent, it jumped 24 percent in 2023. Aditya Birla chairman, Kumar Mangalam Birla, inaugurated three Birla Opus paint plants in Haryana, Punjab and Tamil Nadu on February 22 from the Panipat plant. Jefferies noted on February 22 that Grasim Industries' entry into the paint market could impact shares and margins in the industry. The company's push for the second spot is expected to drive increased competition from other industry players. Grasim Industries' entry into the paint sector with 49 percent of its Rs 4,900 crore capex allocated to this business is set to heighten competition. The company plans to focus on larger cities first, leveraging its strong distribution in cement and putty.  

Cabinet approves hike in sugarcane procurement price to Rs 340 per quintal for 2024-25 season

The Cabinet Committee on Economic Affairs, on February 21, approved a hike in the Fair and Remunerative Price (FRP) of sugarcane to Rs 340 per quintal from Rs 315 per quintal for the 2024-25 (October-September) season. The Rs 25-per-quintal increase in the FRP of sugarcane is significantly higher than what was announced last year, when the government had raised it by Rs 10 per quintal to Rs 315. The decision to hike the FRP of sugarcane in February is unusual considering the season begins in October and comes amid the 'Delhi Chalo' protests by farmers, with the government involved in talks with them over their demands. In 2023, the decision on sugarcane FRP was announced in June. Before that, in 2022, it was announced in August. India is paying the highest price for sugarcane in the world. Even this year, the Modi government has announced a hike of 8 percent. This is in the interest of farmers," Union Minister Anurag Thakur said on February 21 after the Cabinet meeting.  

Ether retreats after momentarily touching the $3,000 mark, while Bitcoin drops from the $52,000 mark.

On Wednesday, February 21, there was a tiny 0.31 percent gain for Bitcoin. At the moment, Bitcoin is worth $51,977, or about Rs. 43 lakh. Market analysts claim that the resistance level for Bitcoin is currently at $53,000, or approximately Rs. 43.9 lakh; a breach of this level would signal a significant increase in the value of the asset. The price of Bitcoin has seen a significant increase of $400 (approximately Rs. 33,160) in the last day. Wednesday's market volatility was reflected in the cryptocurrency chart, where altcoins fluctuated between gains and losses. For the first time since April 2022, Ether crossed the $3,000 (about Rs. 2.48 lakh) threshold. But at that point, the asset was unable to maintain a significant advantage. Ether's current value, after a 2.05 percent loss, is $2,870, or approximately Rs. 2.3 lakh. "Bitcoin is indicating overbought conditions in the current market environment, which is causing investor caution regarding possible consolidation. Ethereum, on the other hand, is showing an ascending channel pattern, driven by continuous developments in its ecosystem and flirting with $3,000 (about Rs. 2.48 lakh). Deviating from their customary daily routines, investors are being cautious because of a recent buying frenzy amid bullish momentum suggested by moving averages, according to Rajagopal Menon, Vice President of WazirX, who spoke with Gadgets360. Market observers are currently more interested in watching Ether's trajectory than Bitcoin's. "Ethereum has a huge following. For most Web3 developers, it is the default option when it comes to compute networks. This translates to increased traffic volume and road upkeep. Therefore, an update to make the highway much smoother is being shipped by developers. They are also doing it without causing any traffic hiccups. They port the upgrade to the mainnet highway after testing it on the testnets, or service road. Dencun's planned mainnet launch in March "can be seen as an internal catalyst for a better Web3 future," according to CoinSwitch co-founder Ashish Singhal.

India Accepts All Foreign Investment In The Space Industry

In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. 

Numaligarh Refinery planning for IPO in next two years, says MD

Numaligarh Refinery Limited (NRL) is looking at an initial public offer (IPO) in the next two years, primarily to support net-zero emission plans of the company, its Managing Director Bhaskar Jyoti Phukan told Moneycontrol.Phukan said NRL has several projects planned to achieve net-zero targets by 2038 and setting a 2G bio-refinery is one among them. NRL, a subsidiary of state-run Oil India Limited (OIL), is setting up India’s first bio-refinery which would use bamboo as feedstock in Assam. Phukan said NRL has several projects planned to achieve net-zero targets by 2038 and setting a 2G bio-refinery is one among them. NRL, a subsidiary of state-run Oil India Limited (OIL), is setting up India’s first bio-refinery which would use bamboo as feedstock in Assam. The Assam-based refinery’s head said major expansion projects of the company would also have been commissioned in the next two years, working in favour of the IPO plans. Under expansion plans, NRL is ramping up its refining capacity to 9 MMTPA (million metric tonne per annum) from 3 MMTPA, setting up crude oil import terminal at Paradip port in Odisha and laying about 1,640 km of pipelines for transportation of imported crude oil to Numaligarh. our new refinery would be commissioned by then (in the next two years), pipeline will also be in place. So, therefore, it will be very comfortable time to go for IPO. And once we identify the green project, I think market will reward us by subscribing to the IPO that we will float,” said Phukan.  

Zaggle Prepaid scales record high after agreement with EaseMyTrip

Shares of Zaggle Prepaid Ocean Services surged 18 percent to Rs 299, hitting an all-time high, after the company announced it has entered into an agreement with EasyMyTrip Planners Limited for three years. Zaggle and EaseMyTrip will offer integrated travel and expense management solutions to corporate clients," the company said in a regulatory filing on February 20. At 3:20 pm, the stock was trading at Rs 294 apiece, up 16 percent from the previous close on the NSE. The counter has surged nearly 20 percent in the last three months. The stock price of the Hyderabad-based fintech company has nearly doubled from its IPO and listing price of Rs 164 per share. The company made a debut on the exchanges on September 22, 2023. Since listing, the shares have gained around 88 percent. The company's current market capitalisation is around Rs 3,590 crore, Moneycontrol data showed. In the December quarter, Zaggle's profit zoomed 919.5 percent year-on-year to Rs 15.22 crore, on the back of a decrease in finance cost after prepayment of debts. The company clocked its highest quarterly revenue to date at Rs 199.51 crore, driven by revenue contribution from Zoyer–its software platform. Zaggle is a fintech company which follows a B2B2C business model. Within this sector, the company provides software solutions catering to payables, payroll, and tax processing. Additionally, it collaborates with banking partners to issue prepaid cards as part of its comprehensive service offerings. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.  

AdEx to grow at 12% to reach Rs 1.11 lakh crore in 2024 Madison

Over 700 million people watch the 26 channels that Sony Pictures Network India (SPNI), an indirect wholly-owned subsidiary of Sony Group Corporation, Japan, owns and operates in Hindi and numerous other languages. In addition, it offers live sports, movies, short films, as well as its own original and archived material, on its single OTT platform, Sony LIV. There are about 33 million people who watch it. Madison World Chairman Sam Balsara stated, "Whilst the outlook for AdEx in India is extremely strong in the mid-term and long-term, we are witnessing a slowdown in momentum in the short term because of India Inc's focus on quarterly profits." "This does not augur well for sustained growth in profits for Advertisers who should be focussing on volume growth." Video, social, display, e-commerce, and search will contribute 17% of the growth in digital advertising, which is expected to reach Rs 46,465 crore in 2024, according to the report. It is anticipated that digital would account for 42% of all ad spending, up from 40% now. The Indian Premier League (IPL) has increased its ad market size from Rs 450 crore to about Rs 1000 crore in 2023Connected TV advertising. Traditional media, which include TV, print, radio, outdoor, and cinema, are predicted to account for 58%, or Rs 64,545 crore, of all ad spends in 2024, despite the fact that digital is currently the leading advertising medium. However, it is anticipated that traditional advertising would no longer account for 60% of all advertising by 2023. PMAR predicts that TV Adex will increase by 8% to Rs 35,575 crore. It is anticipated that in 2024, its portion of total AdEx will drop from 33% in 2023 to 32%. Thanks to sports, TV AdEx increased by 7% in 2023 to reach Rs 32,886 crore. It is anticipated that in 2019, the print AdEx will surpass the pre-Covid estimates, rising by 7% to Rs 20,613 crore. Publications in Hindi, English, and Marathi are most common the amount of print advertising space in India.OOH AdEx is expected to expand by 13% in 2023 and by 15% in 2024, primarily as a result of elections, to reach Rs 4761 crore. After surpassing pre-Covid levels to achieve Rs. 2,272 crore, radio advertising revenue growth is predicted to climb at a rate of 12% in 2024 to reach Rs. 2549 crore. Cinema AdEx has increased 36% to Rs 776 crore, although it has yet to return to pre-COVID levels. By 2024, the medium is projected to have grown by 35% to Rs 1047 crore  

Bank account freeze case: Why accounts of Congress were under I-T depts scanner | Explained

The Congress' main bank accounts were frozen on Friday over an income tax demand of ₹210 crore but an I-T appellate tribunal later allowed it to operate them pending a further hearing next week, a huge relief for the party which said the move had impacted all political activity.ITAT (Income Tax Appellate Tribunal) will hear the matter on February 21, sources told ANI, adding that the current due of Congress to the Tax Department totals ₹115 crores.No bank operations have been seized or stopped in the Congress bank account freeze case, the sources informed further. "The Congress' tax due pertains to FY 17-18, AY 18-19. The initial due to the Tax Dept was ₹103 crores and ₹32 crores in interest accrued on late payment. The claims were for not filing the returns on time. The tax due was reassessed at ₹105 crores on 6th July 2021. Post this, the INC appealed before Commissioner Appeals but did not pay the mandatory 20 per cent of the tax as they had filed a plea by then," a source said. "INC paid only ₹78 lakh, prompting CIT (Appeal) to dismiss their plea. Again, on May 2023, the INC went for 2nd appeal at ITAT. The Congress did not apply for any stay on the tax demand at ITAT. In October 2023, the INC paid ₹1.72 crore. No orders were passed by ITAT today. Nowhere in their appeal has the Congress disputed the tax-due amount. No bank account operation has been stopped by the Income Tax department," the source told ANI. “You are hereby required under Section 226(3) of the Income-tax Act, 1961, to pay to me forthwith any amount due from you to or, held by you, for or on account of Bank Account No. 062304xxxxx and any other bank account/fixed deposit with your bank in the name of Indian National Congress upto the amount of arrears shown above" All Our bankers are being sent this...    

57% vs 10%: BJP vs Congress share in electoral bond funds

In the six years since the electoral bonds scheme was introduced, more than half, or 57%, of the funds extended through bonds have gone to the BJP. The party, as per its declarations to the Election Commission, received Rs 5,271.97 crore via bonds between 2017-2022. The Congress was a distant second at Rs 952.29 crore. The EC is yet to publish the annual reports of parties for the financial year 2022-2023. The Supreme Court on Thursday held the changes made in the law to introduce the electoral bonds scheme as unconstitutional, in a unanimous verdict on a batch of pleas challenging the legal validity of the Centre’s scheme which allowed for anonymous funding to political parties. A five-judge Constitution Bench presided by Chief Justice of India D Y Chandrachud also directed that “the issuing bank shall herewith stop the issuance of electoral bonds” and asked the State Bank of India (SBI) to “submit details of the electoral bonds purchased since the interim order of the court dated April 12, 2019, till date to the Election Commission of India (ECI)”. The bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra, said, “The deletion of the proviso to Section 182(1) of the Companies Act, permitting unlimited corporate funding to political parties is arbitrary and violative of Article 14”. Under the scheme, notified by the Narendra Modi government on January 2, 2018, electoral bonds could be purchased by any citizen of India or entity incorporated or established in India. An individual can buy electoral bonds, either singly or jointly with other individuals. It was pitched as an alternative to cash donations and as a way to increase transparency in political funding. In the period between 2017-2018 and 2021-2022, electoral bonds worth Rs 9,208.23 crore were sold, according to State Bank of India data obtained by The Indian Express through RTI.An analysis of the annual audited account statements submitted by the parties to the EC puts the worth of the contributions via bonds to the BJP at Rs 5,271.97 crore, from 2017-2018 till 2021-2022.  

What's Trending Globally

Asia

News 2291

Australia/New-Zealand

News 38

Canada

News 13

China

News 39

Europe

News 28

Gulf

News 11

India

News 2907

Pakistan

News 16

Russia

News 16

United Kingdom

News 38

United States

News 111

World

News 75

Tata Motors ties up with LeadIT for greener future

Tata Motors on Monday said it has tied up with the Leadership Group for Industry Transition (LeadIT), a global alliance launched by governments of Sweden and India at the UN Climate Action Summit in September 2019. As a member of LeadIT, the auto major will be able to harness the power of global best practices, influence policy-making, and together with other members strengthen climate action plans, thereby accelerating transition towards net-zero emissions. "Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future," Tata Motors Vice President and Chief Sustainability Officer SJR Kutty said in a statement. Joining forces with LeadIT propels the automaker closer to these ambitious goals, facilitating a journey towards sustainable transformation, he added. "Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future," Tata Motors Vice President and Chief Sustainability Officer SJR Kutty said in a statement.Joining forces with LeadIT propels the automaker closer to these ambitious goals, facilitating a journey towards sustainable transformation, he added.   

Services trade surplus hits record $44.9 billion in December quarter

India’s services trade surplus shot up to a record $44.9 billion in the October-December quarter (third quarter, or Q3) of 2023-24 (FY24), growing 16 per cent year-on-year, showing resilience amid strong global headwinds. This is likely to reduce the current account deficit (CAD) in Q3. According to the Reserve Bank of India (RBI) data, services exports grew 5.2 per cent to $87.7 billion during Q3, while services imports contracted 4.3 per cent to $42.8 billion during the same period. India’s CAD moderated to 1 per cent of gross domestic product (GDP) in the first half (April-September) of FY24 from 2.9 per cent of GDP during the same period of 2022-23 (FY23), on the back of a lower merchandise trade deficit and higher net services receipts. Fitch Ratings has projected CAD to narrow to 1.4 per cent of GDP in FY24 and 2024-25 from 2 per cent of GDP in FY23. IDFC Bank has revised downward its CAD estimate to 1.2 per cent of GDP from 1.5 per cent, incorporating a higher monthly services surplus. In the Economic Review released ahead of the Interim Budget, the finance ministry last month said services exports, with a compound annual growth rate (CAGR) of 7.1 per cent during 2011-12 through FY23, combined with the CAGR of remittances of 4.5 per cent during the same period, enabled India’s current account balance to remain within a comfortable range. India’s services exports range from information technology to services provided by doctors and nurses abroad. While the RBI doesn’t release monthly disaggregated services exports data, its classification of services exports released quarterly with balance of payment data includes transport, travel, construction, insurance and pensions, financial services, telecommunications, computer and information services, and personal, cultural and recreational services, and other business services. While software exports dominate India’s services exports, “other business services” exports that primarily include global capability centres (GCCs) have seen a strong ramp-up recently, accounting for 26.4 per cent of the total services exports in the first half (April-September) of FY24, from 19 per cent in 2013-14.  

RBI implies that a sponsor bank will be allowed to step in

The Reserve Bank of India (RBI) has implied that a sponsor bank will be allowed to step in to manage Paytm's transactions, in the FAQs released on February 16. A payment processor app--as a third-party application provider (TPAP)--needs a sponsor bank to access the UPI infrastructure. Until now, Paytm had Paytm Payments Bank (PPB). With the central bank cracking down on the bank, there was heightened uncertainty around Paytm's future. This latest communication from RBI should settle that to a large extent. The sponsor bank can step in provided the National Payments Corporation of India (NPCI) gives its approval. Market sources told Moneycontrol that the bank names are likely to be announced next week. The stock was up 5 percent today.The RBI released FAQs suggests developments along this line in point number 21. This answered a question that a merchant could have. Yes. If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024. This implies that a sponsor bank can step in to manage Paytm's nodal account that accepts payments made to its merchant partners  

Govt raises windfall gains tax on crude oil, diesel

The government has revised its windfall gains tax on crude petroleum with effect from February 16. As per the revisions, Special Additional Excise Duty (SAED) on crude petroleum will increase to Rs 3,300/tonne, from Rs 3,200/tonne earlier; while tax on diesel will increase to Rs 1.50/litre from nil/litre. Further, SAED on petrol and aviation turbine fuel (ATF) will continue to be nil. Earlier this month, the government had hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The government levies tax on windfall profits made by oil producers on any price they get above a threshold of $75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre ($12 per barrel) each were levied on petrol and ATF and Rs 13 a litre ($26 a barrel) on diesel. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and ATF. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above $75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above $20 per barrel.  

Rakesh Jhunjhunwalas close aide spells out Big Bull’s advise now

Every time market fell sharply till about 18 months ago, retail investors would take comfort in the words of India’s Big Bull Rakesh Jhunjhunwala, whose optimism and confidence in India and Indian market seemed unshakable. His close aide and chief investment officer of Alchemy Capital, Hiren Ved, said in an exclusive interview with Moneycontrol: "He would have said, be careful of what you buy now but certainly don't sell.” Besides, he would have said, "The best way to buy a bull market is to stay committed to it." Ved is one of the close aides of Rakesh Jhunjhunwala who was the original investors in Alchemy Capital, originally promoted by Lashit Sanghavi and Ashwin Kedia. The firm was started in 1996 and Ved joined the company in 1999. Outguessing the Big Bull on his take on current markets, Ved said, he might say: "You can't get on and off the horse, you have to stay on the horse. The horse might not be galloping but throttling. As long as it is throttling in the right direction and once in a while it gallops in the right direction, one has to stay on the horse," said Ved. Ved said, staying the course was the Jhunjhunwala’s consistent advise to him and other investors. In the last one year, Nifty 50 has gained 23 percent while the Senex has gained 19 percent in the same period. Nifty 50 forward PE is at 20.05x while Nifty 50 ten-year average PE is at 20.08x.  

Farmers protest: Key differences in 2020 versus 2024 agitation

Thousands of farmers from Haryana, Punjab and Uttar Pradesh were back on the road to the national capital on February 13 over two years after they had called off their strike. The move came after the last round of talks between the farmer leaders and the Union ministers remained inconclusive on February 12 night.  Massive security arrangements have been made and borders have been between Punjab and Haryana and Haryana and Delhi to deter farmers from entering New Delhi. However, this protest is different from the ones the farmers held in 2020-2021. In 2020, the farmers protested the three farm laws. They were repealed by the Centre in 2021. However, the key demand this time is different. They want legal guarantee to MSP for all crops, full debt waiver and pension for farmers, the implementation of the Swaminathan Commission's formula, and withdrawal of cases against farmers during the 2020 protest. According to the guidelines, the government sets the MSP for nearly two dozen commodities twice a year based on the recommendations of the Commission for Agricultural Costs and Prices.  

Paytm’s UPI payments: Two contrasting trends

Digital payments major Paytm, which is run by One 97 Communications, has seen a stagnation in Unified Payments Interface payments originating from its payments bank over the last six months. Data shared by the National Payments Corporation of India shows that from August 2023, payments originating from Paytm’s own UPI address started falling. In August last year, Paytm reported 455 million UPI payments on its own handle that is @paytm. But since then it fell all the way to 410 million in December last year. From 323 million in May 2022, these transactions had grown nearly 41% to 455 million in August 2023. Paytm Payments Bank was put under an embargo by the RBI in March 2022. For understanding, UPI has two legs in a payment journey. One is on the issuance side, that is where a customer pays using the Paytm handle, which in many cases could be connected to the Paytm Payments Bank savings account. And the other is the acceptance side where the merchant or the beneficiary account is on Paytm. Analysis of industry data shows that since the middle of last year, Paytm has been fully focusing on the acquisition side. Data shows that Paytm’s acquisition numbers grew consistently to 2.8 billion transactions in December last year from 1.7 billion in December 2022. “After the bank went into an embargo, new customers were not joining the bank and on top of that the management was fully focused on acquiring more merchants for all forms of digital payments, thereby slowing down on issuance,” said a senior industry executive in the know.  

Medical devices startup Noccarc raises $2 Mn led by IAN

Indian Angel Network (IAN) sponsored a $2 million funding round for medical device startup Noccarc. IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board) were also involved in this round. In addition, Hero Enterprises Chairman Sunil Munjal was welcomed as a prominent stakeholder in the investment round. The money raised will be put towards growing Noccarc's business and diversifying its line of products. The fundraising round, according to the company, is anticipated to assist R&D projects, ease market penetration, bolster customer service, and establish sales and distribution networks throughout major cities. Founded by Harshit Rathore, Noccarc specializes in the development and manufacturing of high-value critical care medical equipment, including ICU ventilators, patient monitors and more. In addition, the company offers a digital platform that allows doctors to remotely access device data, digitize documents and plans to integrate AI-based services in the future. The company has a strong research and development unit and ambitious plans to develop a versatile product range, starting with intensive care. Noccarc currently holds seven patents and has applied for 19 new patents for its innovative technologies. The company has also recently received a license from CDSCO (Central Drug Standard Control Organisation), which gives them the right to manufacture and sell these regulated products in India. The startup claims to have shipped more than 3,600 ventilators across India and has partnered with several different hospitals. Noccarc is now expanding its product range with a view to globalization..Future-Generation Ventilation for Intensive Care Units With the use of cutting-edge technologies, critical care has been redefined and given new meaning. The most advanced ICU ventilator, created specifically for user comfort and ease of use, will raise the bar for both patient care and your own standards.   

Bharat Forge-backed Tork Motors raises $6 Mn in new round

Electric car startup Tork Motors has raised 50 million rupees, or $6 million, from Maxis Capital. This is the second institutional round for the Pune-based company after a gap of two-and-a-half years. The Tork Motors board approved a special resolution to issue 1 share and 6,912 CCPS at an issue price of 72,425 rupees to raise 50 million rupees, or $6 million, according to a regulatory filing available with the registrar of companies. Each preferred share issued to the new investor (Maxis Capital) will be converted into one share during the corresponding conversion period, in the appendix. Founded in 2010, Tork Motors is an electric two-wheeler manufacturer known for its flagship Kratos R. The company initially started with its units in Mumbai and Hyderabad and currently has a monthly production capacity of 4000-5000 units. The company planned to expand its geographic reach and reach 70-100 cities by the end of 2023. In October, Tork Motors announced a partnership with electric car software and charging infrastructure provider Bolt.Earth to provide its customers with 30,000 charging points. According to startup data intelligence platform TheKredible, the company is worth about 370 million rupees, or $45 million, after the split.. Through several rounds, Tork Motors has raised almost $16 million. With 52.46% of the total ownership, Bharat Forge is the largest shareholder, followed by Maxis Advisors with 13.51%. Kapil Shelke, the company's founder and CEO, owns 19.42% of the business. To view the entire shareholding pattern, visit TheKredible. Operating revenue for Tork Motors increased sevenfold from Rs 4.5 crore in FY22 to Rs 35.5 crore in FY23. During that time, the company's losses increased by 5.7X, from Rs 8.34 crore in FY22 to Rs 47.9 crore in FY23. Disclaimer: A group of investors just provided funds to Bareback Media. Some of the investors might be connected to other businesses we might write about, or they might be directly or indirectly involved in a rival company. That being said, this will not in any way affect our coverage or reporting. A list of our investors is available.