Broadly speaking world is connected, at the same time China is going through its own issues on their economic front, especially with real estate and it seems to be a grave situation there on many counts and that is where the government there has taken these steps first time to even distribute money for their national holiday and that is showing you that that particular economy is going through the stress.
Lupin’s Pithampur facility completes USFDA inspection with 3 observations (28-09-2024)
Lupin announced that its Pithampur facility in Madhya Pradesh, which includes the unit-1 API and finished product manufacturing site, was inspected by the U.S. Food and Drug Administration (USFDA) from 16 September to 27 September 2024.
Delhi CM Atishi calls MCD standing committee polls “illegal, unconstitutional, undemocratic”; vows to move Supreme Court (28-09-2024)
Delhi Chief Minister Atishi criticized the BJP for conducting what she called an illegal and unconstitutional MCD standing committee election. She cited the Municipal Corporation Act of 1957, stating that only the mayor has the authority to call such elections. AAP plans to challenge this in the Supreme Court.
Swiggy – unparalleled convenience (28-09-2024)
Swiggy founders have played it smart before their IPO:
Co-founders ‘Sriharsha Majety’ and ‘Nandan Reddy’ have sold shares of their company from July to September 2024 through secondary transactions. While Majety offloaded a stake worth Rs 196 crore ($23 million), Reddy sold shares amounting to Rs 101 crore ($12 million) as per the DRHP. Isn’t that a bad signal?
NO, it’s all well planned!
As per Swiggy’s ESOP Plans of 2021 and 2024 disclosed in DRHP, both the co-founders have been issued ESOPs of total ~5.5 Crore equity shares in the company which at current secondary market value stands at over a whopping Rs 2,200 Crores!
In India, ESOPs are taxed twice – firstly when esops are getting exercised, the difference between the exercise price and the fair market value is taxable as part of your salary, and then at the time of sale of those ESOPs converted shares on the capital gain, if any.
The first level of taxing can be treacherous for most founders as you have to pay the tax as per your income tax bracket (~30%) in a given year even if you didn’t have any major cash inflow, as all you have in hand is ESOPs with ongoing vesting period.
This is exactly the reason why Policybazaar’s founders Yashish Dahiya and Alok Bansal had to sell their own shares in open market in 2022 and 2024 in order to generate enough liquidity to pay tax on the ESOPs worth thousands of crores which their company has issued to them.
So Swiggy founders have done the right thing by generating decent liquidity before hand so that they aren’t forced to sell their own holding post IPO and face any backlash.
Smart move!
More on ESOPs at Finding Outperformers! (pc: Business Insider)
F&O Talk| Nifty northward rally to continue in near term, sector rotation plays crucial role: Sudeep Shah of SBI Securities (28-09-2024)
Additionally, China’s economic stimulus boosted global investor confidence, particularly in Asian markets. Metals and commodity stocks saw strong gains, while IT and export stocks rallied on hopes of a recovery in discretionary spending.
Zydus Life gets final approval from USFDA for cancer drug (28-09-2024)
Zydus Lifesciences announced that it has received final approval from the United States Food and Drug Administration (USFDA) to manufacture Enzalutamide Capsules, 40 mg.
FPIs buy Indian equities worth Rs 57,359 crore in September so far. 2024 tally crosses Rs 1 lakh crore mark (28-09-2024)
In August, FPIs bought domestic shares worth Rs 7,322 crore which was down month-on-month from July when the total purchase stood at Rs 32,359 crore.