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Ola Electric, mired in controversies amid a government probe and mounting losses, is set to lay off at least 500 employees as part of a restructuring exercise.

Ola Electric, mired in controversies amid a government probe and mounting losses, is set to lay off at least 500 employees as part of a restructuring exercise.

The Bhavish Aggarwal-led electric vehicle (EV) company is trying to boost its operational efficiency by reducing redundancies and “drive profitability”, according to multiple reports. The restructuring exercise will impact employees from several departments, the reports added.

According to an Inc42 report, citing sources, “the aim is to cut expenses to drive profitability and improve margins. There’s no set time period for the completion of the exercise”.

Ola Electric did not immediately comment on layoffs.

The company reported a 43 per cent increase in net loss at ₹ 495 crore in the July-September period (Q2 FY25), from ₹ 347 crore in the previous quarter (Q1 FY25).

The electric two-wheeler company also saw its revenue slump 26.1 per cent to ₹ 1,214 crore (on-quarter) from ₹ 1,644 crore in the first quarter of this fiscal. The net loss, however, narrowed on a year-on-year basis.

In the post-quarterly earnings call, Aggarwal said the company’s operating expenses had decreased quarter-on-quarter and that the company will focus on cost efficiencies.

“As we continue to scale distribution, revenue will keep growing while the operating expenses are likely to remain flat or even decline over the next few quarters,” Aggarwal added.

The company also saw its market share plunge to 33 per cent in Q2, down from 49 per cent in the previous quarter.

According to experts, increased competition and service network challenges have impacted Ola Electric’s market dominance.

The shares of Ola Electric continue to slide, more than ₹ 38,000 crore worth of investors’ money has been eroded in the company’s stock in just a couple of months.

On Friday, the company’s share was hovering around ₹ 67 apiece, way below its market debut price of ₹ 76 and more than 56 per cent down from its all-time high of ₹ 157.40.

The market cap had reached an all-time high of around ₹ 69,000 crore, which has come down to around ₹ 31,000 crore.

Several Ola Electric customers have reported problems with software, battery and jammed tyres. The Central Consumer Protection Authority (CCPA) has also ordered a comprehensive probe into the EV company over its consumer complaint redressal practices.

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Shares of Praj Industries were in demand on Friday, November 22, 2024 as the scrip rallied 11.23 per cent to hit an intraday high of Rs 751.85 per share.  

The rise in the Praj Industries scrip came after the company said that it is expecting to triple its revenues by 2030, during a press conference. Moreover, Praj Industries is eying opportunities in multiple sectors including sustainable aviation fuel (SAF), biopolymers and the energy transition & climate actions (ETCA). 

Dr Pramod Chaudhari said, “The energy transition & climate actions (ETCA) sector which has a global potential and contains segments like blue and green hydrogen, green ammonia and west to energy solutions is expected to drive the growth. Globally, the energy majors are likely to invest close to Rs 25 lakh crore in the clean energy sector by 2030, whereas the traditional oil and gas market will continue to attract new investments to the tune of Rs 21 lakh crore in the next 10 years’ time on the global front.”

“This will lead to the significant demand for modularisation solutions for setting up plants in the above-mentioned sectors. To cater to this demand, Praj has developed strong engineering capabilities in modularisation and has set up a dedicated advanced manufacturing facility at Mangalore in Karnataka with an investment of about Rs 400 crore. Spread across 123 acres of land, this plant can deliver revenues in the range of Rs 2,000-2,500 crore annually at the optimum level,” Chaudhari added 

According to Ghanshyam Deshpande, president of technology and engineering at Praj Industries, the CORSIA agreement for the use of Sustainable Aviation Fuel (SAF) has opened a door to the new opportunities for the company as India has set the target of blending 1 per cent by 2027 and 2 per cent by 2028. Whereas, the EU and USA has kept the SAF blending target of 6 per cent and 10 per cent respectively. 

“India’s first commercial passenger flight powered by indigenously produced SAF from sugarcane molasses successfully flew from Pune to New Delhi. Air Asia, Praj Industries and Indian Oil Limited (IOL) came together for this successful attempt,” Deshpande added. 

Meanwhile, Atul Mulay, president of Bioenergy at Praj Industries said, “The current revenues of Praj are close to Rs 3,400 crore annually, and we have a goal to reach Rs 10,000 crore by the year 2030. Currently, the share of exports is around 29 per cent; going forward, we are looking at increasing it to 50 per cent by 2030.” 

Praj Industries is an industrial biotechnology company with a legacy spanning four decades. Committed to advancing environmental sustainability, energy solutions, and the agri-process sector, Praj has built an impressive global presence with over 1,000 customer references in more than 100 countries across all continents.

At the core of its contributions to the global bioeconomy are its flagship platforms, BioMobility and Bio-Prism. The BioMobility platform delivers cutting-edge technology solutions for renewable transportation fuels, promoting sustainable decarbonization through a circular bioeconomy. Meanwhile, the Bio-Prism portfolio encompasses innovative technologies for producing renewable chemicals and materials, driving sustainability and reimagining nature’s potential. These advancements are powered by Praj Matrix, the company’s state-of-the-art R&D facility, which serves as the foundation of its clean energy initiatives.  

Praj’s diversified offerings include Bio-energy solutions, critical process equipment and modularisation, breweries, zero liquid discharge systems, and high-purity water systems, reinforcing its position as a leader in sustainable industrial biotechnology.

The market capitalisation of Praj Industries is Rs 13,455.12 crore, according to BSE. The company falls under the BSE 500 category.  

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Index heavyweights like Reliance Industries notched up 3 percent in the trade as international brokerages Morgan Stanley and JPMorgan reaffirmed their bullishness on the diversified conglomerate.

After months of caution, bulls roared back to life, delivering a stunning rebound on the Street just a day after Gautam Adani’s bribery-related fears rattled investors. Benchmark indices Nifty and Sensex surged, marking their biggest rally in five months, adding Rs 7.5  lakh crore in market value, as renewed buying swept across all sectors, fueling a dramatic turnaround.

While uncertainty over the Russia-Ukraine conflict and relentless FII selloffs continue to loom, traders believe decisive triggers could shape the market’s path. In the near term, the Maharashtra election results are poised to play a pivotal role in steering sentiment.

At about 3:10 pm,  the Sensex was up 2,005.67 points or 2.60 percent at 79,161.46, and the Nifty was up 582.10 points or 2.49 percent at 23,932.00. About 2183 shares advanced, 1176 shares declined, and 91 shares unchanged.

“While it is a strong bounce-back, at the end of the day, it’s a single-day recovery, and that’s not an indication that the markets are on course for a recovery,” said Ajit Mishra, Senior Vice President of Religare Broking, in a conversation with Moneycontrol. “Given that we have breached the 200 DMA, we could see another bounce-back, but FII selling and its intensity are factors investors need to monitor closely,” he added.

During the afternoon, all 13 sectors rallied with PSU Bank, Realty, Infra and IT being the brightest sparks in trade with gains of up to 3 percent. Public sector lenders took a beating yesterday after the Gautam Adani bribery case shed light on the lender’s exposure to the Adani Group companies.

The IT index surged nearly 3 percent, extending its impressive 28 percent rally since the start of the year. Boosting sentiment was favourable US labour market data, which revealed a drop in jobless claims by 6,000 to a seasonally adjusted 213,000 for the week ending November 16—a seven-month low. The data indicates a potential rebound in US job growth for November, following last month’s slowdown caused by hurricanes and strikes.

Other gainers include Nifty Bank, FMCG, Pharma, and Healthcare also jumped in trade today, rallying just shy of 2 percent each.

Index heavyweights like Reliance Industries notched up 3 percent in the trade as international brokerages Morgan Stanley and JPMorgan reaffirmed their bullishness on the diversified conglomerate, reiterating ‘overweight’ tags, as the petrochemical producer saw its refining margins improve. According to JPMorgan, one of two drivers of Reliance Industries’ recent underperformance was the weak refining margins, but the trend is now reversing. The second driver is lower sales growth on the retail front.

India’s largest public sector lender State Bank of India soared nearly 5 percent after Jefferies reiterated its “buy” rating with a target price of Rs 1,030. This suggests a potential 29 percent upside from current levels. The brokerage identified SBI as its top sector pick, emphasising the scope for improvement in the loan-to-deposit ratio (LDR) as deposit mobilisation gains momentum.

Fintech player Paytm was buzzing in trade, rising over 5 percent in the afternoon and extending gains for a fifth trading session, after Bernstein recently dished out a positive call on the fintech player. The international brokerage reaffirmed its bullishness on Paytm as the narrative for the beleaguered fintech player changes from survival to optimism.

In a remarkable reversal, most of the Adani Group stocks turned positive and climbed as much as 3-4 percent on November 22 after the previous day’s massive sell-off triggered by bribery charges in the US against Gautam Adani. Ten of the 11 Adani Group companies, including cement players ACC, Ambuja, and Adani Total Gas, recovered from lows to trade in the green.

In the broader market, mid-cap and small-cap indices mirrored robust overall trendings, rising 1.1 percent and 0.8 percent, respectively. “We need to be extra careful with microcap stocks due to high volatility in the space,” said Gaurang Shah, Head of Investment Strategy at Geojit Financial Services. “For small and midcap stocks, investors are advised to adopt a stock-specific approach,” he added.

“While there are questions about sustainability, it is clear that until we see a decisive break of the zone at 23,800-24,000, any pullbacks should be seen as opportunities to exit long positions. Given the current circumstances, 23,200-23,100 is likely to be tested during this comparable period. Therefore, a strong risk management strategy is recommended to address the current situation,” Sameet Chavan, Head of Technical and Derivative Research at Angel One, said.

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Bitcoin’s march toward $100,000 made further ground on Thursday as investors bet a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class.

Bitcoin prices topped $96,000 for the first time in Asia trade, touching a high just above $96,898.

The cryptocurrency’s price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.

“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” said IG Markets analyst Tony Sycamore.

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

More than $4 billion has streamed into U.S. listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock’s ETF (IBIT.O), opens new tab, with call options – bets on the price going up – more popular than puts.

Crypto-related stocks have been soaring along with the bitcoin price and shares in bitcoin miner MARA Holdings (MARA.O), opens new tab were up nearly 14% overnight, while MicroStrategy (MSTR.O), opens new tab, a loss-making software company that has been buying bitcoin, rose 10% to take its market capitalisation beyond $100 billion.

“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s likely too soon to say,” said Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer.

“We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem that is growing today.”

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In India, Byju’s is facing insolvency proceedings, with a court-appointed professional working to raise funds to repay creditors.

The founder of edtech giant Byju’s, Byju Raveendran, reportedly attempted to use concealed loan proceeds to secretly repurchase Epic!, a US-based education software company taken over by an American trustee, according to court filings.

Byju Raveendran’s Alleged Attempt to Regain Control

According to Nebraska businessman William R. Hailer, Raveendran has been trying to regain control of his troubled education technology empire amid ongoing legal battles, Bloomberg reported.

Byju’s Struggles in US and India

Byju’s is under court supervision in both India, where its parent company is based, and the US, where some of its most valuable units are located.

Allegations of Loan Manipulation

According to the Bloomberg report, Raveendran allegedly recruited Hailer, a former political consultant, to help buy out US creditors owed more than $1.2 billion under a distressed loan. The proposed plan involved swapping the debt, which was trading at just 0.24 cents on the dollar, for ownership of Epic! However, the effort failed, as per filings with the US Bankruptcy Court in Delaware.

Testimony Against Raveendran

In his court declaration, Hailer accused Raveendran of exploiting him. “Over the last several months, I have been used as a pawn in Byju’s manipulation of the law,” Hailer stated. He is set to testify on behalf of a trustee planning to sell Epic! to raise funds for Byju’s creditors.

Financial Transactions Under Scrutiny

Hailer revealed that Raveendran wired $11.25 million to Rose Lake Inc., a company managed by Hailer, as part of a strategy to demonstrate financial stability to lenders. The funds originated from OCI Ltd., a UK-based logistics firm that had received hundreds of millions in loan proceeds now being pursued by US creditors.

Accusations of Misappropriation

Lenders allege that Raveendran concealed $533 million in loan proceeds intended for repayment. While Raveendran has denied any wrongdoing, claiming his actions were a response to aggressive creditor tactics, lenders have filed lawsuits in both U.S. state and federal courts to reclaim the funds.

Broader Implications

In India, Byju’s is facing insolvency proceedings, with a court-appointed professional working to raise funds to repay creditors. The ongoing legal battles in both countries highlight the precarious position of the edtech giant as it struggles to stabilise its finances and operations.

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