OYO’s ₹8,430-crore IPO papers reveal salaries of CEO, top executives
The draft papers of hospitality firm OYO’s ₹8,430-crore IPO revealed that OYO’s Founder and CEO Ritesh Agarwal salary rose to ₹1.6 crore in 2020-21 from over ₹21 lakh in the previous year. OYO CFO Abhishek Gupta earned ₹7.1 crore, while OYO CTO Ankit Mathuria earned ₹1.2 crore in 2020-21. OYO’s Global Chief Operating Officer Abhinav Sinha earned ₹4.5 crore.
CBI books Hyderabad-based firm for defrauding Canara Bank of ₹338 crore
The Central Bureau of Investigation (CBI) has filed an FIR against Hyderabad-based Sri Krishna Stockist and Traders Private Limited for defrauding Canara Bank of ₹338 crore. According to officials, the accused availed credit from Canara Bank by submitting fabricated audited balance sheets and then diverted the funds, thereby causing wrongful loss of ₹338 crore to the bank.
Facebook Co-founder Dustin becomes 4th richest person under 40 globally
Facebook Co-founder Dustin Moskovitz has become the fourth richest person under 40 globally with a net worth of $26 billion, Bloomberg said. The development comes as the shares of his task-management company, Asana, have rallied over 250% since mid-May, valuing his stake at almost $8 billion. The 37-year-old left Facebook in 2008 to co-found Asana with his colleague Justin Rosenstein.
El Salvador starts mining Bitcoin using energy from volcanoes
El Salvador has started mining Bitcoin using geothermal energy from volcanoes, the country’s President Nayib Bukele said. “We are still testing and installing, but this is officially the first Bitcoin mining from the volcano,” Bukele twitter. He also shared a breakdown of the mining rewards, showing that 0.00599179 Bitcoin worth more than ₹20,000 had been mined so far.
Poonawalla-backed pharmacy chain Wellness Forever files for IPO
Wellness Forever, a retail pharmacy chain backed by Serum Institute of India’s Adar Poonawalla, has filed the draft papers with SEBI for its IPO. The offer comprises a fresh issue of ₹400 crore and an offer for sale of up to 1.6 crore shares by existing shareholders. SII, which owns a 13.2% stake, will sell up to 35.5 lakh shares.
Bitcoin rises more than 9% to $47,800; Ether up 7%
The price of Bitcoin surged more than 9% to $47,800, marking its highest level in 12 days. The world’s largest cryptocurrency was last up 7.9% at $47,263, which, if maintained, would be its largest one-day jump since mid-June. Ether, the coin linked to the Ethereum blockchain, and XRP also rose 7% and 5% respectively.
India’s manufacturing PMI improves to 53.7 in September
India’s manufacturing sector activity expanded for the third straight month in September as demand conditions strengthened amid the easing of COVID-19-related restrictions, a private survey said. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) improved from 52.3 in August to 53.7 in September. The PMI crossed the 50-mark threshold which separates growth from contraction.