Data recap: IT costs, games bid, power demand
₹300 crore: That's the sum of money offered by the founder of Manipal Hospitals Group, Ranjan Pai, to Byju’s parent company Think & Learn Pvt Ltd, Mint reported. The transaction is expected to help a partial exit for the Chaudhry family from Aakash Educational Services. If the deal goes through, Pai's total investment in the group would reach $300 million.
The investment will largely help the group repay a loan taken from the US-based investor Davidson Kempner. For two of India's top three software services firms—Tata Consultancy Services (TCS) and HCL Technologies—employee costs as a share of total expenses reached at least a six-year high in the September quarter, Mint reported. The sector is finding it hard to retain staff at a time when campus recruitments have been stopped and lateral hiring from the the market at 30% hikes remains the norm.
For TCS, the wage costs crossed 77% of total expenses. Prime Minister Narendra Modi on Saturday said India would bid to host the 2036 Olympics. Bidding for the world’s biggest sports show is an expensive proposition as costs have jumped up significantly since the Atlanta Games in 1996, according to a Mint explainer.
Countries typically invest around $50-100 million, even for bids that don't succeed. If the bid succeeds, this amount skyrockets to billions of dollars for the preparations, such as building stadiums and enhancing infrastructure to accommodate the influx of athletes and tourists. ₹3,800 crore: That's the amount Dorf-Ketal Chemicals is planning to raise by selling its five-year, non-convertible debentures at an interest of 8.5-9%, Mint reported.
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