Morning Buzz: Byju's founder pledges homes for staff salaries, banks write off Rs 10.6 lakh crore in 5 years, and more

Here are the top business headlines this morning, to get your day started

By: Samar Srivastava

Published:
05/12/2023 09:48 AM

Image: REUTERS/Dado Ruvic/Illustration

Byju’s founder pledges homes for staff salaries

Byju Raveendran has pledged homes owned by his family to raise money for paying salaries. Two homes owned by Raveendran were pledged to raise $12 million. The money is to be used to pay the 15,000 employees. Byju’s is in the process of finalising its FY22 results and has called for a board meeting on December 20.

(Economic Times, Business Standard, Financial Express)

Banks write off Rs 10.6 lakh crore in 5 years

The government informed the Parliament that commercial banks have written off Rs 10.6 lakh crore in the last five years of which 50 percent belongs to large commercial houses. 2300 defaulters each with a loan amount of Rs 5 crore have defaulted Rs 2 lakh crore. Those defaults of more than four years have been completely provided for and removed from the balance sheets of the banks.

(BusinessLine)

Commercial paper issuances jump 60 percent in November

Fundraising through commercial paper rose 60 percent in November despite a hardening of rates. Companies raised a total of Rs 26,000 crore in November. Separately, CRISIL expects the corporate bond market to more than double to Rs 100 trillion in March 2030. In the last five years to 2023, the corporate bond market has grown 9 percent a year to Rs 43 trillion.

(Financial Express)

India’s international passengers volumes cross pre-pandemic levels

In the first half of the fiscal year FY23 India’s international passenger volumes crossed pre-pandemic levels. The number of passengers flying overseas touched 31.4 million. International travel has lagged the pace of normalisation of domestic travel. Compared to foreign carriers Indian carriers have registered a 9 percent jump in outbound market share compared to 2019. They now carry 44.3 percent of passengers compared to 35.4 percent in 2019.