Morning buzz: Bajaj Auto becomes 3rd most valuable auto co, Zestmoney founders launch Siftylabs, and more

Post the announcement of a buyback, Bajaj Auto has become the third-most valuable auto company overtaking Mahindra and Mahindra. Image: Shutterstock 

Bajaj Auto becomes third-most valuable auto company

Post the announcement of a buyback, Bajaj Auto has become the third-most valuable auto company overtaking Mahindra and Mahindra. The buyback was announced at a 43 percent premium and is valued at Rs 4,000 crore. The stock has nearly doubled in the last year as the company has seen a steady uptick in volumes through FY24.  
(Economic Times)
 

Fintech’s corner in a growing slice of the MF biz

The average SIP through fintech platforms Groww, PhonePe and ET Money ranges between Rs 1,500 and Rs 2,500. These are on account of the direct plans offered by the fintech platforms that has allowed them to go past traditional distribution platforms. India now has 42 million mutual fund investors up from 20 million in the last year. Nearly half of the SIPs opened in 2023 were through these fintech platforms.  
(Economic Times)
 

Zestmoney founders launch Swiftylabs

Zestmoney founders Ashish Anantharaman and Lizzie Chapman have launched Swiftylabs, a B2B business that plans to build infrastructure for banks and financial institutions. The aim of the new venture is to launch products to take advantage of financing and bill discounting. The two had left Zestmoney in May 2023 after PhonePe decided not to acquire the company.  
(Business Standard)
 

Zee misses $200 million payment to Disney

Zee missed a payment due to Disney for TVC rights of cricket matches. The $200 million payment was due in January and was part of the $1.4 billion to be paid when Zee had acquired the rights last August. Zee shares tumbled on account of uncertainty over the impending merger with Sony Entertainment. Zee has denied that the merger is not going to go through.  
(Bloomberg)