Morning Buzz: India's current account deficit narrows, Byju's valuation marked-down, and more

India’s current account deficit fell during the last quarter of FY23 on account of lower oil prices as well as robust services exports. Image: Dhiraj Singh/Bloomberg via Getty Images

India’s current account deficit narrows to 0.2 percent of GDP in Q4FY23

India’s current account deficit fell during the last quarter of FY23 on account of lower oil prices as well as robust services exports. But, for the full fiscal year, the deficit stood at 2 percent as opposed to 1.2 percent in FY22. During the year, it was merchandise exports that fared poorly due to a slowdown in India’s trading partners. The merchandise trade deficit expanded to $265 billion from $189 billion in FY22.
(Economic Times, Business Standard, Mint, Hindu BusinessLine, Financial Express)

Adani terms Hindenburg report as ‘targeted misinformation’

In the annual report for the group’s flagship company, Adani Enterprises Chairman Gautam Adani has referred to the Hindenberg report as a combination of “targeted misinformation and outdated discredited allegations”. He also termed the report a deliberate attempt to generate profits by driving down stock prices. The report resulted in the Group’s market cap falling by Rs925,000 crore. It also had to withdraw a Rs20,000 crore follow-on public offer.
(Economic Times, Financial Express) 

Prosus marks down Byju’s valuation by 75 percent

Dutch fund Prosus has marked down Byju’s valuation by 75 percent to $5.1 billion. It did this in its annual report where it marked down the value of its 9.6 percent stake to $493 million. This comes a month after Blackrock, another minority, investor had marked down the valuation to $8.4 billion. In addition to the valuation mark down, Byju’s troubles have been compounded due to a dispute with creditors and the fact that it has not filed results for FY22.
(Economic Times, Times of India, Indian Express)

Shapoorji Pallonji raises Rs14,300 crore debt

The Shapoorji Pallonji group has raised Rs14,300 crore as debt by pledging its shares in Tata Sons as collateral. The debt was raised from high net worth individuals as well as private credit investors Cerebrus Management, Davidson Kemper and Varde Partners as well as banks Standard Chartered and Nomura. The debt was raised in rupees and the non convertible debentures offered a yield of 18.75 percent.
(Mint)