Here is a collection of the most important stories this afternoon:
Ola Electric taps Kotak, Goldman Sachs for IPO, likely to hit market in early 2024
Ola Electric has engaged investment banks Kotak Mahindra Capital and Goldman Sachs for an initial public offering (IPO) in early 2024. The electric mobility startup aims to go public before the government subsidies for electric vehicles are discontinued. This makes Ola Electric one of the few venture capital-backed companies to enter IPO discussions within a six-month timeframe. Read more
Go First Crisis: Justice Parthiba Singh recuses from hearing pleas by Go First aircraft lessors against DGCA
Justice Parthiba Singh, a judge of the Delhi High Court on May 25 recused from hearing pleas by Go First aircraft lessors against the Directorate General of Civil Aviation (DGCA), seeking possession of their aircraft.
The judge decided to recuse after it was pointed out to her that her spouse, senior advocate Maninder Singh, appeared for suspended management of the airline at NCLAT. The case will come up before another judge on May 26. More here
UBS downgrades Tata Motors to sell; ups target price to Rs 450 a share
Brokerage firm UBS has downgraded Tata Motors Ltd from "neutral" to "sell" but raised its 12-month target price for the company's shares to Rs 450 from Rs 320. UBS conducted an analysis of the global premium electric vehicle (EV) industry with a focus on Jaguar Land Rover (JLR), which constituted over two-thirds of its sales and EBITDA in fiscal year 2023. The findings reveal that the market is underestimating the risks and vulnerabilities faced by JLR due to the rapid electrification of premium cars. Know more
MC Selects
MC Exclusive | JSW Energy to set up 3,800-tonne green hydrogen plant in Karnataka, sign 7-year supply deal with JSW Steel
JSW Energy is planning to set up a green hydrogen plant in Karnataka with a capacity of 3,800 tonne. It is also signing a seven-year contract with JSW Steel, from the same conglomerate, for supplying green hydrogen and green oxygen to produce green steel. In an interview with Moneycontrol, Prashant Jain, Joint MD and CEO of JSW Energy Ltd, speaks about the company’s diversification plans and its performance in FY2023. Read on
Meta India's head of legal among senior leaders affected by layoffs
The legal head of Meta's India arm has been laid off as part of the company's planned trimming of 10,000 people globally, at a time when the big tech firm is enmeshed in several important legal and regulatory matters in the country, according to people aware of the matter. More on this here
AI-created pic triggers market crash: Welcome to investing in the wackadoodle world
On May 22, shortly after the US markets opened for trading, an alarming image started doing the rounds on Twitter. It showed a large plume of smoke near the Pentagon Complex in Washington DC, sending netizens into a tizzy. Multiple verified handles on Twitter began sharing the picture and stating that the Pentagon – headquarters of the US military – has been hit by an explosion. The panic rapidly spread to the markets and the S&P 500 index skidded to the session’s low, leaving investors poorer by $500 billion within minutes. Read more
