INTERNATIONAL, P10 BRANDWAGON, P9 BACK PAGE, 20 CALLS FOR OVERHAUL OF UN BODIES `5K-CR REVENUE TARGET FOR FY25 OSCARS 2024 Absurd that India does not have a permanent seat on UNSC, says Musk Premiumisation a key pivot of growth strategy, says Bisleri International CEO 'Oppenheimer' leads with 13 nominations; India's 'To Kill a Tiger' in docu race CHENNAI/KOCHI, WEDNESDAY, JANUARY 24, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLIV 220, 20 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 70,370.55 ▼ 1,053.10 NIFTY: 21,238.80 ▼ 333 NIKKEI 225: 36,517.57 ▼ 29.38 HANG SENG: 15,353.98 ▲ 392.80 `/$: 83.16 ▼ 0.09 `/€: 90.55 ▼ 0.15 BRENT: $79.26 ▼ $0.80 GOLD: `62,181 ▲ `38 Deep cuts on D-St GOVT RAISES IMPORTTARIFFS ON GOLD, SILVER THE FINANCE MINISTRY has raised import duties on gold to 15% from 10%. The higher tariffs took effect on Monday, reports Priyansh Verma. ■ PAGE 2 JET DIRECTORS QUIT CITING ‘RISK’ TO POSITION TWO DIRECTORS OF Jet Airways have resigned citing ‘risk to individual position’ if they remain on the board, reports Swaraj Baggonkar. ■ PAGE 4 EXPLAINER Social security for gig & unorganised sector workers ■ PAGE 9 INDIAN EQUITIES SAW a dramatic slide during the second half of the session on Tuesday,with sell-offs in heavyweights triggering the crash. ThedeclinewasledbyHDFCBank andRelianceIndustries,withtheBSE Realty,Services,Metal,Oil&Gas,and Energyrecording significant losses. The 30INSIDE share Sensex nosedived Zee stock 1,053.10points (1.47%) to close sinks 30% at 70,370.55. It ■ PAGE 4 had gained Midcaps, 615.55 points or 0.86% to an Smallcaps intra-day high tank ■ PAGE 7 of 72,039.20, butparedgainstoslumpupto1,805 points or 2.51% from the day’s high to an intra-daylowof 70,234.55. ThebroaderNiftyshed333points or1.54%tocloseat21,238.80.Ithad gained 0.83% intra-day to touch 21,750.25, and fell 2.56% to an intra-daylowof 21,192.60. Investorwealth sawan erosion of `8.4 trillion to `366 trillion, the largest drop since December20. Continued on Page 17 Sensex 1.07% Jan 20, 2024 71,423 Energy -3.70 Metal Oil and gas -3.96 SIDDHANT MISHRA Mumbai, January 23 -3.97 Out of 20 BSE sectoral indices only BSE Healthcare index turned gainer on Tuesday, up Services leader Karpoori Thakur will be awarded the Bharat Ratna posthumously, reports PTI. ■ PAGE 20 SECOND HALF SHOCKER -4.06 BHARAT RATNA FOR FORMER BIHAR CM KARPOORI THAKUR Slide after India FORMER BIHAR pips HK in m-cap; CHIEF minister HDFC, RIL lead fall and socialist Realty NEWS INVESTOR WEALTH ERODES `8.4 TRILLION -5.46 IN THE Investors wealth declined by Nifty `8.4 trillion 1.54% to `366 trillion Jan 23 (close) 70,370 Jan 20, 2024 21,571.8 HDFC Bank 1,490 1.47% 1,478.65 1,470 3.45% 1,450 1,427.6 1,430 21,238 Jan 23 (close) Reliance Industries 2,760 2,713.2 2,720 2.11% 2,680 1,410 2,656.0 2,640 1,390 Jan 20 Jan 23 2,600 Jan 20 Jan 23 Byju’s FY22 losses jump 80% to `8,245 crore Whitehat Jr, Osmo contribute to 45% of the losses ANEES HUSSAIN Bengaluru, January 23 AFTER A DELAY of 22 months, edtech firm Byju’s on Tuesday filed its consolidated FY22 earnings, reporting 80% increase in losses to `8,245 crore. In FY21, the losses were `4,588 crore. Total revenue during the year was up 118% to `5,298 crore, against `2,428 crore in FY21. In November 2023, the company had said its standalone revenue from core business rose to `3,569 crore, while it recorded an Ebitda loss of `2,253 crore. Around 45% of the losses in FY22 — approximately `3,800 crore — came from underperformingacquisitionslikeWhitehat Jr and Osmo. Whitehat Jr, a startup which focuses on online coding classes for children,posted a loss before tax of `2,877 crore compared to `1,549 crore in the previous fiscal. The Ebitda loss for the year was `2,358 crore while the total income dropped 0.9x times from `326.67 crore to `295.11 crore in FY22. Byju’shadacquiredtheplatform in 2020 for $300 million. Continued on Page 17 40% GAINERS AND LOSERS `2,877 cr loss before tax atWhitehatJr, compared to `1,549 crore in FY21 58% Auditor BDO says $1.2 bn term loan may cast doubt on group’s ability to continue as a going concern jump to `946 cr in losses before tax atTangible Play (Osmo) income growth at Aakash Education Services, and 70% at Great Learning ■ Excluding White HatJr and Osmo, Byju’s clocked 3x growth in total income in FY22 at `4,450 crore Firm to slash valuation by 90% to raise fresh funds ANTO ANTONY January 23 BYJU’S, ONCE COUNTED among the world’s most valuable startups, is seeking to raise funds at a discountofmorethan90%from its previous round to alleviate its financial problems. Theeducationprovideris asking for more than $100 million from existing investors through a fresh issuance of shares slatedfornextmonth,atapricethat values the firm at less than $2 billion,peoplefamiliarwiththematter said.That’sdownfrom$22billionat its previous round in late 2022. Founder Byju Raveendran will participate in the share sale to retain his stake in the company,the people said,asking not to be named as the information isn’t public. The company, which has been battling a cash crunch for several months,will use the proceeds from the share sale slatedfornextmonthtopay offvendorsandstabilisethe business,they said. A spokesperson for the company declined to comment. Raveendran has been pulling all stops in his fight to keep the company afloat and to ease its financial pressures. Continued on Page 17