Morning Buzz: Byju's to cut 4,500 jobs, Zerodha revenue rises, and more
Here are the top business headlines this morning to get your day started
(File photo) A boy walks past a hoarding of Byju's IAS coaching centre in New Delhi, India, on June 24, 2023. Image: Kabir Jhangiani/NurPhoto
Byju’s to cut 4,500 jobs
Arjun Mohan, who took over as the new CEO of Byju’s, plans to cut a third of its jobs. The job cuts will cover both permanent and contractual staffers and are aimed at controlling high fixed costs on the company. The headcount is expected to fall by 4,000-4,500.
(Economic Times)
Zerodha revenue rises to Rs 6,800 crore in FY23
Revenues at Zerodha rose to Rs 6,875 crore and profit for FY23 stood at Rs 2,907 crore. The company manages an overall asset base of Rs 3 lakh crore and most of its revenue comes from F&O trading, which it also flagged as an excessive risk. New SEBI regulations on finfluencers could impact Zerodha’s referral revenue, which amounts for 10 percent of its business.
(Business Standard, Financial Express)
MCA and SEBI hold talks in fractional shares
The Ministry of Corporate Affairs and SEBI have held consultations on fractional shares. These shares allow retail investors to purchase portions of high denomination shares. This would require an amendment in the Companies Act to allow companies to issue fractional shares or to convert their existing class of shares into fractional shares.
