Punjab National Bank Launches Its Virtual Branch In The Metaverse

State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual branch, PNB Metaverse.

It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank's products and services such as bank deposits, retail and MSME loans, digital products, women and senior citizens, 'Do It Yourself' and government flagship schemes, PNB said in a statement.

PNB has developed the Bank's Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops.

In addition, the bank will offer an immersive 3D experience to customers while they perform traditional banking activities through their digital avatars.

In this new phase of the internet, which evolves from a disparate collection of sites and apps into a persistent 3D environment where moving from work to a social platform is as simple as walking from the office to the movie theatre across the street, PNB managing director Atul Kumar Goel said.

"With this technology, we are looking forward to increasing the customer engagement rate, improving the customer acquisition process, and providing a hyper-personalised customer experience," he added.

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Punjab National Bank Launches Its Virtual Branch In The Metaverse

State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual branch, PNB Metaverse.

It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank's products and services such as bank deposits, retail and MSME loans, digital products, women and senior citizens, 'Do It Yourself' and government flagship schemes, PNB said in a statement.

PNB has developed the Bank's Metaverse Branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops.

In addition, the bank will offer an immersive 3D experience to customers while they perform traditional banking activities through their digital avatars.

In this new phase of the internet, which evolves from a disparate collection of sites and apps into a persistent 3D environment where moving from work to a social platform is as simple as walking from the office to the movie theatre across the street, PNB managing director Atul Kumar Goel said.

"With this technology, we are looking forward to increasing the customer engagement rate, improving the customer acquisition process, and providing a hyper-personalised customer experience," he added.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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HDFC Bank Records 15.8% Loan Growth In Q1

Private sector lender HDFC Bank on Wednesday said it has registered a 15.8 per cent rise in loans to Rs 16,15,500 crore in the first quarter of current fiscal year.

The credit book was Rs 13,95,000 crore as of June 30 last year.

Gross transfers through inter-bank participation certificates and bills rediscounted, the bank's advances grew 20.2 per cent over June 30, 2022, HDFC Bank said in a regulatory filing.

The bank's deposits aggregated to approximately Rs 19,13,000 crore as of June 30, 2023, a growth of around 19.2 per cent over Rs 16,05,000 crore as of June 30 last year, it added.

During April-June 2022, the bank purchased loans aggregating Rs 11,632 crore through the direct assignment route under the home loan arrangement with parent Housing Development Finance Corporation (HDFC) Ltd, it said.

On July 1, HDFC Ltd merged with HDFC Bank, creating the biggest private sector lender.

The merged entity's gross advances aggregated to approximately Rs 22,45,000 crore as of June 30, 2023, a growth of 13.1 per cent over Rs 19,85,900 crore as of same period last year.

With regard to deposit, it said, it aggregated to approximately Rs 20,63,500 crore as of June 30, 2023, registering a rise of 16.2 per cent from Rs 17,76,000 crore as of same period a year ago.
 

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On Day Of Invicto Launch Maruti Suzuki Shares Jump Nearly 4%

Shares of Maruti Suzuki India were in the limelight today, climbing nearly 4 per cent, taking its market valuation higher by Rs 10,519.95 crore.

The stock rallied 3.61 per cent to settle at Rs 9,994.5 apiece on the BSE. During the day, it jumped 4 per cent to a 52-week high of Rs 10,036.70.

On the NSE, it moved up by 3.55 per cent to end at Rs 9,990.1 per piece. During the day, shares of the carmaker advanced 4 per cent to reach its 52-week high of Rs 10,036.95.

The stock was the biggest gainer among the Sensex firms.

The company's market valuation climbed Rs 10,519.95 crore to Rs 3,01,913.92 crore on the BSE, in line with a surge in its share price.

Maruti Suzuki India (MSI) today launched the new Invicto at introductory prices ranging from Rs 24.8-Rs 28.4 lakh as it looks to gain a foothold in the premium three-row multi-purpose vehicle segment.

The company is looking to double its turnover to around Rs 1.68 lakh crore by 2030-31 from the  FY22 level in line with parent Suzuki Motor Corporation's global growth strategy, company Managing Director and CEO Hisashi Takeuchi said on Wednesday.

The company expects India to "play a very big role" in Suzuki Motor Corporation's goal to achieve a global turnover of Rs 4.32 lakh crore in FY30-31, which would be exactly double the turnover of Rs 2.16 lakh crore achieved in FY21-22, he said.

Maruti Suzuki India clocked net sales of Rs 83,798 crore in 2021-22. Takeuchi was speaking at the sidelines of the company's launch of premium multi-purpose vehicle Invicto, marking the mass market carmaker's entry in the over Rs 20 lakh segment. 
 

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On Day Of Invicto Launch Maruti Suzuki Shares Jump Nearly 4%

Shares of Maruti Suzuki India were in the limelight today, climbing nearly 4 per cent, taking its market valuation higher by Rs 10,519.95 crore.

The stock rallied 3.61 per cent to settle at Rs 9,994.5 apiece on the BSE. During the day, it jumped 4 per cent to a 52-week high of Rs 10,036.70.

On the NSE, it moved up by 3.55 per cent to end at Rs 9,990.1 per piece. During the day, shares of the carmaker advanced 4 per cent to reach its 52-week high of Rs 10,036.95.

The stock was the biggest gainer among the Sensex firms.

The company's market valuation climbed Rs 10,519.95 crore to Rs 3,01,913.92 crore on the BSE, in line with a surge in its share price.

Maruti Suzuki India (MSI) today launched the new Invicto at introductory prices ranging from Rs 24.8-Rs 28.4 lakh as it looks to gain a foothold in the premium three-row multi-purpose vehicle segment.

The company is looking to double its turnover to around Rs 1.68 lakh crore by 2030-31 from the  FY22 level in line with parent Suzuki Motor Corporation's global growth strategy, company Managing Director and CEO Hisashi Takeuchi said on Wednesday.

The company expects India to "play a very big role" in Suzuki Motor Corporation's goal to achieve a global turnover of Rs 4.32 lakh crore in FY30-31, which would be exactly double the turnover of Rs 2.16 lakh crore achieved in FY21-22, he said.

Maruti Suzuki India clocked net sales of Rs 83,798 crore in 2021-22. Takeuchi was speaking at the sidelines of the company's launch of premium multi-purpose vehicle Invicto, marking the mass market carmaker's entry in the over Rs 20 lakh segment. 
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Byju's Says Promoters Re-Invested Amount Raised From Secondary Share Sale

Edtech major Byju's on Tuesday said its promoters have re-invested the entire amount raised by them through secondary sale of shares in the company.

According to private market intelligence firm PrivateCircle Research, Byju's promoters -- Byju Raveendran, Divya Gokulnath and Riju Ravindran -- have together sold shares worth around $408.53 million in 40 secondary transactions since 2015.

"The promoters of BYJU'S have reinvested the entire amounts raised from secondary sales into the business for purposes of scaling it over the years," Byju's said in a statement.

The statement came in the backdrop of the report of the intelligence firm.

PrivateCircle said Mr Raveendran holds 15.90 per cent, whereas Divya Gokulnath and Riju Ravindran have 3.32 per cent and 1.99 per cent, respectively.

"Promoters' shareholding in the company has been gradually dropping since 2016. First significant drop was between 2015-2016, when the promoters' stake dipped from 71.6 per cent to 54.7 per cent and later came down to 34.7 per cent in 2019 and 21.2 per cent in 2023," the report said.

The private market intelligence platform said that it has analysed various public data sources to arrive at the findings and in two instances where the secondary share price was not available, PrivateCircle has used the closest available primary share price.

"Since 2015, Byju Raveendran individually sold 29,306 shares worth USD 3.28 million, whereas his wife and co-founder Divya Gokulnath sold 64,565 shares worth USD 29.40 million, and brother Riju Ravindran sold 337,911 shares worth USD 375.83 million.

"Over the years, multiple investors participated in BYJU'S secondary transactions including the likes of Silver Lake Partners, Blackrock, T Rowe Price, Chan Zuckerberg, Owl Ventures, Naspers, Times Internet, Lightspeed Ventures, Proxima Beta, Naspers Ventures, General Atlantic, and Alkeon," it said.

PrivateCircle Research said the secondary deals at Byju's were often executed at a discounted valuation as compared to the company's primary valuation at that time.

"For instance, an average of 53 per cent discount was observed in secondary sales during its Series F round. During this round, BYJU'S promoters sold their shares in the price range of Rs 1,12,126 - Rs 1,64,000 per share and the Series F primary share price was in the range Rs 2,13,042 - Rs 2,37,336," the report said.

According to the report, Mr Raveendran purchased a total of 31,960 shares since 2012 from multiple sellers, including Ravindran Kunnaruvath (Byju Raveendran's father), Arunangshu Bhakta (BYJU's employee), Brijesh Maheshbhai Patel (BYJU's employee), Smit Rajanikant Patel (BYJU's employee), Unique Jain (BYJU's employee), and Pravin Prakash (BYJU's employee).

Divya Gokulnath purchased a total 4,666 shares from Navin Balan and Priya Mohan (founders of Vidyartha).

Byju's acquired Vidhyartha in 2017.

"Riju Ravindran also purchased 100 shares from Mrinal Mohit (BYJU'S COO). However, we could not ascertain the value of these secondary purchases," the report said.

Mr Raveendran, during a call with investors, highlighted his personal investments in the company, including $400 million in the parent company, $250 million for the Aakash acquisition, and an additional $250 million through pledged secondary shares for the last funding round.

In a recent town hall with employees, Mr Raveendran said that promoters continue to be the largest investor in the company.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Byju's Says Promoters Re-Invested Amount Raised From Secondary Share Sale

Edtech major Byju's on Tuesday said its promoters have re-invested the entire amount raised by them through secondary sale of shares in the company.

According to private market intelligence firm PrivateCircle Research, Byju's promoters -- Byju Raveendran, Divya Gokulnath and Riju Ravindran -- have together sold shares worth around $408.53 million in 40 secondary transactions since 2015.

"The promoters of BYJU'S have reinvested the entire amounts raised from secondary sales into the business for purposes of scaling it over the years," Byju's said in a statement.

The statement came in the backdrop of the report of the intelligence firm.

PrivateCircle said Mr Raveendran holds 15.90 per cent, whereas Divya Gokulnath and Riju Ravindran have 3.32 per cent and 1.99 per cent, respectively.

"Promoters' shareholding in the company has been gradually dropping since 2016. First significant drop was between 2015-2016, when the promoters' stake dipped from 71.6 per cent to 54.7 per cent and later came down to 34.7 per cent in 2019 and 21.2 per cent in 2023," the report said.

The private market intelligence platform said that it has analysed various public data sources to arrive at the findings and in two instances where the secondary share price was not available, PrivateCircle has used the closest available primary share price.

"Since 2015, Byju Raveendran individually sold 29,306 shares worth USD 3.28 million, whereas his wife and co-founder Divya Gokulnath sold 64,565 shares worth USD 29.40 million, and brother Riju Ravindran sold 337,911 shares worth USD 375.83 million.

"Over the years, multiple investors participated in BYJU'S secondary transactions including the likes of Silver Lake Partners, Blackrock, T Rowe Price, Chan Zuckerberg, Owl Ventures, Naspers, Times Internet, Lightspeed Ventures, Proxima Beta, Naspers Ventures, General Atlantic, and Alkeon," it said.

PrivateCircle Research said the secondary deals at Byju's were often executed at a discounted valuation as compared to the company's primary valuation at that time.

"For instance, an average of 53 per cent discount was observed in secondary sales during its Series F round. During this round, BYJU'S promoters sold their shares in the price range of Rs 1,12,126 - Rs 1,64,000 per share and the Series F primary share price was in the range Rs 2,13,042 - Rs 2,37,336," the report said.

According to the report, Mr Raveendran purchased a total of 31,960 shares since 2012 from multiple sellers, including Ravindran Kunnaruvath (Byju Raveendran's father), Arunangshu Bhakta (BYJU's employee), Brijesh Maheshbhai Patel (BYJU's employee), Smit Rajanikant Patel (BYJU's employee), Unique Jain (BYJU's employee), and Pravin Prakash (BYJU's employee).

Divya Gokulnath purchased a total 4,666 shares from Navin Balan and Priya Mohan (founders of Vidyartha).

Byju's acquired Vidhyartha in 2017.

"Riju Ravindran also purchased 100 shares from Mrinal Mohit (BYJU'S COO). However, we could not ascertain the value of these secondary purchases," the report said.

Mr Raveendran, during a call with investors, highlighted his personal investments in the company, including $400 million in the parent company, $250 million for the Aakash acquisition, and an additional $250 million through pledged secondary shares for the last funding round.

In a recent town hall with employees, Mr Raveendran said that promoters continue to be the largest investor in the company.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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