<ul><li><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> share price jumped by 6.75% on Monday as the news of Moderna’s vaccine being 94.5% effective hit the market. </li><li>After Pfizer’s vaccine’s report of being over 90% effective, Moderna’s became the second positive vaccine news from the US within a month. </li><li>Major travel (airline and hotel) stocks in the US witnessed a strong rally as the vaccine revived hopes of recovery in the travel segment soon.</li></ul>NASDAQ-listed Indian travel giant MakeMyTrip saw its share price jump by 6.75% on Monday as the news of Moderna’s vaccine being 94.5% effective hit the market. <div type="image" title="Mmt." msid="79255510" hostid="261"></div> Vaccine news uplifts spirits After Pfizer’s vaccine’s report of being over 90% effective, Moderna’s became the second positive vaccine news from the US within a month. <a href="https://www.businessinsider.in/science/space/news/within-days-of-pfizer-results-russia-claims-sputnik-v-vaccine-demonstrates-92-efficacy/articleshow/79171485.cms">Russia’s Sputnik V too</a> has claimed that it has a 92% efficiency against the virus. Meanwhile India’s COVID vaccine contender Bharat Biotech also announced on Monday that Covaxin had entered phase III of the trial. All the positive vaccine news saw the US' major travel (airline and hotel) <a href="https://www.businessinsider.in/stock-market/news/travel-stocks-rally-after-modernas-vaccine-progress-lifts-hopes-for-near-term-reopening/articleshow/79248718.cms">stocks rally</a> as people saw it as a sign that travel will recover soon. The <a href="https://www.livemint.com/market/stock-market-news/dow-jumps-350-pts-as-moderna-says-covid-vaccine-94-5-effective-11605538218252.html">Dow</a> too touched record highs after the news about Moderna’s vaccine. Back home, India’s <a href="https://www.businessinsider.in/india/news/air-travel-back-at-pre-covid-level-by-early-january-says-civil-aviation-minister-puri/articleshow/79254692.cms">aviation minister is hopeful</a> that air travel will hit pre-COVID levels in India by early January. "We opened civil aviation on 25th May, a good two months and two days after we had completely locked down, with 30,000 passengers a day. Two or three days ago, just before Diwali, we carried 225,000 people," said Civil Aviation Minister Hardeep Singh Puri. MakeMyTrip is hopeful of faster <keyword id="9459835" type="UNKNOWN" weightage="20" keywordseo="travel-recovery">travel recovery</keyword> MakeMyTrip which posted its second quarter results on October 27 is also hopeful that a vaccine would bring travel back to normalcy. “While we are already seeing green-shoots of demand across different travel services, we believe business recovery would significantly accelerate once a vaccine becomes widely available,” the company’s founder and Chairman Deep Kalra had said during the call. With the travel opening up within India, MakeMyTrip has seen a gradual recovery. The company’s adjusted operating loss for the quarter stood at $12.9 million, which was significantly lower than the previous quarter's loss of $21.3 million. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adjusted Gross Margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-O-Y Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air Ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$11.9 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- 81.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotels and packages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bus ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-85% </td></tr></tbody></table> While there has been a quarter-on-quarter recovery, MakeMyTrip still has a long way to go for recovery. SEE ALSO: <a href="https://www.businessinsider.in/india/news/indias-first-vaccine-candidate-covaxins-phase-3-trials-begin/articleshow/79249854.cms">India's first vaccine candidate - Bharat Biotech's Covaxin begins its Phase-3 trials</a>

MakeMyTrip shares soar as COVID vaccine progress from Moderna and Pfizer spark optimism of faster travel recovery

<ul><li>For the first three months of the year, <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> has reported a 15.9% fall in revenue to $137.2 million from $163.3 million in the same quarter the previous year. </li><li>While MakeMyTrip’s numbers for Q4 show the impact of cancellations from February, the real dent will be seen in the current quarter. </li><li>The company has a liquidity of nearly $168 million as on 31st March which will help them survive for two years.</li></ul>India’s leading aggregator MakeMyTrip is hopeful that with domestic <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> opening up and the possibility of international travel opening after July, the worst is over. Mohit Kabra, Chief Financial Officer of <keyword id="255878" type="ORGANIZATION" weightage="20" keywordseo="MMT">MMT</keyword> during an earnings call said that over the next few quarters they will bring down the losses to the $10 million range before targeting breakeven. For the first three months of the year, MakeMyTrip has reported a 15.9% fall in adjusted revenue to $137.2 million, compared to the same quarter the previous year. The NASDAQ-listed company also posted an adjusted operating loss of $10.3 million. <div type="image" title="MMT losses new." msid="76702827" hostid="261"></div> However, Kabra told analysts that between April and June 2020, the loss balloon to the $20 million range.“The quarterly run rate on fixed cost has been brought down from almost like $45 million/$50 million to less than $30 million. And therefore, we do expect that we will be able to keep the burn into the 20s, if at all, during the first highly impacted quarter,” he said. Kabra added that because of the coronavirus pandemic there has almost been “a reset of the business”. From <a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">airline companies to hoteliers</a>, most do not expect an immediate revival in international tourism. In fact, hotel chains like OYO and Mahindra Holidays do not see much air travel even within countries. Instead, they expect people to choose destinations that they can drive to, in order to avoid the risk of infections and quarantine. Stowing cash for times are getting worse While the company has taken several initiatives to cut costs and also cut down on marketing and promotional activities, it still has a long way to go as the future for travel and tourism still looks grim. However, Kabra said that the company has enough in the money in the bank to last two years. <div type="image" title="MMT cash new." msid="76702959" hostid="261"></div> “We believe our liquidity of nearly $168 million as on 31st March, along with the cost optimization initiatives that I've talked about, will provide us a runway of almost two years, even if travel demand is not restored due to unforeseen worsening of the current situation. While a zero revenue scenario is unlikely beyond a quarter or two, we feel it is prudent to be geared up for a longer period given the uncertainty of the pandemic and to be able to survive with the available cash,” said Kabra during the call. During this time, the company’s top management let go of its salary for the entire year. But even then, the company ended up firing 350 employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/an-indian-covid-19-vaccine-made-by-bharat-biotech-is-set-to-enter-human-trials/articleshow/76702286.cms">An Indian COVID-19 vaccine made by Bharat Biotech is set to enter human trials</a> <a href="https://www.businessinsider.in/business/auto/news/what-to-expect-from-maruti-mm-hero-moto-bajaj-in-june-monthly-auto-sales/articleshow/76702678.cms">Here’s what to expect from Maruti and M&amp;M to Hero Moto and Bajaj in monthly auto sales in June</a>

MakeMyTrip is hoping international flights will start from July⁠— but it is also preparing for many quarters of big losses

<ul><li><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> has laid off 350 employees as the coronavirus pandemic has ravaged the travel and tourism industry. </li><li>Group chairman Deep Kalra and CEO Rajesh Magow said in an email to employees on Friday that the pandemic has changed the context and viability of some of their business lines. </li><li>The top management had earlier said that they will be foregoing their full year salary. </li></ul>India’s largest travel aggregator MakeMyTrip has laid off <a href="https://www.cnbctv18.com/travel/covid-19-impact-makemytrip-lays-off-350-employees-as-travel-industry-hit-6042061.htm">350 employees</a> as the coronavirus pandemic has ravaged the travel and tourism industry. “It’s become agonisingly clear that there are certain lines of business (LoBs) that are far deeply affected and will take much longer than the others to recover. As we revisited some of our strategic imperatives to be able to sustain our business in the long term, it is evident that the pandemic has changed the context and viability of some of our business lines in its current form. Keeping this in mind we have had to take this sad but inevitable decision of rightsizing our workforce in these businesses,” founder Deep Kalra and CEO Rajesh Magow said in an email to employees on Friday. The NASDAQ listed company has also seen its share prices fall by 32.9% since the beginning of the year. With the uncertainty all around, the travel industry had been estimated to be hit the worst. A report by the <a href="https://www.weforum.org/agenda/2020/03/world-travel-coronavirus-covid19-jobs-pandemic-tourism-aviation/">World Economic Forum </a>said that the World Travel and Tourism Council has warned the coronavirus pandemic could result in 50 million jobs being cut worldwide in the travel and tourism industry. MMT group Chairman Deep Kalra and CEO Rajesh Magow had earlier said that they will be foregoing their salary from April 2020. “We have tried to do our best to offer support including Mediclaim coverage for individuals and their families till the end of the year, leave encashment, gratuity, retaining the right to exercise part of RSUs (restricted stock units) as applicable, retention of company laptops and outplacement support apart from salary payments as per their notice periods,” said the top management in the email. As the travel and tourism business had come to a complete stop, MMT had also announced its foray into food delivery. The company rolled out an online gourmet delivery service in partnership with luxury and premium hotel chains and independent properties across cities in India. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/bharatpe-laid-off-several-employees-after-announcing-salary-hikes-in-april/articleshow/76128348.cms">BharatPe laid off several employees after announcing salary hikes in April</a> <a href="http://businessinsider.in/business/corporates/news/infosys-reportedly-plans-to-reduce-the-number-of-managers-the-ceo-and-coo-got-over-25-salary-raise-in-fy20/articleshow/76127600.cms">Infosys reportedly plans to reduce the number of managers— the CEO and COO got over 25% salary raise in FY20</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-limited-ceo-sanjiv-mehta-says-the-product-inventory-range-will-be-smaller-and-simpler-hereon/articleshow/76128468.cms">HUL CEO says the product inventory range will be smaller and simpler hereon⁠— analysts believe others may have the same plan</a>

MakeMyTrip fires 350 employees as company looks for ways to sustain during the Covid19 pandemic

Gurgaon based online travel services agency <keyword id="54613" type="COMPANY" weightage="100" keywordseo="makemytrip">MakeMyTrip</keyword> (MMT) has been eyeing a huge move into the online budget hotels market, for which it has held talks with <keyword id="2870818" type="UNKNOWN" weightage="100" keywordseo="FabHotels">FabHotels</keyword> and <keyword id="2913812" type="UNKNOWN" weightage="100" keywordseo="Treebo-Hotels">Treebo Hotels</keyword>. The <a href="http://www.businessinsider.in/markets/heres-the-indian-travel-company-that-just-went-public-on-the-nasdaq/articleshow/56092065.cms">Nasdaq</a>-listed company wanted to pick up a strategic stake in either of the companies. However, its talks with Bengaluru-based <a href="http://www.businessinsider.in/small-business/companies/budget-hotel-brand-treebo-is-a-value-for-money-affair/articleshow/56357162.cms">Treebo</a> didn’t yield any results despite an offer of $10-12 million. Now, MMT might be investing in FabHotels, founded by Vaibhav Aggarwal and Adarsh Manpuria in 2014. The deal could be worth five to ten million dollars, said <a href="http://economictimes.indiatimes.com/small-biz/money/after-talks-with-treebo-fail-makemytrip-may-invest-in-fabhotels/articleshow/58353902.cms">ET</a> sources. Also read: <a href="http://www.businessinsider.in/budget-2017-didnt-promote-muchof-tourism-in-india-heres-why/articleshow/56918518.cms">Budget 2017 didn’t promote much of tourism in India. Here’s why</a> If the deal goes through, MMT will be in direct competition with market leader <a href="http://www.businessinsider.in/small-business/oyo-rooms-valuation-to-touch-850-million-this-will-be-the-size-of-its-funding/articleshow/58337939.cms">Oyo Rooms</a> and Priceline group-backed <a href="http://www.businessinsider.in/small-business/companies/booking-com-is-providing-startups-in-tourism-sector-a-chance-to-go-to-amsterdam/articleshow/57253587.cms">Booking.com</a>. "The deal is likely to have a clause which will see the budget hotel brand only list with MMT-Goibibo combine. This way they get to lock them into exclusivity," said an insider requesting anonymity. Also read: <a href="http://www.businessinsider.in/MakeMyTrip-to-issue-960m-worth-shares-to-acquire-Ibibo-group/articleshow/55807276.cms">MakeMyTrip to issue $960m worth shares to acquire Ibibo group</a> Talking of FabHotels, the Gurgaon-based budget hotel chain of 175+ hotels has <keyword id="144381" type="COMPANY" weightage="100" keywordseo="Accel-Partners">Accel Partners</keyword> and <keyword id="192167" type="CITY" weightage="100" keywordseo="Qualcomm-Ventures">Qualcomm Ventures</keyword> as its investors, and secured around $10 million in last funding round.

Makemytrip to soon enter online budget hotel space with investment in FabHotels

<ul><li>India’s equity markets are likely to open on a cautious note on Thursday ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) announcement on rate hike.</li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.2% or 33 points early in the morning today.</li><li>Reliance Industries, Avenue Supermarts, <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> are amongst <keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">stocks to watch</keyword> today.</li></ul>India’s equity markets are likely to open on a cautious note on Thursday ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) announcement on rate hike. SGX Nifty, an early indicator of how the markets may perform, was down 0.2% or 33 points early in the morning today. Earlier on Wednesday, both <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> closed higher led by IT and financial services stocks. While Sensex closed 1% higher at 59,689 points, Nifty50 closed 0.91% higher at 17,557 points. Analysts now recommend investors to <a href="https://www.businessinsider.in/stock-market/news/after-the-ides-of-march-analysts-pick-best-stocks-that-can-be-bought-on-dips/articleshow/99272438.cms">‘buy on dips’</a> to accumulate quality stocks. Even as the Dollar index edged up, rupee appreciated 34 paise against the US dollar to close at 82 on Wednesday. Brent crude oil prices eased a tad on Thursday morning at $84.19 per barrel, while gold touched a high of $2,021 per ounce, just shy of its 52-week high of $2,032. US markets mixed, Asian markets in the red Markets in the US closed on a mixed note on Wednesday, with Dow Jones gaining 0.24%, while S&amp;P 500 declined 0.25%. The tech-heavy Nasdaq fell 1.07%. Asian markets were largely in the red on Thursday morning, with Nikkei 225 declining the most at 1.09%, followed by KOSPI which was down 0.72%. Taiwan Weighted fell 0.42%, while Shanghai Composite was down 0.15%. Hang Seng, on the other hand, was up 0.11%. Stocks to watch Reliance Industries: The company’s retail arm, Reliance Retail, launched an omni channel beauty retail platform Tira. The flagship Tira store will be opened at Jio World Drive in Bandra Kurla Complex in Mumbai. Avenue Supermarts (DMart): The retail chain’s revenue grew 20% on year to ₹10,337 crore in March quarter as against ₹8,606 crore last year. The total number of stores as of March 2023 stood at 324. FSN E-commerce (Nykaa): The company said it is expecting over 30% growth in revenue by the end of FY23. However, it estimated subdued growth in the fashion business due to consumers tightening their wallets on discretionary spending. Tata Steel: The company has achieved highest ever annual crude steel production of around 19.9 million tonnes in FY23 with a growth of 4% on year. The deliveries also increased 3% on year despite a volatile operating environment during the financial year. Hero MotoCorp: The two wheeler maker has announced a voluntary retirement scheme for its staff with an aim to improve efficiency and become a lean and more productive organisation. Adani Ports &amp; SEZ: The company has reported 9% growth in ports cargo volumes at 339 million metric tons (MMT) in FY23. This is the highest ever volume for the Adani Group company. However, reports say that they fall slightly short of guidance of 350-360 MMT, which the company had targeted after its December quarter results. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/after-the-ides-of-march-analysts-pick-best-stocks-that-can-be-bought-on-dips/articleshow/99272438.cms">After the Ides of March, analysts pick best stocks that can be bought on dips</a> <a href="https://www.businessinsider.in/finance/news/gold-prices-rally-1025-to-touch-life-time-high-of-61080-per-10-grams/articleshow/99270842.cms">Gold prices rally ₹1,025 to touch life-time high of ₹61,080 per 10 grams</a> <a href="https://www.businessinsider.in/finance/banks/news/loan-growth-showing-signs-of-reversal-from-cyclical-highs-but-asset-quality-to-remain-healthy/articleshow/99245377.cms">Loan growth showing signs of reversal from cyclical highs, but asset quality to remain healthy</a>

Sensex, Nifty50 to open on a cautious note ahead of RBI MPC announcement: Reliance Industries, Avenue Supermarts, Nykaa among stocks to watch

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> fell by nearly 1% each on Monday morning amid negative cues from global markets. </li><li>IT, metal and auto sectors witnessed the most decline, while the realty sectoral index was the only one in the green in the first hour of trading today. </li><li><keyword id="90570" type="General" weightage="80" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.17% or 30 points early in the morning today. </li></ul>India’s benchmark indices Sensex and Nifty50 fell by nearly 1% each on Monday morning amid negative cues from global markets. IT, metal and auto sectors witnessed the most decline, while the realty sectoral index was the only one in the green in the first hour of trading today. SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of how the markets may perform, was down 0.17% or 30 points early in the morning today. As of 10:15 a.m. on Monday, the 30-stock Sensex was down 0.9% or 490 points to 58,366, while the 50-stock Nifty50 was down 0.9% or 155 points to 17,311. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.88% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.98% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.73% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.83% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.66% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.06% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.60% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.94% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.46% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.45% </td></tr></tbody></table> Source: NSE, as at 10:15 a.m., February 27, 2023 Earlier last week, Indian markets continued to witness heightened volatility amid increased fears of further rate hikes by the US Fed and consequently the Reserve Bank of India. While Sensex fell 2.91%, Nifty50 declined 2.61% last week. <cmsannotation type="cmsannotation" annotationid="US markets singe on hot inflation" comment="subhead" text="US markets singe on hot inflation">US markets singe on hot inflation</cmsannotation> Markets in the US singed on Friday due to hot inflation numbers raising fears of another rate hike by the US Fed. While the S&amp;P 500 fell 1.05%, Dow Jones Industrial Average fell 1.02%. The tech-heavy Nasdaq fell 1.69%. Most Asian markets were trading in the red on Monday morning, with KOSPI falling the most at 0.83%, followed by Taiwan Weighted which was down 0.72%. Nikkei 225 fell 0.18%, while Hang Seng was flat. Shanghai Composite was the only gainer at 0.22%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="895682" type="General" weightage="80" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> &amp; SEZ: The company’s cargo volumes have crossed 330 million metric tonne (mmt) in 329 days, beating its own milestone from last year of 354 days. <keyword id="66822" type="General" weightage="80" keywordseo="mundra" source="Orion">Mundra</keyword> continues to be the largest port in the country in terms of volumes handled. <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>: The low cost carrier posted a <a href="https://www.businessinsider.in/business/corporates/news/spicejets-q3-net-profit-jumps-162-to-110-crore-on-air-travel-recovery-shares-surge-13/articleshow/98211990.cms">162% surge in net profit </a>to ₹110 crore for the December quarter compared with ₹42 crore last year aided by a robust performance in its passenger and cargo business. <keyword id="2351966" type="General" weightage="80" keywordseo="interglobe-aviation" source="Orion">InterGlobe Aviation</keyword>: More than 50 planes of Indigo and Go First are on the ground due to Pratt and Whitney engine woes amid persisting supply chain issues. Edelweiss Financial Services: The company has received shareholders approval to demerge its wealth management services business paving way to list Nuvama Wealth Management. One 97 Communications (Paytm): Ant Group Co is considering selling some of its shares in the financial services company to keep its holding within a required threshold, according to reports. SEE ALSO: <a href="https://www.businessinsider.in/india/news/after-jammu-karnataka-next-in-turn-for-good-news-on-lithium-in-mandya/articleshow/98244881.cms">After Jammu, Karnataka next in turn for good news on lithium in Mandya</a> <a href="https://www.businessinsider.in/careers/news/dgca-plans-to-hire-400-tech-staff-in-1-2-years-increase-offices-to-19-arun-kumar/articleshow/98248431.cms">DGCA plans to hire 400 tech staff in 1-2 years; increase offices to 19: Arun Kumar</a> <a href="https://www.businessinsider.in/tech/news/iit-madras-to-establish-100-crore-innovation-entrepreneurship-fund/articleshow/98244674.cms">IIT Madras to establish ₹100 crore Innovation &amp; Entrepreneurship fund</a>

Sensex, Nifty50 decline as IT, metal and auto stocks plummet

<img class="gwt-Image" src="/photo/56967951.cms" /> Indian start ups are going through a rough phase. And to make sure that funding doesn’t stop, the new age tech companies are enthusiastically eager to get listed on Nasdaq, the American exchange. Indian companies like <keyword id="1445305" type="COMPANY" weightage="20" keywordseo="Make-MyTrip">Make-MyTrip</keyword> (MMT), Yatra Online and Azure Power are currently trading on it. And now ShopClues, Policy-Bazaar and GirnarSoft are eyeing the same exchange. 
 The sole reason for this is the drying up of funding and valuations declining. If there’s anything that can save the Indian start ups from a declining valuation is getting listed on Nasdaq, that is home to the stocks of as <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>, <keyword id="28115" type="CITY" weightage="20" keywordseo="Intel">Intel</keyword>, Cisco and Amazon. 
 Most entrepreneurs including <keyword id="1976141" type="PERSON" weightage="20" keywordseo="Radhika-Aggarwal">Radhika Aggarwal</keyword> of ShopClues, Alok Bansal of PolicyBazaar and <keyword id="4137331" type="UNKNOWN" weightage="20" keywordseo="umesh-hora-of-girnarsoft">Umesh Hora of GirnarSoft</keyword> are optimistic about getting listed by this year end.

As valuations decline, Indian
start ups now planning to get listed on American exchange

<img class="gwt-Image" src="/photo/43142773.cms" />MakeMyTrip is a household name in most metros and large cities of India. People of India love to <keyword id="6354692" type="ORGANIZATION" weightage="100" keywordseo="Travel">travel</keyword> and MakeMyTrip is one of the preferred choices for them to make a reservation (for both airlines and <keyword id="6368036" type="PERSON" weightage="80" keywordseo="Hotels">hotels</keyword>). Recently, MMT announced <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> of $15 million <keyword id="306629" type="ORGANIZATION" weightage="80" keywordseo="Innovation-Fund">innovation fund</keyword> for new entrepreneurs in the travel circuit. We got a chance to catch up with Rajesh Magow, <keyword id="170488" type="POSITION" weightage="80" keywordseo="co-founder">Co-Founder</keyword> and CEO-India, <keyword id="143717" type="COMPANY" weightage="100" keywordseo="Makemytrip-com">MakeMyTrip.com</keyword> and he told us some interesting facts about the journey so far and why did the company decide to raise this fund. 
 
MakeMyTrip has grown by leaps and bounds. Can you give BI India readers a small glimpse of the MMT’s journey till date? 
 
MakeMyTrip.com was founded in the year 2000. Deep Kalra (Founder) conceptualized it with the idea to empower Indian travellers through choice, flexibility and transparency of pricing. The travel industry in 2000 had not achieved momentum yet. There were a couple of websites that offered air-tickets but none that could comprehensively claim to cater across categories (LCCs and full-service) and offer Best Deal and Lowest Airfare Guarantee. 
 
Upon launching the first version of the site in October 2000, we received a favourable response from the US. In India however, travellers were more inclined to research online, but make the actual buying decision using traditional modes of payment. We had to take a hard call to stop all marketing in India; on hindsight this turned out to be one of the best decisions for the company. By focusing solely on the NRI market, we managed to conserve precious marketing dollars while our competitors burnt their fingers in a pre-mature online market. 
 
After consolidating our position in the market as a brand recognized for its reliability and transparency, we launched our India operations in 2005. As the pioneer among Online Travel Companies in India, MakeMyTrip heralded a revolution in the way travel was purchased in India – and soon became the go-to website for booking travel. In 2010 we became the first Indian travel company to list overseas through a successful IPO on NASDAQ. 
 
Today, we are the dominant market-leader with 47% market-share (per a study conducted by PhocusWright in 2013). 
 
MMT like many others has started a venture fund, what was the reason behind it? 
 
We have announced the institution of a $15 million Innovation Fund primarily to support early stage companies/ start-ups in the travel technology space with a special focus on Mobile and IP-based companies. The fund will be focused on young and new ventures in the travel technology space for our market. 
 
This initiative is an additional prong of our inorganic growth strategy of pursuing M&amp;A opportunities in the travel technology space. We intend to purposefully go out and look for such companies and take early stage positions. 
 
What is MMT expectations from this venture funding? 
 
We are excited about the Technology talent in the global marketplace and how it can be leveraged to serve customer needs. We are hopeful that this initiative will encourage entrepreneurs building niche companies in the travel technology domain. 
 
What are the future plans for MMT besides this? 
 
We are already the largest travel company in the country and the largest eCommerce business, recognized for providing the best value-based offerings. In the mid to long-term, we intend to use our core strength i.e. technology to innovate, provide best-in-class service and delight customers. 
<img class="gwt-Image" src="/photo/43142860.cms" /> 
Rajesh Magow, Co-Founder and CEO-India, MakeMyTrip.com 
 
Top Image: Thinkstock

Rajesh
Magow From MakeMyTrip Is Excited About The $15 Million
Innovation Fund, Will Bring New Talent To The Indian Travel Industry

<img class="gwt-Image" src="/photo/23309508.cms" /> The <keyword id="44734" type="ORGANIZATION" weightage="80" keywordseo="Indian-Government">Indian government</keyword> has finally allowed non-listed domestic firms to list abroad and raise capital without prior or simultaneous listings in India. The <keyword id="156153" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (MoF) made the announcement a couple of days ago – clearly a proactive step to boost the inflow of foreign <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> in the country. 
 Unlisted Indian companies are now allowed to list abroad on a pilot basis for two years, after which the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">finance ministry</keyword> will review its impact. On the paper, it looks good, but let <keyword id="6354458" type="COUNTRY" weightage="100" keywordseo="US">us</keyword> have a quick look at the mandatory requirements and their feasibility. 
 To start with, businesses can list only on exchanges in International Organization of Securities Commissions (IOSCO)/Financial Action Task Force (FATF)-compliant jurisdictions or in countries with which India’s securities <keyword id="6378893" type="UNKNOWN" weightage="60" keywordseo="market-regulator">market regulator</keyword> <keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword> has signed bilateral agreements. Also, SEBI must have a copy of the return submitted to the proposed exchange/regulator to ensure that the firms are complying with the Prevention of <keyword id="6355008" type="UNKNOWN" weightage="60" keywordseo="money-laundering">Money Laundering</keyword> Act (PMLA). That should not be much of a problem but here is the biggest hitch. 
 In spite of the new provision, one can’t override the current <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> (<keyword id="44749" type="ORGANIZATION" weightage="80" keywordseo="Foreign-Direct-Investment">Foreign Direct Investment</keyword>) norms, which means e-commerce companies floated in India cannot list overseas. And that brings us to the second crucial point. According to the <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">finance</keyword> ministry, companies listing abroad can use the funds only to repay outstanding foreign debts or to expand overseas operations including acquisitions. But that could be a body blow as not all Indian companies have foreign investors on board or raised debt capital overseas or actively sought global expansion. 
 
So who all will gain and why Quite a few companies may find it an exciting initiative in spite of initial criticism. Check out how businesses can gain from the latest ‘Open <keyword id="6354763" type="EVENT" weightage="100" keywordseo="IPO">IPO</keyword>’ initiative, rolled out by the Indian government. 
 
More industries get a global window: Fast-growing and fast-maturing technology start-ups with focus on Cloud/SaaS-based enterprise solutions are bound to benefit, since the majority of them are already active in the U.S./European markets. This also holds true for a plethora of companies operating in segments like the Internet, digital business, biotechnology and exports. Interestingly, even mature companies prefer to skip the domestic issue at times. One interesting example is Karan A. Chanana-led specialty rice company Amira Nature Foods, which got listed on the <keyword id="115417" type="CITY" weightage="80" keywordseo="New-York-Stock-Exchange">New York Stock Exchange</keyword> in 2012 after 97 years of success as a private firm and in spite of the fact that just around 2% of its revenues come from the US market. Amira is the 12th Indian company to list on the <keyword id="147224" type="CITY" weightage="80" keywordseo="NYSE-Euronext">NYSE Euronext</keyword> markets. 
 
Greater growth possible for Indian e-commerce: First of all, it should not be a dampener for e-commerce companies in India in case they are eyeing global IPOs sans the India route. Till date, the usual practice of listing abroad is to float a holding company out there, which has firms/assets in India, and then take that overseas firm public in a foreign market. E-commerce firms can still do it, but this time with the additional benefit of making strategic acquisitions abroad (like the Myntra-Fitiquette deal) without any hassle or implementing a global rollout and getting growth <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> for the same. 
 
Valuation gains on the cards: Experts also feel that listing abroad may lead to permanent valuation gains for Indian companies. For instance, in 2010, MakeMyTrip, India’s largest online travel agency (OTA), raised $70 million through an IPO on the NASDAQ. The firm’s shares nearly doubled on debut, valuing it at $800 million. We are just wondering if Indian e-com giants Flipkart and Myntra will do an MMT when it comes to <keyword id="35216" type="UNKNOWN" weightage="100" keywordseo="initial-public-offering">initial public offering</keyword>. 
 
Profitable exits for investors: Although most SME IPOs get fully subscribed at home (because of their small size), a lot many companies have deferred their public issues due to a weak market and raised considerably large pre-IPO amounts from private equity/venture capital investors (Flipkart does it often enough and one is left to wonder what the company intends to do with the IPO money when that finally happens). However, it clearly shows a lack of confidence in the primary market and PE/VC investors are not able to exit their investments in many cases (or did so with huge losses). Therefore, the latest initiative could send them looking for profitable exits via overseas IPOs. If that happens and the viability factor gets proven beyond a doubt, more investments are likely roll in, especially from investors keen to bet on the emerging markets. 
 
Market sentiment may improve: We may not see a slew of U.S./UK listings right now, but favourable negotiations in that direction may start soon. Better still, the domestic IPO market may take a cue and Indian firms looking for Indian listings may have a field day, following a positive impact globally (the JustDial IPO showed it can definitely happen in India). So let us keep our fingers crossed and wait for the outcome.

You Searched For "MMT Nasdaq" and got 9 results

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MakeMyTrip is hoping international flights will start from July⁠— but it is also preparing for many quarters of big losses

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Sensex, Nifty50 decline as IT, metal and auto stocks plummet

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As valuations decline, Indian start ups now planning to get listed on American exchange

BI India Bureau

Rajesh Magow From MakeMyTrip Is Excited About The $15 Million Innovation Fund, Will Bring New Talent To The Indian Travel Industry

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