Top headlines: SC on Adani-Hindenburg row, Ola rides down the value chain

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Adani-Hindenburg row: Supreme Court for expert panel on investors' safety

The Supreme Court on Friday asked the Securities and Exchange Board of India (Sebi) to respond by Monday on measures that can be taken to protect Indian investors from instances like the slump in Adani group stocks after a critical report by the American short-seller Hindenburg Research.

A Bench, comprising Chief Justice of India (CJI) D Y Chandrachud and Justices P S Narasimha and J B Pardiwala, asked the markets regulator to give a detailed response on how a strong framework can be put in place to prevent such instances. “It is said the total loss by Indian investors is several lakh crores. How do we ensure they are protected? It is said to be Rs 10 lakh crores. How do we ensure that this does not happen in the future? What role should be envisaged for Sebi in the future?" the Bench asked. Read more

Ola rides down the value chain, accelerates into the mass market

By establishing his company as the largest electric scooter player, accounting for over a fifth of domestic sales, Ola Electric founder and Chief Executive Bhavish Aggarwal fired his big salvo to end the ICE (internal combustion engine) age by 2025 in the two-wheeler market. On Wednesday, he took the electric scooter battle to the next level — entering the mass scooter market (Rs 70,000-under Rs 1 lakh) which accounts for over 80 per cent of overall scooter sales (ICE and electric combined) where petrol-driven Honda Activa holds sway selling 180,000 vehicles a month.  

On Thursday, Ola announced three electric scooter variants under its mass brand Ola S1 Air, two of them under Rs 1 lakh. As in the smartphone market, where pricing is linked to different levels of storage for the same model, Ola is offering scooters depending on battery range. Read more

CCI order after-effect: Device makers may now pay Google for Android OS

Google is in talks with mobile device brands on the broad contours of an agreement in which the latter will be paying the American tech major for using the Android operating system (OS), according to sources.

Android is powered by Google Play.  Google, on the other hand, is willing to pay original equipment manufacturers (OEMs) to pre-install certain apps. Currently, the Android OS is licensed free to device makers but with a mandatory bouquet of nine apps. Read more

India's drug regulator serves show-cause notice to online pharmacies

The Drugs Controller General of India (DCGI) has asked online pharmacies to explain why action should not be taken against them for sale and distribution in contravention of the law.

The DCGI sent a notice on February 8 and gave the firms two days to respond, failing which it would take action without warning. Business Standard has reviewed a copy of the notice.

Sources said around 20 companies received the notice regarding alleged violation of the Drugs and Cosmetics Act, 1940. Sources in e-pharmacies said they were trying to understand what triggered the notice now, when a new Drugs and Cosmetics Act is awaited. Read more

Change in tack: Zomato's side ventures continue to outshine core business

As the industry-wide slowdown in food delivery business continues to affect Zomato’s numbers, with the food aggregator’s losses widening to Rs 346.6 crore in the third quarter of the fiscal year (Q3FY23), the firm’s side ventures-Blinkit, Zomato Gold and Hyperpure-continue to outshine its core business.

According to brokerage firm Nomura, Zomato’s gross order value (GOV) in its food delivery business disappointed in a seasonally strong quarter. Read more