Business
What’s The India Link Behind Nepal’s Only Billionaire?
Binod Chaudhary, chairman of Chaudhary Group (CG Corp Global), has built a formidable empire of 136 companies.
In the heart of the Himalayas, Nepal’s only billionaire, has built a fortune of $1.8 billion (around Rs 15,000 crore), showcasing a remarkable journey of entrepreneurship. At 69, Binod Chaudhary, chairman of Chaudhary Group (CG Corp Global), has built a formidable empire of 136 companies, from ‘Wai Wai’ noodles to Taj Hotels, spanning sectors like banking, hotels, FMCG, energy, education, and health. (Image: File Pic)
Born into a Marwari family in Kathmandu, Chaudhary’s roots trace back to Rajasthan, India. His grandfather migrated to Nepal and laid the foundation of their business legacy. His father then opened Nepal’s first departmental store, a significant achievement at the time. (Image: File Pic)
Although Chaudhary was expected to take over the family business, he initially aspired to become a chartered accountant and began his studies in India. However, he had to return home at the age of 18 due to his father’s illness, leaving his academic pursuits behind and entering the business world. (Image: Instagram)
Chaudhary’s journey into entrepreneurship began with opening Nepal‘s most famous disco in Kathmandu in 1973, which quickly became a youth hotspot. (Image: Instagram)
In 1984, Chaudhary launched ‘Wai Wai’ noodles, now a staple in kitchens across India and Nepal, especially loved by children and adults in North and Northeast India. (Image: Instagram)
His business acumen led him to partner with global brands like Suzuki and Panasonic, further bolstering his ventures. (Image: Instagram)
In 1995, Binod Chaudhary made a strategic move by acquiring a controlling stake in Nabil Bank from the Dubai government, which has since become Nepal’s leading bank. (Image: Instagram)
His most successful endeavour, however, lies in the hospitality sector. Chaudhary Group boasts 143 hotels, including several 5-star establishments in collaboration with India’s renowned Taj Hotels, spread across Nepal, India, and Sri Lanka, epitomising luxury. (Image: Instagram)
According to Forbes, Binod Chaudhary’s wealth in 2023 was $1.8 billion. Although this is modest compared to giants like Elon Musk ($247 billion) or Mukesh Ambani ($107.1 billion), it is a significant achievement for a small country like Nepal. (Image: Instagram)
A Bollywood enthusiast, Chaudhary is particularly fond of Amitabh Bachchan. His inspirations include Indian businessman JRD Tata and South African President Nelson Mandela. (Image: Instagram)
Business
Pfizer, Moderna shares fall on report that Trump officials will link child deaths to Covid shots
Vials with Pfizer-BioNTech and Moderna coronavirus disease (COVID-19) vaccine labels are seen in this illustration picture taken March 19, 2021.
Dado Ruvic | Reuters
Shares of Pfizer and Moderna fell on Friday after a report that Trump administration health officials plan to link Covid vaccines to the deaths of 25 children.
The report from the Washington Post said officials plan to include the claim in a presentation next week to a key vaccine panel that advises the Centers for Disease Control and Prevention.That committee plays a critical role in determining vaccine access, as it reviews immunization data and makes recommendations on who is eligible for shots and whether insurers should cover them, among other duties.
But the presentation to that panel is not final, the Post reported.
“FDA and CDC staff routinely analyze VAERS and other safety monitoring data, and those reviews are being shared publicly through the established ACIP process,” a spokesperson for the Department of Health and Human Services said in a statement, referring to the panel, the Advisory Committee on Immunization Practices.
“Until that is shared publicly, any this should be considered pure speculation,” the spokesperson added.
Pfizer’s stock fell more than 3% on Friday, while shares of Moderna dropped more than 7%. Novavax, which creates protein-based Covid shots, slid more than 4%.
The report comes as Health and Human Services Secretary Robert F. Kennedy Jr. moves to change vaccine policy in the U.S. He has dropped Covid shot recommendations for healthy kids and pregnant women and set new limits on the approval of new jabs against the virus.
In a statement, Moderna said the safety of its vaccine is “rigorously monitored” by the company, the FDA and regulators in more than 90 countries. Systems across the U.S., Australia, Canada and Europe have not identified “any new or undisclosed safety concerns in children or in pregnant women,” Moderna added.
Pfizer did not immediately respond to a request for comment.
Numerous studies have demonstrated that shots using mRNA technology, including Covid vaccines from Pfizer and Moderna, are safe and effective, and serious side effects have happened in extremely rare cases.
Researchers have noted an elevated but rare risk of myocarditis, or inflamed heart muscle, in young men in particular. But there is no evidence that the vaccines in use now cause any other major safety risks, including pediatric deaths. Global surveillance data also continue to generally show that the benefits of Covid vaccination outweigh the risks in pediatric populations.
The Washington Post said the claim appears to be based on information submitted to the federal Vaccine Adverse Event Reporting System, which monitors the safety of shots approved or authorized by the Food and Drug Administration. The system contains unverified reports of side effects, including from patients, doctors and pharmacists.
Only scientists and public health officials can determine, after thorough investigation, whether a vaccine caused or contributed to a side effect submitted to the system, according to the CDC website.
Last week, FDA Commissioner Marty Makary told CNN the agency is conducting an “intense investigation” into whether Covid shots have caused deaths in children. He did not share specific data linking pediatric deaths to the vaccine, but pointed to self-reported incidents in the safety system database.
The FDA plans to release a report in the coming weeks, Makary added.
“We do know at the FDA, because we’ve been looking into the [vaccine safety] database of self reports, that there have been children who have died from the Covid vaccine,” Makary told CNN.
During a Senate hearing last week, Kennedy said he supports a statement made by a newly appointed member of a key government vaccine panel that mRNA vaccines pose a dangerous risk to people.
More than 1,000 students will get extra help with school uniform costs, Hull City Council has said.
Next month, Year 7 pupils in Hull who receive free school meals will be given a £50 uniform voucher – £10 more than in previous years.
The money, from the government’s Household Support Fund, will be distributed to families before the October half term.
Council leader Mike Ross said: “We are absolutely aware that we are still in a cost of living crisis, so we hope these increased grants can help make a difference.”
Ross added: “We know that £50 won’t cover every item of uniform, which is why we’ve called on the government to provide additional support to local authorities like Hull to be able to provide more help for children from low-income families.
“Having been asked to look at the level of funding for school uniforms by full council, I know it was the right move to increase the amount available for those in need.”
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Urban Company IPO Listing Price Prediction: Shares of Urban Company Ltd are expected to be listed at Rs 146 on the BSE and the NSE, as per its grey market premium.
Urban Company IPO Listing Price Prediction.
Urban Company IPO Listing Price Prediction: The Urban Company IPO witnessed its final day of bidding on Friday, September 12. The issue received over 108.98x subscription on the last day of bidding on Friday. Its grey market premium or GMP has also surged to 41.75%, compared with nearly 37% on the first day of bidding on Wednesday.
Urban Company IPO Listing Price Prediction
According to market observers, shares of Urban Company Ltd are expected to be listed at Rs 146 on the BSE and the NSE, as per its grey market premium. The GMP currently stands at Rs 43, which is nearly 41.75% over its IPO price of Rs 143, indicating a strong listing for the issue.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Urban Company IPO Allotment Date & Listing Date
The IPO allotment will take place on September 15 (Monday), while its listing is scheduled to take place on September 17 on both the BSE and the NSE. Once the allotment is finalised on Monday, the IPO allotment can be checked on the websites of the BSE, the NSE and registrar Link Intime.
Urban Company IPO Price & Lot Size
The price band of the IPO has been fixed in the range of Rs 98 and Rs 103 per share. Its lot size has been fixed at 145 shares. It means that investors will have to apply for a minimum 145 shares and in multiple thereof.
Urban Company IPO Subscription Status So Far
On the final day of the three-day bidding, the issue received a 108.98x subscription, garnering bids for 11,06,88,64,130 shares as against the 10,15,65,534 shares on offer. The retail and NII participation stood at 41.49x and 77.82x, respectively. The QIB category was subscribed by 147.35x.
Urban Company IPO: Analysts’ Recommendations
Brokerages are divided on Urban Company’s upcoming IPO, with most recommending a subscription, though views vary on the time horizon and risk appetite.
Anand Rathi Shares & Stock Brokers has given a ‘subscribe for long-term’ tag, citing strong network effects and a trusted brand. “It is valuing at P/E of 65.7 times to its FY25 earnings with P/S of 12.9 times and market cap of Rs 14,789.5 crore. We believe that the IPO is fully priced and recommend a ‘subscribe for long term’ tag,” it said.
BP Equities and Sushil Finance are also positive, both giving a straight ‘subscribe’ rating. BP Equities said the company’s leadership, improving financials, and long growth runway make the IPO attractive for medium to long-term investors, while Sushil Finance called it an opportunity to participate in India’s dynamic gig economy.
ICICIDirect has taken a cautious stance with a ‘neutral’ rating, noting that while Urban Company is a unique player in the home services space, the IPO valuation of 11.4 times FY25 EV/Sales is “largely in line with other new age platform companies.” It said optimum use of its employee strength would aid operating leverage and long-term profitability.
Lakshmishree Investment & Securities was more cautious, recommending ‘subscribe with risk’. It said the valuation assumes continued high growth and margin expansion, leaving little room for a near-term re-rating. “Risk-tolerant investors seeking exposure to the rapidly growing home services sector [should] subscribe… but only with a long-term period,” it advised.
KR Choksey Finserv, on the other hand, has given a clear ‘subscribe’ call, highlighting that the company has serviced 14.6 million customers to date, with annual transacting users growing at a 17.3% CAGR. “We believe the company is well-positioned to capitalize on the growth driven by expanding consumer segments and shifting preferences towards higher spends on experiences,” it said.
Canara Bank Securities echoed this optimism with a ‘subscribe’ rating, pointing to Urban Company’s transformation into a profitable, cash-flow positive enterprise. “Its growth strategy is anchored in its India Consumer Services segment, with prudent international expansion and product diversification enhancing long-term potential,” it noted.
Ventura Securities also backed the issue with a ‘subscribe (risk)’ view, noting that Urban Company has turned profitable with a Q1FY26 profit of Rs 6.94 crore. “Its ability to innovate products and services… further strengthens its competitive positioning. However, these strengths are accompanied by notable risks,” it cautioned.
SBI Securities has recommended subscribing with a long-term view, citing strong revenue and NTV growth. “Profitability is on an improving trend and is expected to breakeven at the EBITDA level in FY26E,” it said.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
September 12, 2025, 11:33 IST
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