Moneycontrol.com: Difference between revisions
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{{short description|Indian English website}} |
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{{Infobox newspaper |
{{Infobox newspaper |
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| name = moneycontrol |
| name = moneycontrol |
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Revision as of 11:37, 4 September 2023
 | |
| Type | Business news site |
|---|---|
| Format | Web portal |
| Owner(s) | Reliance Industries Limited |
| Publisher | E-Eighteen.Com Limited (EECL), a Network 18 subsidiary |
| Launched | 5 November 1999 |
| Language | English |
| Headquarters | Mumbai, Maharashtra, India |
| City | Delhi, India |
| Website | www |
Moneycontrol.com is a business news portal and digital property published by E-Eighteen.Com Limited (EECL),[1] which, in turn, is a subsidiary of the Reliance Industries-owned Network 18 group.
Moneycontrol was initially founded in November 1999 as a news portal providing information on personal finance, stocks, and other market news. The website was incorporated into the Network 18 group in March 2000.[2]
In 2022, moneycontrol won the India Content Leadership awards in the "best news app" and "best business app" categories.[3] It had also announced publicly, through an advertisement in Hindustan Times, that it had recorded a higher readership than its competitor Economic Times through unique visitors, average time spent and other key traffic parameters on its website.[4] In the same year, E-Eighteen.com saw a surge in its revenue growth by 34 per cent and a rise in its subsequent share value.[1]
History
Moneycontrol was originally started in 1999 by husband-wife duo Victor Fernandes and Sangeeta Fernandes, along with Mohit Batra,[5] the founder of marketsmojo.com,[6][7] and several others.[8]
Its popularity, immediately after its November 1999 launch, had led to Raghav Bahl buying the ownership of the portal from Fernandes on 28 March 2000, through a swap deal that gave Victor and Sangeeta Fernandes and the founding team of moneycontrol a 7.5 per cent collective share in Network18's e-Eighteen subsidiary.[1]
Ownership
Network 18, which was originally founded by Raghav Bahl on 16th February 1996 as SGA Finance & Management Services Private Limited,[9] also owned the Indian arm of CNBC at the time that it took over moneycontrol in March 2000.[10] TV18 had been launched by Bahl in September 1993 as Television Eighteen India Private Limited and, together with CNBC, it became the CNBC-TV18 that was incorporated along with moneycontrol into Bahl's Network 18 group.[10]
By 2011, following its near two-decade long expansion and acquisition of international TV channels, American business magazines, and other websites, Network 18 was reported to have run up to losses and to have incurred a debt of Rs 1800 crores[10] and the Network 18 group failed to obtain additional loans from banks.
Reliance's Independent Media Trust provided a loan to Network 18 in February 2012, and in May 2014, moneycontrol.com, along with the other media properties that were under Network 18, such as Forbes India magazine and Firstpost.com, along with CNBC-TV18, all became part of the Reliance Industries–owned group[11] that now wholly controls Network 18.[12]
SEBI Inquiry
In 2019, the Securities and Exchange Board of India (SEBI) ruled out an appeal filed by moneycontrol's original founders Victor and Sangeeta Fernandes who had asked SEBI to investigate the 2014 Reliance Industries takeover of Network 18, questioning whether RIL had been exercising indirect control over the group even prior to the formal takeover.
According to the final SEBI verdict, no open offer had been needed over the RIL takeover, given the various agreements that had already been in place involving investment of funds into Network 18 between 2012 and 2014 from RIL's Independent Media Trust.[13]
References
- ^ a b c Moneycontrol (E-Eighteen.Com Limited) Unlisted Shares. stockify.net.
- ^ MoneyControl - Startup Story. Byte Man. 18 July 2020.
- ^ India Content Leadership Awards.
- ^ Moneycontrol takes on Economic Times in a Print Ad. bestmediainfo.in. 19 April 2022.
- ^ "Moneycontrol's founding team starts MarketsMojo to make equity investment mainstream." Sindhu Kashyap. yourstory. 2 November 2016. Link unavailable.
- ^ How Mohit Batra looks to stand apart in PMS field. Abhinav Kaul. Livemint.com. 28 November 2022.
- ^ Our goal will be to go public within the next three years: Mohit Batra. Puneet Wadhwa. Business Standard. 30 November 2022.
- ^ TV18 implements cross programming between CNBC, moneycontrol.com. exchange4media.com. 14 April 2001.
- ^ Network 18 Media & Investments: Company History. moneycontrol.com.
- ^ a b c Who owns your media: Network18's journey from a production house to a broadcast behemoth. Pooja Bhula. newslaundry.com. 19 July 2023.
- ^ A New Headache for Raghav Bahl. Gurbir Singh. Businessworld. 08 November 2014.
- ^ Inside the Network18 Takeover. Ashish K. Mishra. Livemint.com. 23 June 2014.
- ^ Network 18 case: SEBI says no open offer needed on investments involving IMT. Business Standard. Press Trust of India. 15 November 2019.