BUSINESS

    Narayana Murthy gifts shares worth Rs 240 cr to grandson Ekagrah Rohan Murty

    New Delhi; Infosys founder N R Narayana Murthy has gifted 15 lakh shares to grandson Ekagrah Rohan Murty valued at around Rs 240 crore, according to a regulatory filing. Murthy has gifted 15 lakh shares, or 0.04 per cent of his equity holding, to Rohan Narayana Murty son Master Ekagrah Rohan Murty –making him the youngest billionaire shareholder of Infosys. The value of total gifted shares come to around Rs 240 crore as per company’s closing share price of Rs 1,602.3 apiece. Ekagrah is the third grandchild of Narayana Murthy. His first two grandchildren are daughters of Akshata Murty and UK Prime Minister Rishi Sunak.
    BUSINESS

    US court orders Byju’s to freeze $533 million owed to lenders

    New York: The steering committee representing term-loan lenders of Byju’s $1.2 billion loan on Friday said that a US judge has ordered to prohibit further movement or use of $533 million by the edtech company, which is owed to lenders. According to the steering committee’s statement, the company’s co-founders Byju Raveendran and Divya Gokulnath are prohibited by the judge from further transferring or using any of the $533 million in loan proceeds previously held by Camshaft Capital Fund, and subsequently transferred to an unnamed and unknown offshore trust. The court also found that Raveendran and Gokulnath “are working in concert with the defendants and ordered them to comply with its ruling”. In its ruling, the court confirmed that the transfer of funds from Byju’s Alpha, the edtech firm’s US subsidiary, and their continued concealment, “likely constitutes a fraudulent conveyance”. “The fact that the parent company is attempting to hide where the assets are…
    BUSINESS

    Disney, Reliance sign binding pact for India media merger: Report

    Walt Disney Co. and Reliance Industries Ltd. have inked a binding agreement to merge their media operations in India, reported Bloomberg News quoting people familiar with the development. The media unit of Reliance and its affiliates are expected to own at least 61 per cent of the merged entity, with Disney holding the rest, added the people quoted in the report.  As of now, none of the two entities have officially released any statement on the deal. However, the sources also said that the signing of the agreement along with other details is likely to be announced this week. They added that the stake split between the two companies may change at a later stage, depending on how Disney’s other local assets are factored in. It may be noted that Disney owns a minority stake in broadcast service provider, Tata Play Ltd, which Reliance may consider acquiring, as per media…
    BUSINESS

    Sebi cautions investors against fraudulent trading platforms offering stock market access via FPI route

    Capital markets regulator Sebi on February 26 cautioned investors against fraudulent trading platforms, claiming to facilitate stock market access to Indians through Foreign Portfolio Investors (FPIs) route. Sebi noted that fraudsters are enticing victims through online trading courses, seminars, and mentorship programs in the stock market, leveraging social media platforms such as WhatsApp or Telegram, as well as live broadcasts. Posing as employees or affiliates of Sebi-registered FPIs, they coax individuals into downloading applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy “institutional account benefits”— all without the need for an official trading or demat account, Sebi said adding that these operations often use mobile numbers registered under false names to orchestrate their schemes. The cautionary statement came after Sebi received a number of complaints regarding fraudulent trading platforms.
    BUSINESS

    Byju’s investors vote to remove CEO after ‘rowdy’ Zoom call. What next?

    Major investors of embattled edtech firm Byju’s voted to oust founder Byju Raveendran as the chief executive officer (CEO) on Friday after a Zoom call that lasted for hours. The proceedings of the Extraordinary General Meeting (EGM), called by major investors of Byju’s, faced delays as several employees of the edtech firm tried to disrupt proceedings, reported Bloomberg news quoting two people who attended. It was reported that on multiple occasions during the meeting, unidentified participants attempted to disrupt the proceedings by using whistles and other loud noises. Over 60 per cent of the investors voted for Raveendran’s ouster at the EGM, including Prosus NV and Peak XV Partners, citing mismanagement and other challenges at the edtech company. Prosus released a statement to confirm that the shareholders passed all the resolutions put forward for a vote. The development comes as a huge blow to the man who was once considered a poster…
    BUSINESS

    GPT Healthcare IPO: Latest subscription, GMP on Day 2

    The Initial Public Offering (IPO) of GPT Healthcare Ltd, a regional healthcare company mainly operating in Eastern India, has seen a moderate subscription rate on its second day of trading. The IPO, which made its debut at the stock market on Thursday, February 22, 2024, witnessed a subscription status of 37 per cent on its first day. Breaking down the subscription, the retail portion of the issue received a higher interest, with a subscription rate of 66 per cent. However, the non-institutional investors (NIIs) portion saw a modest subscription of 18 per cent, while the Qualified Institutional Buyer (QIBs) portion is yet to garner any bids. As of noon on Friday, February 23, 2024, the subscription stands at 0.64 times, indicating a lukewarm response from investors. In the retail category, the IPO saw a subscription of 1.07 times, while the QIB category remained unsubscribed, and the NII category recorded a subscription…
    BUSINESS

    UPI, Aadhaar set to drive India to $8 trillion economy by 2030

    New Delhi: Digital Public Infrastructure (DPIs) like Unified Payments Interface (UPI) and Aadhaar are poised to propel India towards a $8 trillion economy by 2030, helping the country achieve a $1 trillion digital economy target, a Nasscom-led report said on Wednesday. With successful mass adoption and larger economic impact, DPIs are impacting approximately 1.3 billion citizens, covering 97 per cent of India’s population. The matured DPIs enabled a value creation of $31.8 billion, equivalent to 0.9 per cent of India’s GDP in 2022. Aadhaar has enabled an economic value of $15.2 billion, primarily through the elimination of Direct Benefits Transfer leakages. UPI, on the other hand, has replaced cash transactions and electronic transfers across sectors, contributing $16.2 billion, according to the report by Nasscom in collaboration with global consulting firm Arthur D. Little. “India’s digital transformation, propelled by DPIs, marks a leap towards a digitally-empowered economy, a cornerstone of ‘techade’, driving…
    BUSINESS

    Amazon plans to launch low-priced fashion vertical ‘Bazaar’ in India

    New Delhi: E-commerce giant Amazon is set to launch a low-priced fashion and lifestyle vertical called ‘Bazaar’ in India. According to a communication the company has sent to its partners, the new vertical Bazaar is a special store where no “extra charges” will be imposed on vendors supplying unbranded and “trendy” fashion and lifestyle products, reports TechCrunch. “Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication. The items sold via Bazaar will be priced under Rs 600, the report noted. In the communication, the e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee. Meanwhile, net sales for Amazon increased 14 per cent to $170 billion in the holiday quarter that ended December 31, 2023, compared with $149.2 billion in the fourth quarter of…
    BUSINESS

    Tesla’s first India manufacturing plant likely to be set up in Gujarat: Report

    Electric vehicle (EV) manufacturing giant Tesla is likely to establish its first local India manufacturing plant in Gujarat, reported Ahmedabad Mirror. An announcement is likely to be made during the Vibrant Gujarat Summit scheduled for January 2024, with Tesla CEO Elon Musk likely to be present for the occasion. As per the report, Gujarat’s strategic advantages, including its favourable business environment and strategic location, have positioned it as the preferred destination for Tesla’s manufacturing endeavours. It added that the state government has proposed multiple locations, including Sanand, Dholera, and Becharaji, as potential sites for the Tesla plant. This move aligns with Tesla’s goal of addressing both domestic and international demands, including exports, from its Indian manufacturing base. Speculation about Tesla’s entry into the Indian market has been circulating for some time, with discussions ongoing between the company and the Indian government regarding concessions and regulatory considerations. While the government’s official stance is…
    BUSINESS

    Sensex, Nifty end higher as heavyweight stocks gain; Nestle India up 5%

    The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory. Benchmark stock market indices ended the trading session on a positive note on Tuesday as heavyweight stocks such as Reliance Industries Limited, ITC and SBI registered gains. The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory.

    BUSINESS

    • Dec- 2023 -
      19 December

      EV sale picking up despite removal of tax exemptions in Telangana

      Hyderabad: Electric car sales, which saw a substantial drop after the State government withdrew the lifetime road tax and registration fee exemption enjoyed by electric passenger cars in July, are once again picking up with EV car manufacturers and dealers deciding not to pass on the tax amount to customers. The government has replaced the exemption from paying road tax for electric cars with a fee that ranges from 11 to 15 percent. Currently, EV car dealers in the State are deducting the road tax amount from the total price of the vehicle. In fact, they are using the tax amount as an incentive to attract customers. The customers are saving amounts ranging between Rs.1.6 lakh to Rs.2.5 lakh (Under Rs.…

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    • 18 December

      Tata Motors to increase price of commercial vehicles from January

      Hyderabad: Heavy and commercial vehicle manufacturer Tata Motor has on Monday announced that it will increase the prices of all its commercial vehicles from January 1, 2024. In an official release, Tata Motors stated that there will be a price increase of up to 3 percent across the entire range of commercial vehicles. The increase, the company says, is to offset the residual impact of the past input costs. The global automobile manufacturer produces cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market. With operations in India, the UK, South Korea, Thailand, South…

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    • 18 December

      Adani acquires majority stake in news agency IANS

      New Delhi: Billionaire Gautam Adani’s group has acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expands its presence in the media space. In a regulatory filing, Adani Enterprises — the firm that holds the group’s media interest — said its subsidiary “AMG Media Networks Ltd has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.” The company did not disclose the acquisition price. Adani had forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV. AMNL was the…

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    • Jun- 2023 -
      10 June

      Despite best Saudi attempts, crude ends another week in the red

      Investing.com — “Patience, patience,” the Saudi oil minister must be telling himself. While OPEC’s top brain did his best to get a barrel nearer to $80 or above, crude prices finished Friday’s trading even lower than before last weekend’s meeting of the world’s top oil producers, where Saudi Arabia tried to “surprise” the market with another production cut. That surprise is in inverted commas because many market watchers had already appeared to know that minister Abdulaziz bin Salman and his Saudi contingent would announce a unilateral output cut if there was no willingness by the rest to put up one. The million-barrel cut that Abdulaziz tried to cutely label as a “Saudi lollipop” couldn’t sustain its sweetness beyond a couple…

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    • 9 June

      Oil Marketing Companies Likely To Slash Petrol, Diesel Prices

      Oil marketing companies (OMC) are likely to reduce prices of petrol and diesel, citing government sources news agency ANI reported on Thursday. The OMCs have almost recovered their losses and are nearing normalcy as evident by their positive quarterly results. As a result, the expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels, according to the source from the government said on Wednesday. Sources privy to the development said, “OMCs have good quarterly results and they are going for another good quarterly results. So, expecting OMC’s to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol.” According to the sources, oil…

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    • 7 June

      US car giant Ford recalls 125,000 vehicles over engine failures that can cause fires

      Ford Motor Co said on Tuesday it is expanding and issuing a new recall for 125,000 sport utility vehicles and trucks because engine failures may cause a fire. The recall covers various Escape and Lincoln Corsair SUVs and Maverick compact pickup trucks from the 2020-2023 model years with 2.5L hybrid or plug-in hybrid engines, according to a filing with the National Highway Traffic Safety Administration. Ford said isolated engine manufacturing issues can cause the engine to fail prematurely and in that event engine oil or fuel vapor may be released, increasing the risk of fire and injury. Ford initially recalled 100,000 Escape, Corsair and Maverick in the United States in July 2022 after identifying 23 reports globally of a fire…

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    • 6 June

      Rs 1462 crore firm on the verge of collapse, founder Rahul Yadav lived life of luxury as employees went unpaid

      In another stunning case of business failure, the lead investor in Rahul Yadav’s new startup saw Rs 280 crore “vanish”. Rahul Yadav, the Indian startup industry’s ex-poster boy, first grabbed headlines with his meteoric rise and fall with Housing.com. He is now accused of splurging on luxuries instead of paying his employees.  Yadav’s 4B Networks, which operates Broker Network, is on the verge of an exceptional collapse. As per lead investor InfoEdge, the company has burnt more than Rs 280 crore in less than 18 months. However, over 150 employees have not received their salaries since November 2022.  On the other hand, founder Rahul Yadav reportedly moved around in a Mercedes-Maybach and rented a boardroom at Mumbai 5-Star Taj Land’s…

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    • 5 June

      Saudi Arabia slashes oil production and threatens to do ‘whatever is necessary’ to boost prices

      Saudi Arabia has announced plans to cut its oil production by 1 million barrels per day (bpd) as the Kingdom pledged to do “whatever is necessary” to prop up sagging prices. Oil prices were expected to jump on Monday after the surprise unilateral decision by the Gulf state. Saudi oil minister Prince Abdulaziz bin Salman said the country would voluntarily slash oil production in an attempt to boost prices, after the Opec cartel and its allies failed to agree a collective deal on cuts. The move, which takes effect from July, amounts to a reduction of around 1pc of global supplies. A further production fall is likely to inflame tensions with Joe Biden, who has encouraged producers to turn on the taps to keep…

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    • 3 June

      Mukesh Ambani firm invested Rs 50 crore in EV firm, it will be valued at Rs 2895 crore if…

      Altigreen Propulsion Labs Pvt Ltd, a company backed by Mukesh Ambani’s Reliance, is mulling raising Rs 700 crore. The company manufactures electric cargo three-wheelers. The company counts Mukesh Ambani as its backers. If the company gets investment at the valuation it seeks, it will come to be around 350 million dollars (Rs 2895 crore). The company is hoping to wrap the fundraising exercise by July. The company was founded in 2013 by Amitabh Saran, who is also his CEO. The company’s annual production is 55000. The company raised Rs 300 crore last year. Mukesh Ambani’s Reliance New Energy Limited was among the investors. The company last year entered an agreement with Altigreen to invest Rs 50.16 crore. The company has…

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    • 2 June

      Anger as Amazon avoids millions of pounds of corporation tax thanks to Rishi Sunak scheme

      Critics have lashed out after it emerged Amazon’s main UK division paid no corporation tax for the second year in a row. The online giant picked up a £7.7million tax credit as it benefited from a Government scheme rewarding its investment in infrastructure – including its use of robots. It has sparked claims it has been able to undercut smaller businesses. New accounts filed at Companies House reveal Amazon UK Services was spared paying corporation tax thanks to Mr Sunak’s “super-deduction” scheme, brought in while he was Chancellor. It rewards businesses that plough cash into helping them expand, but detractors say Amazon would have done so anyway without the incentives. Paul Monaghan, chief executive of the Fair Tax Foundation, fumed:…

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