BUSINESS

    Adani Green Energy becomes India’s 1st to surpass 10,000 MW renewable energy

    Ahmedabad: In a first for the country, Adani Green Energy Limited (AGEL) on Wednesday said it has surpassed 10,000 megawatts (MW) of operational portfolio, delivering reliable, affordable and clean power to the national grid. AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and help avoid about 21 million tonnes of CO2 emissions annually. “We are proud to be India’s first ‘das hazari’ in the renewables space,” said Gautam Adani, Chairman of the Adani Group. “In less than a decade, Adani Green Energy has not just envisioned a greener future but has actualised it, growing from a mere idea to explore clean energy to achieving a phenomenal 10,000 MW in installed capacity,” added Adani Group’s Founder and Chairman. AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity. The milestone is a testament to AGEL, India’s largest and one of the world’s leading…
    BUSINESS

    Rs 2000 banknotes: Exchange, deposit at RBI offices won’t be available on April 1

    New Delhi: The window for the exchange or deposit of Rs 2000 banknotes at RBI regional offices will not be available on Monday, April 1, RBI said on Thursday. The central bank cited operations related to “Annual Closing of Accounts” as the reason behind the unavailability of exchange and deposit services. The facility will resume on Tuesday. About 2.4 per cent of the just-withdrawn Rs 2,000 banknotes are still in circulation, about six months after the deadline to deposit or exchange them at bank branches is over. This essentially meant 97.6 per cent of the total value of the high-value Rs 2,000 banknotes were back in the banking system. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was Saturday (October 7). The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May…
    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

    • Jun- 2023 -
      3 June
      7,239

      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
      6,983

      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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    • 2 June
      6,983

      New Trouble For Adani As Deloitte Agrees With Some Of Hindenburg’s Claims Against The Conglomerate

      At a time when Adani Group shares are enjoying a green phase after bleeding heavily in the first quarter of the year after Hindenburg Research’s report rattled them, fresh trouble seems to be brewing for the Gautam Adani led conglomerate. bloomberg© Provided by Indiatimes Audit giant Deloitte, which is Adani Ports & Special Economic Zone’s auditor, has sounded a note of caution over insufficient disclosures around the company’s transactions with certain entities. This returns the spotlight to the allegations made by short seller Hindenburg Research on Gautam Adani’s empire. For the unversed, Adani Ports is also touted as the Adani group’s ‘crown jewel’. Deloitte Haskins & Sells LLP raised concerns this week over the Adani Group Company’s transactions with three entities, which the company said were unrelated parties. But the auditor said it…

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    • May- 2023 -
      27 May
      6,894

      Dollar set for third week of gains as US debt talks loom large

       The dollar eased on Friday but remained on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited a resolution to last-ditch U.S. debt ceiling talks. Apparent progress on Thursday in talks between President Joe Biden and top congressional Republican Kevin McCarthy helped ease jitters, but markets remained on edge at any risk of a default ahead of a long bank holiday weekend in the U.S. “Monday is a bank holiday in the U.S. so market participants will have to wait until Tuesday 30th May to trade positions again so there is a strong belief that Washington needs to make a deal happen today,” currency analysts at MUFG…

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    • 27 May
      6,883

      Wipro top brass take pay cut, Premji’s salary halves

      Wipro’s modest performance last year has resulted in a big pay cut for chairman Rishad Premji. According to the company’s annual report for the year that was released on Thursday, Premji took home $951,353 during the year, almost 50% lower than the $1.8 million he drew the year before. His salary included a basic component of $861,620, long-term benefits of $74,343, and other allowances of $15,390. He received no commission. Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profit of Wipro over the previous fiscal year. However, the report said, since incremental consolidated net profit for the year was negative, no commission was payable to him. CEO Thierry Delaporte’s salary dropped marginally to…

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    • 25 May
      450

      Mukesh Ambani, Isha Ambani firm sacks 1000 workers after spending Rs 2850 crore, here’s what happened

      Jiomart, Mukesh Ambani’s wholesale online platform, has laid off 1000 employees days after it acquired Metro Cash and Carry. This is just the beginning of the drive which will see nearly two-third of the company’s 15000 workforce reduced. The layoffs include nearly 500 corporate employees. It has put hundreds of employees on a ‘performance improvement plan’ as it plans a larger round of layoffs, reported ET. According to the paper, the rest of the employees’ salaries had been lowered. They have been put on a variable pay structure.  The company attempts to replace distributors for grocery stories. The decision has reportedly been taken as Metro’s permanent workforce of 3500 employees will result in overlap of several roles.  The company is…

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    • 23 May
      274

      Adani Enterprises shares surge by over 46 pc in five days

      The value of Adani Enterprises Ltd shares increased from Rs 1886 on May 17 to Rs 2759 today  Adani Group The shares of Adani Enterprises Ltd, the flagship company of Adani Group, have experienced a remarkable surge of over 46 percent in the last five days. This surge in share prices came after a recent finding by the Supreme Court-appointed committee, which has provided a positive outlook for investors. The surge in Adani Enterprises shares began on Friday when a committee led by retired judge A.M. Sapre, assigned to investigate the Adani-Hindenburg controversy, disclosed its findings. The committee, after considering explanations provided by the Securities and Exchange Board of India (SEBI) and analyzing empirical data, stated that there was no…

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    • 20 May
      303

      India’s super rich will double to 1.6 million by 2027: Knight Frank

      India’s billionaires are expected to grow to 195 by 2027, says a Knight Frank wealth report. India has new opportunities in manufacturing, infrastructure, tech and more, which will aid wealth creation, says Shishir Baijal, CMD of Knight Frank India. Even as the number of HNIs and billionaires in India grew in 2022 from the year before, the number of UHNIs fell by 7.5%. As of 2022, India is home to 797,714 high-net-worth individuals (HNIs), or those whose asset value is at $1 million or more. Such individuals will double in number – growing at a massive 108% in the next five years to 1.7 million, estimates a report by Knight Frank. India’s ultra-high-net-worth individuals (UHNWIs), with net worth over $30…

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    • 18 May
      287

      Sanjiv Kapoor joins Saudi Arabia’s SAUDIA after quitting Jet Airways as CEO-designate, says report

      Sanjiv Kapoor, who recently resigned from the post of CEO-designate of cash-strapped carrier Jet Airways, has joined Jeddah-based Saudia as the advisor to its Director General Ibrahim Al-Omar. In an article in The Economic Times, Kapoor confirmed his appointment.  SAUDIA, one of the two major airlines of Saudi Arabia, has been working on its expansion plan. On March 21, SAUDIA declared that it is working to add 25 new destinations in 2023 on the SAUDIA Group Network.  It also added that it would buy 39 wide-bodied 787 Dreamliner planes from Boeing in line with its expansion plans.  Last month, Kapoor resigned from his post of CEO-designate of Jet Airways. He joined Jet Airways as their Chief Executive Officer (CEO) on April 4,…

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    • 18 May
      344

      Air India Express brings 280 pilots, 250 crew onboard

      Air India Express, the low-cost international carrier, has hired over 280 pilots and 250 cabin crew during a recent recruitment drive conducted across Mumbai, Delhi and Bengaluru. As per the airline, about 300 pilots participated in the selection process conducted during the drive, news agency PTI reported. Air India Express is owned by Tata Group, which acquired the airline along with the full-service carrier Air India in late January last year. Apart from Air India and Air India Express, the Group also owns domestic budget carrier AirAsia India as well as a 51 per cent stake in its joint venture airline with Singapore Airlines, Vistara. While Vistara is in the process of merging with Air India, AirAsia India is being integrated with…

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