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 About 2.4 per cent of the just-withdrawn Rs 2,000 banknotes are still in circulation, about six months after the deadline to deposit or exchange them at bank branches is over.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

    • May- 2023 -
      16 May
      323

      20% tax at source for offshore credit deals

      Come July 1, any payment made using a credit card to foreign vendors will be subjected to tax collected at source (TCS) at 20 per cent irrespective of the amount paid. Mumbai: Come July 1, any payment made using a credit card to foreign vendors will be subjected to tax collected at source (TCS) at 20 per cent irrespective of the amount paid. This is because the Budget 2023 has raised the tax collected at source (TCS) from five per cent to 20 per cent under the Liberalised Remittance Scheme (LRS). While moving the Finance Bill 2023 for consideration and passage in  the Lok Sabha the Finance Minister Nirmala SItharaman had said that cross-border credit card payments are currently not captured…

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    • 15 May
      332

      Adani firms announce Rs 21,000 crore fundraiser via QIP, day after being dropped from MSCI Index

      By providing electricity to 31 lakh consumers in and around Mumbai, Adani Transmission has become the group’s most visible manifestation in the financial capital. But the firm that lights up homes across Indian cities has been overshadowed by serious allegations made in the Hindenburg report, which triggered a loss of $140 billion for the group. As the conglomerate recovers from the stock market rout, Adani Transmission and Adani Enterprises will collectively raise Rs 21,000 crore. After the board’s approval, Adani Enterprises will raise Rs 12,500 crore while Adani Transmission will aim for Rs 8,500 crore via qualified institutional placement. The private placement route allows firms to raise money from qualified buyers without having to submit pre-issue filings. The announcement comes…

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    • 15 May
      309

      American e-commerce website sells Indian ‘charpai’ for a staggering 1.12 lakh rupees

      Online marketplaces have made it possible to buy and sell almost anything, including some truly bizarre and outrageously priced items. Remember Balenciaga’s destroyed sneakers and handbags looking like ‘thailas‘ selling for $625 and $2090, respectively? If you thought such staggering prices of commonly available products are limited to foreign items alone, you might be wrong! An e-commerce site in the United States is offering a traditional Indian charpai for an exorbitant price. The charpai is a basic bed constructed from wood and woven jute ropes and typically retails in India for approximately Rs 2,000-10,000. However, on Etsy, it is being sold for approximately 1.12 lakh by an Indian seller. It is described as a “traditional Indian bed with very beautiful decor,” made from high-quality materials and crafted by hand. The charpai measures 36 inches…

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    • 14 May
      306

      JioCinema launches premium subscription plans in India, check out price list

      JioCinema, which has offered free subscriptions for its users for many years, has come with a paid subscription plan. Earlier, there were many speculations that JioCinema makers were planning to make the OTT platform a paid one. The rumors came after the platform screened the FIFA World Cup and IPL 2023 for free. However, the OTT platform gained a massive following with its free subscription for premium shows, and rumors also turned out to be true. With a paid subscription, the user can now enjoy exclusive content from HBO and Warner Bros. Also, JioCinema promised to add exclusive content to the Premium library in the coming months. The premium subscription plan for JioCinema is Rs 999 for a year, and users can…

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    • 11 May
      375

      Bookings for Hyundai EXTER opened in India

      Customers can choose from a range of five variants of Hyundai EXTER -EX, S, SX, SX(O) and SX(O) Connect Hyderabad: Hyundai Motor India has opened bookings for the Hyundai EXTER in India for Rs.11,000 and customers can book the car at dealerships across the country or by visiting ‘https://clicktobuy.hyundai.co.in/#/bookACar?modelCode=HW ‘. The car offers three power train options – 1.2 l Kappa petrol engine (E20 Fuel Ready) with choice of 5-speed manual transmission and smart auto AMT and 1.2 l Bi-fuel Kappa petrol and CNG with 5-speed manual transmission. Customers can choose from a range of five variants -EX, S, SX, SX(O) and SX(O) Connect. The car is available in six Monotone and three dual-tone exterior colour options including two new exclusive colours…

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    • 11 May
      315

      Apple iPhone maker buys massive site in Bengaluru for THIS much

      oxconn, a major Apple supplier, revealed in a filing on Tuesday that it had purchased a sizable plot of land in Bengaluru, days after the company launched its two stores in India.  The company informed the London Stock Exchange in a statement that it has purchased a 13 million square foot plot of land in Devanahalli close to the Kempegowda International Airport. For the uninitiated, Foxconn is the largest contract electronics manufacturer in the world and the primary Apple iPhone assembler. For the property, it said that its affiliate Foxconn Hon Hai Technology India Mega Development had paid three billion rupees (about $37 million). In 2019, Foxconn began producing Apple smartphones in India. It began producing the product at its…

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    • 9 May
      310

      After opening borders, China presses Singapore for visa-free travel deal

      China is hammering out details with Singapore on a bilateral visa-free travel arrangement, according to Beijing’s embassy, a move that could boost arrivals in the city-state from what was its biggest pre-pandemic tourism market. There were 3.6 million Chinese visitors to Singapore in 2019, more than any other country, who spent a combined S$4.1 billion ($3.09 billion). Many Chinese have in recent years been keen to invest, move assets or relocate to Singapore, with some buying into luxury real estate. Among Singapore’s 4 million citizens and permanent residents, three-quarters are of Chinese ethnicity and many speak Mandarin, making it easy for mainland Chinese to navigate the country. “It is something that citizens of both countries are eagerly awaiting, and is…

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    • 6 May
      277

      Russia says there’s a problem with billions of rupees it has in India that need to be converted

      Russia has accumulated billions of rupees that are sitting in Indian banks. But Moscow acknowledged that it’s a problem and is looking to convert the rupees to another currency. Russia has billions of rupees sitting in Indian banks but acknowledged there’s a problem as it looks for ways to convert that currency. Foreign Minister Sergei Lavrov noted the widening trade deficit with India, which has been a top buyer of Russian oil since Moscow launched its war on Ukraine last year. “As for rupees, this is a problem because there are billions of rupees accumulated in accounts at Indian banks and we need to use this money,” Lavrov told reporters in India on Friday. “For this, rupees should be converted…

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    • 4 May
      295

      Go First Bankruptcy: 27 Indian Airlines Went Out Of Business In Last 3 Decades, Check Full List

      One scheduled airline on an average has gone out of business every year since private airlines took to the skies nearly three decades ago, with Wadia group-owned Go First being the latest carrier battling financial turbulence for survival. The first private airline to go belly up was East West Travels & Trade Link Ltd, which shuttered operations after almost two years in November 1996. The same year, ModiLuft Ltd also went out of business. Since 1994, the year when private airlines took off in the country, at least 27 scheduled carriers have either been shuttered or have been acquired or merged with other carriers, according to official data. While the country’s domestic aviation sector is on an upswing with strong…

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    • 3 May
      305

      Adani Power stock gives 29 pc return in 14 days as share price surges

       Adani Group Adani Group’s power business arm, Adani Power, continued its upward trend for the eighth trading session, with its share price rising by 2.78 percent to Rs. 242.50 today. The share price surge has been an impressive 29.47 percent in just 14 days, as it has risen from Rs 187.30 on April 19. This impressive rise in the share price of Adani Power has helped the company recover 78.08 percent from its 52-week low of Rs 132.55, which was seen on February 28, 2023. Buy, sell or hold Adani Power shares? While the share price of Adani Power dipped earlier due to the Hindenburg report, it has now recovered significantly. However, technical analysts have mixed opinions about the further…

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