BUSINESS
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Jan- 2023 -27 January
Hindenburg Vs Adani: Inside The Report That Sucked Over ₹48,000Cr Off Adani’s Pocket Ahead Of India’s Largest FPO
All hell broke loose on Adani group’s stock platter after Hindenburg Research made massive allegations of stock manipulation against the world’s third richest man Gautam Adani and his business empire. The share price of Adani Ports and Special Economic Zone Ltd fell up to 7.25 per cent and that of Adani Enterprises fell up to 3.7 per cent yesterday. Hindenburg Research report titled “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History” was published on 24 January 2023 and the team shared it on Twitter on 25 January 2023. WHAT IS HINDENBURG RESEARCH ALL ABOUT Hindenburg Research was founded in 2017 by Nathan Anderson. It is a forensic financial research firm that analyses equity, credit,…
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24 January
China using cheap loans tactic to reduce India’s influence in Indian Ocean Region, say research papers
China has been growing its activities and influence using the Belt and Road Initiative (BRI) project in India’s extended neighbourhood with the sole purpose of reducing New Delhi’s influence in the Indian Ocean Region, papers presented at key security meet in the national capital argued. Apart from BRI, China has been using the China-Pakistan Economic Corridor (CPEC) in Pakistan, providing easy loans to several Southeast and South Asian nations in the name of developmental works, while effectively distracting India with hot borders and Line of Actual Control (LAC), the papers presented by the Indian Police Service officers said. “All this is being done with the aim to keep India constrained and occupied in facing the resultant challenges, force resolution of…
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22 January
Up to 790% returns in 2 years! Here’re 10 biggest wealth creators from Tata group
Among 29 listed Tata group stocks, at least 12 stocks delivered over 100 per cent return in the last two years. Data compiled with corporate database AceEquity suggests 26 of the group stocks delivered positive returns while only three delivered negative returns for the period. The market capitalisation (m-cap) for 29 Tata stocks climbed 26 per cent per cent in the two year period against a 28 per cent jump in the BSE Sensex. Shares of auto ancillary company Automotive Stampings and Assemblies, with a current market valuation of Rs 546 crore, has emerged as the top-performing Tata group stock in the last two years. The scrip zoomed 790 per cent from to Rs 344.4 a piece from Rs 38.70,…
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21 January
ChatGPT grabs Gautam Adani’s attention, billionaire hails AI’s potential
Gautam Adani has been expanding his empire at a quick pace one acquisition after another, including a top news channel NDTV and major airports across Inida. But the attention of one of the world’s wealthiest men has been caught by the AI chatbot which netizens and leaders of the tech world are all captivated by. In a blog post shared on LinkedIn, Adani admitted his fascination with the natural language processing tech of ChatGPT, which responds to queries, makes jokes and even writes poems as well as essays, like any human being would. The billionaire wrote about his experience at the World Economic Forum’s meeting in Davos, Switzerland, mentioning how AI was the flavour of the season this year. He…
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20 January
Elon Musk stands to lose billions over 2018 Tesla tweets in US trial
The controversial 2018 tweets by Elon Musk on taking Tesla private has come back to haunt him and he stands to lose billions in a class-action lawsuit by Tesla investors that went underway here. The plaintiffs argued that Musk’s tweets about taking Tesla private, in which he said he had “funding secured”, led them to lose millions of dollars. In a class-action lawsuit, Tesla shareholders who traded the company’s stock in the days after Musk’s tweet sued him “for billions of dollars in damages”, reports The Verge. Glen Littleton, a Tesla investor and lead plaintiff, said he believed in Musk’s tweet and liquidated between 90 per cent to 95 per cent of his stocks. “I couldn’t afford to stay in,” Littleton told jurors. His…
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18 January
India 5G phone market to expand over 70 per cent by end of 2023: Report
The India 5G smartphone market is expected to expand by more than 70 per cent (on-year) by the end of CY2023, a report said on Tuesday. The India smartphone market recorded more than 13 times growth in its 5G shipments from the year of its initial introduction in 2020. “From a mere 4 per cent in CY2020 to a potential more than 45 per cent market share in CY2023, 5G smartphones have definitely come a long way,” said Menka Kumari, Analyst-Industry Intelligence Group (IIG), CyberMedia Research (CMR). In CY2022, close to 100 5G smartphones were launched in the India market. “In 2023, we anticipate close to 75 per cent of the new smartphones to be introduced in the India market to be 5G-capable,” she…
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17 January
This Indian Will Earn 4 Times More Than Mukesh Ambani. His Annual Salary Will Blow Your Mind
IT major Cognizant last week announced the appointment of former Infosys President Ravi Kumar S. as CEO and a member of the Board, effective immediately. Kumar succeeds Brian Humphries in both roles. To facilitate a smooth transition, Humphries will remain with the company as a special advisor until March 15, the company said in a statement. If reports are to be believed, he is expected to earn more than Mukesh Ambani— India’s wealthiest man, and the third richest globally. Reports in leading portals claimed that Kumar has been offered a whopping Rs 57 crore per annum package at Cognizant, which means that he will be receiving 4 times what Ambani was earning at Rs 15 crore a year as of…
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15 January
‘People crying’ after layoffs at Amazon India; employee describes grim scenes in an anonymous post
E-commerce giant Amazon is the latest in the tech world to hand pink slips to its employees. Over 1,000 employees have been reportedly asked to leave the company. An Amazon India employee has now posted about the grim scenes, including people crying in the office, after the announcement of layoffs. It was shared on Grapevine, a community app for Indian professionals. “75% of my team is gone. Although I’m in the remaining 25% I don’t feel motivated to work anymore. They are firing people in cabins. People are crying in the office,” the post said along with the title Amazon India Current Condition. Amazon CEO Andy Jassy first announced the mass layoffs in November last year saying, “We plan to…
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14 January
Govt raids Mukesh Ambani’s Hamleys and Archies, seizes 18,000 toys
More than 18,000 toys from major stores across the country, including those of Hamleys and Archies, have been seized by the government through 44 raids conducted in the past two weeks, official sources informed. The raids or enforcement drives were conducted by the Bureau of Indian Standards (BIS) against toy sellers for selling toys without conforming to the quality norms specified by BIS. In addition to this, the Central Consumer Protection Authority (CCPA) has issued notices to three major e-commerce players namely Amazon, Flipkart and Snapdeal, for alleged violation of toys quality control order, sources informed. Since January 1, 2021, the government has made it mandatory for toys to conform to the Quality Control Order norms specified by BIS. BIS…
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13 January
Goldman Sachs begins major round of global layoffs, fires at least 700 employees in India
Hundreds of people working for Wall Street banking major Goldman Sachs were fired on Wednesday and Thursday as the company began laying off as many as 3,200 people across the globe. Anywhere between 700-800 people working for the company in India are understood to have been fired in the restructuring, said to be among the company’s largest since the 2008 financial crisis. The layoffs, done predominantly to cut costs in the face of economic headwinds such as high inflation, have affected a number of senior employees too, including those at the vice-president level, people aware of the matter said. Before the layoffs, the company had close to 9,000 employees in India working out of its offices in Bengaluru, Hyderabad, and…
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