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 About 2.4 per cent of the just-withdrawn Rs 2,000 banknotes are still in circulation, about six months after the deadline to deposit or exchange them at bank branches is over.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 -
      3 May
      313

      India’s Go First airline files for bankruptcy, blames Pratt & Whitney engines

      Cash-strapped Indian airline Go First filed for bankruptcy proceedings on Tuesday, blaming “faulty” Pratt & Whitney engines for the grounding of about half its fleet. The move marks the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores the fierce competition in a sector dominated by IndiGo and the recent merger of Air India and Vistara under the Tata conglomerate. The company has not defaulted on any of these dues as of April 30, but has defaulted on payments to operational creditors, including 12.02 billion rupees to vendors and 26.60 billion rupees to aircraft lessors, it said in the filing. Go First said in a statement its filing with the National Company Law…

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    • 2 May
      307

      Jacket for Rs 2 lakh, tees for Rs 24,000! Shah Rukh Khan’s son Aryan’s clothing brand slammed for being ‘ridiculously expensive’

      Shah Rukh Khan’s son Aryan Khan launched his luxury clothing brand, D’YAVOL X, on Sunday (April 30). The younger Khan took to his Instagram handle to share a twinning picture with his father to announce the launch of the brand. As soon as the collection was launched, netizens rushed to the official website of D’YAVOL X to get their hands on the products. However, they were shocked to learn the prices of the clothes available on the website. From a jacket worth over a whopping Rs 2 lakh, a white T-shirt with a printed design priced at Rs 24,400 and a hoodie worth Rs 45,500, the prices left internet users surprised. Users instantly took to social media to share their…

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    • Apr- 2023 -
      30 April
      299

      Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe

      Market regulator Securities and Exchange Board of India (SEBI) on Saturday moved the Supreme Court seeking a six-month extension to complete its investigation into allegations of stock price manipulation by the Adani Group. On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months.  “Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case,” read the plea filed by SEBI.  The regulator, however, informed it had submitted a detailed report and prima facie findings…

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    • 30 April
      314

      Amazon Prime Subscription price hike in India, check new list

      Amazon Prime hiked the subscription prices for monthly and quarterly plans without any official announcement in India. The monthly subscription has been hiked to Rs 299 from Rs 179, and the new price for a three-month subscription is Rs 599. The annual subscription price remains the same at Rs. 1,499. Amazon has launched a new yearly membership plan called Prime Light for Rs. 999. The free two-day shipping, Prime Video streaming on up to two devices, and other features of the standard Prime membership are all included in these plans. This plan has no subscription for Prime Music streaming or Prime gaming benefits. The Prime Light membership limits SD quality. Check out the new Amazon Prime India new price list Amazon…

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    • 28 April
      361

      Vedanta Aluminium’s Odisha project gets ASI Performance Standard Certification

      Rahul Sharma, CEO, Vedanta Aluminium Limited. BHUBANESWAR: Aluminium Stewardship Initiative (ASI), An industry-led initiative that promotes sustainability in the aluminium value chain, on Thursday announced that Vedanta Aluminium got the ASI Performance Standard certification at its smelter and its captive power plant located within the Special Economic Zone (SEZ) in Odisha’s Jharsuguda. The company is the largest producer of primary aluminium in India. Vedanta Aluminium manufactures and supplies all primary aluminium products in the form of billets, wire rod, primary foundry alloys (PFA), ingot and sow ingot, as well as its ‘Restora’ brand of low-carbon aluminium products. The ASI Certification program was developed through an extensive multi-stakeholder consultation process and is the only comprehensive voluntary sustainability standard initiative for the aluminium…

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    • 23 April
      303

      Pizza Hut launches pizzas featuring Saif Ali Khan and Shehnaaz Gill

      Pizza Hut announced the launch of a variety of 10 pizzas. The brand has roped in Saif Ali Khan and Shehnaaz Gill to promote the range through ‘Mood Badle, Pizza Badle’ campaign. Saif Ali Khan and Shehnaaz Gill feature in two separate TVCs. Talking about the campaign, Aanandita Datta, chief marketing officer, Pizza Hut India said, “The TVCs have been brought to life by Saif Ali Khan and Shehnaaz Gill through their style coupled with wordplay using the campaign theme “Mood Badle, Pizza Badle” Commenting on the TVC, Sajan Raj Kurup, chairman and founder, Creativeland Asia said “Pizza Hut’s ‘Mood Badle, Pizza Badle’ campaign taps into the trend of linking cravings to emotions. The campaign is designed to celebrate the…

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    • 20 April
      405

      UK PM Rishi Sunak declares wife Akshata’s shares after probe

      British Prime Minister Rishi Sunak’s register of ministerial interests was published by the UK Cabinet Office on Wednesday, revealing his wife Akshata Murty’s shares in a childcare agency which could benefit from a policy in last month’s Budget. The publication of the list came in the wake of a parliamentary watchdog probe opened by the UK’s Parliamentary Commissioner for Standards last week to determine if the British Indian leader had been “open and frank” in his obligation under the parliamentary “Code of Conduct”. Now, a full ‘List of Ministers’ Interests’ published online reveals Sunak’s reference to his wife’s interests as well under a section entitled “Relevant interests of spouse partner or close family member”. “The Prime Minister’s wife is a…

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    • 19 April
      301

      Bournvita draws flak from consumers: Here is why

      Cadbury sued social media influencer Revant Himatsingka after he exposed the sugar content and harmful ingredients used by Cadbury in Bournvita. He explained that Bournvita is called a health drink because it contains 73.1g sugar/100 g and the colour 150 C, which is caramel colour, which is known for causing cancer and reducing immunity. He also raised the question that how these ingredients will help increase immunity and brain function. The influencer says that Bournvita’s tagline “taiyari jeet ki” should be changed to “taiyari diabetes ki”. This video went viral on all over social media platforms, and many of them woke up by releasing the message that checking ingredients is important before buying a product. Most of them question Cadbury about…

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    • 12 April
      347

      Mahindra hikes prices for Bolero and Bolero Neo

      Mahindra has increased prices for bestsellers Bolero and Bolero Neo. The Indian automakers have hiked the ex-showroom prices up Rs 30,600 for Bolero and Bolero Neo. There are three options for the Bolero B4, B6, and B6 (O). The costs for the mid-spec B6 model stay the same, but for the B4 and B6 (O) increase by Rs 24,601 and Rs 30,600, respectively. Mahindra Bolero Neo Five variants of the Bolero Neo are available: N4, N8, N10, Limited Edition, and N10 (O). Except for Bolero Neo Limited Edition, all variations have seen a normal price increase of Rs 15,000. With this, the SUV’s new ex-showroom starting price is Rs 9.63 lakh. Source

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    • 6 April
      381

      Sensex falls 165.16 points to 59,524.15 in early trade

      The 30-share BSE Sensex fell 165.16 points to 59,524.15 after a weak beginning. The broader NSE Nifty declined 45.5 points to 17,511.55. Mumbai: Equity benchmark indices declined in early trade on Thursday as investors remained cautious ahead of the Reserve Bank of India‘s monetary policy review and weak trend in global markets. The 30-share BSE Sensex fell 165.16 points to 59,524.15 after a weak beginning. The broader NSE Nifty declined 45.5 points to 17,511.55. Among the Sensex firms, HCL Technologies, Axis Bank, Tech Mahindra, Maruti, Titan, ICICI Bank, Hindustan Unilever and Nestle were the biggest laggards. Reliance Industries, Larsen & Toubro, IndusInd Bank, Power Grid, State Bank of India and Tata Consultancy Services were the winners. In Asian markets, Seoul, Japan and Shanghai were…

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