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 About 2.4 per cent of the just-withdrawn Rs 2,000 banknotes are still in circulation, about six months after the deadline to deposit or exchange them at bank branches is over.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

    • Apr- 2023 -
      1 April
      331

      India’s govt-run aerospace firm HAL records highest-ever revenue of $3.2 billion

      Hindustan Aeronautics Limited (HAL), India’s partially state-owned defence and aerospace firm, said that it registered around ₹26,000 crore or $3.2 billion in revenue during the financial year 2022-23. This is a growth of 8 per cent from the previous year, during which the firm recorded ₹24,620 crore.  “Despite the challenges of supply chain disruptions due to geo-political situations, the company could achieve the targeted growth in the top line. This was possible with the increased thrust on indigenisation and with the available inventory,” said C.B. Ananthakrishnan, Chief Managing Director, Hindustan Aeronautics Limited. He added that the company’s order book stood at around ₹82,000 crore or $8 billion at the end of March 2023, after liquidation of the supplies during 2022-23. During 2022-23, fresh contracts of…

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    • Mar- 2023 -
      31 March
      265

      Economy|Business and Economy

      Japan to restrict chip equipment exports amid China fears Tokyo’s move aligns it with a US push to curb China’s ability to make advanced chips. Japan’s government has announced plans to restrict exports of semiconductor manufacturing equipment amid a US-led push to restrict China’s tech industry Japan’s government has announced plans to restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China’s ability to make advanced chips. The Economy, Trade and Industry Ministry said in a press release on Friday that it will impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching. It did not specify China as the target of…

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    • 29 March
      328

      BSE, NSE want Adani’s clarification on report that it hasn’t repaid share-backed loans

      Debt concerns and loans picked up by pledging shares have been major concerns among Adani’s investors triggered by the Hindenburg report. To reassure stakeholders, the conglomerate has been prepaying loans despite selling stakes for Rs 15,000 crore, and has supposedly repaid more than $2 billion borrowed against shares. But stock exchanges have sought clarification on a media report claiming that the full amount hasn’t been cleared. Acccording to news portal The Ken, the loan hasn’t been fully repaid since all promoter shares held against it haven’t been released by banks. It cited regulatory filings to argue against Adani’s claims, and has prompted BSE and NSE to seek a response from the conglomerate. The report again pushed Adani Enterprises down by…

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    • 28 March
      318

      $286 billion has been sent to United States money market funds over global bank bailout

      Insights from Emerging Portfolio Fund Research (EPFR) information of Financial Times stated that the banking crisis has transferred more than $286 billion into United States money market funds, as reported by Cointelegraph. According to Cointelegraph, investors who invested in US money market funds in last 14 days are Goldman Sachs, JPMorgan Chase and Fidelity. Sources suggest that Goldman Sachs’ money funds clocked $52 billion, JPMorgan’s funds invested nearly $46 billion, and Fidelity secured inflows worth $37 billion.  Based on information by Cointelegraph, during seven days to March 22, 2023, total money market fund assets witnessed an upward trend from $117.42 billion to $5.13 trillion, as highlighted by Investment Company Institute. Reportedly, government funds went up by $131.84 billion and prime…

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    • 27 March
      307

      Maximum GST compensation cess rate for tobacco products capped

      The government has put a cap on the maximum rate of GST compensation cess to be levied on tobacco products New Delhi: The government has put a cap on the maximum rate of GST compensation cess to be levied on tobacco products like cigarettes and pan masala, among other items. The cap is among the 75 amendments made in the Finance Bill, which was passed in Lok Sabha on March 24. The compensation cess has been linked to the maximum rate of their retail sale price. As per the Finance Bill, pan masala will attract the maximum GST compensation cess of 51 per cent of the retail sale price per unit. Currently pan masala is charged at 135 per cent ad valorem. Similarly, the rate…

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    • 25 March
      315

      Meet Amrita Ahuja, Harvard, LSE alumni CFO of Rs 3 lakh crore firm Block targeted by Hindenburg after Adani

      Hindenburg Research on Thursday reported trading activity in Block Inc formerly known as Square Inc and argued that the financial startup controlled by Twitter co-founder Jack Dorsey misrepresented its user numbers and underestimated its customer acquisition prices. The finance director of Block Inc, Amrita Ahuja, allegedly dumped millions of dollars’ worth of stock, according to Hindenburg Research. Who is Amrita Ahuja? Amrita Ahuja’s parents are Indian immigrants who operated a daycare facility in a Cleveland suburb, according to Wall Street Journal. In 2000, she earned her degree from London School of Economics and Political Science in Economics. From 2005 to 2007, she acquired MBA degree from Harvard Business School. According to her Linkedin page, she is with Block Inc for…

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    • 25 March
      273

      Global financial crash fears after Deutsche Bank ‘bloodbath’ puts shares on life support

      Deutsche Bank‘s shares have tumbled more than 13 percent while its credit default swaps surged to the highest since they were introduced in 2019. The German bank’s crisis comes amid global concern about the banking sector following the turmoil facing Silicon Valley Bank (SVB), Signature Bank and Credit Suisse. Investors have been rattled by recent events, and concerns are unlikely to be eased as the UK and US see interest rates rise yet again. Jim Cramer has just said that Deutsche Bank, $DB, is fine. pic.twitter.com/SusXRg19Gh— unusual_whales (@unusual_whales) March 24, 2023 US banks suffered losses on Thursday after US Treasury Secretary Janet Yellen said she would guarantee the deposits of the banks in crisis. Deutsche Bank’s predicament has been branded…

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    • 21 March
      291

      India to spend $12 bn on airports in next two years as traffic picks up

      India will spend around $12 billion on revamping airports over the next two years, with orders for hundreds of new aircraft to meet the growing travel demand which is adding  pressure to the existing airport infrastructure of the country.  The goal of the world’s fastest-growing aviation sector is to increase the number of airports from the present 148 to 220 by 2025, as per a Bloomberg report.  To that end, private builders will contribute roughly $9 billion, with the balance coming from the government-run Airports Authority of India. It entails new terminal construction, greenfield projects, and refurbishment of existing buildings, including old military airfields from the colonial era.  With a growing customer base and an expanding economy that is on pace to surpass…

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    • 20 March
      301

      UBS agrees takeover of stricken Credit Suisse for $3.25bn

      The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis. After a weekend of frantic talks, the Swiss government and the banking regulator brokered a deal once it became clear a $54bn loan to Credit Suisse from the Swiss central bank had failed to halt the precipitous slide in its share price. “The takeover of Credit Suisse by UBS is the best solution” in the current situation, said the Swiss president, Alain Berset. He said the takeover was made possible after the Swiss federal government, the Swiss Financial Market Supervisory…

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    • 19 March
      284

      Adani companies did Rs 10,000 crore scam in power generation in Maharashtra, Rajasthan, claims AAP

      The AAP on Saturday accused Adani Enterprise Limited of doing a Rs 10,000 crore scam in the generation and distribution of electricity in Rajasthan and Maharashtra and demanded a probe by central agencies into the matter. Addressing a press conference, Aam Aadmi Party (AAP) spokesperson Sanjay Singh claimed that Adani Enterprise Limited (AEL) took the money for the generation and operation of electricity from the Maharashtra government and also pocketed the profit. “Today I am exposing another scam. With the money looted in the scam, Delhi can be given free electricity for three years. Lack of resources is not the reason for expensive electricity in Rajasthan and Maharashtra. The reason is Adani’s blatant corruption,” he claimed.Singh said that before 2014,…

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