Thanks to a booming market, India now has more than 300 family offices, up from 45 in 2018, according to a PwC report. The number is expected to grow rapidly, with promoters establishing more businesses in Tier-II and Tier-III cities. Family businesses play a crucial role in India's booming economy, spanning manufacturing, retail, real estate, healthcare, and finance.
'Three manufacturing sectors can create jobs by the million: Apparel, food, and electronic assembly.' 'Let's talk to them and ask them what it would take to scale by a factor of ten,' suggests Naushad Forbes.
Adani group companies have reported a 13.7 per cent rise in cash reserve to Rs 45,895 crore in the first half of the current fiscal as earnings across the business rose while debt was almost unchanged. In the half-year credit performance report, Adani said while EBITDA rose to Rs 71,253 crore in April-September this fiscal from Rs 57,219 crore a year back, gross assets increased 6 per cent to about Rs 4.5 lakh crore. Gross debt was almost unchanged at Rs 2.26 lakh crore, but after considering cash reserves, the net debt at Rs 1.80 lakh crore was 3.6 per cent less than Rs 1.87 lakh crore in April-September 2022.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
While about 8,000 people are in the long list of invitees, the select list features just a few hundred people, including prominent politicians, leading industrialists, top film stars, sportspersons, bureaucrats and diplomats.
Capitalism, grounded in the twin pillars of a free market and entrepreneurship, is the singular solution to addressing the issue of poverty in India and any country, N R Narayana Murthy, co-founder of Infosys, said during a fireside chat moderated by Nikhil Kamath, co-founder of the brokerage platform Zerodha. "The government should function as a fair and transparent regulator. "On the entrepreneurs' side, they must recognise themselves as evangelists for capitalism.
Air India and Tata Advanced Systems Ltd (TASL), a player in aerospace and defence solutions, on Monday signed a memorandum of understanding (MoU) with the Karnataka government for an investment of ~2,300 crore in the state's aerospace and defence sector. The strategic move is expected to enhance Karnataka's aerospace ecosystem and help create over 1,600 direct and 25,000 indirect jobs in the state.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
Shares of real estate firms have been outperforming over the past year. The rally, analysts say, may hit roadblocks in the near term amid stretched valuations, even as the long-term prospects for the sector remain ebullient. "Most of the positive news flow is already in the price. Hence, investors sitting on hefty profits may partially cash out at current levels," suggests V K Vijayakumar, chief investment strategist at Geojit Financial Services.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
The Andhra Pradesh government plans to set up an animation and gaming city in Hyderabad to promote the industry.
The external affairs minister, speaking at a media summit organised by the TV9 Network, described the rise of India and China as "significant" in the global geopolitical scenario.
AQuity Solutions is a leading tech-enabled clinical documentation, medical coding and revenue integrity solutions provider in the healthcare domain. On the other hand, IKS Health provides administrative, clinical and operational services to clinicians.
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
City are on top of the table with a one point advantage over Liverpool.
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
'It's dull because this time the election is spread over such a long period.'
Lootere deserves points for originality and novelty, observes Deepa Gahlot.
As the triangular political contest in Telangana intensifies, many believe that for the regional major BRS, it is a battle for survival after being routed in the assembly polls held late last year. What is haunting the party this time is the scams, the 10-year anti-incumbency factor, and family dominance in the party.
The Met department blamed the malfunctioning of sensors kept at the Automated Weather Station for the gaffe.
Four national winners were: Ajambar Soi from Jharkhand, Sonaliben Rajebhai Parmar from Gujarat, Shahida Begum from Uttar Pradesh, and P J Varghese from Kerala. Each received a cash prize of Rs 2 lakh (Rs 200,000).
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
US Congressman Ro Khanna's message is that instead of depending on the 'hidden hand' of capitalism -- that is to say, the power of markets -- it is time for policymakers to play a more active role in making sure that a wide range of towns become locations for digital economy enterprises and jobs, points out Ajit Balakrishnan.
India's electric two-wheeler (E2W) sector is expected to cross the one million mark in 2024 fuelled by rising demand, increased production, and affordability, industry experts said, even as several original equipment makers are expanding their penetration to rural areas. Improved battery technology and innovative features are also likely to fuel growth, they said. "E2W sales will breach the 1-million mark in 2024 as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology," Hyder Khan, chief executive officer (CEO), Godawari Electric Motors, said.
Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day. Counsel representing CDGL and IndusInd bank on Wednesday informed the Chennai bench of National Company Law Appellate Tribunal (NCLAT) about the settlement and sought permission to withdraw insolvency litigations. A two-member bench comprising Justice M Venugopal and Shreesha Merla took their submissions on record and set aside the order admitting CDGL to insolvency.
Yet another first week of December brought familiar scenes of rain, storm, flooding, power outages, and fallen trees. When Cyclone Michaung wreaked havoc, leading to the heaviest rainfall in 47 years in the city, residents of Chennai drew parallels to the devastating floods of 2015. However, initial data on insurance claims suggests that the impact this time may portray a more optimistic scenario.
Reforms do happen and one example is Odisha which has taken steps to create a dedicated municipal cadre.
At a time when the tech sector witnessed a spree of layoffs and slowdown in new hiring, IT firms have opted for temporary jobs in order to turn some their fixed costs variable. Work fulfillment platform Awign has reported a 157 per cent rise in demand for such jobs in first half of 2023. Awign says most of the demand has arisen for highly-skilled tech professionals at mid-level and senior positions with 2-7 years' experience.
Virtual incubation platform StartupWave has been adopted by close to 190 entrepreneurs.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
Heavy rains continued to pound Chennai and nearby districts on Monday under the impact of a cyclonic storm, which is likely to cross the coast in Andhra Pradesh on December 5.
Internet giant Google is investing $10 billion in India's digitisation fund, its CEO Sundar Pichai has told Prime Minister Narendra Modi, a step that will recognise India's leadership on fintech and will support small and large businesses in India, the US and around the world. Pichai met Prime Minister Modi in Washington on Friday and also announced the opening of Google's global fintech operation centre in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. "It was an honour to meet Prime Minister Modi during the historic visit to the US. We shared with the Prime Minister that Google is investing $10 billion in India's digitisation fund," Pichai said.
As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani group, are in the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters.
'Building a whole product with the railways was challenging; we had to figure out how to load and unload a train when it stops for only about five minutes at a station.' 'We also helped them understand the revenues this would generate for them.'
These smart cities should have the capacity to absorb, adapt and provide opportunities for both the poor rural migrants as well as the educated professionals, say Sujit K Pruseth & Sachi Satapathy.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Amazon Prime Video has announced a huge number of assorted Web series and movies, and the slate sure looks interesting.
Israeli Prime Minister Benjamin Netanyahu termed it the 'largest cooperation project in our history', one that would 'change the face of the Middle East, Israel, and impact the entire world'.
