Things are looking up for engineering firms and Siemens is likely to be one of the leading beneficiaries. Apart from the generic revival in activity, which is expected to continue through the 2023-24 financial year (FY24), the Budget has a strong infrastructure thrust, which works in Siemens' favour. The company reported a standalone Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 550 crore (up 66 per cent year-on-year or YoY) in Q1FY23 (Siemens follows the October-September accounting year).
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
However, in the last few sessions, the stock of Mukesh Ambani-controlled Reliance Industries Limited (RIL), hit its 52-week low level of Rs 2269.75, and has been one of the worst performers among the Sensex pack thus far in calendar year 2023 (CY23). Thus far in CY23, RIL has tanked nearly 11 per cent as compared to a fall of around 5 per cent in the S&P BSE Sensex. The fall in the stock, according to Gaurang Shah, senior vice-president at Geojit Financial Services is mostly due to the overall dip in the market sentiment, which in turn has impacted large-caps, including RIL.
R P Ravichandran, one of the six convicts who was released on Saturday in the assassination case of former prime minister Rajiv Gandhi, said that the people of north India should see them as 'victims instead of terrorists or killers'.
The bench, which refused to stay the high court verdict, imposed certain conditions and directed that the four people, who were acquitted, be released unless wanted in any other case.
Infosys on Tuesday said it has formed a long-term partnership with Daimler AG for a technology-driven IT infrastructure transformation. After the receipt of all regulatory approvals, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, service desk, data centre, networks and SAP Basis together with Infosys, a statement said. "As a part of this partnership, automotive IT infrastructure experts based out of Germany, wider Europe, the US and the APAC region will transition from Daimler AG to Infosys," it added. The companies, however, did not disclose the number of people who will transition as part of the deal.
The court had warned a "very difficult situation" will emerge if proselytisation through deception, allurement and intimidation is not stopped.
Karnataka has told the high court that its order dated February 5 did not ban the headscarf but only delegated the powers to decide the school uniform to the college development committees.
There is little that Andreas Schmid, the Swiss-born chairman of Flughafen Zurich AG (Zurich Airport International AG), and Yogi Adityanath, chief minister of Uttar Pradesh (UP), could have in common. But Schmid, whose company is building the Noida airport in partnership with the UP government, finds himself on the same footing as the firebrand Hindutva leader who rules the state. Both hope the Rs 30,000-crore ($4 billion) project, hanging fire for 20 years, shows some progress when UP goes to the polls in 2022.
Hearing a bunch of petitions, a division bench of Chief Justice K Vinod Chandran and Justice Madhuresh Prasad directed the government to immediately stop the caste-based survey, and ensure that the data already collected are secured and not shared with anybody till final orders are passed.
Senior counsel S S Naganand, representing the Government PU College for Girls, its principal and a teacher, on Wednesday told the full bench, comprising Chief Justice Ritu Raj Awasthi, Justice J M Khazi and Justice Krishna S Dixit, that the hijab row was started by some students owing allegiance to CFI.
The electric Chetak has already sold close to 25,000 units in India, and the European version will be based on the same platform.
In a development that could speed up the about Rs 9,000 crore (Rs 90 billion) Delhi Airport modernisation work, the Attorney General has supported project promoter GMR Group's plan to take advances from commercial developers. The report may help Delhi International Airport Ltd) achieve financial closure for the Rs 8,900 crore (Rs 89 billion) project for which the company has proposed to raise Rs 3,144 crore (Rs 31.44 billion) by way of trade advances and deposits.
He, however, said the Russian government sought to interfere in US election process.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Criticising the court may also lead to interference in the course of justice, the bench added.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
State-owned Indian Oil Corporation (IOC), Adani-Total Gas Ltd and Shell were among the 29 companies that bid and bought natural gas to be produced from the deepest field in the KG-D6 block of Reliance Industries Ltd and bp, sources said. IOC walked away with almost half of the 6 million standard cubic meters per day of gas sold in an e-auction on Wednesday while state-owned gas utility GAIL bought 0.7 mmscmd, Adani-Total Gas Ltd 0.4 mmscmd, Shell 0.5 mmscmd, GSPC 0.25 mmscmd and IGS another 0.5 mmscmd, two sources with knowledge of the matter said. Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies.
He said citizens from far flung areas of the country come to the apex court and the bench headed by the CJI was dismissing their petitions without hearing them at the admission stage.
Venugopal told the court that he had given legal opinion to the AIADMK faction led by Panneerselvam.
The Supreme Court on Thursday adjourned to November 11 the hearing on a plea filed by Nalini Sriharan, serving life sentence in the Rajiv Gandhi assassination case, seeking premature release.
Volkswagen's premium brands Audi and Porsche will join Formula One after convincing the German automaking group that the move will bring in more money than it will cost, VW Chief Executive Herbert Diess said on Monday.
After incurring losses for two years on the trot, German luxury automotive company Bayerische Motoren Werke AG (abbreviated as BMW) has posted net profit in India in 2021-22 (FY22), primarily due to high demand of its top-end vehicles, cost optimisation, and price hikes, Business Standard has learnt. BMW India said in its FY22 financial statement that the company is focusing on growth and achieving profitability through induction of new products in the market, strengthening its dealership network, and improving customer satisfaction while reducing costs. The company posted its highest-ever revenue in India in FY22 at Rs 4,365.8 crore.
Last month, the Channi government replaced the state's advocate general A P S Deol after strong opposition from Sidhu.
It was a triangular session, with the judge hearing the case from Nagercoil, petitioner's counsel V Raghavachari at one place and advocate-general R Shanmugasundaram, at another place, in the city.
Sun Pharmaceutical Industries on Tuesday said its arm DUSA Pharmaceuticals Inc has reached settlement with Biofrontera to resolve a litigation over misappropriation of trade secrets and unfair practice, following which DUSA will receive $22.5 million (nearly Rs 170 crore). In 2018, DUSA Pharmaceuticals had filed a suit at the US District Court of Massachusetts against Biofrontera Inc Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG (together known as Biofrontera) alleging "misappropriation of trade secrets, tortious interference of contract and unfair trade practices".
The Supreme Court on Tuesday said it would not reopen its decision on granting reservation in promotions to Scheduled Castes and Scheduled Tribes as it was for the states to decide how they implement it.
The top court refused to agree with the Centre's suggestion that the court should wait till the President decides on the issue.
The top court said this approach is part of our constitutional culture and there is no need for it to formulate a code of conduct for public functionaries.
Russia's invasion of Ukraine was condemned by the sporting community on Thursday, with President Vladimir Putin's country losing hosting rights for the UEFA Champions League final while Formula One drivers said it was "wrong" to race there this year.
As Bishnoi's petition came up for hearing in the court of Justice Sureshwar Thakur on Thursday, Punjab advocate general Anmol Rattan Sidhu argued that the plea should be dismissed as premature.
The decision was reached after an over two-hour meeting at the Punjab Congress Bhavan between chief minister Charanjit Singh Channi and Sidhu, who had resigned from the post of the state party chief on Tuesday.
While a group of officials believed a case against the two telecom companies was made out as they were only beneficiaries of the laid down policy, another team of officials involved in decision-making differed, official sources said on Monday.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
It is convention that the Attorney General submits his resignation after the exit of the government that had appointed him.
Alabama Senator Sessions, who was among the first Senator to support Trump in the early part of his campaign and had served was the head of his national security team has been offered the position of US Attorney General, Fox News said.
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
Amid the ongoing turmoil in the Punjab Congress, former state party chief Sunil Jakhar on Thursday said there should be an end to attempts to undermine the authority of the Punjab chief minister time and again.
Attorney General G E Vahanvati on Friday recommended that impeachment motion to remove Justice Soumitra Sen as the judge of the Calcutta High Court must go on in the Lok Sabha despite his resignation.
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