Given the hydrogen connection, it's ironic that Hindenburg Research released a long report, accusing the Adani group of financial manipulation, observes Devangshu Datta.
It's all eyes on the consumer durables sector during the festival season after a weak Q1FY24 and Q2FY24 was impacted by an erratic monsoon. Traditionally, this period sees the highest number of purchases. Dealers and manufacturers are complaining about low business-to-consumer (B2C) off-take during the first half.
Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability, confidence and growth on the global landscape.
The Adani stock price saga will pass into public memory as one of those matters that simply escaped being nailed down, perhaps because too many vested interests were involved, notes Debashis Basu.
All nine Adani stocks saw a rise in their share price in H1FY23, ranging from 6.1% in case of Adani Ports to 102% in case of Adani Power.
They straddle many different (non-financial) lines of business with sometimes opaque overarching governance structures.
Edtech giant Byju's is set to lay off nearly 2,500, or 5 per cent, of its employees as part of an "optimisation" plan. The move by India's most valuable start-up comes amid a funding winter and steep losses. "To avoid redundancies and duplication of roles, and by leveraging technology better, around 5 per cent of Byju's 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner," said the company in a statement. In June, Byju's laid off about 600 employees at its group companies -WhiteHat Jr and Toppr.
Funding winter and corporate governance woes separated the men from the boys in the country's startup space in 2023 that saw funds into the segment tapering to just around $8 billion. All said, investors are hopeful of strong growth of the maturing startup ecosystem in the new year. Edtech and health tech segments that grew exponentially during the pandemic plunged into an abyss of financial uncertainties, with several firms shuttering their business, and valuation of prominent players like BYJU'S and PharmEasy plummeting 85-90 per cent.
Krithi Krithivasan is the kind of person one might look to when the need is to calm things down and put things back on track.
There was an acceptable domestic performance in India but there continues to be concerns about the Europe business and that overshadows the local performance. The consolidated revenues for the Q2FY24 stood at Rs 55,682 crore with an operating profit of Rs 4,315 crore and an operating profit margin of 8 per cent.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
"Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on New Delhi G20 Leaders Summit Declaration," Modi said while addressing the second session of the Summit at the Bharat Mandapam in New Delhi.
Companies don't have to be in the field to nudge people to return money they owe lenders.
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
The domestic benchmark indices - the S&P BSE Sensex and the National Stock Exchange Nifty50 - had lost close to 1.5 per cent in three days recently before gaining slightly. Notwithstanding weakness and volatility, the Nifty50 has managed to hold on to the 18,000 mark, while the Sensex has managed to stay above the 61,000 level. The performance of the stocks that comprise these front-line indices remains polarised.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
The Securities and Exchange Board of India, on Wednesday, directed Jignesh Shah-led FTIL to sell shares in MCX-SX and other entities within 90 days on the ground that it was not 'fit and proper' to own stakes in any exchange.
...current industry models will soon fade out, notes Ajit Balakrishnan.
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are set to have some serious competition. Reliance Money, controlled by the Anil Dhirubhai Ambani Group, and Financial Technologies India Ltd (FTIL), which operates one of the world's largest exchange networks, are exploring the option of setting up their own equity exchanges.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Virtually addressing employees of Air India across the globe, he said for the airline to be the best again there will be an organisational redesign, and it will "require a huge transformation, probably the largest transformation and the change all of you would ever go through". The carrier will expand its "outreach both domestically and internationally" and it has the desire to connect India with every part of the globe, he added.
Gaming platforms will also be required to display a warning after a certain time of usage to reduce the risk of addiction.
At a time when Apple delivered its flagship line of new products on schedule despite battling a year of supply-chain turmoil, India could account for at least 12 per cent of the free-on-board (FoB) value of Apple Inc's iPhones manufactured by its vendors globally by 2025-26 (FY26). The number represents a significant shift for the Cupertino-based company's over-dependence on China, where 95 per cent of its phones are still being made. India's growing importance can be seen from the fact that in 2021-22 (FY22) - the first year of the production-linked incentive (PLI) scheme (the scheme was extended by a year due to the pandemic) - the FoB value of iPhones made in the country was $1.75 billion, translating into less than 2 per cent of the global value.
PEs and VCs are taking a closer look at their bouquet of investments. Leading voices in the sector are categorical that cash-burn rates -- that's blowing up equity to acquire market share -- as a business model can't continue to be the polestar.
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
The government on Tuesday said it will allow setting up of world-class foreign universities in Gandhinagar's GIFT City, free from domestic regulations, to facilitate availability of skilled manpower in the financial services space. In addition, an international arbitration centre will be set up in the GIFT City for timely settlement of disputes under international jurisprudence, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2022-23. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre.
Two Adani group companies -- Adani Enterprises and Adani Transmission -- have uprooted the traditional leader Reliance Industries in annual wealth creation in 2022 so far, while the top 100 of them created a massive Rs 92.2 lakh crore of wealth, according to a report. However, Reliance Industries has smashed all records to emerge as the largest wealth creator during the five-year period ending March 2022, says the leading brokerage Motilal Oswal in its 27th annual wealth creation study. The Gautam Adani group companies have been rallying to dizzying heights in the year as the group snapped up many assets and diversified into newer areas.
Facebook's parent company Meta announced on Tuesday it will fire another 10,000 people, implementing a second round of jobs cuts after it slashed 11,000 positions in November last year, to improve its financial performance in a "difficult environment". Meta founder Mark Zuckerberg said in a post that overall "we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired." The company has said that in its "Year of Efficiency", the company aims to make itself "a better technology company and to improve our financial performance in a difficult environment so we can execute our long-term vision."
Today no big militant can dream of committing terror acts, the MoD said.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
The decision to quiz Sinha, as also former Sebi Chairman M Damodaran, was taken after examination of another former Sebi chief C B Bhave earlier this month, during which the agency sleuths were told that public interest was involved in grant of licence to MCX-SX to trade in currency derivatives.
rediffGURU Sunil Lala answers your MF-related queries.
'We have not seen too many large deals compared to last quarter.'
Among the Sensex firms, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys and Maruti were the major gainers. Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan and Larsen & Toubro were the major laggards.
The Income Tax department has declined to share details of probe being carried out in Rs 5,600 crore (Rs 56 billion) payment default by National Spot Exchange Limited (NSEL) saying it would "hamper the process of investigation or apprehension of offenders".
The year 2014-15 could well go as one of long-pending financial sector reforms, expected to have a lasting impact.
