Reliance Industries invested Rs 30,000 crore (around $3.76 billion) in its retail business and added 2,500 stores, taking the total store count to 15,196 in FY22. Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd (RIL) said in the annual report for FY22. In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh.
Investors are yet to warm up to the concept of sustainable investing with sustainable or ESG (environmental, social, and governance) funds in India witnessing outflows of Rs 315 crore in 2021-22. This comes following a staggering inflow of Rs 4,884 crore in FY 2020-21. Prior to that, sustainable funds saw an infusion of over Rs 2,000 crore, according to data compiled by Morningstar India.
India is among the worst-performing BRICS nations along with Brazil (ranked even lower than India at 71st this year).
At the 45th Annual General Meeting of Reliance Industries (RIL) in August, chairman and managing director (CMD) Mukesh Ambani described the company as an "unputdownable book" with never-ending chapters of success. "Reliance grew from strength to strength because we internalised the founder's mindset of purpose, philosophy and passion," he said. Wednesday marked the 90th birth anniversary of RIL founder Dhirubhai Ambani.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
Tendulkar's sterling performances, his fascinating duels for supremacy with contemporaries -- Brian Lara, Ricky Ponting, Inzamam-ul Haq, Jacques Kallis among batsmen; Shane Warne, Muttiah Muralitharan, Wasim Akram among bowlers -- embellished modern cricket and globalised the game, asserts Ayaz Memon who has observed the cricketing colossus from the day he made his Test debut in November 1989.
Microsoft has become the first global Big Tech company to join the Open Network for Digital Commerce (ONDC), an Indian government initiative for developing a first-of-its-kind open network for digital commerce. The world's second-largest technology firm intends to introduce social e-commerce via its app in the Indian market later this year. ONDC is expected to open to the public in Bengaluru over the next fortnight as it enters into the next phase of the pilot for further fine-tuning before rollouts in other cities, according to a source in the know.
The Islamabad Declaration was issued at the conclusion of the 48th session of the foreign minister of the Organisation of Islamic Cooperation which was attended by the ministers and delegates from 57 Muslim states and international organisations.
Centre and state governments are steadily increasing excise duties and value-added tax
Islamabad is being bluntly asked not to use the development in Kashmir for cross border terrorism or infiltration across the Line of Control.
Mir was called "project manager" of the Mumbai attacks.
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
In one of the biggest donations by a business family in India, the family of Adani Group chairman Gautam Adani on Thursday committed to donating Rs 60,000 crore (around $7.7 billion) to various charities related to health care, education, and skill development. The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani. The corpus will be administered by the Adani Foundation. "At a very fundamental level, [programmes] related to all these three areas should be seen holistically and they collectively form the drivers to build an equitable and future-ready India.
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
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The Finance Ministry had set a time period of 18 months, which expired last year on August 21, for completion of the study.
Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
New exchange will provide an electronic platform for trading.
The Securities and Exchange Board of India (Sebi) has mulled introduction of confidential initial public offering (IPO) filings and "pre-filing" of offer documents, a move aimed at giving issuers flexibility and alleviating concerns around privacy. Industry players said the concept, if implemented, would give a fillip to the domestic capital markets, ease the process and encourage more companies to go public. To be sure, the proposals are still at a discussion stage with Sebi just floating a consultation paper seeking public feedback.
The Tata group firm has enhanced its product portfolio through "targeted acquisitions" as it aspires to be a formidable player in the FMCG category, said Chandrasekaran, who is also the chairman of Tata Sons. Besides, it has stepped up the pace of innovation across markets in line with consumer trends such as health and wellness and convenience, he said in his message to shareholders in the latest annual report of TCPL.
The current operating environment remains highly volatile and persistent inflation will likely impact demand across categories, Tata Consumer Products Ltd chairman N Chandrasekaran said on Monday. To navigate through these "short-term bumps" in this uncertain environment, the company will focus on strong execution, maintaining agility and nimbleness," he said while addressing shareholders at the annual general meeting (AGM). "Geo-Political tensions, supply chain challenges, and demand-supply mismatches in crude and several other commodities are driving persistent inflation, which will likely impact demand across categories.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
India must formulate a new growth path to become a top Asian economy.
Leaders at the G20 summit on Wednesday called for an immediate end to the Ukraine conflict, holding that "today's era must not be of war", a formulation that echoed Prime Minister Narendra Modi's message to Russian President Vladimir Putin in September.
Industry leaders are predicting hybrid cloud to be the next biggest trend in cloud computing.
A must-read excerpt from former RBI governor and former Rajya Sabha member Bimal Jalan's India: Priorities For The Future.
A global group of government anti-money-laundering agencies said that financial institutions have not done enough to police suspicious financial activity by officials at soccer's global governing body FIFA.
In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
TotalEnergies will acquire 25 per cent shareholding in Adani New Industries Ltd -- the firm that houses Adani Group's new energy business -- for an undisclosed amount, the two firms said in separate statements. "TotalEnergies has entered into an agreement with (Adani Group's flagship) Adani Enterprises Limited (AEL) to acquire a 25 per cent interest in ANIL," the French energy giant said.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
All the sectoral indices, led by realty, metal, consumer durables and power were trading in the negative zone on Thursday.
In 2016, almost two-thirds of Indian imports that appear to be most at risk for some degree of potential revenues losses are imports from just one country, China, which was by far India's largest source of imports in that year
The 62 per cent increase in natural gas prices by the Indian government will boost the profitability of upstream companies in the country and support their investment spending, Fitch Ratings said on Tuesday. The price for gas from fields that were assigned by the state to oil companies, mainly Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), increased to $2.90 per million British thermal units (mmBtu) for October 2021-March 2022, from $1.79 per mmBtu in the previous six months. "Higher gas prices will increase the input cost for key end-consumer sectors, to the extent the price hike is passed on," Fitch said.
IT major Tata Consultancy Services (TCS) has made changes to its leadership roles in North America. As part of the changes Suresh Muthuswami has been elevated to the role of chairman, North America, said sources in the know. This is one of the most significant leadership changes the company has announced for the region. The reason for the changes in the North American region, the largest in terms of revenue for TCS, is because Surya Kant who has been at the helm of North America for the past 16 years is stepping down by the end of the fiscal year, as he retires.
The government will "notify such countries or territories outside India to which a data fiduciary may transfer personal data", according to the draft unveiled on Friday for public feedback.
The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production. Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips forms a crucial part of electronics. Outlining the details of the scheme, he said the Rs 76,000 crore programme has been approved for the development of semiconductors and display manufacturing ecosystem.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
India will require a total investment of $10.1 trillion to achieve net-zero emissions by 2070, while the nation could face a shortfall of $3.5 trillion, a study by CEEW Centre for Energy Finance (CEEW-CEF) said. At the recently concluded COP26, Prime Minister Narendra Modi announced India's aim to achieve net-zero emissions by 2070. "India would need cumulative investments of $10.1 trillion to achieve net-zero emissions by 2070, according to an independent study released today by the CEEW Centre for Energy Finance (CEEW-CEF)," a statement said.
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