India's cash-rich promoters are not the same as the wealthiest. For example, Mukesh Ambani is the richest Indian based on his stake in Reliance Industries, followed by Premji, the Adani family of the Adani group, and Radhakishan Damani of Avenue Supermarts.
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
In the list of top-five domestic firms, RIL was placed at the top of the pack followed by TCS, HDFC Bank (Rs 6,50,136.04 crore), HDFC (Rs 3,85,207.96 crore) and HUL (Rs 3,76,545.49 crore).
Most listed corporate entities in the country are in a fix. With the sudden declaration in late March of a nationwide lockdown to tackle the Covid-19 pandemic, the final calculations of their financial results for the year 2019-20 (FY20) are hanging in limbo. Till April 19, only 41 of the 3,947 companies listed on the BSE have managed to finalise the dates for the declaration of their yearly financial results.
Gautam Adani, India's and Asia's second-richest person, added $49 billion to his wealth last year - more than the net addition of wealth by the top three global billionaires Elon Musk, Jeff Bezos and Bernard Arnault, the 2022 M3M Hurun Global Rich List said on Wednesday. Mukesh Ambani, who runs the oil-to-retail conglomerate Reliance Industries, continues to be the richest Indian with a wealth of $103 billion, a 24 per cent rise year-on-year. Adani, the head of ports-to-energy conglomerate Adani Group, is a close second with his wealth surging 153 per cent to $81 billion.
Skilling of people to use new technology in manufacturing should be encouraged, said Sun Pharma MD Dilip Shanghvi
Tata Steel, others sell assets abroad after taking massive impairments.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
Dalal Street investors became richer by more than Rs 16.36 lakh crore this year as the equity market scaled new highs despite persistent geopolitical uncertainties and inflation worries. Analysts attributed better macroeconomic fundamentals, the confidence of retail investors and foreign investors investing again in the domestic equities towards the latter half of 2022 as the key factors that led to the outperformance of the Indian market in comparison to many other stock markets worldwide. During the initial part of the year, markets were jolted by the Russia-Ukraine war.
Telecom operator Bharti Airtel will start rolling out 5G services later this month as it signed requisite agreements with Ericsson, Nokia and Samsung. At the recently held much-awaited spectrum auction for 5G services by the Department of Telecom, Airtel bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequencies. "We are delighted to announce that Airtel will commence roll out of 5G services in August.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at Monday's US-India CEO Forum meeting, which will be jointly addressed by visiting US President Barack Obama and Prime Minister Narendra Modi.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
In a curious move, Reliance Industries' (RIL) executive director and Mukesh Ambani's trusted aide PMS Prasad pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL. Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.
India Inc's cash pile was up 13.8 per cent last fiscal year, thanks to a combination of higher profits in sectors such as IT and fund raising by top companies such a Reliance Industries, Bharti Airtel and Tata Motors, among others.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
Mukesh Ambani remains the country's wealthiest promoter as his stake in Reliance is now worth Rs 3.25 trillion!
IT major nears $100 bn m-cap, accounts for 61% of the group's combined valuation.
On the telecom sector, he demanded auctioning of more spectrum.
The Big Two telecom companies have accelerated their moves towards this next-gen technology, though they have chosen very different routes to getting there.
Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
What manufacturing was for China, super intelligence will be for India: Ambani
Telecom shares rallied on hopes that they would hike tariffs after huge investments to acquire spectrum.
Prime Minister Narendra Modi and industrialist Mukesh Ambani feature amongst the most searched personalities online this year, according to search engine Yahoo.
Indian telecom seems to be getting back on its feet.
The top line growth for the 500 companies slowed down to 8.7 per cent.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
Did top Indian business groups miss the e-commerce opportunity by focusing on replicating the Walmart model instead of following the Amazon model of online shopping?
Dragged down by a massive fall in the stock market, total investor wealth slumped by nearly Rs 3 lakh crore on Tuesday as shares of over 2,200 listed firms ended in the red.
Consolidated net debt of Airtel increased by 24 per cent to Rs 97,395.2 crore.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
'The reality is no one, including some of the names that have shown up in the last few weeks, have any unilateral decision-making power in this,' Facebook India MD Ajit Mohan tells Peerzada Abrar.
"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
Market cap of government companies has remained unchanged in the past 8 years.
Some of India's biggest employers are testing for antibodies to either comply with regulatory norms or gauge the effectiveness of precautionary measures.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Dhirubhai Ambani lived in a one-room chawl in Mumbai with his wife and children and went on to establish the Reliance Group.
The combined interest payment for India's top listed companies, excluding financial and oil and gas firms, was up 15.2 per cent year-on-year during the six months ended March 2019, outpacing the change in net sales and operating profit.
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