Weeks after confusion over three Mauritius-based funds whipsawing shares of Adani group firms, billionaire Gautam Adani on Monday said that "twisted narrative" seems to imply that companies have regulatory powers over their shareholders and can compel disclosures. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani group firms had been frozen by the national share depository. The three funds owned about $6 billion of shares across the conglomerate.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
Bankers on Tuesday said the RBI's decision to hold key rates, coming after a decisive mandate received by the Narendra Modi government, was on expected lines and interest rates won't change even though the central bank's SLR cut infuses additional liquidity into the system.
With all the brouhaha over GST, and (often) a limited understanding of the long-term forces shaping India's logistics sector, companies seem to have omitted factoring in some underlying trends that could shape supply chain excellence, says Neelesh Mundra.
Gajendrasinh Jadejha, the sarpanch of the Navi Naal village in Mundra taluka of Kutch, who has been sent to jail under the Prevention of Anti-Social Act by the Gujarat government, has filed a petition in the Gujarat high court against his detention and application of the tough law against him.
The central bank says that PSU banks need to generate more internal capital and that the government should cut stake.
Ahlstrom, a global market leader in high performance fibre-based materials, has signed an MoU with Mundra Port and special economic zone of the Ahmedabad-based Adani group for 50,500 Sq Mtrs area in the Textile and Apparel Park.
'When Zubeida came, everybody loved me and I got a slew of offers of the same kind.' 'People started saying, "Aap nayi Aruna Irani ban jayegi".'
Besides, Toyota and MG Motor also reported nil sales as they suspended operations even before the imposition of lockdown on March 25 to check the spread of coronavirus. In two-wheeler segment, niche bike maker Royal Enfield said it had zero sales in the domestic market but exported a total of 91 units last month.
October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
India has seen rapid progress in various big-budget infrastructure projects.
Seventeen containers on board amerchant vessel slipped off Okha West and began floating in sea prompting the Gujarat Maritime Board to sound an alert for ships approaching Gulf of Kutch, a major corridor for crude oil imports.
The group plans Rs 30,000-cr oil refinery with IOC; buys Lanco's Udupi power plant for Rs 6,000 cr
After hiking interest rates thrice between September 2013 and January 2014, the central bank has maintained status quo, amid slowing economic growth.
Will get Rs 830 cr, Rs 329 cr respectively to offset higher coal costs
The regulatory body has said Adani's power purchase agreements with Gujarat and Haryana would be maintained.
It is awaiting clarity on a regulatory decision allowing it to raise tariffs.
Even while the union budget may not have announced many direct schemes for Gujarat, the state has been a major beneficiary under Prime Minister Narendra Modi's first 100 days in office.
The company proposed to move site for supply to Gujarat from Korba to coastal Mundra within 10 days of signing PPA.
The new hire, Gangadhar Darbha, joined as a consultant
SEZ in Mundra, Gujarat denotified for three violations.
An engineering student of the Jadavpur University has filed a police complaint, alleging he had to leave the university because of severe ragging at the hands of senior students in the hostel where he was staying.
With political parties using him as punching bag in the highly charged election campaign, Adani Group head Gautam Adani on Sunday said he got no special favours from Narendra Modi and his group has since 1993 acquired only barren waste land for infrastructure projects.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
African joint venture Cennergi, formed six months earlier, already executing projects
The country's largest car maker Maruti Suzuki India on Monday said its cumulative exports have crossed one million units with the milestone car headed for Denmark.
Going all out to market the all new Alto 800, pricing the base variant of the new car lower than the outgoing model, Maruti Suzuki India Ltd (MSIL), today said it will start exporting the car from Gujarat's Mundra port from December this year. The first export market is likely to be Chile in South America.
The change in the latest Budget will impact the sale and rent of SEZ units of companies like Adani Port, which has large SEZs in Mundra.
The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
Adani Ports & SEZ was ordered to pay for damage to environment during the UPA govt
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
An estimated 30,000 people along coastal areas will be moved to safer places in Kutch district of Gujarat from Wednesday as the very severe cyclonic storm Nilofar hurtles towards the state and slams it by November 1 afternoon.
The firm expects its recent equity infusion, debt refinancing and the compensatory rate to lead to a turnaround in its financial position.
Adani says the company would have a generation capacity of 6,000 Mw by 2011-12.
Adani Enterprises, the flagship company of the Adani Group, reported a profit after tax of Rs 557 crore for the first quarter ended June 30, 2014 on the back of a 43 per cent jump in revenue.
Bajaj Auto is planning to set up its fourth and largest plant near the Mundra port in Gujarat. The plant will also manufacture the long-awaited passenger car the company is developing with Nissan-Renault.
Outward flows totalled $12.27 billion in June 2010.
Adani says size of the balance sheet of the company will double after the acquisition.
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