Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
Scores of PTI workers and policemen suffered injuries in the violent clashes. So far, no casualty has been reported.
There are multiple near-term worries for the stock of India's largest listed consumer company, Hindustan Unilever (HUL). While inflationary pressures will weigh on its profitability, demand pressures - especially in the rural market - are expected to hit the firm's revenues. This is why brokerages have cut the earnings estimates for financial year 2022-23 (FY23) by 7-10 per cent.
India's second-largest information technology (IT) firm Infosys has decided to reduce the average variable payout of employees to 70 per cent due to falling operating margins in the first quarter (Q1) of 2022-23 (FY23), said people in the know. "The margin impact in the current quarter has reflected on the performance bonus for this cycle," the company told its employees over email. "While 70 per cent is the correct figure, an important point is we have been told that the company will not defer any variable payment. "It is being paid according to schedule," said a person.
SBI was the biggest loser in the Sensex pack, shedding 2.40 per cent, followed by Yes Bank, Bharti Airtel, L&T, Sun Pharma, M&M, ICICI Bank, ONGC, RIL, Asian Paints, Vedanta and HUL, which lost up to 2.37 per cent.
Whistle-blower officer Ashok Khemka has been shunted again, in breach of rules by BJP government in Haryana. All actions of the previous Congress govt against him still stand even as the Narendra Modi government has chosen to keep away.
The CBI arrested former National Stock Exchange CEO Chitra Ramkrishna in the co-location scam case on Sunday, officials said. Ramkrishna was arrested in Delhi and taken for medical checkup, they said. She was later lodged in lockup at the CBI headquarters, they said.
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell all but 5 per cent of their remaining shareholding in the news broadcaster to Adani Group for up to Rs 647.6 crore. Roys, who founded New Delhi Television Ltd (NDTV) as India's first and largest private producer of news current affairs and entertainment television, lost their status of being the company's largest shareholder in recent weeks. This follows Adani Group becoming the majority shareholding of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
All 40-odd rooms at the resort have been booked for the guests from Jharkhand for the next two days, Congress sources said.
Engineering giant Larsen & Toubro (L&T) is looking to divest its exposure to road and power concessions and incubate digital and e-commerce businesses as part of its new five-year plan ending 2025-26 (FY26). The base year for the plan is 2020-21 (FY21). The blueprint, called Lakshya 2026, is intended to help the company exit sub-scale businesses, concentrate on high-technology (tech) manufacturing, construction and green energy projects, and increase its share from information technology (IT) and digital services. The lending operations of the financial services business, meanwhile, will be reorganised, with focus on retail lending.
From small restaurants to mighty software companies, it is businesses, not the government, that create jobs. Yet, in a cruel irony, they have to fight extortive and brutal State power every step of the way, says Debashis Basu.
Remember, the security of your job primarily depends on two major factors -- how relevant you are for the organisation and how the organisation is aligned to its stakeholders (investors, clients and employees)
A look at this week's hits and misses.
The turmoil, if you read the headlines, is about the so-called funding winter. Deep down, though, the question is one of the common direction in which founders and investors need to pull, points out Suveen Sinha.
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Revenue yield on every rupee of investment fell to Rs 1.06 in FY13 from Rs 1.20 in FY08.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
'Today, we have 150,000 orders a month. And a monthly sale of Rs 1 crore.'
Reflecting concern about Internet security, the United States has said it won't tolerate government-sponsored cyber theft of trade secrets even as it brought cyber-espionage charges against China's five military officers for allegedly stealing classified corporate information.
Two years after it hitched a ride with Hero MotoCorp (Hero), Harley-Davidson (Harley) and the Pawan Munjal-led firm are gearing up to ride into the middleweight (midweight) motorcycle segment (350-850cc) in the world's largest two-wheeler market.
Dell, which once led the world in computer sales and was held up as a model of production-chain innovation, is increasingly resorting to price cuts to soothe customers nervous about its future and to spearhead a late foray into the enterprise computing market.
The shipping business is like the heaving sea -- it's up and down, observes Shyam G Menon.
Have conviction in your bets and use stop-loss as a defence mechanism to curtail losses.
A long and bitter funding winter in the start-up world is beginning to take its toll on start-up advertising across properties. Earlier this week, Mastercard replaced Paytm as the title sponsor for all international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI). But this is just one part of the story. The other side is that organisers of high-impact shows and events on Hindi general entertainment channels, too, are feeling the winter chill.
UK-headquartered consumer goods giant Unilever on Tuesday announced a major organisational shakeup to make the company leaner, which involves some of its Indian-origin executives, and plans to lay off 1,500 staff as part of the wider restructuring of its global operations. Sanjiv Mehta retains executive leadership of Mumbai-headquartered subsidiary Hindustan Unilever, while Unilever chief operating officer (COO) Nitin Paranjpe will take on a new role as chief transformation officer & chief people officer, leading the business transformation and heading the HR function for the transformed organisation. The company said Sunny Jain, president of beauty & personal care, has decided to leave Unilever to set up an "investment fund in technology megatrends".
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