Equity investors became richer by over Rs 7.21 lakh crore as stock markets continued the rally for the second day on Wednesday. The 30-share BSE Sensex opened in the green on Wednesday and further jumped 1,469.64 points or 2.75 per cent to 54,893.73 during the day. It finally settled at 54,647.33, higher by 1,223.24 points or 2.29 per cent amid reports of diplomatic efforts to end Russia's attack on Ukraine. On Tuesday, it settled at 53,424.09, higher by 581.34 points or 1.10 per cent.
'If Indians are as smart as their counterparts in university, and have equal opportunity, then what is the reason that we cannot produce inventions of quality that are recognised by the world?'
After clocking losses for seven straight quarters, Tata Motors on Wednesday posted a consolidated net profit of Rs 3,043 crore in the third quarter (Q3) of 2022-23. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix. "We remain cautiously optimistic about the demand situation, notwithstanding the global uncertainty.
Billionaire Mukesh Ambani on Monday pressed for bridging the digital divide "both among nations and within nations", saying connectivity and communications have become the fundamental rights of every person. Also, there is a need to bring back the economies around the globe. Speaking at the Qatar Economic Forum, he said it is difficult to imagine what India would have been without the 4G telecom network during the pandemic. "The digital divide must be bridged, both among nations and within nations.
Indian telecom operators have surpassed the three- year 5G network rollout target given to them within six months and now the government is making efforts to enhance adoption of 5G applications across various key segments, a senior government official said in Barcelona. Department of Telecom Additional Secretary VL Kantha Rao told PTI at "India Evening" event on the sidelines of Mobile World Congress 2023 that the government has hosted over 50 companies at the India pavilion and the delegation is here to showcase indigenously-developed 4G and 5G technology stack. "When the spectrum was allocated to telecom service providers for 5G rollout, we gave a minimum rollout obligation saying that within one year they have to cover a few cities within three years, a few towns and so on and so forth.
Future Retail Ltd (FRL) on Wednesday said it is "committed" to reversal of takeover of its stores by Reliance Retail and will take all such action as may be necessary to seek value adjustments. The Kishore Biyani-led firm also said the action of the Reliance Group has come as a "surprise" to it. Moreover, the action of taking possession of its stores has "complicated" the positive scenario which had started building up after a CCI order in December 2021, FRL said in a regulatory filing.
Asia's richest man Gautam Adani, besides looking at opportunities to expand his vast empire, is hooked on ChatGPT - the programme that trawls vast amount of information to generate natural-sounding text on virtually anything - from crafting jokes to writing ad copy, debugging computer code, to even generating poems and essays. Adani, whose conglomerate has in recent years diversified from mines, ports and power plants into airports, data centres and defence, penned musing from his visit to Davos to attend the World Economic Forum meeting. "From a meetings perspective, this was perhaps my busiest WEF as I met over a dozen heads of states and several business leaders," he wrote on LinkedIn, talking of new geopolitical couplings, climate change and tight-lipped evangelists and AI.
Billionaire Gautam Adani on Tuesday said China will feel increasingly isolated as rising nationalism, shift in supply chains and technology restrictions threaten the world's second-biggest economy. This is because globalisation, of which China was seen as the foremost champion, is at an inflection point. "It will look very different from what we had come to accept in a largely unipolar world," he said.
Shreekant Sambrani remembers P R S 'Biki' Oberoi, personal friend and hospitality icon, who passed into the ages this week.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
'The recent incident in the US has no bearing in India.' 'We are not aware of any request from the US to India about 5G.'
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.
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
Bajaj Finserv was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, HDFC, L&T, ICICI Bank, Sun Pharma and NTPC. On the other hand, Tech Mahindra, ITC and M&M were the laggards.
Media major Zee Entertainment Enterprises Ltd (ZEEL) has cancelled its board meeting, scheduled to be held on Wednesday for considering the results for the July-September quarter, due to lack of quorum. In a regulatory filing on Tuesday, ZEEL said, "A meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on a standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum." The development comes at a time when the company is battling it out the single-largest shareholders Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC that together hold 17.88 per cent and have been pressing for an extraordinary general meeting of shareholders for removing managing director Punit Goenka, besides opposing ZEEL's proposed merger deal with Pictures Network India (SPNI).
'When a Project Director is appointed, the whole organization -- including the Chairman ISRO -- works for his success. It is a lesson that has been of abiding value all through the other projects I have worked on,' recalls the late President, one of the earliest pioneers at ISRO.
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
With inflation down, the government's twin deficits are largely under control.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
The Department of Telecommunications (DoT) has asked Vodafone Idea (Vi) to come back to it with a business plan soon in light of its decision not to launch 5G services for now (unlike its competitors Reliance Jio and Bharti Airtel) and in view of its assessment of the possible impact of BSNL's impending launch of 4G in a few months and then 5G by August 15. "We are worried about Vi as we want to have three private players and one government player in the market. "The global trend now is to have two to three players.
Quick commerce startups hope to race towards better days. Can they crack the execution code?
AK-203 assault rifles, with an effective range of 300 meters, are lightweight, robust and easy to use modern assault rifles with proven technology.
Commercial 5G services will be rolled out in 13 cities in India, including the metropolises, in 2022, the Department of Telecommunications (DoT) said in a statement on Monday. These cities are Delhi, Gurugram, Mumbai, Pune, Chennai, Kolkata, Bengaluru, Hyderabad, Chandigarh, Lucknow, Ahmedabad, Gandhinagar, and Jamnagar. "These metros and big cities would be the first places for the launch of 5G services in the country next year," the DoT said.
The merits and demerits of the telcos' 5G strategy however is clearly dependent on the financial muscle of players, reports Surajeet Das Gupta.
Reliance Industries chairman Mukesh Ambani on Thursday said Jio and Google have jointly developed a power-packed and affordable smartphone 'JioPhone Next', which will be available in the market from September 10. Ambani promised that JioPhone Next will be the most affordable smartphone not just in India but globally. Speaking at RIL's annual general meeting, Ambani asserted that an ultra-affordable 4G smartphone is essential to make India '2G-mukt' (free of 2G).
For existing customers, he announced that the current benefits will continue under a new tariff plan for another 12 months by payment of Rs 303 per month and a one-time joining fee of Rs 99.
Apple's newest phone iPhone 14 will be made in India as the global tech titan bets big on the manufacturing prowess of the world's second-biggest smartphone market after China.
Singh made the remarks while addressing a "CEOs' Roundtable" at the 14th edition of Aero India at the Yelahanka Air Force station complex on the outskirts of Bengaluru.
Four new retailers from US, two from Germany may have shown interest in setting up shop in India.
Ambani is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson, famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain, reports Lee Kah Whye.
'Never in the history of Indian cinema did we have a distribution system for 240 countries, but we have it now.' 'And if we still keep catering to the B and C-tiers of our country, and not the whole world, then we are really being losers.' 'The visionaries of the industry must pull up their socks and say that now we will create for the world.'
India is likely to become a $40 trillion economy by 2047 -- a 13-fold jump from its current size -- driven primarily by a clean energy revolution and digitalisation, billionaire Mukesh Ambani said on Tuesday. Ambani's estimate for the Indian economy, currently the fifth largest in the world behind only the US, China, Japan and Germany, is more optimistic than Asia's richest man Gautam Adani, who last week stated that India will become a $30 trillion economy by 2050 on back of rising consumption and socio-economic reforms. "From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world," Ambani said at the 10th convocation of Pandit Deendayal Energy University in Gandhinagar.
The real value of the Tejas Mark 1 is the role it will now play in the development of India's next generation of fighter aircraft that will be more technologically advanced and lethal.
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
'If you are going to have only a handful of telecom players on whom the entire dream of Digital India rests, it's important they are financially sustainable.'
TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter's ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, chief operating officer N Ganapathy Subramaniam told PTI. "(For) this year (FY23), probably we are there (double-digit growth).
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