RIL subsidiary Reliance New Energy Solar, Ola Electric, Hyundai Global Motors Company and Rajesh Exports have been approved for receiving incentives under the Rs 18,100 crore Production Linked Incentive (PLI) scheme for battery manufacturing in India, sources said on Thursday. "The ministry had received bids from 10 companies with a capacity of 130 GWh. Reliance, Ola Electric, Hyundai and Rajesh Exports have qualified for ACC batteries," a source said. Other companies which had applied for the PLI scheme for Advanced Chemistry Cell (ACC) batteries were Lucas-TVS, Mahindra & Mahindra, Amara Raja Batteries, Exide Industries, Larsen & Toubro and India Power Corporation Limited.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
India's first auction of 5G spectrum, that powers ultra-high data speeds, is currently underway with a total of 72 GHz (gigahertz) of radiowaves worth at least Rs 4.3 lakh crore up for bidding. Billionaire Mukesh Ambani's Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani's flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about 10 times faster than 4G, lag-free connectivity, and can enable billions of connected devices to share data in real-time. In addition to powering ultra-low latency connections, which allow downloading full-length high-quality video or movie to a mobile device in a matter of seconds (even in crowded areas), Fifth Generation or 5G would enable solutions such as e-health, connected vehicles, more-immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming among others.
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.
Reliance Industries has accused CAG of exceeding its brief in the audit of spending on eastern offshore KG-D6 block saying hindsight is being used to question operational decisions taken 8 years back.
It is not clear whether the drop in offers is a fallout of demonetisation.
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At the last hearing on October 11, SAT had suggested to Sebi to look at considering the RIL application for a consent settlement that allows companies and individuals to settle disputes by paying a fine without admission or denial of the alleged wrongdoing.
The country's two top telcos, Reliance Jio and Airtel, are working overnight to undertake one of the fastest global roll-outs of 5G services in any country just a month down the line. India might be late in the game (already 70 countries have some kind of 5G and there are 698 million 5G subscribers across the world), but it's moving at breakneck speed. In his speech at the Reliance Industries AGM, Mukesh Ambani unveiled his plan to roll out the fastest 5G network in the world, starting from four metros in October but hitting every town taluka and tehsil - there are some 5,600 of them - in the country in 18 months.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Moody's Investors Service on Wednesday affirmed the ratings of two major Indian IT services companies, Tata Consultancy Services Limited (TCS) and Infosys. In two separate statements, Moody's also retained stable outlook for both the companies. Moody's expects Infosys' revenues to climb by around 13 per cent for the financial year ending March 31, 2023, but moderate to around 8 per cent in the next 2024 fiscal.
India's biggest firm, Reliance Industries, has decided to cut salaries by 10 per cent in its oil and refining divisions. Several smaller companies like Kajaria Ceramics have followed suit with cuts as high as 40 per cent for those earning more than Rs 50 lakh.
The broader Nifty closed at 11,993.05, falling by 233.60 points, or 1.91 per cent. On the Sensex chart, Bajaj Finance was the top loser, dropping 4.63 per cent, followed by SBI, IndusInd Bank, Maruti, HDFC, Hero MotoCorp, Axis Bank, ICICI Bank and RIL
TCS, HDFC Bank, Hindustan Unilever Limited (HUL), HDFC, Infosys, ITC, Kotak Mahindra Bank, ICICI Bank and SBI closed the week with losses.
'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.'
Stoutly defending the hike in gas prices, Oil Minister M Veerappa Moily said the move would benefit the government in terms of revenue as many gas discoveries have been made by public sector companies rather than private sector.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
How can we compare say an upcoming Munjal University to an IIT-Mumbai?
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'We are in the middle of an unprecedented SIP revolution.' 'Monthly inflow through SIPs will be Rs 15,000 crore to Rs 20,000 crore soon.' 'Traditional avenues of Indian savings like bank fixed deposits, gold or real estate are no longer attractive to invest.'
Banking sources said the debt recast is actually 'Plan B' to help the nation's largest retailer stay afloat.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Fund managers say the recent fall is not going to sustain.
SBI had a bad day, sliding the most by 5.36%. Others that dragged the key indices down were M&M, Reliance Industries and L&T.
AK-203 assault rifles, with an effective range of 300 meters, are lightweight, robust and easy to use modern assault rifles with proven technology.
Nivedita Mookerji explains why a timely rollout of 5G may not be easy in India.
Openly backing the ISL as the country's elite competition for the first time, the Indian FA (AIFF) said its recommendation was based on the Master Rights Agreement it signed in 2010 with its commercial partners Football Sports Development Limited.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
India's total online shopper base at 30 per cent of its internet population is low when compared with 78 per cent in China and 70-plus per cent in the US.
The Delhi Police on February 20 arrested five corporate executives.
TCS, HDFC Bank, Infosys and Kotak Mahindra Bank were the other firms in the top-10 list which witnessed a rise in their market capitalisation. On the other hand, HUL, HDFC, Bharti Airtel, ITC and ICICI Bank finished with losses.
For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India: Mukesh Ambani.
Amazon has shot off yet another letter to market regulator Sebi, accusing Future Retail of insider trading and called for an investigation as the US online retailer looks to ratchet up pressure against the Future-RIL deal. Future Group, however, vehemently denied the charges, saying these allegations were "Amazon's ill-motivated attempts to throw everything at the situation to stultify the transaction."
The JV was established for development of SEZs/Model Economic Township project and other infrastructure facilities in Haryana.
The Prime Minister will commission INS Vikrant at Cochin Shipyard Limited in Kochi and during the event, he will also "unveil the new naval ensign (Nishaan), doing away with the colonial past," the PMO said in a statement.
Telecom major Reliance Communications plans to monetise its real estate assets as it looks to pare debt.
Weeks after it revised the rating outlook of two companies of embattled Adani group, S&P Global Ratings on Wednesday said it is watching for additional information on the conglomerate's governance and funding for any ratings action. Investors, it said, seek clarity on the credit impact of a string of allegations against the group in a short-seller report published in late January, and on the findings of a recently launched Supreme Court investigation. S&P Global published an FAQ-style commentary titled, "Adani Group: The Known Unknowns".
Revenue jumped 54.5 per cent to Rs 156,291 crore.
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