The Adani Group has overtaken Mukesh Ambani Group to become the country's second biggest business group in terms of market cap behind Tatas. Adani Group cos now have a combined m-cap of Rs 19.44 trillion against Ambani Group cos combined m-cap of Rs 17.89 trillion. Tata Group leads the league table with the group market capitalisation of Rs 21.73 trillion on Monday. The Adani Group companies, however, continue to out-perform firms from business groups and the broader market on the bourses by a big margin.
Indian technology industry has a "big opportunity" despite global macroeconomic challenges, said Rishad Premji, chairman of IT services firm Wipro, on Wednesday as he spoke about how Covid-19 had changed work. "My confidence is driven by two things: the rapid pace of digitisation across the world, and the shift in the mindset of stakeholders who engage with us as an industry," said Premji in Bengaluru while addressing industry leaders and civil servants at the Invest Karnataka 2022, the state's Global Investors Meet (GIM). Businesses are using technology for customers and employees: a trend marked by the shift to cloud computing and leverage of data.
IT services giant Infosys will start construction of a proposed software development centre in the metropolis by July 2021, West Bengal Chief Minister Mamata Banerjee said on Tuesday. The project will generate massive employment in the IT sector, she said after a cabinet meeting at the state secretariat.
A looming global shortage of diesel in Europe presents India with more than one opportunity to profit from strong margins. A shortage of the fuel, a key contributor to inflation, has been exacerbated by the conflict in Ukraine, and western sanctions on Russian fuel supplies. The slowdown in natural gas supply means the West needs diesel to heat their homes this winter.
India's largest private port operator Adani Ports and SEZ (APSEZ) Ltd has emerged as the highest bidder for the West Bengal government's greenfield deep-sea port project at Tajpur in a neck-to-neck fight with JSW Group, a source said on Friday. APSEZ and Sajjan Jindal-led JSW Group were the only two entities that took part in the financial bid round, though there were more port and logistics majors who had expressed initial interest in the estimated Rs 7,000-crore project in Purba Medinipur district. "APSEZ is the highest bidder, offering a share of 0.25 per cent of gross revenue. "It was marginally higher than the second bidder who offered 0.23 per cent," a senior government official said, without wanting to be named.
The second campus would have the potential to create around 18,000 jobs
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 government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
The development comes at a time when growing tension in US-China trade ties is forcing companies to explore alternative manufacturing sites in order to derisk operations.
There are about 400 unused airports and airstrips across the country.
And this time it is not just a question of taxes foregone.
The Mangalore Special Economic Zone Limited (MSEZL) is facing stiff opposition from the landholders who are resisting acquisition of their lands.
The first option that the state government might opt for is offer Infosys space in one of the SEZs that are coming up, but that is unlikely to be accepted
Up to 95 per cent of units in the Noida-Greater Noida mega industrial zone are currently shut.
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
After witnessing IT boom, Karnataka is keen on developing aerospace industry in a big way through a special economic zone.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
The Karnataka Cabinet on Monday decided to rechristen 'Mumbai-Karnataka' region consisting of seven districts as 'Kittur Karnataka.'
The GIFT City management is in talks with Hong Kong, London, and Singapore arbitration centres
Properties worth over Rs 150 crore of real estate firm Unitech Group have been attached in a money laundering case, the Enforcement Directorate (ED) said on Tuesday. The assets include a dozen of land pieces measuring a total of 48.56 acres in Gurgaon near Delhi.
Adani Ports & SEZ was ordered to pay for damage to environment during the UPA govt
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?
Graphic: Statewise distribution of SEZ approvals.
Heads of fire departments of the Pune Municipal Corporation (PMC), Pune Metropolitan Region Development Authority (PMRDA) and Maharashtra Industrial Development Corporation (MIDC) are part of the joint probe team.
The proposed SEZ will have various facilities including processing centers and cold storage and other critical infrastructure facilities required for marine food exports.
SEZs are business-friendly but not market-friendly. They work against an economic policy that promotes competition.
Medha Patkar on what she calls the Special Exploitation Zones.
Over 3 billion yuan has been spent in the region in the last ten years on developing infrastructure such as road, power, water, drainage systems, telecommunications, and gas, among others, to provide a conducive environment for investors.
The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.
The Federation of Indian Chambers of Commerce and Industry carried out a review of municipal solid waste management in Indian cities in 2009, and found that only six of the 22 surveyed cities in the study had sanitary landfills, while 10 cities -- including major waste generators like New Delhi, Greater Mumbai (greatest generator of waste) and Kanpur -- did not have sanitary landfills.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Singapore plans to develop a Special Economic Zone in India and has suggested forming a study team for greater cooperation in banking sector as part of efforts to enhance economic ties.
No casualties were reported.
While no reason has been given for postponement of the BoA meeting, commerce secretary Rahul Khullar is indisposed, an official said.
According to the agreement, RuralShores, one of the largest rural BPO organisations in the country, would be establishing GMR's BPO at Kakinada SEZ in the East Godavari district of Andhra Pradesh.
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