Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
With crude and commodity prices ebbing and the twin deficits under check, the Reserve Bank should have cut the key policy rate to push investments and boost economic growth, India Inc said.
A large number of large and small businesses process EU data, have customers from the EU or have access to data of EU citizens in one way or another.
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Net profit grew 25.4% in Q4 but revenue growth, lower at 8.5%, suggests lack of volume expansion.
Experts say the focus is on preserving liquidity as there is uncertainty over the duration and impact of the 21-day nationwide lockdown imposed to check the spread of COVID-19.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Of Rs 1,034.27 crore, the ruling party spent Rs 606.64 crore, while the Congress spent Rs 149.65 crore of its Rs 225.36 crore.
Building could fetch more than $1 bn.
Experts said a future rate cut would depend on the inflation.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Singh met the party MP from Thiruvananthapuram on Thursday after collecting nomination papers for the polls.
"Satya Nadella is a perfect example of how appropriate, thoughtful immigration reform can benefit both our free-market democracies, says Ron Somers, president of the US-India Business Council.
Many corporate figures, who are not full-fledged businessmen, have felt the need to make a change in the system. That's why they are joining the AAP, Captain Gopinath tells Rediff.com's Vicky Nanjappa
The RBI working group's proposal to allow corporate houses to set up banks is a 'good-looking' step in a 'bad direction' and may lead to crony capitalism and eventual financial instability, former chief economist of World Bank Kaushik Basu said on Thursday. Basu further said that there is a good reason why all successful economies have a clear dividing line between industries and corporations on the one hand, and banks and lending organisations on the other.
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
Speaking at an Assocham event, Modi said the recent cut in corporate tax has brought rates to all-time low for businesses, adding that labour force should also be taken care of.
The redevelopment of stations is good news for construction companies.
'The 5.3% growth in wages per employee is the lowest growth in nine years,' points out Mahesh Vyas.
India Inc is not in the dark about moonlighting employees. According to a forensic accountant, companies can easily turn to experts and deploy digital tools that can be used to check if an employee is doing a second job or not - reaffirming fears of many who are wary of the practice in the context of the recent sacking of moonlighters by IT major Wipro. Arpinder Singh, global markets and India leader, forensic and integrity services, EY, said that EY had been involved with several companies to gauge moonlighting.
In continuation of the recent trend, another edtech major has issued pink slips to hundreds of employees. Bengaluru-based Byju's - valued at $22 billion - has laid off about 500 employees at its group companies -WhiteHat Jr and Toppr. It's a move to drive cost efficiency, according to the company. The number of layoffs, cutting across various department functions, may increase, sources said.
Firms generated free cash flows in 2013-14, for the first time since the 2008 Lehman crisis
While weather forecasters remain divided on how the monsoons will play out in India over the next few months, analysts believe the news at the current juncture - at best - can trigger a knee-jerk reaction in the markets. They believe it is too early to say whether the sub-par monsoon on account of El Nino can seriously dent the market sentiment in the short-to-medium term. "These are just initial forecasts and we will have another round / status update from the weather forecasters a month down the line.
Hailing the announcement of Raghuram G Rajan as the new RBI Governor, India Inc on Tuesday said the appointment of the former IMF Chief Economist will help bring the economy back on growth path.
Aam Aadmi Party swept the Delhi polls with 67 seats.
Twitter fell into a pitless chaos after several employees appeared to have departed the company, which sent messages that it was closing its 'office buildings' for the next few days.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
It takes only two hours - roughly the time it takes for a plane to fly from Delhi to Mumbai - for a pair of pilots to complete their training on the 737 MAX simulator at Boeing's centre in Noida, the only one of its kind in India. Going by this estimate, all the 90 Spicejet pilots who the civil aviation regulator barred from flying the 737 MAX can be retrained in 90 hours.
E-commerce platform Snapdeal is looking at filing its Draft Red Herring Prospectus (DRHP) in the next few weeks to launch an initial public offering in first half of next year, according to sources. Sources close to the development said the company is looking at a $250 million (around Rs 1,870 crore) IPO that could value Snapdeal at about $1.5-1.7 billion. Snapdeal is looking at filing the DRHP in December-January time frame, and launch the IPO in the first half of 2022 after the necessary approvals, they added. One of the sources said the founders will not be selling shares as part of the IPO, and major shareholders are also expected to hold onto their shares.
Murty, daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares, or 0.93 per cent, of Infosys at the end of September, according to company filings with the stock exchanges.
Fraud is a big concern among many board members.
The value of mergers and acquisitions that India Inc snapped up in the first half of the year surged over seven times to a staggering $38 billion or over Rs 1.8 trillion, led by big ticket deals in the telecom and pharma sectors.
It would pave the way for Jammu and Kashmir to attract large-scale investments, the industry leaders said.
While FMCG companies were not barred from carrying out their operations during the 21-day lockdown, since most manufacture staples and essential products, capacity utilisation remained poor, owing to the restricted movement of raw materials, finished goods, and labour.
The opposition party also claimed that the Modi 2.0 dispensation has turned out to be an "economic and political disaster" and "constant rollbacks" of economic decisions will lead to worsening of the economic situation.
India Inc says way forward is for Modi govt to work with other political parties to get bills passed.
Welcoming the UK government's move to scrap the controversial 3,000-pound visa bond scheme, India Inc on Tuesday said this would further help in boosting trade and investments between the countries.
It is the six per cent target RBI is more concerned about.
The country's largest consumer goods company Hindustan Unilever says it has been able to reduce its water use by regular metering, monitoring and controlling of utilities consumption at all its manufacturing sites
If the fear of ED could drive the powerful people of today to be honest or at least be minimally corrupt, will it not be a great thing for our nation?, asks Sudhir Bisht.
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