Billionaire investor Rakesh Jhunjhunwala's optimistic outlook on India's consumption sector sent retail stocks soaring on Tuesday.
Big bull's holdings cross Rs 7,200 crore (Rs 72 billion).
'We started AgniKul to show that space transportation should be as simple as road transportation.'
Rakesh Jhunjhunwala-backed new airline Akasa is in talks with US aerospace company Boeing for buying up to 100 737 Max aircraft. Former Jet Airways CEO Vinay Dube and his family members are promoters while ex-IndiGo president Aditya Ghosh is a board member of the airline. The airline is in negotiation with Boeing and has reached out to the government to recertify the aircraft which has been grounded since 2018 after two crashes killing 349 persons, according to sources in the know.
Ace investor Rakesh Jhunjhunwala on Thursday picked up one crore shares of Edelweiss Financial Services for an estimated Rs 55 crore through the open market route.
The primary market will see a flurry of activity in March, with at least three companies including Gopal Snacks will float their initial public offerings (IPOs) in the upcoming week to raise Rs 1,325 crore collectively. The other two companies which are set to launch their maiden public issues are -- RK Swamy and JG Chemicals. Additionally, Bengaluru-based luxury furniture brand Stanley Lifestyles and Krystal Integrated Services are expected to float their initial share-sales later this month, according to merchant bankers.
Jhunjhunwala bought 30 lakh shares of Man Infraconstruction for Rs 11 cr.
RARE Enterprises purchased 12.50 lakh shares of D B Realty at an average price of Rs 90.21 apiece.
He paid nearly Rs 34 crore for the stake.
Flipkart's model is a money guzzler
Through rights issue, a firm allows existing shareholders a right to buy additional shares in the company at a specific price.
The ace investor has gone ahead and selectively raised stake in some of these.
While many are sweating in the current environment, Rakesh Jhunjhunwala's portfolio has done well and seen new additions.
The market is abuzz about how the fabled investor got it wrong.
His Rare Enterprises purchased 75 lakh shares worth Rs 13 crore.
There are pending buy orders for 4.8 million shares on the NSE and BSE.
Billionaire Rakesh Jhunjhunwala and investor Radhakrishna Damani have invested around Rs 80 crore (Rs 800 million) for a little over 14 per cent stake in Chennai-based Sterling Holiday Resorts India Ltd, founded by timesharing veteran R Subramanian in 1986.
Analysts feel Fortis Healthcare share holders are at a disadvantage and deal valuations had been short of expectations
Rajasthan Chief Minister Bhajanlal Sharma, state BJP president C P Joshi and Union minister Bhupendra Yadav welcomed them into the party at its state headquarters in Jaipur.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
'I told myself, I will be 23 next year. Why can't I be a billionaire too?'
Falling jet fuel prices, stable rupee signal lower losses
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government on Monday to establish a new mobile component manufacturing facility for Rs 1,600 crore in Kancheepuram with potential to generate 6,000 jobs. On his Twitter handle, Chief Minister M K Stalin said the LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu. State Industries Minister T R B Rajaa, Chief Secretary Shiv Das Meena and senior officials participated.
Ratan Tata, chairman emeritus, Tata Sons, launched Goodfellows, India's companionship startup for senior citizens, in a bid to encourage inter-generational friendships.
The commercial flight operations of Rakesh Jhunjhunwala-backed Akasa Air will be launched in July instead of June. "As we get closer to the airline launch date, we can now confirm refined estimates on our timelines. "We expect our first aircraft delivery by early June 2022, with the intention to start commercial operations in July 2022," Vinay Dube, CEO, Akasa Air, told PTI.
Akasa Air, which took to the skies two months ago, will allow domesticated dogs and cats in cabin as well as cargo from November and will also be starting new routes in the coming weeks. The airline, which is "well capitalised", plans to start international services in the second half of 2023 once it has a fleet of 20 planes. Currently, the carrier has 6 aircraft and will have a total of 18 planes by the end of March next year.
Rakesh Jhunjhunwala's holding value in Nazara Technologies crossed the Rs 1,000-crore mark. In the past one month, the market price of Nazara, a diversified gaming and sports media platform, has zoomed 78 per cent. In comparison, the Sensex was up 3 per cent during the same period.
Sundays are generally quiet days for air travel, but this Sunday was a tad different. There was quite an excitement at Gate 28 of Mumbai airport's Terminal 1 as Akasa Air, India's newest airline, prepared to take to the skies on Day 1. With a new fuel-efficient Boeing 737 Max aircraft and soft cushioned seats equipped with USB ports, Akasa Air hopes to bring freshness to the flying experience.
Based on a complaint by the legal head of the company Abhishek Parsheera, a case under various IPC sections including criminal breach of trust and cheating was registered against the two.
Newly-launched carrier Akasa Air is aiming for over 250 flights per week operating over nine domestic routes by the second week of October, the airline said on Friday as it announced entry in the highly-competitive Delhi market. The airline, founded by late stock market investor Rakesh Jhunjhunwala along with aviation industry veteran Vinay Dube, launched its operations on August 7 with a flight to Ahmedabad from the financial capital. Since then, it has expanded the route network to Chennai, Kochi, Bengaluru.
'Very few of small investors stay invested for those three or four or five years.' 'If there's like a six month, one-year period when market is not doing well, you exit.' 'After the market has run up, you get in again.' 'This way you will never make returns.'
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Former Karnataka chief minister S M Krishna, noted industrialist Kumar Mangalam Birla and famous playback singer Suman Kalyanpur were given Padma awards by President Droupadi Murmu at a ceremony at the Rashtrapati Bhavan on Wednesday.
New airline Akasa Air on Friday said it will launch commercial flight operations on August 7 by operating its first service on Mumbai-Ahmedabad route using Boeing 737 Max aircraft. In a statement, the carrier said it has opened ticket sales on 28 weekly flights it will be operating on Mumbai-Ahmedabad route from August 7, as well as on 28 weekly flights it will operating on Bengaluru-Kochi route from August 13. The carrier will launch commercial operations with two 737 Max aircraft. Boeing has delivered one Max plane and the second one's delivery is scheduled to take place later this month.
'God has given me everything -- wealth, success, a good wife and good friends. I wish He gives me good health.'
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