Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by FEL this month. The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
New Delhi's timing couldn't have been worse, both for India's fledgling electric vehicle (EV) sector and prospective electric bike buyers. It was hard to miss the perfect storm brewing for India's EV industry since early 2022. On one hand, you had several accidents involving battery fires that unnerved consumers; on the other, uncertainty had crept in over subsidies.
'The wise men learn lessons in war.' 'The smart men learn lessons from others, it's only the foolish who learn the wrong lesson.'
Adani Enterprises became the fourth listed company of Gautam Adani Group to cross Rs 4 trillion market capitalisation (market cap), as the stock hit a new high on the BSE in Tuesday's intra-day trade. At 01:24 pm; with Rs 4.04 trillion market cap, Adani Enterprises stood at number 15th position in overall market cap ranking on the BSE, data shows. Adani Transmission is at top of the group companies list, with market cap of Rs 4.48 trillion, followed by Adani Total Gas (Rs 3.96 trillion), and Adani Green Energy (Rs 3.72 trillion).
Chinese state-sponsored hackers had targeted India's power grids in Ladakh possibly for information on India's critical infrastructure or to prepare for sabotage in the future, according to the American cybersecurity firm Recorded Future.
Amid the ongoing festival season in the country, the hiring of gig workers has zoomed across sectors as the businesses have begun opening up leading to an uptick in consumer sentiments and rising pent-up demand, according to experts. "In the third quarter, with the onset of festive season, we are witnessing a 400 per cent spike in the hiring for gig workers. Earlier, in the first quarter of this year, as many businesses and companies were not operating at full strength, growth was muted. "However, things began picking up and became more promising from the second quarter, as the demand for gig workers across sectors grew," Taskmo, a subsidiary of Quess Corp, co-founder Prashant Janadri told PTI.
For the first time, a home-grown howitzer gun will be used for the ceremonial 21-gun salute during the Independence Day ceremony at Red Fort, Defence Secretary Ajay Kumar said on Wednesday.
The spokesperson also said that they are figuring out the logistics as to how the aircraft would be transferred from Poland to Ukraine.
The Indian Navy has a big role to play in support of our strategic objectives in the Indian Ocean. The increasing Chinese presence in the Indian Ocean is a matter of concern and need to be factored. Hence, the requirement of an Aircraft Carrier is a foregone conclusion, asserts Commodore Venugopal Menon (retd).
'The focus on easier access and faster delivery is creating a new consumption pattern that allows consumers to satisfy their last-minute cravings and restock essentials at the click of a button.'
As the counter-insurgency operation in the forest belt of Jammu and Kashmir's twin border districts of Poonch and Rajouri entered the ninth day on Tuesday, public announcements were made in Mendhar asking local residents to stay indoors for their safety, officials said.
Officials said the entire forest area from Mendhar to Thanamandi remains under a strict cordon and a massive search operation is on to neutralise the terrorists moving from one place to another in an attempt to escape the dragnet.
Indian investigating agencies will finally lay their hands on an important Indian Mujahideen operative who could well be the answer to the outfit's Gulf module, reports Vicky Nanjappa.
The operation to track down a group of hiding terrorists, who are responsible for the killing of nine soldiers, in Bhatti Durrian forest in Mendhar along with Surankote forest in Poonch and nearby Thanamandi in Rajouri district entered the 21st day on Sunday, the officials said.
A total of 10 members of Hizbul Mujahideen, Lashkar-e-Tayiba and other proscribed outfits were on Tuesday designated as terrorists by the Union ministry of home affairs under the Unlawful Activities (Prevention) Act.
The DGP said after concealing the contraband, the accused persons had meticulously welded the door border and repainted it.
A senior officer said that after the Red Fort incident, intelligence agencies were on their toes in Punjab to keep a close watch on Khalistan forces trying to revive their movement.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Kumar also said in the last three years, the Jaish-e-Mohammed has been "wiped out" in the Kashmir Valley. Only seven to eight terrorists are active now, he said.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
Tea planters and exporters are "extremely worried" over the possible impact on their shipments to Russia, India's second largest buyer of tea, in the wake of the Russia-Ukraine crisis. Western sanctions and disruption of payments in dollars as well as transhipments to Russia are expected as a fall-out of Russia launching an attack on Ukraine on Thursday. "The Russian market for Indian tea is extremely important as there are payment issues for shipments to Iran, another vital tea export destination. "Around 18 per cent of India's tea shipments go to Russia," India Tea Association chairperson Nayantara Palchoudhuri told PTI.
Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL). RIL will open most of the 200 Future Retail stores as Reliance stores in the next week and it is in the process of taking stock, re-branding, and transferring 30,000 Future Retail and Future Lifestyle employees on to the rolls of its manpower and staffing firm Reliance SMSL, according to a source. The first tranche of stores are set to be opened as early as in the next two days.
Giving an account of India's overall military modernisation, Lt Gen Pande also said that an in-principle approval has been given to new combat formations called the Integrated Battle Groups (IBGs) which can mobilise fast with a more effective approach.
The attack was carried out at the directions of an intelligence agency of the neighbouring country, director general of police Gaurav Yadav said pointing to Pakistan.
Russia's Defence Ministry on Saturday said that they are pulling back forces from two areas in Ukraine's Kharkiv region where a Ukrainian counteroffensive has made significant advances in the past week.
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.
E-commerce major Flipkart has burnt cash of $3.7 billion (about Rs 30,000 crore) in about a year ending September 2022, according to regulatory filings. Flipkart had $1 billion in cash in July 2021, which came down to $887 million by September 2022. The company, in July 2021, raised $3.6 billion (about Rs 29,000 crore), which has been completely exhausted, according to regulatory filings of Flipkart and Walmart.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
The senior defence official, however, refrained from describing the kind of responses that the two countries would respond to their common challenges.
Meta Platforms Inc, the parent company of WhatsApp, will partner with Reliance JioMart for a service where WhatsApp users can buy groceries on the messaging platform from the Indian retail firm. Mark Zuckerberg, chief executive officer (CEO) of Meta Platforms, said in a Facebook post, "[I am] Excited to launch our partnership with JioMart in India. "This is our first-ever end-to-end shopping experience on WhatsApp--people can now buy groceries from JioMart right in a chat." "Business messaging is an area with real momentum and chat-based experiences like this will be the go-to way people and businesses communicate in the years to come," he said in an announcement coinciding with the annual general Meeting (AGM) of Reliance Industries the parent company of JioMart.
Lack of infrastructure development in Jammu and Kashmir for decades post Independence was one of the reasons behind the rise of terrorism in the Union territory, Defence Minister Rajnath Singh said on Friday after unveiling 75 new projects including bridges, roads and helipads in border areas.
The United States has announced a bounty of $30 million for information leading to the location of five key leaders of the Haqqani militant network, held responsible for several attacks on civilians and NATO forces in Afghanistan.
Flipkart has promoted several of its leaders into newer roles at a time when the Walmart-owned e-commerce giant has internally raised its IPO (initial public offering) valuation target to about $60 billion and aims for a US listing in 2023, according to the sources. "I am delighted to announce the promotion of some of our exemplary leaders," said Kalyan Krishnamurthy, chief executive officer, Flipkart Group, in an internal note, and which has been reviewed by Business Standard. "Each of them has been instrumental in delivering impact and creating long-term value for Flipkart.
An arrested Pakistani terrorist was killed, while three security personnel were injured on Sunday when militants opened fire on a joint search party of the Army and police inside a forest in Poonch district of Jammu and Kashmir, officials said.
Once stability returns to the secondary market, companies that have obtained approval from Sebi will start tapping the market.
The ministry's year-end review is silent on the continued occupation by Chinese troops of territory that India has always claimed and patrolled.
In a statement, it said compared to physically and psychologically battle-hardened Indian troops, Chinese troops mostly are from urban areas and not used to hardships or prolonged deployment under field conditions.
Tucked away at a lane in Arehalli Guddadahalli, a small village in Bengaluru Rural district is a nondescript factory of LaundryMate, one of India's first organised technology-led online laundry services firms. The company has built the country's largest laundry facility, which is spread across 53,000 square feet - the size of a football field. Inside the hangar-like building, one can hear the whooshing and humming sound of big hi-tech washing machines being operated by the newly-recruited staff of LaundryMate.
Tech giant Microsoft on Wednesday launched a new programme Microsoft AI Innovate for nurturing and scaling start-ups that are leveraging Artificial Intelligence (AI). The 10-week initiative will support start-ups in India leveraging AI technologies, helping them scale operations, drive innovation, and build industry expertise. Both B2B and B2C start-ups from various industries, including financial services, healthcare, education, agriculture, space, manufacturing and logistics, retail, and e-commerce can participate in the quarterly cohorts of this programme.
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