Adani Wilmar (AWL) joined the elite group of companies with market capitalisation (m-cap) of Rs 1 trillion after the stock of Gautam Adani-led edible oil company hit a new high of Rs 802.80, up 5 per cent on the BSE in Tuesday's trade.
Adani Ports and Special Economic Zone and Adani Green Energy are the other two Adani Group firms to have crossed the Rs 1-trillion mark in m-cap.
Flipkart on Monday said it has entered into a commercial partnership with the Adani group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs.
Institutional shareholders of Reliance Industries Limited (RIL) are expecting big-ticket announcements from the company, including timeline for listing of its telecom and retail subsidiaries. They expect this to unlock value in the company, which has seen a sharp fall in market valuation on Friday. This is due to windfall tax imposed by the Centre on refiners and oil producers.
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.
But half the land lies unused due to legal hurdles, lack of investor interest.
Edible oil major Adani Wilmar Ltd (AWL) on Monday filed the draft red herring prospectus with markets regulator Sebi for an initial public offer to raise up to Rs 4,500 crore. The company, which sells cooking oils under the Fortune brand, is a major player in the edible oil industry.
The Pakistan Foreign Office issued a statement in response to questions from the press about reports in the media on the 'seizure of possible radioactive material' by Indian authorities at Mundra Port on a cargo ship from Karachi Port to Shanghai in China.
The Centre has also listed 24 bills, including the Cantonment Bill, the Multi-State Cooperative Societies (Amendment) Bill and the Insolvency and Bankruptcy Code (Amendment) Bill.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
Capital markets regulator Sebi has kept the proposed Rs 4,500-crore initial share-sale of edible oil major Adani Wilmar Ltd (AWL) in "abeyance". However, the Securities and Exchange Board of India (Sebi) did not clarify further. The company had filed preliminary papers with Sebi on August 3, to raise funds through an initial public offering (IPO).
Billionaire Gautam Adani's group on Monday said it has written confirmation that accounts of three foreign funds that are among its top shareholders are not frozen and reports to the contrary are "blatantly erroneous and misleading". Shares of Adani group companies plunged on Monday after reports that the National Securities Depository Ltd (NSDL) froze the accounts of the three foreign funds that are among the top stakeholders in the firms. Adani Enterprises, the conglomerate's flagship company, as also Adani Ports and Special Economic Zone, Adani Green Energy Ltd, Adani Transmission Ltd, Adani Power and Adani Total Gas Ltd in identical filings to the stock exchanges said the reports of NSDL freezing accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in the group firms were "blatantly erroneous and is done to deliberately mislead the investing community."
SEZ in Mundra, Gujarat denotified for three violations.
TCS is also seeking more time for setting up a unit in Mihan special economic zone at Nagpur in Maharashtra.
Shares of Adani Green Energy (AGEL) continued their upward movement, hitting a new high of Rs 1,955.90, up 2.6 per cent on the BSE in Wednesday's intra-day trade in an otherwise weak market. The S&P BSE Sensex was down 0.77 per cent at 60,285 at 11:01 am. In the past 14 trading sessions, the stock of the renewable energy arm of the diversified Adani Group has zoomed 50 per cent from Rs 1,307.05 on December 30, 2021. In comparison, the S&P BSE Sensex was up 4.3 per cent during the same period.
During April-September 2010-11, exports from the tax free enclaves had clocked Rs 1.39 lakh crore (Rs 1.39 trillion).
Development commissioners have been asked to forward proposals regarding SEZs along with their comments at the earliest so that they could be deliberated over at the meeting, it said.
This is required after Maharashtra de-notified 16,000 acres of land earmarked for the Maha Mumbai Special Economic Zone in Raigad district.
'I never thought the European audience will love this film, but we had over 2,000 people at the screening.'
According to the revised DTC draft, which will replace the Income Tax Act of 1961, tax exemptions for SEZs will be confined to the existing units.
Ahmedabad-based Symphony Ltd, a global player in air coolers, is planning to set up a manufacturing unit at the special economic zone (SEZ) at Sachin near Surat to cater to its export market.
'The Government of India should start a dialogue with the people of Ladakh, but the trouble is they are not willing to listen to our grievances.'
The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry's Export Promotion Council for export oriented units and special economic zones.
The government on Monday proposed to levy Minimum Alternate Tax (MAT) of 18.5 per cent on the book profits of Special Economic Zone developers and units, which was termed as a 'setback' by the players.
During April-December 2009-10, exports from special economic zones stood at Rs 1,51,785 crore (Rs 1,517.85 billion).
The decision regarding this was taken by the Board of Approval in its meeting on September 18.
The current total installed capacity of the seven manufacturers of remdesivir is 38.80 lakh vials per month, the Ministry of Chemicals and Fertilizers said in a statement.
The government would consider fresh applications for SEZs on December 15.
Earlier, this relaxation was given to only 'de-capacitated' employees or those who are travelling.
There are 344 notified SEZs spread across 40,000 hectare in the country that have so far attracted Rs 1 lakh crore (Rs 1 trillion).
This military visit came amid heightened tensions between China and United States, with issues pertaining to disagreements over Taiwan and the COVID-19 pandemic.
India has attracted investment worth $1.6 billion for projects in the fields of power, steel, construction and engineering special economic zones from Japanese companies.
While no reason has been given for postponement of the BoA meeting, commerce secretary Rahul Khullar is indisposed, an official said.
The government has proposed that all Special Economic Zones should meet at least 25 per cent of their lighting needs through solar energy, a move that will go a long way in making SEZs green, even as consensus eludes climate change talks in Copenhagen.
Exports from special economic zones (SEZs) are likely to touch Rs 2 lakh crore in 2009-10, a 100 per cent jump from the year-ago period, with Reliance Industries' Jamnagar special economic zone expected to contribute the most to the kitty.
'This is not China. There is freedom of movement in Kashmir, even in Sikkim. I can go anywhere. But in the SEZs created in my own hinterland I can only enter if I have a pass issued by a civil servant who is appointed as the caretaker of that SEZ,' says Magsaysay Award winner Aruna Roy.
The draft direct tax code that will lead to overhaul of the Income Tax Act, has created uncertainty among the developers and units in the special economic zones over continuation of the tax sops.
Reeling under a cash crunch, the country's largest real estate player, DLF, has approached the government on surrendering its (DLF's) five of the nine IT-ITeS notified special economic zones (SEZ).
The government has broadened the ambit of services exempted from service tax for Special Economic Zones as services provided to these zones even from outside would not be taxable.
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