Business

  • India’s GDP shows remarkable recovery, grows at 8.4% in July-Sept 2021
    New Delhi [India] : Showing signs of recovery during the second quarter following a record growth in the first quarter of financial year 2022,  India’s Gross Domestic Product (GDP) grew at 8.45 per cent during the July-September quarter, official data released on Tuesday showed. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year. The gross domestic product (GDP) had contracted by 7.4 per cent in the corresponding July-September quarter of 2020-21, according to data released by the National Statistical Office (NSO). GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crore during the corresponding period of previous year, showing a growth of 13.7 per cent in H1 2021-22 as against a contraction of 15.9 per cent during the same period last year, it stated. The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year. China has recorded a growth of 4.9 per cent in the July-September period of 2021.
  • Bajaj Finance raises Fixed Deposit interest rates, offers up to 7.05 Percent
    Pune (Maharashtra) [India] : Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has increased fixed deposit (FD) rates by 0.30 per cent for tenors between 24 and 60 months.Investors can now get up to 7.05 per cent interest rate on all deposits up to Rs. 5 crores made on and after December 1, 2021. These interest rates are applicable for new deposits and on the renewal of maturing deposits.As the table suggests, there’s an increase of 0.30 per cent for FDs between 24 and 60 months. A senior citizen investing Rs. 2,00,000 for 60 months can earn returns up to Rs. 2,83,652 at maturity. For the same tenor and deposit amount, citizens below 60 years get up to Rs. 2,80,188 on their deposit regardless of their investment mode.Here’s a detailed look at the revised FD interest rates offered by Bajaj Finance Limited. With Bajaj Finance, individuals can choose to start their investment journey anywhere at any time, with an end-to-end paperless online process that enables investors to invest from the comfort of their homes. With this online FD process, it takes a few minutes to book an FD, and investors can reap the benefit of these lucrative FD interest rates easily.
  • Twitter gets Indian CEO: IIT Mumbai alumni Parag Agrawal takes Charge
    New Delhi [India] : Twitter co-founder Jack Dorsey will step down as CEO of the social media platform and Parag Agrawal is all set to succeed him. The company’s board has unanimously appointed the company’s chief technology officer Parag Agrawal as next Twitter CEO. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Dorsey said in a statement. The resignation of Dorsey, who has been heading Twitter as its chief executive since 2015, will come into effect immediately. However, he will remain a member of the Board till around May 2022 to enable a smooth transition. On Sunday, Dorsey sent the tweet “I love Twitter.” Last year, the company came to an agreement with two of those activist investors that kept Dorsey in the top job and gave a seat on the company board to Elliott Management Corp., which owned about 4% of Twitter’s stock, and another to Silver Lake. Elliott Management, a Twitter shareholder, had attempted to replace Jack Dorsey as CEO in 2020 before reaching an agreement with the company’s management. The social media giant was cofounded by Dorsey in 2006. Dorsey is also the top executive at Square, a financial payments company […]
  • Reliance Capital welcomes RBI’s decision, blames complexity of litigation for defaults
    New Delhi [India]: Reliance Capital Limited welcomed the Reserve Bank of India’s (RBI) decision to resolve the company’s debt in accordance with the Insolvency and Bankruptcy (IBC) Code. In a statement, the company blamed the complexity of litigation for defaults and assured to “fully co-operate with the administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders”.According to RCL’s statement, the complexity of litigation initiated by certain secured and unsecured lenders, resulting in the pendency of over ten cases in various fora, including the Supreme Court, Mumbai High Court, Delhi High Court and Debt Recovery Tribunal (DRT), has effectively stalled the resolution of the company’s debt, despite its best efforts for the past over two years. “The company owns profitable and valuable operating businesses, through its 100 per cent shareholding in Reliance General Insurance Company (RGIC) and 51 per cent shareholding in RNLIC (a Joint Venture with Nippon Life Co. of Japan), which represent the majority of the value of the Company being a Core Investment Company (CIC), besides other financial investments,” the statement further read. As per RCL, the company has no outstanding loans from banks and approx 95 per cent of its debt is in the form of debentures. “The company looks forward to expeditious resolution of its debt and continuation as a well capitalised going concern through the IBC process, in the […]
  • Mukesh Ambani’s Reported Interest In BT Telecom Sees Stock Up 9%
    Mumbai [Maharashtra] : Shares in BT jumped 9 per cent on Monday. Reliance Industries was weighing a bid for the British telecoms group. Oil-to-telecoms conglomerate is considering an offer for British telecom company BT Group Plc, , citing sources familiar with the matter. Billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT Group or try to get a controlling share in it, the report said, adding that the firm may also propose to partner with BT’s fibre optic arm Openreach and fund its expansion plans. Reliance declined to comment on the report, while BT did not immediately respond to a request for comment. India’s telecoms market, one of the world’s biggest, has been upended by Ambani-controlled Jio Infocomm, which launched with free voice and cut-price data in late 2016. Mr Ambani has forced several rivals out of the market while others such as the local unit of Britain’s Vodafone and India’s Idea merged to withstand Jio’s onslaught. In September, Reliance was outbid by a consortium of Apax and Warburg Pincus for control over a Dutch unit of T-Mobile.
  • Adani Group clarifies MSCI action on climate change indices
    New Delhi [India] : Adani Group has expressed disappointment by MSCI’s decision to drop Adani Ports and Special Economic Zone (APSEZ) from some of its climate change indices.“We are disappointed by MSCI’s decision to drop Adani Ports and Special Economic Zone (APSEZ) from some of its Climate Change indices. APSEZ has been far ahead of its industry in stating publicly, more than 15 months back, its absolute commitment to achieving carbon neutrality by 2025. In addition, we are also committed to theSBTi (Science Based Targets Initiative),” read an official statement issued by the Adani Group on Sunday. In response to an ESG Controversy Report from MSCI in Q3, APSEZ had clarified to MSCI that it never had any shareholding in the Carmichael mine, and that it had already divested its stakes in both Bowen Rail and NQXT (North Queensland Export Terminal), read the statement.The group also said that they had sent a reminder to MSCI on the matter. “However, MSCI has not bothered to either incorporate the facts or provide an appropriate response to APSEZ,” it added.As per the statement, Adani Group said that MSCI’s decision appears to be “playing right into the hands of forces that want to subvert the green initiatives to which the Adani Group has made massive public commitments and tarnish the reputation of one of the leading green port operators of the world”.“Email communication of 9 September accessed from […]
  • Amazon India Boss Summoned Over Alleged Future Group Deal Irregularities
    New Delhi [India] : Amazon India head Amit Agarwal has been summoned by the Enforcement Directorate next week over alleged irregularities in a deal with Future Group, sources have said. Amazon had bought 49 per cent stake in Future Retail in a deal worth some ₹ 1,400 crore in 2019. The Enforcement Directorate’s angle in the case is to see whether the deal violated India’s law on foreign exchange, or the Foreign Exchange Management Act (FEMA), which outlines the formalities and procedures for all such transactions in the country. The FEMA case against Amazon India was filed in January this year. The Enforcement Directorate’s summons came after the Delhi High Court made certain observations on the court fight between Amazon and Mukesh Ambani’s Reliance Industries Ltd. Reading together the three agreements – Future Retail shareholders agreement with Future Coupons, Future Coupons’ shareholders agreement with Amazon, and Future Coupons’ share subscription agreement with Amazon, the high court had said they have “prima facie transgressed from a protective right to a controlling right in favour of Amazon.” Simply explained, the high court observed that Amazon through these three agreements took control of Future Retail without the permission of the government, which would violate the FEMA and foreign direct investment, or FDI, rules. An Amazon spokesperson in a statement said they are examining the summons. “We are in receipt of summons issued by the ED (Enforcement Directorate) in connection […]
  • Textiles Week inaugurated at Indian pavillion in Dubai Expo 2020
    New Delhi [India]: The ‘Textiles Week’ at the Indian Pavillion in the Dubai Expo 2020 was inaugurated by Vijoy Kumar Singh, Additional Secretary, the Union Ministry of Textiles along with the Trade Advisor Jay Karan Singh.As per a press release from the Ministry of Textiles, the inauguration took place in the presence of heads of participating Export Promotion Councils on Friday. An interactive session on the ‘Sourcing and Investment Destination for Textiles Production Linked Incentive (PLI) Scheme – A Game Changer’ was also organised at the Dubai Expo. The objective of the interaction was to project India’s commitment towards attracting investments in the textile sector so as to enhance production and thereby exports.In his address Chairman, Export Promotion Council for Handicrafts (EPCH), Raj Kumar Malhotra, said that the India Pavilion at Expo 2020 Dubai is one of the biggest platforms that offers a golden opportunity to showcase India to the world and project the country as the next hub for growth and innovation.Speaking on the occasion, R.K. Verma, Executive Director, EPCH, informed that handicrafts is one of the important exports from the cottage sector of the country and has immense potential in the overseas market. With exports of around US$ 3500 million, the handicrafts of India are sold across the globe and India is one of the preferred destinations of overseas buyers for sourcing home, lifestyle, fashion, furniture and textiles items.The Dubai Expo 2020 […]
  • Export of gems, jewellery more than double this financial year; rises to USD 23.62 bn, says Piyush Goyal
    New Delhi [India]: Union Minister of Commerce and Industry Piyush Goyal on Saturday said that India can emerge as the largest diamond trading hub in the world as the exports of gems and jewellery has doubled this financial year.In a video message during the Inauguration Ceremony of Gems and Jewellery Manufacturing Show-2021, Goyal said, “In the first seven months, upto October 2021, the export was 23.62 billion dollars, as compared to 11.69 billion dollars (+102.09 per cent) for the same period in the previous year,” while informing that the Government has declared the Gems and Jewellery sector as a focus area for export promotion. “We have established ourselves as the largest player in diamond cutting and polishing, we can become the largest international diamond trading hub,” he said.“Superior quality of our manufacturers has enabled us to penetrate markets like Dubai-UAE, USA, Russia, Singapore, Hong Kong and Latin America,” he added.The Union Minister also said that the Government has taken various measures to promote investment for the growth of the sector like the Revamped Gold Monetisation Scheme, Reduction in import duty of gold and mandatory hallmarking.“We have the best artisan force for designing and crafting in the world, there is a need to focus on strengthening creativity and systematic skill development of artisans,” he said while adding that India should make its products a benchmark of quality, “to further expand in new markets and deepen […]
  • India looking at USD 2.5 Bn investment in textiles sector, create 0.75 Mn jobs
    Dubai [United Arab Emirates]: The ‘Textile Week’ kicked off yesterday at the India Pavilion in EXPO2020 with the country looking at a fresh investment of INR 19,000 crore (USD 2.5 Bn) in the sector, which would be key to a ‘Self-reliant India’ and becoming a preferred global sourcing partner in textiles.The textile industry will showcase India’s rich cultural heritage during the week and deliberate on key initiatives taken by the government to create an ecosystem for the country to become a preferred sourcing partner for textile and clothing. In a video message, Minister of State for Textile & Railways, Darshana V Jardosh, said, “The present-day Indian textiles not only reflect the glittering past but also cater to the demands of modern times. Indian textile industry is one of the largest in the world, with a large raw material base and manufacturing strength across the value chain.”She added, “To further improve the industrial ecosystem, scale, and integrated value chain, the textiles sector is a key sector that will help in building an ‘Aatma Nirbhar Bharat’ or Self-Reliant India.”The textiles sector contributes around 2-3% to Indian GDP, 7% to Industrial output, 12% to the export earnings of India, around 11-12% to total merchandize export and around 4.5 crore people are directly engaged with the textiles sector.Addressing the gathering, Vijoy Kumar Singh, Additional Secretary, Ministry of Textile, said, “Despite a decline in total trade of textile & […]
  • RBI imposes monetary penalty on State Bank of India
    Mumbai (Maharashtra) [India]: The Reserve Bank of India (RBI) by an order dated November 16 has imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of section 19 (2) of the Banking Regulation Act, 1949 (the Act), informed RBI.“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” reads the official release. As per the press note, the irregularities were identified after a Statutory Inspections for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial positions as on March 31, 2018, and March 31, 2019, and the examination of the Risk Assessment Reports, Inspection Report and all related correspondence pertaining to the same, revealed, inter-alia, contravention of section 19 of the Act.Section 19 (2) of the Act says that “no banking company shall hold shares in any company, whether as pledgee, mortgagee or absolute owner, of an amount exceeding thirty per cent of the paid-up share capital of that company or thirty per cent of its own paid-up share capital and reserves, whichever is less.”“After considering the bank’s reply to the notice, oral submissions made during the personal hearing, and additional submissions made by the bank, RBI came to the conclusion that the charge of contravention of the aforesaid provisions […]
  • Equity indices fall by nearly 3 pc; realty, metal drags Sensex to 1687.94 pts
    Mumbai (Maharashtra) [India]: As concerns of a new coronavirus variant surface, the key equity indices fall by nearly 3 per cent each on Thursday, leaving the Indian markets bleeding.At the closing bell, the BSE S&P Sensex slumped to 1687.94 points or 2.87 per cent, while the Nifty 50 dropped by 509.80 points or 2.91 per cent. Just a day after the markets revived, the renewed threat of COVID, losses in Asian stocks, plummeted realty and metal sectors are among a few factors leading to the major crash.While all sectors witnessed significant losses, only the healthcare sector managed to gain with 1.18 per cent. The sectors facing major losses, other than realty and metal are auto and basic materials.Among stocks, the top gainer was Dr Reddys Labs which surged 3.32 per cent to Rs 4,744.90 per share, followed by Nestle up by 0.35 per cent to Rs 19,255 per share, and Asian Paints with a minimal surge of 0.01 per cent to Rs 3,143.90 per share.Meanwhile, IndusInd Bank cracked by 6.01 per cent, followed by Maruti Suzuki down by 5.27 per cent and Tata Steel by 5.23 per cent.
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