BUSINESS
No FEMA violations found so far after ED searches at BYJU'S
Sources indicated that the recent searches conducted on the premises of BYJU'S in Bengaluru by Enforcement Directorate (ED) and the material collected has yet to establish any FEMA violations. The investigations are still at an early stage and according to sources, BYJU'S had cooperated and provided ED with all the necessary.
Insolvency petition a ruse for loan write-offs? Major bank union to oppose Go Airlines' write-offs
"If the airline has filed a voluntary insolvency petition to get loan write-offs, then it is unethical and immoral. The AIBEA will oppose the move," C.H. Venkatachalam, General Secretary, told IANS. "Other companies will also go for voluntary insolvency petition for loan write offs. The Reserve Bank of India (RBI) and the Indian government should not allow this," Venkatachalam added.
SK Innovation Q1 profit drops 77%, paints rosy picture for battery biz
Operating income came to 374.9 billion won ($283.2 million) for the January-March period, compared with 1.65 trillion won the previous year, the refinery unit under South Korea's SK Group said in a filing. Revenue rose 17.7 per cent on-year to 19.1 trillion won. It turned to a net loss of 52 billion won from 863.3 billion won a year ago, reports Yonhap news agency.
Go Airlines' 'May Day' call puts lenders in a spot
The airline's decision to apply for insolvency blaming the engine supplier has taken its lenders, creditors, staff, credit rating agency and others entirely by surprise.At the time of the airline landing at the NCLT, the lending banks have not declared the airline as a non-performing asset (NPA).
Air India to get ready for pilots from Go Airlines
Incidentally, Go Airlines' brand is Go First and for the pilots it seems to "get away first"."The pilots from Go Airlines are experienced and they are ready to fly. It will be a good catch for Air India," a senior pilot told IANS preferring anonymity.According to him, the hiring will be for Air India and not a common recruitment for Air India, Vistara and AirAsia.
As dedollarisation picks up steam, it will have positive cascading effect on Rupee
To add to our concerns is the fact that many countries have their currency pegged to the US Dollar. Some examples are the UAE Dirham, Malaysian Ringgit and Hong Kong Dollar, among others.India has been trading in Indian Rupee with bilateral pacts for time immemorial with the best example being the Rupee-Rouble trade which has been going on even before I was born (or over 65 years ago).
RBI sounds note of caution on OPS, says it may add to liabilities in future
In its report titled "State Finances: A Study of Budgets of 2022-23", the central bank has said that the move is a major risk to the "subnational fiscal horizon" and may lead to the accumulation of unfunded liabilities in the years to come. "A major risk looming large on the subnational fiscal horizon is the likely reversion to the old pension scheme by some states. The annual saving in fiscal resources that this move entails is short-lived," the RBI report said.
Mass layoffs are 'last resort', says Tim Cook
The tech giant, however, is reducing costs and has slowed down the pace of hiring.Cook told CNBC that he views layoffs "as a last resort" and "mass layoffs is not something that we're talking about at this moment". He said that the company is "continuing to be extremely prudent on hiring".
Coal Ministry aims to complete 67 first mile projects by 2027
Out of the 67 FMC projects, Coal India Ltd (CIL) will take up 59, Singareni Collieries Company Ltd will undertake five while the remaining three will be taken up by Neyveli Lignite Company, the sources said. In order to eliminate road transportation of coal in mines, the ministry has developed a plan to improve the mechanised coal transportation and loading system under FMC projects.
Paytm logs Rs 7,990 cr revenue in FY23, becomes India's highest earning new-age firm
In Q4 FY23, the company's revenue surged by 51 per cent (year-on-year) to reach Rs 2,334 crore, while the full-year revenue increased by 61 per cent YoY to Rs 7,990 crore, making it the highest earning new-age company. In Q4, Paytm further grew its operating profit by Rs 234 crore. In Q4, Paytm's EBITDA before ESOP costs, excluding UPI incentives, rose to Rs 101 crore, a significant improvement from the previous fiscal's Q4 figure of (Rs 368 crore).
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