BUSINESS
Stop media reports on Adani firms unless verified by Sebi, lawyer urges SC
The interim application, filed by advocate M.L. Sharma, said media hype has led to the Indian share market "crashing by more than 50 per cent and the allegations are creating panic amongst the investors". Sharma's application is a part of his PIL, which was filed last week. The plea has not been listed so far for hearing.
SoftBank Group reports massive $5.9 bn net loss amid global tech meltdown
SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies". The investment giant had lost $10 billion in the previous quarter (July-September 2022).
Apple cuts iPhone 14 models prices by up to $125 in China to boost sales
According to South China Morning Post, Apple's online stores on e-commerce platform JD.com showed a markdown of 800 yuan for iPhone 14 Pro and Pro Max models, with an additional 50 yuan off if the buyer became a member of the online store. That works out to a 10.6 per cent discount on the 7,999 yuan price of the 128-GB iPhone 14 Pro.
Adani Ports Q3 net down at Rs 1,336.51 crore
The company is mulling loan repayment/prepayment of Rs 5,000 crore during next fiscal, said a top official. The company said for the quarter ended December 31, 2022, it had earned a consolidated operational revenue of Rs 4,781.71 crore (Q3FY22 Rs 4,071.98 crore) and a net profit of Rs 1,336.51 crore (Rs 1,535.28 crore).
Adani row: Limited risks for Indian banks, no impact on sovereign ratings, says Fitch Ratings
In a statement issued the credit rating agency said: "Fitch Ratings believes that Indian banks' exposure to the Adani group is insufficient in itself to present substantial risk to the banks' standalone credit profiles. Indian banks' Issuer Default Ratings (IDRs) all remain driven by expectations that the banks would receive extraordinary sovereign support, if needed."
With vote split, RBI's MPC might hike repo rate by 25 bps: Experts
However, the experts believe that the MPC may hike the repo rate -- the rate at which RBI lends to the banks -- by 25 bps to 6.50 per cent on Wednesday. The RBI's MPC meeting is on between February 6-8 to decide on the policy rates. At the MPC meeting held during December 5-7, 2022, Prof. Jayanth R. Varma, a member voted against the resolution to hike the repo rate by 35 basis points to 6.25 per cent.
Enlarged Air India Group continues progressive network optimisation
In this current phase, three stations -- Bhubaneswar (BBI), Bagdogra (IXB) and Surat (STV) -- will now be served by Air Asia India, rather than Air India. Delhi- Visakhapatnam and Mumbai-Lucknow will be operated exclusively by Air India. In all cases, the flight frequency remains the same. Additionally, Air India will enhance connections from Delhi and/or Mumbai to Ahmedabad (AMD), Cochin (COK), Trivandrum (TRV), Visakhapatnam (VTZ) and Nagpur (NAG)
Price and supply volatility: Addressing global energy security needs
Rosneft Chief Executive Officer Igor Sechin also visited IEW 2023 and participated in a ministerial session. The topics discussed at the session were price and supply volatility, and energy cooperation between Russia and India. According to the IMF's recent estimates, India and its neighbours will account for half of global economic growth this year. In contrast, the contribution of the US and the Eurozone will amount to only 10 per cent.
Adani Group prepays $1.1 Billion in share-backed loans ahead of schedule
The release of these pledged shares is expected to have a significant impact on the stock market, with 168.27 million shares of Adani Ports & SEZ, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green Energy being freed from the pledge. According to the latest shareholding pattern, 17.3 percent of promoter holding in Adani Ports, 4.3 percent of promoter holding in Adani Green.
Boeing to slash 2,000 jobs, outsourcing employees at TCS hit hard: Report
The rest of the jobs will "disappear" as Boeing reduces its finance and HR support services, reports Seattle Times, citing Mike Friedman, a senior director of communications at Boeing. "Boeing employees trained Tata Consulting Services employees on that initial set of outsourced work, which TCS is scheduled to take over in the coming week," the report mentioned.
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