BUSINESS
Gautam Adani no longer in the list of world's 10 richest individuals
According to the Bloomberg Billionaires Index, Adani's wealth has dropped to $84.4 billion, leaving him in 11th place. The steep decline in Adani's fortune can be attributed to the recent report by Hindenburg Research, a New York-based short-seller. The report, which was released last week, accuses Adani and his companies of various fraudulent activities, stock manipulation, and malpractices. Adani Group, however, has rejected all such allegations.
Indian economy remains a 'bright spot', says IMF
The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast. The growth rate will be back at the 2022 level of 6.8 per cent in 2024, the fund has further projected, based on "resilient domestic demand despite external headwinds".
Govt receives 99 bids for 36 coal mines under commercial auction
Monday was the last date for submission of technical bids for these rounds. According to official sources, for the sixth round, two or more bids were received for 25 coal mines, a single bid for seven mines, and 10 bids for four mines in the second attempt of the fifth round.
Abu Dhabi's IHC to invest $381 million in Adani Enterprises FPO
The announcement comes at a time when Adani Enterprises, owned by Asia's richest man, Gautam Adani, has suffered major losses in its companies' market value. Despite the recent market turbulence, IHC remains confident in the fundamentals of Adani Enterprises, as reflected by its CEO, Syed Basar Shueb
Budget wishlist: Economy can touch $5 tn if lives of marginalised farmers improve
"Farmers are and should be the centre of focus in all discussions, as they are the important stakeholders. Farmers are always confused by the various and frequent changes in the market on what will be the value for their harvest. We need to bring in significant transparency for them so that farmers can plan their livelihoods,
LIC's exposure to Adani group is only 0.975% of its AUM
In a regulatory filing on Monday, the LIC said that its total AUM are over Rs 41.66 lakh crore as at September 30, 2022. Therefore, its exposure in the Adani group, as on date, is 0.975 per cent of its AUM at book value. The life insurer said the total amount invested under Adani Group amounts to Rs 36,474.78 crore as on date. These investments have, however, been made over a period.
'Cement industry to close FY23 with 380 million ton production'
In a research report, CARE Advisory said that India's cement production is to range between 380-390 million tonnes in FY23, a growth rate of 8-9 per cent year-on-year (yoy). In FY22, production of cement was at 356 million tonnes, up 20 per cent yoy as compared with 296 million tonnes in FY21 due to the low base effect, the report said.
Xiaomi's Manu Jain moves on after 9 yrs, prepares for 'beginning of a new journey'
In a post on Twitter, Jain, who was hailed as the poster boy of the Indian smartphone industry, announced the move, but did not disclose where he would be joining next. "I joined the Xiaomi Group in 2014 to start its India journey. The first few years were full of ups and downs. We started as a one-person startup, working from a small office," he said.
India Inc bosses to get 9.1% pay hike, average CEO compensation now Rs 8.4 cr
The study found that among the Bombay Stock Exchange's (BSE) top 30 companies, long-term incentive (LTI) is provided at 176 per cent of fixed pay for CEOs and at 103 percent for other c-level executives, including the chief operating officer, chief financial officer, sales leader and chief human resources officer.
10-yr tax holiday, less holding period of ESOP shares: Startups on Union Budget
Gautam Nimmagadda, Founder and CEO of Quixy, a cloud-based no-code application development platform, said that currently, startups can avail of a tax holiday for three years since incorporation. "However, the ideal exemption should be 10 years, in view of the high cost of solution development.
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