BUSINESS
Adani Group dismisses NDTV's contention of stake sale needing I-T Dept's nod
In a regulatory filing with the Bombay Stock Exchange (BSE) on Wednesday, Adani Group described RRPR Holding's statement as misconceived and misleading and has asked the NDTV promoter group entity to convert the warrants into equity shares. Adani Group's letter to BSE came after RRPR Holding informed Vishvapradhan Commercial Private Limited (VCPL, an indirect subsidiary of Adani Enterprises) that its (RRPR Holding's) stakeholding in NDTV has been provisionally attached by the Income Tax authorities and requires their (I-T department's) approval for transfer.
Rupee falls 11 paise at 79.56 against US dollar
"Rupee opening was flat near 79.53 and gained positive momentum in the early part of the session as capital markets witnessed positive momentum after weak opening giving strength to the Rupee. Strong selling in Crude helped majorly to Rupee as crude prices dipped below $95 in Brent witnessing 3rd of major selling in oil, Rupee found resistance near 79.25 zones.
India is in no rush to resume India-Pakistan trade ties
The issues of both trade and humanitarian assistance have been in focus since Pakistan's Finance Minister Miftah Ismail said earlier this week that Islamabad can consider importing vegetables and food items from India to cope with shortages due to the floods, which have killed more than 1,000 people and affected 33 million.
Indian-born Laxman Narasimhan is new CEO of Starbucks
Narasimhan joins the growing ranks of Indian-descent CEOs heading leading US corporate giants such as Satya Nadella of Microsoft, Sundar Pichai of Alphabet, Shantanu Narayen of Adobe, Punit Renjen of Deloitte and Raj Subramaniam of FedEx. Major former Desi CEOs include Indra Nooyi of PepsiCo and Ajay Banga of Mastercard.
Niti Aayog in two minds on PMGKAY extension
Sources privy to developments in Niti Aayog said that the scheme -- under which free food grains are provided to poor (covered under the National Food Security Act provisions) to ease the hardships they faced when the Coronavirus pandemic had erupted in 2020 -- should not be extended beyond September as the situation vis-a-vis availability of food grains has improved in the last two years.
SBI Ecowrap revises annual GDP growth for FY23 to 6.8%
"The downward revision is mostly to do with our Q1GDP estimate that was at 15.7 per cent," the report said. In the first quarter of the current financial year, the Indian economy grew by 13.5 per cent amid rebound in the growth of the service sector. The GVA grew by 12.7 per cent. Though GDP grew in double digits, but it still came way below the market expectations.
Govt received Rs 7,85,914 crore till July, incurred Rs 11,26,745 crore as expenses
Non-debt capital receipts consist of recovery of loans of Rs 5,559 crore and miscellaneous capital receipts of Rs 24,560 crore. An amount of Rs 2,01,108 crore has been transferred to state governments as devolution of share of taxes by the Centre up to July, 2022, which is Rs 36,044 crore higher than the previous year. Total expenditure incurred by the government till July 2022 was Rs 11,26,745 crore, out of which Rs 9,18,075 crore is on revenue account and Rs 2,08,670 crore is on capital account.
Now NDTV founders claim IT Dept should clarify on Adani group's loan conversion into equity
On August 23, Vishvapradhan Commercial, in a notice to RRPR Holding, intimated that it was exercising its right to convert warrants issued to it in 2009 into equity shares. The conversion of warrants into equity would lead to Vishvapradhan Commercial gaining control of 99.5 per cent of RRPR Holding that holds 29.18 per cent stake in NDTV.
Former Finance Secretary Garg calls for serious introspection on Q1 GDP growth
"India's GDP in Q1 2019-20 was Rs 33.05 trillion. Q1 2022-2 3 GDP has come at Rs 34.42 trillion. Q1 GDP has grown by Rs 1.09 trillion in three years. Three years growth is 3.3 per cent. Time to celebrate 13.5 per cent year on year growth or to do a serious introspection on why (we) are standing still?" Garg tweeted, just minutes after the GDP was released on Wednesday.
Hyundai, Kia global sales rise in August despite chip shortage
Its subsidiary Kia's sales also went up 10 per cent last month from a year earlier despite an extended chip shortage. Hyundai sold a total of 334,794 vehicles in August, up from 300,004 units a year earlier on robust overseas demand for its models, the company said in a statement. Domestic sales fell 3.5 per cent to 49,224 units from 51,034 during the period, while overseas sales climbed 15 per cent to 285,570 from 248,970, reports Yonhap news agency.
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