BUSINESS
Supertech does not have sufficient funds to make refunds to home buyers, SC told
In August last year, the top court had ordered demolition of twin towers and ordered refund to the home buyers, who had purchased apartments. Amicus curiae Gaurav Agarwal submitted before a bench headed by Justice D.Y. Chandrachud that the real estate firm does not have sufficient funds in its account to process refunds to home buyers.
Reliance FY22 revenue up 47%, net profit up 26%, announces Rs 8 dividend
The company's annual profit after tax neared the $10 billion mark, as it stood at Rs 67,845 crore ($9 billion) increasing by 26.2 per cent. Annual consolidated EBITDA stood at Rs 125,687 crore ($16.6 billion) up by 28.8 per cent
LIC IPO Day 3: QIB sees halfway mark, NII subscribed 76%, overall issue 1.38 times
The issue opened for subscription on Wednesday, and continues to see a strong interest from all investor categories. The portion reserved for eligible policy holders was subscribed 4.01 times, reservation for eligible employees was subscribed 3.06 times, retail category was subscribed 1.23 times, the non-institutional investor (NII) category witnessed subscription of 0.76 times, and qualified institutional buyers (QIB) category saw subscription of 0.56 times.
Coromandel Intl to acquire 45% stake in Senegal rock phosphate mining firm
Murugappa Group's Coromandel International Ltd will acquire 45 per cent stake in the Senegal-based Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company. According to Coromandel International, the acquisition will be at an outlay of $19.6 million (about Rs 150 crore) and it will also provide a loan of $9.7 million (about Rs 75 crore).
Coal India to offer its 20 closed underground mines to private players
"Extractable reserve in the closed/discontinued coal mines is around 380 million tonnes... 30-40 million tonnes of coal can be easily extracted from the mines," he said at an Investors meet in Mumbai, an official statement said.
567 projects identified worth Rs 58,700 cr: Shipping Minister Sonowal
Addressing the media after the meeting of the National Sagarmala Apex Committee (NSAC), he said Holistic Development of Coastal districts aims to bridge the gaps in infrastructure at the coastal areas and improve economic opportunity.
Govt panel finds defect in battery cells in almost all EV fires
The committee was constituted last month in the wake of EV fires and battery blasts in e-scooters belonging to Okinawa Autotech, Boom Motor, Pure EV, Jitendra EV, and Ola Electric. According to sources close to the development, the experts have found defects in battery cells as well as battery design in nearly all EV fires, including the deadly battery explosion in Telangana.
Axis Mutual Fund says probe on since Feb, two fund managers suspended
The remarks came after it was revealed that SEBI is examining whether fund managers at Axis Mutual Fund engaged in "front-running" or trading securities through their personal accounts ahead of the fund's transactions, multiple reports said. The asset management company (AMC) has used reputed external advisors to aid the probe, Axis MF said. "As part of the process, two fund managers have been suspended pending investigation for potential irregularities," the AMC said.
Equity benchmarks close week in red on weak global cues
Asian stocks fell over concerns that the US central bank and some other major central banks will have to raise interest rates even more aggressively to check inflation. In India, the benchmark Sensex fell 866 points, or 1.6 per cent, to close the day at 54,836, and Nifty declined 271 points, or 1.6 per cent, to 16,411 points.
Global Chromebook market hits lowest point in 5 years
The flipside of fewer Covid restrictions around the world means that education budgets have turned away from IT expenditures, which created an unfavorable year-to-year comparison with total shipments declining 7 per cent in the March quarter, according to Strategy Analytics.
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