Category: Business & Economics

RBI withdraws Rs 2,000 note: The Reserve Bank of India has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect. Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023. The Rs 2,000 denomination banknote was introduced in November 2016, primarily…

GAIL (India) Ltd reported revenue from operations of Rs 144,302 crores in 2022-23 as against Rs 91,646 crore the previous fiscal, a 57 percent year-on-year growth and its highest ever. Profit before Tax (PBT) in 2022-23 stood at Rs 6,584 crores as against Rs 13,590 crores in 2021-22. Accordingly, Profit after Tax (PAT) in 2022-23 stood at Rs 5,302 crores as against Rs 10,364 crores in 2021-22. Sandeep Kumar Gupta, Chairman, and Managing Director, of GAIL, said that the Company has incurred its highest ever capital expenditure of Rs 9,100…

Byju’s Alpha Accused of Hiding $500 Million From lenders. The allegation came out at a court hearing in Delaware, where Byju’s Alpha faces a lawsuit over who should control the company.  Byju’s Alpha faces a lawsuit over who should control the company. Lenders claim that because of a default earlier this year, they have the right to put their representative.  Earlier this year, a top manager at Byju’s Alpha admitted to transferring half a billion dollars out of the company.  Byju’s Alpha was trying to protect the money from predatory…

SEBI or Securities and Exchange Board of India, in an affidavit, said that it had investigated the issuing of Global Depository Receipts of 51 companies and no listed company of the Adani Group was among these. SEBI was responding to a petition that had claimed that SEBI had been investigating the Adani group since 2016 and had opposed a six-month extension to the regulator’s probe. In an affidavit, the market regulator told the court its previous investigation related to Global Depository Receipts was conducted against 51 Indian listed companies. However,…

India has cut the windfall tax on petroleum crude to zero from 4,100 rupees ($50.13) per tonne, effective May 16, according to a government notification.  Besides ONGC and Oil India, other upstream companies’ shares like Mangalore Refinery and Petrochemicals Limited (MRPL) and Chennai Petroleum shall also be in the spotlight.  Shares of upstream companies rose up to 4 percent during Tuesday’s session on the BSE. MRPL and Chennai Petro were up between 3-4 percent. while ONCG and Oil India shares grew more than 1.5 and 2.5 percent.  India has cut…

The Prime Minister, Shri Narendra Modi has expressed happiness over  stellar physical performance by HPCL Mumbai & Visakhapatnam Refineries. In a tweet thread, Union Minister for Petroleum and Natural Gas, Shri Hardeep Singh Puri informed that HPCL has gone beyond the call of duty to ensure availability of affordable energy to our citizens. HPCL Mumbai & Visakhapatnam Refineries operated at 113% capacity processing highest ever quarterly Crude Thruput of 4.96 MMT during Jan-Mar 2023. Responding to the tweet thread by the Union Minister, the Prime Minister tweeted; “Good news for…

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 2.92 crore on Canara Bank for non-compliance. The Bangalore-based public sector bank got penalized with the provisions of directions issued by the Reserve Bank. The Reserve Bank of India conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021. “A scrutiny of the bank was carried out by RBI in July 2020 based on a high-value fraud reported by another bank,” the central bank said in a…

Two Adani group firms, will be dropped out of the MSCI India index, said MSCI Inc. The order will be effective at the close of trading on May 31.  The MSCI has changed its index’s calculation on the number of shares considered freely tradable in the public market for the two companies.  The announcement is another setback for the group which is trying hard to regain market confidence to recover from the rout triggered by the Hindenburg report this year.  The billionaire Gautam Adani’s group is seeking to raise funds,…

Apple Inc’s results beat expectations, showing off the tech giant’s resilience in a slowing global economy.  Shares of the largest U.S. company by market value rose 2% after Apple exceeded Wall Street’s expectations for revenue and profit for the April 1 quarter.  iPhone sales were up 1.5% to $51.3 billion, besting expectations for a 3.3% drop even as consumers and businesses tightened up spending due to rising inflation.  Apple Inc chief Tim Cook singled out India as pivotal for the iPhone maker, underscoring how the world’s most populous country is…

SpiceJet would draw funds from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) to bring 25 of its grounded aircraft back into service.  The announcement came a day after ‘Go First’ filed for insolvency proceedings with the National Company Law Tribunal (NCLT).  Go First filed for insolvency, marking the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019.  In February, SpiceJet had said it will consider options to raise fresh capital by issuing securities to qualified institutional buyers amid a string of quarterly losses and…