Category: Corporate

Shares of ITC Ltd. have climbed to a record high, demonstrating investors may be starting to focus on stability in a market. It’s the best-performing stock in the NSE Nifty 50 Index with a 15% gain this year, pushing its market value to nearly $57 billion. ITC whose operations range from tobacco to food and hotels, has one of the highest dividends yields and returns-on-equity among Nifty members. Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC…

Gautam Adani’s net worth stands at around $46 billion, and  Adani Group’s combined market cap went down below the $100 billion mark. According to Forbes Real-Time Billionaires’ Index he is on the 25th spot in the global rich list. He was ranked as the third richest person in the world after Bernard Arnault and Elon Musk. Adani Group has categorically denied Hindenburg’s allegations but has failed to satisfy investors and shareholders. Billionaire and Adani Group chairman Gautam Adani’s net worth has been in a downward spiral much like the combined…

ONGC will invest over $2 billion in drilling 103 wells on its main gas-bearing asset in the Arabia Sea to add 100 million tonnes to production. The wells will tap smaller and untapped reservoirs and help raise output. India imports over 85 percent of the crude oil, almost half of the natural gas that produces electricity, makes fertilisers and provides CNG. The government has been pushing PSUs to step up efforts to increase domestic output which could help cut India’s import bill of $115 billion. Oil and natural gas producer…

On the side-lines of the 1st G20 Finance Ministers and Central Bank Governors Meeting under G20 India Presidency, a High-Level Symposium on Digital Public Infrastructure (DPI) was held yesterday, in Bengaluru, India. The Symposium saw a panel discussion on DPI for Innovative, Resilient, Inclusive Growth and Efficient Governance with participation of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman,; Dr. Sri Mulyani Indrawati, Minister of Finance, Republic of Indonesia; Mr. Roberto de Oliveira Campos Neto, Governor, Central Bank of Brazil; Ms. Kristalina Georgieva, Managing Director, International Monetary Fund; and Mr.…

The Yogi Adityanath government in Uttar Pradesh presented its annual budget for 2023-2024 in the state Assembly today (February 22).  This was one of the largest budgets to be tabled by the Uttar Pradesh government. Earlier, State Finance Minister Suresh Khanna said that the focus is likely to be on infrastructure development, health sector and education. According to sources, the budget size increased by around 8-10 per cent and it is expected to be around Rs 7 lakh crore in total. This would be over Rs 50,000 crore more as compared to previous…

The UPI of India gets linked to Singapore’s PayNow payments system. (UPI) is India’s mobile-based fast payment system, and PayNow is a fast payment system in Singapore. The RBI Governor and the Monetary Authority of Singapore’s (MAS) Managing Director launched the new linkage. Prime Minister Narendra Modi and Singapore’s Prime Minister Lee Hsien Loong witnessed the event. The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis. Of the total inward remittances to India in 2020-21,…

The Aero India 2023, the biggest-ever air show concluded. It witnessed participation from 98 countries, 809 defence companies. The defence ministers of 32 countries, air chiefs of 29 countries, and 73 CEOs of global and Indian OEMs attended the event. It witnessed the forging of 266 partnerships, including 201 MoUs, 53 major announcements, nine product launches and three Transfer of Technology, worth around ₹80,000 crore. The Aero India 2023, which was inaugurated by Prime Minister Narendra Modi on February 13, was organised at Air Force Station, Yelahanka in a total…

More than 1060 bidders participated and 3.85 LMT wheat was sold during the second e-auction organised by the Food Corporation of India (FCI) on 15.02.2023. The corporation offered 15.25 LMT Wheat stock during the auction. In the second e-auction quantities ranging from of 100 to 499 MT had maximum demand followed by quantities of 500-1000 MT followed by 50-100 MT indicating that small and medium flour millers and traders actively participated in the auction. Only 5 bids were received for the maximum quantity of 3000 MT at one go. Weighted…

The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023. These ITR forms will come into effect from 1st April, 2023 and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year. In order to facilitate the taxpayers and to improve ease of filing, no significant changes have been made to the ITR Forms in comparison to last year’s…

India for the first-time established lithium inferred resources (G3) of 5.9 million tonnes in Jammu and Kashmir. This discovery makes India the fifth country with the largest lithium reserves in the world, just above the United States of America. Lithium batteries have a higher power density for more battery life in a lighter package. this finding will enhance India’s ‘Make In India’ and self-reliance goals, and it would help India become “aatmanirbhar”.  It is also likely to boost India’s aim to cut carbon emission towards net zero by 2070. According…