Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, U.S. prosecutors said on Wednesday. Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about
Birla Opus, the paints business of Aditya Birla Group’s Grasim Industries, is ramping up its utilisation levels as it eyes $1 billion in revenue in the next three years. The paints company, which launched its fourth plant at Chamarajnagar in Mysuru on Tuesday, is aiming for a high single-digit market share (around 7-8%) by the
India’s import bill for natural gas surged by 17% to $8.9 billion during the first seven months of the current fiscal compared with $7.6 billion in the same period a year ago due to rise in consumption particularly by the city gas distribution companies and the power sector, data from the Petroleum Planning and Analysis
Hyundai Motor India will pick up 26% equity in FPEL TN Wind Farm, a special purpose vehicle, to source solar and wind power for its factories, for Rs 38 crore. FPEL TN Wind Farm will establish a solar power plant with a 75 MW capacity and wind power of 42.9 MW capacity in Tamil Nadu.
The National Company Law Tribunal (NCLT) on Wednesday restrained Aakash Educational Services from passing a resolution to amend its articles of association (AoA), till the insolvency matter of its parent firm, Think and Learn, which runs Byju’s, is disposed of. This effectively means that Aakash will have to wait for making any changes in its
ReNew Energy on Wednesday reported a surge of 31% in its net profit for the second quarter of the current financial year at Rs 493.9 crore. It had reported a Rs 377.1-crore profit in the corresponding quarter of the last fiscal. The company’s adjusted Ebitda came in at Rs 2,420.9 crore against Rs 2,129.8 crore
Services exports at around $618 billion are expected to outpace merchandise exports by FY30. Within services, information technology and IT-enabled services (ITeS) may take a backseat, according to a report. Between 2018-19 and 2023-24, goods exports witnessed a compounded annual growth rate (CAGR) of 5.8 %, while services exports grew at 10.5 %. Also ReadUnderstanding
Average residential prices in top seven cities of the country have gone up 23% in first half of the current financial year as compared to the corresponding period of previous financial year, said a report on Wednesday. The average residential price in top seven cities in H1FY25 stood at Rs 1.23 crore as compared to
Dunzo co-founder Kabeer Biswas has informally agreed to join Flipkart to head its quick-commerce vertical Minutes, according to sources aware of the matter. However, Biswas, who holds a 3.39% stake in Dunzo, remains tied to the company he founded in 2014 by necessity, as corporate law requires a minimum of two directors, preventing his departure
The National Restaurant Association of India (NRAI) on Thursday voiced strong opposition to food delivery giants Zomato and Swiggy entering private-label food delivery through their quick-commerce platforms. The industry body, representing over five lakh restaurants in India, argued that this move violates marketplace neutrality and undermines fair competition, posing a significant threat to the survival
Many major banks, including State Bank and PNB, have either revised their fixed deposit (FD) rates or launched new products for super senior citizens (those aged 80 years and above) recently. Usually, banks offer super senior citizens 25 to 75 basis points (bps) higher than the regular rate offered to the general public. Here’s a
Tata Elxsi Ltd on Thursday announced its fiscal third quarter results with profit at Rs 199.01 crore, posting a drop of 3.59 per cent in comparison to Rs 206.43 crore recorded during the same quarter of previous financial year. It posted revenue from operations at Rs 939.17 crore, up 2.73 per cent as against Rs
Tata Consultancy Services’ attrition rate for the last twelve months stands at 13% for the quarter under review. The IT giant’s headcount shrank by 5,370 in Q3 FY25 standing at 607,354. The company’s attrition rate was 12.3% in the previous quarter of the same financial year with a total workforce of 612,724. “We continue to
