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Adani’s UK units dropped Deloitte as auditor for small firms last year: Report

Published on Feb 06, 2023 05:09 PM IST

Crowe UK replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd. after the Indian firm bought them in 2021.

Crowe UK replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd.(REUTERS)
Crowe UK replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd.(REUTERS)
Bloomberg |

Adani founders to prepay loans worth $1.1 billion amid rout

The founders’ early payment will help release 11.77 million shares in Adani Transmission Ltd., the group said in a statement Monday.

Gautam Adani speaks at the inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January. (Reuters)
Gautam Adani speaks at the inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January. (Reuters)
Published on Feb 06, 2023 03:51 PM IST
Bloomberg | | Posted by Ritu Maria Johny

Sensex falls over 300 points to close at 60,507; Nifty ends at 17,765

Sensex falls over 300 points to close at 60,507; Nifty ends at 17,765

BSE Sensex(REUTERS)
BSE Sensex(REUTERS)
Published on Feb 06, 2023 03:34 PM IST

Turkish currency slips to fresh record low after quake rips country

More than 500 people were killed and thousands injured on Monday, after a major earthquake of magnitude 7.8 struck central Turkey and northwest Syria.

 A man reacts as people search for survivors in Diyarbakir after a 7.8-magnitude earthquake struck the country's south-east on Monday. (AFP)
A man reacts as people search for survivors in Diyarbakir after a 7.8-magnitude earthquake struck the country's south-east on Monday. (AFP)
Published on Feb 06, 2023 03:23 PM IST
Reuters | | Posted by Ritu Maria Johny

Adani in talks to prepay loans on shares, denies trimming capex: Report

Shares of Adani Group companies have lost more than half their market value, topping a cumulative $100 billion.

Members of Congress party demand an investigation into allegations of fraud by Adani Group at a protest in New Delhi on Monday (AP)
Members of Congress party demand an investigation into allegations of fraud by Adani Group at a protest in New Delhi on Monday (AP)
Updated on Feb 06, 2023 02:57 PM IST
Reuters | | Posted by Ritu Maria Johny

Hindenburg row : NYU professor values Adani Enterprises stock at ?945 per share

Adani Enterprises Ltd. yielded a value of 945 rupees per share even before “factoring any of the Hindenburg accusations of fraud and malfeasance,” Aswath Damodaran wrote in a blog post.

Indian Youth Congress activists protest over the impact on LIC and SBI investors due to Adani row, at Jantar Mantar in New Delhi on Monday (PTI)
Indian Youth Congress activists protest over the impact on LIC and SBI investors due to Adani row, at Jantar Mantar in New Delhi on Monday (PTI)
Published on Feb 06, 2023 02:48 PM IST
Bloomberg | | Posted by Ritu Maria Johny

Why Hindenburg Research decided to short only Adani stocks listed outside India

A trader who sold $1 million Adani Enterprises shares at the open on Feb. 1 and bought them back at the end of the day after the record plunge would have made about $280,000, excluding fees and transaction costs, according to Bloomberg.

An artist gives final touches to a painting of Gautam Adani highlighting the ongoing crisis of the Adani Group in Mumbai. (File)
An artist gives final touches to a painting of Gautam Adani highlighting the ongoing crisis of the Adani Group in Mumbai. (File)
Published on Feb 06, 2023 02:13 PM IST
Bloomberg | | Posted by Ritu Maria Johny

It is time for Apple to evolve iPhone pricing, but what path will it choose?

There are three clear options. Just a price correction, keeping up with input costs. Or couple that with a serious specs and features upgrade. At the same time, a foldable iPhone surely isn’t out of consideration

The iPhone 14 Pro Max with 1TB storage costs <span class='webrupee'>?</span>1,89,900 – this is the most spec-ed out version (Vishal Mathur)
The iPhone 14 Pro Max with 1TB storage costs ?1,89,900 – this is the most spec-ed out version (Vishal Mathur)
Published on Feb 06, 2023 12:57 PM IST

Dell to slash over 6,600 jobs, 5% of its workforce, in latest tech layoffs

The company is experiencing market conditions that “continue to erode with an uncertain future,” Co-Chief Operating Officer Jeff Clarke wrote in a memo viewed by Bloomberg.

The reductions amount to about 5% of Dell’s global workforce, according to a company spokesperson. (File)
The reductions amount to about 5% of Dell’s global workforce, according to a company spokesperson. (File)
Updated on Feb 06, 2023 12:47 PM IST
Bloomberg | | Posted by Ritu Maria Johny

Elon Musk's 'extremely tough' three months and 'bankruptcy' tweet

"(The) last 3 months were extremely tough, as I had to save Twitter from bankruptcy while fulfilling essential Tesla & SpaceX duties. Wouldn't wish that pain on anyone," Musk said.

Tesla and SpaceX Chief Executive Officer Elon Musk.(AP file)
Tesla and SpaceX Chief Executive Officer Elon Musk.(AP file)
Updated on Feb 06, 2023 01:36 PM IST
By | Edited by Chandrashekar Srinivasan

Rupee falls 42 paise to 82.50 against US dollar in early trade

Sustained foreign fund outflows and firm crude oil prices further dented investor sentiments, forex traders said.

In the previous session on Friday, the rupee settled at 82.08 against the US dollar. (File)
In the previous session on Friday, the rupee settled at 82.08 against the US dollar. (File)
Published on Feb 06, 2023 10:40 AM IST
PTI | | Posted by Ritu Maria Johny

Garmin Venu Sq 2 is a smartwatch with more substance than its price tag suggests

The software on the watch and the companion app takes some getting used to, but beyond that, there are enough layers to unwrap, for fitness and wellness monitoring

It isn’t the largest, but the 1.4-inch OLED display is the highlight of this smartwatch. (Garmin)
It isn’t the largest, but the 1.4-inch OLED display is the highlight of this smartwatch. (Garmin)
Published on Feb 06, 2023 10:11 AM IST

Opening bell: Sensex down 200 points, Nifty below 17,800 level

Infosys was the top loser in the Sensex pack, shedding 1.31 per cent, followed by HUL, Sun Pharma, Nestle India, HCL Tech, Kotak Bank and TCS.

BSE Sensex (REUTERS)
BSE Sensex (REUTERS)
Updated on Feb 06, 2023 10:16 AM IST
PTI | | Posted by Ritu Maria Johny

Shares set for muted start on RBI repo rate fears, Adani stocks uncertainty

Wall Street equities fell on Friday after nonfarm payrolls rose by 517,000 jobs in January, way above a Reuters estimate of 185,000.

Asian markets slid on Monday, with the MSCI's broadest index of Asia-Pacific shares outside Japan shedding 1.60%. (File)
Asian markets slid on Monday, with the MSCI's broadest index of Asia-Pacific shares outside Japan shedding 1.60%. (File)
Published on Feb 06, 2023 08:40 AM IST
Reuters | | Reported by Ritu Maria Johny

Adani Group plans to trim its capital spending plans amid Hindenburg row: Report

While providing more collateral in the form of stock pledges to lenders, the Adani Group may moderate its capex plans in some of its businesses, Mint reported.

Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani highlighting the ongoing crisis of the Adani Group in Mumbai.(AFP)
Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani highlighting the ongoing crisis of the Adani Group in Mumbai.(AFP)
Updated on Feb 06, 2023 11:33 AM IST
By | Edited by Aniruddha Dhar, New Delhi

Explained: Why use of scrap in steel production is vital to mitigate pollution

India has developed into the second-largest producer of steel in the world, with a manufacturing capacity of about 120 million tonnes. Over the following ten years, the steel sector is anticipated to double in size.

Consumption of huge amount of energy and resources for steel production need to be tackled.(HT_PRINT)
Consumption of huge amount of energy and resources for steel production need to be tackled.(HT_PRINT)
Published on Feb 05, 2023 09:46 PM IST

India's focus should not be on trade deficit, but… :NITI Aayog's VC on China

India's focus should be on reducing dependence on China for certain critical inputs: NITI Aayog's Suman Bery

Vice Chairman, NITI Aayog, Suman Bery
Vice Chairman, NITI Aayog, Suman Bery
Published on Feb 05, 2023 04:06 PM IST
PTI | | Posted by Singh Rahul Sunilkumar

Adani issue a company specific matter, says finance minister: Report

Adani row: The minister said banks and insurance companies are "not overexposed" to any one company and assured that Indian markets are very well managed by its regulators.

Mumbai, Feb 04 (ANI): Union Finance Minister Nirmala Sitharaman speaks during the Post-Budget press conference, in Mumbai on Saturday. (ANI Photo)
(Deepak Salvi )
Mumbai, Feb 04 (ANI): Union Finance Minister Nirmala Sitharaman speaks during the Post-Budget press conference, in Mumbai on Saturday. (ANI Photo) (Deepak Salvi )
Published on Feb 05, 2023 03:58 PM IST
PTI | | Posted by Shobhit Gupta

New PF withdrawal rule: Check this in FY24 while filing Income Tax Return

According to the Income Tax rule, if money is withdrawn from the EPF account before the completion of five years of the account opening, the whole withdrawal amount would remain taxable.

Gender analysis of the data showed that enrolment of net female members in EPFO stood at 406,000 in July, up by 34.84% year-on-year. (File Photo)
Gender analysis of the data showed that enrolment of net female members in EPFO stood at 406,000 in July, up by 34.84% year-on-year. (File Photo)
Published on Feb 05, 2023 01:52 PM IST

World Gold Council says India ‘Strong pillar of support’ for gold market

India was the largest consumer of gold before being overtaken by China in 2009. In 2021 India bought 611t of gold jewellery, second only to China (673t) but comfortably ahead of all other gold-consuming markets, a recent World Gold Council report revealed.

Plain gold jewellery maintains 80-85 per cent of market share, the majority of which is 22-carat although the market for 18-carat jewellery is growing. (HT File Photo)
Plain gold jewellery maintains 80-85 per cent of market share, the majority of which is 22-carat although the market for 18-carat jewellery is growing. (HT File Photo)
Published on Feb 05, 2023 01:51 PM IST
ANI |

Centre likely to hike dearness allowance for govt employees by 4 per cent

DA hike: Presently over one crore central government employees and pensioners are getting 38 per cent dearness allowance.

The dearness allowance for employees and pensioners are worked out on the basis of the latest Consumer Price Index for Industrial Workers.
The dearness allowance for employees and pensioners are worked out on the basis of the latest Consumer Price Index for Industrial Workers.
Published on Feb 05, 2023 12:03 PM IST
PTI |

Finance Secretary defends higher investment limit in saving schemes, says…

Finance Secretary TV Somanathan said the ceilings under the Senior Citizen Savings Scheme have been unchanged for quite some time, and the decision to raise the ceiling is primarily a measure for the welfare of the middle class and senior citizens.

The government every quarter reviews and fixes the interest rate for small savings schemes
The government every quarter reviews and fixes the interest rate for small savings schemes
Published on Feb 05, 2023 10:44 AM IST
PTI | | Posted by Aryan Prakash

Nine of 10 top firms add ?1.88 lakh cr in market valuation; ITC biggest gainer

Nine of top-10 firms add ?1.88 lakh cr in m-cap; ITC biggest gainer

BSE Sensex(REUTERS)
BSE Sensex(REUTERS)
Published on Feb 05, 2023 10:37 AM IST
PTI |

On Adani row, SEBI says it's committed to ensuring market integrity

"During past week, unusual price movement observed in stocks of a business conglomerate", SEBI said, adding it is committed to ensuring that stock market functions in an uninterrupted, transparent, efficient manner as has been case so far.

Adani Group headquarters in Ahmedabad.(Bloomberg)
Adani Group headquarters in Ahmedabad.(Bloomberg)
Published on Feb 04, 2023 06:18 PM IST
By | Edited by Aryan Prakash

Axis Bank exposure to Adani Group 'comfortable', only 0.94% of its net advances

Adani-Hindenburg row updates: "Our exposure to Adani Group is primarily t o the operating companies in the Ports, Transmission, Power, Gas Distribution, Roads, Airports etc," Axis bank said.

Axis Bank commented on Adani-Hidenburg report row. (Reuters)
Axis Bank commented on Adani-Hidenburg report row. (Reuters)
Published on Feb 04, 2023 06:18 PM IST
Reuters | | Posted by Singh Rahul Sunilkumar

How Adani's $58 billion wipeout in 6 days fares vs Bankman-Fried's wealth loss

Surpassing Bill Gates and Warren Buffet, Adani had become the world’s third richest person by the end of 2022 with a $121 billion worth empire.

 According to Bloomberg Billionaires Index, Adani’s downfall is over 3 times bigger than ‘crypto king’ Sam Bankman-Fried’s loss of $16 billion in less than a week. (File)
According to Bloomberg Billionaires Index, Adani’s downfall is over 3 times bigger than ‘crypto king’ Sam Bankman-Fried’s loss of $16 billion in less than a week. (File)
Published on Feb 04, 2023 04:26 PM IST

Measles over Mars: Bill Gates takes a jab at Elon Musk's space ambitions

Bill Gates said that he'd rather pay for life-saving vaccines than spend money on Elon Musk's dream of colonising Mars.

 In an interview with BBC, Gates said that it was not a
In an interview with BBC, Gates said that it was not a "good use of money" to go to Mars. (File)
Published on Feb 04, 2023 03:01 PM IST

FPOs come and get out: Sitharaman on Adani row; ‘Perception about India intact’

On Adani row, Nirmala Sitharaman said the FPO pullout will have no impact on the perception about India. "Regulators are independent of the government and they are left to themselves to do what is appropriate so the market is well regulated," the FM said.

Nirmala Sitharaman said FPOs come and get out and these fluctuations are common.
Nirmala Sitharaman said FPOs come and get out and these fluctuations are common.
Published on Feb 04, 2023 02:48 PM IST

Mumbai should be liking the proposals: FM Sitharaman on Budget 2023

The budget proposals establish both fiscal consolidation and growth, especially inclusive growth, Sitharaman said during her maiden interaction with stakeholders outside the national capital since presenting the budget on February 1.

The finance minister said it was the
The finance minister said it was the "express desire" of Prime Minister Narendra Modi to continue with the elevated public capital expenditure. (File)
Published on Feb 04, 2023 01:11 PM IST
PTI | | Posted by Ritu Maria Johny

Paytm Q3 results: Net loss narrows to ?3.9 billion, revenue rises 42%

Paytm is growing its product offering to attract more customers, seeking to convince investors of its earnings potential.

In a July interview, Paytm founder Vijay Shekhar Sharma pledged a shift in focus from growth toward profitability. (File)
In a July interview, Paytm founder Vijay Shekhar Sharma pledged a shift in focus from growth toward profitability. (File)
Updated on Feb 04, 2023 02:50 PM IST
Bloomberg | | Posted by Ritu Maria Johny
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