The Supreme Court on Wednesday asked the Jalan-Kalrock consortium, the new owners of cash-strapped Jet Airways, how much have they paid towards dues on account of provident fund and gratuity to the former employees of the troubled airline. The top court made the query while commencing the hearing on a batch of petitions, including the one filed by the Jet Aircraft Maintenance Engineers Welfare Association, against the October 21, 2022 order of the insolvency appellate tribunal NCLAT.
Posts tagged Rediff
India ranks 2nd in time spent on shopping apps (17-01-2024)
Indian shoppers accounted for 13 per cent of the total hours spent by mobile users across the globe on their shopping apps in 2023, next only to China in this regard. According to the “State of Mobile -2024” report released a few days ago by data.ai (previously known as App Annie), which looks into various segments of the app economy across the world, in the last calendar year, users in India collectively spent 12.84 billion hours on shopping apps. This represents an increase of over 73 per cent from the time they spent in 2020 and of more than 3.5 per cent over 2022.
86% CEOs bullish about India’s economy in 2024 (17-01-2024)
Most Indian chief executives are optimistic about the economy and believe it would improve in the coming 12 months, said a survey by consulting and auditing firm PwC on Tuesday. The company’s 27th annual global survey polled 4,702 chief executive officers (CEOs) in 105 countries and territories, including 79 in India, from October 2 to November 10, 2023. As many as 86 per cent of CEOs in India – 30 per cent higher than a year ago – are confident that the economy would improve.
Big audit firms are under the NFRA lens (17-01-2024)
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
Bajaj Auto’s m-cap surpasses Rs 2 trillion-mark (17-01-2024)
Bajaj Auto’s market capitalisation (market cap) hit Rs 2 trillion mark for the first time. The stock of the two and three-wheeler major rallied 6 per cent to hit a new high of Rs 7,420 on the BSE in Tuesday’s (January 9) intraday trade after its board approved Rs 4,000 crore share buyback at Rs 10,000 per share. The stock ended the day at Rs 7,093.75, up 1.55 per cent and its market cap a shade above Rs 2 trillion.
Yet another healthy showing likely for capital goods (17-01-2024)
Earnings growth trajectory for India’s capital goods firms is likely to stay buoyant for the December 2023-ended quarter (Q3 FY24), said analysts. Guidance on margins, ordering activity in an election year and export-related demand would be key monitorables. Brokerages – Motilal Oswal, Nuvama, Kotak Institutional Equities and Prabhudas Lilladher – estimated revenue growth for their capital goods universe to be 11-16 per cent year-on-year (Y-o-Y).
Equity euphoria triggered 15 million SIP additions (17-01-2024)
Mutual funds (MFs) added systematic investment plan (SIP) accounts at a record pace in 2023 with the net additions in the calendar year surpassing 15 million – 24 per cent higher than the 2022 tally of 12.2 million, according to data from the Association of Mutual Funds in India (Amfi).
Bloodbath on the bourses: Sensex tanks 1,628 pts (17-01-2024)
Axis Bank, Tata Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, and Bajaj Finance were among the other major laggards. Tata Consultancy Services, Reliance Industries, UltraTech Cement, Infosys, HCL Technologies, and Tech Mahindra were among the gainers.
Have You Heard Of Zombie Companies? (17-01-2024)
If Indian companies were people, around 20 per cent of the listed space would be individuals whose salaries don’t cover their loan instalments.
Hyundai plans to enter EV segment early 2025 (16-01-2024)
Hyundai Motor India expects SUV sales to account for 65 per cent of its overall volumes in 2024, while it gears up to enter the EV segment early next year, aiming to garner 20 per cent of its total sales by 2030, its COO Tarun Garg said on Tuesday. The automaker, which got around 60 per cent of its overall volumes from sports utility vehicle (SUV) sales last year, plans to invest Rs 7,000 crore on its second plant at Talegaon, according to Maharashtra Deputy Chief Minister Devendra Fadnavis. The company officials however declined to comment on the matter.