Justice Swarana Kanta Sharma said the stay on the operation of the FIR as well as the trial court order will remain in force till December 6, the next date of hearing. The trial court had directed registration of an FIR against them on a complaint alleging that Hero MotoCorp manufactured fake bills worth Rs 5.9 crore and obtained tax credit of over Rs 55 lakh. The company, its chairman and officials approached the high court challenging the trial court’s order.
Posts tagged Rediff
Mukesh Ambani is once again India’s richest (12-10-2023)
Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India’s 100 Richest with a net worth of $92 billion. The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India’s richest person for the first time last year, has slipped to the second position. Adani’s net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group’s shares tumbling.
India 111th on Hunger Index; govt says it’s flawed’ (12-10-2023)
India ranked 111th out of 125 countries in the Global Hunger Index-2023, which was rejected by the government as erroneous and having malafide intent. The index, released on Thursday, also stated that India has the highest child wasting rate in the world at 18.7 per cent, reflecting acute undernutrition. India ranked 107th out of 121 countries in the 2022 edition of the Global Hunger Index (GHI), a tool for comprehensively measuring and tracking hunger at global, regional, and national levels.
Salil Parekh says all Infy employees in Israel safe (12-10-2023)
Indian IT services company Infosys on Thursday said all its employees in Israel are safe. Amid escalating tensions in the Middle East, Infosys CEO and MD Salil Parekh said its employees in Israel are primarily locals but declined to comment on the exact staff strength there. The company further said it is “saddened” by the situation unfolding in the region.
Industrial production rises to 14-mth high of 10.3% (12-10-2023)
India’s industrial production growth rose to a 14-month high of 10.3 per cent in August, mainly due to good show by the manufacturing, mining and power sectors, according to the official data released on Thursday. The factory output growth measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022. The previous high was recorded at 12.6 per cent growth in June 2022.
Retail inflation eases to 3-month low of 5.02% in Sep (12-10-2023)
Retail inflation declined to a three-month low of 5.02 in September, mainly due to easing food prices, according to the government data released on Thursday. The inflation has come back to the Reserve Bank’s comfort level of below 6 per cent after a gap of two months. The inflation based on the consumer price index (CPI) was 6.83 per cent in August and 7.41 per cent in September 2022.
Selling in IT stocks pull Sensex down by 65 points (12-10-2023)
Profit taking in Bajaj Finance, Nestle, Kotak Bank, SBI, Bharti Airtel L and T and Asian Paints also weighed on the benchmark index. Maruti bucked the trend by gaining 1.73 per cent after strong retails sales in September. Power Grid, M and M. JSW Steel and Tata Steel also advanced.
Israel conflict unlikely to hit trade of pharma firms (12-10-2023)
Indian pharmaceutical firms foresee minimal disruptions in trade with Israel despite escalating regional tensions. Rising crude prices and export shipping insurance premiums have raised concerns, but the pharmaceutical sector remains optimistic. Pharmaceutical exports from India to Israel in FY 2020-21 amounted to $32.5 million, which represents only a minor segment of India’s overall pharma exports.
Infosys Q2 net profit rises 3.1% to Rs 6,215 crore (12-10-2023)
India’s second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company – which competes in the IT services market with TCS, Wipro, HCL Technologies and others – saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
Be selective in consumption stocks, say analysts (12-10-2023)
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.