Gautam Adani had in the late 1970s applied to join a Mumbai college for education, but the college rejected his application. He did not pursue education but turned to business and went on to build a $220 billion empire. About four-and-a-half decades later, he gets called to the same college to deliver a lecture to students on Teachers Day. Adani had moved to Mumbai at the age of 16 and started working as a diamond sorter.
Posts tagged Rediff
Govt sells onion at Rs 35/kg in Delhi-NCR, Mumbai (05-09-2024)
The Centre on Thursday began the first phase of retail sales of onion at a subsidised rate of Rs 35 per kg to provide relief to Delhi-NCR and Mumbai consumers from rising prices of the kitchen staple. NCCF and NAFED, which are maintaining a buffer stock of 4.7 lakh tonne onion on behalf of the government, will undertake the retail sale through their own stores and mobile vans. Onion will be sold at 38 retail points in Delhi-NCR and Parel and Malad in Mumbai.
Reliance board approves 1:1 bonus issue (05-09-2024)
The board of Reliance Industries Ltd on Thursday approved issuing 1:1 bonus shares — the first bonus issue in seven years. Reliance, the nation’s most valuable company, had last issued bonus shares in September 2017.
Sensex, Nifty extend losses; Reliance, Airtel drag (05-09-2024)
Among the 30 Sensex firms, Reliance Industries declined over 1 per cent. Tata Motors, Nestle, Bharti Airtel, Bajaj Finance, Larsen and Toubro, JSW Steel and Mahindra and Mahindra were other big laggards. In contrast, Titan, ITC, Infosys, HCL Technologies, Tata Steel and State Bank of India were among the biggest gainers.
Valuations reflecting multiple positives for IndiGo (05-09-2024)
IndiGo has delivered impressive operating performance in the past six quarters as it navigated cost and capacity challenges. It has managed to mitigate the impact of faulty engine-related groundings. The airline has also managed costs related to grounding, expensive secondary leasing, increasing airport charges, and pilot compensation inflation and delivered stronger yields and spreads.
Sebi may notify tighter rules for F and O trade soon (05-09-2024)
The Securities and Exchange Board of India (Sebi) is likely to notify soon stricter derivatives trading norms aimed at curbing speculative trading activity and curtailing losses of over Rs 50,000 crore incurred by retail investors every year. Based on the feedback received from industry participants, seven measures proposed by the market regulator in a consultation paper in July may be implemented with minor tweaks ahead of its forthcoming board meeting, said sources.
Kirana vs Q-com on table (05-09-2024)
The government is set to examine concerns over quick commerce companies potentially undermining businesses of local kirana stores, particularly in the context of the draft Digital Competition Bill, according to official sources. The Ministry of Consumer Affairs recently raised the issue with the Ministry of Corporate Affairs during discussions around the proposed legislation. “We need to assess if and how the Bill can address these concerns and explore further steps to include provisions to keep a check,” a senior official stated.
What drove Toyota Kirloskar profit 3x in FY24 (05-09-2024)
Toyota Kirloskar Motor (TKM) has reported a consolidated net profit of Rs 4,787 crore for 2023-24 (FY24) – more than three times the earnings recorded the previous year. This growth can be attributed to robust demand for its vehicles, particularly hybrid models and cross-badged cars from the Toyota-Suzuki alliance.
India on sustainable growth path, says RBI Guv Das (05-09-2024)
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
Jio’s network cost per tower less than Airtel’s (05-09-2024)
The network cost per tower of Reliance Jio is lower than its rival Bharti Airtel even as the gap between them is narrowing due to the latter cutting costs at a faster pace, analysts said. While the energy cost per tower for both telcos is reducing, Airtel has managed to reduce costs at a faster pace, brokerage firm IIFL Securities said in a research note. “Jio used to enjoy 35 per cent lower network cost per tower, including the right of use (RoU) depreciation and lease finance cost, versus Bharti four years back. This gap has now (FY24) narrowed to 7 per cent,” it said.