Author: Abizar Attari
News Editor

Ahmedabad: Leading city-based automobile dealer Pramukh Nanda, his wife Nehaben and younger son Pravesh were amongst the passengers on the ill-fated Air India AI171 plane crash on June 12. The family was looking forward to attend their eldest son Pratham Nanda’s graduation ceremony in the UK.  Pramukh Nanda was the chairman of Cargo Motors, a leading company having dealerships of Tata Motors, Mahindra and Tata commercial motors at Ahmedabad, Vadodara, Gandhidham and Mehsana. The sudden death of the company’s chairman has sent shockwaves amongst the company’s employees and his elderly parents, who are yet to come to terms with the…

Mumbai: Shares of Bajaj Finance rose upto 5% on the BSE and NSE as the company announced a dividend of Rs.44 per share along with a 4:1 issue of bonus shares to existing shareholders. Besides this, the company has also decided to split each Rs.2 shares into 2 of Re.1 shares. The record date is set at June 16, subject to shareholder approval. This triggered a surge in trading for this multi-bagger stock, with an intraday high of Rs. 9,431 per share. Only shareholders who held shares on the 13th June closing session will be eligible for the bonus issue…

New Delhi: After more than a year since the direct military confrontation between Israel and Iran, both countries have resumed missile and drone strikes after Israel launched extensive drone and missile strikes targeting Iranian nuclear facilities and high-ranking officials. This latest round of tensions in the volatile Middle East has raised fears of oil supply disruptions, with brent crude oil futures rising 7.02% after the news broke out on June 12. The attacks were not targeted at Iran’s oil refining and storage facilities, with the National Iranian Oil Refining and Distribution Company saying that its facilities are operational, as per…

Mumbai: India’s oldest depository, National Securities Depository Limited (NSDL) now seems to have finally moved ahead with its IPO, after it had received SEBI’s nod in October 2023. NSDL is the largest depository of India by assets under custody, and its IPO announcement has been highly anticipated. According to a report by Bloomberg, NSDL aims to offer 50.1 million shares, through an offer for sale (OFS), meaning existing shareholders will offload a part of their stake. Prominent investors include IDBI Bank, National Stock Exchange (NSE), State Bank of India (SBI), and HDFC Bank, amongst others. This means that NSDL itself…

Ahmedabad: Air India flight AI171 flying to London Gatwick airport from Sardar Vallabhai International Airport in Ahmedabad has crashed in the Meghani Nagar Area of Ahmedabad just 5 minutes after takeoff on Thursday, 12th June. According to emerging reports, 242 people are reported to have died, including 2 pilots and 10 cabin crew including Gujarat’s ex-CM Vijay Rupani. The Boeing 787-8 Dreamliner reached an altitude of 675 feet after its signal was lost. The plane caught fire after crashing, and fire tenders rushed to the spot to douse the flames. The airport had temporarily suspended flights after the incident, and…

New Delhi: Shares of India’s largest paint company Asian Paints jumped over 3% in early morning trades on Thursday, July 12 after a massive block deal of 3.5 crore shares changed hands. Shares were sold at an average price of Rs.2,201 per share, with a total value of Rs.7,703 crore. The buyers and sellers of these shares remain unidentified for now. This has resulted in an intraday high, outperforming the Nifty 50 index. Major shareholders of Asian Paints include the Life Insurance Corporation of India (LIC) with 8.29% share, various Indian Mutual Funds, including ICICI Prudential MF and SBI MF…

Bengaluru: United Spirits Limited (USL) has denied speculations about a stake sale in Royal Challengers Bengaluru (RCB), its IPL franchise that recently won its first ever Indian Premier League title. This achievement has helped push the franchise’s valuation to more than Rs.17,000 crore.  “The Company would like to clarify that the aforesaid media reports are speculative in nature and it is not pursuing any such discussions,” the company stated in a response to the reports. The report claimed that USL’s parent company Diageo has not made a final decision and may not go ahead with the plan. Nevertheless, these rumours…

New Delhi: Byju’s woes never seem to end. From the poster boy of the startup space at the height of the Work From Home boom to being forced to sell practically everything he owns, Byju Raveendran has seen it all. In 2021, Byju’s acquired two US-basd companies, reading platform Epic and K-12 coding education platform Tynker for $500 million and $200 million respectively. According to reports, a US bankruptcy court has approved the sale of both companies to help Byju’s lenders recover its dues from the company. Byju’s US unit, Byju’s Alpha faced allegations of loan default and mismanagement, eventually…

Mumbai: Mukesh Ambani’s Jio Financial Services and global asset management giant BlackRock launched their website and showcased their leadership team in an official statement. This comes soon after it received SEBI’s nod to commence operations as Jio BlackRock Mutual Fund.  The company introduced its ‘Early Access’ initiative where potential investors and interested uswers could sign up for exclusive previews and updates ahead of the mutual fund’s formal launch. Our website for the JioBlackRock Mutual Fund is now live! With Jio’s deep understanding of the local market and BlackRock’s global investment expertise, we’re bringing you a smarter way to grow your…

Mumbai: Anil Ambani-led Reliance Infrastructure is now working to grab a bigger share of the Rs.5000 crore military aircraft and helicopter upgrade market, where it has recently successfully upgraded 55 Dornier-228 aircraft in partnership with US-based Genesys. Historically, the aircraft upgrade market has been dominated by PSU and Original Equipment Manufacturers (OEMs), extending the aircraft’s service life by 30-40 years. Reliance Infrastructure had earlier been awarded a contract to refurbish 37 Dornier aircraft by state run HAL, and the company secured a repeat order for 18 additional units on successful completion of the contract. According to sources, the total value…