Mumbai: The Enforcement Directorate (ED) has attached more than 40 properties worth ₹3,000 crore belonging to beleaguered industrialist Anil Ambani and his group companies following orders issued on October 31. This is in response to allegations of large-scale bank fraud and fund diversion by Anil Ambani’s entities under his Reliance Anil Dhirubhai Ambani (ADA) Group. The attached properties include residential, commercial and land assets across Delhi, Mumbai, Thane, Pune, Hyderabad, Noida, Ghaziabad and Chennai. The case pertains to loans sanctioned by Yes Bank between 2017 and 2019. The bank, under former CEO and MD Rana Kapoor, had invested ₹2,045 crore…
Author: Abizar Attari
Abizar Attari
Abizar has been writing before AI started to take over your lives! His expertise lies in analysing diverse perspectives and simplifying them for laymen. Beyond writing, storytelling and editing, he enjoys running, learning and enjoying the outdoors.
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Ahmedabad: The Reserve Bank of India (RBI) has fined ₹25 lakh on Mehsana Urban Cooperative Bank for not complying with certain regulatory provisions. This penalty has been imposed after the bank failed to classify certain loans and credit facilities as non-performing assets (NPA), as per the required norms. This penalty was imposed after the RBI issued a show-cause notice to the bank, asking why the penalty should not be levied. After examining the banks’ books and the bank representative’s responses, the RBI found the responses unsatisfactory and proceeded to impose the ₹25 lakh penalty on the bank. According to the…
Mumbai: Flipkart-backed logistics company Shadowfax Technologies has filed an updated Draft Red Herring Prospectus (DHRP) with SEBI for raising ₹2,000 crore through an IPO. The market regulator had already approved the company’s DHRP on October 7 through the confidential route. Currently, the promoters, including Flipkart, own about 20.26% of the company, while the remaining is held by institutional investors Flipkart, Newquest and Eight Roads Investments are the largest shareholders in the company, with each holding over 14% of the company. The issue is a combination of a fresh issue of shares worth ₹1,000 crores and an equal offer for sale…
Santa Clara, USA: Intel Corporation, the now struggling chipmaker that hasn’t been able to keep pace with the times, is now looking at an acquisition to revive its prospects with a $5 billion acquisition. SambaNova Systems, a US-based AI chip startup, specialises in creating custom digital infrastructure for organizations looking to use popular generative AI models independently. Founded in 2017, this Palo Alto, California-based company has reportedly struggled to raise funds for its expansion, despite having raised funds from leading investors such as Intel Capital, BlackRock, and SoftBank Vision Fund. One of the main backers of the company has been…
American payments major Mastercard is reportedly in advanced talks to acquire Zerohash, a Chicago-based crypto infrastructure firm, for about $2 billion. If the deal closes, this would be a turning point for Mastercard, which has seen its primary source of revenue- transaction fees- fall on account of an increasing preference for alternative payment methods that don’t require plastic cards. Cryptocurrencies have emerged as a big threat to the highly regulated financial system, where transactions can be processed in mere seconds compared to the days it takes currently using conventional financial intermediaries. Zerohash is one of the leading cryptocurrency infrastructure companies,…
Chennai: American automaker Ford Motor Company has announced its plans to revive its defunct Chennai plant with a fresh investment of ₹3,250 crore investment. Unlike earlier, where it tried (and failed) to make a mark in India’s ultra-competitive automobile segment, Ford is instead looking to repurpose the plant to manufacture next-generation engines and powertrains for exports. The company will begin production later this year, with a capacity to produce 2.35 lakh engines annually by 2029, according to a statement by the company. The company had ceased production at its Maraimalai Nagar plant in September 2021 following the company’s decision to…
Mumbai: After much anticipation and interest, India’s biggest eyewear brand Lenskat’s public issue opens today. The company aims to raise Rs.7,278 crore, of which just Rs.2,150 crore are fresh equity shares. The rest is an offer for sale (OFS), where Peyush Bansal and other existing promoters are selling their stakes. After the IPO, the promoters stakes will drop from 20% to 17.5%, even as all kinds of investors- retail, Mutual Funds, Insurance companies, FIIs jump into the fray to grab a pie of one of India’s most successful startups. The fine print Lenskart’s IPO’s price band is set between Rs.382-402…
Mumbai: Pharma major Cipla has reported a 4% year on year rise in consolidated net profit to Rs.1,351 crore in the September quarter from Rs. 1,303 crore last year. Revenues rose correspondingly by 8% to Rs.7,500 crore, mostly on the back of its strong respiratory and branded generics portfolio. The company has risen to become India’s fourth largest drug maker by revenue, and the largest by volume, gaining acclaim for its $1 HIV/AIDS anti-retroviral therapy besides its large portfolio of generics in the respiratory, urology, cardiology and anti-retroviral drugs manufactured from 46 sites worldwide. Cipla has delivered a solid growth,…
Mumbai: After seeing its value rise to almost 55% over the past year, the less valuable cousin of gold is mellowing down, with prices cooling from its all-time high of ₹1,90,000 per kg on October 15. Despite that, the silver rush continues post Dhanteras, with investors preferring this ‘safe haven’ asset over market uncertainties that define equities. Even as prices have corrected about 9% since Dhanteras, profit booking and sustained demand from industrial sources have kept the interest momentum high, even as supply risks on prices will continue. Besides this, analysts are expecting silver prices to rise further, especially as…
Mumbai: Engineering giant Larsen & Toubro (L&T) has posted a consolidated net profit of Rs.3,926 crore for the second quarter, a 16% year-on-year rise from Rs.3,395 crore profit from the corresponding quarter last year. This has corresponded to an increase in revenues from Rs.61,555 crore last year to Rs.67,984 crore this year. The company has received a total of Rs.1,15,784 crore orders at the group level, a 45% year-on-year growth from across its business verticals. International orders have risen to Rs.75,561 crore, almost 65% of the total order pie. The company’s strong performance has been powered by large contracts it…
