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Jio puts Mukesh Ambani on top of Forbes’ Global Game Changers

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Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

New York, May 17: Forbes magazine has named Reliance Industries (RIL) Chairman Mukesh Ambani as the topmost among its “Global Game Changers” who are transforming their industries and changing the lives of billions around the world.

Ambani features at the top of the Forbes’ second annual Global Game Changers’ list of 25 “intrepid business leaders unsatisfied with the status quo” who are “transforming their industries and changing the lives of billions of people around the globe.”

The American magazine referred to the Ambani-led Reliance Jio mobile network’s efforts to spread internet penetration in India.

“Oil and gas tycoon entered the country’s telecom market with a bang, offering fast internet at dirt-cheap prices. Gained 100 million customers in six months and set off a wave of consolidation in the market,” Forbes said.

“While plenty of corporate functionaries make headlines for successful turnarounds or record profits, we sought to identify true movers and shakers who are determining the course of the future for more than just their own shareholders or employees,” it said.

Forbes said those on the latest game changers’ list are re-imagining the many facets of everyday life, from health to money transfers through digital means.

The list includes home appliances company Dyson’s founder James Dyson, US investment management company BlackRock co-founder Larry Fink, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman, social media platform Snap co-founder Evan Spiegel and Chinese ride-sharing giant Didi Chuxing founder Cheng Wei.

IANS

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Key equity markets rise on Asian cues, supportive metal, IT stocks

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Mumbai, April 19:  The key Indian equity markets traded in the positive territory on Thursday afternoon tracking strong cues from the Asian markets.

Heavy buying in the metal, IT and capital goods stocks also helped the market sentiment to remain positive.

So far, the S&P BSE metal index surged around 558.59 points, followed by the IT stocks which edged up by 125.58 points and capital goods stocks, by 120.60 points.

At 1.20 p.m., the wider Nifty50 on the National Stock Exchange (NSE) traded higher by 33.40 points or 0.32 per cent at 10,559.60 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,403.67 points, traded at 34,412.41 points (1.20 p.m.) — up 80.73 points or 0.24 per cent from its previous session’s close.

The Sensex has so far touched a high of 34,478.82 points and a low of 34,358.91 during the intra-day trade.

The BSE market breadth was bullish with 1,265 advances and 1,082 declines.

“Markets gained in early morning trade as global Asian indices traded in green, following the US markets which closed with one per cent up-move,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On Wednesday, profit booking, along with heavy selling pressure in the banking sector stock, led the key Indian equity indices to break their nine-day gaining streak and end in red.

The Nifty50 fell by 22.50 points or 0.21 per cent to close at 10,526.20 points on Wednesday, and the Sensex closed at 34,331.68 points — down 63.38 points or 0.18 per cent.

On Thursday, the major gainers on the BSE were Tata Steel, Yes Bank, Bharti Airtel, Tata Consultancy Services and ONGC while Axis Bank, HDFC, Sun Pharma, Coal India and ICICI Bank were among the top losers.

On NSE, the top gainers were Hindalco, Vedanta and Tata Steel and major losers were BPCL, Hindustan Petroleum and Indian Oil Corp.

IANS

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CBI arrests 3 company directors in Rs 2,654 cr bank fraud case

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CBI

New Delhi/Ahmedabad, April 18: The CBI has arrested three promoter-directors of a Vadodara-based company in connection with its ongoing investigation into a case of Rs 2,654.40 crore fraud committed on a consortium of banks, officials said on Wednesday.

A Central Bureau of Investigation (CBI) official told IANS: “The agency has arrested the promoter-directors of the Diamond Power Infrastructure Ltd (DIPL) Suresh Narain Bhatnagar, his two sons Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar.”

The CBI located the accused in Udaipur in Rajasthan on Tuesday evening with the assistance of Gujarat Police and arrested them on Wednesday morning.

The official said they would be produced before the Special Judge of CBI Cases in Ahmedabad.

On March 26, the CBI filed a case against DPIL and its directors for defrauding the consortium of 11 banks of Rs 2,654.40 crore. The loan availed by them was declared a non-performing asset (NPA) in 2016-17.

Since the filing of case, the agency has carried out searches at the corporate office, two factory premises and the residences of the directors of the firm.

According to the CBI FIR, the DPIL, which is engaged in the production of cables and other electrical equipment, fraudulently availed credit facilities since 2008, leaving behind a total outstanding debit of Rs 2,654.40 crore as of June 29, 2016.

The agency said that the company managed to get term loans and credit facilities thought it figured in the Reserve Bank of India’s list of defaulters and the caution list of Export Credit Guarantee Corp of India (ECGCI) at the time of initial sanction of credit limits by the consortium.

At the time of consortium’s formation in 2008, Axis Bank was the lead bank for the term loan and the Bank of India was the lead bank for cash credit (CC) limits.

The Bank of India, which tops the list with Rs 670.51 crore of loans, is followed by Bank of Baroda (Rs 348.99 crore), ICICI Bank (Rs 279.46 crore), State Bank of India (Rs 266.37 crore), Axis Bank (Rs 255.32 crore), Allahabad Bank (Rs 227.96), Dena Bank (Rs 177.19 crore), Corporation Bank (109.12 crore), Exim Bank of India (Rs 81.92 crore), IOB (Rs 71.59) and the IFCI Bank (58.53 crore).

The company, allegedly with the support of officials from various banks, managed to obtain enhancement in credit facilities.

The FIR said the DPIL, through its founder and directors associated in the criminal conspiracy with the unidentified bank officials of various banks, cheated those banks by way of misappropriating public funds through falsification of accounts, creation of false documents, forgery of records and knowingly using such records as genuine.

IANS

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Retail gold sales down on Akshaya Tritiya

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Akshaya Tritiya Gold

Mumbai, April 18: Retail gold sales are noticeably down on the auspicious Akshaya Tritiya this year owing to several factors, said a leading jewellers association chief.

Mumbai Jewellers Federation President Rakesh Shetty said the reasons for the poor sentiments were the higher rates of gold compared to 2017 and the global political developments, including the West Asia crises.

“Customers are only making symbolic purchases in gold coins or very small jewellery items to mark the auspicious occasion. Barring that, the outlook is not very bright since morning among the retailers,” Shetty said.

In 2017, the gold prices hovered around Rs 28,000 per 10 gms, which has now shot up to Rs 32,000 per 10 gms. This has made customers reluctant to go out shopping for gold.

World Gold Council (India) Managing Director P.R. Somasundaram was more optimistic when he said that “the gold market is more stable now following the remonetisation of the economy”.

With the significantly improved compliance following the transition to the GST environment and other aspects, “activity points to the return of positive sentiments”, said Somasundaram.

He added that the seasonal wedding demand coupled with online and digital forms of buying gold is becoming increasingly popular and augur well for sustainable growth compared to 2017.

“The government’s announcement at the Union Budget that it intends to formulate a comprehensive gold policy to develop gold as an asset class supports the gold industry’s efforts to enhance their credibility and amplify gold’s economic potential for the country,” Somasundaram said.

IANS

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