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The Economic Times
The Economic Times Sanjay Mashruwala resigns as Managing Director of Reliance Jio
Sanjay Mashruwala, 76, resigns as managing director at Reliance Jio on June 9. Pankaj Mohan Pawar continues. Board appreciates his contributions to the company's transformative journey since 2013.
The Economic Times Reliance Industries' new business gets fizz from Campa Cola
Mukesh Ambani, the chairman and managing director of Reliance, has a penchant for creating humongous businesses with an amazing sweep across the country. While Reliance looks to shape-shift into a decarbonised business empire with a mega green energy and renewables plan, it has already started making waves in its new consumer products business which is being led by his daughter Isha Ambani.
The Economic Times Reliance Industries: Lower capex spend likely to improve return ratios
Net profit attributable to the company, India's biggest by value, retreated marginally to Rs 18,951 crore. Analysts expected the country's biggest refiner, telco and retailer to report a bottom-line just shy of Rs 18,000 crore, translating into a decline in excess of 5%.
The Economic Times Sebi finds Adani offshore investors in disclosure rules violation: Report
SEBI found offshore funds breaching Adani investment rules, seeking settlement with penalty. Regulator demanded group level disclosures. Adani denies 'acting in concert'. No response to email requests.
The Economic Times RJ Corp's succession plan finalised; Ravi Jaipuria's son gets food & beverages business, daughter gets healthcare & education
RJ Corp runs PepsiCo’s second-largest bottler outside the US, Varun Beverages (VBL), as well as Devyani International (DIL), which is the operator of KFC, Pizza Hut and Costa Coffee outlets in India. Both companies, named after the founder’s children, Varun and Devyani, are listed. The group is also involved in healthcare and education.
The Economic Times Over half of India's top 100 listed companies voluntarily disclose Scope 3 data in BRSR, says PwC India
Indian firms prioritize ESG reporting, with 51 per cent disclosing Scope 3 emissions. Key findings include 89 per cent disclosing leadership indicators and 31 per cent revealing net-zero targets, as per the PwC India report.
The Economic Times India presence imperative as part of worldwide expansion: CLA Global
CLA Global is among the non-Big Four professional services networks, such as RSM, Baker Tilly, HLB, Mazars and Nexia, which, driven by the significant opportunities presented by India's growing economy, are rapidly scaling up their presence in the country.
The Economic Times Tesla woos China customers with cheaper cars after Musk defers India visit
Tesla Inc. has reduced vehicle prices in China amidst stiff competition. Tesla had earlier introduced incentives in China to attract consumers, countering competition from BYD. Musk meanwhile deferred his India visit, which was aimed to tap into a new market amid declining sales and stock prices.
The Economic Times Inflation sustainably moving towards RBI target enough for a rate cut: Ashima Goyal
Ashima Goyal emphasized India's resilience to supply shocks and anchoring of inflation expectations. Bhide expects food inflation to ease in 2024. Both acknowledged inflation risks from geopolitical tensions.
The Economic Times AdaniConneX in talks with banks to raise $900-950 million
This funding has been structured with an interest rate of 250-260 basis points above the Secured Overnight Financing Rate (SOFR) and a tenure of six years. SOFR is currently 5.3%, the person said. The proceeds will be used for expanding its data centre capacity.
The Economic Times India's net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr
India's net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in fiscal year 2023-24, exceeding revised estimates by Rs 13,000 crore, reflecting economic buoyancy and rising income levels. Gross direct tax collections (provisional) for FY 2023-24 rose 18.48% to Rs 23.37 lakh crore, with refunds totaling Rs 3.79 lakh crore.
The Economic Times Track fishy transactions, RBI tells payment firms
In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent any potential misuse of electronic fund transfer mechanisms to influence voters or indirectly fund candidates who are participating in the elections.
The Economic Times Top IT firms saw wage bills rise 5.5% even as revenue growth dips
IT companies' cumulative wage cost rose by Rs 18,036 crore in the fiscal year. Experts said this was due to continuity in lateral hiring in high-demand areas such as AI, machine learning, and cloud and engineering services, coupled with the salary increments, even though they are in the lower single digits.
The Economic Times Companies now investing in premium office fit-outs
Savills India data reflects a shift towards premium spaces, while tech players like Tushar Mittal drive demand amidst a growing construction industry.
The Economic Times HSBC Geneva leak: ITAT says data is old, bank balance can't be taxed
In a decision that could have a bearing on other `HSBC account’ cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance’ lying in such bank accounts. Why? Because, according to the Mumbai bench of the Income Tax Appellate Tribunal --- a quasi judicial authority --- a bank balance reflects 'assets' and not ‘income’, and, under the law, only income can be taxed.
