India

Windfall tax reduced by Rs 600 per tonne to Rs 1,700 per tonne
16 Jan

Windfall tax reduced by Rs 600 per tonne to Rs 1,700 per tonne

Priyanka Bhowmick0 CommentsBusiness, India,
India has reduced its windfall tax on petroleum crude from ₹2,300 to ₹1,700 ($20.53) per tonne, according to a government notification on Monday. The cut will come into effect from January 16, the order said. On 2 January, the government increased the windfall tax on petroleum crude oil from ₹1,300 to ₹2,300 per tonne. From July 2022, India imposed a windfall tax on crude oil producers and expanded duties on exports of petrol, diesel, and aviation fuel as private refiners sought to sell fuel abroad to profit from stronger refining margins rather than sell locally. It revises taxes fortnightly.
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Citigroup to lay off 20,000 employees
13 Jan

Citigroup to lay off 20,000 employees

Priyanka Bhowmick0 CommentsBusiness, India,
Citigroup plans to cut 20,000 jobs over the next few years as part of a corporate restructuring designed to boost profits and return cash to shareholders, the U.S. bank said Friday.The downsizing came in a presentation released alongside the New York-based lender's fourth-quarter results in which it reported a big loss. The move would put the headcount at about 180,000 by the 2026 deadline, down from 240,000 at the end of 2022 -- while also reflecting the expected spinoff of Citi's Mexico subsidiary, Banamex. Citi Chief executive Jane Fraser unveiled a corporate overhaul with five business lines instead of two.…
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Mukesh Ambani re-joins $100 billion club
12 Jan

Mukesh Ambani re-joins $100 billion club

Priyanka Bhowmick0 CommentsBusiness,
Reliance Industries Ltd (RIL) chairman Mukesh Ambani has joined the elite club of centi-billionaires - global tycoons with a net worth of at least $100 billion. Ambani's wealth rose after Reliance Industries Ltd hit a new record high on Thursday and other group companies rose sharply of late. According to data available with the Bloomberg Billionaires Index, Mukesh Ambani added $2.76 billion in the previous trading session as his wealth stood at $102 billion. He is currently ranked 12th. Mexican businessman Carlos Slim is just $1 billion ahead of Ambani. Bloomberg's Billionaires Index has only a dozen centi-billionaires. Shares of…
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Sony’s India unit continues merger talks with Zee
11 Jan

Sony’s India unit continues merger talks with Zee

Priyanka Bhowmick0 CommentsEntertainment, India,
Sony Group is actively engaged in talks to merge its Indian subsidiary with Zee Entertainment Enterprises, with ongoing talks scheduled until January 20, sources familiar with the talks said, according to a report in Nikkei Asia. Earlier reports indicated that Sony considered scrapping the deal due to disagreements surrounding the appointment of the CEO of the merged entity. However, the terms of the deal are still being negotiated, and Zee has issued a release refuting the media's claims. The merger agreement between Sony and Zee was signed in 2021, and was targeted for completion by the end of September next…
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DLF sells 1,113 luxury flats for Rs 7,200 cr within 3 days
09 Jan

DLF sells 1,113 luxury flats for Rs 7,200 cr within 3 days

Priyanka Bhowmick0 CommentsBusiness, India,
Despite the rise in real estate prices, several buyers in India are ready to pay for their dream homes. In the pre-formal launch sale of a luxury residential development worth around Rs 7,200 crore in Gurugram, Indians bought homes in just 72 hours. India's largest real estate developer, DLF, on Monday, announced the sale of the entire 1,113 luxury flats for Rs 7,200 crore in a project in Gurugram (DLF Prevana South) within three days of its pre-launch on strong demand from end-users and investors including NRIs. The new project is spread over 25 acres in Sectors 76 and 77…
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Flipkart may fire up to 7% of employees by April
08 Jan

Flipkart may fire up to 7% of employees by April

Priyanka Bhowmick0 CommentsBusiness, India,
Walmart-owned Flipkart has embarked on a retrenchment initiative that could reduce its total workforce by five to seven percent, according to a report in The Economic Times (ET). The move is part of the company's annual performance-based job cuts, which have been in effect for the past two years. The process is expected to be completed by March-April in line with the ongoing performance review and the end of the current financial year. The e-commerce giant, with 22,000 employees (excluding Mintra), has been proactively managing costs, including adding new hires over the past year. Currently, the company is finalizing a…
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GAIL inks 10-year LNG deal with Vitol
06 Jan

GAIL inks 10-year LNG deal with Vitol

Priyanka Bhowmick0 CommentsBusiness, India,
GAIL (India) Ltd has signed a long-term agreement with Vitol Asia Pte Ltd to supply about 1 million metric tonnes of liquefied natural gas to India every year.Vitol will supply LNG from its global portfolio to GAIL for 10 years starting in 2026, the state-run company said in a statement on Friday. Other terms of the deal were not disclosed. "GAIL's long-term LNG agreement with Vitol will enhance its large liquefied natural gas portfolio and contribute to bridging India's natural gas demand and supply gap," said GAIL Chairman and Managing Director Sandeep Kumar Gupta."India is a significant and growing LNG…
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Narayana Murthy regrets not letting Sudha Murty join Infosys
05 Jan

Narayana Murthy regrets not letting Sudha Murty join Infosys

Priyanka Bhowmick0 CommentsBusiness, India,
Infosys co-founder Narayana Murthy says he now regrets the decision to keep his family out of the company. Murthy, who co-founded Infosys in 1981 with a loan of Rs 10,000 from his wife Sudha Murty, never allowed her to join the firm even though he believed her to be more qualified than the other co-founders. "I had this feeling that good corporate governance means not bringing the family into it," he said when asked by CNBC-TV18's Shereen Bhan why he didn't let his wife, who gave him seed money, join Infosys. "Because in those days, it was just family-owned, all…
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Karan Adani appointed as managing director of Adani Ports
04 Jan

Karan Adani appointed as managing director of Adani Ports

Priyanka Bhowmick0 CommentsBusiness, India,
Adani Ports and Special Economic Zones Limited (APSEZ) has announced a top-level reshuffle with Chief Executive Officer (CEO) Karan Adani elevated to the role of Managing Director.In a board meeting held on Wednesday, the directors also approved the appointment of Ashwani Gupta, former global chief operating officer of Nissan Motors, as the new CEO. The position of managing director was earlier held by founder Gautam Adani (who was the chairman and MD).He has now been re-designated ‘executive chairman’ of the company.Adani Ports said in a statement after market hours that under the leadership of Karan Adani as CEO, it has…
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Ola Electric records over 30,000 registrations in December
03 Jan

Ola Electric records over 30,000 registrations in December

Priyanka Bhowmick0 CommentsBusiness, India,
Ola Electric announced that it recorded 30,219 registrations in December and captured 40 percent market share in the EV two-wheeler segment (according to VAHAN Portal). The company said it registered its highest monthly sales in the month and 74 percent year-on-year growth compared to the same month last year. Additionally, it registered a quarter-on-quarter (q-o-q) growth of 48 percent with 83,963 registrations in the December quarter and 68 percent growth over the same quarter last year. Also, Ola Electric reached the milestone of producing four lakh scooters in two years. The company has emerged as the first-ever EV two-wheeler manufacturer…
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