Business
Ahead of the Supreme Court’s decision on the petitions, certain Adani group equities soar as Adani Enterprises shares fall 10%
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Adani Enterprises’ stock dropped 10% on Thursday after the company refuted claims that it had obtained a new $3 billion loan from an unidentified sovereign entity. Nonetheless, a few other Adani group equities increased by up to 5% as a result of numerous block trades that occurred on the exchanges. Also, investors were eagerly expecting the Supreme Court’s order establishing a panel of subject-matter experts to investigate the Adani-Hindenburg dispute.
Adani Enterprises, which had gained 31% over the previous two trading days, fell 9.64% to Rs 1,441.40.
Adani Green Energy, which increased by 5% each of the previous two days, increased by another 5% to Rs 535.25.
A 5% increase brought Adani Transmission’s price to Rs 708.35. At Rs 598, Adani Ports was down 0.7%.
Investors were also waiting for the Supreme Court’s decision on a number of petitions that demanded an investigation into the Hindenburg Research report in the wake of a sharp decline in Adani group shares. The SC would also offer its opinion on the topic of establishing a committee to develop regulatory frameworks to safeguard investors.
The top court has received four PILs concerning the Adani-Hindenburg controversy thus far. Lawyers M. L. Sharma and Vishal Tiwari submitted two of them, Congresswoman Jaya Thakur submitted one, and social activist Mukesh Kumar submitted the fourth.
In his PIL, Tiwari requested that the Centre form a committee under the supervision of a retired judge of the Supreme Court to look into the claims made against the tycoon Gautam Adani’s business conglomerate in the Hindenburg Research study. In a PIL, filed by attorney M. L. Sharma, it was alleged that short-seller Nathan Anderson of the US-based Hindenburg Research and his collaborators in India and the US had taken advantage of unsuspecting investors and caused the stock value of the Adani Group to “artificially plummet” on the market.
SC has stated that it desired complete openness for the sake of investors. Additionally, it disqualified any chance of an active judge presiding over the proposed panel’s operations.
Source: Business Today
Business
GST receipts rose 12% to Rs 1.49 trillion in February, according to the Finance Ministry
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According to the finance ministry’s announcement on Wednesday, GST receipts increased by 12% to more than Rs 1.49 lakh crore in February.
Since the introduction of the GST, February 2023 saw the biggest cess collection, at Rs 11,931 billion.
However, the amounts collected fall short of the second-highest Goods and Services Tax (GST) mop-up, which was over Rs 1.57 lakh crore in January. In April 2022, the total revenue reached its all-time high of Rs 1.68 lakh crore.
The ministry stated in a statement that the total GST income collected in February 2023 was Rs 1,49,577 crore, of which the CGST, SGST, and IGST totaled Rs 27,662, Rs 34,915 crore, Rs 75,069 crore, and Rs 11,931 crore, respectively (including Rs 35,689 crore collected on import of goods).
The revenue for February 2023 is 13% more than the GST revenue for the same month in 2022, which was Rs 1.33 lakh crore.
Being a 28-day month, February typically sees a lower-than-average revenue collection, according to the ministry.
Source: Business Standard
Business
The consumer business of Citibank in India has been acquired by Axis Bank
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Prior to evaluating the closing position of Citibank India’s assets, assets under management, and liabilities as of January 31, 2023, Mumbai-based Axis Bank completed the acquisition of the India consumer business of the foreign bank held by Citigroup for Rs 12,325 crore. The acquisition has a post-evaluation value of around Rs 11,603 crore. According to a recent exchange filing by Axis Bank, this agreement involved the acquisition of Citibank’s India consumer business from Citibank N.A. or CBNA and the consumer business for non-banking financial companies (NBFCs) from Citicorp Finance (India) Limited or CFIL.
“We now wish to inform you that the completion of the acquisition of Citibank’s India consumer business from CBNA and the NBFC consumer business from CFIL as going concerns, without values being assigned to individual assets and liabilities for either business, shall happen on March 1, 2023,” the filing stated.
According to Axis Bank, the price to buy Citibank India’s consumer division is based on the company’s assets, liabilities, and assets under management (AUM) as of January 31, 2023. According to the filing, the purchase of Citibank India’s consumer business complies with the conditions and terms of the signed contract agreement and payment of consideration.
The filing stated, “Given the form of the transaction, the foregoing cash consideration, along with any true up or true down, shall be accounted for as goodwill and other intangibles, which will be completely amortized for accounting purposes in 2023.”
So how will this acquisition impact the user experience? Customers of Citibank India’s consumer banking division can continue utilizing their current Citi products and/or services, branches, ATMs, internet banking, and Citi Mobile App as usual, according to the website of the bank. In India, Axis Bank offers consumer banking products under the Citi name while Citi India offers other services.
The trademarks “Citi”, “Citibank,” “Citigroup,” the Arc design, and other similar trademarks and derivatives thereof are used temporarily by Axis Bank under license from Citigroup Inc. and affiliated group businesses, it was also noted in the document.
Source: Business Today
Since Elon Musk took over the microblogging website in October, Twitter Inc. has slashed at least 200 jobs, or approximately 10% of its workforce, according to a late Sunday New York Times article.
According to the NYT report, which cited people familiar with the situation, the layoffs on Saturday night affected product managers, data scientists, and engineers who worked on machine learning and site stability, which helps keep Twitter’s different functions online.
A request for comment from Reuters did not receive a response immediately from Twitter.
According to Musk’s statement from last month, the company has approximately 2,300 active employees.
The most recent job layoffs come after a massive layoff in early November, when Elon Musk, who had just paid $44 billion for Twitter, fired approximately 3,700 workers as a cost-cutting measure.
In November, Musk claimed that the service had seen a “huge loss in revenue” as a result of advertisers cutting back due to worries over content filtering.
Several of Twitter’s content creators have lately begun receiving a portion of the advertising money.
The Information reported earlier in the day that the social media network fired scores of staff on Saturday to make up for a drop in revenue.
Source: Business Standard
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Jawn Staff
July 7, 2017 at 2:50 pm
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