Piramal Enterprises, a non-banking financing company, experienced a loss as a result of the mark-to-market (MTM) impact it had when it had to account for its interests in Shriram financing.
Due to a 375-crore MTM loss the firm had to accept for its equity investment in Shriram Finance, the company’s profit of 151 crore for the quarter ended March 2023 dropped to a loss of 196 crore in the next quarter.
Piramal made a significant investment in April 2014 by purchasing a 20% share in Shriram Capital, the holding company for all Shriram Group enterprises. Piramal sold the majority of its stake as a result of the merger’s failure to materialise. Currently, it holds an 8.34% stake in the business.
In addition to the MTM loss, the company’s interest income for the quarter was weak, falling 16% year over year to 1,921 crore in March 2023 from 2,292 crore in March 2022. Due to an increase in the expected credit loss (ECL) provision and a prudential write-off totaling Rs. 643 crore, the company also had to make provisions for financial asset impairment.
With retail assets increasing 49% year over year to 32,144 crore, they now account for 50% of the total assets under control in the company’s ongoing loan book retaliation. The quarter saw a four and a half times increase in expenditures, totaling 6,828 crore.
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Hyundai and Kia Recall: Fire Risk in Motor Compartments Leads to Safety Review
Almost 3.4 million Hyundai and Kia vehicles are being reviewed in the US because of the gamble of a motor compartment fire. Vehicle proprietors are being encouraged to leave their vehicles outside.
The Public Roadway Traffic Security Organization communicated stress on Wednesday over the likelihood that a brake liquid hole might bring about an electrical short, raising the risk of a motor compartment fire when the vehicle is halted or being driven.
On Friday, Hyundai said that its cars could still be driven.
Owners are still permitted to operate these cars, the company stated in a statement. Hyundai advises, however, parking the cars outside and away from buildings while the recall fix is being implemented.
According to Hyundai and the Canadian government, another 600,000 Hyundai and Kia automobiles are being recalled in Canada.
According to report, the two automakers stated that they were unaware of any injuries, fatalities, or collisions connected to the flaw.
the alert is applicable to around 1.64 million particular Hyundai and Genesis automobiles and roughly 1.73 million particular Kia models.
Hyundai cars from 2010 to 2015, including the Accent, Elantra, and Tucson, are included in the recall. All 2010–2019 Kia cars are affected, including the Cadenza, Optima, and Sorento.
Hyundai is the parent organization of Kia Engines, yet the producers work autonomously.
A 2019 Hyundai Elantra in the US was reported to have an overheated antilock braking system, or ABS. According to the N.H.T.S.A. statement, the business discovered 21 car fires and 22 additional occurrences involving smoke, burning, and melting that were connected to antilock braking systems in the United States. It claimed to be aware of two occurrences of smoking, burning, or melting in Canada.
Kia decided to start its own recall after Hyundai informed it in July that it was looking into issues with cars that used hydraulic electronic control units that were identical to those found in Kia vehicles.
According to the report, Kia is aware of one engine compartment fire, three electronic control unit fires, and six cases of component melting.
Also Read: ₹2,000 banknote demonetization by Reserve Bank of India: Implications and Exchange Process
It advised car owners to be alert for the “check engine” or antilock brake system lights to illuminate, engine smoke, or a burning or melting smell.
Both Hyundai and Kia intend to advise owners to take their cars to a dealer to have the ABS module fuse changed. In the meanwhile, individuals can use a vehicle identification number to do an online search to find out whether their vehicle has been recalled.
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₹2,000 banknote demonetization by Reserve Bank of India: Implications and Exchange Process
The 2,000-denomination currency notes may no longer be returned or exchanged from today. The banknote would lose its value and become simply another piece of paper as of October 1, according to the Reserve Bank of India (RBI). Four months ago, the central bank declared that the 2,000 note will be taken out of circulation.
Might you at any point utilize the ₹2,000 note after the present cutoff time?
Despite reportedly continuing to be legal tender even after the deadline of September 30, the R,2000 currency note won’t be used in transactions. After the cutoff, only the RBI will swap the notes.
How to exchange ₹2,000 notes?
The 2,000 rupee notes can be exchanged at any of the nearby bank branches or 19 regional offices of the RBI till September 30.
- Visit the regional office of the RBI or the closest bank.
- Complete the “request slip” for the terminated notes exchange or deposit.
- You can find your UIN on your driver’s license, voter ID card, passport, or NREGA card. Enter this information.
- Specify the number of notes you intend to send.
Notably, there is a cap of 20,000 on the total number of 2,000 note exchanges for lesser denominations.
As indicated by information distributed by the RBI on September 1, practically 93% of the cash notes have been reestablished to the financial framework since May. As per information accumulated from the banks, it said in a proclamation that the complete worth of the 2,000 banknotes recovered from course up to August 31, 2023, was 3.32 lakh crore.
Also Read: Air India collaborates with fashion designer Manish Malhotra to design new uniforms for airline employees
Why did RBI decide to discontinue ₹2,000 banknote?
In accordance with Section 24(1) of the Reserve Bank of India (RBI) Act, 1934, the 2,000-denomination banknote was issued in November 2016 to swiftly address the economy’s monetary needs followingthe evacuation of the lawful delicate status of the 500 and 1000 banknotes being used at that point.. The goal of launching the notes, according to MoS Pankaj Chaudhary, was achieved after banknotes of various denominations were made sufficiently available. It was decided to remove the currency notes in light of the aforementioned factors and in accordance with the RBI’s “Clean Note Policy,” he stated.
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Air India collaborates with fashion designer Manish Malhotra to design new uniforms for airline employees
In partnership with famous fashion designer Manish Malhotra, Air India made a big statement about its plans to update its personnel uniforms.. As part of Air India’s continuous modernization efforts to rebuild its worldwide brand identity, the programme intends to provide new and contemporary uniforms for over 10,000 employees, including cabin and cockpit crew, ground personnel, and security professionals. By the end of 2023, the airline hopes to introduce its staff to their new uniforms.
The CEO and MD of Air India, Campbell Wilson, stated his pleasure for this collaboration and emphasised their shared objective of using the updated uniforms to showcase a vibrant, fearless, and forward-thinking India to the globe. He emphasised how the new Air India was given a fresh and appealing design by carefully blending the airline’s brand, legacy, and culture with the specific requirements of the aviation business.
The well-known fashion designer Manish Malhotra expressed his pleasure at working with Air India and referred to the airline as the nation’s flying ambassadors. It’s a great privilege to work with Air India, our country’s flying ambassadors, he remarked. I can’t wait to start this journey of joy and collaboration by reimagining their outfits. Our unified idea is straightforward but profound: to modernise without forgetting and to progress without deleting. Together, we want to meld heritage with the modern world by creating uniforms that combine comfort with authenticity and timeless elegance.
In addition to updating its uniforms, Air India has also given its aircraft a new look that is inspired by chakras and has brilliant hues like deep red, aubergine, and flashes of gold. Passengers may anticipate the implementation of this new logo and design over time, commencing in December 2023 with the first A350 aircraft to flaunt the redesigned appearance. These modifications are a part of the makeover that was started in January 2022 when the Tata Group took over management of Air India.
Air India placed a sizable aircraft purchase with Airbus and Boeing earlier this year, paying almost $70 billion based on reported costs for 470 aircraft. These new planes are expected to start being delivered in November of this year. 20 wide-body aircraft will be leased and purchased by the airline in 2023 as part of their complete transformation strategy. Additionally, beginning in the middle of the next year, they intend to invest $400 million to totally renovate the interiors of their current fleet of 43 widebody aircraft. Air India wants to modernise 33% of its wide-body fleet by March 2024.
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