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On being asked what action is the government taking so that the Adani issue doesn't snowball into a financial crisis and hurt the risk appetite of the economy, Finance Minister Nirmala Sitharaman said, "It'll be regulators who'll do their job." "Regulators are independent and they're left to themselves to do what is appropriate so market is well regulated," she added.
short by Apaar Sharma / 03:13 pm on 04 Feb
Mastercard's NFT Product Lead Satvik Sethi has resigned from his position, citing "harassment & emotional distress" at the company. Sethi tweeted, "There were months at a time when I wouldn't receive...salary until I begged." Revealing that his salary was cut by 40% when he moved from US to UK, he said, "I had to work side jobs...to make ends meet."
short by Hiral Goyal / 09:54 am on 05 Feb
Thousands of Salesforce employees were informed they've been laid off this week, a month after the company announced plans to cut 10% of its workforce, or approximately 7,000 employees. According to a report, 4,000 people disappeared from Salesforce's Slack channel in two days this week. However, a company spokesperson said, "These are part of the reductions we announced in January."
short by Hiral Goyal / 04:35 pm on 04 Feb
Google engineer fired via LinkedIn message during vacation with family
short by Pragya Swastik / on 05 Feb 2023,Sunday
A Google engineer of five years was informed about her layoff by her manager through a LinkedIn message while she was on a vacation with her family. "I was like 'oh my gosh.' There's no reason why he'd try to contact me on LinkedIn," she said. "So I knew immediately...My heart just dropped when I saw that," she told Insider.
short by Pragya Swastik / 03:47 pm on 05 Feb
Tridhya Tech, a software development company based in Ahmedabad, has gifted cars worth between ₹7 lakh and ₹10 lakh to its employees as a token of appreciation. The company, which recently completed five years of its inception, gave Toyota Glanza cars to 13 employees. "I strongly believe in sharing the wealth we've created with our employees," the company's CEO said.
short by Hiral Goyal / 02:43 pm on 04 Feb
Govt to hike dearness allowance by 4% to 42%: Report
short by Pragya Swastik / on 05 Feb 2023,Sunday
The central government is reportedly set to increase the dearness allowance (DA) for more than one crore employees and pensioners by 4% to 42% from the existing 38% as per the agreed formula for the purpose. The DA is worked out on the basis of the latest Consumer Price Index for Industrial Workers, brought out monthly by the Labour Bureau.
short by Pragya Swastik / 02:50 pm on 05 Feb
The Securities and Exchange Board of India (SEBI) on Saturday said that Indian financial markets remain stable and continue to function in a transparent and efficient manner. "During the past week, unusual price movement in the stocks of a business conglomerate has been observed," SEBI said. It added that mechanisms are in place to address excessive volatility in specific stocks.
short by Apaar Sharma / 07:44 pm on 04 Feb
Finance Minister Nirmala Sitharaman said the Indian economy's image hasn't been affected by Adani Enterprises cancelling its ₹20,000 crore FPO. "FPOs come in and FIIs (foreign institutional investors) get out. Fluctuations are in every market," she added. Stating that forex reserves jumped by $8 billion recently, she stated, "It proves that perception about India and its...strengths is intact."
short by Hiral Goyal / 03:23 pm on 04 Feb
DMart Founder Radhakishan Damani's family and friends have purchased as many as 28 luxury apartments worth ₹1,238 crore in Oberoi Three Sixty West in Mumbai's Worli, Zapkey reported. This is said to be the biggest-ever real estate deal of India. The total carpet area bought by Damani's associates and companies amounts to 1,82,084 square feet and includes 101 car parks.
short by Hiral Goyal / 03:44 pm on 05 Feb
High concentration of toxic metals in Jamshedpur: Report
short by Indraneel Sen / on 04 Feb 2023,Saturday
Heavy concentration of toxic metals has been found in the dust of Jamshedpur in Jharkhand and adjoining areas, which is not at carcinogenic levels yet but poses a "high health risk" to children. The finding was presented at a press conference held by the state pollution control board and the Ranchi Municipal Corporation.
short by Indraneel Sen / 10:31 pm on 04 Feb
Mumbai-Ahmedabad bullet train project gets ₹19,600 cr in Budget
short by Ambarish Awale / on 04 Feb 2023,Saturday
The Union Budget for 2023-24 allocated ₹19,592 crore for the Mumbai-Ahmedabad bullet train project, General Manager of Central Railway Naresh Lalwani said. In the 2022-23 budget, the government had allotted ₹5,000 crore for the project when work was largely restricted to Gujarat. "We have taken up pillar work on a 140 km stretch in Gujarat," Railway Minister Ashwini Vaishnaw stated.
short by Ambarish Awale / 01:17 pm on 04 Feb
Amazon pauses expansion of Fresh grocery stores to review business
short by Mansi Agarwal / on 04 Feb 2023,Saturday
Amazon CEO Andy Jassy said during the company's quarterly results call that Amazon has paused the expansion of its physical Amazon Fresh grocery stores. The expansion will remain paused till Amazon finds a distinctive store format with a favourable economic value, Jassy said. "We're optimistic that we're going to find that in 2023," he added.
short by Mansi Agarwal / 05:48 pm on 04 Feb
Meta posts wider $13.7 billion loss on metaverse unit in 2022
short by Ananya Goyal / on 04 Feb 2023,Saturday
Meta's metaverse-focused Reality Labs reported $13.7 billion in operating losses for 2022, up 34% from a $10.2 billion loss in 2021. The unit brought in $2.16 billion in revenue, against $2.27 billion in 2021. Despite this, the company said it'd continue to invest "meaningfully" in this area given the "significant long-term opportunities".
short by Ananya Goyal / 04:49 pm on 04 Feb
Rahul Gandhi had said Adani's wealth bubble will burst: Congress
short by Dharini Mudgal / on 04 Feb 2023,Saturday
Congress' Digvijaya Singh on Saturday criticised the BJP following a report by Hindenburg Research, which accused Gautam Adani-led companies of fraud. "Whosoever is close to PM Narendra Modi and Amit Shah gets benefits...tax rates are increased and decreased for their profit," Singh said. "Same is being done for Gautam Adani...Rahul Gandhi [had] said Adani's wealth bubble will burst," he added.
short by Dharini Mudgal / 05:20 pm on 04 Feb
I met PM before Budget, he was clear taxes shouldn't be raised: FM
short by Dharini Mudgal / on 04 Feb 2023,Saturday
During an interview with Times Now, Finance Minister Nirmala Sitharaman said, "I met PM Narendra Modi three-four times before the Budget 2023-24 to explain the impact on the economy." "PM was clear taxes shouldn't be raised. [His] guidance was to sustain the growth momentum in the Budget," she said. "PM is deeply involved in Budget drafting every year," she added.
short by Dharini Mudgal / 06:16 pm on 04 Feb
Rise in borrowings to buy vehicles, credit cards worrying: Kamath
short by Mansi Agarwal / on 04 Feb 2023,Saturday
Zerodha Co-founder Nikhil Kamath took to Twitter and said, "The trend of increasing borrowing to purchase consumer durables, vehicles [and] credit cards is worrying." "[Is this] COVID-19 effect, or is this normalising now?" Kamath questioned. "Habits inculcated around overspending through COVID-19 might prove costly with interest rates climbing higher," he further added.
short by Mansi Agarwal / 01:50 pm on 04 Feb
Paytm has become a verb in India: CEO on 1st-ever operating profit
short by Ananya Goyal / on 04 Feb 2023,Saturday
Paytm CEO Vijay Shekhar Sharma took to Twitter after the company reported its first-ever operating profit in the quarter ended December 2022. "From our first app release to becoming a verb in India to operating EBITDA profitability milestone - all in 10 years," Sharma wrote. He added, "Paytm [was] built from scratch with conviction on Digital India."
short by Ananya Goyal / 01:16 pm on 04 Feb
BMC unveils ₹52,619 cr budget, allocates ₹27,247 cr for capex
short by Ambarish Awale / on 04 Feb 2023,Saturday
The Brihanmumbai Municipal Corporation (BMC) on Saturday unveiled a ₹52,619.07 crore budget for fiscal year 2023-24. The BMC allocated ₹27,247 crore for capital expenditure which includes spending on roads, stormwater drains and water projects. Municipal Commissioner and Administrator Iqbal Singh Chahal said for the first time in the history of BMC, the capital expenditure is more than revenue.
short by Ambarish Awale / 03:33 pm on 04 Feb
PM Modi to inaugurate helicopter factory in Karnataka
short by Indraneel Sen / on 04 Feb 2023,Saturday
PM Narendra Modi will inaugurate a helicopter production facility in Karnataka's Tumakuru on Monday (February 6). The facility will be spread across 615 acres and will be operated by state-run Hindustan Aeronautics Limited. HAL plans to manufacture over 1,000 helicopters in the range of 3 tonnes to 15 tonnes with business of over ₹4 lakh crore over a 20-year period.
short by Indraneel Sen / 03:42 pm on 04 Feb
Adani Enterprises shelves ₹1,000 crore bond plan: Report
short by Ambarish Awale / on 04 Feb 2023,Saturday
Adani Enterprises has shelved a plan to raise as much as ₹1,000 crore via its first-ever public sale of bonds following a market rout, Bloomberg reported on Saturday. The firm had planned the public note issuance for January, working with Edelweiss Financial Services Ltd, AK Capital, JM Financial, and Trust Capital, Bloomberg had reported in December.
short by Ambarish Awale / 04:39 pm on 04 Feb
Global Pharma's TN unit raided after eyedrops kill 1 in US: Report
short by Ambarish Awale / on 04 Feb 2023,Saturday
The central government started a raid at Global Pharma Healthcare's unit in Tamil Nadu, News18 reported. The company on Thursday announced recalling all lots of its artificial tear drops allegedly linked to causing a death in the US due to possible contamination. There have been 55 reports of adverse events, including eye infections and permanent loss of vision, it added.
short by Ambarish Awale / 01:10 pm on 04 Feb
Windfall tax on crude oil hiked by ₹3,150/tonne, ATF by ₹2.5/litre
short by Ambarish Awale / on 04 Feb 2023,Saturday
The government has hiked windfall tax on domestic crude oil production by ₹3,150 per tonne to ₹5,050 per tonne from ₹1,900 per tonne. The additional tax on aviation turbine fuel (ATF) export has been increased by ₹2.5 per litre to ₹6 per litre. The windfall tax on diesel export has been raised to ₹7.5 per litre from ₹5 per litre.
short by Ambarish Awale / 01:30 pm on 04 Feb
We won't bend over backwards for global bond index: Finance Secy
short by Ambarish Awale / on 04 Feb 2023,Saturday
India will "not bend over backwards" to get included in the global bond index, Finance Secretary TV Somanathan said on Saturday at a post-budget event. "Inclusion in global bond indices has some obvious positives and negatives. There will be increased volatility and increased vulnerability to the decisions taken abroad that have no connection to the domestic economy," Somanathan added.
short by Ambarish Awale / 03:31 pm on 04 Feb
GST Council's 49th meeting to be held on February 18
short by Ambarish Awale / on 04 Feb 2023,Saturday
The 49th meeting of the GST Council is scheduled to be held in New Delhi on February 18, according to a tweet posted by the council. The meeting is likely to take up issues relating to taxation on pan masala and gutka companies, setting up of appellate tribunals, and GST levy on online gaming, casino, and horse racing, ANI reported.
short by Ambarish Awale / 04:53 pm on 04 Feb
DRI moves SC challenging CESTAT order on 2 Adani firms: Report
short by Ambarish Awale / on 04 Feb 2023,Saturday
The Directorate of Revenue Intelligence (DRI) moved the Supreme Court against an order of the Customs Excise and Service Tax Appellate Tribunal (CESTAT) quashing a case against two Adani Group companies, The Economic Times reported. The case pertains to over-invoicing allegations levelled by the DRI against Adani Power Maharashtra Limited (APML) and Adani Power Rajasthan Limited (APRL).
short by Ambarish Awale / 03:46 pm on 04 Feb
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