Tuesday, September 29News That Matters

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Business

Mukesh Ambani’s wealth shoots up 73% to Rs 6.58 lakh crore; Adani moves up in net worth rankings – Times of India

MUMBAI: The personal net worth of Reliance Industries chairman Mukesh Ambani rose by 73 per cent to Rs 6.58 lakh crore, helping him retain the title of being the richest Indian for the ninth consecutive year with a wider margin, according to a report released on Tuesday. Ambani, 63, who has been selling stakes in telecom and retail arms lately leading to a strong performance in the Reliance Industries stock price, is also in the top five at a global level, the report prepared by Hurun in association with IIFL Wealth said. The rankings come at a time when the Covid-19 pandemic has resulted in a deep economic impact on the lives and fears are being expressed about a K-shaped recovery, which will result in more inequalities in the society. The list identified 828 Indians who are worth over...
Business

LIC Stake sale news: Government is said to consider selling 25% stake in LIC in phases | India Business News – Times of India

NEW DELHI: India is planning to seek cabinet’s approval to sell 25% stake in the nation’s largest life insurer, people with knowledge of the matter said, as Prime Minister Narendra Modi seeks resources to plug a widening budget gap. The government plans to amend the act of parliament under which the state-run Life Insurance Corp of India was set up to prepare for the sale, the people said, asking not to be identified as the discussions were private. The timing of the insurer’s initial public offering will be depend on market conditions, and the sale is likely to be done in tranches, they added. A finance ministry spokesman was not immediately available for a comment. A stake sale in LIC through a public offering of shares will help the government bolster its finances after the coronavir...
Business

Coming up! 3 lakh jobs in e-com as Amazon, Flipkart ready festival sales

Image Source : FILE Coming up! 3 lakh jobs in e-com as Amazon, Flipkart ready festival sales With the festive season round the corner, e-commerce firms such as Amazon and Flipkart are ramping up their delivery capabilities, by investing in warehousing infrastructure as well as hiring more on-ground staff. With the daily e-commerce shipments in the country have grown from 3.7 million during the pre-covid months to 5.1 million, e-tailers are stepping up hiring, particularly across supply chain and logistics functions, as they expect bumper sales. E-commerce companies see a large chunk of their business coming in during the festive sales and they make significant investments ahead of time to ramp up their capacity to be able to handle the spike in orders. As per a report by RedSeer, fes...
Business

A 5-Foot Tall Skeleton Becomes This Toddler’s Best Friend, Accompanies Him Everywhere

The toddler with his a skeleton. (Credit: Instagram/ @abigailkbrady) A Utah based toddler has found friendship in the form of a new toy, ‘Benny’ a 5-foot-tall Halloween skeleton model! Trending Desk Last Updated: September 29, 2020, 9:24 PM IST FOLLOW US ON: No one really knows how friendships happen and when someone suddenly becomes an integral or memorable part of one’s life. Over the years we have heard and seen a number of odd friendships, the following one completely relates to one such adorable pair.A Utah based toddler has found friendship in the form of a new toy, ‘Benny’ a 5-foot-ta...
Business

Crude Oil Drops As COVID-19 Count Mounts; Analysts Await US Presidential Debate

Brent's November contract fell 0.7% to $42.15 per barrelLondon: Crude oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors were cautious ahead of the first US presidential debate.Brent's November contract, which expires on Wednesday, fell 28 cents, or 0.7 per cent, to $42.15 per barrel by 0921 GMT (2:51 pm in India). The more-active Brent crude for December fell 31 cents, or 0.7 per cent, to $42.56 a barrel.US West Texas Intermediate (WTI) crude dropped 32 cents, or 0.8 per cent, to $40.28 a barrel.More than one million people have died of COVID-19 worldwide as of Tuesday, according to a tally by news agency Reuters, a bleak milestone in a pandemic that has devastated the global economy and fuel demand."Rising numbe...
Business

Lufthansa cancels all flights from India till Oct 20 after issue with DGCA

Image Source : FILE PHOTO Lufthansa airlines cancel all flights from India. Lufthansa Airtlines, largest German airline and combined with its subsidiaries, is the second largest airline in Europe in terms of passengers carried, has cancelled all flights from India till October 20 after issue with DGCA on number of flights allowed per week. In a statement, DGCA said, "India formalised an air bubble agreement with Germany in July. However, there are restrictions in place for Indians desiring to travel to Germany which was putting Indian carriers at a disadvantage resulting in an inequitable distribution of traffic in favour of Lufthansa." "As against Indian carriers operating 3-4 flights a week , Lufthansa operated 20 flights a week. In spite of this disparity, we offered to clear 7 ...
Business

Gold Edges Up Ahead Of Key US Presidential Debate

The 10% decline in gold from August's record high looks like a significant correction, say analystsGold inched up to touch its highest in almost a week on Tuesday, supported by a pull-back in the dollar, as investors waited for the first US presidential debate and further developments on a new US coronavirus relief bill.Having risen as high as $1,886.86, spot gold was up 0.1 per cent at $1,883.55 per ounce at 0930 GMT (3:00 pm in India), while US gold futures rose 0.4 per cent to $1,889.30.The dollar was down 0.2 per cent against a basket of other major currencies ahead of the 90-minute televised debate between President Donald Trump and democratic rival, Joe Biden at 0100 GMT (6:30 am in India)."We could see a little bit of strength (in gold) in the medium term but sentiment does appea...
Business

Cairn seeks $1.4 billion in losses from retro tax demand – Times of India

NEW DELHI: British oil explorer Cairn Energy Plc on Tuesday said it is seeking from the Indian government $1.4 billion (about Rs 10,300 crore) in losses arising from the expropriation of its investments to enforce a retrospective tax demand. In its half-yearly earnings statement, the company said it expects an international arbitral tribunal to shortly give a decree on its challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. "The main evidentiary hearing of Cairn's claim under the (UK-India Bilateral Investment) Treaty took place in August 2018 in The Hague with a final hearing in December 2018. All formal hearings and submissions have now been made and the tribunal is in the process of drafting its award," the firm said. The tribunal, it said, has indicate...
Business

यूटीआई के आईपीओ को निवेशकों ने नहीं दिया रिस्पांस, मझगांव डाक और लिखिता इंफ्रा का आईपीओ कुछ ही घंटों में पूरी तरह से भरा

Hindi NewsBusinessInvestors Did Not Respond To UTI's IPO, Mazagaon Post And Likita Infra's IPO Fully Filled In A Few Hoursमुंबईएक घंटा पहलेकॉपी लिंकबता दें कि इस महीने के ये तीनों अंतिम आईपीओ हैं। सितंबर महीना आईपीओ के लिहाज से बेहतर रहा हैमझगांव डाक के आईपीओ में रिटेल निवेशकों का हिस्सा 5 गुना से ज्यादा भरा हैयूटीआई में रिटेल का हिस्सा महज 51 प्रतिशत भरा जबकि लिखिता में 2 गुना से ज्यादा भरा हैयूटीआई म्यूचुअल फंड के आईपीओ को पहले दिन निवेशकों की ओर से कोई अच्छा रिस्पांस नहीं मिला है। यह आईपीओ पहले दिन महज 27 प्रतिशत भरा है। मझगांव डाक का आईपीओ 2.09 गुना भरा है। जबकि लिखिता इंफ्रा का आईपीओ 1.10 गुना भरा है। यह दोनों आईपीओ पहले ही घंटे में पूरी तरह से भर गए। इसमें रिटेल निवेशकों ने अच्छी दिलचस्पी दिखाई है।क्यूआईबी और एनआईआई हिस्सा भी भरास्टॉक एक्सचेंज के आंकड़ों के मुताबिक लिखिता इंफ्रा के...