MUMBAI : Kotak Mahindra (International) Ltd, a unit of Kotak Mahindra Bank Ltd, said on Tuesday that Hindenburg Research has never been a client or investor in its K-India Opportunities Fund Ltd, which facilitated the shorting of Adani shares for Kingdon Capital Management, an investor partner of the US-based short seller. “The fund was never … Read more
Jio Tariff Hike: Reliance Jio has announced a significant tariff increase effective July 3, 2024. In reaction to this news, many users rushed to recharge their accounts with their preferred plans before the higher rates came into effect. However, Jio has discontinued two of its most popular prepaid plans, the ₹395 and ₹1,559 options. “Wow! … Read more
IT sector companies will kick off the earnings season for the first quarter of FY25, with Tata Consultancy Services (TCS), Infosys, Wipro, and others leading the way in announcing their Q1FY25 results. The earnings of the IT services sector for the April-June 2024 quarter is expected to be a mixed bag with sluggish revenue growth … Read more
The Adani group denied all the allegations, but shareholders were rattled as the stock price tumbled over the next three months. The value of the 10 listed Adani Group entities declined by $150 billion in the three months after Hindenburg published its report. According to the notice, Hindenburg inked an agreement with its investor, Kingdon Capital … Read more
Rishi Shah, 38, an Indian-American ex-billionaire has been sentenced to seven and a half years in prison after being convicted of defrauding investors such as Goldman Sachs, Alphabet and the Pritzker Group venture fund of $1 billion, Bloomberg reported. Shah is co-founder of advertising start-up Outcome Health, which provided ads on televisions and in doctors’ … Read more
Karnataka Labour Minister Santosh Lad met with representatives from Think and Learn Pvt Ltd, the parent company of Byju’s, to address concerns regarding unpaid dues owed to former employees, Moneycontrol reported on Tuesday, July 2. Also Read | Hindenburg gets letter from Indian regulator about Adani short bet According to the report, Minister Lad instructed … Read more
Bengaluru/Mumbai: Bengaluru-based Lal Sweets is in talks to raise about $40 million from private equity investors. The potential deal values the company at $150-175 million, according to three people with knowledge of the matter. The company, which sells sweets, cookies and savories, has received a term sheet from the private equity arm of Motilal Oswal … Read more
Kotak Mahindra Bank and the brokerage firms founded by Uday Kotak created and oversaw the offshore fund structure used by the investor partner of US-based short-seller Hindenburg to bet against Adani group stocks, Hindenburg Research said. In a blog post, Hindenburg Research commented on the show-cause notice it received from Indian capital markets regulator Securities … Read more
Adani-Hindenburg Update: In a blog post on July 1, Hindenburg Research responded to the Securities and Exchange Board of India’s show cause notice, which outlined “suspected violations of Indian regulations”. Hindenburg said it received a “bizarre email” on June 27, that it only realised was from the official SEBI email after a follow-up email titled … Read more
(Bloomberg) — New Zealand businesses are more pessimistic on the economy, increasing the risk of another contraction and putting pressure on the central bank to cut interest rates sooner than it’s currently projecting. A net 44% of firms are pessimistic about the outlook for the economy over the next six months, up from 25% in … Read more
A circular issued in Ludhiana district defined that retailers or retail groups can only buy 1,000 cases of IMFL spirits in a month. If they want more, they would need to apply for an additional permit after submitting a utilization report of the first 1,000 cases. The quota is applicable for the entire state of … Read more
As finance minister Nirmala Sitharaman prepares to unveil the Union Budget 2024-25 later this month, the civil aviation industry expects policy interventions aimed at ease of business and reducing the tax burden on the sector. In a memorandum, private airport operators have sent the government several suggestion pertaining to rationalisation of both direct and indirect … Read more