Amara Raja Energy and Mobility informed that it is acquiring around 4.5 per cent stake in InoBat AS and after acquisition, the stake of the company will increase to 9.32 per cent.
Published Date – 21 June 2024, 04:35 PM
New Delhi: Battery manufacturer Amara Raja Energy and Mobility, the parent company of Amaron has acquired Rs 170 crore (20 million euros) stake in Norwegian battery manufacturing company InoBat AS, the company informed the exchange in a filing.
Amara Raja Energy and Mobility informed that it is acquiring around 4.5 per cent stake in InoBat AS and after acquisition, the stake of the company will increase to 9.32 per cent.
“Amara Raja Energy & Mobility (ARE&M) has further invested EUR 20mn, which includes a subscription for an additional 4.5 per cent equity stake in InoBat AS, Norway. With the above, Amara Raja Energy & Mobility Limited’s total holding will be around 9.32 per cent of its equity stake in InoBat AS, including its previous investment of EUR 10mn,” the company said in its filing.
The Slovak company InoBat AS specializes in research, development, and production of batteries for electric vehicles custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors, and has shown significant growth in the recent times.
“Our investment in InoBat AS underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals” said Vikramadithya Gourineni, Executive Director of Amara Raja.
The company also informed that it is setting up one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing, the first phase of which is slated to be functional this year.
The shares of the company surged more than 2 per cent during the opening session on Friday trading and stands at Rs 1430 at the time of filing this report.
Also dismiss media reports that any members of the family faced detention
Updated On – 22 June 2024, 12:30 PM
Indian-Swiss billionaire family members Namrata Hinduja (3rdR) and Ajay Hinduja (2ndR) arrive at the Genevas courthouse with their lawyers Yael Hayat (L) and Robert Assael (2ndL) at the opening day of their trial for human trafficking. — File Photo
London: Britain’s wealthiest family, the Hindujas, have said they were “appalled” by a Swiss court’s ruling of jail terms for some members and have filed an appeal in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers from India at their villa in Geneva.
In a statement issued on behalf of the family on Friday, lawyers from Switzerland stressed their clients – Prakash and Kamal Hinduja, both in their 70s and their son Ajay and his wife Namrata – had been acquitted of all human trafficking charges.
They also dismissed media reports that any members of the family faced detention after court reports from Geneva said the four were sentenced to between four and four-and-a-half years in prison.
“Our clients have been acquitted of all human trafficking charges. We are appalled and disappointed by the rest of the decision made in this court of first instance, and we have, of course, filed an appeal to the higher court, thereby making this part of the judgement not effective,” reads the statement signed by lawyers Yael Hayat and Robert Assael and Roman Jordan.
“Under Swiss law, the presumption of innocence is paramount till a final judgement by the highest adjudicating authority is enforced. Contrary to some media reports, there is no effective detention for any members of the family,” they said.
The lawyers also pointed out that “it should also be recalled that the plaintiffs in this case had withdrawn their respective complaints after declaring to the court that they had never intended to be involved in such proceedings”.
“The family has full faith in the judicial process and remains confident that the truth will prevail,” they conclude. The statement followed a hearing in the Swiss city of Geneva after prosecutors opened the case for alleged illegal activity, including exploitation, human trafficking and violation of Switzerland’s labour laws.
The family members were accused of seizing the workers’ passports, barring them from leaving the villa and forcing them to work very long hours for a pittance in Switzerland, among other things. Some workers allegedly spoke only Hindi and were paid their wages in rupees in banks back in India that they could not access.
During the trial, prosecutors alleged the family spent more on their dog than on their servants. The family’s legal team had countered the allegations and told the court the staff were treated respectfully and provided with accommodation.
According to ‘The Sunday Times Rich List’ released last month, the UK-based Hinduja family once again emerged as the country’s richest, with wealth estimated at around GBP 37.196 billion. They saw this tally increase over the previous year in the wake of the opening of the brand-new luxury OWO Raffles Hotel in the heart of London.
Pradeep Gupta open to probe on alleged stock market manipulation post 2024 Lok Sabha exit elections, says regulations for pollsters will help them do business in much better way
Updated On – 22 June 2024, 01:40 PM
Axis My India CMD Pradeep Gupta. Photo: PTI
New Delhi: Facing opposition fire for exit polls allegedly being used for stock market manipulation, Axis My India’s chief Pradeep Gupta has said he is open to facing all kinds of investigations and it would help do business in a much better way if the government frames specific regulations for pollsters.
Opposition parties and several civil society groups have been asking for thorough investigations, including by capital markets regulator SEBI and a Joint Parliamentary Committee (JPC), after the stock markets witnessed a massive rally when exit polls gave a huge majority to the BJP but fell sharply after the actual results showed the ruling party falling short of a clear majority on its own.
In an interaction with PTI, Gupta said he has been demanding formulation of norms and regulations for pollsters since five years.
Gupta, the chairman and managing director of Axis My India that had predicted 361-401 seats for the BJP-led alliance as against the actual tally of 240 seats, also termed as “childish” the demands for banning exit polls, saying every single citizen and organisation wants to know the election results and banning exit polls would serve no purpose.
“We have no connection with stock market whatsoever but I am happy to know these allegations because our data and system is so foolproof that any probe will give me an opportunity to showcase all of that is used to predict exit polls to the world. In a way it is an opportunity for us, I support the demand as it will give us a chance to show our credentials,” he said.
Asked about whether he is open to a probe by a JPC or SEBI, the pollster said, “I am open to facing all kind of investigations.”
“As far as me deriving any benefit from stock market jump is concerned… Axis My India has no demat account. It is a limited company, not listed and till today not a single external investment is there in the company. There is no investment by promoters. My personal investment in stocks since April has been merely Rs 35,000. Where have I benefited?” he asserted.
The pollster also responded to allegations of Axis My India also conducting exit polls for foreign investors and sharing different results with them.
“We have never been approached by any FII, neither we have worked for any foreign investors, we have not conducted any exit poll survey for them ever,” Gupta, 55, said.
Terming the demands for banning exit polls as “childish”, Gupta said specific regulations for pollsters will not only help us do business better but also add more credibility to the exit polls.
He also said Axis My India’s 70 per cent clients are corporate clients including bigwigs like Bill Melinda Gates Foundation and denied any conflict of interest with exit polls.
“First they used to call exit polls unscientific, now they want exit polls to be banned. These are childish talks. Every single citizen and organisation wants to know the election results and banning exit polls would serve no purpose. Exit polls are not just to tell who is winning and losing, it also helps political parties analyse the result,” he said.
“As far as we are concerned, I mentioned 70 per cent of my clients are corporate clients. Even if they are banned, it won’t impact our business. I am with the law whatever is decided,” he added.
Questioned about whether the dent in image caused by 2024 poll results has also impacted his corporate clients, Gupta said, “They give us business for the work we do for them and not on basis of how rightly we predict election results”.
“Since the last five years, I am running from pillar to post seeking some regulations. When our people go on ground, they are seen with a suspicious mindset. We have to convince that we are not salespersons, we aren’t frauds and we are not sent by a political party. We are often asked who gave you permission? And we ask please tell where we need to take permission?”
“We wrote to the home ministry, we were guided to the law ministry that there is no law so first we need a law. From there we were referred to the information and broadcasting ministry that you get yourself registered there and set up a cell. We were told that you will publish a survey but who will monitor who is right and wrong … nothing has moved but I strongly believe that we need regulations,” he said.
Axis My India has been conducting exit polls since 2013 after Gupta returned from the Harvard Business School and claims a track record of predicting 61 out of 65 elections correctly.
Asked about why does Axis My India does not make a disclosure that some political parties are also its clients, Gupta said, “In the 2019 Haryana Assembly elections, BJP was one of our clients and in exit polls we predicted a hung assembly, which was bang on”.
“The prediction is even part of a Harvard Business School case study and includes a disclosure. Wherever, the client agrees we make a disclosure, there is nothing to hide,” Gupta added.
Zepto raises $665 million at $3.6-billion valuation — one of the largest funding bagged by a company in recent times
Updated On – 22 June 2024, 02:26 PM
Representational photo
New Delhi: About 28 Indian startups have raised $800.5 million in funding across 29 deals this week.
This represents an increase of 296 per cent from the $201.8 million secured by the startups last week across 21 deals, reports Inc42.
Quick commerce unicorn Zepto announced the close of its mega funding round this week. It raised $665 million at a valuation of $3.6 billion, making it one of the largest funding bagged by a company in recent times.
Among the top sectors, consumer services alone raised $665 million, fintech raised $50.3 million, alcoholic beverages raised $25 million, cleantech raised $23.9 million and enterprisetech raised $16.7 million.
Microlending platform Aye Finance raised Rs 250 crore ($30 million) this week in debt funding in a round led by FMO, the Dutch entrepreneurial development bank.
Craft beer maker Bira 91 has secured $25 million through ECB (External Commercial Borrowing) from its existing investor Kirin Holdings. Over the last three months, the firm has received $50 million in funding. In March, it raised $25 million from Tiger Pacific Capital.
Meanwhile, a new report by leading market intelligence platform Tracxn showed that Indian tech startups raised $4.1 billion in the first half this year (January to June), a 4 per cent increase from $3.96 billion in the second half of 2023.
Drew salary from only two out of the 10 companies in his ports-to-energy conglomerate, show annual reports of group’s 10 listed entities
Published Date – 23 June 2024, 11:28 AM
File Photo
New Delhi: India’s second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
Adani (61) drew salary from only two out of the 10 companies in his ports-to-energy conglomerate, annual reports of the 10 listed entities of the group showed. His remuneration for 2023-24 from the group’s flagship firm Adani Enterprises Ltd (AEL) included Rs 2.19 crore salary and perquisites, allowances and other benefits worth Rs 27 lakh.
The total remuneration of Rs 2.46 crore was 3 per cent more than the previous financial year, according to AEL’s 2023-24 annual report. Besides, he drew Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ).
Adani’s salary is lower than heads of almost all large family-owned conglomerates in India. While the richest Indian, Mukesh Ambani has been foregoing his entire salary since Covid-19 broke out prior to which he had capped his remuneration at Rs 15 crore, Adani’s remuneration is much lower than telecom czar Sunil Bharti Mittal (Rs 16.7 crore in 2022-23), Rajiv Bajaj (Rs 53.7 crore), Pawan Munjal (Rs 80 crore), L&T chairman SN Subrahmanyan and Infosys CEO Salil S Parekh.
Adani, who is worth $106 billion according to the Bloomberg Billionaire Index, has been jostling with Ambani for the spot of the richest person in Asia. He became the richest Asian in 2022 but lost that position after a damning report by US short-seller Hindenburg Research wiped out almost $150 billion of market value of his group stock at its lowest point last year. He regained the top spot on two occasions this year but again ceded the position to Ambani.
Ambani is ranked 12th on the world’s richest list with a networth of $111 billion. Adani is ranked 14th. Adani’s younger brother Rajesh got Rs 8.37 crore, including Rs 4.71 crore commission on profit from AEL, while his nephew Pranav Adani drew Rs 6.46 crore, including Rs 4.5 crore commission, the annual report showed.
Gautam Adani did not draw any commission from AEL but got Rs 5 crore from APSEZ. The remuneration from APSEZ included Rs 1.8 crore salary and Rs 5 crore commission that will be payable in 2024-25 fiscal, the company’s annual report said. His son, Karan earned Rs 3.9 crore from APSEZ.
Gautam Adani’s brother, nephew and son did not draw salaries from more than one company. Vinay Prakash, key executive and director on AEL board, received a total remuneration of Rs 89.37 crore. Group CFO Jugeshinder Singh got Rs 9.45 crore salary.
The group’s renewable energy firm, Adani Green Energy Ltd CEO Vneet S Jaain was paid Rs 15.25 crore while Adani Total Gas Ltd (ATGL) CEO Suresh P Manglani earned Rs 6.88 crore. Adani Wilmar CEO Angshu Mallick got Rs 5.15 crore.
“We reported an average remuneration increase of 12 per cent for employees, excluding key managerial personnel (KMPs), with a slightly higher increase of 5.37 per cent for KMPs,” the AEL annual report said.
SB Khyalia, CEO of Adani Power, got Rs 5.63 crore.
Sensex declines 463.96 points to 76,745.94; Nifty drops 149.6 points to 23,351.50
Published Date – 24 June 2024, 10:09 AM
File photo
Mumbai: Benchmark equity indices tumbled in early trade on Monday amid weak trends from global markets and fresh foreign fund outflows.
Profit-taking after a record-breaking rally also put pressure on the benchmark indices.
The 30-share BSE Sensex declined 463.96 points to 76,745.94. The Nifty dropped 149.6 points to 23,351.50.
Among the 30 Sensex companies, IndusInd Bank, Tata Steel, Adani Ports, State Bank of India, Bajaj Finance and JSW Steel were the biggest laggards. Sun Pharma, ITC, ICICI Bank and Tata Consultancy Services were among the gainers.
In Asian markets, Seoul, Shanghai and Hong Kong were trading lower while Tokyo quoted in the positive territory. US markets ended mostly lower on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,790.19 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.07 per cent to $85.18 a barrel.
Snapping its six-day rally, the BSE benchmark declined 269.03 points or 0.35 per cent to settle at 77,209.90 on Friday. The NSE Nifty slipped 65.90 points or 0.28 per cent to end at 23,501.10.
Opens at 83.52, gains further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise
Published Date – 24 June 2024, 10:20 AM
Representational photo
Mumbai: The rupee witnessed range-bound trading against the US dollar in early trade on Monday, amid a negative trend in the domestic equity market.
Forex traders said the strength of the American currency in the overseas market and elevated crude oil prices also weighed on the local unit and restricted the upmove.
At the interbank foreign exchange market, the local unit opened at 83.52 and gained further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise from its previous closing level.
On Friday, the rupee hit the lowest level of 83.63 but finally settled at 83.57 against the dollar, registering a gain of 4 paise from its previous close.
“Price action on Friday seemed to indicate purposeful intervention by the central bank,” IFA Global said in a research note, adding that the rupee is likely to trade in 83.40-83.67 range with sideways price action.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent higher at 105.82.
Brent crude futures, the global oil benchmark, fell 0.06 per cent to $85.19 per barrel.
“Indian rupee which gained slightly on Friday and is expected to remain range-bound with the Reserve Bank of India (RBI) sitting on the fence near to 83.60 to protect it after the USD/INR pair made an all-time low of 83.67 last week on constant equity-related outflows and the stronger dollar index,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Meanwhile, India’s forex reserves dropped by $2.922 billion to $652.895 billion for the week ended June 14, the Reserve Bank said on Friday.
In the previous reporting week, the kitty had jumped by $4.307 billion to $655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.
The company, in a statement, said the biosimilar Bevacizumab will be manufactured at its new multi-product monoclonal antibodies (mAbs) drug substance facility in Bengaluru.
This approval will provide significant additional capacity to address patients’ needs across the markets in Europe. The facility has previously got approval to manufacture biosimilar Trastuzumab in September 2022.
Further, the facility also received Good Manufacturing Practice (GMP) Certificates of Compliance by the EMA, Biocon said. The GMP certificates, issued by the Health Products Regulatory Authority (HPRA), Ireland, on behalf of EMA, were also provided to its insulin facility in Malaysia.
The GMP certifications in India and Malaysia “reflect Biocon Biologics” continued compliance with the highest standards of quality and our unwavering commitment to addressing patient needs globally”, a company spokesperson said in the statement.
Along with a comprehensive plan to eliminate insect breeding areas, around 1,500 persons will be engaged to complete the task across the 30 circles.
Updated On – 24 June 2024, 01:45 PM
Hyderabad: Targeting areas with the most dengue cases, GHMC’s entomology department is undertaking wide-scale anti-mosquito operations to mitigate vector-borne diseases. Along with a comprehensive plan to eliminate insect breeding areas, around 1,500 persons will be engaged to complete the task across the 30 circles.
In the last two weeks, oil balls were released into water bodies as part of the anti-larval operations. Entomology staffers in coordination with the sanitation department cleaned the edges of the ponds and sprayed larvicides. Field assistants also made multiple checks in colonies to identify stagnation points and eliminate them.
Further, under the Information, Education, and Communication (IEC) campaign, awareness is being created on the importance of eliminating water stagnation and discarding waste through proper channels. Called ‘Friday Dry Day’ these sessions are being conducted at educational institutions, through biology teachers. Women self-help groups (SHGs) are also being engaged to spread the word in areas like Charminar, LB Nagar and others.
That said, multiple gaps including unchecked roadside potholes, garbage vulnerable points (GVPs), and lack of resolution for long-standing complaints are hindering the accomplishment of the corporation’s anti-mosquito drive this monsoon.
Climbs 134.64 points to hit 78,188.16, Nifty up by 28.2 points to 23,749.50
Published Date – 26 June 2024, 10:16 AM
Representational photo
Mumbai: Stock market benchmark indices climbed in early trade on Wednesday, with the Sensex hitting its fresh all-time high level, but soon equities faced volatile trends and were trading flat amid the emergence of profit-taking.
The 30-share BSE Sensex climbed 134.64 points to hit a new all-time high of 78,188.16 in early trade. The Nifty went up by 28.2 points to 23,749.50.
However, later both the benchmark indices encountered volatile trends and were trading between highs and lows.
Among the 30 Sensex companies, UltraTech Cement, ICICI Bank, Larsen & Toubro, Kotak Mahindra Bank, NTPC, Bajaj Finance and Tata Motors were the biggest gainers.
Mahindra & Mahindra, HDFC Bank, Tata Steel and JSW Steel were among the laggards.
In Asian markets, Seoul and Tokyo quoted with gains while Shanghai and Hong Kong traded lower.
US markets ended mostly higher on Tuesday. Global oil benchmark Brent crude climbed 0.41 per cent to $85.36 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,175.91 crore on Tuesday, according to exchange data.
The BSE benchmark jumped 712.44 points or 0.92 per cent to settle at a new closing peak of 78,053.52 on Tuesday. The Nifty went up by 183.45 points or 0.78 per cent to settle at a record closing peak of 23,721.30.
