Wednesday, November 27
GQG Partners LLC, led by star investor Rajiv Jain, saw the value of its India portfolio more than double in little over a year, driven by winning stock picks that go beyond its headline-grabbing investments in the Adani Group. The value of India investments across six of GQG’s funds jumped to $9.9 billion compared with $4.4 billion a year earlier, according to data compiled by Bloomberg from latest regulatory filings and information on the Florida-based investor’s website. GQG added stocks across infrastructure, consumer goods, and energy sectors in the India equity market which topped the $4 trillion mark last week.
The Madhya Pradesh high court held that Raymond Limited was not given a reasonable opportunity to respond to a show cause notice under Section 73 of the CGST Act. The court quashed the vague show cause notice and demand order, stating that the time given to Raymond Ltd was too short. It emphasized that a reasonable opportunity requires a minimum of 15 days to reply to the notice. The court also noted the lack of material particulars in the notice and set it aside, allowing for the issuance of a fresh valid notice by the GST authorities.
Power consumption in India has increased by nearly nine per cent from April to November this fiscal year, indicating a surge in economic activities. The power consumption during this period was 1,099.90 billion units (BU), higher than the 1,010.20 BU recorded in the same period last year. The growth in power consumption is seen as a sign of buoyancy in the economy. The Union Power Minister stated that the power demand has increased by 50.8 per cent in energy terms from 2013-14 to 2022-23, and attributed the increase to the addition of 194 GW of capacity between 2014 to 2023.
The founder and CEO of Paytm Vijay Shekhar Sharma, shared his perspectives on various aspects of the significance of 'Wed in India', RBI's regulations, and the country's GDP growth during an event in Gandhinagar, Gujarat. Speaking about Indian weddings, Shekhar Sharma emphasized the cultural importance of these events. He stated, "No matter where Indians go they always look for Indian food and I believe the best Indian food is made in India. I am not only a supporter but also an attendee of those weddings which happen in India."
Honeywell is set to acquire Carrier Global Corp.'s security division for $4.95 billion in a strategic move to strengthen its building automation capabilities. The acquisition will add Carrier's Global Access Solutions business, renowned for advanced access and security solutions, electronic locking systems, and contactless mobile key solutions, to Honeywell's expanding building technologies portfolio. The deal is expected to enhance Honeywell's building technologies business and aligns with its strategy of focusing on megatrends like automation, aviation's future, and energy transition.
RBI governor Shaktikanta Das has said that the recent pre-emptive measures taken by the Reserve Bank in respect of Banks and NBFCs were geared towards addressing potential risks and preserving the resilience of the financial sector.
Finance minister Nirmala Sitharaman asserts that the Indian economy is strong and maintaining its growth momentum. India's second quarter growth is the highest in the world, while Japan and Germany have contracted. All sectors are growing significantly, including exports, direct tax collections, and GST collections. Growth is driven by both urban and rural areas. The government has implemented new schemes that have made a huge difference to the lives of the common man. Steps taken by the government have helped cool down prices.
Tesla's Dojo supercomputer project lead Ganesh Venkataramanan has left the company, Bloomberg News reported on Thursday citing people familiar with the matter. Peter Bannon, a former Apple executive and director at Tesla for the last seven years, is now leading the project, the report said. The Dojo supercomputer was designed to process vast amounts of data and video from Tesla cars to train the automaker's autonomous-driving software. The company did not immediately respond to a Reuters request for comment.
