Wednesday, November 27
IT firm Comviva has been fined Rs 1 lakh for the delay in transferring unspent corporate social responsibility obligation to the Prime Minister's National Relief Fund, according to a regulatory filing. The Ministry of Corporate Affairs' Regional Director for the Northern Region ruled against Comviva's appeal and upheld the penalty. The delay was due to technical reasons, and Comviva is in the process of depositing the penalty amount with the Ministry of Corporate Affairs.
India's economy outperformed expectations in the last quarter, leading economists to raise their full-year projections. Barclays and Citigroup have increased their estimates to 6.7% for the fiscal year ending in March. This optimism is based on the recent report showing a 7.6% growth in GDP in the three months to September, surpassing all estimates. The growth is driven by a manufacturing boom, government investment, and expansion of businesses.
X CEO Linda Yaccarino supports Elon Musk after his insulting comments towards advertisers; in a memo to employees, Yaccarino reaffirms the company's principles and mission, not compromising for critics; she encourages staff to watch Musk's candid and profound interview at the DealBook conference; Yaccarino openly stands up for X's owner despite his behavior alienating advertisers and decreasing advertising revenue; X is still indebted to banks after Musk's Twitter takeover.
The country's economy grew faster than expected in July-September, powered by robust growth in manufacturing (at a 9-quarter high of 13.9%), construction and mining. It posted 7.7% growth in the first half of 2023-24 against the backdrop of a slowing global economy. The strong numbers for the second quarter also help India remain the fastest growing major economy in the world. Several multilateral agencies have raised their growth estimates for the current financial year citing resilient domestic demand.
JSW group will acquire a 35% stake in MG Motor India, a unit of China's SAIC. Jindal had been eyeing the auto industry for several years and chose MG Motor India as the Chinese company faced difficulties due to fund-raising restrictions. Jindal is expected to gain a majority 51% stake over the next few years as MG Motor goes for an IPO and new financial investors enter. The deal will provide Jindal with access to a range of automotive technologies and allow MG Motor to expand in India and pursue acquisitions.
Surat-based solar module manufacturer Goldi Solar on Wednesday said it will support the families of 41 workers, who were rescued on Tuesday after being trapped in a tunnel in Uttarakhand for 41 days, by powering up their residences with solar energy. Goldi Solar manufactures high-end photovoltaic modules and provides EPC services. Founded in 2011, the company has two facilities at Pipodara and Navratri in Gujarat with aggregate manufacturing capacity of 4 gigawatts.
Infosys founder NR Narayana Murthy emphasizes the need for three working shifts in infrastructure and construction projects to ensure timely completion. He highlights the importance of quick decisions in infrastructure development and suggests adopting a three-shift system to boost efficiency.
This article discusses the credit utilization ratio, which is the ratio of money owed on loans and credit cards to the total credit allowed. It is important for calculating credit scores and gives lenders insight into credit management. A lower ratio indicates responsible credit behavior, while a consistently high ratio suggests reliance on credit and potential financial stress. It is generally recommended to keep the ratio below 30 percent, with 25-30 percent being ideal. To maintain a healthy ratio, spend wisely within limits, pay back credit card balances in full, and spread expenses across multiple cards.
Alipay Singapore Holding, a subsidiary of the Chinese e-commerce powerhouse Alibaba, divested its entire 3.44% stake in Zomato, the online food delivery aggregator, for Rs 3,337 crore. This move involved the sale of over 29.60 crore Zomato shares in 31 transactions on the BSE. According to block deal data from BSE, Alipay Singapore Holding sold a total of 29,60,73,993 shares, representing a 3.44% stake in Zomato. The shares were unloaded at an average price of Rs 112.7 each, resulting in a total transaction value of Rs 3,336.75 crore.
