Category: Business

Business

Kotak Mahindra says Hindenburg was not an investor in its fund

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Kotak Mahindra says Hindenburg was not an investor in its fund

File picture | Photo Credit: Reuters Kotak Mahindra International Limited said on Tuesday that U.S. short-seller Hindenburg Research has never been an investor in the K-India Opportunities Fund. Kotak was responding to allegations that Hindenburg colluded with its client Kingdon Capital Management and used a Kotak group offshore fund to short Adani group shares last…

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Business

Hindenburg wonders why SEBI did not name Kotak in show cause notice

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Hindenburg wonders why SEBI did not name Kotak in show cause notice

Hidenburg said Kotak Bank of created and oversaw the offshore fund structure used by their investor partner to bet against Adani. | Photo Credit: The Hindu Archives Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani…

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Business

Peak power demand may cross 400 GW mark by 2031-32, says Power Secretary

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Peak power demand may cross 400 GW mark by 2031-32, says Power Secretary

India’s peak power demand may surpass the projected 384 GW mark and cross even a new level of 400 gigawatt (GW) by 2031-32, Power Secretary Pankaj Agarwal said on July 2. | Photo Credit: K. Murali Kumar India’s peak power demand may surpass the projected 384 GW mark and cross even a new level of…

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Business

Windfall tax on domestically produced crude oil hiked to ₹6,000 per tonne

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Windfall tax on domestically produced crude oil hiked to ₹6,000 per tonne

The government has hiked windfall tax on domestically produced crude oil to ₹6,000 per tonne, from ₹3,250 per tonne, with effect from Tuesday, July 2, 2024. Explained | What is windfall tax and why are countries imposing it on the energy sector right now? The tax is levied in the form of Special Additional Excise…

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Business

Sensex, Nifty hit fresh lifetime high levels in early trade

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Sensex, Nifty hit fresh lifetime high levels in early trade

Photo used for representation purpose only. | Photo Credit: Reuters Equity benchmark indices Sensex and Nifty hit their fresh lifetime high levels in early trade on July 2, amid a rally in global markets and buying in IT stocks. The 30-share BSE Sensex jumped 379.68 points to hit a record peak of 79,855.87 in early…

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Business

Rupee falls 12 paise to 83.56 against U.S. dollar in early trade

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Rupee falls 12 paise to 83.56 against U.S. dollar in early trade

Photo used for representation purpose only. | Photo Credit: Reuters The rupee depreciated 12 paise to 83.56 against the US dollar in early trade on July 2, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices. Forex traders said oil importers and foreign portfolio investors (FPIs)…

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Business

Passenger vehicle dispatches see muted growth in June as high base effect kicks in

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Passenger vehicle dispatches see muted growth in June as high base effect kicks in

Passenger vehicle wholesales saw a marginal growth of 4% in June on account of high base effect and muted demand due to severe heatwave conditions in several parts of the country. Overall passenger vehicle dispatches last month stood at 3,40,784 units, a growth of 3.67% compared with 3,28,710 units in June 2023. Market leader Maruti…

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Business

CBI books former Heavy Engineering Corporation MD and others for alleged corruption

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CBI books former Heavy Engineering Corporation MD and others for alleged corruption

The CBI has registered a corruption case against a former chairman-cum-managing director of Heavy Engineering Corporation Limited, Avijit Ghosh. File The Central Bureau of Investigation (CBI) has registered a corruption case against a former chairman-cum-managing director of Heavy Engineering Corporation (HEC) Limited, Avijit Ghosh, his two junior colleagues and others. The other named accused have…

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Business