Business

Adani Group company stocks have lost over USD 90 billion in value since a US short seller made damning allegations.

Gautam Adani said the interest of the investors is paramount and to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO.

Finance Minister Nirmala Sitharaman announced new income tax slab rates exclusive to those who opted the new tax regime

The Finance Minister announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing. Also, customs duty on parts of open cells of TV panels would be cut to 2.5 per cent.

* Railways get Rs 2.4 lakh crore, which is the highest ever allocation to it

Sitharaman said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh self help groups (SHGs).

She made this announcement while presenting the Union Budget for 2023-24.

As per the Economic Survey 2022-23 released on Tuesday, Indian Railways has witnessed impressive growth in capital expenditure (capex) on infrastructure.

The scheme envisages providing houses for rural as well as urban poor and the massive hike in its outlay holds significance keeping in mind the fact that this is the last proper Budget of the NDA government before the 2024 Lok Sabha elections.

While presenting the Budget 2023-24 before the Parliament, the minister said, "Digital public infrastructure of agriculture to be built as open source, opened standard, interoperable public good".

"Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," she said.

Seven priority areas of the Budget are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth and financial sector.

Finance Minister Sitharaman will present the last budget of the Modi 2.0 government at 11 a.m.

Assembly elections in the state will be held in two months and Karnataka's ruling BJP is making all out efforts to return to power.

She will lay a statement of the estimated receipts and expenditure of the government for 2023-24.

Four of the Adani group companies were in the positive territory, while at least five others were in the red amid a positive trend in the broader market.

Stating that "Fraud cannot be obfuscated by nationalism" the Hidenburg Research hit out at the Adani Group claiming that the latter's "Bloated Response" ignored "every key allegation we raised."

The research firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.

The tech giant cut 12,000 employees from its global workforce last week, joining the continuing spate of layoffs by tech firms.

In India, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more.

Of Adani portfolio's nine public listed entity's, eight are audited by one of the Big 6.

The staff of Kun United Hyundai, including vice president B Purnima, DGMs G Santosh and A Karthik, and senior managers Amit M Chabria and K Rohit were present.

Currently, the company is involved in a legal battle with Ashneer, after suing him and his family for allegedly siphoning off company funds worth Rs 88.6 crore.

The company in its growth strategy for 2030 said it has invested in Fujisan Asagiri Biomass that generates power from biogas derived from cow dung in Japan, and beginning its study.