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Published on Feb 03, 2023 12:31 PM IST

Kerala Finance Minister K N Balagopal on Friday presented the Left government's budget for the fiscal 2023-24, allocating ₹100 crore for welfare programmes and setting aside ₹2,000 crore for tackling price rise.

Kerala Finance Minister K. N. Balagopal said <span class='webrupee'>₹</span>100 crore would be set aside for welfare development programmes in the budget. (PTI PHOTO/For representation) — Kerala Finance Minister K. N. Balagopal said ₹100 crore would be set aside for welfare development programmes in the budget. (PTI PHOTO/For representation)

PTI | | Posted by Yamini C S

Adani stock nosedive costs $120 billion, half of group's value: Report

Adani group’s 10 stocks all fell in early Mumbai trading, with $120 billion, or more than half of their combined value, erased since the US-based short seller last week claimed that offshore shell entities were used to inflate Adani group’s revenues and manipulate stock prices.

The continued slump reflects worries about Adani’s access to funding after the tycoon scrapped a key stock offering this week. (AP)

Updated on Feb 03, 2023 11:33 AM IST

Bloomberg | | Posted by Lingamgunta Nirmitha Rao

Byju's lays off 1,500 employees, cites cost optimisation and outsourcing of ops

In October last year, the Bengaluru-based edtech giant had handed pink slips to 2,500 staff members.

In October last year, the edtech giant laid off 2,500 employees

Published on Feb 03, 2023 10:00 AM IST

ByHT News Desk, New Delhi

Adani firm's shares slumps 10% at open, dropped from Dow Jones indices

Adani Group's shares continue to see a downfall after its founder-chairman was allegedly found in committing accounting fraud.

Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa Port, Israel January 31, 2023. REUTERS/Amir Cohen/File Photo

Updated on Feb 03, 2023 11:40 AM IST

AFP |

Opening bell: Sensex 482 points in green at 60,414, Nifty rises to 17,728

From the Sensex pack, IndusInd Bank, Titan, Bajaj Finance, HDFC Bank, Bajaj Finserv, ICICI Bank, HDFC and State Bank of India were among the major winners.

Published on Feb 03, 2023 09:20 AM IST

PTI |

Amul hikes milk prices by ₹3 per litre | Check details

Amul Milk Price Hike: Amul Gold will be available at ₹66 per litre, Amul Taaza at ₹54 per litre and Amul cow milk at ₹56 per litre and Amul A2 buffalo milk will cost ₹70 per litre.

Updated on Feb 03, 2023 09:42 AM IST

ByAniruddha Dhar, New Delhi

Adani lost $108 billion in a week: ‘Headlines generating negative attention'

Since the allegations were made by Hindenburg Research, several financial institutions from New York to London and Tokyo have dissected their exposure to Gautam Adani, ranked no. 2 among the world’s wealthiest.

Gautam Adani, chairman of Adani Group, during a video speech on monitors in Mumbai, on Thursday,(Bloomberg)

Updated on Feb 03, 2023 07:44 AM IST

ByAniruddha Dhar, New Delhi

Adani's bid to restore confidence post rout, likely to prepay share pledges

After being marred by plummeting stock prices, Adani Group's founder-chairman is in talks with lenders to release some stock that was pledged as collateral.

Updated on Feb 03, 2023 06:20 AM IST

Bloomberg |

Google's parent announces ‘meaningful’ slowdown in hiring pace for 2023

The parent company, Alphabet Inc., made its largest job cuts last month with 6% reduction of its global workforce.

Google's parent company, Alphabet Inc., made its largest job cuts last month.(REUTERS)

Updated on Feb 03, 2023 05:46 AM IST

Bloomberg |

Budget: Hydrogen mission outlay shows India’s green commitment, says TERI chief

The Union Budget 2023-24 may help India not only to achieve its global climate commitments but shift all sectors to adopt energy transition and sustainable practices, said Vibha Dhawan, director general, TERI

Vibha Dhawan, director general, The Energy and Resources Institute (TERI) (HT Photo)

Updated on Feb 03, 2023 11:23 AM IST

ByJayashree Nandi

Union Budget: Disappointed by no increase in PM-Kisan payouts, say farmers

The agriculture sector, the country’s largest employer, has grown at an average annual growth rate of 4.6% in the last six years, according to data from the annual Economic Survey 2022-23.

The government has allocated a mere <span class='webrupee'>₹</span>1 lakh for MIS-PSS for 2023-24, down from <span class='webrupee'>₹</span>1,500 crore in 2022-23 (both Budget and revised estimates being equal). — The government has allocated a mere ₹1 lakh for MIS-PSS for 2023-24, down from ₹1,500 crore in 2022-23 (both Budget and revised estimates being equal).

Updated on Feb 03, 2023 12:32 AM IST

ByZia Haq

Union Budget 2023-24: Promotion of Indian languages receives impetus

Finance minister Niramala Sitharaman in the Union Budget 2023-24 has set aside ₹300.7 crore for the national institutions for the promotion of Indian languages, an increase of 20% from 2022-23

The allocation for the Indian Knowledge Systems (IKS) scheme has also increased to <span class='webrupee'>₹</span>20 crore from <span class='webrupee'>₹</span>10 crore (budget estimate) in 2022-23. (HT Archive) — The allocation for the Indian Knowledge Systems (IKS) scheme has also increased to ₹20 crore from ₹10 crore (budget estimate) in 2022-23. (HT Archive)

Updated on Feb 03, 2023 12:19 AM IST

ByFareeha Iftikhar

The Indian economy: Past, present, future

No other government has prioritised government capital spending as much as the second Narendra Modi government is doing.

India’s GDP growth has been higher in the past than what it is expected to be in the next couple of years.(AFP)

Updated on Feb 03, 2023 11:17 AM IST

ByAbhishek Jha, Roshan Kishore

Boris Johnson's brother quits Adani-linked firm; Cong says 'not a squeak' here

Amid the fraud allegations against the Adani Group, UK former prime minister Boris Johnson's brother Jo Johnson quit a firm that was linked to the Adani empire.

The Congress on Thursday demanded a court-monitored probe or a JPC into the allegations against Adani Group.(AP)

Updated on Feb 02, 2023 10:36 PM IST

ByPoulomi Ghosh

NSE puts some Adani firms under ASM framework amid stock rout

The move by the stock exchange comes after a rout in the shares of the billionaire Gautam Adani's group companies in the aftermath of a scathing report by a U.S. short seller.

Gautam Adani, billionaire and chairman of Adani Group, during an event at the Port of Haifa in Haifa, Israel, on Tuesday, Jan. 31, 2023.(Bloomberg)

Published on Feb 02, 2023 08:50 PM IST

Reuters |

Bangladesh asks Adani Power to revisit 2017 pact over ‘excessive’ pricing: Report

BPDB, which oversees the development of Bangladesh’s power sector, has sent a letter to Adani Power regarding revision of the agreement, the UNB news agency said, citing unnamed officials

Electric power transmission pylon miniatures and Adani Green Energy logo are seen in this illustration (REUTERS File)

Updated on Feb 02, 2023 06:51 PM IST

After opening in red, Sensex recovers to end at 59,932; Nifty falls to 17,610

From the Sensex pack, ITC jumped 4.74 per cent. The other major gainers were IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, Tata Consultancy Services and ICICI Bank.

Published on Feb 02, 2023 03:39 PM IST

PTI |

Adani calls off share sale: What is an FPO? How is it different from IPO?

Companies may use an FPO to reduce debt or raise more capital for expansion.

Gautam Adani's empire has lost more than $100 billion following explosive allegations of accounting fraud last week by US short-seller Hindenburg Research. (File)

Published on Feb 02, 2023 11:32 AM IST

ByRitu Maria Johny | Edited by Chandrashekar Srinivasan

$2.5 billion share sale cancelled; Adani Enterprises tumble over 28%

Adani's empire has lost more than $100 billion following explosive allegations of accounting fraud last week by US short-seller Hindenburg Research.

Gautam Adani during an event at the Port of Haifa in Haifa, Israel on Tuesday, (Bloomberg)

Published on Feb 02, 2023 10:45 AM IST

AFP | | Posted by Ritu Maria Johny

Markets recover after early fall; Sensex climbs to 59,886, Nifty at 17,606

Indices had opened in red in the wake of an announcement by the Adani Group – facing allegations of fraud – that it is taking back its FPO, despite full subscription.

Shareholders react as Sensex and Nifty go down. (ANI File Photo )

Published on Feb 02, 2023 09:24 AM IST

PTI |

‘Important for me to confess…’: Adani to investors on FPO withdrawal

Gautam Adani's rare address to investors comes a day after his flagship firm abruptly called off $2.5 billion share sale in a dramatic reversal as a rout sparked by a US short-seller's criticisms wiped billions more off the value of the Indian tycoon's stocks.

Updated on Feb 02, 2023 12:17 PM IST

ByHT News Desk

US Fed hikes rates: Oil prices rise, dollar slumps

The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday.

A dealer counts US dollars at a money exchange market in Karachi. (File)

Published on Feb 02, 2023 07:28 AM IST

Reuters | | Reported by Ritu Maria Johny

What's new about the new tax regime?

Presenting the Union Budget for FY 2023-24, Sitharaman said that the proposals regarding personal income tax will primarily benefit the country's “hard-working middle class”.

People watch the Union Budget being presented by Finance Minister Nirmala Sitharaman in the Parliament. (HT PHOTO)

Updated on Feb 02, 2023 12:57 PM IST

No bad news is good news; pvt capex will take one more year to revive: Bankers

SBI chairman Dinesh Khara said the budget is growth accretive, fiscally prudent and consumption supportive.

Published on Feb 02, 2023 06:48 AM IST

PTI |

Will the Budget nudge growth, spur consumption?

Finance Minister Nirmala Sitharaman said that the world has recognised the Indian economy as a 'bright star' which is expected to grow in the current year at seven per cent - the highest among all the major economies.

For 2021-22, the economy grew 8.7%, compared to a 6.6% contraction the previous year. Importantly, nominal GDP grew 19.5%. (REUTERS)

Updated on Feb 02, 2023 12:56 PM IST

ByRoshan Kishore

Explainer: Adani vs Hindenburg- All you need to know about the story so far

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. It has a track-record of finding corporate wrongdoings and placing bets against the companies.

The Adani group has called the report baseless and termed the allegations "unsubstantiated speculations".(REUTERS)

Published on Feb 02, 2023 06:38 AM IST

Reuters | | Posted by Yagya Sharma

Gautam Adani, one of India's most powerful men, suffers a rare defeat

Adani is no stranger to controversy. The most recent was months of protest by fishermen against construction of a $900-million port in southern India's Kerala, in which he sued the state government and fishermen leaders.

Updated on Feb 02, 2023 10:08 AM IST

Reuters |

Decoding the big numbers in Union Budget 2023-24

The highlights from the Budget that sought to emphasise the govt's commitment to fiscal consolidation while introducing new tax slabs.

The Union government has proposed to spend a record <span class='webrupee'>₹</span>22,138 crore on allocations aimed at MSMEs in the budget, giving a boost to employment in the country. (Hindustan Times) — The Union government has proposed to spend a record ₹22,138 crore on allocations aimed at MSMEs in the budget, giving a boost to employment in the country. (Hindustan Times)

Updated on Feb 02, 2023 12:48 PM IST

Adani Enterprises calls off FPO, to return money to investors

Citing market volatility and “the unprecedented situation”, the company attributed its abrupt decision to a need to protect its investors by returning their proceeds.

The logo of the Adani Group is seen on the facade of one of its buildings.(Amit Dave / REUTERS)

Updated on Feb 02, 2023 03:21 AM IST

First budget of Amrit Kaal will build a strong foundation : PM Modi

In a televised speech soon after Union finance minister Nirmala Sitharaman presented the Budget in Parliament, Modi said the provisions prioritise the deprived sections, including craftspersons, who he dubbed as the creators of the nation.

Prime Minister Narendra Modi during the BJP Central Election Committee meeting for Nagaland Legislative Assembly elections, at the party Headquarters in New Delhi, on Wednesday. (PTI)

Updated on Feb 02, 2023 12:51 AM IST

BySmriti Kak Ramachandran, New Delhi