BUSINESS
Engaged with 100 global suppliers to build chip, display fabs in India: Vedanta
According to Vedanta Semiconductors and Display Global MD Akarsh K. Hebbar, Vedanta Group remains fully committed to building India’s first semiconductor and display fabs in Dholera Special Investment Region in Ahmedabad district. “Substantial progress has happened to tie up technology and equity partners in semiconductors and we will make an announcement soon,” he said.
Within the next decade, India will start adding a trillion dollars to its GDP every 18 months: Gautam Adani
"Our country is now the most exciting land of opportunities. We have always expressed our belief in our growth with goodness philosophy and our track record speaks for itself. Your group will continue to consolidate what it has built while looking at expanding its horizons," Gautam Adani added.
Equities extend record high runs with Nifty breaching 19,800-mark intraday
The index opened higher and traded sideways to close with marginal gains of 38 points at 19,749 levels. The broader market, however, underperformed with the Nifty mid-cap 100 ending flat to negative while Nifty small-cap 100 was down -0.9 per cent. Among sectors, IT was the top gainer up 1 per cent, followed by oil & gas.
Indian startups faced 70% drop in funding in FY23 to $15 bn
"The increasing cost of capital and interest rates, recession in developed markets, a decline in the value of tech stocks, and the slowdown in consumer internet growth have all been challenges for sustained funding," said Mohit Rana, partner at Redseer. There are about 100 unicorns and less than 400 public companies with a market cap of more than $1 billion in the country.
Tesla directors to return $735 mn to company as they 'overpaid themselves'
Elon Musk himself is under scrutiny for his own $56 billion compensation package, which is facing its own lawsuit that went to trial last year, reports TechCrunch. The settlement will be paid directly to Tesla to benefit the company. The settlement concluded a 2020 lawsuit from a retirement fund that holds Tesla stock.
Sensex moving towards 67K milestone
On the other hand, Titan and Tata Motors are down by more than 1 per cent. Since the market has run up too much, too fast, a correction can happen at any time, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Some profit booking at the present level can be considered, he added.
Government issues clarification on input tax, levy of tax on subsidiary company's shares
In a circular issued by the Central Board of Indirect Taxes (CBIC), it was clarified that in respect of common input services procured by the head office from a third party but attributable to both head office and branch offices or exclusively to one or more branch offices, the head office has the option to distribute input tax credit (ITC) in respect of such common input services.
Economic growth should be 7.6% annually in next 25 years for India to become developed economy: RBI report
According to World Bank's classification, a country with a per capita income of $13,205 or more in 2022-23 is classified as a high-income country. "To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India works out to be 7.6 per cent during 2023-24 to 2047-48," the RBI bulletin noted.
Diet Coke is still my fav drink: Musk amid aspartame row
A user on Twitter shared an image of a large burger with a caption "and a diet coke please". "DC is still my favourite drink," replied Musk, who owns Twitter. Later, the US Food and Drug Administration (FDA) said that the artificial sweetener is safe to use.
IRCTC travel insurance: Passengers now automatically covered, can opt out too
Passengers booking their train tickets on the IRCTC portal are now automatically provided insurance cover for Rs 10 lakh, a senior insurance industry official told IANS preferring anonymity.
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