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[ad_1] Omnivore India Capital Trust and its advisor paid a settlement fee after missing the winding-up deadline by eight months, Sebi order showed.Omnivore India Capital Trust and Omnivore Capital Management Advisors have settled a regulatory case with Sebi by paying Rs 14.62 lakh over delays in winding up a venture capital fund, according to a settlement order passed on Wednesday, PTI reported.The matter pertains to a breach of Venture Capital Fund norms and Alternative Investment Fund rules, following an eight-month delay in liquidating the fund’s investments after its maximum permitted tenure expired.Sebi noted that the fund’s final close was on January 16, 2014, and its maximum allowed duration — after two extensions — ended on January 16, 2024. Regulations required the fund to complete its winding-up process within three months, by April 15, 2024.However, the actual winding-up happened on December […]

[ad_1] NEW DELHI: India's coal-fired electricity generation in May saw its steepest decline in five years, driven by a drop in overall power demand and a surge in renewable energy output, according to a Reuters analysis of government data. This marked the first fall in power demand since August and coincided with record-high generation from clean energy sources.The output from natural gas-powered stations also dropped significantly, marking the most substantial reduction in nearly three years, as revealed by Grid India data. This decline occurred alongside increased production from cleaner sources, including hydroelectric and nuclear facilities.This reduced requirement for fossil fuels in India's electricity sector, as the world's second-largest coal importer and fourth-biggest LNG purchaser, occurs during a period of market pressure on these fuel prices."Demand from the power sector - typically strong during peak season - remained limited. Additionally, economic […]

[ad_1] NEW DELHI: Shares of Eternal Ltd, the parent company of food delivery platform Zomato, surged nearly 6% on Thursday, extending its two-day rally to over 8%. The upward momentum followed Morgan Stanley reaffirming the company as its top sector pick. The brokerage firm kept its target price at Rs 320, suggesting a possible 33% upside from current levels. It also set a lower range of Rs 200-220, calling the stock a "compelling risk-reward profile" for long-term investors.At 12:30 PM, Eternal was trading at Rs 258.93, a 5.39% gain from its previous close of Rs 245.68. By 11:40 AM, it was trading at Rs 259.10 on BSE, up Rs 13.60 or 5.54%, while on NSE, it stood at Rs 259.49, rising Rs 13.81 or 5.62%.The shares opened at Rs 247.30 on the BSE and hit a high of Rs 260.15. […]

[ad_1] Kashmir will finally get all-weather railway connectivity with the rest of India. Udhampur-Srinagar-Baramulla Railway Link: Prime Minister Narendra Modi will inaugurate the 272 kilometres long Udhampur-Srinagar-Baramulla Railway Link (USBRL) project in Jammu & Kashmir on June 6. As part of the launch, PM Modi will inaugurate the Chenab railway bridge, Anji Khad railway bridge and flag off two pairs of new Vande Bharat train services as well.With this inauguration, Kashmir will finally get all-weather railway connectivity with the rest of India.Indian Railways will commence regular operations of the two new Vande Bharat Express trains to Kashmir from June 7, 2025 - a day after PM Modi’s inauguration of train services to Kashmir.The two Vande Bharat Express trains will run six days in a week. To begin with, train services will start from Shri Mata Vaishno Devi Katra to Srinagar. […]

[ad_1] US President Donald Trump has doubled down tariffs on steel and aluminum imports to 50%, following his earlier implementation of 25% tariffs less than three months ago.The move is intended to boost the US steel industry, but many businesses warn it will lead to higher prices for consumers.According to the New York Times, key sectors like housing, automotive, oil, and canned goods are expected to be hit hardest by Trump's increased tariffs. Homebuilders, car makers, oil producers, and packaging companies are expected to face rising costs, which many may pass on to consumers.1. US steelmakers to create more jobs: Domestic steel industry representatives have welcomed the higher tariffs, saying they could boost investment and create more jobs in the US. Kevin Dempsey, president and chief executive at the American Iron and Steel Institute, stated that the increased tariffs would […]

[ad_1] NEW DELHI: Eid al-Adha, also known as Bakrid or Eid ul-Zuha, is expected to be celebrated in India on Friday, June 7, depending on the sighting of the crescent moon.The day is likely to be observed as a public holiday across most parts of the country. Schools, colleges, banks, and government offices are expected to remain closed to mark the occasion.Eid al-Adha: Will banks be open or closed on the occasion?Banks in several parts of India will be closed for two days this week in observance of Eid al-Adha (Bakrid), according to the RBI holiday calendar.June 6 (Friday): Banks in Thiruvananthapuram and Kochi will be closed for Bakrid.June 7 (Saturday): Most banks across India will remain closed, except in Ahmedabad, Gangtok, Itanagar, Kochi, and Thiruvananthapuram, where they will operate as usual. These cities stay open because it’s the first […]

[ad_1] Asian stocks mostly rose on Thursday as weaker US economic data raised hopes that the Federal Reserve may soon cut interest rates, with attention focused on upcoming employment data.Investors are also watching closely for upcoming US jobs data and any updates on possible trade talks between President Trump and China’s Xi Jinping, which White House sources suggest could occur this week.US markets were subdued following an ADP report showing private-sector employment increased by 37,000 in the previous month, significantly below April's 60,000 and falling short of Bloomberg survey predictions.US futures declined slightly alongside oil prices. The Japanese Nikkei 225 decreased by 0.2% to 37,658.46, while Australia's S&P/ASX 200 recorded a marginal decline of 0.1% to 8,535.10.The South Korean Kospi surged 2.1% to 2,829.48 as newly appointed president Lee Jae-myung commenced his leadership, pledging to initiate dialogue with North Korea […]

[ad_1] MUMBAI: Traditional banks are losing ground in the fast-evolving financial services space to agile, tech-driven rivals. Even as overall sector revenues grow, incumbents struggle to hold on to their share, according to Boston Consulting Group's latest Future of Finance report."Financial services revenues are growing - but banks are not capturing their fair share," BCG says. The value, it notes, is shifting to fintechs, private credit funds, non-bank liquidity providers, and digital-native banks. "Maturing digital assets appear to be on pace to cause significant disruption, with most banks currently on the outside looking in."The fastest-growing players are also the most digitally savvy. Digital attacker banks clocked 85-100% CAGR in revenues over the past five years. Private credit players and retail trading platforms are close behind. Traditional banks, in contrast, posted only 10-15% CAGR, despite holding the largest share of balance-sheet […]

[ad_1] NEW DELHI: National Company Law Appellate Tribunal (NCLAT) on Wednesday declined to stay NCLT order directing to freeze assets of Gensol, its promoters, and related entities. It has directed two Gensol Group entities - BluSmart Premium Feet and Matrix Gas and Renewable - to approach Ahmedabad bench of the National Company Law Tribunal NCLT with their plea, where the matter has been listed for hearing on June 12.Passing an order on plea filed by the ministry of corporate affairs, a vacation bench of NCLT had on May 28 directed to freeze assets of Gensol, its promoters, and related entities. agencies [ad_2] Source link

[ad_1] MUMBAI: Aditya Birla Chemicals, a privately held company owned by Kumar Mangalam Birla and his family, is set to acquire a chemical manufacturing facility in the US from agribusiness major Cargill. The facility, spanning 17 acres, is located in Dalton, Georgia. The deal signifies Birla's continuous expansion in the American manufacturing sector, with investments exceeding $15 billion over the past 17 years, and cementing his position as the biggest Indian investor in the country."This acquisition represents Aditya Birla's strategic entry into the US chemicals industry, extending the business model of our other successful manufacturing businesses in the United States, including Novelis and Birla Carbon," said Aditya Birla Group chairman Kumar Mangalam Birla. The Cargill facility currently employs 50 people and has an annual capacity of 16,000 tons, which will be boosted to 40,000 tons within the next two years. […]