Name: Adani Row: LIC Investment in Adani Group Stocks turn negative
Uploaded: 2023-02-24T12:17:49.000+05:30
Duration: T00M49S
Channel: Editorji News Desk
Description: The value LIC's investments into Adani group companies have turned negative after falling below their purchase value.

In a statement, the Fed said recent banking sector developments "are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation"

US Fed lifts key interest rate, voices banking sector concerns

In a statement, the Fed said recent banking sector developments "are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation"

The US Federal Reserve raised its benchmark lending rate on Wednesday, as it sought to strike a balance between curbing high inflation and averting further upheaval in the commercial banking sector.
The quarter-point increase, which was in line with expectations, lifted their interest rate target to between 4.75 and 5 percent at the end of a two-day policy meeting, the Fed said in a statement.
The policy-setting Federal Open Market Committee (FOMC) added that "some additional policy firming may be appropriate" to get to a stance that is sufficiently restrictive to bring inflation down.
The latest increase was the same size as the central bank's previous rate decision in February, and marks its ninth straight rate hike.
The Fed also updated its economic projections on Wednesday, slightly lowering its 2023 GDP growth projections 2023 to 0.4 percent from 0.5 percent in December.

At a floor price of ₹2,450 per share, the stake sale would be priced at ₹28.67 billion ($347.05 million)

The government wants to sell up to 3.5% of Hindustan Aeronautics stake

At a floor price of ₹2,450 per share, the stake sale would be priced at ₹28.67 billion ($347.05 million)

The Indian government intends to sell up to 3.5% of its ownership in the aerospace and defence firm Hindustan Aeronautics Ltd, According to a filing with the stock exchange on Wednesday.
At a floor price of Rs 2,450 per share, the stake sale would be priced at Rs 28.67 billion ($347.05 million).
With its headquarters in Bangalore, Hindustan Aeronautics Limited (HAL) is a public sector aerospace and defence corporation in India.
HAL, one of the oldest and biggest aerospace and defence manufacturers in the globe, was founded on December 23, 1940. HAL started producing aeroplanes in 1942.

Prime Minister Narendra Modi unveiled the 6G vision document of the country. The project aims to design, develop and deploy next-generation network technologies for India

Mission Bharat 6G: PM Modi launches testbed

Bharat 6G Mission:PM Modi launches testbed

Prime Minister Narendra Modi unveiled the 6G vision document of the country. The project aims to design, develop and deploy next-generation network technologies for India

Prime Minister Narendra Modi launched the 6G vision document which aims to create next generation network technologies. He also unveiled the official testbed project. The vision document released states that 6G will offer ultra-low latency with speeds up to 1 terabit per second. This is thousand times more than the top speed of 5G.
The 6G testbed is being co-developed by a consortium of various Indian Institute of Technology. PM also inaugurated the International Telecommunication Union (ITU) Area Office and Innovation Centre. "The ITU offices in India will help create the right environment for 6G in the country", PM said.&nbsp;
India is the second largest telecom market globally, with 1.2 billion digital subscribers

Get ready to see even more ads on Instagram.

Instagram is bringing ads to search results

Get ready to see even more ads on Instagram.

Meta-owned Instagram has announced it will put ads within the platform's search results to target users searching for businesses, products and content.
Ads will show up in the feed that people can scroll when they tap into a post from search results. As well as search-based ads, the company is rolling out its "Reminder Ads" feature to all advertisers in feed.
These will help marketers build awareness, anticipation and consideration for upcoming events. Currently, ads can be only seen on the explore page, reels, stories and user profiles.

India is third largest billionaire producing country in the world, with 187 billionaires and 16 new additions. If billionaires of Indian origin are included, the total rises to 217

Hurun Global Rich List lists Mukesh Ambani as the only Indian in top 10 billionaires worldwide

India is third largest billionaire producing country in the world, with 187 billionaires and 16 new additions. If billionaires of Indian origin are included, the total rises to 217

According to the Hurun Global Rich List, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), is the only Indian to appear on the list of the top 10 billionaires in the globe.&nbsp;
The RIL CEO ranked ninth worldwide with a $82 billion net worth, according to the study created by research platform Hurun in collaboration with estate firm M3M. According to the Hurun Global Rich list, Mukesh Ambani saw a 20% decrease in wealth, however, retained the wealthiest Asian title for the third consecutive year. Gautam Adani and family slipped to the 23rd position on the list this year. Cyrus Poonawal and Shiv Nadar &amp; Family were at 46th and 50th positions, respectively, while Uday Kotak stood at 135th place.
India continues to be the third biggest producer of billionaires in the world, with 187 billionaires living there and 16 new additions; if billionaires of Indian descent are included, the number increases to 217.
The report also says that Gautam Adani lost Rs 3,000 crore every week over the last year with his wealth eroding as much as 60% post the U.S shortseller Hindenburg Research report.
The biggest losers who saw their wealth plummet by billions, according to the list, include Jeff Bezos, Elon Musk, Sergey Brin, Larry Page and MacKenzie Scott followed by Gautam Adani and Family and Mukesh Ambani.&nbsp;

The govt is looking to divest Alliance Air and Air India Engineering services simultaneously. Civil aviation secretary Rajiv Bansal has said that the Department of Investment and Public Asset Management may invite expressions of interest from bidders very soon

Centre looks to divest Alliance Air & AI Engineering Services 

EoI for Alliance Air, AI Engg Services soon: Civil aviation secretary

The govt is looking to divest Alliance Air &amp; Air India Engineering services simultaneously. Civil aviation secretary Rajiv Bansal said that the Department of Investment and Public Asset Management (DIPAM) will invite expressions of interest from bidders soon

The government is preparing to privatise the low cost carrier Alliance air and India's largest MRO (Maintenance, Repair and Overhaul) player Air India Engineering services, simultaneously.&nbsp;
"The process of disinvestment of both the companies will be done simultaneously. Expressions of interest (EoIs) will be invited by the government in due course", Rajiv Bansal, civil aviation secretary said while speaking at the CAPA India Aviation Summit.&nbsp;
Bansal mentioned that the first and second steps of holding roadshows for the divestment of AIESL and the second step of approval from the group of ministers are completed. The final approval from the Alternative Mechanism for Disinvestment, a top ministerial panel, is awaited following which the expressions of interest will be invited, as per a report by Financial Express&nbsp;
AIESL, AIASL, and AAAL were subsidiaries of Air India when the government owned it. However, they were not part of Air India's privatisation. The Tata group took control of Air India from the government in January last year.
The divestment of Alliance Air has been in the works since the middle of last year but there hasn&rsquo;t been any formal EOI so far.

IIT alumnus Prateek Sharma is set to launch Cigibud, the world's first smoking cessation filter, Cigibud, which will be officially launched later on Wednesday, filters up to 80 per cent of tar and nicotine from a cigarette

Cigibid, world's first smoking cessation filter ready for launch; will help smokers quit

IIT alumnus Prateek Sharma is set to launch Cigibud, the world's first smoking cessation filter, Cigibud,&nbsp; filters up to 80% of tar and nicotine from a cigarette and will help smokers quit.&nbsp;

Cigibud, the world's first smoking cessation filter is set to be officially launched. Cigibud has been developed by IIT alumnus Prateek Sharma.&nbsp; What will Cigibud do?
Cigibud, which will be officially launched later on Wednesday, filters up to 80% of tar and nicotine from a cigarette without affecting its taste and smoking experience, and will help a smoker quit in three months.
Sharma's team carried out a study which suggested that 63% of smokers want to quit smoking but are unable to do so because of nicotine addiction.&nbsp;
Sharma said, &ldquo;Our primary objective is to help people quit smoking through our...Cigibud variants (Lite, Ultra, Pro). But those who don't want to quit, they can at least start using Cigibud (Lite). The nanofibers of Cigibud (Lite) increase the smoothness of smoke and make it less injurious.&rdquo;
Cigibud's Cost
Each packet of Cigibud contains 30 filters and it costs ₹350. One filter is advised to be used only once but people can use it up to three times because beyond that it loses its effectiveness.
Asked if the cost factor will discourage people from using it with one filter costing around ₹10 and ideally should be used once, Sharma said "We are increasing your per cigarette cost by about 50%&nbsp; for three months to help you eradicate smoking cost from your monthly budget".&nbsp;&nbsp;
&nbsp;

The Consumer Prices Index (CPI) rose by 10.4 percent in the 12 months to February 2023, up from 10.1 percent in January, the Office for National Statistics said

UK inflation unexpectedly accelerates to 10.4%

UK inflation unexpectedly accelerates to 10.4%; prices jumped for food and drinks

U.K's retail inflation has spiked to 10.4% for the month of February 2023. This is the highest level of inflation the country has seen in the last 4 months.&nbsp;
&nbsp;

British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed Wednesday.
The Consumer Price Index (CPI) rose to 10.4% for&nbsp; February 2023, up from 10.1 percent in January, the Office for National Statistics in the U.K said.
The news strengthened the case for another interest rate hike on Thursday from the Bank of England, despite calls for no change amid global turmoil in the commercial banking sector.
Expectations had been for a slowdown in UK inflation, but prices jumped up for food and drinks -- offset only partially by falling motor fuel costs.
"Inflation ticked up in February, mainly driven by rising alcohol prices in pubs and restaurants following discounting in January," said ONS chief economist Grant Fitzner.
"Food and non-alcoholic drink prices rose to their highest rate in over 45 years with particular increases for some salad and vegetable items as high energy costs and bad weather across parts of Europe led to shortages and rationing."

Elimination of 3 garbage mounds, the connection of all colonies to the sewer network, and cleaning of Yamuna were part of the promises.

Delhi Budget finally presented, day after AAP vs BJP war over 'stalling'

Elimination of 3 garbage mounds, the connection of all colonies to the sewer network and the cleaning of Yamuna were part of the promises.

Delhi Finance Minister Kailash Gahlot presented the national capital's budget on 22 March 2023, a day after the ruling Aam Aadmi Party accused the Narendra Modi government of stalling the budget.
Gahlot presented a ₹78,800 crore Budget, compared to a ₹75,800 crore Budget a year earlier.
He said that the 2023-24 Budget was dedicated to a clean, beautiful, and modern Delhi. The elimination of 3 garbage mounds, the connection of all colonies to the sewer network, and the cleaning of Yamuna were part of the promises.
Also Watch: <a href="https://www.editorji.com/india-news/local/as-amritpal-singh-remains-untraceable-punjab-police-release-his-possible-looks-1679418061278">As Amritpal Singh remains untraceable, Punjab police release his possible looks</a>

Unseasonal rain is predicted to drive up the cost of goods that are in limited supply and lower farmer returns on perishable goods if they have lost their crop

Unseasonal rain is anticipated to drive up the cost of commodities that are in low supply

Unseasonal rains could drive up the cost of goods that are in limited supply and lower farmer returns on perishable goods if they have lost their crop

Your monthly provisions bill is likely to see an increase. This, as a result of unseasonal rainfall which is likely to lead to prices rising of certain items, and especially those in short supply.&nbsp; Prices of items such as wheat, jeera, chana, and various fruits and vegetables could spike.&nbsp;
Due to the widespread rainfall in wheat-growing states like Rajasthan, Madhya Pradesh, Gujarat, Bihar, Gujarat, and Maharashtra, wheat output is anticipated to decrease by 3-4% and prices have already done up around 4%, as per an Economic times report.&nbsp;
The majority of the chana grown in the nation's top chana-producing state of Madhya Pradesh will suffer damage, with about half of the harvest still present in the fields.
The report also says that Isabgol, a significant cash crop in Rajasthan that is primarily shipped, has lost up to 50% of its value. Due to crop devastation caused by rain, grape prices have dropped by 30% to 40% in the past week. Costs of jeera, which were already at record high levels, have increased by 6-7% over the last three to four days.
Wheat, mustard, chana, as well as summer fruits like mangoes, watermelons, muskmelons, bananas, and vegetables, that were ready for harvest, have all been harmed by the recent heavy rainfall.
&nbsp;

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Avalanche in Sonamarg

The value LIC's investments into Adani group companies have turned negative after falling below their purchase value. 

Adani Row: LIC Investment in Adani Group Stocks turn negative

Adani Group - Hindernburg row: LIC Investment in Adani Group Stocks ‘Turn Negative’

The value LIC's investments into Adani group companies have turned negative after falling below their purchase value.&nbsp;

For the first time, the value of LIC's holdings into the Adani group companies has fallen below the price it was purchased.&nbsp; As per an Indian Express report, the market value of LIC's holdings in Adani group companies (excluding Ambuja and ACC cements) stood at Rs 29, 861 crore as of Thursday, which is close to 11% lower than the purchase value of Rs 30,127 crore.&nbsp;&nbsp;
Earlier, in January, LIC had disclosed that the value of its investments in the Adani Group stood at Rs 56,142 crore while the purchase value was Rs 30,127 crore. LIC had said its exposure in the Adani group was less than 1% of its portfolio.&nbsp;
Adani group companies' market capitalisation was over Rs 19 lakh crore on January 24, just a day before the Hindenburg research report was released. Since then, the group's market cap has been eroded by over 60%.&nbsp;
The Adani group stocks have been battered ever since the Hindenburg report was released nearly a month ago. The report alleged "stock manipulation and accounting fraud", accusations which were strongly denied by the Adani group.&nbsp; &nbsp;

Pathaan, which was directed by Siddharth Anand, was released on OTT on March 22, Amazon Prime video bopught the rights for ₹100cr

Here is how much Amazon Prime Video spent for the OTT rights to the movie Pathaan

Pathaan, which was directed by Siddharth Anand, was released on OTT on March 22. Amazon Prime video reportedly bought the rights for ₹100cr

Bollywood superstar Shah Rukh Khan's big comeback film Pathaan was released on OTT platform on March 22. The film's sole OTT collaborator is Amazon Prime Video.
According to Times Now, Amazon Prime Video paid ₹100cr for the rights.
With Pathaan, which also features Deepika Padukone and John Abraham in the main roles, Khan made his comeback in a full-fledged role. The superstar last appeared with Anushka Sharma in the 2018 movie Zero.
Pathaan, which was directed by Siddharth Anand, follows Ek Tha Tiger (2012), Tiger Zinda Hai (2017), and War in the YRF Spy Universe. (2019).
Pathaan was released on January 25 in Hindi, Tamil, and Telugu and has earned the highest ever collection, over Rs 1000 crore, at the box office, worldwide.&nbsp;

Short seller Hindenburg research will soon release a new report on another target. However, the research firm hasn't provided any details on the timing of the release

Another 'big report' coming soon, says Hindenburg Research in a cryptic tweet

U.S based short seller Hindenburg research claims that it will soon release a new report. However, the research firm hasn't provided any details on the timing of the release

Hindenburg research has claimed that a new report on another target will be released soon. The U.S. Short seller took to twitter and said , 'New report soon&mdash;another big one'.&nbsp;
However, the tweet hasn't revealed details about the timing of the report or any other information.&nbsp;
Hindenburg's report on Adani group accused the conglomerate of accounting fraud and stock price manipulation. Post the report, more than $150 billion from the Indian conglomerate&rsquo;s market value was wiped out.&nbsp;
Adani Group had strongly denied all the allegations, saying that they were "nothing but a lie."&nbsp; The Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.
According to the Hurun Global Rich List released just yesterday, Adani lost Rs 3,000 crore of wealth every week in 2022-23 and his overall networth saw a 60% erosion from its peak.&nbsp;

Amid the global banking crisis, finance minister Nirmala Sitharaman has called state-owned lenders' meet, reported Economic Times

Global banking crisis: FM calls state-owned lenders' meet

Amid the global banking crisis, finance minister Nirmala Sitharaman has called for a meeting of state-owned lenders.&nbsp;

Amid the global banking crisis, Finance minister Nirmala Sitharaman has called for a state-owned lenders' meet. As per a report by economic times, the meet is likely to be held on saturday. The FM will seek the lenders views on global concerns over the banking system's vulnerability due to monetary tightening.&nbsp;
Though experts have ruled out any possible spillover impact on domestic banks, the government wants to know from the lenders if any policy intervention is required.&nbsp;
The finance minister will also assess the performance of public sector banks as FY23 draws to a close, said the economic times report&nbsp;

The US has announced that individuals travelling to the country on a business or tourist visa - B-1 and B-2 - can apply for new jobs and even appear in interviews

U.S Visa: One can apply for jobs, give interviews while on tourist or business visa

One can apply for jobs, give interviews while on tourist or business visa in US: Federal agency

The US has announced that individuals travelling to the country on a business or tourist visa - B-1 and B-2 - can apply for new jobs and even appear in interviews

The U.S has declared that people entering the country on a B-1 or B-2 business or tourist visa can apply for new jobs and even attend interviews, but they must make sure to change their visa status before beginning a new position.
B-1 and B-2 visas are generally referred to as &ldquo;B visas&rdquo;, and they are the most common types of visa issued for a wide range of uses in the United States. The B-1 visa is issued mainly for short-term business trips, while the B-2 visa is issued mainly travelling for tourism purposes.
In a note, and a series of tweets, the US Citizenship and Immigration Services (USCIS) said, when nonimmigrant workers are laid off, they may not be aware of their options and may, in some instances, wrongly assume that they have no option but to leave the country within 60 days.
The move by the USCIS came as several people including Indians, in the US, have lost their jobs due to a series of recent layoffs at companies like Google, Microsoft and Amazon.
They are now struggling to find new employment within the stipulated 60-day period under their work visas following the termination of their employment to stay in the country.
The maximum 60-day grace period starts the day after termination of employment, which is typically determined based on the last day for which a salary or wage is paid.

NSE and BSE announced that starting on Thursday, Adani Power will be covered by the framework for short-term extra surveillance measures (ASM)

NSE, BSE to put Adani Power under additional surveillance again

NSE, BSE to put Adani Power under short term ASM again

NSE and BSE announced that starting on Thursday, Adani Power will once again be covered by the framework for short-term extra surveillance measures (ASM)

NSE and BSE said they will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday.
Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23, according to separate circulars available on the exchanges.
The move also comes close on the heels of the two exchanges moving Adani group stocks, Adani Green Energy and NDTV, from the second stage of the long-term ASM framework to Stage I.
Earlier, both the exchanges had put Adani Power along with Adani Enterprises and Adani Wilmar under short-term ASM on March 8. However, these three stocks were excluded from the short-term ASM framework on March 17.
Currently, there is no Adani group stock in the short-term ASM framework. &nbsp;

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