Name: Maruti Suzuki recalls 17,362 cars due to this reason
Uploaded: 2023-01-18T11:53:09.000+05:30
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Description: It is suspected that there is a possible defect in the affected part, which in rare cases might result in non-deployment of the airbags and seat belt pretensioners in the event of a vehicle crash

All the listed stocks of the group took a beating after the report, which came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors. 

Adani says examining legal options against Hindenburg; US firm stands by its 106-page report

All the listed stocks of the group took a beating after the report, which came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors.&nbsp;

Days after a US-based investment research firm, Hindenburg said that its two-year investigation revealed that Adani Group has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades", Adani Group says examining legal options against Hindenburg.&nbsp; The Adani Group on Thursday said it is examining legal options to take "punitive action" against Hindenburg Research for its "reckless" attempt to sabotage a mega share sale at the conglomerate's flagship firm - a statement that the US activist investor responded by saying it stands by its report that alleged "brazen" market manipulation and accounting fraud by the group. "The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," Adani Group's lead head Jatin Jalundhwala said in a statement.
The report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares, he said. The report came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors.
"In the 36 hours since we released our report, Adani hasn't addressed a single substantive issue we raised," Hindenburg Research said. "At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions." Stating that it "fully stands" by the report, Hindenburg said it believes any legal action taken against it would be meritless.
"If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process," it said, adding Adani has in its statements referred to its 106-page, 32,000-word report, with over 720 citations and prepared over the course of 2 years, as unresearched.

After a strong 2022, the real estate sector is hoping for announcements that will both benefit homebuyer and continue the momentum for the sector. Prashant Thakur of Anarock lists out what he hopes will be announced for the sector  

Budget 2023: What homebuyers can expect? 

After a strong 2022, the real estate sector is hoping for announcements that will both benefit homebuyer and continue the momentum for the sector. Prashant Thakur of Anarock lists out what he hopes will be announced for the sector&nbsp;&nbsp;

After years of facing rough weather, 2022 was a strong year for the real estate sector, especially in terms of residential demand. Prashant Thakur, Director, Ananrock tells Editorji's Avni Raja that he hopes the budget announcements provide an impetus to the real estate sector.&nbsp; Here is Thakur's wishlist from the upcoming budget.&nbsp; Affordable Housing The government has already done a lot to boost affordable housing. However, widening the definition of affordable housing is the need of the hour. The Rs 45 lakh cap for affordable housing must be hike to Rs 85 lakh for tier 1 cities and Rs 65 lakh for other cities.&nbsp;
PM Awas Yojana Budgetary allocation for the Pradhan Mantri Awas Yojana should be increased&nbsp; Interest on housing loan The deduction limit for interest payments on home loans from the existing Rs 2 lakh a year should be increased to Rs 5 lakh which will further boost housing demand. 
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Elon Musk's Twitter activity just cannot stop making news.

Elon Musk is now Mr. Tweet on Twitter

Elon Musk's Twitter activity just cannot stop making news.

Billionaire Elon Musk has changed his name to <a href="https://twitter.com/elonmusk" target="_blank" rel="nofollow noopener">Mr. Tweet</a> on Twitter. Interestingly, Musk did not self-invent his new name.
He was accidentally called Mr. Tweet by a lawyer during a court hearing, and it looks like he has liked this name a little too much.&nbsp;
The Twitter chief, whose name has become synonymous with the micro-blogging platform, also tweeted saying that he is now stuck with his new name and is unable to change it back.
Recently, Musk also launched Twitter Blue's annual plan for $84. Furthermore, the monthly price of the subscription on both Android and iOS is $11, as opposed to $8 when subscribed through a web browser.
Also watch: <a href="https://www.editorji.com/tech-news/what-is-behind-the-mass-layoffs-in-the-tech-industry-1674709209916">What is behind the mass layoffs in the tech industry?</a>

Massive layoffs in the tech industry continue as IBM has now fired 3,900 of its employees. 

IBM cuts 3,900 jobs as tech layoffs continue

Massive layoffs in the tech industry continue as IBM has now fired 3,900 of its employees.&nbsp;

IBM laid off 3,900 people on Wednesday because it was selling off some assets and didn't meet its annual cash goal.&nbsp;
The company's shares fell by 2 percent in after-hours trading because of the job cuts and the shortfall in free cash flow.
The layoffs are related to the company's decision to split off its Kyndryl business and a part of its Watson Health AI unit. They will cost the company $300 million from January to March.
The company predicted that its annual revenue growth would be in the mid-single digits, which is less than the 12 percent growth it reported last year.&nbsp;
Overall, IBM's sales stayed the same during the time period, at $16.69 billion. In 2022, however, they grew by 5.5 percent, which was the most growth they had seen in a decade.
Also watch: <a href="https://www.editorji.com/tech-news/what-is-behind-the-mass-layoffs-in-the-tech-industry-1674709209916">What is behind the mass layoffs in the tech industry?</a>

With budget 2023 round the corner, we break down some of the most commonly used phrases and terms during the budget speech. Learn all about what a cess is and what is revenue deficit. 

Budget 2023: Budget terms explained; Cess & Revenue Deficit 

With budget 2023 round the corner, we break down some of the most commonly used phrases and terms during the budget speech

What is a cess?&nbsp; Cess is essentially a type of tax that is levied by the govt. The difference between a cess and other taxes is that a cess is for a specific objective or a specific purpose. It is also temporary in nature, which means that once the govt&rsquo;s objective is achieved, the cess can be removed. A cess can be levied on income or it can be levied on goods and services. Let&rsquo;s look at some examples of cess. You&rsquo;ve got the swachh bharat cess of 0.5%, so all the money which is collected from this cess goes towards the swachh bharat abhiyan. Education cess was also introduced to provide education to economically weaker sections. Krishi Kalyan cess was imposed to develop the agriculture sector. In case of any big natural disaster, a disaster relief cess can also be imposed. For instance, after the Kerala floods in 2018, the state govt imposed a 1% calamity cess.
What is Revenue Deficit?&nbsp;
A term that crops up often with respect to the budget. We know that the govt earns money from various sources, taxes, profits of govt cos etc. All of these are ways that the govt earns money. Every year, govt expects or projects how much its earnings or revenues are going to be for the next year. Sometimes, expectations and reality can be quite different. So when the actual revenue of the govt turns out to be less that what the govt had expected its revenue to be, it is called as revenue deficit.

With budget 2023 round the corner, here are some often used phrases explained. Learn all about the govt's tax revenue and non-tax revenue. 

 Budget 2023: Tax & Non-tax revenue; Key terms explained 

With budget 2023 round the corner, here are some often used phrases explained.&nbsp;

Budget 2023 will be presented on the 1st of February. Ahead of the budget speech, here are some of the key words and phrases explained.&nbsp; 
<h2>What is tax-revenue?&nbsp;</h2>
Tax revenue is one of the ways the govt earns money. This include both direct as well as indirect taxes. All taxes including income tax, corporate tax, customs duty, excise duty, GST, Cess are all part of what makes up the govt&rsquo;s tax revenue bucket. Tax revenue is one of the main ways that the govt actually earns money.&nbsp;
<h2>What is non tax revenue?&nbsp;</h2>
Non-tax revenue encompasses all other sources of revenue for the govt excluding tax revenue . For example, profits from govt companies, returns on investments the govt makes, the money that the govt gets by selling either a part of or an entire company that it owns, govt services which include the tolls that we pay, electricity bills. All of this forms the govt&rsquo;s non-tax revenue stream.&nbsp;

Netflix has confirmed that it will be ending password sharing in Q1 2023.

Netflix's new co-CEOs confirm the end of password sharing

Netflix has confirmed that it will be ending password sharing in Q1 2023.

Netflix has confirmed that it will be ending its password sharing feature in the first quarter of 2023.&nbsp;
Co-CEOs Greg Peters and Ted Sarandos recently spoke to Bloomberg about the controlled password sharing approach that Netflix plans to roll out.&nbsp;
Peters emphasised that this will be a gradual process, and that those who have been using Netflix without paying for a subscription will eventually need to pay for content.&nbsp;
He also noted that the company anticipates some negative reactions from customers, but is aiming to increase its subscriber base by 15 to 20 million, with a focus on countries such as India.

Under current circumstances, when all IT companies are on a firing spree, getting a job within that short period, they feel is next to impossible

Tech layoffs: Indian IT professionals now jobless scrambling for options to stay in the US

Under current circumstances, when all IT companies are on a firing spree, getting a job within that short period, they feel, is next to impossible

Thousands of Indian IT professionals in the US, who have lost their jobs due to the series of recent layoffs at companies like Google, Microsoft and Amazon, are now struggling to find new employment within the stipulated period under their work visas following the termination of their employment to stay in the country.
According to The Washington Post, nearly 200,000 IT workers have been laid off since November last year, including some record numbers in companies like Google, Microsoft, Facebook and Amazon.
As per some industry insiders, between 30 to 40 per cent of them are Indian IT professionals, a significant number of whom are on H-1B and L1 visas.
The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
The situation is getting worse for those on H-1B visas as they have to find a new job within 60 days or else, they would be left with no other option but to head back to India.

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms including fiscal deficit, direct tax and indirect tax, explained 

Budget 2023: Fiscal deficit, direct & indirect tax; Key terms explained 

With Budget 2023 round the corner, here are some key terms explained.&nbsp;

Budget 2023: Here are some key budget terms explained&nbsp; What is fiscal deficit?&nbsp; The govt has various sources of income &ndash; called as govt revenue. For example, taxes, profits from companies that are owned by the govt etc. The govt spending a lot as well, for example on roads, infrastructure, salaries of govt employees, interest costs, administrative costs etc. Most of the time the govt ends up spending more than its earning. So, this difference between what the govt spends and what it earns, when it spends more than it earns, is called as the FISCAL DEFICIT. What is a direct tax?&nbsp; A direct tax is a tax that you pay on your income or earnings. For example, the salary that you earn, you pay income tax on that. If you have a house on rent, the rental income is taxed. If you sell a house, the income you get for that will also be taxed. Essentially, it is that portion of your income that goes directly from you to the govt in the form of tax. Direct taxes are structured in such a way, that the more you earn, the higher the amount of tax you pay is.&nbsp;
What is an indirect tax?&nbsp; Earlier, we had several kinds of indirect taxes, which have now all been merged into the GST or the goods and services tax. Whenever you go and buy anything or pay for any service, whether its buying shoes or clothes or going for a movie or to a restaurant or stay in a hotel. You are paying a small part of this GST or indirect tax. Why is it indirect? Because it goes from you to the seller, that&rsquo;s whoever you&rsquo;re buying that particular good or service from&hellip;and the seller then passes it on to the govt. So its not going directly from you to the govt like in the case of a direct tax, but from you to the seller to the govt. The tax here is built into the price, its included in what you have to pay. Any tax that you pay on your expenses is known as indirect taxes.

A survey conducted by LinkedIn, shows that 88 per cent of young employees are planning to switch job in 2023. 

LinkedIn report says 88% young Indians are looking for a job change in 2023

Report says 88% young Indians are looking for a job change in 2023 

A survey conducted by LinkedIn, shows that 88 per cent of young employees are planning to switch jobs in 2023.&nbsp;

With job insecurity and mass layoffs in companies, making headlines every other day, a recent report showing 88 per cent of young employees in India planning job change this year, is crucial. &nbsp;
The survey was conducted by LinkedIn which shows that in India hiring level dropped by 23% in December 2022 as compared to the year before. Every 4 out of 5 people are looking for new roles especially people in the age group of 18-24. On the other hand, 64% of people belonging to the age group of 45-54 are looking for a change.
Also watch: <a href="https://www.editorji.com/lifestyle-news/companies-are-opting-quiet-hiring-to-beat-the-blues-of-quiet-quitting-know-all-about-it-1673843090013">Companies are opting 'Quiet Hiring' to beat the blues of 'Quiet Quitting'; know all about it</a>

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It is suspected that there is a possible defect in the affected part, which in rare cases might result in non-deployment of the airbags and seat belt pretensioners in the event of a vehicle crash

Maruti Suzuki recalls 17,362 cars due to this reason 

Maruti Suzuki recalls 17,362 cars

It is suspected that there is a possible defect in the affected part, which in rare cases might result in non-deployment of the airbags and seat belt pretensioners in the event of a vehicle crash

Maruti Suzuki India on Wednesday said it is recalling 17,362 units of models like Alto K10, Brezza and Baleno to inspect and replace a faulty airbag controller.
The affected models are Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara, manufactured between December 8, 2022 and January 12, 2023, the country's largest carmaker said in a regulatory filing.
"The recall is being undertaken to inspect and replace Airbag Controller free of cost, if required in these vehicles," it added.
It is suspected that there is a possible defect in the affected part, which in rare cases might result in non-deployment of the airbags and seat belt pretensioners in the event of a vehicle crash, the auto major stated.
"Out of abundant caution, customers of the suspected vehicles are advised not to drive or use the vehicle till the affected part is replaced," it said.
Affected vehicle owners will be receiving communication from Maruti Suzuki authorised workshops for immediate attention, it noted.

Earlier in the week, Adani group hit out at the Hindenberg report calling it baseless and said it was considering legal action again the firm

SEBI increases scrutiny of Adani Group; shares plunge further 

Earlier in the week, Adani group hit out at the Hindenberg report calling it baseless and said it was considering legal action again the firm

Hours after political party Congress demands &lsquo;serious probe&rsquo; by RBI, SEBI into charges against Adani Group, a Reuters report says that India&rsquo;s market regulator has increased scrutiny of deals by the Adani Group over the past year and will study a report issued by short-seller Hindenburg Research.&nbsp;
On Wednesday, the US-based Hindenburg Research said it had short positions in Adani Group shares accusing it of fraud, improper use of offshore tax havens and flagging concerns about high debt, leading to a massive sell-off of in Adani Group shares.
Shares of Adani Group companies on Friday continued to see sharp losses for a second consecutive trading day. Adani Total Gas lost ₹79,788 crore on Friday, followed by Adani Green Energy, which lost ₹57,876 crore, and Adani Transmission that lost ₹52,531.90.&nbsp;

In order to boost affordability especially amid rising interest rates, the middle-class is hoping for the tax deduction limit against home loan interest to be hiked from 2 lakh rupees to 5 lakh rupees


Budget 2023: From tax slab to GST on health insurance, here's what the middle-class wants

Budget 2023: What does the middle-class want

<ul>
<li>In order to boost affordability especially amid rising interest rates, the middle-class is hoping for the tax deduction limit against home loan interest to be hiked from 2 lakh rupees to 5 lakh rupees</li>
</ul>

Budget 2023 As February 1st approaches, expectations are soaring high. Here's what the middle-class wants:
 Income tax One of the biggest expectations this time is a change in the tax slabs. Several tax experts are of the opinion that a revision in the existing income tax slabs will greatly benefit taxpayers. Others expect that the basic exemption limit could be hiked from 2.5 lakh rupees to 5 lakh rupees.&nbsp;
<h3> Budget 2023 Tax Slabs&nbsp; </h3>
Health insurance Another big focus especially after the pandemic, remains health insurance, a segment that is even now, highly under-penetrated. Experts strongly believe that the govt should ensure more people are encouraged to buy health insurance by increasing the deduction limit under section 80D from the current 25,000 rupees to 1 lakh rupees. Focus on creating jobs Citizens across the board are hoping that job creation remains a big focus in this budget. Given that layoffs are trending especially in the western countries currently, a report shows that one in every four Indians is worried about the a job layoff. With that, experts believe that government should step in by aggressively expanding job-oriented sectors such as manufacturing, infrastructure in Tier-2, Tier-3, and Tier-4 cities.
Home loans interest rates Fourth on our list is the home loan interest deduction limit. In order to boost affordability especially amid rising interest rates, the middle-class is hoping for the tax deduction limit against home loan interest to be hiked from 2 lakh rupees to 5 lakh rupees.
Tution fee Another demand to move tuition fees of children to a separate provision from the section 80C deductions. The provision is already saturated with several options including various tax saving investments and expenses but has a limit of just 1.5 lakh rupees.
Section 80 C That brings us to the last point on our list. An increase in the section 80 C limit. The 1.5 lakh investment limit gets exhausted quickly. And expectations are that this limit gets increased to at least 2 or 2.5 lakh rupees. This will not just help taxpayers save more but also boost investments.

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are high that FM will reduce the burden on taxpayers. Nitin Baijal, Director, Deloitte tells Avni Raja what could be in store for taxpayers this budget. 

Budget 2023: What can taxpayers expect? 

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are high that FM will reduce the burden on taxpayers. Nitin Baijal, Director, Deloitte tells Avni Raja what could be in store for taxpayers this budget. 

With Budget 2023 Modi govt's last full budget before the 2024 elections, expectations are high that FM will reduce the burden on taxpayers. Nitin Baijal, Director, Deloitte tells Avni Raja what could be in store for taxpayers this budget.&nbsp;

For the past few years, the budget hasn't brought too much cheer for tax payers. Although a new exemption-less tax regime with lower taxes was announced in 2020, it hasn't seen too many takers. This year, expectations are high that there will be some significant announcements related to personal taxation. Nitin Baijal, director, Deloitte lists out what he believes the budget may include this time round.&nbsp; Tax slabs With the new exemption-less tax regime not taking off, there could be some announcements with the aim of making the new tax regime more attractive. It is also expected that the budget tinkers with the tax slabs in the old regime as well.&nbsp; Sections 80C &amp; 80D There has been no change in section 80C limits for the last 8-9 years. The limit needs to definitely be hiked from Rs 1.5 lakh to Rs 2.5 lakh. Another important point is that tuition fee should be put into a seperate category and not fall under section 80C.&nbsp; Healthcare costs have also been rising. Exemption under section 80D must be hiked.&nbsp; Long term capital gains tax LTCG definitely needs a relook. There should be LTCG parity among asset classes. The investments tax structure must be made easier. With the current LTCG which is different for investments in different asset classes, it can get confusing for the investor.&nbsp; Work from home expenses An introduction of a section for exemptions related to expenses and allowances for work from home would be very useful. Especially in terms of electricity reimbursements for example or people buying furniture from the market.&nbsp;

Stock markets closed down by 1.5%, with the Adani stocks seeing deep cuts. In fact extending their losses from Wednesday, trading was halted for some of the group’s stocks after they hit lower circuit.

Bloodbath on Dalal Street, Adani stocks collapse 

Stock markets closed down by 1.5%, with the Adani stocks seeing deep cuts. In fact extending their losses from Wednesday, trading was halted for some of the group&rsquo;s stocks after they hit lower circuit.

It was a bloodbath on Dalal street with the markets cracking under pressure of the Adani pack. The Adani group of companies went into a freefall today, on the back of the scathing Hindenburg report that accused Adani of corporate malpractice, stock manipulation and accounting fraud. A report, which Adani termed as &lsquo;unresearched&rsquo; and &lsquo;malicious&rsquo;. The Adani group said it was exploring legal options against Hindenburg research.
The group CFO said that the &lsquo;&rsquo;timing of the report&rsquo;s publication was a &lsquo;&rsquo;brazen, mala fide intention to undermine Adani Group&rsquo;s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises&rsquo;&rsquo;. &nbsp;
This Hindenburg report was released just ahead of the Adani Enterprises FPO, which is the largest ever FPO in India. The follow-on public offering opened today to a muted start, receiving bids for Rs 3.63 lakh shares or 1% of the issue size of 4.55 cr shares.&nbsp;
However, responding to Adani, Hindenburg research stands by its report, saying &ldquo;If Adani is serious, it should also file a suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process&rsquo;&rsquo;.
Meanwhile, the capital markets regulator SEBI, will also study the Hindenburg report. A Reuters report says SEBI, in its ongoing preliminary investigation into the group&rsquo;s offshore fund holdings, will also study the report. Incidentally, SEBI has also been named in the report as being aware of such malpractices
Both the Sensex and Nifty closed around 1.5% lower, with the stocks of the listed Adani group of companies seeing deep cuts. In fact extending their losses from Wednesday, trading was halted for some of the group&rsquo;s stocks after they hit lower circuit.

"We fully understand the close relationship between the Adani Group and the current govt. But it is incumbent on the Congress party to urge SEBI and RBI to investigate these allegations in the wider public interest," Ramesh said in a statement.

Congress demands detailed investigation by SEBI, RBI into Hindenburg charges against Adani Group

"We fully understand the close relationship between the Adani Group and the current govt. But it is incumbent on the Congress party to urge SEBI and RBI to investigate these allegations in the wider public interest," Ramesh said in a statement.

The Congress on Friday demanded an investigation by the SEBI and RBI into charges of alleged financial irregularities against the Adani Group, which has denied the charges.
Congress general secretary Communications Jairam Ramesh said the forensic analysis by the Hindenburg research into the Adani Group requires serious investigation by bodies like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), as they are responsible for ensuring stability and security of the country's financial system.
"We fully understand the close relationship between the Adani Group and the current government. But it is incumbent on the Congress party as a responsible opposition party to urge SEBI and RBI to play their roles as stewards of the financial system and to investigate these allegations in the wider public interest," Ramesh said in a statement.
The Congress general secretary said normally a political party should not be reacting to a research report on an individual company or business group prepared by a hedge fund, but the forensic analysis by Hindenburg Research on the Adani group demands a response from the Congress party.
"This is because the Adani Group is no ordinary conglomerate: it is closely identified with Prime Minister Narendra Modi since the time he was chief minister," Ramesh said.

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