Name: ED attaches Sterling Biotech assets, promoters absconding
Uploaded: 2019-06-27T14:11:09.0+05:30
Duration: T00M24S
Channel: editorji
Description: The Enforcement Directorate has attached assets worth over Rs. 9,000 crore in connection with a money-laundering probe against Gujarat-based pharma firm Sterling Biotech. The company is allegedly involved in a multi-crore bank fraud case amounting to Rs. 8,100 crore. The promoters of the firm Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara are both absconding.

The Enforcement Directorate has attached assets worth over Rs. 9,000 crore in connection with a money-laundering probe against Gujarat-based pharma firm Sterling Biotec

ED attaches Sterling Biotech assets, promoters absconding

The Enforcement Directorate has attached assets worth over Rs. 9,000 crore in connection with a money-laundering probe against Gujarat-based pharma firm Sterling Biotech. The company is allegedly involved in a multi-crore bank fraud case amounting to Rs. 8,100 crore. The promoters of the firm Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara are both absconding.

Secretary in the Department of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra died of COVID-19 related complications on Saturday.Prime Minister Narendra

Secretary in the Department of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra died of COVID-19 related complications on Saturday. Prime Minister Narendra&nbsp;Modi&nbsp;tweeted his condolences saying "Saddened by the demise of Dr. Guruprasad Mohapatra, DPIIT Secretary.
I had worked with him extensively in Gujarat and at the Centre. He had a great understanding of administrative issues and was known for his innovative zeal. Condolences to his family and friends. Om Shanti." Prior to taking over as&nbsp;DPIIT&nbsp;secretary in August 2019, Mohapatra served as chairman of the Airports Authority of India (AAI).
He was a Gujarat cadre 1986 batch IAS officer. He had earlier served as joint secretary in the Department of Commerce. Commerce and Industry Minister Piyush Goyal&nbsp;also tweeted "Extremely saddened to hear about the loss of Dr. Guruprasad Mohapatra, Secretary&nbsp;DPIIT.&nbsp;His long-standing service and dedication to the Nation have left a lasting impact. I convey my deepest sympathies to his family and friends."

US markets took a hit as the 30 stock Dow fell more than 500 points as investors got spooked by Federal Reserve (Fed) commentary on earlier than expected rate hikes.&nb

US markets took a hit as the 30 stock Dow fell more than 500 points as investors got spooked by Federal Reserve (Fed) commentary on earlier than expected rate hikes.&nbsp; The US stocks nosedived after Federal Reserve official James Bullard that the he was supporting the group of seven members that believes rate increases will&nbsp;begin next year. This comes as the Fed has moved up it's rate hike calendar to 2023 due to a rise in inflation forecast.&nbsp; Financials&nbsp;were down 6%, Energy sector down 5% were the worst hit on Wall Street.&nbsp; For the week, the Dow lost 3.5%. The S&amp;P 500 and Nasdaq were down by 1.9% and 0.2%, respectively.

Gold prices are down 5% so far this week, silver over 6% as the precious metals see the worst week in 9 months after hawkish comments from the Fed sent the dollar

Gold prices are down 5% so far this week, silver over 6% as the precious metals see the&nbsp;worst week in 9 months after hawkish comments from the Fed sent the dollar on a rally.&nbsp; The dollar jumped to a 2-month high as the Federal Reserve indicated earlier than anticipated rate hike. Prices in India were firmly below the Rs 47,000/10 gm mark which analysts believe will spark buying in the world's largest gold jewellery market.&nbsp; The price drop in the yellow metal may be temporary as per brokerage house Goldman Sachs who stated "In a now familiar pattern, the recent gold move has outpaced both the move in the dollar and in real rates, indicating it is due for an upward price reversal in coming weeks."

Ahmedabad-based vaccine manufacturer Zydus Cadila has told the Centre that it could apply for emergency use authorisation for its Covid-19 vaccine ZyCoV-D in the next s

Ahmedabad-based vaccine manufacturer Zydus Cadila has told the Centre that it could apply for emergency use authorisation for its Covid-19 vaccine ZyCoV-D in the next seven to ten days, reports said citing sources. The vaccine has completed its phase three trials for which around 28,000 volunteers were recruited. Last month, the vaccine manufacturer had said five crore doses of ZyCoV-D are likely to be available by August-September. Apart from adults, Zydus Cadila is also conducting trials of its vaccine candidate among children aged 12-17 years. If approved, ZyCoV-D will be the fourth vaccine to be used in India's Covid-19 vaccination drive after Covishield, Covaxin and Sputnik V. Zydus Cadila's Covid-19 vaccine candidate ZyCoV-D is India's first indigenously developed DNA vaccine candidate and it is to be administered via intradermal injection.

Fashion brand Zara has seen a dressing down in the last year posting a loss for it's India unit as sales fell 28% in FY21. This is the first loss for Zara in

Fashion brand Zara&nbsp;has seen a dressing down in the last year posting a loss for it's India unit as sales fell 28% in FY21. This is the first loss for Zara&nbsp;in India since it's arrival into the country in 2010. Zara&nbsp;which runs as a joint venture with Tata&nbsp;reported&nbsp;a net loss of Rs 41 crore as per Trent&rsquo;s annual report released Thursday. It posted a profit of Rs 104 crore in the previous year. It is one of the most profitable apparel retailers in the country. The hit on the numbers were due to lockdowns in the last year leading to dismal sales in 21 physical stores it runs across the country.&nbsp;

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC bank by Centrum-BharatPe. The central bank has given in princip

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC&nbsp;bank by&nbsp;Centrum-BharatPe.
The central bank has given in principle approval to Centrum&nbsp;to set up a small finance bank&nbsp; which was regulatory requirement for the takeover of PMC&nbsp;by the consortium.&nbsp;Centrum Group is owned by Jaspal Bindra, a former Standard Chartered honcho. For BharatPe, this will reduce the cost of capital. It has been wanting to lend on its own, instead of doing it only through its partner NBFC.&nbsp; This comes as a relief for PMC&nbsp;customers that still have to wait awhile for the current caps to be removed on deposits and other businesses.&nbsp;

Paytm will seek shareholder nod for it's IPO on July 12 as per reports. The payment merchant Paytm is looking to raise Rs 12000 cr which would make it In

Paytm&nbsp;will seek shareholder nod for it's IPO&nbsp;on July 12 as per reports. The payment merchant Paytm&nbsp;is looking to raise Rs 12000 cr which would make it India's largest IPO&nbsp;ever. Paytm, formally called One97 Communications, is also likely at it's EGM&nbsp;decide if founder and chief executive Vijay Shekhar Sharma can be declassified&nbsp;as the&nbsp;promoter. This move will ease the obligations on Vijay&nbsp;Shekhar&nbsp;Sharma&nbsp;who currently holds only 15% in the company.&nbsp;Alibaba's Ant Group holds the most stake at 29.71%.&nbsp; In the market for unlisted shares, Paytm&nbsp;share prices soared to as high as Rs 30,000/share before the company announced a bonus bringing it the price to Rs 3,000/share which would be more appealing to retail investors as per reports.&nbsp; But Paytm&nbsp;isn't the only startup&nbsp;lining up for Dalal&nbsp;Street, there a rush for startup&nbsp;IPOs&nbsp;on the anvil. Read also -: <a href="https://www.editorji.com/story/startup-ipo-rush-nykaa-zomato-paytm-delhivery-1623220694070">Zomato, Nkyaa, Delhivery, Paytm: The IPO&nbsp;choices</a>

Capitalizing on the Ronaldo-Coca Cola controversy, adhesive brand-Fevicol released “Na bottle hategi, na valuation ghatega” ad campaign.

In Cristiano&nbsp;Ronaldo&nbsp;Vs Coca Cola, it's advantage Fevicol.&nbsp;Capitalizing on the football star's recent&nbsp;snub to the soft drinks giant, adhesive brand-Fevicol has released a campaign on its social media and it's winning&nbsp;netizens'&nbsp;hearts already.&nbsp; With&nbsp;reports that Coca-Cola suffered a big drop in&nbsp;share prices, wiping off about USD 4 billion from their brand value, due to Ronaldo's&nbsp;snub,&nbsp;Fevicol&nbsp;came with the catchy creative that reads &ldquo;Na bottle hategi, na valuation ghatega&rdquo; &nbsp;(Neither the bottles will move nor will the valuation drop)". The funny ad taking a dig at the incident didn&rsquo;t go unnoticed and is already viral.
&nbsp;

NFT craze picks up pace, after Jack Dorsey put up his first ever tweet it's time for another big sale. The original source code for the World Wide Web that w

NFT craze picks up pace,&nbsp;&nbsp;after Jack Dorsey put up his first ever tweet it's time for another big sale. The original source code for the World Wide Web that was written by its inventor Tim Berners-Lee is up for sale at Sotheby&rsquo;s as part of a non-fungible token. So what do you get if you buy this NFT?&nbsp;The work includes the original archive of dated and time-stamped files from 1990 and 1991, containing 9,555 lines of source code and original HTML documents that taught the earliest web users how to use the application. The non-fungible token will also includes an animated 30-minute video of the code being written and a digital signature from Berners-Lee himself.&nbsp; International art broker Sotheby's&nbsp;will be holding the auction for the source code that is titled&nbsp;"This Changed Everything," the bidding starts at $1,000 and the proceeds will go towards charities picked by the Berner-Lee family.&nbsp;

Billionaire Gautam Adani lost $ 9 billion from his fortune as Adani stocks took an unprecedented beating on concerns of large FPI holdings. With this dro

Billionaire Gautam Adani&nbsp;lost $ 9 billion from his fortune as Adani&nbsp;stocks took an unprecedented beating on concerns of large FPI&nbsp;holdings. With this drop the Adani&nbsp;Chief is no longer the second richest man in Asia as per Bloomberg's&nbsp;Billionaire Index as he loses his spot to&nbsp;Zhong Shanshan, the Chinese billionaire who made a fortune by selling bottled water. The total net worth of Adani has come down to 63 billion dollars from 77 billion dollars in last four days upto&nbsp;Thursday.&nbsp; For the complete story the rout on Adani&nbsp;stocks read: <a href="https://www.editorji.com/story/adani-stock-saga-allegation-clarification-confusion-1623732075029">Adani&nbsp;Stock Saga: Allegations, Explaination and Confusion.&nbsp;</a>

Steel Minister refuted the concerns on SAIL raised by West Bengal (WB) Finance Minister Amit Mitra stating that there are there are no plans to term

Steel Minister refuted the concerns on SAIL raised by West Bengal (WB) Finance&nbsp;Minister&nbsp;Amit Mitra&nbsp;stating that there are&nbsp;there are no plans to terminate any employee of state-owned SAIL or reduce its headcount.
In a letter&nbsp;Union steel minister Dharmendra Pradhan&nbsp;told Mitra&nbsp;that "There is no plan to terminate or reduce employee strength of the company. SAIL, a responsible employer, will continue to take care of its employees. I hope that clarifies the position as regards to your apprehensions".
On Wednesday, Mitra had requested the steel minister to intervene and stop the dismantling of Raw Materials Division (RMD) of&nbsp;Steel Authority of India Limited in Kolkatta.&nbsp;SAIL&rsquo;s raw material division, headquartered in Kolkata, runs 15 mines including iron ore mines, flux mines and coal mines.

Swiss Banks are holding over 2.55 billion Swiss francs for ultra rich Indians and Indian firms, this is the highest in over 13 years as per annual data from S

Swiss Banks are holding over&nbsp;2.55 billion Swiss francs for ultra rich Indians and Indian firms, this is the highest in over 13 years as per&nbsp;annual data from Switzerland's central bank.&nbsp; A sharp surge in holdings via securities and similar instruments helped reverse a two year declining trend in the account holdings that had hit a record high of 6.5 billion Swiss francs (Rs 52,500 cr) as reported by PTI. These are official figures reported by banks to the SNB and does not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in names of third-country entities.

DMart and Info Edge are strong contenders to join the elite 50 stock Nifty as per a report by brokerage house Edelweiss. Nifty re-balancing typically happens end of Aug

DMart and Info Edge are strong contenders to join the elite 50 stock Nifty as per a report by brokerage house Edelweiss. Nifty re-balancing typically happens end of August though no confirmed schedule as been stated.&nbsp; DMart&nbsp;promoted by Dalal&nbsp;Street heavy weight&nbsp;Radhakishan Damani&nbsp;has a market cap of over Rs 2.17 lakh crore, making it the 17th most valued company in India after Axis Bank. The only hurdle for the company is the lack of inclusion in derivative segment which it would have to be in to be a part of the Nifty 50 club.&nbsp;&nbsp;Listed in March 2017, the counter has delivered over 1,000 per cent return from its issue price in just four years.
Jobs portal Info Edge is the next candidate Edelweiss is highlighting as the next possible inclusion. The only hurdle it will face is a lower free-float than the rest of the marquee stocks. So who will leave to make place well IOC&nbsp;seems to be the obvious choice as per the report.&nbsp;

Bill Gates is recommending 5 books you must have on your reading list for the summer. The annual summer reading list put out by Bills Gates on his blog has a theme for

Bill Gates is recommending 5 books you must have on your reading list for the summer. The annual summer reading list put out by <a href="https://www.gatesnotes.com/About-Bill-Gates/Summer-Books-2021">Bills Gates on his blog</a> has a theme for 2021: &ldquo;the complicated relationship between humanity and nature." Here is the list-:
1. Under a White Sky: The Nature of the Future&rsquo;: Written by&nbsp;Pulitzer Prize winner writer at the New Yorker,&nbsp;Elizabeth Kolbert&nbsp;&nbsp;takes a hard look at the new world we are creating. This is her third book after&nbsp;Field Notes from a Catastrophe: Man, Nature, and Climate Change&nbsp;and&nbsp;The Sixth Extinction. Gates in his review of the book states "&nbsp;&ldquo;I&rsquo;m glad that smart writers like Elizabeth are reminding us of the risks of trying to intervene in nature. But I wish she had also explored whether the risks are worth taking, or what the alternatives might be." 2.&nbsp;A Promised Land: Gates recommends this book by Barack&nbsp;Obama&nbsp;to everyone not just people sharing the political belief. Encouraging read what is the first of the presidential memoirs Bill Gates says "&nbsp;&ldquo;A Promised Land is a refreshingly honest book. He isn&rsquo;t trying to sell himself to you or claim he didn&rsquo;t make mistakes. It&rsquo;s a terrific read, no matter what your politics are.&rdquo;&nbsp;The account goes through Obama&rsquo;s life through the 2011 operation that killed Osama bin Laden. 3.&nbsp;Lights Out: Pride, Delusion, and the Fall of General Electric&rsquo;: The billionaire recommends this account narrated by&nbsp;Wall Street Journal reporters&nbsp;Thomas Gryta&nbsp;and&nbsp;Ted Mann as he says it made him realise&nbsp;GE was trying to do too much.&nbsp;&ldquo;It turns out that culture of making the numbers at all costs gave rise to &lsquo;success theater&rsquo; and &ldquo;chasing earnings,&rsquo;&rdquo; <a href="https://www.gatesnotes.com/Books/Lights-Out">Gates writes.</a> &ldquo;In Gryta and Mann&rsquo;s words, &lsquo;Problems [were] hidden for the sake of preserving performance, thus allowing small problems to become big problems before they were detected." The fascinating account of the&nbsp;bellwether company makes it a must have on the bookshelf.&nbsp; 4.&nbsp;The Overstory: This Pulitzer Prize winner by Richard Power, explores relationship between humans and nature. The novel is about five trees whose unique life experiences with nine Americans bring them together to address the destruction of forests.&nbsp;&ldquo;The book made me want to learn more about trees,&rdquo;&nbsp;<a href="https://www.gatesnotes.com/Books/The-Overstory">Gates writes in his review</a>. &ldquo;You don&rsquo;t need any special knowledge to follow the story, but it left me super curious about the subject. There&rsquo;s a certain elegance to how trees fit into their ecosystems. It&rsquo;s amazing that they live for so long&mdash;the oldest tree in the world is over 4,800 years old!&mdash;despite being stationary.&rdquo; 5.&nbsp;An Elegant Defense: The Extraordinary New Science of the Immune System:&nbsp;Written by Pulitzer Prize-winning&nbsp;New York Times&nbsp;journalist Matt Richtel, &ldquo;An Elegant Defense&rdquo; is a book about the human immune system. Ritchel tells the story of the immune system via&nbsp;the tales of four real people whose health challenges illustrate the system&rsquo;s features and bugs.
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Swedish furniture retailer Ikea has started delivery of home furnishing items in Bengaluru through its e-commerce services and newly-launched mobile shopping app.

Swedish furniture retailer Ikea&nbsp;has started delivery of home furnishing items in Bengaluru through its e-commerce services and newly-launched mobile shopping app.
IKEA India CEO&nbsp;Peter Betzel said,&nbsp;Bengaluru is a very important market for IKEA&nbsp;as it is one of the largest home furnishing markets in India. The brand also plans to open physical stores in the city so that customers can hop in to a store for the entire IKEA&nbsp;experience first hand.
So far, IKEA already has an online presence in Hyderabad, Mumbai, Pune, Ahmedabad, Surat, and Vadodara.&nbsp;In 2022,&nbsp;IKEA plans to open two city centre stores in Mumbai.

PharmEasy looking to ride the health sector wave is eyeing to acquire listed diagnostics services provider Thyrocare in a Rs 7,000 cr deal as per reports

PharmEasy&nbsp;looking to ride the health sector wave is eyeing to acquire&nbsp;listed diagnostics services provider Thyrocare&nbsp;in a Rs 7,000 cr deal as per reports.&nbsp;
Moneycontrol&nbsp;reports as per sources that the API&nbsp;holding's the parent company of PharmEasy&nbsp;is likely to&nbsp;announce the deal ahead of it's planned $1.2 million&nbsp;IPO. PharmEasy&nbsp;is also in the spotlight as&nbsp;Tiger Global and&nbsp;Facebook co-founder Eduardo Saverin&rsquo;s B Capital has invested $20 million in the medical portal. With this round of fund raising PharmEasy is now valued at $1.8 billion, up from $1.5 billion in April, joining India&rsquo;s fast-growing pool of unicorns.&nbsp;

E-commerce giant Amazon and Walmart backed Flipkart have legally challenged the Karnataka HC decision allowing the CCI probe against the

E-commerce giant Amazon and&nbsp;&nbsp;Walmart&nbsp;backed Flipkart have legally challenged the Karnataka&nbsp;HC&nbsp;decision allowing the CCI&nbsp;probe against the e-commerce portals. Flipkart&nbsp;and Amazon have made a&nbsp;new appeal to the division bench.&nbsp; As per reports&nbsp;Flipkart filed its appeal against the order late Wednesday, Amazon India&rsquo;s petition was filed Thursday morning. The matter is likely to be heard on Friday.
CCI&nbsp;is probing allegations that&nbsp;Amazon India and Flipkart&nbsp;sales were predatory in nature and favourable terms to select sellers.
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Scrips of Gujarat Gas Ltd are up almost 30% in June as the company delivered stronger than expected Q4FY21 earnings. Brokerages are upbeat, with Nomura placi

Gujarat Gas stock is on a uptrend gaining 30% in less than a month as brokerages bet big raising targets and the company delivers stellar Q4 earnings.&nbsp;
Brokerages are upbeat, with Nomura&nbsp;placing Gujarat Gas at their top pick in the sector. Nomura&nbsp;has reiterated a BUY call on the stock almost doubling their price target to ₹800/share from ₹475. It implies a 21% further upside as the stock was trading around ₹660 levels on Thursday morning.
Nomura&nbsp;noted that the second wave impact on the company was low as the volume revival was the sharpest in FY21 and the brokerage expects the momentum to continue in FY22.&nbsp;As restrictions are being lifted gradually in many of company's operating areas, natural gas demand is likely to improve
Net debt declined sharply by 61% y-o-y in FY21. It is noteworthy that the management indicated that the company could repay the entire debt but would take advantage of low-interest costs as of now.

The Reserve Bank of India (RBI) estimates that the hit of second wave on the economy may total to a whopping Rs 2 lakh crore.Output loss due to the resurgence covid&nbs

The Reserve Bank of India (RBI) estimates that the hit of second wave on the economy may total to a whopping Rs 2 lakh crore. Output loss due to the resurgence covid&nbsp;has&nbsp;has hit domestic demand the RBI said in its monthly bulletin for June 2021. This loss in economic value is already reflecting in the GDP&nbsp;projection for the central bank that bought down their GDP&nbsp;forecast to 9.5% for the current fiscal year.&nbsp; The RBI&nbsp;however maintained its optimistic stance in it's outlook.&nbsp;"Going forward, the speed and scale of vaccination will shape the path of recovery. The economy has the resilience and the fundamentals to bounce back from the pandemic and unshackle itself from pre-existing cyclical and structural hindrances," it said.

Sputnik V pilot is in it's last leg and is ready to be expanded to other cities after Mumbai, Delhi and Hyderabad as per Dr Reddy's Lab which has currently so

Sputnik V pilot is in it's last leg and is ready to be expanded to other cities after Mumbai, Delhi and Hyderabad as per Dr Reddy's&nbsp;Lab which has currently&nbsp;soft-launched Russia's COVID-19 vaccine. A press release from Dr Reddy's said&nbsp;CoWIN&nbsp;registration for the Russian vaccine will be available as soon as they commercially&nbsp;launch the jab. The current pilot project&nbsp;allowed Dr Reddy's to test the cold storage arrangements of -18C temperature in the cities as well as the logistic chain for the vaccine.&nbsp;

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Business

Guruprasad Mohapatra, Secretary DPIIT dies of Covid-related complications

US Markets slide, Dow falls over 500 points sees worst week since Oct

Gold prices slide 5%, Goldman says reversal is due so is it time to buy again?

Zydus Cadila to apply for approval of its Covid vaccine in a week

Zara hit by Covid, posts loss for India unit as sales fall nearly 30%

Centrum-BharatPe gets RBI nod for PMC Bank takeover

Paytm IPO: Board to meet on July 12 to finalise $1.6 bn IPO

In Cristiano Ronaldo Vs Coca-Cola, it's ad-vantage Fevicol

Source code for the Web is on sale as an NFT

Gautam Adani loses $9 billion in 3 days, as Adani group stocks take a hit

West Bengal SAIL units not be undermined: Steel Minister tells Amit Mitra

Indians park Rs 20,700 cr funds in Swiss banks; highest in 13 years

DMart and Info Edge likely to be included in the Nifty: Report

Bill Gates recommends these 5 books for summer reading

IKEA India now delivers products to Bengaluru, physical store in a year

PharmEasy looks to acquire Thyrocare, valuation soars to $1.8 bn

Amazon, Flipkart challenge HC order allowing CCI probe

Gujarat Gas: Stock up 30% in June, what's fuelling the rise?

2 lakh crore is the bill of the second wave to the economy: RBI

Sputnik V pilot in final leg; Dr Reddy's gears for commercial launch

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