Name: ED attaches Sterling Biotech assets, promoters absconding
Uploaded: 2019-06-27T02:11:09.fff+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.

Ride sharing app Uber has announced free rides for those going to avail the second phase of the vaccination drive. The value of each free ride will be ma

Ride sharing app Uber&nbsp;has announced free rides for those going to avail the&nbsp;second phase of the vaccination drive.&nbsp;The value of each free ride will be maximum of&nbsp;₹150 and a rider is entitled to maximum of two free rides, to and from the vaccination center.
Uber plans on creating and spreading awareness via its app and social media platforms and earmarked ₹10 crore for supporting the vaccination drive.&nbsp;

China's top economic official announced a healthy growth target for the nation and its plans to become a more self-reliant technology leader amid tension with Washingto

China's top economic official announced a healthy growth target for the nation and its plans to become a more self-reliant technology leader amid tension with Washington and Europe over trade, Hong Kong and human rights.
The ruling Communist Party is aiming for economic growth of "over 6 per cent" as it rebounds from the coronavirus pandemic, Chinese Premier Li Keqiang said in a report on Friday.
China is the only major country to grow last year, clocking a 2.3% expansion even after shutting down most of its economy to fight the coronavirus&nbsp;last year.

The world’s largest vaccine producer Adar Poonawala has raised concerns on possible shortfall in procuring input materials for Covid vaccine production. The Serum

The world&rsquo;s largest vaccine producer, Serum Institute of India CEO&nbsp;Adar Poonawala has raised concerns on the possible shortfall in procuring input materials for Covid-19 vaccine production.
The Serum Institute head told a World Bank panel that there are export blockages due to US laws, which are resulting in supply bottlenecks for bags and filters.
Poonawala urged for a dialogue with US President Biden on the issue. He said, "We&rsquo;re talking about having free global access to vaccines but if we can&rsquo;t get the raw materials out of the U.S. that&rsquo;s going to be a serious limiting factor."
The Serum Institute of India has already distributed 90 million doses of AstraZeneca&rsquo;s vaccine to 51 countries.

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC decided to hold back on increasing supplies. Markets

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC&nbsp;decided to hold back on increasing supplies.&nbsp;
Markets were anticipating an increase in oil supplies but OPEC&nbsp;de-facto&nbsp;chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April. This spells bad news for India as petrol prices continue to hit record high across the nation.&nbsp;

Federal Reserve Chair Jerome Powell’s lack of caution on surging bond yields had traders jittery as Wall Street saw a sharp decline post his commentary. Even as t

Federal Reserve Chair Jerome Powell&rsquo;s lack of caution on surging bond yields had traders jittery as Wall Street saw a sharp decline post his commentary. Even as the fed chief reassured that they would continue to support the economy , dovish commentary on yields were the big worry.&nbsp;
Tech stocks were hit the hardest as Nasdaq ended 2.1% lower. Dow Jones closed shop 300 points lower but had dropped over 700 points in intra-day trade.&nbsp;
Nasdaq down nearly 10% from it&rsquo;s February record high. With Thursday&rsquo;s drop the tech heavy index has removed all gains for 2021. The S&amp;P 500 has declined over 4% from its record high close on Feb. 12.

Rising yields is giving traders an unpleasant déjà vu of the 2013 ‘taper tantrum’ where markets sold off aggressively as the money market

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy. So why&nbsp;do markets get rattled by rising bond yields?
 Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

The UK’s competition regulator on Thursday launched an antitrust investigation into Apple. The Competition and Markets Authority said it would investigate Apple o

The UK&rsquo;s competition regulator on Thursday launched an antitrust investigation into Apple. The Competition and Markets Authority said it would investigate Apple over complaints from software developers about the tech giant&rsquo;s App Store. Apple only lets developers release iPhone and iPad apps through its iOS smartphone platform. The tech giant has a rigorous approval process for iOS apps and has often faced criticism about an up to 30% fee it charges on in-app transactions. UK authorities have said, complaints that Apple is using its market position to set terms which are unfair or may restrict competition and choice &mdash; potentially causing customers to lose out when buying and using apps &mdash; warrant careful scrutiny. Britain&rsquo;s competition probe into Apple follows similar moves by the European Union last year.

Indian software giant, Wipro on Thursday said that it has signed an agreement to acquire Capco, a privately held British consultancy, for $1.45 billion. The

Indian tech giant Wipro&nbsp;has acquired a British&nbsp;consultancy firm&nbsp;Capco&nbsp;for $1.45 bn.&nbsp;This is a cash transaction and is expected to be completed during the quarter ending June 30 this year.&nbsp;
Capco&nbsp;is a management and technology consultancy firm headquartered&nbsp;in London with a focus on BFSI&nbsp;clients.&nbsp;Capco has over 5,000 employees and is present in 30 locations. The firm reported revenue of $700 million in 2020.
This is Wipro's&nbsp;largest acquisition ever at $1.45 bn.

Distressed with Amazon’s legal battle over Future Group’s deal with Reliance Industry, the members of All India Consumer Products Distributors Federation ha

Distressed with Amazon&rsquo;s legal battle over Future Group&rsquo;s deal with Reliance Industry, the members of All India Consumer Products Distributors Federation have written to the Amazon chiefs not to block the Future Group-RIL deal. In a letter, the association highlighted their concerns of pending payment of dues by Future group&nbsp; and said more than 6,000 vendors and suppliers have Rs 6,000 crore worth of dues pending with the Kishore&nbsp;Biyani&nbsp;founded Future group.
 Amazon, which is locked in a bitter legal battle with the Future Group over the sale of its assets to RIL, has alleged that the Future Group has violated an agreement that barred it from dealing with Mukesh&nbsp;Ambani's&nbsp;RIL.

EPF Interest Rate: EPFO board at its meet in Srinagar today decided to keep rates steady at 8.5% for FY'21 as per reports.

Even as heavy withdrawals&nbsp;have hit the provident fund corpus the EPFO&nbsp;board at its meet in Srinagar&nbsp;today decided to keep rates steady at 8.5% for FY'21 as per reports. The EPFO&nbsp;rate will have to be approved by the finance ministry to be notified.&nbsp;
The EPF&nbsp;rate has seen a sharp drop over the years is now at a 7-year low at 8.5%
<ul>
<li>FY17: 8.65%</li>
<li>FY18: 8.55%</li>
<li>FY19: 8.65%</li>
<li>FY20: 8.5%</li>
</ul>
6 lakh&nbsp;subscribers will at least be grateful&nbsp;that the govt has not reduced the rate further as was the expectations before the meet.&nbsp;

Tepid sales in February has prompted two-wheeler makers Hero Moto and Baja Auto to offer huge discounts. Bajaj Auto and Hero Moto are offering lower rates for

Tepid sales in February&nbsp;has&nbsp;prompted two-wheeler makers Hero Moto and Baja Auto to offer huge discounts. Bajaj Auto and Hero Moto are offering lower rates for their entry level as well as executive models, together they make up over 70% of the&nbsp;sales as per reports.&nbsp;&nbsp;
 As per reports dealers are saying the discounts being offered are even larger than those in the peak festive season of October-December.&nbsp;This comes at a time when companies are facing input cost pressures as&nbsp;well .&nbsp;&nbsp;
 Bajaj and Hero both reported February sales growth that was below market&nbsp;expectations.&nbsp;

Looking to make a bo push towards e-commerce Disney is going to shut down 60 stores across North America. This is just the start, the company will be evaluating p

Looking to make a big push towards e-commerce Disney is going to shut down 60 stores across North America. This is just the start, the&nbsp; company will be evaluating potential closures in other parts of the world.&nbsp;
Disney currently operates over 300 stores globally and is looking to shutter down on 20% to realign it's business as sales have been declining.&nbsp;
The company however reassured that&nbsp;other shopping experiences, which include 600 Disney Parks stores, shop-in-shop locations like Target, lifestyle and outlet locations will not be impacted

A new tax proposal in the US, The Ultra-Millionaire Tax Act would raise the tax bill for the billionaires significantly. The act proposes an annual levy

A new tax proposal in the US, The Ultra-Millionaire Tax Act would&nbsp;raise the tax bill for the billionaires significantly.&nbsp;The act proposes an annual levy&nbsp;of 2%&nbsp;tax&nbsp;on wealth over $50 million and 3% on wealth over $1 billion.&nbsp;
 So&nbsp;if this act was to become law, here is what the Ultra-Millionaires&nbsp; tax&nbsp;bill would look like for 2020-:&nbsp;
<ul>
<li>Jeff Bezos would owe $5.7 billion&nbsp;&nbsp;</li>
<li>Elon Musk would owe $4.6 billion&nbsp;</li>
<li>Bill Gates would have to pay $3.6 billion&nbsp;</li>
<li>Mark&nbsp;Zuckerberg&nbsp;would have to pay $3 billion&nbsp;</li>
</ul>
As per a report 650 billionaires in the US have a&nbsp;collective wealth of more than $4.2 trillion, in&nbsp;fact&nbsp;30% of the wealth tax would be paid by the 15 richest Americans, who combined have a fortune of more than $2.1 trillion.

Supporting the world’s largest vaccination drive corporates are coming out to do their bit. Tech heavyweights TCS , Infosys along with Accenture have sa

Supporting the world&rsquo;s largest vaccination drive corporates are coming out to do their bit. Tech heavyweights&nbsp;TCS ,&nbsp;Infosys along with Accenture have said they will cover the cost of&nbsp;Covid-19 vaccination for their employees and their family members, who are eligible and choose to receive the vaccination.&nbsp;
 Infact, Mahindra Group chief Anand Mahindra tweeted they were waiting for approval and would also be willing to cover the cost of vaccination for employees and their families.&nbsp;&nbsp;

Purchasing a home is one of the biggest financial decisions you may take in your lifetime, and if you are considering applying for a home loan, it can become even bigge

ICICI&nbsp;Bank has added to the bandwagon increasing the cheer for home buyers as it also has cut home loan rates to 6.7% ahead of year closing.&nbsp; &nbsp; The trend started by India&rsquo;s largest lender that lowered home loan rates to 6.7% was followed swiftly by Uday Kotak backed Kotak Mahindra Bank that went even lower to 6.65%.&nbsp;Real estate lender HDFC also issued a statement that it was lowering the rates by 5 bps as well.&nbsp;&nbsp; &nbsp; All these offers however are limited to new loans before the close of this fiscal year on March 31, lenders are hoping the low rates will boost up loan books before the year ends.

Hyderabad based defence equipment maker MTAR Technologies has launched its IPO and here is what investors need to know . IPO Radar: MTAR Tech Issue dates: March 3-5

Hyderabad based defence equipment maker MTAR Technologies has launched its IPO and here is what investors need to know .
IPO Radar: MTAR Tech
<ul>
<li>Issue dates: March 3-5&nbsp;</li>
<li>Price band: Rs 574-575/share</li>
<li>Minimum bid size: 26 equity shares</li>
</ul>
MTAR Tech
About the company&nbsp;
<ul>
<li>Hyderabad based, founded in 1970</li>
<li>Maker of nuclear, defence and aerospace equipment</li>
<li>Order book of of Rs 334 crore</li>
<li>ISRO, DRDO, Nuclear Power Corporation of India key clients&nbsp;</li>
</ul>
 Ahead of the issue the company sold 18.51 crore shares at Rs 540/share in a pre-IPO placement to schemes of SBI Mutual Fund and Axis Mutual Fund.

Reports indicate the food delivery unicorn Zomato is eyeing a $ 1 bn IPO as early as June. Zomato had recently raised $250 million pushing its valuation

Reports indicate the food delivery unicorn Zomato is eyeing a $1 bn IPO as early as June. Zomato had recently raised $250 million&nbsp;pushing&nbsp;its&nbsp;valuation to $5.4 billion.&nbsp;&nbsp; Falguni&nbsp;Nayar-led&nbsp;cosmetic-tech&nbsp;app Nykaa, which took under 8 years to become a&nbsp;billion-dollar&nbsp;company, is also close to a second round of fundraising. Reports indicate this round will lead to the company&nbsp;doubling&nbsp;its&nbsp;valuation to $2 bn.&nbsp;&nbsp;
 Policy Bazaar&nbsp;has also raised $45 million in a recent funding spree as per reports which is now valuing the Bengaluru-based&nbsp;insurance&nbsp;aggregator&nbsp;at $2.4 billion.&nbsp;&nbsp;

Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mitta

Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mittal promoted Bharti Airtel.&nbsp;&nbsp;
Jio was focused on renewing the crucial 800MHz band. It&nbsp; has mopped up 58% of the spectrum available in this band ensuring wider coverage for the telecom&nbsp;giant.&nbsp;
After the four rounds of auction, the kitty&nbsp;topping Rs 77,000 cr&nbsp;has far exceeded the govt&rsquo;s expectations.&nbsp;

As per Hurun Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the

As per&nbsp;Hurun&nbsp;Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the&nbsp;additional 32 Indian-origin billionaires across the world.&nbsp;&nbsp;
 Mukesh Ambani&nbsp;holds pole post as&nbsp;India&rsquo;s richest man&nbsp;with his wealth rising 24% in 2020 totaling to $83 billion and also making him the eighth richest man&nbsp;globally.&nbsp;&nbsp;
 The Shanghai based report also stated that China surpassed the US to become home to&nbsp;the most&nbsp;number of billionaires in the world. While India with&nbsp;177 billionaires&nbsp;is the third highest in the world.&nbsp;&nbsp;

Govt woos Musk for Made In India tag for Tesla As Elon Musk gears to launch Tesla cars into India , the govt is gearing to offer big conc

The govt is rolling the red carpet for&nbsp;Elon Musk who is set to launch Tesla cars into&nbsp;India. The govt is readying to offer big concessions to lure the billionaire into setting up production facilities here and not just the car assembling units.&nbsp;&nbsp;
Transport Minister Nitin Gadkari said: "Rather than assembling (the cars) in India they should make the entire product in the country by hiring local vendors. Then we can give higher concessions.&rdquo;&nbsp;
Gadkari also reassured that the govt will ensure that the cost of production in India would be lower than China by way of hefty concessions.&nbsp;&nbsp;
 Reports indicate Tesla will launch&nbsp;it&rsquo;s&nbsp;Model 3 electric sedan in India by middle of 2021.&nbsp;

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