The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses 

SpiceJet open to sell more stakes in airline biz

Cash-strapped SpiceJet to sell more stakes in airline business  

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses&nbsp;

The cash-strapped airline, SpiceJet is open to selling more shares to reduce its liabilities, chairman and managing director Ajay Singh said.&nbsp;
As per Livemint report, Singh further said we are flexible. We will talk to our partners and see what it is they prefer to do. But, irrespective, we need to deleverage our balance sheet to have the space to grow, and that&rsquo;s what we are trying to do," Singh said in response to a query at the CAPA India Aviation Summit.
At the end of the December quarter, when it posted a four-fold jump in net profit to ₹106.8 crore thanks to robust demand and higher fares, the Gurugram-based airline had liabilities of around ₹14,000 crore. The carrier has been in talks with lessors, investors and lenders in India and abroad for renegotiating contracts, raising funds, and restructuring. The airline has convinced Carlyle Aviation, its largest lessor from which it has leased 13 aircraft, to convert $100 million of outstanding dues into a 7.5% equity and $65.5 million worth of compulsorily convertible debentures in the cargo unit.
The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses.&nbsp;

You free blue tick on Twitter will disappear on April 1.

Twitter to soon remove legacy blue ticks

You free blue tick on Twitter will disappear on April 1.

Twitter will start removing legacy verified marks from user accounts beginning April 1, as it moves towards a model where only paid subscribers and approved organisations have that status.
Many public figures and journalists were previously marked as verified without paying for the subscription.
The blue verification mark is now a major feature of Twitter Blue's subscription offering, which is priced starting at ₹650 per month.&nbsp;
Paying subscribers also get higher priority in replies and searches, receive fewer ads, and can edit tweets.

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

Sebi relief for investors holding physical shares

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

The Securities and Exchange Board of India has given investors who possess physical share certificates a reprieve by extending the deadline for adhering to the know your customer (KYC) regulations from March 31 to September 30, as per a report by Financial Express.&nbsp;
Presenting PAN, nomination, contact information, bank account information, and a sample signature for their respective folio numbers to their registrar and transfer agents is now required of all holders of physical securities in listed companies.
If this is not done, folios will be blocked by RTAs after October 1. These shares will not be subject to company actions such as dividends, bonuses, or stock splits.
In the securities market, only 1% to 1.5% of shares are still held in their physical shape as share certificates. Industry estimates place the worth of this at over 3.5 trillion rupees.
As reported by Financial Express

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on scaling up India’s semiconductor industry and electronics manufacturing 

Exclusive Rajeev Chandrasekhar on scaling up India’s electronics manufacturing

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on scaling up India&rsquo;s semiconductor industry and electronics manufacturing&nbsp;

With an aim to make India more 'Atmanirbhar&rsquo; and a hub of semiconductors, Minister of State,&nbsp; Information Technology, speaks with Editorji's Vikram Chandra on scaling up India&rsquo;s semiconductor industry and electronics manufacturing. Listen in to the exclusive conversation&nbsp;&nbsp;

Job cuts at Accenture: IT services & consulting firm to lay off 19,000 staff

Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

IT services and consulting firm Accenture will lay off 2.5 per cent or 19,000 employees over a period of the next one and half years, the company said in a regulatory filing.
Accenture currently employs over 7 lakh people and is estimated to have the largest employee base of 3 lakh people in India.
"While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs. Over the next 18 months, these actions are expected to result in the departure of approximately 19,000 people (or 2.5 per cent of our current workforce)," the company said in a regulatory filing.
Over half of these departures will consist of people in Accenture's non-billable corporate functions, the filing said.&nbsp;

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India  

Will US' Silicon Valley Bank failure impact Indian startups and entrepreneurs?

Exclusive interview with Rajeev Chandrasekhar| What is the future of cryptocurrencies in India? 

Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on crypto regulation in India&nbsp;&nbsp;

With cryptos back in the news and Bitcoin rallying nearly 70% so far this year, Editorji's Vikram Chandra speaks to Rajeev Chandrasekhar, Minister of Information Technology on the future of crypto regulation in India, in this exclusive conversation. Listen in to what he had to say.&nbsp; &nbsp;

Work from home or office? Here's what mostly Indians want 

In a survey conducted by LinkedIn, 78% of Indian professionals have said that they are back to office by choice. 63% of the professionals feel that remote work has no harmful impact on their careers

In a survey conducted by LinkedIn, 78% of Indian professionals have said that they are back to office by choice. 63% of the professionals feel that remote work has no harmful impact on their careers

Do you also like to get dressed up and head to office?&nbsp; In a survey conducted by professional networking site LinkedIn, 78% of Indian professionals said that they go to the office by choice. 71% of people who participated in the LinkedIn survey feel they have to overcompensate when working from home to show that they are serious about work. They also felt that time spent in office has an impact on their career.
63% of the participants in the LinkedIn research feel working remotely has no harmful impact on their careers, however a similar proportion also believed their chances of career growth could be reduced if they didn&rsquo;t go to office as much.
The survey also provided interesting insights about desk bombing, loud leaving and chai breaks.&nbsp;
Desk bombing refers to a situation when a colleague shows up unannounced at a worker&rsquo;s desk to have a chat. 62 per cent of Gen Z professionals in India see &ldquo;desk-bombing&rdquo; as a great way to have impromptu conversations.
Loud leaving is a practice in which someone, typically a manager visibly leaves the work place making it known that it&rsquo;s okay to shut down and stop working at a reasonable time. 60 per cent of participants in the LinkedIn survey say they have experienced &ldquo;Loud Leaving&rdquo;
&nbsp;
&nbsp;

In a note posted on its website, Hidenburg Research stated, "Our two-year investigation has concluded that Block has systematically exploited the demographics it claims to be helping."

Block, the payments company headed by former Twitter CEO Jack Dorsey, is Hindenburg's next target

In a note posted on its website, Hidenburg Research stated, "Our two-year investigation has concluded that Block has systematically exploited the demographics it claims to be helping."

Hindenburg Research latest report targets Jack Dorsey's firm Block, formerly known as Square.
Block is one of the earliest digital payments platforms to allow Bitcoin transactions. It's also developing more decentralized Bitcoin mining solutions in addition to its wallet services.
WHAT HINDENBURG RESEARCH CLAIMS:
<ul>
<li>Block has systematically taken advantage of the demographics it claims to be helping</li>
<li>Block is not disruptive innovation</li>
<li>Company willing to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology</li>
<li>Company misled investors with inflated metrics</li>
<li>Block overstated its genuine user counts and has understated its customer acquisition costs</li>
<li>Company has a 'wild west' approach to compliance</li>
</ul>
Shares of Block fell 18% in premarket trading after the report. According to Ortex data, 5.2% of Block's open float shares were short as of March 22.
&nbsp;
&nbsp;

As per CNBC-TV18, the government is seeking legal opinions to regulate e-pharmacies. The government is concerned about data leak and misuse through these online platforms

Government seeks legal advise to regulate e-pharmacies: Report

Concerned over data leak, govt mulls regulating e-pharmacies: Report

The government is seeking legal opinions to regulate e-pharmacies. This over concerns about data leaks and misuse through these online platforms, as per a CNBC-TV18 report.&nbsp;

The government is mulling over regulating e-pharmacies and is seeking legal opinions, reported CNBC-TV18.&nbsp;
The ministry of chemicals and fertilizers has drafted regulations to curb the operations of the e-pharmacies. According to the news channel, the government is concerned over data leak and misuse through these online platforms.
The DGCA had issued show cause notices to over 20 e-pharmacies, for violation of the Drugs and Cosmetics Act 1940, as they were found to be selling schedule H, H1 and X without a valid licence. In response the FICCI wrote to the Union government showing concerns over the notices.
Meanwhile, the All India Organisation of Chemists and Druggists (AIOCD), threatened to launch a country-wide agitation if the government didn&rsquo;t act. AIOCD has also written to FICCI, claiming that their support for e-pharmacies amounts to advocating for an illegally operating business.

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Avalanche in Sonamarg

ICICI Bank has reported a quarterly net profit of Rs 1,908 crore versus a net loss of Rs 120 crore in the same quarter a year ago. The jump was bolstered by lower provisions and higher retail loan growth. Brokerage house, Jefferies says it maintains a 'buy' on the stock and has raised its target to Rs 480 per share. HDFC Securities is also bullish on the stock saying it is currently the cheapest large private bank and is showing continuous improvement in core parameters.

&nbsp;ICICI Bank has reported a quarterly net profit of Rs 1,908 crore versus a net loss of Rs 120 crore in the same quarter a year ago. The jump was bolstered by lower provisions and higher retail loan growth. Brokerage house, Jefferies says it maintains a 'buy' on the stock and has raised its target to Rs 480 per share. HDFC Securities is also bullish on the stock saying it is currently the cheapest large private bank and is showing continuous improvement in core parameters.

Accenture plans to fire at least 7,000 of its about 350,000 employees in India

Accenture layoff: 7,000 employees to be fired in India as part of global cuts

Accenture plans to fire at least 7,000 of its about 350,000 employees in India

In a global move to let go of 19,000 people or 2.5% of its global workforce, Tech consultancy Accenture plans to fire at least 7,000 of its about 350,000 employees in India in the next 18 months.&nbsp;
In a filing with the US Securities and Exchange Commission, the Dublin-headquartered company said it expects to incur $1.5 billion in costs as a result of the downsizing, including $1.2 billion directly related to the layoffs.
About half of the jobs lost are in administrative or support functions, not in areas that lead to billing of customers, the company said.
"While we continue to hire, especially to support our strategic growth priorities... we initiated actions to streamline our operations," the company said in a release.
Accenture's most recent annual report said it had 721,000 employees in 2022.
The tech consulting and optimization company hired about 100,000 people in its 2022 fiscal year, which ended in August last year.
"We're going after structural costs, right, to ensure that we're in a better position," chief executive Julie Sweet said on an earnings call Thursday.
"We've been dealing with the difficult challenges of compounding wage inflation and we've been doing that with pricing but we've also been doing that with cost efficiencies and digitizing," Sweet said.

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available. 

Finance Bill 2023: Govt does away with taxation benefits for debt funds 

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available.&nbsp;

Lok Sabha on Friday passed the Finance Bill giving effect to tax proposals without debate. The proposal to remove the capital gains tax benefit given to debt mutual fund investors is also amended. According to the amendment, debt funds not having more than 35% invested in equity shares would be taxed at the income tax slab level. It will also be treated as a short term capital gain.&nbsp;
So far, debt mutual funds are treated as long-term investments if held for more than 3 years and taxed at the rate of 20% along with indexation benefits or 10% without indexation. (Indexation benefit is where the taxes are calculated accounting for inflation). For those with a holding period of less than 3 years, they are taxed according to their tax slab.
The changes, are also applicable for gold, international equity and even domestic equity fund of funds (FoFs). This will be applicable from April 1, 2023 and therefore, investors who want to take advantage before the proposed changes come into effect can do so before year-end.
Experts say that these proposals are a big negative for the mutual fund industry which will have to overhaul their debt portfolio. Meanwhile, banks are likely to see an increase in fixed deposit flows because there will be no added benefit of investing in debt funds versus FDs.&nbsp;&nbsp;

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive

 Mercedes-Benz plans to launch 4 EVs in 8-12 months in India

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive

German luxury automaker Mercedes-Benz plans to introduce four new electric cars in India over the next eight to twelve months, this is with regard to accelerate its electric mobility drive in India.
"We are very happy with the development of our EVs (electric vehicles) here in the Indian market with (models such as) the EQS and the EQB. We'll have four more vehicles coming in," Luehrs told reporters here in an interaction.
The company currently sells four luxury electric vehicle models -- EQS, EQB, EQC and EQS AMG -- in the Indian market.
On the sales expectation from the EV portfolio in India, Luehrs said, "We will have 25 per cent (of total sales), that's our planning assumption, of electric vehicles in the next four years." At present, sales of EVs account for around 3 per cent of the company's total sales in India.
Last year, Mercedes-Benz India posted a 41 per cent growth in its total sales with a record 15,822 units as compared to 11,242 units sold a year ago. Its previous best sales were achieved in 2018 at 15,583 units.
On being asked when the new four EV models would be launched, Mercedes-Benz India Managing Director &amp; CEO Santosh Iyer said it would be in the next 8-12 months, as a combination of import of completely built units and import of completely knocked down units assembled at the company's Chakan plant.

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

Hindenburg report impact: Dorsey's wealth tumbles $526 million

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

After the Hindenburg report on Block Inc., its co-founder Jack Dorsey's wealth plunged by $526 million on Thursday. This is his worst single day decline since May. According to the Bloomberg Billionaires Index the billionaire is now worth $4.4 billion.&nbsp;
Hindenburg released a report on Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% &ldquo;on a purely fundamental basis.&rdquo; Following the report, Block fell as much as 22% before closing down at 15% on Thursday.&nbsp;
As per Business Standard, Block Inc. has denied the allegations and said that it plans to explore legal action against the short-seller.
Hindenburg's report on Gautam Adani early this year, had sent a tumultuous wave across the Indian market.&nbsp;

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Go First operations at Delhi airport to remain suspended for 2 hours on Apr 1 following BCAS order

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Budget airline Go First's flight operations at Delhi airport will be suspended for two hours on April 1, following an order by the aviation security regulator BCAS related to a violation in September last year.
According to an order, dated March 16, passed by the civil aviation ministry, the airline's security programme will remain suspended from 1200 hours to 1400 hours on April 1 and the carrier has also been asked to take suitable action to minimise the impact of the suspension on the passengers.
There was no immediate comment from Go First.
According to a senior ministry official, the suspension of the security programme means that there will be no flight operations and the latest directive is a kind of warning for the violation.
On September 24, 2022, Go First's Delhi-Mumbai flight returned from the taxiway due to a technical snag.
There were 95 passengers onboard and they were shifted to a parked aircraft by the airline's ferry buses, without permission/ intimation to agencies concerned, including CISF, as per the Bureau of Civil Aviation Security (BCAS)

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