Two-wheeler sales rose to 12,65,069 units last month, as against 11,49,351 units in January 2022, an increase of 10 per cent.

Automobile retail sales rise 14% in January; robust registrations across passenger vehicles

Two-wheeler sales rose to 12,65,069 units last month, as against 11,49,351 units in January 2022, an increase of 10 per cent.

Automobile retail sales in India rose 14 per cent in January on the back of robust registrations across passenger vehicles, two-wheelers and tractors, dealers' body Federation of Automobile Dealers Associations said on Monday.
Total sales across categories last month rose to 18,26,669 units, as compared to 16,08,505 units in January 2022.
Passenger vehicle registrations rose to 3,40,220 units last month, an increase of 22 per cent as compared to 2,79,050 units in the year-ago period.
Similarly, two-wheeler retails rose to 12,65,069 units last month, as against 11,49,351 units in January 2022, an increase of 10 per cent.
Three-wheeler retail sales rose to 65,796 units, up 59 per cent from 41,487 units in January last year.
Commercial vehicle registrations were at 82,428 units in January, up 16 per cent from 70,853 units in the year-ago period.
Similarly, tractor sales rose by 8 per cent to 73,156 units last month, as against 67,764 units in January last year.
Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said the total retail sales in January grew as compared with year-ago period but still remained down by 8 per cent when compared to pre-Covid month of January 2020.

Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
&nbsp;

Google Bard is a new rival to the Microsoft-backed ChatGPT.

Google reveals Bard, its ChatGPT rival

Google Bard is a new rival to the Microsoft-backed ChatGPT.

Google has unleashed its rival to ChatGPT. The AI-powered chatbot service is called Bard, and it is powered by Google&rsquo;s LaMDA technology that was unveiled two years ago.
Bard has the ability to seek knowledge based on user responses and other information available on the web.&nbsp;
Google is releasing Bard initially with its lightweight model version of LaMDA, since a smaller model requires significantly less computing power, enabling the company to scale to more users, allowing for more feedback.&nbsp;
Google claims that it will combine external feedback with its own internal testing to make sure Bard&rsquo;s responses meet a high bar for quality, safety and groundedness.
Also watch:<a href="https://www.editorji.com/tech-news/gadget-review/hands-on-with-the-samsung-galaxy-book3-ultra-the-macbook-pro-killer-1675416664623"> Hands-on with the Samsung Galaxy Book3 Ultra: The MacBook Pro killer?</a>

Dhankar said that in the last few days, the House had 17-and-a-half hours to transact business, but worked only for 35 minutes, i.e. 3.3% of the time.

Watch: over Adani row, Opposition MPs enter Rajya Sabha well to protest; House adjourned for 1 hour

Rajya Sabha adjourned for 1 hour over protest on Adani row RS Chairman rejected Opposition's notices for debate Opposition MPs entered well of House to object

Dhankar said that in the last few days, the House had 17-and-a-half hours to transact business, but worked only for 35 minutes, i.e. 3.3% of the time.

Dramatic scenes were witnessed in the Rajya Sabha on 7 February 2023 as Opposition MPs entered the well of the House to protest over the Adani controversy.
Chairman Jagdeep Dhankar once again rejected notices submitted by Opposition members for a debate on the Adani issue.
Dhankar said that in the last few days, the House had 17-and-a-half hours to transact business, but worked only for 35 minutes, i.e. 3.3% of the time.
With the protests intensifying, he adjourned the House for an hour.
&nbsp;

Speaker Om Birla asked the Opposition to allow Question Hour to proceed as planned, appealing to them to "start the right tradition".

Adani row: Day 4 of protest - disruption in Lok Sabha leads to 1-hour adjournment

Lok Sabha disrupted over Adani row again Opposition protest began as soon as House convened Speaker's 'initiate correct tradition' appeal ignored

Speaker Om Birla asked the Opposition to allow Question Hour to proceed as planned, appealing to them to "start the right tradition".

Another fiery face-off occurred between Opposition MPs and the Speaker of the Lok Sabha as protests over the Adani controversy continued for the fourth day in Parliament.
With protests for a debate and a Joint Parliamentary Committee probe starting as soon as the House convened, Speaker Om Birla asked the Opposition to allow Question Hour to proceed as planned. Birla asked MPs to "start the right tradition".
With Opposition members unrelenting, the Speaker accused them of not wanting the Parliament to function, and adjourned the House for an hour.
Also Watch:<a href="https://www.editorji.com/india-news/politics/sc-to-hear-plea-challenging-appointment-of-lawyer-victoria-gowri-as-madras-hc-judge-1675734365455"> SC to hear plea challenging appointment of lawyer Victoria Gowri as Madras HC judge</a>

The statement assumes significance in view of the allegations of fraud and stock manipulation by a short-seller against the Adani Group, which led to a steep fall in the share prices of group firms.

Adani Group to pre-pay $1,114 million for release of pledged shares ahead of maturity in Sep'24

The statement assumes significance in view of the allegations of fraud and stock manipulation by a short-seller against the Adani Group, which led to a steep fall in the share prices of group firms.

Adani Group on Monday said that the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024.
These shares belong to Adani Ports &amp; Special Economic Zones, Adani Green Energy and Adani Transmission, a statement said.
"This is in continuation of promoters' assurance to pre-pay all share-backed financing," it said.
This statement assumes significance in view of the allegations of fraud and stock manipulation by a short-seller against the Adani Group, which led to a steep fall in the share prices of group firms.
"In light of the recent market volatility and in continuation of promoters commitment to reduce the overall promoter leverage backed by Adani listed companies shares, we are pleased to inform that promoters have posted the amounts to pre-pay USD 1,114 million ahead of its maturity of September 2024", the statement said.
Also watch:&nbsp;<a href="https://www.editorji.com/business-news/don-t-see-systemic-risk-to-financial-system-uday-kotak-on-adani-hindenburg-row-1675668497829">Don't see systemic risk to financial system: Uday Kotak on Adani-Hindenburg row</a>
On pre-payment, 168.27 million shares of Adani Ports &amp; Special Economic Zones representing 12 per cent of the promoter's holding will be released.
In the case of Adani Green, 27.56 million shares representing 3 per cent of the promoter's holding will be released.
Also, 11.77 million shares of Adani Transmission representing 1.4 per cent of the promoter's holding will be freed.&nbsp;
&nbsp;

Shares of Vodafone-Idea spiked over 20% on the back of the govt agreeing to convert over Rs 16,000 crore of dues into equity, making the govt of India, the single largest shareholder in the company. 

Explained: Govt becomes largest shareholder in Vodafone-Idea

Shares of Vodafone-Idea spiked over 20% on the back of the govt agreeing to convert over Rs 16,000 crore of dues into equity, making the govt of India, the single largest shareholder in the company. Here's what this means, and whether Vodafone-Idea is out of the woods. 

Shares of Vodafone-Idea spiked over 20% on the back of the govt agreeing to convert over Rs 16,000 crore of dues into equity, making the govt of India, the single largest shareholder in the company.&nbsp;

Shares of Vodafone-Idea spiked more than 20% after the government agreed to convert over 16,000 crore worth of AGR interest dues into equity. On Friday, in a filing with the Bombay Stock Exchange, the telecom company said that the Centre had directed it to issue shares worth Rs 16,133 crore at an issue price of Rs 10 per share.&nbsp;
What does this mean?&nbsp; Post conversion of Vodafone-Idea&rsquo;s Rs 16,133 crore dues to the govt, into equity, the govt of India will have around 33% stake in the telecom company, making it the single largest shareholder. The promoters&rsquo; stake will come down to about 50% from nearly 75%.&nbsp; At a press conference, FM Nirmala Sithraman made it clear that the govt is not bearing Vodafone-Idea&rsquo;s debts. She said, &ldquo;The company is not in the position of giving the dues to the govt. That&rsquo;s why we are taking the company&rsquo;s shares. This means we are shareholders in the company. When the company will gain profit, we will also get the profit.&rdquo; The govt has also clarified that it will not be part of the company&rsquo;s management, nor will it have any representative on the board.&nbsp;
Why did Vodafone-Idea need this?&nbsp; The telecom company is reeling under a massive debt of about Rs 2.2 lakh crore, which includes around 1.5 lakh crore of AGR dues (usage and license fee that the Department of Telecommunications charges to telecom operations), as well as dues to banks, which stands at around Rs 15,000 crore. Without the govt stepping in to help the cash-strapped telecom company, there was a realistic possibility of the company going bankrupt and collapsing.&nbsp; The telecom company had been awaiting this ever since the govt announced a relief package for the telecom sector in September 2021, which allowed for conversion on deferred AGR dues owed to the govt, into equity.&nbsp;
Why did the govt agree to this?&nbsp; The govt agreed to this conversion of dues into equity, after receiving an assurance from the company that they were committed to the company and would bring in the necessary funds. Union Minister of Communications, Ashwini Vaishnaw said, &ldquo;We had sought a firm commitment that the Aditya Birla Group would run the company and bring necessary investments. Birlas have agreed and hence we have agreed to convert. We want India to be a three-player market plus BSNL and ensure healthy competition for consumers. &nbsp;
Aside from protecting its own dues and the thousands of crores owed to banks, the govt also wanted to avoid a duopoly. If Vodafone-Idea collapsed under its debt burden, it would mean that just two players, Jio and Airtel would own the giant&rsquo;s share of the market. This may prove to be unfair to consumers, as without a third player to keep the balance, two players could drive market prices.&nbsp;
Does this solve Vodafone-Idea&rsquo;s debt troubles?&nbsp; Analysts believe that this move will only solve part of the problem. The total debt of the company is over Rs 2 lakh crore. The AGR dues to the govt alone is around Rs 1.5 lakh crore. This move is a conversion of only the interest dues on AGR which is around Rs 16,000 crore. Rohan Dhamija of Analysys Mason tells Economic Times, &ldquo;VI needs around Rs 45,000 crore fresh equity infusion to bolster its 4G operations and roll out 5G networks to sustain and compete effectively with Jio and Airtel. Raising additional debt via fresh loans would further strain its already weak balance sheet&rdquo;. However, experts are of the view, that this is a big step in the right direction to help get the company back on its feet. With the govt sending out this strong message that it is behind Vodafone-Idea and is taking strong and decisive steps to make sure the company doesn&rsquo;t collapse, investors will be more confident and encouraged to infuse capital into the company. With this, the company may be able to repay some part of its dues to its vendors as well as infuse money towards its 4G operations.&nbsp;
&nbsp;
&nbsp;

NSE which is India's largest stock exchange had announced the move on February 2.

NSE places Adani Enterprises, Adani Ports and Ambuja under additional surveillance

NSE which is India's largest stock exchange had announced the move on February 2.

Adani Group companies namely Adani Enterprises, Adani Ports and Ambuja Cements will be place under short-term additional surveillance of the National Stock Exhcange (NSE) starting February 6.
NSE which is India's largest stock exchange had announced the move on February 2.
The surveillance measures were imposed after shares of several Adani Group companies plunged following a report by New York-based Hindenburg Research.
Also watch: <a href="https://www.editorji.com/india-news/politics/adani-row-parliament-adjourned-for-the-day-without-any-work-as-opposition-continues-protest-1675676571623">Adani row: Parliament adjourned for the day without any work as Opposition continues protest</a>
&nbsp;

Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.

Dell becomes latest tech company to announce layoffs, to cut about 5% of its global workforce: report

Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.

Dell Technologies has announced the elimination of about 6,650 jobs or 5% of its global workforce, as per a report by Bloomberg.
Dell has become the latest tech company to announce layoffs with the latest step.
As per the report, the move is attributed to unfavourable market conditions leaving an uncertain future for the company.
Earlier in November, HP had also said that it will eliminate as many as 6,000 jobs over the next three years amid declining demand for personal computers that has cut into profits.
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Parliamentary Affairs Minister Pralhad Joshi told the Opposition that they can raise any issues they want during the discussion on the Motion of Thanks on the President's Address.

Adani row: Parliament adjourned for the day without any work as Opposition continues protest

Parliamentary Affairs Minister Pralhad Joshi told the Opposition that they can raise any issues they want during the discussion on the Motion of Thanks on the President's Address.

The Budget Session seems to be headed for a washout with the Opposition refusing to relent on its demand for a debate on the Adani-Hindenburg conspiracy, and the government standing its ground.
6 February once again saw adjournment of both the Lok Sabha and Rajya Sabha for the day without transaction of listed business. Both Houses of Parliament were first adjourned till 2 pm soon after convening. After the session began again, the Opposition raised their demand for a debate and a JPC probe.
Parliamentary Affairs Minister Pralhad Joshi told the Opposition that they can raise any issues they want during the discussion on the Motion of Thanks on the President's Address. But with the protests continuing, the Speaker and Chairman adjourned the Houses for the day.

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Covid Variant 'BF.7'

Year ender 2022

December 2022 Holidays

Brent and WTI surged on the last trading day of 2018 on Monday, on hints of progress on the US and China trade deal, which has hit crude prices for most of the year. Crude was trading higher with Brent and WTI up but is on track for the biggest yearly decline in three years. Brent lost 20 per cent while WTI was down 24 per cent in 2018 but the downward pressure will not sustain from January when the OPEC-led supply cuts will commence.  

Brent and WTI surged on the last trading day of 2018 on Monday, on hints of progress on the US and China trade deal, which has hit crude prices for most of the year. Crude was trading higher with Brent and WTI up but is on track for the biggest yearly decline in three years. Brent lost 20 per cent while WTI was down 24 per cent in 2018 but the downward pressure will not sustain from January when the OPEC-led supply cuts will commence.  

According to Fitch Ratings reports, Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles

Banks' exposure to Adani group 'insufficient', face limited risk: Fitch 

According to Fitch Ratings reports, Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles

Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles, Fitch Ratings said on Tuesday.
Adani group has faced stock rout and questions after a US short seller Hindenburg Research came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. Adani Group has denied all charges and threatened to sue Hindenburg.
"Fitch Ratings believes that Indian banks' exposure to the Adani group is insufficient in itself to present a substantial risk to the banks' standalone credit profiles," the rating agency said in a note.
Ratings of banks remain driven by expectations that the banks would receive extraordinary sovereign support if needed.
Fitch on February 3 stated that the controversy over the short-seller report had no immediate impact on the ratings of Fitch-rated Adani entities and their securities.
"Even under a hypothetical scenario where the wider Adani group enters distress, exposure for Indian banks should, in itself, be manageable without adverse consequences on the banks' viability ratings," Fitch said.
State Bank of India last week stated that its share of the group's loans had fallen to 31 per cent by 2022-end from 55 per cent in 2016.

Life Insurance Corporation says that it strictly follows the statutory framework and regulations while making investments. LIC's statement comes amid concerns over the insurer's exposure to Adani group companies.

LIC issues statement amid concerns over exposure to Adani group

LIC gives statement amid concerns over exposure to Adani grp cos

Life Insurance Corporation says that it strictly follows the statutory framework and regulations while making investments. LIC's statement comes amid concerns over the insurer's exposure to Adani group companies.

Amid concerns in certain quarters over LIC's exposure to Adani group companies, the insurer has said that it strictly follows the statutory framework and regulations while making investments.
Last week, state-owned Life Insurance Corporation (LIC) said it has investments of Rs 35,917.31 crore in Adani group's debt and equity securities. The amount is 0.975 per cent of the insurer's total assets under management of more than Rs 41.66 lakh crore.
The total value of equity, purchased over the last many years, of all the Adani group companies, is Rs 30,127 crore and the market value for the same as at close of market hours on January 27, 2023, was Rs 56,142 crore, as per LIC.
Stocks of the Adani group companies have taken a beating, losing billions of dollars in market value, after US-based short-seller Hindenburg Research in a report dated January 24 made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani group completely denied the allegations calling them 'malicious' and 'basless'.&nbsp;

Shares of digital payments service provider Paytm hit the upper circuit of 20% to Rs 669.6 in Tuesday's trade on BSE after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter

Paytm share price rallies for 2nd day in row

Shares of digital payments service provider Paytm hit the upper circuit of 20% to Rs 669.6 in Tuesday's trade on BSE after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter

Share price of One97 communications, which is commonly known as Paytm extended its rally for the second consecutive day on Tuesday after the company narrowed its consolidated net loss to Rs 392 crore in the third quarter.
In early trade, the stock struck a 20% upper circuit. While the stock has skyrocketed by over 27% in 2 days. Major brokerages globally have raised their target price for Paytm shares after strong Q3 numbers.&nbsp; At the time of writing, Paytm shares soared by 5.09% or ₹28.40 to trade at ₹587 apiece on BSE.&nbsp;
Paytm shares have kicked started the week with a bang post Q3. On Monday, the share price closed at ₹558 apiece up by 6.31% on Dalal Street. So far, in the week, the shares have climbed by at least 27.55% on D-Street. &nbsp;

Gandhi said he was asked during Bharat Jodo Yatra how Adani's net worth went from $8 billion in 2014 to $140 billion in 2022.

Adani row: Rahul Gandhi shows old pic of Modi, Gautam Adani in Lok Sabha, asks 'what's the relationship?'

Adani row: Rahul Gandhi shows photo of PM Modi, Gautam Adani in Lok Sabha

Gandhi said he was asked during Bharat Jodo Yatra how Adani's net worth went from $8 billion in 2014 to $140 billion in 2022.

Congress leader Rahul Gandhi targeted the Narendra Modi government over the Adani controversy, during his statement on the Motion of Thanks on the President's Address in Lok Sabha on 7 February 2023.
Speaking about his recently-concluded Bharat Jodo Yatra, Gandhi said, "From Tamil Nadu to Kerala, Maharashtra, MP, everywhere. One name - we heard it everywhere. Adani, Adani, Adani, Adani, Adani."
"People used to ask me how Adani enters any business and achieves success, never fails. The youth told me they also want to learn this. PM Modi talks about startups. We also want to be like Adani," the Congress MP from Wayanad added.
Gandhi said that the youth asked him how Adani's net worth went from $8 billion in 2014 to $140 billion in 2022. Then, he brandished an old photograph of Gautam Adani and Narendra Modi, exclaiming, "This is the relationship. It's in public."
Subsequently, Lok Sabha Speaker Om Birla told Gandhi not to brandish posters in the House.

Boeing to cut 2000 jobs primarily in Finance and HR segments. Ths company plans to put more of its resources into "products, services and technology development"

Layoffs wave continues: Boeing to cut 2000 jobs 

Plane maker Boeing to cut 2,000 jobs 

Boeing to cut 2000 jobs primarily in Finance and HR segments. Ths company plans to put more of its resources into "products, services and technology development"
&nbsp;
&nbsp;

After startups and tech, now aerospace industry has also announced its plans for layoffs. The U.S planemaker Boeing, in a statement, said that the company expects about 2,000 reductions primarily in Finance and HR through a combination of attrition and layoffs.
The move comes as the company puts more of its resources into "products, services and technology development". "While no one has been notified of job losses yet, we will continue to share information transparently to allow people to plan. The company, which recently relocated its headquarters to Arlington, Virginia, said it expects to &ldquo;significantly grow&rdquo; the overall workforce during the year," the company said.&nbsp; It will outsource some of the roles to Tata Consulting Services, a unit of one of India's largest conglomerates. Boeing's total workforce was 156,000 employees as of December 31, 2022, the company said.

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