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Newsletter | Lok Sabha Elections Phase 2; Uday Kotak loses more than what he earned in 2023 & more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
From Lok Sabha Elections Phase 2 to Uday Kotak bearing the brunt of the sell-off in Kotak Mahindra Bank shares, here are the top 11 news stories across business, global events, tech, and more.
Here are the top 11 news stories across business, global events, tech, and more —
#ElectionExchange
Lok Sabha Election 2024 Phase 2 Voting Live
Lok Sabha Elections Phase 2: Voting is underway in the second phase of the Lok Sabha Elections 2024 in 88 seats across 13 States and UTs.
As of 11 AM, Tripura is leading with a 36.42% voter turnout, followed by Chattisgarh: (35.47%) and Manipur (33.22%)
Lok Sabha Elections 2024: Congress announces candidates for 8 seats in Haryana
The Congress party on Thursday, April 25, announced its candidates for eight Lok Sabha seats in Haryana. Among the prominent names, Deepender Singh Hooda will be contesting from Rohtak, while Kumari Selja will be the candidate for Sirsa.
Here is the list of candidates and their respective constituencies:
#CNBCTV18Edge
Uday Kotak loses more than what he earned in 2023 as the bank’s shares slump
The massive selloff in Kotak Mahindra Bank shares wiped out close to ₹40,000 crore of investor wealth on Thursday (April 25). Noticeably, the founder Uday Kotak, who owns nearly 26% stake in the bank bore the heaviest brunt from the sell-down
The net worth of the country’s richer banker declined by $1.3 billion on Thursday — which was more than what he earned last year. According to the Bloomberg Billionaires Index, the banker’s fortune increased by $942 million in 2023 to $14.6 billion.
#WorldNews
New York Court overturns Harvey Weinstein’s conviction in sexual assault, rape case
Harvey Weinstein’s 2020 conviction for sexual assault and rape was overturned by New York’s highest court, reopening the landmark case that launched the #MeToo movement and highlighting the challenges of holding powerful men accountable.
In a bitterly divided 4-3 decision on Thursday, the state Court of Appeals said the trial judge made a critical mistake by letting women testify that Weinstein assaulted them, even though their accusations were not part of the charges he faced.
#CNBCTV18Market
This Tata Group firm has piled up over ₹1,200 crore in losses in just a year
Tata Group stocks have been in focus in the earnings season. Most of the Tata Group stocks have remained under the radar of investors amid anticipations over Q4 results. One particular stock has caught the attention of market experts as it has seen a surge in share price recently despite accumulating losses in the last year.
Tata Teleservices Maharashtra Ltd shares have gained more than 13% in the last five sessions since April 19, though the company further plunged into losses in Q4FY24.
In its March quarter results released on April 25, the teleservices firm’s net losses swelled to ₹309.34 crore in Q4FY24. The consolidated net losses of the Tata Group firm expanded in the March quarter compared to a loss of ₹307.69 crore in the December quarter and ₹277.07 crore in the same period last year.
#CorporateNews
Nawaz Modi Singhania removed from the board of three Raymond Group companies
The battle between Raymond Managing Director and Chairman of Raymond Group Gautam Singhania and his wife Nawaz Modi Singhania has now reached the board room.
Nawaz Modi Singhania who was a board director of JK Investors, Smart advisory-finserve and Raymond Consumer Care Ltd (RCCL), has now been removed from her position in these three companies.
Nawaz Modi Singhania reached Raymond’s South Mumbai office on Thursday morning (April 25). Nawaz said she was there to attend extraordinary general meetings of JK Investors and Smart advisory-finserve.
Nawaz Modi Singhania told CNBC-TV 18, “I was on the board of JK Investors, Raymond Consumer Care Ltd and Smart advisory-finserve companies. Today’s meeting’s agenda was to remove me from the board as the promoter and major shareholder Gautam Singhania has lost confidence in me.”
TCS Chief says AI will kill the call centre industry within a year
The head of IT giant Tata Consultancy Services (TCS) believes that the growth of artificial intelligence will soon kill India’s call centre industry.
In an interview with the Financial Times, TCS CEO K Krithivasan said that there will be a “minimal” need for call centres across Asia in as soon as a year.
Krithivasan highlighted that while no job cuts have happened yet, the widespread adoption of generative AI among multinational clients is poised to revolutionise traditional call centre operations.
Read here
#TrendingStories
Bizarre weather patterns: Green sky in Dubai, orange in Greece and floods in Russia — Check images
The world in recent times has witnessed a series of catastrophic natural disasters and weather patterns that were rarely witnessed earlier. From unprecedented rains in Dubai, to skies turning orange in Greece following a dust storm and Mount Ruang erupting in Indonesia. These bizarre weather patterns have left many puzzled. Here’s a look at some of the recent weather issues from around the world.
#PersonalFinance
No age restriction for health insurance now — what this means for premiums and waiting periods
In a landmark move, IRDAI has removed the age limit of 65 years for individuals buying health insurance policies. This marks a departure from the conventional constraints that limited individuals in securing comprehensive coverage. CNBC TV18 spoke to several experts for their take on the policy shift and its implications.
#RealEstate
Zomato founder Deepinder Goyal was the buyer in Delhi’s biggest land deal last year
There were 29 land deals in the National Capital Region (NCR), which includes New Delhi and areas around it like Gurugram and Noida, in the last financial year ending March 2024.
Most of the land deals (22 out of the 29) were in Gurugram. There was only one large land deal Delhi and the buyer was none other than Deepinder Goyal. the founder of ₹1.6 lakh crore ($20 billion) food delivery giant, Zomato.
Goyal spent ₹79 crore to buy a five-acre property at Dera Mandi in Delhi between January and March 2024.
Most other names in the list of top land buyers — 25 out of 29 deals — in and around Delhi included real estate developers who will eventually build residential societies on these properties.
#WorldNews
Elon Musk is not the only one pouring more money into electric cars
Vingroup, which has already invested $11.4 billion into Vinfast in the six years ending 2023, seems to doubling down on his bet on EVs, just like his American peer Elon Musk, the chief executive officer of $508 billion Tesla and the world’s third richest man.
Now, the richest man in Vietnam with a net worth of over $4 billion, Pham Nhat Vuong, has said that he would investor another billion dollars of his personal fortune into his electric car making company, Vinfast, according to a Bloomberg report.
Aside from the US and Indonesia, Vinfast has already committed investments in is India and started construction of its plant that would be operational next year.
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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
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