ISRO's commercial arm joins hands with Elon Musk's SpaceX; Bajaj Auto to consider a share buyback; UPI transactions cross 100 Bn mark in 2023 & more
#TopNews
India kicks off collaboration with Elon Musk — SpaceX to launch GSAT-20 soon
?ISRO's commercial arm, NewSpace India Ltd (NSIL), has collaborated with Elon Musk's SpaceX to launch GSAT-20, a high-capacity communications satellite. The joint initiative, announced on Wednesday, January 3, signifies a significant step forward in India's space capabilities. The satellite will be propelled into space using SpaceX's renowned Falcon-9 rocket. This marks India's inaugural partnership with Elon Musk's venture, signifying a pivotal step towards enhancing the nation's broadband communication capabilities, particularly in remote and underserved regions.
No discussion with OMCs on price cuts, news reports speculative: Hardeep Puri
Union Oil Minister Hardeep Puri on Wednesday, January 3, dismissed news reports of a ?10 price cut in retail prices of petrol and diesel as prices of crude oil remain volatile owing to geopolitical conflicts.
"I have clarified that there has been no discussion with the oil marketing companies on any such issue." The minister also called the news reports "speculative and slightly mischievous." Elaborating on the current scenario after the Red Sea attacks, the minister said, "We are in a highly turbulent situation," where 12% of the global shipping trade emanates.
#StockMarket
Bajaj Auto will consider a buyback of equity shares at its board meet on January 8
In an exclusive interaction with CNBC-TV18, Bajaj Auto Managing Director Rajiv Bajaj said that the company has had an excellent 2023 and will end the financial year 2024 with cash of ?20,000 crore. Bajaj Auto had previously done a share buyback worth ?2,500 crore in June 2022 at a price of ?4,600 per share.
"It is logical to assume that the buyback size will be higher than the previous instance as the cash on the books is higher," Bajaj said.
The Bajaj Auto MD further said that whenever the company has more than ?15,000 crore worth of cash on its books, he expects to give back over 70% to the investors.
#YoungTurks
Startup founders have learnt to prioritise fundamentals over growth, says Good Capital’s Rohan Malhotra
Amidst a challenging two-year period, Good Capital, a seed-stage India-focused VC fund, has observed a significant pivot toward prioritising 'sound business fundamentals over the pursuit of growth at any cost.'
According to Rohan Malhotra, Managing Partner of Good Capital, this shift is not merely a reaction to the economic climate but also a recognition of the enduring viability of ventures. Consequently, the firm finds itself presented with increased opportunities to invest in companies boasting robust business models and clearer paths to profitability.
In an exclusive conversation with Rohan Malhotra, Managing Partner of Good Capital, we delve into the nuances of their investment philosophy and outlook for 2024.
#Corporate
Vedanta gets bondholders' consent to restructure four series of bonds
Anil Agarwal-owned Vedanta Resources Ltd., parent company of the Indian entity Vedanta Ltd. has received consent from bondholders to restructure four series of bonds, it said in a statement.
The consent ranges from 97% to nearly 100% across the four series. The proposal needed support of 66.67% bondholders to go through. These series of bonds included two bonds of $1 billion each, which were due in 2024, a $1.2 billion bond (8.95%) due in 2025 and another $600 million (9.25%) due in 2026.
#PersonalFinance
UPI transactions cross 100 billion mark in 2023, scales new high in December
The Unified Payments Interface (UPI) platform has crossed the 100 billion-mark in 2023, totalling around 118 billion transactions throughout the year. This marks a 60% growth compared to the 74 billion transactions recorded in 2022, data shared by the National Payments Corporation of India (NPCI) showed.
The total value of UPI transactions in 2023 stood at approximately ?182 lakh crore, a 44% increase compared to ?126 lakh crore in 2022. If we look at the monthly transaction amount, the same touched ?18.23 lakh crore in December, showcasing a 54% increase compared to the corresponding data for 2022.
#Corporate
领英推荐
Adani Ports board meeting: Gautam Adani redesignated as Executive Chairperson, Karan Adani to be MD
Adani Ports on Wednesday, January 3, 2024, announced that it has redesignated the founder and chairperson of the Adani Group, Gautam Adani as Executive Chairperson, with effect from January 4, 2024, until the end of his current term, i.e., June 30, 2027.
Gautam Adani was earlier the chairperson and managing director of the company.? Karan Adani, the whole-time director and CEO of the company, was also re-designated as the managing director, with effect from January 4 until the end of his term on May 23, 2027.
#Exclusive
CNBC-TV18 Exclusive: Defence capital spending set to get a boost, new policy for emerging technology on the cards
India's private sector will benefit significantly from India's defence production plans. The government envisions defence production to cross ?1.5 lakh crore in FY24, and exports to surpass ?20,000 crore. The future focus of the Narendra Modi government is to encourage the development and production of emerging technologies, said Giridhar Aramane, India's Defence Secretary, exclusively to CNBC-TV18.
#Economy
Inflation likely to be a big focus area for budget 2024
As the countdown to the 2024 budget commences, sources inform CNBC-TV18 that the government is placing a significant emphasis on addressing inflation.
Sources say that the government is concerned over high commodity prices and expects them to remain elevated throughout the year. In November, India experienced a surge in retail inflation, reaching a three-month peak of 5.55%, as per data disclosed by the National Statistics Office (NSO) on December 12
#PersonalFinance
Investment proof submission guide — how to save tax and maximise your take-home salary?
As we step into the new year, it’s time for employees to submit their investment proofs, a crucial step in the payroll processing cycle. In India, employees typically declare their tax-saving investments twice a year — once at the start of the financial year and then by January.
The initial declaration outlines the tax-saving plans, while the latter involves submitting proof of executing those plans. If such proofs are not submitted, the employer is required to assume that employees have made no tax-saving investments and deduct tax accordingly. Hence, the employer may cut a larger amount from January, February or March salaries.
#TravelWithCNBCTV18
Mark Mobius takes a ride on Vande Bharat Express, raves about semi-high-speed trains
Mark Mobius, better known as the Indiana Jones of emerging market investing, embarked on a month-long journey across the length and breadth of India, exploring diverse cities and gaining firsthand insights into the country's dynamic landscape.
The purpose behind his Indian odyssey was to get a better "investment perspective" of India. However, the highlight of his journey was how he was left spellbound by the semi-high-speed Vande Bharat Express.
The US-born German fund manager and founder of Mobius Capital Partners LLP took a journey on the Vande Bharat Express from Jaipur to Udaipur and raved about the train service in a blog post. He wrote: "We faced skepticism and warnings against taking a seven-hour train ride. Undeterred, we chose the opulent 'executive chair car' aboard the Vande Bharat Express over the standard class. Priced at $30 per person, the experience surpassed our expectations, offering plush reclining seats, two delectable meals of Indian cuisine, and impeccable service."
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