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☆ IndiGo shares surge after smaller rival Go First files for bankruptcy
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 3 (Reuters) - Shares of India's largest airline IndiGo (INGL.NS) surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lenders to Go First, including Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Axis Bank (AXBK.NS) dropped 1.1% to 6.8% on Wednesday. Go First owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. Bombay Burmah Trading (BBRM.NS), which is also owned by Wadia and has given loans to Go First in the form of inter-corporate deposits, slid 10%.

☆ Factbox: India's Go First seeks insolvency resolution as engine trouble grounds fleet
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Cash-strapped Indian airline Go First Airways filed for voluntary insolvency resolution proceedings in the National Company Law Tribunal on Tuesday. The airline is owned by the Wadia Group, which also runs bread and biscuits maker Britannia Industries (BRIT.NS) and textile firm Bombay Dyeing and Manufacturing Co (BDYN.NS). The low-cost carrier posted its biggest annual loss in fiscal 2022, local media had reported. The Wadia Group was in talks to sell a part of its stake or completely exit the airline, the Economic Times newspaper had reported in April. The grounding and related issues also saw the airline delay plans to go public, local media reported.

☆ AI pioneer quits Google to warn about the technology’s ‘dangers’
▼ + stars: | 2023-05-01 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

He worked part-time at Google for a decade on the tech giant’s AI development efforts, but he has since come to have concerns about the technology and his role in advancing it. In a tweet Monday, Hinton said he left Google so he could speak freely about the risks of AI, rather than because of a desire to criticize Google specifically. “I left so that I could talk about the dangers of AI without considering how this impacts Google,” Hinton said in a tweet. OpenAI, Microsoft and Google are at the forefront of this trend, but IBM, Amazon, Baidu and Tencent are working on similar technologies. Obviously, I no longer think that.”Even before stepping aside from Google, Hinton had spoken publicly about AI’s potential to do harm as well as good.

☆ Indian court seeks govt response on comedian's challenge to IT rule changes
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, April 11 (Reuters) - An Indian court on Tuesday directed the government to respond to an appeal submitted by a comedian challenging recent changes to the country's IT rules, which prevent social media platforms from hosting information that the government terms "fake". The rules dictate that social media platforms "make reasonable efforts" to not "publish, share or host" any information relating to the government that is identified as "fake, false or misleading" by a government appointed fact-checking unit. The Bombay High Court, hearing a petition filed by comedian Kunal Kamra, asked the government to file a reply on the plea and scheduled the next hearing for April 21. In his petition, Kamra said that the amendments "constitute unreasonable restrictions to freedom of speech and expression". Prime Minister Narendra Modi's government has been in repeated tussles with various social media platforms when they failed to take down certain content or accounts that it accused of spreading misinformation.

☆ Snoop Dogg, his ape and a question of celebrity hype
▼ + stars: | 2023-04-07 | by ( Elle Reeve | ) edition.cnn.com time to read: +11 min

The Bored Apes became some of the most famous NFTs after a series of celebrities said they got one. The Bored Ape crazeSnoop Dogg performs with his Bored Ape character, Dr. Bombay, in February 2023. He sold his versions as RR/BAYC with an accompanying website that detailed claims the Bored Apes contained references to racist memes on 4chan, a troll website. In March 2022, Snoop invested in Yuga Labs, and the month after, he invested in MoonPay. In the VMAs video, Eminem turns into a white ape wearing “hip hop clothes,” while Snoop becomes a cheetah-fur ape wearing a “pimp coat,” according to Yuga Labs’ description.

☆ Morning Bid: A holiday kickoff to the second quarter, and a US jobs report
▼ + stars: | 2023-04-02 | by ( Alden Bentley | ) www.reuters.com time to read: +3 min

April 3 (Reuters) - A look at the day ahead in Asian markets from Alden Bentley. Asia's data calendar across the rest of the week otherwise looks fairly tame and the main economic event for global markets will be U.S. payrolls data on Friday. So given the number of markets that are closed on, or before, Friday, the week could bring surprises of a pleasant, or not pleasant, variety. But any surprise headlines, be they OPEC or bank related, will have to be digested by thinned markets, which can bring excessive market swings. This week will bring CPI releases from Indonesia on Monday, South Korea on Tuesday and Thailand and the Philippines on Wednesday.

☆ India’s Highest Court Orders Probe Into Adani Market Turmoil
▼ + stars: | 2023-03-02 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The Supreme Court of India formed a committee to investigate the cause of the market turmoil that has engulfed billionaire Gautam Adani’s namesake conglomerate, saying it would look for regulatory failures or securities-law violations that could have contributed to a massive selloff in the group’s stocks. The inquiry by the six-person panel adds to an investigation that is already being conducted by the country’s securities and markets regulator. The new expert committee will be chaired by a former Supreme Court judge and includes two bankers, a lawyer, an entrepreneur and a retired Bombay High Court judge. It has been given two months to come up with a report, according to a court order on Thursday.

☆ Adani group firms pledge shares for lenders of flagship company – SBICAP Trustee
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

Feb 11 (Reuters) - Three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises (ADEL.NS), which pulled a $2.5 billion share sale during a recent market rout, the debt trustee firm said. Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission Ltd (ADAI.NS) and Adani Green Energy Ltd (ADNA.NS) pledged shares to SBICAP Trustee Co, the firm said in Friday filings to the Bombay Stock Exchange. SBICAP Trustee said it had received the pledges in its capacity as "security trustee" of the lenders of Adani Enterprises. Fitch estimates that loans to all Adani group entities account for 0.8% to 1.2% of total lending by Indian banks rated by the agency. The Adani exposure of Indian banks is not enough to affect their credit profiles, two global rating agencies have said.

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

☆ Salman Rushdie releases new novel six months after stabbing attack
▼ + stars: | 2023-02-06 | by ( Jonathan Allen | ) www.reuters.com time to read: +2 min

Since the attack, Rushdie has struggled to write and has suffered nightmares, he told the New Yorker magazine in an interview published this week. "All I've seen is his idiotic interview in the New York Post," said Rushdie, who was born in Bombay, now Mumbai, and raised in a Muslim family. Matar, 25, told the Post in a jailhouse interview shortly after the stabbing that he thought Rushdie had insulted Islam. Rushdie spent six weeks recuperating in hospital and still requires regular medical visits, he told the New Yorker. He said he hoped the attack would not overshadow the novel.

☆ Adani vs Hindenburg: India’s top businessman faces biggest test
▼ + stars: | 2023-01-31 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

So, how did a relatively young and small New York financial research firm manage to bring the Adani juggernaut to a juddering halt? Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. This is not the first time analysts have expressed fear that the rapid expansion of Adani businesses comes with huge risk. In its response, Adani Group said that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. Adani Group “is not going anywhere,” said Rajat Sharma, founder of financial advisory firm Sana Securities.

☆ Adani Group Saga Is Credibility Test for India’s Markets, Institutions
▼ + stars: | 2023-01-30 | by ( Megha Mandavia | ) www.wsj.com time to read: +1 min

News about Adani appeared on a sign at the Bombay Stock Exchange, where shares of the group’s companies have plunged. The sprawling conglomerate built by Gautam Adani is under attack by short seller Hindenburg Research , which successfully deflated electric-vehicle maker Nikola Motors in 2020. Adani Group denies the allegations and says the short seller is trying to smear its reputation and derail a public stock offering. Shares of the group’s companies have plunged since Hindenburg’s report, wiping out nearly $64 billion in market value. Hindenburg’s report comes amid a $2.5 billion secondary share sale by Adani Enterprises that closes on Tuesday.

☆ Exclusive: India's LIC reviewing Adani response to short seller's allegation
▼ + stars: | 2023-01-30 | by ( Nikunj Ohri | ) www.reuters.com time to read: +2 min

[1/2] Life Insurance Corporation of India (LIC) logo is seen displayed in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Jan 30 (Reuters) - India's Life Insurance Corporation (LIC) (LIFI.NS) said on Monday it was reviewing the Adani Group's response to scathing criticism by a U.S. short-seller and would hold talks with the group's management within days. State-run LIC, the country's largest insurer, says it has invested 364.7 billion rupees ($4.47 billion) in Adani companies, about 1% of its assets under management. "Of course we are studying the 413-page reply given by Adani Group," Kumar said. ($1 = 81.6120 Indian rupees)Reporting by Nikunj Ohri Editing by David Goodman and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Selloff in Adani Group Stocks Wipes Out $47 Billion in Market Value
▼ + stars: | 2023-01-27 | by ( Weilun Soon | Shan Li | ) www.wsj.com time to read: 1 min

The Bombay Stock Exchange in Mumbai. The benchmark Nifty 50 index, which includes two Adani companies, fell to a three-month low Friday. Shares of several companies linked to India’s richest man, Gautam Adani , fell sharply Friday, losing tens of billions of dollars in market value after a U.S. short seller’s allegations of fraud at his sprawling conglomerate continued to unnerve investors. Five of the seven listed Adani Group companies ended the day 16% to 20% lower, and the other two fell by the maximum 5% permitted by India’s exchanges for their stocks. The market’s benchmark Nifty 50 index, which includes two Adani companies, fell to a three-month low.

☆ India's Yes Bank has 'strong' grounds to appeal ATI bonds court order, CEO says
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 21 (Reuters) - India's Yes Bank (YESB.NS) has "strong" legal grounds to appeal against a court order quashing the write-off of its additional Tier-1 (AT1) bonds, Chief Executive Officer Prashant Kumar said on Saturday. "The judgment in itself is not questioning the regulatory guidelines in terms of writing off (AT1 bonds). "We have strong legal advises and opinions which interpret the issue in a different way and that makes a strong ground for us to appeal in the Supreme Court." The bonds were written off as part of a restructuring plan to rescue Yes Bank in March 2020. Yes Bank said in a stock exchange filing late on Friday it is in the process of preparing an appeal to the Supreme Court.

☆ India court quashes write-off of Yes Bank's AT1 bonds -legal sources
▼ + stars: | 2023-01-20 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +1 min

MUMBAI, Jan 20 (Reuters) - The Bombay High Court, in an oral pronouncement on Friday, quashed the write-off of additional Tier-1 (AT1) bonds issued by Yes Bank Ltd (YESB.NS), said legal sources with direct knowledge of the matter. The final order is yet to be uploaded on the court website and the bank can choose to appeal in Supreme Court. The bonds were written off as part of a restructuring plan to rescue Yes Bank in March 2020. This feature was invoked in the case of Yes Bank. "The Court has granted Yes Bank 6 weeks to implement the order," said Sinha.

GM and the factory workers - who allege illegal termination after the company decided to exit - have been locked in legal battles since 2021. The latest filing signals an escalation in the dispute as workers accuse GM's India unit and its executives, including CEO Mary Barra, of failing to follow court orders. In its earlier court filings, it has said the industrial court acted beyond its power in ordering the compensation. The union disagreed, and said GM continues to "blatantly violate" the industrial court's order by not paying the workers a single cent. After that, GM ceased all operations and moved to close the plant in Maharashtra, but it has not received permission.

☆ Indian shares rise in final session of 2022; IT, metals up
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasBENGALURU, Dec 30 (Reuters) - Indian shares opened higher on Friday in the final session of 2022, aided by an uptick in IT stocks, tracking gains in global equities. The Nifty 50 index (.NSEI) was up 0.32% at 18,248.85, as of 09:55 a.m. IST, and the S&P BSE Sensex (.BSESN) rose 0.32% to 61,328.04. Oil prices, which slid on concerns over demand recovery in China, also aided gains in domestic equities. Forty-three of the Nifty 50 constituents rose with Tata Steel (TISC.NS), Bajaj Finserv (BJFS.NS), Tech Mahindra (TEML.NS) gaining over 1%. ($1 = 82.7580 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Krishna Chandra Eluri and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Arun Majumdar's mom cooked over a coal stove on the floor, and now he's the first leader of Stanford's new climate school — here is his story
▼ + stars: | 2022-11-19 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

Building a successful climate school that both educates people and scales up technological solutions in its accelerator arm requires thinking beyond the bubble of Silicon Valley. Majumdar's understanding of the importance of a global perspective for the climate school is also personally informed. He was also a professor, did research, and worked at Google for a stint before eventually getting the opportunity to lead the launch of the Stanford climate school. The lessons he learned at ARPA-E are helping form the foundation for the accelerator arm at the Stanford climate school. Stanford Doerr School of Sustainability Photo courtesy Cat Clifford, CNBCSo far, the sustainability school at Stanford seems to be popular with students.

☆ INDIA STOCKS Indian shares may open lower, tracking Asia
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 25 (Reuters) - Indian shares are poised to edge lower at open on Tuesday, tracking weakness in Asian markets, with limited downside seen on the back of expectation the Federal Reserve may slow its pace of rate hikes. However, in the one-hour of trade, shares of Yes Bank Ltd (YESB.NS), ICICI BANK (ICBK.NS) and Hindustan Unilever Ltd (HLL.NS) fell between 2.8% and 3.9%. In addition, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange. ** Kotak Mahindra Bank (KTKM.NS) on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. ** Yes Bank (YESB.NS)said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters.

While stock market holidays also apply to the bond market, the bond market's early closures differ. We've included a list of holidays that the stock market and bond market are closed, as well as a list of days each market has early closures. Editor's Rating 4.2/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.65/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.11/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Wealthfront's website Learn more On SoFi's website Learn more On Acorns' websiteIs the stock market open on Diwali? ET) May 29, 2022 Memorial Day May 30, 2022 Juneteenth Holiday June 30, 2022 Day before Independence Day (closes at 2 p.m. ET) July 3, 2022 Independence Day July 4, 2022 Labor Day September 5, 2022 Indigenous Peoples' Day/Columbus Day October 10, 2022 Veterans Day November 11, 2022 Day before Thanksgiving Day (closes at 2 p.m.

☆ INDIA STOCKS Indian shares top 1-month highs in special Diwali session, led by ICICI Bank
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 24 (Reuters) - Indian shares scaled one-month highs in a special one-hour "muhurat" trading session to mark the festival of Diwali on Monday, lifted by sharp gains in private lender ICICI Bank following a solid earnings report. The blue-chip Nifty 50 index (.NSEI) closed 0.88% higher at 17,730.75, while the S&P BSE Sensex (.BSESN) advanced with a similar gain to 59,831.66. All sub-indexes except the Nifty FMCG index (.NIFTYFMCG) ended higher on Monday, led by a 1.28% rise in the Nifty Bank index (.NSEBANK). read moreReliance Industries (RELI.NS), India's most valuable company, ended 0.3% higher after posting flat quarterly profit, weighed down by export taxes on refined fuels and weak refining margins. read moreMeanwhile, Wall Street opened higher as Treasury yields eased on hopes of a less aggressive Federal Reserve.

☆ India's regulator bars Bombay Dyeing and others from securities market
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 22 (Reuters) - India's Bombay Dyeing and Manufacturing Company Ltd (BDYN.NS) has been barred by the country's capital market regulator from the securities markets for two years. The Securities and Exchange Board of India (SEBI) issued a statement late Friday barring Bombay Dyeing and its "promoters" (owners) - Nusli N Wadia and his sons, Ness and Jehangir - from the securities markets for up to two years. Four companies in the Wadia Group are listed on Indian Stock Exchanges, including Bombay Dyeing. The regulator said it had conducted a detailed investigation into the affairs of Bombay Dyeing from 2011-2012 and 2018-2019. The Wadia Group has been contacted for comment.

☆ Fidelity, HDFC Mutual eye India's Five Star IPO at lower valuation - sources
▼ + stars: | 2022-10-13 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

The shadow lender's last funding round in December 2021 was closed at a valuation of 220 billion Indian rupees, roughly $3 billion at the time. Fidelity and India's HDFC Mutual Fund, among others, are in in talks with Five Star to invest in the so-called anchor book of the IPO but at a company valuation of 160 billion rupees, due to weak market sentiment, the sources said. Five Star is planning to list in the last week of October, which coincides with Diwali, a popular Indian festival. Two sources, however, said that the company was closely tracking the ongoing stock market weakness in India before finalising a date. For the fiscal to March 2022, Five Star recorded a net profit of 4.5 billion Indian rupees ($55.14 million) on a total income of 12.5 billion Indian rupees ($152.74 million), growing about 20% year-on-year, according to its annual report.

India has long grappled with an epidemic of violence against women and girls in the deeply patriarchal country. And campaigners say the alleged involvement of a woman in this latest case demonstrates the scale of internalized misogyny in society. ‘Loopholes in every corner’Dixit, the police official, said the alleged rape took place around three months ago in Mainpuri – about 270 kilometers (167 miles) southeast of India’s capital, New Delhi. But activists say in the seven years since its implementation, little has been done to empower women and girls, and violent crimes against women persist. Those beliefs appear to have played out in this case too, as the girl did not report her alleged rape for three months, according to Dixit.

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