City Ahmedabad Financial News

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IIM Ahmedabad has wrapped up the summer placement process for the MBA Class of 2026 of the Post Graduate Programme (PGP) in Management, with 38% of students getting placed in the consulting sector, followed by 22% in banking, financial services and insurance (BFSI), 11% in consumer goods and durables and 7% in conglomerates, according to a statement issued by the institute on Monday. Firms from multiple domains participated across the three clusters in Summer Placements, with all students being placed across more than 25 cohorts of firms that visited. Despite challenging market conditions, the institute saw a rise in recruiting firms, and roles being offered. 51 new companies participated in the 2024 summer placements, up from 12 in 2023. In Cluster-1, in the Transformation & Operations Consulting cohort Accenture Strategy was the largest recruiter with Accenture Strategy’s India Market Unit extending 6 offers and Accenture Strategy Global Network making 33 offers followed by Vector Consulting Group with 7 offers. In the Management Consulting Cohort, Boston Consulting Group (22), McKinsey & Company (15), Bain & Company (14) were the top recruiters. In the Investment Banking & Markets Cohort, Goldman Sachs (11) and HSBC (India and Hong Kong) (6) were the top recruiters. EY-Parthenon India (8) led the charge in the Advisory Consulting Cohort. The Private Equity/Venture Capital Cohort was led by WinZO Fund (6) and White Oak Capital (3).

Bengaluru landlord turning into a tech advisor has gone viral. Vetri Venthan, an IIM Ahmedabad graduate and fintech startup founder, shared the incident on X (formerly Twitter), calling it his «peak Bengaluru» moment. The post featured a screenshot of a conversation between Vetri and his landlord, a Solution Architect at Intel, highlighting how their relationship extended beyond the traditional tenant-landlord dynamic. Vetri revealed that his landlord has become an active contributor to his startup's growth, offering advice on product architecture and facilitating corporate introductions, often during casual cafe meetups.

Maharashtra excise department on Sunday revoked the permit to serve alcohol at actor-singer Diljit Dosanjh's Dil-Luminati concert in Pune’s Kothrud area, scheduled for later that evening. The decision came after objections were raised by various parties, including Kothrud's newly elected BJP MLA, Chandrakant Patil. State Excise Commissioner C. Rajput confirmed the cancellation, stating, «The state excise department has withdrawn permission to serve liquor at the event.» MLA Patil expressed strong opposition to the concert, which was set to take place at Kakade Farm, citing concerns over its impact on the local community. In a statement, he remarked, «Such events are not in line with the city’s culture. They will cause significant inconvenience to residents, including noise pollution and traffic congestion. I have urged the city police commissioner to cancel the event altogether.»

Adani Group founder Gautam Adani and his nephew Sagar Adani in connection with allegations of a Rs 2,200 crore ($265 million) bribery scheme, according to the Press Trust of India.

Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts. Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days.

Adani Group's gross assets swelled by ₹75,277 crore in the first half of this fiscal year as the diversified conglomerate accelerated capital spending across projects, said people close to the matter. Gross assets are on track to reach a record ₹1.2 lakh crore by March-end, the people said. The surge in assets sparked a 7% or ₹16,882 crore increase in gross debt in the fiscal first half to ₹2,58,276 crore. The group's liquidity to service debt has fallen to 28 months as of September-end, from more than 30 months at the end of March. The Ahmedabad-based conglomerate has been battling turmoil over the past two days with promoter Gautam Adani, his nephew Sagar Adani, along with six others indicted by the US Department of Justice. The charges include securities and wire fraud, alleging the group lied to US investors about its anti-bribery practices while engaging in widespread corruption.

Music of the Spheres World Tour 2025 to Mumbai and Ahmedabad this January. As anticipation builds for the band’s long-awaited performances, hotel rates in both cities have surged. In Ahmedabad, one hotel has even threatened to cancel bookings unless guests agree to pay the inflated prices. A guest who had reserved a stay at Itsy Hotels Shree Krishna Palace in Ahmedabad from January 24 to 26 was taken aback when the hotel requested that he pay the increased rates to maintain his reservation. The hotel, eager to host the guest, informed him that he would need to pay an «adjusted rate» exceeding Rs 10,000 due to «market conditions» resulting from the Coldplay concert. “All in for capitalism but asking increased rate for a booked stay. That’s new," wrote Ashish Singh on X (formerly known as Twitter).

One of Asia’s richest men, controversial Indian tycoon Gautam Adani, is again in the spotlight

The company will also be opening a second such flagship store in Bengaluru later this week, with plans to open 25 more such stores across the country by next year, chief business officer Sudhir Goel told ET. Goel said Acer is the first IT hardware company to open a store encompassing products across both IT and non-IT categories. “Let’s say when a family walks into the store for an experience of IT products, they can also see the variety of consumer electronics which are in high demand. That’s the concept behind the store in Ahmedabad. We will be opening a second one in Bengaluru on Friday,” Goel said.

Coldplay concert tickets in India sold out in less than an hour on BookMyShow, leaving many fans heartbroken. Tickets for the first show in Ahmedabad, set for January 25, were released at 12 pm on Saturday and were quickly snapped up within minutes. The British rock band is all set to perform for the first time in India in January 2025. Many disappointed fans have expressed frustration, stating they were stuck in long online queues but still couldn't get a single ticket for the show.

Coldplay fans may just have some cold water thrown on their dreams to see the rock band perform live… due to a crisis of venues. A senior government official revealed that British rock band Coldplay initially chose Bengaluru as their preferred venue but shifted to Mumbai and Ahmedabad due to the city's lack of open arenas. «Major acts typically perform in large stadiums,» the official explained, highlighting how this limitation has also impacted other artists, such as A.R. Rahman, who canceled two Bengaluru shows for similar reasons. The official attributed the issue to the «short-sightedness of certain authorities, » to the Deccan Herald.

BookMyShow to add a second show on January 26, 2025. However, fans were left disappointed once again as the second set of tickets also sold out just as quickly. The tickets for Coldplay's highly anticipated concert at the Narendra Modi Stadium in Motera, Ahmedabad, became available on BookMyShow at noon on Saturday, but demand was overwhelming, with online queues reportedly numbering in the lakhs.

Music of the Spheres world tour will now include two performances in the city, offering more fans the chance to experience their iconic live act. The first show, scheduled for January 25, 2025, at Ahmedabad's Narendra Modi Stadium, saw an instant sellout as tickets went live, sparking a wave of demand across social media. In response to the overwhelming enthusiasm, Coldplay officially confirmed a second concert at the same venue on January 26, 2025. Prior to this, the band had announced three performances in Mumbai on January 18, 19, and 21, 2025. Featuring frontman Chris Martin, guitarist Jonny Buckland, bassist Guy Berryman, and drummer Will Champion, Coldplay last performed in India in 2016 at the Global Citizen Festival in Mumbai.

Music of The Spheres World Tour. The new concert is set to take place at Ahmedabad's Narendra Modi Stadium on January 25, 2025. Tickets for the Ahmedabad concert will be available on BookMyShow starting November 16 at 12 PM. The X handle of the band broke the news with the post, “2025 AHMEDABAD DATE ANNOUNCED. The band will play their biggest-ever show, at the Narendra Modi Stadium in Ahmedabad on 25 January 2025. Tickets on sale Saturday, 16 November at 12 pm IST…” This tour marks Coldplay’s return to India since their last visit in 2016. While ticket prices for the Ahmedabad concert haven’t been released, pricing for the band’s 2025 Mumbai concerts ranged from Rs 2,500 to Rs 35,000, with VIP lounge tickets at Rs 35,000. The following options were offered for the Mumbai shows:

Indian Railways has utilised 61% of its budgeted allocation — till October-end — through a ₹1.63 lakh crore capital expenditure (capex) for the current fiscal. According to officials aware of the development, earnings of the national transporter were at an upswing with ₹1.02 lakh crore earnings from freight and ₹46,374.5 crore from passengers during the months under review. «Total revenue stood 6.1% higher at ₹1.49 lakh crore this fiscal,» a senior official told ET. For the full fiscal, the Railways has earmarked ₹2.65 lakh crore as capex. It also expects to rake in ₹80,000 crore from passengers, and ₹1.80 lakh crore as freight revenue.

Adani Thiruvananthapuram International Airport Ltd is not a 'transfer of business', but supply of services and hence is liable to GST, the Kerala-bench of the GST Authority for Advance Ruling (AAR) has said. The Kerala AAR ruling is contrary to the rulings passed by the Rajasthan and Gujarat Appellate Authority for Advance Ruling (AAAR) in the case of transfer of Jaipur and Ahmedabad airports and Uttar Pradesh AAR in the case of Chaudhary Charan Singh International Airport in Lucknow. These authorities had exempted such transfers from goods and services tax (GST). The Airports Authority of India (AAI) in its application before the AAR said it has entered into a concessionaire agreement with Adani Thiruvananthapuram International Airport Ltd for the operation, management, and development of the airport for 50 years. The AAI sought rulings from the AAR on a set of queries, including whether the agreement involves transfer of business and whether such a transfer would be treated as 'supply as going concern' and be exempt from GST.

Money Laundering Act (PMLA). The court took cognisance of the prosecution complaint and issued a notice to the accused to appear on November 27, the agency said.

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