2020 Financial News

Mumbai: Adani Energy Solutions Ltd (AESL), previously known as Adani Transmission Ltd, on Monday announced the commissioning of the Kharghar Vikhroli Transmission Ltd (KVTL) project, a critical infrastructure project that will allow an additional 1,000 MW of reliable power for Mumbai to help meet its ever-growing demand for electricity and mitigate grid failures and power cuts. Mumbai’s daily electricity demand is expected to hit 5,000 MW by FY25 from the current peak demand of 4,000 MW, according to Adani Energy Solutions, so 1,000 MW would constitute 20% the city’s power supply in FY25.

'History suggests that discounts at these levels do not persist forever, and that periods of negative sentiment towards investment trusts can prove to be a good time to invest for the long term.'

cryptocurrency firm, Ikigai Asset Management, lost most of its assets from last year's collapse of the cryptocurrency exchange FTX, where he was a customer. Kling said he harbored no hatred for Sam Bankman-Fried, FTX's founder. But as Bankman-Fried's criminal fraud trial kicks off Tuesday, Kling is eager to see the onetime crypto mogul — who is now viewed as its biggest villain — held accountable for his actions.

Singapore, Australia, France, and Sweden are witnessing an increasing volume of score reports from Indian TOEFL test takers and emerging as new destinations of interest, according to the Educational Testing Service (ETS). The top two destinations for TOEFL test takers in India since 2017 have been the United States and Canada. Till 2019, Germany was at the third spot and the UK at the fourth spot. However, from 2020 onwards, the two countries have switched positions. «While the top five countries chosen by Indian TOEFL test takers have remained nearly consistent over the last 5-6 years. Apart from the top destination countries, emerging countries for Indian test takers include Singapore, Australia, France, and Sweden. These countries have seen an increasing volume of score reports from Indian test takers,» Sachin Jain, the Country Manager of ETS India and South Asia, told PTI. The Princeton-based ETS, which conducts the Test of English as a Foreign Language (TOEFL) and Graduate Record Examination (GRE), said the trend reflects shifting aspirations of people.

(Reuters) — Donald Trump said he will appear in a New York court on Monday at the beginning of a civil fraud trial in which the former president will face what he said was a «sham» accusation that he fraudulently inflated the value of properties and other assets.

IQuest Enterprises, a multi-sector investment company, on Monday said it has entered into a definitive agreement to acquire the API (active pharmaceutical ingredient) operations of global pharmaceutical major Viatris in India.A press release from IQuest said it emerged as the preferred investor following a global competitive bid.

Adani Energy Solutions on Monday said it has commissioned the Khargar-Vikhroli transmission line to supply an additional 1,000 MW of power to Mumbai city. «Kharghar Vikhroli Transmission Ltd (KVTL), which will enable additional power to be brought into Mumbai and thus enable in meeting the city's growing and future electricity demand, is commissioned,» a company statement said. Built by Adani Energy Solutions Ltd (earlier known as Adani Transmission Ltd) — the energy solution, transmission and distribution arm of the Adani group — the project is critical for Mumbai, as the existing capacity of the transmission corridor is not sufficient to carry further power into the city, it stated. Mumbai witnessed grid failure twice recently – on February 27, 2022, and October 12, 2020 — localities across the metropolis went dark for a considerable period, it noted. The Kharghar-Vikhroli line will bring an additional 1,000 MW of reliable power to Mumbai city as a solution to mitigate any such incidents in the future, it noted. With this project's commissioning, Mumbai gets a 400 KV grid within its municipal geography, bringing enhanced import capability within its electricity grid and improving reliability and stability, it stated. For consumers, it provides much more sustainability to commuting through bullet trains, metro rail and city railways, and also for commercial and residential establishments. The KVTL comprises approximately 74 circuit kilometres of 400 kV and 220 kV transmission lines, along with a 1,500 MVA 400kV Gas Insulated Substation (GIS) at Vikhroli, the first 400KV substation of its kind in Mumbai. Occupying approximately 9,500 sq m area, it has the most compact design when it comes to 400 KV substations.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan has asserted that he has changed the definition of politics in the state and in an emotional address to women, referring to them as his sisters, said they will miss him when he is not around. He was addressing a gathering at Ladkui in his Budhni assembly seat in Sehore district on Sunday. The state assembly polls are due this year-end.

Baiyanpuria has currently become the talk of the town. The social media sensation went viral when Prime Minister Narendra Modi shared a video of him interacting with the Instagram influencer on X (formerly Twitter). Baiyanpuria took part in the programme ‘Shramdan for Cleanliness’ which is a part of the campaign ‘Swachhata Hi Seva’ campaign. Sharing the video, the Prime Minister wrote, “Today, as the nation focuses on Swachhata, Ankit Baiyanpuriya and I did the same! Beyond just cleanliness, we blended fitness and well-being also into the mix. It is all about that Swachh and Swasth Bharat vibe!" In the clip, the PM can be seen asking Baiyanpurua how the campaign ‘Swachhata Abhiyaan’ will help the youth be more fit, to which the influencer replied, that the citizens should invest in keeping the environment healthy, which would in turn keep them hale and hearty. The video went viral, amassing more than 6.4 million views and 141K likes. Many netizens flooded the comment section to praise both the PM as well as the youngster for the initiative. ‘The Kashmir Files’ director Vivek Agnihotri wrote, “Thanks @narendramodi forswachchhata abhiyan and successfully leading Bharat to make world’s fastest indigenous vaccine and not just saving 130 cr lives but helping 101 nations. Yes. INDIA CAN DO IT.” Another fan wrote, “Kudos to you, sir, for leading the way in the cleanliness drive. Your commitment to Swachh Bharat Abhiyan sets a powerful example, proving that real change begins at the top. Your vision for a cleaner, healthier India is a testament to exceptional leadership.”

AFP. In a post on his Truth Social platform on Sunday, the 2024 Republican White House candidate wrote, “I'm going to Court tomorrow morning to fight for my name and reputation." He also called the New York attorney general "corrupt" and the judge in the case “unhinged." The decision to keep the schedule of the trial as it is was taken by a five-judge panel of the Appellate Division, a mid-level appeals court in Manhattan. The court also lifted a September 14 order by Justice David Friedman to put the trial on hold while it considered Trump's motion.

Gerard Depardieu broke his silence on allegations of rape and sexual assault against him, denouncing a lynching orchestrated by a «media court». In an open letter published in the opinion pages of Le Figaro, one of France's leading daily newspapers, he wrote: «Never, ever have I abused a woman.» In a lengthy text written in a literary style, the 74-year-old actor concluded: «To the media court, to the lynching that has been reserved for me, I have only my word to defend myself.» It was the first time that Depardieu had responded to allegations published in April by the investigative website Mediapart. They revealed fresh accusations of sexual violence against him from more than a dozen women, with some of the allegations going back to the early 2000s. In December 2020, he was placed under formal investigation for rape and sexual assault after an actress accused him of having raped her on two occasions in his apartment in 2018, when she was 22.

(Exciting news! Mint is now on WhatsApp Channel. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) But the US government hopes to use testimony from Nadella and other executives from Microsoft to show how even a company of its size and resources couldn’t unlock Google’s hold on the search market.

A former contractor for the Internal Revenue Service has been charged with leaking tax information to news outlets about thousands of the country’s wealthiest people

Armenia's government says an ethnic Armenian exodus has nearly emptied Nagorno-Karabakh of residents since Azerbaijan attacked and ordered the breakaway region’s militants to disarm

London | There are plenty of tentacles in the $18.7 billion Brookfield-EIG takeover bid for Origin Energy, but there is only one Octopus.

National Financial Reporting Authority (NFRA) has debarred 18 auditors for up to a year and also imposed penalties on them, citing professional lapses in the audits of various branches of the crisis-hit DHFL. In separate orders for each auditor, the regulator has imposed a penalty of ₹1 lakh on each of them. As many as 14 of the 18 auditors have been debarred for a year, while four face a six-month ban. They have been barred from «being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate». The audit regulator's orders are based on its probe into the role of the statutory auditors of DHFL for 2017-18, the year when the alleged fraud was primarily stated to have occurred, it said in orders dated September 29. The auditors concerned played the role of engagement partners, or branch auditors, in the audit of DHFL branches.

Perpetual chairman Tony D’Aloisio faces a challenge to his re-election to the fund management group’s board after influential proxy advisory Ownership Matters recommended shareholders vote against it.

NEW DELHI : The debt resolution capacity under Insolvency and Bankruptcy Code (IBC) should be stepped up by more than three fold to handle about 1,000 cases a year, said a senior government official. Speaking at seventh foundation day of Insolvency and Bankruptcy Board of India (IBBI), the rule maker and regulator, ministry of corporate affairs secretary Manoj Govil said pace of debt resolution under IBC was steadily increasing and expectation is that number of corporate rescue will go up to 300 cases this financial year from 180 cases last financial year.

NEW DELHI : Following an uneven monsoon, demand for work under the national rural jobs scheme has soared, while farm revenues have been hit by crop losses and export curbs. Will a dent to rural incomes take the sheen off festive season demand? Mint explores. The Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGS) promises 100 days of work in a year to every rural family.

₹18 lakh have been imposed on the auditors for their professional misconduct. The 18 auditors have been debarred for a period of six months to 1 year from “being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate".

₹1 lakh to ₹1 crore in 2020, larger cases are coming in and fewer cases are expected to be withdrawn at an early stage. However, even if one-third of new cases are withdrawn at the pre-admission stage, and a few more subsequently, still there will be around 1,500 new cases to be resolved in a year, Govil explained. He added that one could argue that in future, the number of new bankruptcy cases requiring resolution could fall as they are also a function of economic cycles.