2020 Financial News

₹1 lakh as compensation to a 27-year-old convict Chandanji Thakor, who though secured bail in 2020 continued to languish in jail for another three years. According to a report by Bar and Bench, despite Thakor securing bail in 2020, he had to spend 3 years in jail as prison authorities claimed that they could not open the bail order sent to them by the High Court registry as an attachment to an email. "In the present case, the registry of this Court had categorically informed the jail authorities about the order passed by this Court releasing the applicant on regular bail.

Pre-pandemic trends indicate that the travel and tourism sector experienced a robust 16 per cent growth in 2019, however, with the pandemic-related disruptions, travel restrictions and lockdowns, there was a 47 per cent fall in job postings in 2020 and 27 per cent dip in 2021. While the industry began to bounce back with a marginal 3 per cent growth in hiring in 2022, it has dramatically recovered this year, as people regained confidence in travel, the report stated. The foundit report is based on the data as of August 2023.

Americans outside the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances. 

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North), at the auction held on Tuesday, said people aware of the development. Asian Hotels (North) which operates the five-star property Hyatt Regency (Delhi). The bank had set a reserve price of Rs 330 crore as against the outstanding dues of Rs 324 crore, according to the auction notice posted on the bank’s website. The bank had received expressions of interest from a few asset reconstruction companies, but eventually, none gave a firm bid at the auction on September 26, the people cited above said. The company suffered a setback due to Covid-19, resulting in a cash crunch.

Space Administration (NASA) has shared pictures of a space object that looks like a dumpling. «Ravioli, pierogi, empanada? No, that… What do you see? No wrong answers,» NASA asked in an Instagram post. The space agency then clarified that the object is actually the innermost moon of Saturn. NASA revealed that its Cassini spacecraft took the images from 15,300 miles (24,600 km) which happens to be its closest encounter with the moon, which is called Pan. «Pan, the innermost of Saturn’s known moons, orbits the planet from inside a gap in one of Saturn's rings. It completes an orbit every 13.8 hours at an altitude of 83,000 miles (134,000 km).

₹2,699.00 apiece on the BSE and at ₹2,750 on the National Stock Exchange (NSE). However, after listing on the stock exchanges, Nuvama Wealth Management share price hit 5% lower circuit to close at ₹2,564.10 apiece on the BSE and ₹2,612.50 on NSE. The company boasted a market capitalization of ₹9,163 crore at close on Tuesday.

₹5,512.50 crore in October 2020. Earlier this week, RIL's retail arm received the full subscription amount of ₹2,069.50 crore from the global investment firm KKR and has allotted 1.71 crore equity shares. Also read: Reliance Retail in talks with Gulf, Singapore funds on $1.5 billion investment: Report Following the share allotment, KKR's shareholding in RRVL has increased to 1.42% from 1.17%.

The report by former Telstra chief Ziggy Switkowski into the PwC leaks scandal identified a “shadow culture”, which was one consequence of its drive to be the biggest of the big four with the best-paid partners. Here are some key quotes from the report released on Wednesday.

Trump, his two eldest sons, along with other Trump Organization executives of lying to tax collectors, lenders, and insurers for years in a scheme that routinely exaggerated the value of their properties, AFP reported. Trump's lawyers had asked the judge to throw out the case ahead of the trial by granting what is known as a summary judgment in his favor.

Vedanta Ratings agency Moody's Investors Service on Tuesday downgraded corporate family rating (CFR) of Vedanta Resources, the parent of Vedanta Ltd, to Caa2. Voltamp Transformers Promoter Kunjal Lalitkumar Patel has offloaded a partial stake in Voltamp Transformers through bulk deals on Tuesday. Signature Global, Sai Silks The shares of Signature Global and Sai Silks will debut on the exchanges today.

Qatar Airways says it was “surprised and shocked” that an application to lift services to Australia was rejected by the Albanese government, and told a senate inquiry it did not believe it had been given good reasons the decision.

An engineering conglomerate owned by Berkshire Hathaway just won an initial victory in a lawsuit brought against the company over its 401(k) plan.

Mark Meadows' Admission: Trump's Role in Herman Cain's Death In June 2020, as the heartland grappled with surging COVID-19 cases, Trump organized an indoor rally in Tulsa, Oklahoma, in a bid to reignite his reelection campaign, which had been derailed by the ongoing crisis. Against the counsel of public-health experts, Trump proceeded with the rally, and on the very day of the event, six campaign staff members tested positive for the virus.

Swiss federal prosecutors say they have indicted a former employee of the Geneva-based commodities trading firm Gunvor over bribes paid to obtain access to the Republic of Congo’s petroleum market more than a decade ago

Records show that Mississippi announced financial incentives for a shipbuilder in 2020 days after the president of the shipbuilder’s parent company donated $10,000 to the governor's campaign fund

MUMBAI : KKR & Co. plans to carve out the municipality business from RE Sustainability Ltd (formerly Ramky Enviro Engineers Ltd) that it acquired five years ago, and sell the unit back to its original promoters, two people aware of the matter said. The private equity firm believes that removing the municipality business, which serves local governments, will make the company more attractive for potential buyers, the people cited above said.

NEW DELHI : Maruti Suzuki India Ltd has surged ahead in the rapidly expanding SUV (sport utility vehicle) segment, marking a turnaround after several quarters of market share loss due to declining small car sales and lack of new SUV launches, following its exit from the diesel-engine market in 2020. Maruti has made significant progress in realizing its 2023-24 target of 25% share in India’s SUV market, consistently increasing its share for three straight months, spanning July through September. In July and August, the company’s SUV market share exceeded 24.5%, and it expects a similar performance in September.

Sun Pharma promoter Dilip Shanghvi and Associates have decided to terminate the amended and restated shareholders' agreement with Suzlon Energy that was signed in February 2020. In a regulatory filing, Suzlon Energy said, «This is to inform that Dilip Shanghvi and Associates who had entered into an Amended and Restated Shareholders’ Agreement dated 28th February 2020 with the Promoters/ Promoter Group of the Company and the Company, have informed the Company and the other shareholders, who are party to the Agreement, that the investor group has decided to terminate the Agreement in accordance with the terms of the Agreement.» Suzlon added that there would not be any impact on the operations of the company on account of the termination of the agreement. With the termination of the agreement, the investor group's nominee director on Suzlon's board, Hiten Timbadia, has also resigned with effect from September 26, Suzlon added. In February 2020, Suzlon's board had approved the company's debt restructuring proposal and certain identified subsidiaries under the RBI circular dated June 2019. As part of the agreement, the company had issued up to 100 crore equity shares; up to 4.10 lakh or 0.01 secure optionally convertible debentures, and up to 50 crore warrants of Re 1 each. The board had also approved issuance of equity shares or equity linked instruments to the tune of Rs 1,000 crore. Those who were allotted the shares included Shanghvi Finance Pvt. Ltd., Aditya Medisales Ltd., other members of Dilip Shanghvi's family, among others.

Reserve Bank in October 2020 for a period of three years and was assigned the responsibility of financial regulation. Prior to that, he was the chief general manager of the financial markets operations department.

Bank of America has reinstated coverage of auto tech company Visteon Corp (NASDAQ:VC) with a Buy rating and set a 12-month price target for the stock at $180.00.

Signature Global is commanding a GMP of Rs 41 in the unlisted market. Compared with the upper price band of Rs 385, the shares are expected to fetch 10% premium on debut. However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly. «The company has a loss-making history and faces concentration risk.