The Forbes 2022 list of India's 100 richest has several new names as the data reveals the extraordinary rise in the wealth of the top 100 club in the country despite concerns over depreciation in the value of rupee and inflation worries worldwide. Nykaa's Falguni Nayar- hailed among the country's richest self-made billionaires - is also among the top 100 this year. Rekha has a net worth of $5.9 billion.
Hindenburg Research on Thursday disclosed short positions in Block Inc and alleged that the payments firm overstated its user numbers and understated its customer acquisition costs. The US short-seller also alleged that Block Inc's finance chief Amrita Ahuja, daughter of Indian immigrants, dumped millions of dollars in stock. Shares of Block slid 20% to $58.39 in morning trading following the report. The move is seen as a challenge to Jack Dorsey, co-founder of Block and its largest shareholder.
Hindenburg Research's latest report alleges that Jack Dorsey's financial firm Block Inc. was facilitating fraudsters taking advantage of government stimulus programmes during the pandemic. Block shares tumbled 20% after the report, the company's biggest intraday decline in three years, and Hindenburg is betting on a further decline.
The Union government's 'Sukanya Samriddhi Yojana' is a savings scheme to benefit girl children with higher interest rate and tax benefits. A parent or guardian of a girl under 10 can open an account in post offices/banks. The account matures after 21 years or upon marriage of the girl after 18. Tax deductions up to 1.5 lakh are allowed with proceeds received upon maturity/withdrawal also exempt from taxation.
Shares of Block Inc. slumped after Hindenburg Research said it's betting on a decline in the stock, accusing the payments company led by Jack Dorsey of misleading investors. Block declined 20% in premarket trading. Hindenburg's report follows two-year investigation and a similar report on electric-vehicle maker Nikola Corp. that led to criminal charges against its founder.
Hindenburg Research alleged Block Inc. has overstated user counts and understated customer acquisition costs, leading to a 18% drop in premarket trading. The short seller claims 40-75% of Block accounts are fake, involved in fraud, or duplicates. Hindenburg Research is a forensic financial research firm that has a track-record of uncovering corporate wrongdoings and betting against the companies.
Accenture Plc on Thursday lowered its annual revenue and profit forecasts, and announced 19,000 job cuts. The layoffs will affect more than half of the staff at its non-billable corporate functions. The company now expects 8-10% annual revenue growth and earnings per share of $10.84 to $11.06. Rival Cognizant Technology Solutions had pointed to "muted" growth in bookings in 2022.
Biocon's Kiran Mazumdar-Shaw has retired from Infosys' board of directors. Nandan Nilekani, Infosys chairman, thanked her for her guidance and leadership. D. Sundaram has been appointed as the new lead independent director and will chair the nomination & remuneration committee and CSR committee. He has expert knowledge in finance and strategy. The board congratulated Sundaram and looks forward to his insight and support.
Equity benchmark Sensex declined 290 points to settle below the 58,000 mark on Thursday due to a sell-off in banking, financial and IT stocks. Heavy selling pressure in index heavyweight Reliance Industries added to the pressure. The NSE Nifty also dipped 75 points or 0.44 per cent. Global oil benchmark Brent crude dipped 0.90 per cent to USD 76 per barrel. Foreign Portfolio Investors were net buyers, buying equities worth Rs 61.72 crore.
Finance Minister Nirmala Sitharaman will meet public sector bank (PSB) MDs on March 25 to review performance in light of the US banking crisis and Credit Suisse liquidity crisis. The meeting will assess progress of government schemes like Kisan Credit Card, Stand-Up India, Pradhan Mantri Mudra Yojana and emergency credit line guarantee scheme. The US Fed has hiked interest rates to fight high inflation, but Indian banking system is in good shape with improved asset quality and capital adequacy.
US short-seller Hindenburg Research has announced a new report soon, causing speculation of who they will target next. The firm previously dropped a bombshell on Gujarat tycoon Gautam Adani, triggering a $86 billion rout in the group's stocks and bonds. Speculation is high that the new report may deal with the ongoing bank crisis. Hindenburg Research investigates mismanagement, bookkeeping irregularities, and hidden transactions.
Indian stocks declined in early trade Thursday in line with US markets, which dropped sharply overnight after the US Federal Reserve increased the key interest rate. The move is detrimental for India and other developing countries as investments tend to shift to advanced countries with stable returns. Wall Street fell Wednesday as the Federal Reserve raised interest rate, and Asian markets followed suit.
Petrol and diesel prices remained unchanged on Thursday, continuing an eight-month trend of price stability. The cost of fuel is revised daily at 6am by Oil Marketing Companies (OMCs) and is controlled by the government through excise duty, base prices and cap prices. The most recent nationwide adjustment was made in May 2022, when Finance Minister Nirmala Sitharaman slashed the excise duty on petrol and diesel by ?8 and ?6 per litre, respectively.
Gold prices in India dropped on Thursday with 22 carat gold costing ?5,420 per gram and 24 carat gold costing ?5,913 per gram. Silver prices also saw a marginal dip with one gram costing ?71.60. Prices are determined by a range of factors including volatile policies, economic growth, and the Rupee-US dollar exchange rate.
41 Indian billionaires lost a total of $122.7 billion in the past year, according to the M3M Hurun Global Rich List 2023. India was third in terms of losses, behind China and the US, with the global wealth depletion rate at 10%. Interest rate hikes, currency appreciation, tech bubble burst, and the Russia-Ukraine war all had an impact. India ranks sixth in terms of billionaires who have added $1 billion or more in the last year.
China has the most billionaires in the world, followed by the US with 53% of the total. India stands at third with 187 billionaires, while Germany overtook the UK to rank fourth. Mukesh Ambani is the richest Indian, according to the Hurun Global Rich List 2023. Mumbai is the ‘richest’ Indian city with 66 billionaires, followed by Delhi and Bengaluru. Serum Institute of India’s Cyrus S. Poonawalla is the richest healthcare billionaire in the world.