Mukesh Ambani Resigns From Jio, Son Akash Now Chairman

MUMBAI, June 28: Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire.

In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company."

This comes after his father resigned with effect from close of working hours on June 27, it said.

Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27.

Raminder Singh Gujral and KV Chowdary were appointed independent directors, it added.

UAE To Suspend Exports Of Indian Wheat For 4 Months: Report

DUBAI, June 15: The United Arab Emirates (UAE) has ordered a four-month suspension in exports and re-exports of wheat and wheat flour originating from India, the world's second biggest producer of the grain, state news agency WAM said on Wednesday.

The Gulf nation's economy ministry cited interruptions to global trade flows as the reason for its move, but added that India had approved exports of wheat to the UAE for domestic consumption.

India banned wheat exports on May 14, except for those backed by already issued letters of credit (LCs) and to countries seeking to ensure food security. Since then, it has allowed shipments of 469,202 tonnes of wheat.

Companies wishing to export or re-export Indian wheat brought into the UAE before May 13, when India's suspension began, must first make an application to the economy ministry, it said in a statement.

The UAE and India signed a broad trade and investment pact in February that seeks to cut all tariffs on each other's goods and aims to increase their annual trade to $100 billion within five years.

The pact, known as the Comprehensive Economic Partnership Trade Agreement (CEPA), took effect on May 1.

Nifty ends below 15,800, Sensex tanks over 1,456 pts; all sectors in the red

MUMBAI, June 13: Markets started the week with a sharp cut, in continuous to the prevailing corrective phase. The fear of aggressive rate hikes dented sentiment and triggered a gap-down start however rebound in the last hour trimmed some losses. Consequently, the Nifty index closed at 15,774; down by 2.6%.

On the sector front, all the indices ended with losses wherein IT, Metal and Banks were the top losers. The broader indices too lost over 2.5% each.

All eyes would be on the CPI data to be released today evening. Moreover, the US Fed meet on Wednesday would induce further volatility. Nifty has almost retested the March 2022 low i.e. around 15,671 levels and its breakdown would pave the way for further decline towards 15,450 levels.

In case of a rebound, the 15,900-16,200 zone would act as a hurdle. We recommend using rebound to create shorts in the index until we see some sign of reversal. Stocks, on the other hand, are offering opportunities on both sides so plan accordingly.

India's coal production increases by 34% YoY to 71.30 million tonnes in May

NEW DELHI, June 8: India's coal production jumped by 33.88 percent to 71.30 million tonnes in May 2022, up from 53.25 million tonnes recorded during the same month last year, according to data released by the Ministry of Coal.

As per the provisional data available, during May 2022, Coal India Limited (CIL), Singareni Collieries Company Limited (SCCL) and captive mines registered a growth of 30.04 percent, 11.01 percent and 83.33 percent respectively by producing 54.72 MT, 6.04 million tonnes and 10.54 million tonnes respectively.

Coal dispatch also climbed by 16.05 percent, from 67.06 million tonnes in May 2020 to 77.83 million tonnes in May 2022.

CIL, SCCL, and captive mines dispatched 61.24 million tonnes, 6.13 million tonnes, and 10.46 million tonnes respectively last month, registering a growth of 11.34 percent, 5.66 percent, and 67.06 percent, respectively.

During May, 23 of the top 37 coal-producing mines increased production by more than 100 percent, while 10 mines increased output by between 80 and 100 percent year over year.

Coal-based power generation has registered a growth of 26.18 percent in May 2022 as compared to May 2021, and the overall power generation in May 2022 has been 23.32 percent higher than in April 2021 and 2.63 percent higher than the power generated in April 2022.

Coal-based power generation in May 2022 has been 98,609 MU in comparison to 102,529 MU in April 2022 and registered a negative growth of 3.82 percent.

Total power generation has increased in May 2022 to 140,059 MU from 136,465 MU in April 2022 due to hydro and wind energy, the coal ministry stated.

LIC's Flop Show Continues, Shares Hit New Low, Valuation Dives

NEW DELHI, June 6: Shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, plunged 2.86 per cent to settle at record closing low of ₹ 777.40. The stock touched an all-time intraday low of ₹ 775.40 on the BSE index. On NSE, LIC cracked 2.97 per cent to close at 776.50. Considering today's closing figure, LIC has plunged 18.08 per cent from its issue price of ₹ 949.

The slump has dragged LIC's market capitalisation below ₹ 5 lakh crore for the first time. The market capitalisation of LIC fell to ₹ 4.91 lakh crore on Monday. At the issue price of ₹ 949, LIC's market valuation stood a little over ₹ 6 lakh crore.
LIC shares got listed on the stock exchanges on May 17. Since its listing, the scrip has closed in the green for just four trading sessions.

Last week, the state-run insurer posted a 17 per cent decline (yearly) in consolidated net profit at ₹ 2,410 crore for the March 2022 quarter.

However, LIC's net premium income stood 17.9 per cent higher at ₹ 1.4 lakh crore from ₹ 1.2 lakh crore in the corresponding quarter year ago.

Policyholders were offered a discount of ₹ 60 per equity share, while retail investors and employees received a discount of ₹ 45 on each share. LIC policyholders were allotted shares at ₹ 889 per share, while retail investors got the allotment at ₹ 905 per share.

GST collections fall 16% to Rs 1.41 lakh crore in May

NEW DELHI, June 1: Goods and Services Tax (GST) collections fell to Rs 1.41 lakh crore in May, down 16 percent from April's all-time high of Rs 1.68 lakh crore, data released on June 1 by the finance ministry showed.

On a year-on-year basis, GST collections in May were up 44 percent.

"The collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been lesser than that in April, which pertains to the returns for March, the closing of the financial year," the finance ministry said in a statement.

"However, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark," it added.

Of the total GST collections in May, Central GST was Rs 25,036 crore, State GST was Rs 32,001 crore, Integrated GST was Rs 73,345 crore, and compensation cess was Rs 10,502 crore.

In May, the government settled Rs 27,924 crore to Central GST and Rs 23,123 crore to State GST from Integrated GST. As a result, the total revenue for the month after settlement was Rs 52,960 crore for the Centre and Rs 55,124 crore for State GST.

This is the 11th month in a row that the total GST mop-up has come in above the Rs 1-lakh-crore mark.

Elon Musk tells Tesla staff: 'Remote work is no longer acceptable'

NEW YORK, June 1: Tesla CEO Elon Musk on Tuesday notified his staff that remote work is no longer acceptable at the company.

In an email, shared being circulated on Twitter, Musk wrote: "Anyone who wishes to do remote work must be in the office for a minimum of 40 hours per week or depart Tesla."

"This is less than we ask of factory workers," he added.

The tech billionaire also said that in case there are "exceptional contributors" who cannot work the minimum hours in office, Musk himself would review and approve of them directly.

The email also clarified that the "office" must be a main Tesla office and not a remote branch office.

When Musk was asked to comment on people who think working from office is an "antiquated concept", he replied, "They should pretend to work somewhere else."

In May, while praising China's workforce for "burning the 3 am oil," Elon Musk had said that people in the US were trying to avoid going to work.

"There's just a lot of super-talented, hardworking people in China who strongly believe in manufacturing," he said in an interview with the Financial Times.

"They won't just be burning the midnight oil. They will be burning the 3 am. oil," Musk had said. "They won't even leave the factory type of thing, whereas in America people are trying to avoid going to work at all."

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