Episode 356

Business News at 05:30 pm on 23rd January 2023

Listen to the latest news on business and finance where we talk about Gautam Adani planning on IPOs, expectations of salaried class from Budget 2023, Twitter Blue struggling to gather subscriber number and Industry. We also bring to you the latest on the Indian Share Market.

Today’s Latest Business News at 05:30 pm on 23rd January 2023.

[Disclaimer: This transcript is auto-generated]

Asia’s richest man, Gautam Adani, plans to sell shares to the public in at least five companies between 2026 and 2028, helping the port-to-power conglomerate improve debt ratios and broaden its investor base. Adani Group chief financial officer Jugeshinder Singh said, quote, “At least five units will be ready to go to the market in the next three to five years.” unquote. He said Adani New Industries Ltd., Adani Airport Holdings Ltd., Adani Road Transport Ltd., AdaniConnex Pvt Ltd. and the group’s metals and mining units would become independent units. Billionaire Adani has faced criticism over the group’s rapid expansion from a traditional port operator to a sprawling conglomerate with assets including media, cement and green energy that some say has increased debt and financial complexity. Research firm CreditSights red-flagged the Adani Group’s elevated” leverage last year. The group pushed back against the report, calling leverage ratios “healthy. Most of the tycoon’s companies have seen a blistering stock rally in the past few years, vaulting Adani up the wealth rankings past Jeff Bezos and Bill Gates to a net worth of almost $121 billion.

Moving to budget news, Finance Minister Nirmala Sitharaman is all set to present Budget 2023 on 1 February, and the salaried class is looking forward to some major announcements on the increase in income tax deductions and slab rates. Earlier, Finance Minister Nirmala Sitharaman said that there will be no new taxes levied on the middle class and that the forthcoming budget will be middle-class friendly. While this is a positive announcement for salaried individuals, the middle class is expecting some other favourable announcements like new tax slabs with lower rates and increased tax rebate on home loans. At present, taxpayers can choose between two tax regimes while filing taxes, through which their income is exempt from tax up to Rs 2.5 lakh and there is no tax applicable for up to the income of Rs 5 lakh. The salaried employees expect the government to raise the basic tax exemption from Rs 2.5 lakh to at least Rs 5 lakh. Long-term capital gains from the sale of listed equity shares and units of equity-oriented mutual funds are taxable, if the gain exceeds Rs 1 lakh per annum.

Meanwhile, Twitter Blue is struggling to gather a good subscriber number for itself and this could be the possible reason why the new CEO Elon Musk is planning to release a more expensive version of it. Musk in his latest tweets has hinted at a new version of Twitter Blue that will have zero ads and will sell at a higher price. The current Twitter Blue costs $7.99 a month and claims to offer 50 per cent less ads than the non-paid version. The new Twitter Blue, as hinted by Musk, could launch in coming weeks and cost more than the current price. Musk said, quote, “Ads are too frequent on Twitter and too big. Taking steps to address both in coming weeks.” unquote. Musk’s more expensive Twitter Blue could also be company’s response to its declining ad revenue. Musk has also said that the company is looking at reducing the size of ads and decreasing its frequencies. He has not given any information on the price of the new Twitter Blue.Twitter Blue is an opt-in paid subscription offered by Twitter. It offers range of benefits to its subscribers including blue check of verification and access to features like Edit Tweet, reader mode and 1080p video upload.

Let us talk on industry, Amul is set to elect its new Chairman and Vice Chairman later this week, to succeed Shamal Patel and Valamji Humbal respectively, whose terms end on Tuesday, January 24. The Gujarat Cooperative Milk Marketing Federation, which markets dairy and FMCG products under the Amul brand, will hold elections on January 24, a company executive told The names of the possible candidates are not disclosed yet, and the same will be announced after the board meeting tomorrow. Earlier on 9th January, the then Amul MD RS Sodhi was asked to leave and hand over the charge to COO Jayen Mehta after a board meeting held at AmulFed Dairy, Gandhinagar.

Laslty, Indian equity indices after staying in the positive territory throughout the day ended Monday’s session in the green at the same level where it opened. The Nifty closed above 18,100 while the Sensex settled below 60,950. The NSE Nifty 50 rose 90.90 pts or 0.50% to 18,118.55 and the 30-share BSE Sensex advanced 319.90 pts or 0.53% at 60,941.67. The top Nifty 50 gainers were Sun Pharma, Hindustan Unilever (HUL), Eicher Motors, UPL and Tech Mahindra while the top losers were UltraTech Cement, Grasim, NTPC, Tata Steel and JSW Steel.

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Business News at 05:30 pm on 23rd January 2023