Here is a collection of the most important stories this evening:
Vedanta to take over semiconductor, display glass businesses from holding firm
The decision comes after capital market regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 30 lakh on metals-to-oil conglomerate Vedanta Ltd for violating the market regulator's disclosure requirements. Read more here.
Microsoft India president Anant Maheshwari steps down
A Microsoft spokesperson has confirmed that Maheshwari has chosen to depart from Microsoft in order to pursue a role outside the company, and expressed gratitude for his contribution to Microsoft's business in India. Read more here.
Jaiprakash Associates defaults on Rs 4,044-crore loans
Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 4,044 crore, including principal and interest amount. In a regulatory filing on Friday, Jaiprakash Associates Ltd (JAL) informed that the company on June 30th defaulted on repayments of a principal amount of Rs 1,660 crore and interest of Rs 2,384 crore. Read more here
Violations of FPI Laws: JP Morgan Chase Bank settles with Sebi for Rs 22.1 lakh
The sections under which the violations were recorded include ensuring only registered foreign portfolio investors (FPI) are allowed to participate in the securities market and reassessing the eligibility of an FPI investor following a change in its structure or constitution or change in common ownership or control. Read more here
Profitability means PAT, there is nothing called adjusted: Oxyzo’s Ruchi Kalra
Profitability means profit after tax (PAT), and there is no such thing as "adjusted," said Oxyzo and OfBusiness co-founder Ruchi Kalra at the Moneycontrol Startup Conclave. She was taking a jab at a number of unicorns that have been increasingly reporting "adjusted" profit numbers to hide actual losses. Read more here.
Green hydrogen can transform India’s $200 bn energy import bill into an export opportunity: Hardeep Puri
The minister also talked about the challenge of financing in this sunrise sector. However, he was hopeful that with increased demand more and more banks would freely finance projects of green hydrogen and its derivates. He said leading financial institutions have already started showing keen interest to invest in India. Read more here.
India Inc earnings season kickstarts next week; here’s how it may look
As the market takes strides towards fresh lifetime highs, all eyes are glued toward India Inc's corporate performance as companies gear up to release their quarterly numbers, starting next week. Sticking to the trend, information technology majors Tata Consultancy Services and HCL Technologies would kickstart the earnings season with the release of their quarterly numbers on July 12. Read more here.
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