Business Archives - Page 25 of 34

24 Jul

ED Raids Multiple Anil Ambani-Linked Locations Days After SBI Declares Him ‘Fraud’

Rajeev Sharma0 CommentsBusiness, India, TrendingAnil Ambani

Mumbai (National Times): In a significant move amid growing scrutiny over financial fraud, the Enforcement Directorate (ED) on Thursday launched massive search operations at 40–50 locations linked to Reliance Group MD Anil Ambani. The raids come just days after State Bank of India (SBI) officially declared Reliance Communications and its promoter-director Anil D Ambani as "fraudulent" entities. While Ambani’s personal residence was not searched, sources confirmed that ED teams from both Delhi and Mumbai raided premises associated with various companies under the Reliance Anil Dhirubhai Ambani Group (RAAGA). According to official statements shared with news agency ANI, the ED initiated…

23 Jul

ED Accuses Myntra of ₹1,654 Crore FEMA Violation Over FDI Misuse in Retail Structure

Rajeev Sharma0 CommentsBusinessED, FDI, FEMA violation, multi-brand retail, Myntra, Vector E-Commerce

National Times Bureau, July 23, 2025: The Enforcement Directorate (ED) has filed an official complaint against Myntra Designs Private Limited and its related entities and directors for allegedly violating the Foreign Exchange Management Act (FEMA), involving Foreign Direct Investment (FDI) of ₹1,654.35 crore.The action follows a detailed investigation that, according to a senior ED official, revealed Myntra misrepresented its business model by posing as a wholesale trader while conducting multi-brand retail trading (MBRT). This approach reportedly violated India’s FDI norms, which restrict foreign investment in direct retail.The ED claims Myntra received FDI while identifying itself as a wholesale cash-and-carry business.…

22 Jul

Gold Surges to ₹1 Lakh Mark in Delhi as Stockists Drive Demand; Silver Follows Rally

Rajeev Sharma0 CommentsBusinessDelhi gold rates, gold above 1 lakh, gold price today, silver price rally, stockist buying gold

New Delhi, July 22, 2025: Gold prices surged ₹1,000 on Tuesday, reclaiming the ₹1 lakh per 10 grams level in the national capital, driven by strong buying from stockists, as per the All India Sarafa Association. The 99.9 per cent pure yellow metal touched a four-week high of ₹1,00,020 per 10 grams, up from the previous close of ₹99,020. This marks the first time since June 19 that gold has breached the ₹1 lakh threshold.Gold of 99.5 per cent purity also witnessed a sharp gain of ₹1,000, trading at ₹99,550 per 10 grams (inclusive of all taxes), compared to ₹98,550…

21 Jul

$44 Million Vanishes in CoinDCX Hack; User Funds Safe, Says Company

Rajeev Sharma0 CommentsBusinessCoinDCX hack, cryptocurrency exchange, Solana-Ethereum bridge, Wormhole, ₹378 crore breach

National Times Bureau: In a significant blow to India’s crypto ecosystem, leading cryptocurrency exchange CoinDCX has reported a major security breach that led to the loss of approximately $44 million (around ₹378 crore). The platform clarified that the breach did not impact customer funds, which remain safe and accessible.The breach occurred on July 19, targeting an internal operational account used exclusively for providing liquidity on a partner exchange. CoinDCX, in an incident report released on Sunday, said the account was compromised through a "sophisticated server breach." The attacker gained unauthorized access to the liquidity infrastructure, allowing them to siphon off…

21 Jul

Freestyle Chess Grand Slam: Aronian Wins Title, Arjun and Praggnanandhaa Finish Sixth and Seventh

Rajeev Sharma0 CommentsBusinessArjun Erigaisi, Freestyle Chess Grand Slam, Levon Aronian, Magnus Carlsen, R Praggnanandhaa

National Times Bureau, July 21, 2025: Grandmaster Levon Aronian of the United States claimed the Freestyle Chess Grand Slam title after a tense 1.5-0.5 win over compatriot Hans Moke Niemann in the finals. The American star pocketed $200,000 for his victory, capping off an intense competition that featured some of the world's top chess players.India's Arjun Erigaisi and R Praggnanandhaa, who had both impressed in earlier rounds, finished sixth and seventh respectively. Arjun suffered a 0-2 defeat to American GM Fabiano Caruana, while Praggnanandhaa beat Wesley So 1.5-0.5 to end his campaign on a high note. Arjun earned $40,000 for…

20 Jul

Last-Minute Rush at Sector 53-54 Furniture Market Ahead of Demolition Drive

Gurpreet Singh0 CommentsBusiness

Chandigarh (National Times): A day before the UT Administration’s scheduled demolition of the illegal furniture market in Sectors 53 and 54, a massive crowd of bargain hunters swarmed the area on Saturday, hoping to buy household goods at slashed prices. However, much to their disappointment, the discounts turned out to be modest. Despite the anticipation of throwaway prices, many customers were met with only marginal markdowns. The surge in footfall led to traffic snarls on the road dividing Sectors 53 and 54, as the market lacks dedicated parking. In the chaos, transporters capitalised on the demand spike by hiking freight…

19 Jul

India’s Electronics Exports Cross $40 Billion, Bullet Train and Semiconductor Plans on Track: Ashwini Vaishnaw

Rajeev Sharma0 CommentsBusiness, IndiaAshwini Vaishnaw, bullet train project, IIT Hyderabad, India electronics exports, semiconductor chip

Hyderabad, July 19, 2025 — Union Minister Ashwini Vaishnaw on Saturday announced that India's electronics exports have surged past USD 40 billion an eight-fold increase over the last 11 year signaling the country’s aggressive push toward becoming a global manufacturing hub.Speaking at the 14th Convocation of IIT Hyderabad, Vaishnaw said the domestic electronics production has grown six times during the same period. “That’s a double-digit compound annual growth rate, something any corporate would envy,” he noted.The Minister credited this remarkable growth to Prime Minister Narendra Modi’s long-term vision. “Very few countries of our size have ever seen this kind of…

17 Jul

Samsung Chief Jay Y. Lee Cleared in Final Court Ruling Over $8 Billion Merger

Rajeev Sharma0 CommentsBusinessJay Y. Lee, Samsung Electronics, South Korea Supreme Court, stock manipulation case

Seoul, July 17, 2025 — South Korea’s Supreme Court on Thursday upheld the acquittal of Samsung Electronics Chairman Jay Y. Lee in a long-running legal battle over alleged accounting fraud and stock manipulation related to a controversial $8 billion merger in 2015.The verdict affirms rulings by both lower and appellate courts, ending a nearly decade-long saga that began when prosecutors accused Lee of orchestrating the merger of Samsung C&T and Cheil Industries to consolidate control over the tech conglomerate following his father's incapacitation.With the court’s decision, Lee is now permanently cleared of all charges, a development analysts say removes a…

16 Jul

Parliamentary Panel Proposes 285 Changes to Income Tax Bill, 2025 Ahead of Monsoon Session

Rajeev Sharma0 CommentsBusiness, IndiaBaijayant Panda, Income Tax Bill 2025, Lok Sabha, Parliamentary panel

New Delhi, July 16, 2025: A parliamentary panel scrutinising the landmark Income Tax Bill, 2025 has suggested as many as 285 changes to the draft legislation, which aims to overhaul and modernise India’s income tax laws.The Select Committee of the Lok Sabha, chaired by BJP leader Baijayant Panda, finalised its report on Wednesday. The report is set to be tabled in the Lok Sabha on Monday, coinciding with the opening day of Parliament’s Monsoon session.“We have made 285 suggestions to the Bill,” confirmed a member of the committee, reflecting the panel’s extensive engagement with the proposed legislation.The government is expected…

15 Jul

Tesla Launches Model Y in India at Highest Global Price, Opens Mumbai Showroom

Rajeev Sharma0 CommentsBusiness, IndiaModel Y price India, Tesla India launch, Tesla Mumbai showroom

Mumbai, July 15, 2025: Tech billionaire Elon Musk’s Tesla has officially rolled out its Model Y in India, pricing it at about USD 69,770 (approximately Rs 59.9 lakh), making it the costliest market globally for the electric SUV. The launch coincides with the opening of Tesla’s first Indian showroom in Mumbai on Tuesday.Deliveries of the Model Y are slated to begin in the third quarter of 2025. Tesla aims to tap into India’s premium electric vehicle (EV) segment, which currently comprises just around 4% of total car sales in the world’s third-largest automobile market.Unlike mass-market domestic EV players such as…