Finance

finance

Adani Group to Invest Rs 12,400 Crore in Telangana: A Boost for the State’s Economy

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Adani Group to Invest Rs 12,400 Crore in Telangana

Adani Group to Invest Rs 12,400 Crore in Telangana During a meeting at the World Economic Forum in Davos, Gautam Adani, the Chairman of the Adani Group, announced that the conglomerate will be making a significant investment of Rs 12,400 crore in various businesses in the state of Telangana. This declaration comes after a meeting with the newly elected Chief Minister of Telangana, A. Revanth Reddy. The investment from the …

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Malaysian Palm Oil Futures Rise on India’s Concessional Duty Extension

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Malaysian Palm Oil Futures Rise on India On Tuesday, the Malaysian palm oil market witnessed a surge in prices as a result of India’s recent decision to extend the concessional duty on edible oil imports for an additional year. India, being the largest importer of palm oil, has allowed lower import duties on edible oils until March 2025. This move by India has come as a relief to the palm …

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Gujarat, Kerala, and Karnataka Lead in Developing Startup Ecosystems

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Startup Ecosystems The Department for Promotion of Industry and Internal Trade (DPIIT) has recently released the ranking of states and Union territories in terms of developing startup ecosystems for budding entrepreneurs. The results have shown that Gujarat, Kerala, and Karnataka have emerged as the best-performing states in this regard. Tamil Nadu and Himachal Pradesh have also been categorized as top performers, showcasing their commitment to fostering a conducive environment for …

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BHEL to Establish 2,400 MW Greenfield Thermal Power Plant in Odisha’s Jharsuguda District

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BHEL to Establish 2,400 MW Greenfield Thermal Power Plant Bharat Heavy Electricals Limited (BHEL), a leading power generation equipment manufacturer in India, has been awarded the contract to set up a new greenfield thermal power plant in Odisha’s Jharsuguda district. The project, with a capacity of 2,400 MW, will be executed by BHEL on an engineering, procurement, and construction (EPC) basis. The contract for the project was awarded by NLC …

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IRS Collects Over $500 Million in Unpaid Taxes from Millionaires

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IRS Collects Over $500 Million in Unpaid Taxes As of today, the Internal Revenue Service (IRS) has successfully collected over $500 million in unpaid taxes from 1,600 millionaires. This significant achievement has been made possible through the implementation of the Inflation Reduction Act, which aims to ensure that the super-wealthy pay their fair share of taxes, just like hardworking Americans. The Inflation Reduction Act has provided the IRS with the …

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Escalating Conflict in Red Sea Region Sends Oil Prices Surging

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The Red Sea Region Sends Oil Prices Surging Share was cautious on Friday as the escalating conflict in the Red Sea region sent oil prices surging. At the same time, slightly higher-than-expected U.S. inflation data did not dent investors’ views on early and aggressive rate cuts in the U.S. and Europe. The intensifying conflict in the Red Sea has kept shares on edge. The MSCI’s most comprehensive index of Asia-Pacific …

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The Need for Tax Breaks on NPS Contributions to Encourage Retirement Savings

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Tax Breaks on NPS Contributions The Pension Fund Regulatory and Development Authority (PFRDA) has urged the Finance Ministry to consider providing tax breaks for contributions to the National Pension System (NPS). This move, similar to the Section 80C deduction in the old tax regime, would incentivize individuals to save for retirement and contribute towards building a pension society in India. The NPS, which was introduced in 2004 as a defined …

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Bank of America Takes a Hit in Earnings Due to Support for Bloomberg’s Short-Lived Interest Rate Index

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Bank of America Bank of America recently announced that its support for Bloomberg L.P.’s Short-Term Bank Yield Index (BSBY) will result in a $1.6 billion hit to its earnings report. However, the bank expects to recover this amount over time. BSBY was intended to replace the London Interbank Offered Rate (Libor), which was widely used in loans worldwide until a rate-rigging scandal led to its demise. Bank of America was …

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Reliance Industries to Invest in Renewable Energy and Green Hydrogen in Tamil Nadu

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Reliance Industries In a video message addressing the Global Investors Meet hosted in Tamil Nadu, Reliance Industries Chairman Mukesh Ambani announced the conglomerate’s plans to make new investments in renewable energy and green hydrogen in the state. While Ambani was unable to attend the event in person, he expressed his commitment to working closely with the state government to promote sustainable development. Reliance Industries has been a key contributor to …

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Tamil Nadu’s Blueprint for a $1 Trillion Economy by 2030

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Tamil Nadu’s Blueprint   The Tamil Nadu government recently unveiled an ambitious blueprint to transform the state into a $1 trillion economy by 2030. This significant announcement was made by Chief Minister MK Stalin during the two-day Global Investors Meet in Chennai on January 7. The vision document sets forth a comprehensive plan to attract investments, both public and private, and establish Tamil Nadu as a preferred destination for foreign …

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