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Vedanta Chairman Anil Agarwal bags Asian Business Philanthropy Award 2021

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Indias leading industrialist and philanthropist, Anil Agarwal, Chairman of the Vedanta Group, one of the worlds biggest Oil & Gas and Metals companies, has been bestowed with the Philanthropy Award at the Asian Business Awards 2021 for his outstanding contribution towards humanitarianism initiatives centering on healthcare, education, sanitation, skill development and sustainable livelihood.

His philanthropic pursuits have been an inspiration across the globe for his charitable foundation, the Anil Agarwal Foundation, which has created an exemplary social impact in rural India with Vedanta’s multiple care initiatives. These initiatives, including Swatch Goan Abhiyaan, Nand Ghar, have touched upon over 4.23 crore lives helping them better their quality of life. To bring in sustainable and inclusive growth integrated with social-economic development, the group spent over Rs 331 crore in the year 2020-21.

The Asian Business Award, now in its 23rd year, is hosted every year by Eastern Eye, Britain’s biggest selling English language Asian newspaper. The award is known for celebrating Asian entrepreneurship and business success, wherein the winners are honoured at the annual gathering of the UK’s wealthiest and most successful businessmen and women. This year’s esteemed assemblage, held on November 19 in London, recognised Agarwal for his exceptional contribution towards empowering underprivileged communities. His universal mission of giving back to society has made him a living inspiration for many across the globe.

Sharing his thoughts concerning his recent accolade, Agarwal said: “I am extremely humbled to receive this award. It has further energised me to uphold my commitment towards sustainably strengthening the rural communities of the country. I take pride in living up to my ‘Giving Pledge’ as this year Vedanta, under its social initiatives, has spent Rs 331 crore and has vowed to spend Rs 5000 crore more. Philanthropy has given more meaning to my life, and I draw immense satisfaction in giving back to society.”

Anil Agarwal Foundation CEO, Bhaskar Chatterjee, expressed great joy over international acknowledgement of Agarwal’s efforts and the honourable distinction.

Chatterjee said: “We are extremely humbled and honoured to receive this award. We have always been committed to uplifting society and creating a more egalitarian social structure where basic necessities of life are accessible to all. The Anil Agarwal Foundation was set up to facilitate sustainable and inclusive growth to protect and provide for our communities. Such a prestigious award has boosted our spirit to continue our efforts towards serving society and motivates us to do more and better.”

It is not the first time his philanthropic vision gained traction, as he was also featured in the EdelGive Hurun India Philanthropy List 2020. The list ranked him among the top five philanthropists in the country. In the pandemic-marred year of 2020, Agarwal’s contribution towards humanitarian initiatives rose by 90 per cent compared to the previous year. In order to mitigate the impact of the Covid-19 contagion, the foundation launched a Rs 5,000 crore social impact program called ‘Covid Mukt Villages’ to help the rural communities build a robust healthcare infrastructure. Last year alone, Vedanta contributed more than the government-mandated 2 per cent towards corporate social responsibility. The group outdoes itself every year with its transformation work at the grassroots level.

One of Vedanta’s flagship initiatives, ‘Swasth Gaon Abhiyaan’, provides end-to-end healthcare services across 1,000 villages in 12 states, improving the lives of over 2 million people. Besides, the foundation also continues to significantly scale up its state-of-art Anganwadi project called ‘Nand Ghar’. With the key focus on women empowerment and child development, the foundation is operating 2400-plus Nand Ghars across the nation. These aim to recreate anganwadis, powered with technology, especially to surpass the pandemic-induced challenges, by establishing e-learning for children along with providing nutritional meals and healthcare at their doorsteps. Vaccination being the most important shield against the virus, Vedanta rolled out a mega vaccination drive covering 1.2 lakh employees, their families and business partners. Under the guiding light of Agarwal, the foundation continues to work towards creating a better world by elevating the quality of life of various communities.

Agarwal, staying true to his philanthropic commitment, took the ‘Giving Plege’, in March this year and vowed to give 75 per cent of his wealth towards the socio-economic welfare of the rural communities. The Giving Pledge is a movement comprising global philanthropists wherein the world’s big-hearts commit to donating the majority of their wealth towards philanthropic programs and charitable causes.

Business

Is Market Correction Over? Sensex Soars By Over 1,900 Points; Nifty Gains Over 2%

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The marquee indices closed with monumental gains as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.

Indian Markets Close With Bumper Gains

On Friday, November 22, the marquee indices closed with monumental gains, as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.

The BSE Sensex closed for the day’s proceeding with some big numbers. The oldest index in Asia closed with gains of a colossal 1961.32 points or 2.54 per cent. This took the overall value of the index to 79,117.11.

The situation was equally euphoric at the National Stock Exchange. The NSE Nifty closed at 23,830.90, having gained 481.00 points or 2.06 per cent.

In addition, the Nifty Bank index also made gains of over 1.5 per cent. Thebanking index closed with gains of 858.50 points or 1.70 per cent, pushing it beyond the coveted 50K mark, propelling it to 51,231.40.

Gainers and Losers

The days went exceedingly well for most listed companies, the day closed with a green wall. At the BSE end, SBI, Titan and TCS were the biggest gainers with all of the said companies gaining over 4 per cent.

ITC, L&T, Infosys and Reliance also made major gains in excess of 3 per cent by the end of day.

This comes after days, nearly a two-week long period of decline, that marred the market, pushing Sensex below its 80K mark, and Nifty, much below its 25K mark.

It remains to be seen, whether the much discussed market correction that brought about bringing the indices to their actual value, has come to an end or whether sea of red will continue in the time to come.

In addition, it also remains to be seen, whether, the election results for teh critical state of Maharahstra would have an effect on the market, in the next trading week.

Asian Markets

The Asian markets also flourished green with great momentum, as these indices closed on a positive note as well.

Japan’s Nikkei gained 0.68 per cent or 257.68 points, moving towards the 40K mark, closing at 38,283.85.

Another Tokyo-based index, TOPIX, closed at 2,696.53, gaining by 0.51 per cent or 13.72 points.

As we move to China, the story was a lot different, as, contrary to the Indian and Japanese markets, the Chinese markets closed in red.

Hang Seng closed with significant losses in its numbers, closing with a massive fall of 1.89 per cent or 371.14 points, at 19,229.97.

The loss was even greater in mainland China, as the Shanghai-based SSE Composite also ended the day’s trade with deep cuts. The index crumbled by 3.06 per cent or 103.21 points of its value and closed at 3,267.19.

South Korea’s KOSPI was in tandem with other market as closed with some good news. KOSPI closed with an increase of 0.83 per cent or 20.61 points, closing for the day at 2,501.24.

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Business

‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless

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The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.

Adani Denies Charges

The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”

Committed to Highest Standards

The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.

US Court Indicts Adani and Co.

The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.

The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.

Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.

The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.

This in turn led to misleading American investors and global financial investors.

The court reportedly also issued an arrest warrant against Gautam Adani and seven others.

Adani Shares Tank

In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.

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Business

Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx

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The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.

Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.

The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.

The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.

Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.

Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.

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