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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

‘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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Business

Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know

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The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.

The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.

Market Snapshot

By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.

The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.

However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.

Reasons behind the sharp decline

One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.

As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.

Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore

The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.

The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.

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