Business
Vedanta Chairman Anil Agarwal bags Asian Business Philanthropy Award 2021
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
Sensex, Nifty open lower amid US-China trade tension

Mumbai, Oct 24: Indian stock markets opened lower on Friday amid reports that the United States may launch a fresh investigation into China over their 2020 trade deal.
Rising oil prices, driven by new US sanctions against Russia, also weighed on investor sentiment.
At the opening bell, the Sensex was down 113 points, or 0.13 per cent, at 84,443, while the Nifty slipped 27 points, or 0.10 per cent, to 25,866.
Commenting on Nifty’s technical outlook, analysts said, “The index continues to exhibit a sideways to bullish bias, holding firmly above key support levels at 25,700 and 25,750.”
“Immediate resistance is placed at 25,950, with further upside targets at 26,000 and 26,100. The overall trend remains bullish, provided the index sustains above 25,780 on a closing basis,” they added.
Heavyweights such as Hindustan Unilever, Kotak Bank, Axis Bank, Titan, Power Grid, ITC, NTPC, Tech Mahindra, Maruti Suzuki, and Axis Bank were among the top laggards, losing up to 3.5 per cent.
On the other hand, ICICI Bank, Tata Steel, Bharat Electronics (BEL), Mahindra & Mahindra, Bharti Airtel, HDFC Bank, and State Bank of India were trading in the green, helping limit the overall losses.
In the broader markets, buying activity continued as the Nifty MidCap index inched up 0.05 per cent, and the Nifty SmallCap index added 0.09 per cent.
Sector-wise, metal stocks were the top performers, with the Nifty Metal index rising 1 per cent, followed by modest gains in the Realty and Financial Services indices.
However, FMCG stocks faced pressure, with the Nifty FMCG index falling 1.4 per cent, making it the biggest sectoral loser of the day.
“Given the current setup of heightened volatility and mixed market signals, traders are advised to adopt a cautious “buy-on-dips” approach, especially when using leverage,” market analysts said.
Booking partial profits during rallies and maintaining tight trailing stop-losses will be key to managing risk effectively, as per the analysts.
Business
Colgate-Palmolive India’s Q2 profit falls 17 pc, revenue slips over 6 pc

Mumbai, Oct 23: Colgate-Palmolive (India) Limited on Thursday reported a 17 per cent drop in its net profit for the second quarter of the current financial year (Q2 FY26).
The company’s profit stood at Rs 327.50 crore for the quarter ended September 2025, compared to Rs 395.05 crore in the same period last financial year (Q2 FY25), according to its stock exchange filing.
Revenue also fell 6.15 per cent year-on-year (YoY) to Rs 1,519.50 crore, down from Rs 1,619.11 crore in the previous fiscal.
Operating income or EBITDA declined 6 per cent to Rs 465.43 crore, while the EBITDA margin was almost unchanged at 30.6 per cent, compared to 30.7 per cent last financial year.
Prabha Narasimhan, Managing Director and CEO of Colgate-Palmolive India, said the quarter’s performance reflected a temporary impact from disruptions among distributors and retailers due to the GST rate revision.
She added that the company has worked with its partners to ensure consumers benefit from the lower prices that took effect after the tax change.
“Despite the short-term challenges, we remain focused on our long-term strategic goals and will continue to invest in our brands,” Narasimhan said.
Alongside the results, the company announced a first interim dividend of Rs 24 per share for the financial year 2025–26, amounting to a total payout of Rs 652.8 crore.
The record date for the dividend has been set as November 3, and the payment will be made on or before November 19, according to the company’s exchange filing.
Colgate-Palmolive (India)’s quarterly results were released after market hours. On Thursday, its shares closed 1.16 per cent higher at Rs 2,286.90 on the NSE.
However, the stock has fallen 31.35 per cent over the past year and 14.69 per cent so far in 2025.
Business
UPI clocks highest ever single-day payments of Rs 1.02 lakh crore as GST rate cuts spur demand

New Delhi, Oct 23: Finance Minister Nirmala Sitharaman highlighted on Thursday that the unified payments interface (UPI) platform processed 754 million payments worth Rs 1.02 lakh crore on October 18, marking the highest single-day tally, as consumer demand surged due to the GST rate cuts.
During the three-day period between Dhanteras and Diwali, the average UPI volumes stood at 736.9 million — higher than 647.46 million in the corresponding period a month ago, the Finance Minister said.
“It has been a cracker of a Diwali for retailers this year as GST rate cuts have boosted consumption, enabling the middle class to add more items to their shopping bags this festive season,” she observed.
From lab-grown diamonds to casual wear and products to adorn homes, both mass and premium segments of the market picked up, Sitharaman remarked.
She pointed out that the roll-out of Goods and Services Tax (GST) 2.0 has injected fresh momentum into India’s growth story by enhancing household purchasing power, easing business operations, and simplifying tax administration.
“By rationalising slabs and lowering rates across a range of consumer goods, the reform has delivered tangible savings for households, freeing up disposable income and helping stimulate demand,” the Finance Minister added.
According to the Confederation of All India Traders (CAIT), Diwali sales soared to an all-time high of Rs 6.05 lakh this year.
This marks a 25 per cent jump over the 2024 festive sales of Rs 4.25 lakh crore from the Navratri to Diwali period and is the highest-ever sales in India’s trading history, according to Research and Trade Development Society, the research wing of CAIT.
Mainline retail accounted for nearly 85 per cent of total sales, indicating a strong revival of the brick-and-mortar market, the survey showed.
The reduction in GST rates across key consumer and retail categories such as confectionery, home decor, footwear, and ready-made garments, consumer durables and daily use items significantly improved price competitiveness and increased purchase momentum.
About 72 per cent of surveyed traders reported higher sales volumes directly attributable to reduced GST, according to the survey.
Consumers expressed greater satisfaction with stable prices amid festive demand, aiding consumption continuity post-Diwali.
The non-corporate and non-agricultural sector has emerged as a central pillar of India’s growth, driven by 9 crore small businesses, crores of small manufacturing units and the largest base of consumers.
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