Business
With vision to serve India, Reliance contributes Rs 1,185 cr as CSR in FY22
Diversified conglomerate Reliance Industries has contributed Rs 1,184.93 crore towards supporting a number of need-based and impactful Corporate Social Responsibility initiatives during the fiscal FY22.
The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani.
The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives.
Most importantly, its Covid-19 response to support the nation and the people, was rolled out through five missions, continued pivoted and intensified through the year, based on the urgent and emerging needs including Mission Oxygen and Mission Vaccine Suraksha.
The other missions, including Mission Anna Seva, Mission Covid Infra and Mission Employee Care, were strengthened and sustained, based on the emerging pandemic situation.
Through its wide range of initiatives, the foundation managed to reach out to over 5.75 crore people and served as many as 50,600 villages.
During the once in a century pandemic, it produced 1,000 tonne medical oxygen every day exclusively for patients, over 8.5 crore meals distributed among needy ones, over 1.4 crore reusable masks distributed, over 2,000 Covid care beds set up across various locations, provided Covid related advisories to over 44 people, over 27 lakh litre fuels dispensed for emergency response vehicles, among many others.
Providing crucial support to the nation to meet a sudden shortage of medical oxygen for Covid-19 patients, especially during the second wave, Reliance repurposed its factory in Jamnagar in record time to produce liquid medical oxygen. The infrastructure was ramped up to meet the life-saving needs of 100,000 patients on a daily basis, delivered free of cost to various states.
The Jamnagar facility contributed to 11 per cent of India’s total production of medical grade liquid oxygen. Even though Reliance was not a manufacturer of medical-grade liquid oxygen, it became India’s largest producer of this life-saving resource from a single location in order to stand with the country in its hour of need.
Besides, it enhanced India’s covid testing capabilities by developing its own confirmatory tests with 15,000+ daily testing capacity.
In education space, it had set up a Jio Institute Campus at Ulwe, Navi Mumbai, Maharashtra in about 52 acres, which will commence its academic sessions in 2022 itself.
Further, it reached 2.15 crore youth and children through different sports initiatives since the inception of the foundation.
Reliance Foundation scholarship athletes put up outstanding performances at national and international events, winning 28 medals in all. Athletes have their sights set on multiple international events including the Commonwealth and Asian Games. AI enabled technologies deployed to identify footballing talent.
Started in 2016, Reliance Foundation Youth Sports (RFYS) aims to lay a strong foundation for India’s sporting future through the development of sports in schools and colleges.
Further, it supported various other small-and-medium sized entrepreneurs in rural areas by holding their hands in making their endeavour success.
During cyclone Tauktae in 2021, which hit the Arabian Sea in the second week of May and affected the livelihoods of many by damaging property and infrastructure, Reliance Foundation Information Services, through its mobile audio services reached out to more than 435,000 people across states hit by the cyclone with information on heavy rainfall, high wind, high wave, thunderstorm and lightning, pre and post-cyclone cautionary measures on the management of agriculture, livestock and fisheries.
Business
‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless
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.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
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.
Business
Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know
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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