‘Pandora Papers’ leak reveals potential tax evasion by 380 rich, famous Indians
The ‘Pandora Papers’, 1.2 crore leaked files that reveal hidden wealth, tax avoidance and potential money laundering by world leaders including Indians, were released on Sunday. Pandora Papers name at least 380 persons of Indian nationality. They reveal Anil Ambani has 18 asset-holding offshore companies and that Nirav Modi’s sister set up a trust one month before he fled India.
Over 2.5 crore informal workers registered on e-SHRAM portal: Government
More than 2.5 crore unorganised workers have registered on the e-SHRAM portal, the Labour Ministry said on Sunday. The portal is the first-ever national database of unorganised workers, including migrant workers, construction workers, gig and platform workers, it added. As per the Economic Survey 2019-20, an estimated 38 crore workers are engaged in the unorganised sector.
ADNOC Drilling rises 30% on market debut after Abu Dhabi’s largest IPO
Shares of Abu Dhabi National Oil Company (ADNOC) Drilling jumped over 30% on market debut as it started trading on Sunday. Its $1.1 billion initial public offering (IPO) was the largest ever on the Abu Dhabi stock market. ADNOC Drilling, whose share offering attracted more than $34 billion in demand, had a market capitalisation of about $10 billion on listing.
Ford car NFT sells for $51,000; exceeds car’s 1971 retail price of $5,000
A non-fungible token (NFT) of Ford GTHO Phase III Falcon was auctioned for $51,000 in Australia, exceeding the car’s original 1971 retail price of over $5,000, auction house Lloyds Auctions said. A physical version of the same car was sold for record $1.3 million, it added. Further, a 1994 Subaru World Rally Championship car sold for $360,000 worth of Bitcoin.
India’s quarterly exports cross $100 billion-mark for first time
India reported $101.89 billion in exports in the quarter ending September, the Commerce Ministry said. This is the first time that the country’s quarterly exports crossed the $100 billion-mark. The country’s exports stood at $33.44 billion for September, while the figure was $33.28 billion in August. Exports from India touched $197 billion in the first six months of 2021-22.
NTPC planning IPOs of 3 units, expects to raise ₹15,000 crore
NTPC expects to raise ₹15,000 crore ($2 billion) through IPOs in three units, including its renewables business and paring of a joint venture stake, according to reports. It plans to sell shares in NTPC Renewable Energy within a year, it added. The listings of North Eastern Electric Power and NTPC Vidyut Vyapar Nigam are planned for early 2024, it said.
8 of top 10 companies lose over ₹1.8 lakh crore in m-cap in a week
Eight of the 10 most valued domestic companies together lost over ₹1.8 lakh crore in market valuation last week. Tata Consultancy Services, whose valuation fell by ₹52,526.53 crore to reach ₹13,79,487.23 crore, lost the most, followed by Infosys, whose valuation tumbled ₹41,782.4 crore to ₹7,06,249.77 crore. Reliance Industries and SBI were the only gainers among the top 10 firms.