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Tag: stock

  • Adani stock fall: LIC, SBI ‘lost over Rs 78k cr’ in market cap, FM still on ‘mute mode’, says Cong

    Adani stock fall: LIC, SBI ‘lost over Rs 78k cr’ in market cap, FM still on ‘mute mode’, says Cong

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    New Delhi: The Congress Saturday questioned the “silence” of the Union finance minister and probe agencies after LIC and SBI “lost over Rs 78,000 crore” in market capitalisation of their shares due to exposure in Adani Group.

    LIC and SBI continue to invest in the Adani group even after the Hindenburg research report alleged share price manipulation and financial misappropriation by the group, Congress general secretary Randeep Surjewala claimed.

    “LIC is public money! Post Hindenburg Report, the value of LIC investment in Adani Group shares have fallen from Rs 77,000 Crore to Rs 53,000 crore — loss of Rs 23,500 crore.

    “Also, LIC shares have lost Rs 22,442 Crore. Why is LIC still investing Rs 300 crore in Adani Group,” Surjewala asked.

    The Congress leader claimed that after the publication of the report, the SBI share’s market cap has declined by a whopping Rs 54,618 crore.

    Also, the loan exposure of SBI and other banks to Adani Group is Rs 81,200 crore, he claimed.

    “The question is, why are SBI Employees Pension Fund and SBI Life still investing Rs 225 crore in Adani Group,” Surjewala asked.

    The Rajya Sabha MP also claimed that between January 24 and 27, the SBI and LIC lost a market cap of Rs 78,118 crore in value of their shares alone.

    “The loan exposure of SBI and Invest Value decline of LIC in Adani Group is in addition thereto. Yet… RBI, SEBI, ED, SFIO, CBI, and the FM remain on ‘mute’ mode,” Surjewala said in a series of tweets.

    The Congress leader has earlier said that elsewhere “the prime minister would be asked to explain, the finance minister would be sacked and a full investigation would have been ordered.”

    The Hindenburg Report has pointed to the alleged manipulation of stock price by the Adani Group and alleged financial irregularities. The Adani Group has denied the allegations and termed it a campaign to defame the company ahead of its follow on a public issue.



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    ( With inputs from www.siasat.com )

  • Air India offers nearly 98 crore shares to employees under stock option scheme

    Air India offers nearly 98 crore shares to employees under stock option scheme

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    Mumbai/New Delhi: Air India has offered around 98 crore shares of the company to its permanent employees as part of a stock option scheme.

    The shares are also being offered to the permanent staff of Air India Express as part of the Employees’ Share Benefit (ESB) Scheme 2022, according to a document.

    The Tata group took over the control of Air India and Air India Express from the government on January 27, 2022.

    An airline official told PTI that around 8,000 employees will benefit from the scheme.

    “In accordance with the share purchase agreement signed as part of the disinvestment process, Air India has initiated the Employee Share Benefit Scheme for eligible employees who were in service with the airline on the date of privatisation.

    “We will be working with the relevant employees to help them understand the long term benefits and avail of the same,” an Air India spokesperson said in a statement.

    Those who were permanent employees at the two carriers — Air India and Air India Express — at the time of the takeover will be eligible to participate in the scheme where the share is offered at a price of 27 paise apiece, as per the document sent to the staff.

    A source said the price is at a discount compared to the book value of 87-90 paise per share at the time of acquisition.

    An employee trust has been set up to administer the ESB scheme.

    “The company has authorised the trust to offer ESB benefits on no more than three per cent of the shares of the company purchased by Talace i.e., 97,99,56,600 to the eligible employees from time to time, in one or more tranches, acquired by the trust from Talace for nil monetary consideration.

    “The trust shall hold the ESB shares to provide the ESB benefit to the eligible employees upon the payment of the aggregate exercise price together with all applicable taxes and amounts…,” the document said.

    Talace, a subsidiary of Tata Sons, acquired Air India, Air India Express and the government’s 50 per cent stake in Air India SATS Airport Services Pvt Ltd.

    “.. any eligible employee retiring on or after January 27, 2022, will be deemed to be an eligible employee and will be entitled to the benefits in accordance with and subject to the terms of this scheme,” as per the document.

    A source at Air India Express said the airline has around 1,600 employees, majority of whom are contractual staff. It has about 300 pilots who are on permanent rolls, the source added.

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    ( With inputs from www.siasat.com )

  • Sailor rescued by Colombian navy after 24 days adrift survived eating stock cubes

    Sailor rescued by Colombian navy after 24 days adrift survived eating stock cubes

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    The Colombian navy has rescued a man from Dominica who says he survived 24 days adrift in the Caribbean on a sailboat by eating ketchup, garlic powder and seasoning cubes.

    Elvis François, 47, had scrawled the word “help” in English on the boat’s hull, which officials said was key to his rescue.

    The sailboat was spotted from the air 120 nautical miles north-west of the Guajira peninsula and François was taken to the port city of Cartagena by a passing container ship, the Colombian navy said in a statement on Wednesday.

    François told Colombian authorities that his ordeal began in December when currents swept the sailboat out to sea while he was making repairs off the island of St Martin in the Netherlands Antilles, where he lives.

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    “I called my friends, they tried to contact me, but I lost the signal. There was nothing else to do but sit and wait,” François recalled in a video released by the navy.

    He said subsisted on a bottle of ketchup, garlic powder and Maggi cubes.

    Carlos Urbano Montes said that François said he collected rainwater with a cloth. He said François was found in good health, but told official he had lost weight.

    François said on the videotape that he had to constantly remove water from the boat to prevent it from sinking. He also tried to light a fire to send a distress signal without success.

    Finally, a plane passed by and he signaled with a mirror. He said the navy told him that he was spotted when the plane passed again.

    “At some point I lost hope and thought about my family, but I thank the coast guard. If it weren’t for them I wouldn’t be telling the story,” François said.

    Urbano Montes said the sailboat was abandoned at sea when François was picked up by the merchant ship.

    The navy said François received a medical check on shore and then was handed over to immigration authorities for his return home to Dominica.

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    ( With inputs from : www.theguardian.com )