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Reliance chairman Mukesh Ambani falls 3 places on global rich list

Mukesh Ambani slipped three places to the ninth rank on the world’s rich list after the share price of Reliance Industries Limited (RIL) fell steeply in intraday trade on Monday. According to Forbes Real Times Billionaires List, net worth of chairman of oil-to-telecom behemoth came down at $71.5 billion as RIL

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Mukesh Ambani slipped three places to the ninth rank on the world’s rich list after the share price of Reliance Industries Limited (RIL) fell steeply in intraday trade on Monday. According to Forbes Real Times Billionaires List, net worth of chairman of oil-to-telecom behemoth came down at $71.5 billion as RIL stock lost over Rs 1 lakh crore in market capitalisation yesterday.

The share price of Reliance dropped 8.62 per cent to Rs 1,877 in the trade yesterday. The partly-paid shares of the company fell 10 per cent to hit the lower circuit limit and end at Rs 1,066.

On Friday, the company reported a 15 per cent decline in net profit at Rs 9,567 crore in the second quarter of fiscal year 2021. In second quarter of fiscal year 2020, the company had reported a net profit of Rs 11,262 crore. Similarly, the revenue from operations fell 24 per cent to Rs 1,16,195 crore compared to Rs 1,53,384 crore in the corresponding period of last year.

The revenue was negatively impacted on account of drop in sales due to coronavirus pandemic, RIL had said in the exchange filing.

The gross refining margin (GRM) – a key measure of profitability for an oil refining company – fell to $5.7 per barrel in the second quarter of the ongoing fiscal, from $6.3 per barrel in the first quarter of the fiscal year 2021. However, Jio reported a three-fold jump in net profit to Rs 2,844 crore.

Due to the plunge in demands of transportation fuels lately, the conglomerate has shifted its focus to technology and digital services company.

Meanwhile, shares of RIL were trading at Rs 1,875.75, down 1.70 points, or 0.091 per cent on NSE as against the previous close at the time of reporting.

Also Read: India hits out at Pakistan in UN says the country is taking advantage of coronavirus pandemic to enhance cross-border terrorism

Besides Ambani, the world’s richest Jeff Bezos lost $9.5 billion on Friday, as Amazon shares sank nearly 5% at the stock exchange. Facebook founder Mark Zuckerberg too became $6.4billion poorer even after company reported earnings.

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In surprise move, Ashok Gehlot invites Gautam Adani to Invest Rajasthan Summit

Amit Malviya wrote on Twitter that it was another sign of revolt and brewing discontent against the Gandhis. He was given a seat right next to the CM. This was an open message to Rahul Gandhi, who doesn’t tire of berating Adani-Ambani, to back off.

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Adani

Amid a political fight for the president post in Congress, Rajasthan Chief Minister Ashok Gehlot today invited famous businessman and Adani Group chairman Gautam Adani to Invest Rajasthan Summit in Jaipur. The BJP called it a sign of revolt within the party.

Senior BJP leader Amit Malviya wrote on Twitter that it was another sign of revolt and brewing discontent against the Gandhis. Rajasthan CM Ashok Gehlot invited Gautam Adani to the investor summit. He was given a seat right next to the CM. This was an open message to Rahul Gandhi, who doesn’t tire of berating Adani-Ambani, to back off.

Addressing the investment summit, Gautam Adani said that the Adani Group invested over Rs 35,000 crore across multiple industrial sectors in Rajasthan. Continuing their investment in the renewable business, another 10,000 MW with an investment of Rs 50,000 crore was under implementation.

Gautam Adani also promised that they would give full cooperation in the construction of a cricket stadium in Udaipur. They also discussed which districts in the state did not have a medical college, and how they could help the state in this direction

He further said that combining all ongoing and future investments, they anticipated investing an additional Rs 65,000 Crore in Rajasthan over the next five to seven years and creating over 40,000 direct and indirect jobs.

Nearly three weeks ago, 82 Congress MLAs sent resignations to the governor. Reports said that they were pro-Gehlot MLAs and did not want to support Sachin Pilot as the next Rajasthan CM. However, Gehlot denied these allegations.

The Rajasthan CM also made a separate argument for the next Congress president. Supporting senior Congress leader Mallikarjun Kharge, he said that Mallikarjun Kharge has the experience to strengthen the Congress and would emerge as a clear winner in the party’s presidential poll. He further said that Shashi Tharoor was from the elite class.

Ashok Gehlot argued that Shashi Tharoor was from the elite class but the kind of experience which was needed to strengthen the party at booth, block and district levels, was with Kharge and could not be compared to Shashi Tharoor. Therefore, it would naturally be a one-sided contest for Kharge.

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Flipkart scam: FlipkartDoglaHai trends on Twitter after users say they are getting duped

Sharing a screenshot of an order, One Rahul Kashyap wrote that Flipkart has cancelled his order too. It has wasted his time and money. It took away his peace of mind.

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Flipkart

The Indian e-commerce company Flipkart is again in controversy after the Big Dussehra sale. It was being trended on Twitter with the hashtag FlipkartDoglaHai. The customers were complaining about the automatic cancellation of their products. A Twitter user wrote that his order got cancelled by Flipkart since the price was increased by the seller by Rs 3000. Even the customer care executives were not responding. He was planning to go to the consumer forum.

Sharing a screenshot of an order, One Rahul Kashyap wrote that Flipkart has cancelled his order too. The company has wasted his time and money. It took away his peace of mind.

Another user Alok Chandan Pandey wrote that Flipkart had also cancelled his order without any call of delivery and showed there that as per his request the order was cancelled. He has complained but only sorry was said to him and nothing could be done about it.

The fraudulent cases have been reported from across the country. An IIM Ahmedabad student Yashawi Sharma shared a screenshot of fraudulent activity on his LinkedIn account. He said that he purchased a laptop during the Big Billion Days Sale for his father but instead was delivered Ghadi detergent bars.

Prajwal Thakare wrote on Twitter that he ordered a phone on September 23 and it was supposed to deliver by September 27 but they changed the delivery date to October 4. His package was in Pune for the last four days. It has not been delivered yet. It was the worst experience ever.

On August 17, cyber crime police of Gujarat’s Anand district issued summons to Flipkart. The police asked the company to join a probe into an alleged scam unearthed in June after a gang of five persons was arrested for cheating customers of around 600 mobile phones.

Flipkart has issued an advisory for the customer on its website. It said that it was important that the customers protect their online credentials and ensure that they do not fall victim to online fraud.

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Tulsi Tanti, founder and chairman of Suzlon Energy, dies at 64 due to cardiac arrest

According to the reports, Tanti was in Ahmedabad when to announce the opening of the company’s rights issue worth Rs 1,200 crore on October 11.

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Tulsi Tanti, founder and chairman of Suzlon Energy, dies at 64 due to cardiac arrest

Tulsi Tanti, the founder, chairman, and managing director of Suzlon Group, passed away on Saturday late evening due to cardiac arrest. The 64-year-old was on his way to Pune from Ahmedabad when he suffered a cardiac arrest.

Tanti was also the chairman of the Indian Wind Turbine Manufacturers Association. He is survived by his son Pranav and daughter Nidhi.

According to the reports, Tanti was in Ahmedabad when to announce the opening of the company’s rights issue worth Rs 1,200 crore on October 11.

Just a few hours before his death, Tanti held a media interaction in which he said Suzlon Energy plans to repay its debt and reduce its interest liabilities using the fund, to meet working capital needs and deploy the rest of the fund for corporate requirements.

Highlighting the need of reducing India’s energy import dependence, he said that the right time for doing business in the renewable segment is now. We just came in over two decades early, he added.

Lesser known facts about Tulsi Tanti and his company Suzlon

Tulsi Tanti leads the strategic growth initiatives of the businesses of Suzlon Group which provide a full spectrum of green power solutions. The group has a market capitalization of over USD 1.5 billion and an international presence across 18 countries on 6 continents.

Tulsi Tanti spearheaded the wind revolution in India with the founding of Suzlon Energy in 1995.

He is committed to enabling energy security and affordability, whereby the benefit of clean, renewable and reliable energy reaches every sector.

Tulsi Tanti is considered the Captain of the Indian and global renewable energy industry. He is also on the panel of various forums, including:

  • BRICS Business Council
  • India-UK CEOs Forum
  • India-Spain CEOs Forum
  • India-China CEOs Forum
  • India-Canada CEOs Forum
  • Indo-French CEOs Forum
  • India-Sri Lanka CEOs Forum
  • India- Russia CEOs Forum
  • FICCI International Council

Deeply passionate about the environment, he has been globally recognized for his achievements and conferred with numerous awards, including:

  • ‘Champion of the Earth’ by the United Nation Environment
  • Programme (UNEP) in 2009
  • ‘Hero of the Environment’ by TIME magazine for his contribution to raising awareness and initiating action on global climate change
  • ‘Entrepreneur of the Year 2006’ by Ernst & Young
  • ‘World Wind Energy Award’ by World Wind Energy Association
  • The CNBC TV18 ‘India Business Leader Award’
  • ‘Chanchlani Global Indian Award’ by Canada India Foundation
  • ‘Global New Energy Business Leader Award’ by China Energy News
  • ‘Asia’s Most Promising Leader Award’ by Ibrands, Dubai
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