Business News This Week #20 | NFWorld Latest News
Adani MCap Fall | HDFC New Insure Plan | Ant Group sells Paytm shares | Air India hiring | World’s Richest Woman – MD of Inv Firm – NFWorld Business News this week
Check out the Top 5 Prime Business News this week in the NF World Latest News section below. This section covers the weekly summary of Economic, Stocks, Industry and Cryptocurrency related Business News.
Adani Group’s Market Value Plummets Over 70% Following Fraud Allegations and Intense Scrutiny
The Adani Group, which had previously outperformed companies such as Reliance and TCS in terms of stock exchange valuation, has experienced a significant decline in value since the publication of a report alleging financial fraud.
The group’s market capitalization has fallen by over 70% from its peak, resulting in losses exceeding ₹17.8 lakh crore. Gautam Adani’s individual wealth has also been affected, with his net worth dropping to less than $45 billion and his position on the list of the world’s richest people falling outside the top 25.
The Adani Group has denied any wrongdoing and has taken steps to reassure investors, including hiring legal and communications firms and paying off some of its debts.
HDFC Life Launches Guaranteed Income Insurance Plan with 11-13% Annual Returns and Tax-Free Benefits
HDFC Life, one of the leading life insurance firms, has introduced a new insurance plan that provides policyholders with a guaranteed annual income of 11% to 13% as a percentage of the sum assured under the policy.
The HDFC Life Guaranteed Income Insurance plan also offers guaranteed tax-free benefits and death benefits. The plan allows policyholders to choose a premium payment term and a life cover even during the income payout phase.
The plan provides discounts for online purchases and for premium payment terms of 8, 10, 12, or 15 years. The policy provides guaranteed death benefits either in a lump sum or in monthly instalments. The plan is open to individuals aged from 0 to 65 years and is non-participating.
HDFC Life’s new insurance plan is aimed at helping customers build a financial corpus to support them through regular and guaranteed income and fulfil their long-term financial goals.
Ant Group mulls reducing stake in Paytm operator One 97 Communications due to regulatory requirements
Ant Group is reportedly in talks to sell some of its shares in One 97 Communications Ltd, the operator of Indian fintech firm Paytm, in order to comply with required ownership thresholds.
Ant’s stake in the company exceeded 25% following share buybacks, prompting the Chinese fintech giant to explore options to reduce its holdings.
The discussions are in the early stages and subject to regulatory and pricing considerations.
Meanwhile, Indian telecommunications magnate Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the company’s payments bank.
Ant’s potential sale is for technical, rather than political reasons, sources said.
Air India to hire 5,100 crew members this year to prepare for fleet expansion
Air India is set to hire 5,100 new crew members this year, comprising 4,200 cabin crew and 900 pilots, to prepare for the induction of hundreds of aircraft in its fleet over the next decade.
Since last April, the airline has already hired over 1,900 cabin crew and 285 pilots. The Tata Group, which recently took over Air India and AI Express, placed a firm order for 470 aircraft last week, consisting of 70 wide-bodies and 400 single-aisle planes, with an option for 370 more aircraft.
Air India has also decided to lease an additional 36 planes, of which two have already been inducted into the fleet. The new cabin crew members will be recruited from across the country and trained for 15 weeks to impart safety and service skills.
Sandeep Verma, AI’s head of inflight services, stated that Air India is also looking to hire more pilots and maintenance engineers, as they play a crucial role in shaping the airline’s present and future.
Francoise Bettencourt Meyers’ investment firm hires World’s Richest Woman as MD
Cyrielle Villepelet, a former partner at McKinsey & Co, has been appointed as managing director of Tethys Invest SAS, the investment company of Francoise Bettencourt Meyers, the world’s wealthiest woman.
The company invests in areas that do not compete with cosmetics firm L’Oreal SA, which was founded by Meyers’ grandfather.
Tethys Invest last year acquired a stake in Sezane, an online fashion retailer, alongside private equity firm General Atlantic.
In 2017, it invested in the French private hospital operator Elsan. Meyers owns a 35% stake in L’Oreal, which has surged in value due to increased demand for high-end makeup and fashion.
Meyers is the eleventh richest person in the world with an estimated net worth of $81.5bn, according to the Bloomberg Billionaires Index.
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