Business

Return on capital very low, expects tariff hike by mid of 2023: Bharti Airtel chairman "

28-Feb-2023 878

Barcelona, (PTI) The Return on capital in the telecom business is very low and a tariff hike is likely to be the mid of this year, Bharti Airtel chairman Sunil Bharti Mittal said here on Monday.

While responding to a PTI query at the Mobile World Congress, Mittal said that the company has a healthy balance sheet and there is no need to raise any more capital.

"Lot of capital has been injected that has made the balance sheet strong but the return on capital of this industry is very low. That needs to change. We are talking of small increments that need to come in the Indian tariff situation. I hope half (by mid) of this year," Mittal said.

Market benchmarks decline in initial trade

19-Jan-2023 1019

Mumbai, Jan 19 (PTI) Equity benchmarks declined in initial trade on Thursday, mirroring a weak trend in the US markets and fresh foreign fund outflows.

The 30-share BSE Sensex declined 215.79 points to 60,829.95. The broader NSE Nifty dipped 64.10 points to 18,101.25.

From the Sensex pack, Kotak Mahindra Bank, Titan, Bajaj Finserv, UltraTech Cement, Infosys, Hindustan Unilever, Larsen & Toubro, Wipro, HCL Technologies, Tata Consultancy Services and Nestle were the biggest laggards.

Amazon on said it will lay off over 18,000 employees from its workforce citing economic uncertainty.

05-Jan-2023 842

Amazon on Thursday said it will lay off over 18,000 employees from its workforce citing economic uncertainty.

“Between the reductions we made in November and the ones we’re sharing today, we plan to eliminate just over 18,000 roles. Several teams are impacted; however, the majority of role eliminations are in our Amazon Stores and PXT organizations,” CEO Andy Jassy said in a statement. “S-team and I are deeply aware that these role eliminations are difficult for people, and we don’t take these decisions lightly or underestimate how much they might affect the lives of those who are impacted.”

Jassy added Amazon is working to support those who are affected by providing packages that include a separation payment, transitional health insurance benefits, and external job placement support.

In November 2022 too, Amazon reduced staff size by approximately 10,000, especially in the Devices and Books businesses, and also announced a voluntary reduction offer for some employees in its People, Experience, and Technology (PXT) roles.

During the November layoff, the company indicated that there would be more role reductions in early 2023.

“This year’s review has been more difficult given the uncertain economy and that we’ve hired rapidly over the last several years,” the statement by CEO added, explaining the rationale for the downsizing of the human resources.

The company will communicate with impacted employees or (representative bodies for Europe) starting January 18.

“Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so. These changes will help us pursue our long-term opportunities with a stronger cost structure; however, I’m also optimistic that we’ll be inventive, resourceful, and scrappy in this time when we’re not hiring expansively and eliminating some roles,” Jassy further said in the statement.

BY AGENCY IN PUT

iVOOMi introduces new electric 2-wheeler models with increased speed

22-Nov-2022 954

iVOOMi introduces new electric 2-wheeler models with increased speed

IANS

EV company iVOOMi Energy has introduced new variants of e-scooters for its model S1 with increased speed for consumers in India.

Starting at Rs 69,999 and ranging up to Rs 1,21,000, the latest series of S1 high-speed e-scooters will be available in three magnificent colours; Peacock Blue, Night Maroon, and Dusky Black, according to an official report.

“In our S1 series, our prime focus was to match the ergonomics of the Indian riders to the best possible standards and create a marvel that would usher everyone towards the adoption of e-vehicles,” Sunil Bansal, MD and Co-founder of iVOOMi Energy, said in a statement.

The S1 240 e-scooter delivers a range of 240 km, has a twin battery pack of 4.2 kWh, and is powered by a 2.5 kW motor for extra torque.

While the S1 80 e-scooter is powered by a 2.5kW hub-mounted motor that is claimed to deliver a top speed of 55 kmph, the report added.

Moreover, all the models of the S1 will get three riding modes — Eco, Rider, and Sport.

Also, the latest models include features such as ‘Find my Ride,’ which is equipped with a GPS tracker and monitoring system, ensuring the security of the vehicle as well as making it easy to spot in crowded places such as a mall parking lot, market places, among others.

The S1 series of electric two-wheelers will be available to customers from December 1 onwards across all the iVOOMi dealerships, said the report.

Adani becomes India's second largest cement player

17-Sep-2022 1248

PTI

Completes acquisition of Ambuja Cements and ACC

Largest acquisition in India's Infrastructure and Materials space valued at USD 6.50 billion Post the transaction, Adani will hold 63.15% in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements) The combined market capitalization of Ambuja Cements and ACC is USD 19 billion as on date With this acquisition, Adani is now India's second largest cement manufacturer (capacity 67.5 MTPA) Enhanced corporate governance with 100% independent directors on Audit Committee and Nomination & Remuneration Committee Two new Board committees Corporate Responsibility Committee and Public Consumer Committee comprising solely of independent directors, will drive ESG assurance and consumer-first approach AHMEDABAD, India, Sept. 16, 2022 /PRNewswire/ -- The Adani Family, through Endeavour Trade and Investment Ltd ("BidCo"), a special purpose vehicle, has successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd. The transaction involved the acquisition of Holcim's stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations.

The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD 6.50 billion, which makes this the largest ever acquisition by Adani, and also India's largest ever M&A transaction in the infrastructure and materials space. Post the transaction, Adani will hold 63.15% in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements).

"What makes cement an exciting business is the headroom for growth in India, which exceeds that of every other country well beyond 2050," said Mr Gautam Adani, Chairman, Adani Group. "Cement is a game of economics dependent on energy costs, logistics and distribution costs, and the ability to leverage a digital platform to transform production as well as gain significant supply chain efficiencies. Each one of these capabilities is a core business for us and therefore provides our cement business a set of unmatched adjacencies. It is these adjacencies that eventually drive competitive economics. In addition, our position as one of the largest renewable energy companies in the world will help us manufacture premium quality green cement well in line with the principles of a circular economy. All of these dimensions put us on track to become the largest and most efficient manufacturer of cement by no later than 2030." Currently, Ambuja Cements and ACC have a combined installed production capacity of 67.5 MTPA. The two companies are among the strongest brands in India with immense depth of manufacturing and supply chain infrastructure, represented by their 14 integrated units, 16 grinding units, 79 ready-mix concrete plants and over 78,000 channel partners across India.

The Board of Ambuja Cements approved an infusion of INR 20,000 Cr into Ambuja by way of preferential allotment of warrants. This will equip Ambuja to capture the growth in the market. The actions will significantly accelerate value creation for all stakeholders, in line with the Adani Group's business philosophy.

Both Ambuja Cements and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise. Ambuja and ACC will also benefit from Adani's focus on ESG, Circular Economy and Capital Management Philosophy. The businesses will continue to be deeply aligned to UN Sustainability Development Goals with clear focus on SDG 6 (Clean Water and Sanitation), SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action).

In line with the Adani Portfolio's governance philosophy, the board committees of both Ambuja Cements and ACC have been reconstituted. The Audit Committee and the Nomination & Remuneration Committee now comprise 100% independent directors. Further, two new committees have been constituted the Corporate Responsibility Committee and the Public Consumer Committee both comprising 100% independent directors to provide assurance to the board on ESG commitments and maximise consumer satisfaction. Also, a Commodity Price Committee has been constituted, comprising 50% independent directors, to strengthen risk management.

The transaction was financed by facilities aggregating to USD 4.50 billion availed from 14 international banks. Barclays Bank PLC, Deutsche Bank AG and Standard Chartered Bank acted as Original Mandated Lead Arrangers and Bookrunners to the transaction. Barclays Bank PLC, DBS Bank, Deutsche Bank AG, MUFG Bank and Standard Chartered Bank acted as Mandated Lead Arranger and Bookrunners to the transaction. In addition, BNP Paribas, Citibank, Emirates NBD Bank, First Abu Dhabi Bank, ING Bank, Intesa Sanpaolo S.p.A, Mizuho Bank, Sumitomo Mitsui Banking Corporation and Qatar National Bank acted as Mandated Lead Arrangers for the transaction.

Barclays Bank PLC and Deutsche Bank AG acted as M&A advisors to BidCo, with Standard Chartered Bank acting as the Structuring Advisor, and ICICI Securities and Deutsche Bank AG acted as merchant bankers to the open offer by BidCo for Ambuja Cements and ACC.

Cyril Amarchand Mangaldas and Latham and Watkins LLP acted as M&A counsel to BidCo. Cyril Amarchand Mangaldas and Latham and Watkins LLP also acted as legal counsels to BidCo for the financing with Allen & Overy LLP and Talwar Thakore and Associates acting as legal counsels to the lenders. About the Adani Portfolio Headquartered in Ahmedabad, India, the Adani Group is the largest and fastest-growing portfolio of diversified businesses in India with interests in Logistics (seaports, airports, logistics, shipping and rail), Resources, Power Generation and Distribution, Renewable Energy, Gas and Infrastructure, Agro (commodities, edible oil, food products, cold storage and grain silos), Real Estate, Public Transport Infrastructure, Consumer Finance and Defence, and other sectors. Adani owes its success and leadership position to its core philosophy of 'Nation Building' and 'Growth with Goodness' a guiding principle for sustainable growth. The Group is committed to protecting the environment and improving communities through its CSR programmes based on the principles of sustainability, diversity and shared values.

Further information at www.adani.com.

Logo: https://mma.prnewswire.com/media/1716106/Adani_Group_Logo.jpg (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).

Rupee rises 28 paise to 79.25 against US dollar in early trade

13-Sep-2022 1421

Mumbai, Sep 13 (PTI) The rupee appreciated 28 paise to 79.25 against the US dollar in opening trade on Tuesday, tracking the dollar's decline versus its major peers and foreign fund inflows.

At the interbank foreign exchange, the domestic unit opened at 79.30 against the dollar, then touched 79.25 in initial deals, registering a gain of 28 paise over its previous close.

On Monday, the rupee rose 4 paise to close at 79.53 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 108.20.

Brent crude futures, the global oil benchmark, fell 0.21 per cent to USD 93.80 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 292.69 points or 0.49 per cent up at 60,407.82. Similarly, the broader NSE Nifty rose 93.25 points or 0.52 per cent to 18,029.60.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets, as they purchased shares worth Rs 2,049.65 crore on Monday, according to provisional data.

On the domestic macroeconomic front, retail inflation accelerated to 7 per cent in August driven by high food and fuel costs, while factory output plunged to a four-month low of 2.4 per cent.

The finance ministry on Monday attributed the rise in inflation to base effect and increase in food and fuel prices, and stressed that initiatives taken by the government to curb price rise will be felt more significantly in the coming months.

Sensex reclaims 60k level in early trade; Nifty tests 17,900

09-Sep-2022 778

Mumbai, Sep 9 (PTI) Benchmark indices began the trade on a firm note on Friday, extending their previous day gain, amid foreign fund inflows and a positive trend in global markets.

The 30-share BSE Sensex climbed 431.58 points to 60,119.80 in early trade. On similar lines, the broader NSE Nifty went higher by 127.2 points to 17,925.95.

From the Sensex pack of firms, IndusInd Bank, State Bank of India, Tata Steel, Hindustan Unilever, NTPC, Infosys, Dr Reddy's, Sun Pharma and ICICI Bank emerged as the biggest gainers.

Bharti Airtel, Bajaj Finserv, Nestle India and Bajaj Finance were among the laggards.

Elsewhere in Asia, markets in Shanghai, Tokyo and Hong Kong were trading in the green in mid-session deals.

The US markets had ended higher on Thursday.

On Thursday, the BSE benchmark climbed 659.31 points or 1.12 per cent to settle at 59,688.22. The Nifty advanced 174.35 points or 0.99 per cent to 17,798.75.

Meanwhile, the international oil benchmark Brent crude climbed 0.26 per cent to USD 89.38 per barrel.

Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 2,913.09 crore on Thursday, as per exchange data.

Local equity benchmark indices opened firm in tandem with the buoyancy seen in the Asian pack and overnight surge in the US markets," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

"Positive catalysts such as plunging oil prices and easing US dollar index are likely to help maintain optimism," Tapse said.

Markets bounce back after 2-day fall

14-Jul-2022 1337

Mumbai, (PTI) Benchmark indices bounced back on Wednesday after two days of decline with the Sensex climbing 324.61 points in early trade amid positive trends in Asian markets.

The 30-share BSE Sensex opened on a positive note and advanced 324.61 points to 54,211.22. The broader NSE Nifty climbed 81.3 points to 16,139.60.

Among the Sensex constituents, Hindustan Unilever, Asian Paints, Bajaj Finserv, Power Grid, Larsen & Toubro and Bajaj Finance were the major gainers.

HCL Technologies, Reliance Industries and HDFC Bank were the laggards.

"The major positive development from India's economic and market perspective is the crash in Brent crude to below USD 100. The bulls are likely to latch on to this good news. But FIIs again turning sellers will be a dampener," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Meanwhile, in Asia, markets in Shanghai, Seoul, Tokyo and Hong Kong were trading in the green.

The US markets had ended lower on Tuesday.

Retail inflation eased slightly to 7.01 per cent in June but was above the central bank's tolerance band for the sixth month in a row, signalling more interest rate hikes in future.

In May, retail inflation was 7.04 per cent, government data released on Tuesday showed.

The BSE Sensex fell 508.62 points or 0.94 per cent to end at 53,886.61 on Tuesday. The Nifty declined 157.70 points or 0.97 per cent to settle at 16,058.30.

Meanwhile, international oil benchmark Brent crude climbed 0.27 per cent to USD 99.75 per barrel.

Foreign institutional investors remained net sellers on Tuesday as they offloaded shares worth Rs 1,565.68 crore, as per exchange data.

Investors richer by over Rs 5.77 lakh cr as markets rally

22-Jun-2022 618

New Delhi,(PTI) Equity investors became richer by over Rs 5.77 lakh crore on Tuesday, helped by a rally in the broader market where the BSE benchmark jumped nearly 2 per cent.

The BSE Sensex zoomed 934.23 points or 1.81 per cent to settle at 52,532.07.

Driven by the rally in equities, the market capitalisation of BSE-listed firms jumped by Rs 5,77,006.83 crore to stand at Rs 2,40,63,930.50 crore.

"Absence of fresh selling triggers in the domestic and global economy along with falling commodity prices relieved the heavily discounted equity market to showcase recovery. The recovery indicates that the current uncertainties of inflation and monetary policy tightening have been factored in," said Vinod Nair, Head of Research at Geojit Financial Services.

However, with the highly sensitive nature of the current equity market, even the slightest inconvenience can trigger volatility, he added.

From the global markets, Asian equities in Hong Kong, Tokyo and Seoul ended with smart gains, while Shanghai settled in the red.

European markets were trading in the green in mid-session deals.

The US markets were closed on Monday for a holiday.

"Markets extended rebound for the second consecutive session and gained nearly 2 per cent, tracking firm global cues. After an upbeat start, the benchmark moved from strength to strength for most of the day, however marginal selling in the last hour trimmed some gains.

"This move has certainly eased some pressure but sustainability is the key," said Ajit Mishra, VP - Research, Religare Broking Ltd.

From the Sensex pack, Titan, SBI, TCS, HCL Technologies, Dr Reddy's, Tata Steel, Wipro, Infosys and ITC were the major gainers.

Only Nestle India ended marginally lower.

In the broader market, the BSE smallcap gauge rallied 2.99 per cent and the midcap index jumped 2.42 per cent.

All the BSE sectoral indices ended with gains, with oil & gas index jumping the most by 5.96 per cent, followed by energy (4.95 per cent), consumer durables (3.93 per cent), metal (3.90 per cent), realty (3.79 per cent) and utilities (3.58 per cent).

As many as 2,502 stocks advanced and 831 declined, while 129 remained unchanged.

Sensex rallies 566 points in early trade on buying in Reliance, IT stocks

03-Jun-2022 616

Mumbai, Jun 3 (PTI) Equity indices jumped on Friday continuing their previous day rally, with the Sensex climbing 566 points in early trade, helped by buying in index heavyweight Reliance Industries and IT stocks amid firm global trends.

The 30-share BSE Sensex was trading 565.66 points higher at 56,383.77. The broader NSE Nifty jumped 159.85 points to 16,787.85.

From the Sensex pack, Wipro, HCL Technologies, Infosys, Tech Mahindra, Reliance Industries, Bajaj Finserv, TCS and Bajaj Finance were the major gainers.

In contrast, UltraTech Cement, NTPC, Bharti Airtel and Asian Paints were the laggards.

Elsewhere in Asia, markets in Seoul and Tokyo were trading in the green. Trading was closed in China for a holiday.

Stock markets in the US had ended sharply higher on Thursday.

The Sensex jumped 436.94 points or 0.79 per cent to settle at 55,818.11 on Thursday. The Nifty climbed 105.25 points or 0.64 per cent to finish at 16,628.

Meanwhile, international oil benchmark Brent crude declined 0.09 per cent to USD 117.42 per barrel.

Foreign institutional investors offloaded shares worthRs 451.82 crore on Thursday, according to stock exchange data.

BMW i4 electric sedan launched

27-May-2022 470

Statesman News Service

Gurugram : With the launch of the BMW i4 today in Gurugram, BMW Group became the first car manufacturer to offer the most extensive portfolio of electric cars in India.

On the occasion, BMW Group India president Vikram Pawah said, “With the launch of the BMW i4, it’s the first electric mid-size sedan in the country. It combines sheer driving pleasure with sustainability. The car is a combination of BMW drive technology, high-voltage lithium-ion battery, rear-wheel drive, and advanced suspension kinematics, the BMW i4 gets an outstanding sporty feel. It is India’s longest-range electric vehicle. Absolute luxury with class-leading ambiance, generous space, and rear axle air suspension ensures maximum comfort even for longer trips.”

Mr. Vikram further informed that the group has installed 50 fast DC charging stations in 31 cities in the country to meet the demand for charging electric vehicles in India and will increase more charging stations soon in the country to meet the growing demand. The first-ever BMW i4 has been launched at an introductory ex-showroom price of Rs 69,90,000. It comes with a standard two-year warranty for unlimited kilometres. Repair Inclusive can extend warranty benefits from the third year of operation to the maximum fifth year without any mileage limitation. The batteries are covered by a warranty valid for eight years or up to 160,000 kilometres.

SBI hikes lending rate by 0.1%, EMIs to go up

17-May-2022 820

New Delhi, (PTI) The country's largest lender State Bank of India has raised its marginal cost of funds based lending rate by 10 basis points or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers.

This is the second hike in a month raising the cost by 0.2 per cent with the two consecutive increases.

The revision follows an off-cycle rate increase by the Reserve Bank earlier this month. The central bank hiked the repo rate -- at which it lends short term money to banks -- by 0.40 per cent to 4.40 per cent.

The lending rate revision by SBI (State Bank of India) is likely to be followed by other banks in the days to come.

With the increase, EMIs will go up for those borrowers who have availed loans on MCLR (Marginal Cost of Funds based Lending Rate), not for those, whose loans are linked to other benchmarks.

SBI's External Benchmark based Lending Rate (EBLR) is 6.65 per cent, while the Repo-Linked Lending Rate (RLLR) is 6.25 per cent effective April 1.

Banks add Credit Risk Premium (CRP) over the EBLR and RLLR while giving any kind of loan, including housing and auto loans.

The revised MCLR rate is effective from May 15, as per the information posted on SBI website.

With the revision, one-year MCLR has increased to 7.20 per cent from 7.10 per cent earlier.

An overnight, one-month and three-month MCLR rose by 10 basis points to 6.85 per cent, whereas a six-month MCLR increased to 7.15 per cent.

Most of the loans are linked to the one-year MCLR rate.

At the same time, two-year MCLR increased by 0.1 per cent to 7.40 per cent, while three-year MCLR rose to 7.50 per cent.

Following the rate revision by RBI, several banks have already raised interest rates and some more are expected to follow in the coming days.

2022 Mercedes-Benz C-Class launched at Rs 55 lakh

12-May-2022 1029

Having a luxury car is the dream of every car lover but it’s always too expensive but now Mercedes Benz has launched the fifth generation C-Class in the Indian market with a starting price of Rs 55 lakh. The new-generation C-Class sedan gets exterior and interior design similar to the flagship S-Class sedan. Plus, for the first time, it gets mild-hybrid powertrain options across the range.

New Mercedes-Benz C-class prices start at Rs 55 lakh C200 petrol comes with a 1.5-litre engine good for 204hp C300d gets a 265hp 2.0-litre diesel; priced at Rs 61 lakh

New Mercedes-Benz C-Class: two diesel and one petrol engine options

Mercedes-Benz is offering the new C-Class with two diesel and one petrol engine options. The entry-level C200 petrol variant comes with a new 1.5-litre four-cylinder engine that churns out 204hp and 300Nm. This unit replaces the 2.0-litre engine from the outgoing model.

The C-Class diesel line-up for India starts with a C220d that is priced at Rs 56 lakh; it comes with a 200hp, 440Nm diesel engine. The top-spec C300d comes with the same powerplant, but with a healthy 265hp, 440Nm on tap and is priced at Rs 61 lakh.

The C200 and C220d variants of the new C-Class will be available in Avantgarde line, while the C300d will be available in a sportier AMG-line. The latter comes equipped with AMG-spec bumpers, a sportier grille and different alloy wheel design.

The C200 and C220d will be available in six exterior colour options – Salatine Grey, Mojave Silver, High-tech Silver, Manufaktur Opalite White, Cavansite Blue and Obsidian Black. Meanwhile, the C300d will be only available in the last three.

All three engines come mated to a 9-speed automatic gearbox as standard, and also get a 48V mild-hybrid tech with integrated starter generator (ISG) system that provides an additional 20hp and up to 200Nm of torque. Mercedes-Benz India claims a fuel economy of 16.9kpl for the C200 and 23kpl for the C220d, which makes the latter the most fuel-efficient Mercedes in India. As for performance, the brand claims a 0-100kph sprint time of 7.3 seconds for the C200 and C220d variants, while the C300d can do the same in 5.7 seconds.

The new W206 C-Class follows the design language of the A-Class, E-Class and S-Class stable mates, primarily by way of shorter overhangs, a more angular front end and new headlamp and tail lamp designs. In terms of dimensions, the new C-Class has a 25mm longer wheelbase at 2,865mm and the overall length is up by 65mm. The car is also wider by 10mm.

While the external proportions of the C-Class remain the same, Mercedes has given the new C-Class a completely new exterior and interior design. Those include prominent ‘power bulges’ on the hood, a revised glasshouse that has been moved slightly farther back to give it a cab-rearwards design and creases and character lines have been kept to a minimum, primarily to highlight the prominent shoulder line.

The interior of the car is also lavish and the price point at which we will get it is commendable

Income Tax Dept. conducts search operations on two real estate developers

15-Apr-2022 753

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of the residential house of one of the key persons.

The Income Tax Department initiated search and seizure operations on two major real estate developers of Ludhiana. The search action, conducted on 16 November, covered around 40 premises, an official release today said.

The major finding emanating from these search and seizure operations of both the groups is about the receipt of unaccounted cash by these groups by way of on-money on property transactions.

During the course of search proceedings, documentary evidence in the nature of ‘agreement to sale’, (popularly known as ‘Biyana’ in local parlance), for certain properties have been found and seized. These documents indicate that the ‘agreement to sale’ for plots has been executed at much higher amount/rate as compared to the consideration disclosed in the registered sale deed of the plot. Further, incriminating documents such as loose sheets, excel sheets showing calculation of receipt of on-money of certain property transactions, soft data, chats from mobile phones of the persons concerned, etc. have also been recovered.

A preliminary analysis of the evidence clearly indicates the receipt of unaccounted cash by way of on-money on property transactions. Besides, certain other corroborative evidence supporting the receipt of on-money have also been gathered.

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of the residential house of one of the key persons.

In one of the groups, defaults on compliances for the provisions of tax deduction at source have been detected with regard to payments made to the sellers of the land, etc.

The search action has resulted in seizure of unaccounted cash of about Rs. 2.00 crore besides foreign exchange, and unexplained jewellery of about Rs. 2.30 crore.

Further investigations are in progress.