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<ul><li><keyword id="17657228" type="General" weightage="20" keywordseo="Western-Carriers" source="Orion">Western Carriers</keyword> is expected to announce its IPO share allotment status on Friday, September 20.</li><li>The shares of Western Carriers were subscribed 30.57 times.</li><li>The Western Carriers shares are expected to be listed on the stock exchanges on September 24.</li></ul> West Bengal-based Western Carriers, a multi-modal, rail-focused, 4PL asset-light logistics company is expected to announce the allotment status of its initial public offering (IPO) on Friday, September 20. The <keyword id="23160500" type="General" weightage="20" keywordseo="Western-Carriers-IPO" source="keywords">Western Carriers IPO</keyword> opened on September 13 and closed on September 19. The price band for the Western Carriers IPO was ₹163 to ₹172 per share. <h2>Western Carriers IPO subscription status</h2>On its last day, the Western Carriers IPO was subscribed 30.57 times, receiving bids for 63.79 crore equity shares against 2.09 crore shares on offer. While the qualified institutional buyer (QIB) portion was subscribed 27.99 times, the non-institutional investor's portion was subscribed 44.71 times. The retail portion was subscribed 25.95 times. <h2>Western Carriers IPO <keyword id="19905703" type="General" weightage="20" keywordseo="grey-market-premium" source="keywords">Grey market premium</keyword></h2>The shares of Western Carriers are currently commanding a grey market premium (GMP) of ₹25 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <h2>How to check the Western Carriers IPO’s allotment status</h2>You can check the <keyword id="23243324" type="General" weightage="100" keywordseo="Western-Carriers-ipo-allotment" source="Orion">Western Carriers IPO allotment</keyword> status on the registrar’s website. <ul><li>To check the Western Carriers <keyword id="20660173" type="General" weightage="20" keywordseo="IPO-allotment" source="keywords">IPO allotment</keyword> status, visit the registrar’s website<a href="https://linkintime.co.in/initial_offer/public-issues.html"> here</a>. </li><li>Click on ‘Select Company’ and then select ‘Western Carriers’. </li><li>Now, enter your PAN, application number, DP / Client ID or Account number / IFSC. </li><li>Click on submit. </li></ul>You will be able to see your Western Carriers IPO application status. It will display the number of shares that you have applied for and the number of shares that have been allotted to you. You can also check the Western Carriers IPO allotment status on the BSE and NSE websites. To check the allotment status on the BSE or NSE website: <ul><li>Go to the BSE<a href="https://www.bseindia.com/investors/appli_check.aspx"> website</a>. </li><li>On the website, click on 'Equity' and then select ‘Western Carriers’ from the dropdown menu. </li><li>Now, enter your application number and PAN. </li><li>Click on 'Search'. </li></ul>You will be able to see the number of Western Carriers shares allotted to you. You can click<a href="https://www.nseindia.com/products-services/initial-public-offerings-bid-verification"> here</a> and log in to check your Western Carriers IPO allotment status on NSE. <h2>Western Carriers IPO listing date</h2>The shares of Western Carriers will be listed on the stock exchanges on September 24. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend that readers consult certified, qualified, registered advisors for professional and personalised financial advice. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/northern-arc-capital-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493763.cms">Northern Arc Capital IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a>

Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more

<ul><li>The <keyword id="19909268" type="General" weightage="20" keywordseo="Indian-government" source="keywords">Indian government</keyword> is expected to extend the <keyword id="20180867" type="General" weightage="20" keywordseo="import-management-system" source="keywords">import management system</keyword> by three months.</li><li>The import management system has been developed by <keyword id="21064214" type="General" weightage="20" keywordseo="IT-hardware" source="keywords">IT hardware</keyword> such as <keyword id="23249347" type="General" weightage="20" keywordseo="laptops-and-tablets" source="keywords">laptops and tablets</keyword>.</li><li>The deadline for the review of the scheme is September 30.</li></ul>The Indian government is expected to extend the current import management system for the import of certain IT hardware such as laptops and tablets for three months ahead of the September 30 deadline. According to a PTI report, an official source familiar with the matter confirmed that the import management system will be extended. According to the official, these imports stood at $8.4 billion in 2023-24 against the authorisation of about $9.5 billion. The official also added that most of these imports were from China. In October 2023, the government had rolled out an import management/ authorisation for imports of laptops, personal computers and certain other IT hardware products. The system is aimed at monitoring inbound shipments of these items into the country without hurting market supply. “The current system, which the government calls the Inventory Management System, essentially a registration programme, expires on September 30. We don't know what's going to happen after that, because even trusted companies are required to register their products and get import permissions. There's a real risk that if this programme isn’t reinstated, all of these products are going to be cut off,” said Jason Oxman, President, Information Technology Industry Council (ITI) earlier this month. On November 1, 2023, the government cleared over 100 applications, including those of Apple, Dell and Lenovo, which sought permission for imports of these IT hardware products worth nearly USD 10 billion, on the first day of implementation of the new system. "A formal request is coming for an extension of the existing system. With a three month extension, this whole year will be covered. So this current year, I do not see any disruption," the official said. The new licence regime applies to laptops, personal computers, microcomputers, large or mainframe computers, and certain data processing machines. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Government expected to extend the import management system for laptops and tablets for three months

Mumbai, Three out of five consumers surveyed in India believe it is normal for people to exaggerate income on <keyword id="20243269" type="General" weightage="20" keywordseo="loan-applications" source="keywords">loan applications</keyword>, according to a report on people's attitudes toward first-party <keyword id="20490528" type="General" weightage="20" keywordseo="financial-fraud" source="keywords">financial fraud</keyword>. The survey by global analytics software company FICO stated that more than a quarter (27 per cent) of Indians believe it is normal for people to deliberately misrepresent their income on mortgage applications. "Three in five consumers (63 per cent) think it is OK or normal for people to exaggerate their income on loan applications, significantly more than the global average of 39 per cent," the survey said. More than half (54 per cent) believe it is normal to falsify insurance claims, the global survey which examined 1,000 people in India said. Many Indians consider it fine to exaggerate income on personal loan applications, further complicating financial integrity. Just one third (33 per cent) of consumers believe it is never acceptable to exaggerate income on a personal loan application, while another third (35 per cent) finds it acceptable under specific conditions. "With over 60 per cent of Indian consumers viewing income falsification as acceptable or justified, banks face a very real problem of 'liar loans' that could skew risk assessment and increase bad loan rates," said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. As many 1,000 Indian adults were surveyed, along with approximately 12,000 other consumers in Canada, U.S., Brazil, Colombia, Mexico, The Philippines, Indonesia, Malaysia, Singapore, Thailand, U.K. and Spain. Globally, attitudes are notably different, with the survey revealing the majority of consumers (56 per cent) firmly reject the idea of exaggerating income on loan applications, viewing it as never acceptable. Just, one in four (24 per cent) consider it permissible in certain circumstances, and only one in seven (15 per cent) view it as a normal practice, the report said. "Many consumers may not see this as harmful behaviour, but it's important to understand that when applying for financial products, applicants typically certify that the information they provide is accurate," Sharma said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a><a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Three out of 5 consumers think it's normal to exaggerate income on loan applications: Survey

Domestic passenger vehicle wholesales declined by about 2 per cent year-on-year in August as companies curtailed dispatches to reduce inventory at dealers amid a drop in demand. According to data issued by the industry body Society of Indian Automobile Manufacturers (<keyword id="20185536" type="General" weightage="20" keywordseo="SIAM" source="keywords">SIAM</keyword>), the total passenger vehicle dispatches in the domestic market stood at 3,52,921 units last month compared to 3,59,228 vehicles in August 2023, a dip of 1.8 per cent. Two-wheeler wholesales rose 9 per cent to 17,11,662 units last month against 15,66,594 units in the year-ago period, it added. Scooter dispatches last month climbed to 6,06,250 units from 5,49,290 units in August 2023, a growth of 10 per cent. Similarly, motorcycle dispatches from companies to dealers increased by 8 per cent to 10,60,866 units last month from 9,80,809 units in August 2023. The total three-wheeler sales grew 8 per cent to 69,962 units last month against 64,944 units a year ago. "Looking ahead, as the country enters the festive season, demand for vehicles is expected to grow, which will also be duly augmented by the recent announcements of PM E-DRIVE and PM-eBus Sewa Schemes of Government of India," SIAM Director General Rajesh Menon said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Passenger vehicle wholesales dip 2% in August as OEMs cut dispatches

<ul><li><keyword id="19971142" type="General" weightage="20" keywordseo="Ford" source="keywords" meta.keywordsubtype="org" meta.entityname="Ford" meta.hostid="261" meta.entityid="Ford">Ford</keyword> is all set to make a return to India, with eyes on the international market.</li><li>The company plans on repurposing its Chennai plant to manufacture vehicles for export.</li><li>The company has submitted a letter of intent to the Tamil Nadu government.</li></ul>After several reports about its return to India, popular American automaker Ford has expressed its intent to restart operations at its plant in Chennai, Tamil Nadu. Ford is well known for its popular SUVs such as the Endeavour and EcoSport. Ford had exited the Indian market in 2021 due to declining sales. The company, which had two plants in the country had sold one to Indian automaker <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> and planned a shutdown of the second plant. However, it could not wind down its vehicle and engine manufacturing in Chennai by the targeted timeline of the second quarter of 2022. The company on Friday submitted a letter of intent to the Tamil Nadu government, confirming its intention to utilise the Chennai plant for manufacturing for exports. "This step aims to underscore our ongoing commitment to India as we intend to leverage the manufacturing expertise available in Tamil Nadu to serve new global markets," Ford International Markets Group President Kay Hart said. “We are grateful for the ongoing support from the Tamil Nadu Government as we explored different options for the Chennai plant,” Hart added. The company said the strategic move will see the facility repurposed to focus on manufacturing for export to global markets, as part of the company's Ford+ growth plan. “Ford currently employs 12,000 individuals in Global Business Operations in Tamil Nadu, a number expected to grow by 2,500 to 3,000 jobs within the next three years”, it added. "Combined with the engine manufacturing operations in Sanand, India represents Ford's second-largest salaried workforce worldwide," the company said. The company said that further information about the type of manufacturing and other details will be disclosed later. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Ford is returning to India, expresses intent to restart its Tamil Nadu plant for exports

In a landmark moment for Indian equities, the benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> surged past the 84,000 mark for the first time, closing at a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of 84,544.31 on Friday. This impressive rally, fueled by gains in frontline <keyword id="20193591" type="General" weightage="20" keywordseo="bank-stocks" source="keywords">bank stocks</keyword> and positive global trends, signals a buoyant sentiment in both domestic and international markets. The Sensex climbed 1,359.51 points, or 1.63%, while the NSE <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> followed suit, gaining 375.15 points or 1.48%, closing at a record 25,790.95. The intra-day highs saw the Sensex touching 84,694.46 and the Nifty peaking at 25,849.25. Mahindra &amp; Mahindra led the rally with a gain of over 5%, while other top performers included ICICI Bank, JSW Steel, Larsen &amp; Toubro, and Nestlé. <h3> </h3><h3>Top gainers and losers</h3>While the overall market was in an uptrend, sectoral performances varied. Nifty Auto, Metal, Real Estate, Power, Capital Goods, FMCG, Consumer Durables, and Bank Nifty saw minor gains. However, sectors like IT, Telecom, Oil &amp; Gas, and Pharma lagged behind. Notably, Nifty IT emerged as the top sectoral loser, with a drop of over 3%, weighed down by losses in major IT firms such as TCS, which fell 5.1%. Within the Nifty, ICICI Bank led the gains with a 7.8% surge, followed by Mahindra &amp; Mahindra (+7.4%) and Nestlé (+6.5%). On the losing end, TCS (-5.1%), Grasim Industries (-4.1%), and BPCL (-2.8%) faced pressure. Foreign and domestic institutional investors were net buyers, providing further momentum to the market. The Volatility Index, India VIX, rose by 2.24%, signaling a slight uptick in market uncertainty but not enough to dampen the bullish sentiment. <h3>Global cues propelling the bull run</h3>Analysts attribute the rally to a combination of domestic strength and global optimism, particularly the recent 50 basis points rate cut by the U.S. Federal Reserve. The Fed’s highly accommodative monetary policy has reignited confidence in global markets, with foreign inflows expected to increase, bolstering Indian equities in the short to medium term. Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, all closed in the green, adding to the positive momentum. In contrast, European equity markets showed some weakness, while the U.S. markets continued their upward trend, with the Dow and S&amp;P 500 reaching new highs. "The U.S. markets, led by the Dow and S&amp;P 500, setting record highs is a testament to the ongoing global bull run. Indian markets are benefiting from this, as global liquidity and optimism remain strong," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "Unemployment data, along with the Fed’s half-point rate cut has bolster investors’ sentiment in the US. Initial jobless claims, which came in at 219,000 for the week of Sept. 14, were lower than expected and showed a decline from the prior week. In Europe, investors digested a slew of central bank rate decisions this week and their impact on the global economy," says Shrikant Chouhan, Head Equity Research, Kotak Securities. <h3>Bullish momentum intact, but caution ahead</h3>From a technical perspective, the Sensex and Nifty are showing strong bullish momentum. The Nifty closed above the key resistance of 25,600, signaling further upside potential toward the 25,900-26,000 range. However, traders should keep an eye on the short-term profit booking, as indicated by the formation of a Shooting Star-like candlestick pattern near the index’s all-time high. Immediate support for the Nifty stands at 25,500, with additional support levels at 25,300 and 25,120, according to technical analysts. As long as the Nifty remains above 25,600, a "Buy on Dips" strategy is advisable for traders. However, if it falls below 25,620, a "Sell on Rise" approach might be more prudent. "The recent surge in major indices, particularly the high beta index BankNifty, indicates a favorable shift in market dynamics. It is recommended to capitalize on the upward momentum by taking profits, rather than adopting an aggressive stance in the overbought territory," says Osho Krishan, Senior Analyst - Technical &amp; Derivatives, Angel One Ltd. <h3>What's next for the markets?</h3>As markets head into uncharted territory, the focus will shift to key macroeconomic indicators, including inflation, geopolitical concerns, and global economic trends. While the current rally is underpinned by strong global cues and positive domestic sentiment, market participants are advised to remain cautious in the face of potential volatility. Vinod Nair, Head of Research at Geojit Financial Services, emphasized the need for a balanced approach: “While the 50 bps Fed rate cut is undoubtedly positive, markets should remain mindful of evolving global conditions. In the short term, foreign inflows will boost the market, but longer-term prospects depend on the global economic landscape.” As the market rally continues, the challenge will be to maintain momentum while navigating potential headwinds, including global oil price fluctuations—Brent crude settled slightly lower at USD 74.71 per barrel, a dip of 0.23%. With the Sensex and Nifty scaling new heights, the mood on Dalal Street remains optimistic, driven by a combination of domestic strength and global tailwinds. But as always, market participants should keep their strategies flexible and be prepared for any shifts in sentiment. (With inputs from PTI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a><a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Sensex @ 84k: With 1,359 pts gain, benchmark index settles above historic mark

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

<ul class="summary-list"><li>Russia seized some 500 leased Boeing and Airbus airliners after invading Ukraine.</li><li>But it's hard to keep the planes flying with little access to parts because of sanctions.</li></ul><a href="https://www.businessinsider.com/12-billion-worth-leased-aircraft-stranded-in-russia-ukraine-sanctions-2022-3">Western sanctions against Russia have taken a toll on the country's aviation sector</a> — forcing the country to get creative to keep its planes flying.Quickly after Russia invaded Ukraine in February 2022, western countries enacted heavy <a href="https://www.businessinsider.com/Aircraft-lessors-may-have-to-write-off-planes-in-Russia-2022-3">sanctions against Russia</a> to punish Vladimir Putin. This included closing US, EU, and other allied airspace, preventing planemakers like Boeing and Airbus from sending spare parts to Russia, and stopping countries like <a href="https://foreignpolicy.com/2023/03/06/turkey-elections-russia-erdogan-putin-nato/">Turkey from refueling Russian planes.</a>The goal was to <a href="https://www.businessinsider.com/russia-is-seizing-hundreds-of-lessor-planes-poses-risk-passengers-2022-3">cut Russia off from the rest of the world.</a>In response, the Kremlin countered with its own sanctions. It even went as far as to seize some 500 leased western-built airliners — which are worth an estimated $10 billion, <a href="https://www.reuters.com/business/aerospace-defense/aviation-lessors-fight-stop-insurance-dispute-hearings-russia-2023-07-07/" target="_blank" rel="noopener">according to Reuters.</a>Despite many <a href="https://www.businessinsider.com/canada-seized-one-of-russias-few-remaining-an124-cargo-planes-2023-6">allied nations' attempts to reclaim the Russian-seized aircraft</a>, most lessors have had no choice but to forfeit their planes to Russia due to airspace restrictions and pushback from its government and airlines.And, the volatile nation continues to prove it's more bulletproof than expected. In 2022, Russia <a href="https://www.businessinsider.com/russia-airlines-received-14-million-illegal-aircraft-parts-despite-sanctions-2023-5">received over $14 million worth western-made parts</a> thanks to underground shipments.But, the illegal import schemes are not the only <a href="https://www.bloomberg.com/news/articles/2023-03-01/russian-airlines-fly-airbus-boeing-jets-despite-sanctions" target="_blank" rel="noopener">methods keeping Russia's airlines alive</a>. <h2>Creating a 'Frankenstein fleet'</h2><div type="image" title="An Aeroflot engine being checked by maintenance in Russia." height="717" width="957" msid="102275054" hostid="261" sizebytes="69858"></div>Once countries stopped sending parts to Russian carriers like Aeroflot and S7 Airlines, the companies were forced to find new suppliers. Some bought second-hand from places like Iran and China, while others <a href="https://www.businessinsider.com/russian-airlines-may-not-have-enough-parts-repair-planes-sanctions-2022-3">"cannibalized" existing jets. </a>However, robbing spare parts could make the resulting "Frankenstein fleet" worthless outside of Russia's borders, and <a href="https://www.ch-aviation.com/portal/news/126751-lessor-carlyle-lays-new-legal-claims-over-russian-planes" target="_blank" rel="noopener">lessors have since written off the aircraft</a> without much hope they'll ever see them again.Moreover, the potentially un-airworthy parts could create unnecessary safety risks. Not to mention, once airline inventory gets low, some carrier could encourage pilots and mechanics to purposely overlook certain repairs —<a href="https://www.businessinsider.com/russian-airline-aeroflot-asked-employees-not-report-plane-malfunctions-report-2023-5"> similar to what Aeroflot reportedly did earlier this year.</a><h2>Buying off seized jets using rainy-day money</h2><div type="image" title="An Aeroflot Boeing 777-300ER parked at the gate at Los Angeles International Airport before the war." height="1333" width="1777" msid="102275057" hostid="261" sizebytes="143716"></div>Since Russia seized hundreds of planes, <a href="https://www.jdsupra.com/legalnews/leased-aircraft-stranded-in-russia-a-2276918/" target="_blank" rel="noopener">airplane leasing companies have filed multi-billion dollar insurance claims</a> to recoup lost money — though many are being denied by insurers.Nevertheless, some lessors may actually get a check directly from the Kremlin.Last week, <a href="https://tass.com/economy/1651187" target="_blank" rel="noopener">Russian media outlet TASS</a> reported the government has allotted 300 billion rubles (about $4 billion) from Russia's National Wealth Fund — essentially its rainy day money — to buy off 80-90 of the foreign-made aircraft it seized from lessors.Leasing companies in the EU are able to accept the payment thanks to a sanction amendment that says <a href="https://www.aerotime.aero/articles/russian-airlines-to-complete-foreign-aircraft-purchase#:~:text=Russian%20airlines%20to%20complete%20foreign%20aircraft%20purchase%20by%20October%2C%20says%20ministry&amp;text=Russian%20airlines%20will%20receive%20funds,run%20media%20outlet%20TASS%20reported." target="_blank" rel="noopener">aircraft ownership can be transferred to Russian airlines</a> if a lease agreement was signed prior to Russia's invasion of Ukraine, and only after all of the lease payments have been made.Airlines including Aeroflot, S7, Ural Airlines, RusLine, and iFly have finalizing agreements, <a href="https://www.jdsupra.com/legalnews/leased-aircraft-stranded-in-russia-a-2276918/" target="_blank" rel="noopener">Aerotime Hub reported</a>, but are still waiting on their NWF funds. Russian flag carrier <a href="https://www.aerotime.aero/articles/russias-aeroflot-buys-10-stranded-boeing-777s-from-irish-lessor" target="_blank" rel="noopener">Aeroflot has already received a portion of the money </a>for 10 Boeing 777-300ERs.According to TASS, Russia's deputy minister of transport Igor Chalik said he is uncertain of when exactly airlines will receive the federal funds, but noted "our task is to complete this program in any case by the end of September."As of July 1, Russia's NWF stood at $145.6 billion — down from $153.1 billion on June 1, <a href="https://archive.minfin.gov.ru/en/key/nationalwealthfund/statistics?id_65=104686-volume_of_the_national_wealth_fund" target="_blank" rel="noopener">according to country's Ministry of Finance.</a>

How Russia is evading sanctions to keep $10 billion worth of seized Boeing and Airbus planes flying

ReutersAmerican Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in TulsaHappy Friday and welcome to yet another quarantine-edition of Shifting Gears, Business Insider's roundup of all the transportation news that you missed this week.There is some good news, at least. (<a href="http://newsletter.businessinsider.com/join/4np/shiftinggears">And don't forget to sign up to get this directly to your inbox here</a>).The House of Representatives is set to vote - and likely pass - the largest federal assistance package ever. In addition to <a href="https://www.businessinsider.com/coronavirus-stimulus-check-how-much-money-youll-get-paid-report-2020-3">cash money to most Americans</a>, the bill also contains some much needed assistance for airlines, Amtrak, and more. Here's the breakdown.<h2>Airlines</h2>Air carriers are set to get $60 billion from the stimulus, <a href="https://www.businessinsider.com/airlines-coronavirus-bailout-senate-stock-buybacks-2020-3">my colleague David Slotnick reports</a>. About $25 billion of the loans and grants are guaranteed for passenger airlines and $4 billion to cargo carriers.Then there's another $29 billion in grants allotted for paying workers. The only catch? Job protection. Airlines accepting aid will not be allowed to lay off or furlough workers until September 30, at which point the crisis could be over or winding down for air carriers. Companies will also be prohibited from buying back shares of their own stock for a year after the loan is paid back.<h2>Boeing</h2>A separate $17 billion in loans is specified for companies "critical to maintaining national security." <a href="https://www.businessinsider.com/boeing-bailout-coronavirus-crisis-controversy-2020-3">Boeing is reported to be the intended recipient</a> of a large portion of that amount.<h2>Amtrak</h2>The National Railroad Passenger Corporation - which you probably know by its operating name, Amtrak, <a href="https://www.businessinsider.com/amtrak-set-to-get-1-billion-from-coronavirus-bailout-bill-2020-3">is set to get more than $1 billion from the bill</a>. Like airlines, it's the amount it said was needed in the face of plunging revenues and decimated ridership.Long-distance routes are still running, but many others are facing reduced service and outright cancellations. <a href="https://www.businessinsider.com/coronavirus-amtrak-ridership-craters-dramatically-upsetting-plan-for-profit-2020-3">Last week, ridership was down more than 90%. </a><h2>Cruise lines</h2>Cruise ships have become floating ghost towns as three of the largest lines cease sailings. Thanks to those massive fixed overhead costs, there are no gaping holes in the companies' balance sheets - but they might not be able to tap into the loans available to American businesses.The bill's language says help is available for business that "are created or organized in the United States or under the laws of the United States and that have significant operations in and a majority of its employees based in the United States.""Flags-of-convenience," a move to skirt US regulations, <a href="https://www.businessinsider.com/cruise-lines-battered-by-coronavirus-could-be-left-out-bailout-2020-3">might come back to hurt cruise lines looking for aid. </a><h2>The Post Office</h2>The US Postal Service will get some relief - <a href="https://www.businessinsider.com/coronavirus-could-shut-down-post-office-by-june-congressional-leaders-2020-3">but not near as much as some lawmakers had hoped for</a>. In addition to $10 billion in loans (which can't go toward paying off debt), the agency is allowed to establish temporary delivery points to minimize contact and help workers stay safe. <a href="https://www.businessinsider.com/coronavirus-bill-lets-post-office-make-amazon-like-delivery-points-2020-3">They sound a lot like Amazon Lockers to us. </a><h2>Uber and Lyft aren't getting much</h2>But they did <a href="https://www.businessinsider.com/uber-ceo-welcomes-new-laws-uber-drivers-unemployment-benefits-2020-3">praise language in the bill that offers assistance to the gig workers</a> they've f<a href="https://www.businessinsider.com/uber-lyft-california-ab5-long-term-challenges-2019-12">ought tooth-and-nail to not recognize (and pay for) as employees.</a>It's the f<a href="https://www.businessinsider.com/uber-lyft-drivers-gig-workers-get-unemployment-in-senate-bill-2020-3">irst time self-employed workers will be eligible for unemployment benefits, my colleague Julie Bort reports</a>. The total weekly amount depends on the state, but the bill adds $600 a week for people who qualify on top of those state amounts. <a href="https://www.businessinsider.com/uber-lyft-drivers-gig-workers-get-unemployment-in-senate-bill-2020-3">You can read the details here. </a>"Thanks to the Senate for supporting 1.3M Uber drivers &amp; delivery people," <a href="https://twitter.com/dkhos/status/1243030794374799361">CEO Dara Khosrowshahi said on Twitter.</a> "Many independent workers are on the frontlines; all deserve support. Hope the House will act on this bill &amp; govt will join our push for new laws permitting cos like Uber to provide new benefits going fwd."As always, some lighter weekend reading: Please send me what you're reading right now, be it in a magazine, a book, online. We all have nothing but time …<ul><li><a href="https://www.businessinsider.com/coloring-book-audi-mercedes-benz-quarantine-boredom-lockdown-coronavirus-covid-2020-3">Fight your boredom during coronavirus quarantine with dozens of free coloring pages from car companies like Mercedes and Audi</a></li><li><a href="https://www.businessinsider.com/vw-volkswagen-electric-1960s-microbus-bus-camper-2020-3">Volkswagen helped create a fully electric version of its iconic 1960s Microbus that fans can buy - see inside</a></li><li><a href="https://www.businessinsider.com/coronavirus-airport-runways-taxiways-used-for-aircraft-storage-2020-3">Delta, American, and other airlines are parking planes on closed runways at major airports as carriers struggle to store grounded airliners</a></li><li><a href="https://www.businessinsider.com/the-ruf-rodeo-is-a-western-themed-porsche-inspired-off-roader-2020-3">This Western-themed, Porsche-inspired off-roader is built to be the centerpiece of your next glamping adventure</a></li><li><a href="https://www.businessinsider.com/coronavirus-nasa-astronaut-tips-advice-quarantine-lockdown-2020-3">4 astronauts reveal their secrets to surviving months of isolation with other people</a></li></ul>Get the latest <a href="/coronavirus-covid19">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-symphony-seas-worlds-largest-cruise-ship-deals-with-waste-2020-3">How waste is dealt with on the world's largest cruise ship</a></h3>

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How Russia is evading sanctions to keep $10 billion worth of seized Boeing and Airbus planes flying

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