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India.com
8 minutes ago
- India.com
Who Is Anand Jain? Close friend of Mukesh Ambani, was once a billionaire, his son lives near Rs 15000 crore Antilia, business is…
Mukesh Ambani is known to everyone as the richest person of India. But there are many people who are still behind the curtains but have contributed to Reliance's success. One such person who is also a childhood friend of Ambani and a real estate magnate is Anand Jain.. Who Is Mukesh Ambani's Friend Anand Jain? The bond between Mukesh Ambani and Anand Jain is from their school days at Mumbai's Hill Grange High School on Pedder Road. When Mukesh Ambani returned from Stanford University in the early 1980s to join the family business, Anand left his own ventures in Delhi to support him. Anand has already worked with Dhirubhai Ambani and developed his own business also. Anand Didn't Take Salary In a corporation everyone works for high pay packages and designations but Anand Jain was different among them. Though he played a big role in shaping Reliance's expansion especially for Reliance Infocomm, he never held a formal position or withdrew a salary. He was Mukesh Ambani's behind-the-scenes advisor, a steady voice in the war room. Anand Jain's Business Empire While advising Reliance, Jain was also building his own business empire. In 1985, he founded Jai Corp Limited, which emerged as a big player in industrial real estate, plastic processing, steel, and yarn manufacturing. In 2007, Forbes ranked Anand Jain as India's 11th richest person, with a net worth estimated at $4 billion. That same year, he led the Urban Infrastructure Opportunities Fund, India's largest real estate private equity initiative at the time, raising Rs 2,434 crore from over 750 investors. During its peak, Jai Corp's market cap was a $45 billion. By 2012, his net worth had declined to around $525 million. Anand Jain's Dream11 Link Anand Jain's son, Harsh Jain, co-founded Dream11 in 2008, which has since become one of India's top fantasy sports platforms and entered the unicorn club by 2019. Despite his massive business footprint, Anand Jain is famously media-shy. Harsh Jain, co-founder and CEO of Dream11, owns a luxury apartment in the Lodha Malabar project on Walkeshwar Road , which is near Mukesh Ambani's Antilia in Mumbai.
Economic Times
8 minutes ago
- Economic Times
Infosys ADRs rise 3% after IT services company reports 9% YoY increase in Q1 PAT
Infosys' American Depository Receipts (ADRs) experienced a surge of over 3% following the release of its Q1FY25 earnings. The IT services company reported a 9% YoY growth in consolidated net profit, reaching Rs 6,921 crore, with revenue from operations rising 8% YoY to Rs 42,279 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads American Depository Receipts (ADRs) of Infosys climbed over 3% on Wednesday following company's Q1FY25 earnings where the IT services company reported a 9% year-on-year (YoY) growth in its consolidated net profit at Rs 6,921 crore for the first quarter ended June. Revenue from operations rose 8% YoY to Rs 42,279 Bengaluru-based company has upped its lower end of revenue growth guidance, which is pegged at 1-3% in constant currency for results were announced after India market hours and Infosys shares settled at Rs 1,558.90 on the NSE, falling by Rs 12 or 0.76% over the Tuesday closing price even as the headline index Nifty closed with strong gains."Our performance in Q1 demonstrates the strength of our enterprise AI capabilities, the success in client consolidation decisions, and the dedication of our over 300,000 employees," said Salil Parekh, CEO and MD, in constant currency (CC) terms grew by 3.8% YoY and by 2.6% QoQ in the first quarter. The company had won deals worth $3.8 billion in the said period, of which 55% were net profit for the reporting period increased to Rs 13,055 crore as against Rs 12,138 crore in the same period of last margin for the April-June quarter stood at 20.8%, which is a decline of 0.3% YoY and decline 0.2% QoQ. The company expects the same to hover around 20-22% for the rest of wise, the dominant financial services clocked a CC growth of 5.6% YoY, while the manufacturing division rose by a healthy 12.2%. The retail growth was flat at 0.4%, and that of hi-tech business increased by a marginal 1.7%.The Life Sciences and other divisions de-grew 7.9% and 15.3% in CC terms, major Wall Street indices were trading mixed today with Dow 30 trading at 44,703.90 around 10:40 AM ET (8 pm India time), up 201.43 points 0.45%, the S&P 500 index hovered near 6,323, gaining by 13.61 or 0.22%. The Nasdaq Composite index was trading at 20,889.20, declining marginally.
New Indian Express
8 minutes ago
- New Indian Express
Former Chandigarh MP Kirron Kher disputes Rs 12.76 lakh dues for government house
While on the other hand in the reply to the notice, Kirron Kher has today written a letter to the Assistant Controller (F&A) Rents which reads, "I would like to bring to your kind notice that I have come to know about the subject cited above pending dues amounting to Rs 12.76 lakh. No official communication or notice has been received from your office in this regard so far. Further as per rule SR- 317-AM-21 of the house allotment committee (HAC) the following provisions apply with regard to license fee after retirement upto to four months from the date of retirement-normal license fee is applicable. Beyond four months and up to six months-50 times the normal license fee is chargeable. Beyond six months and upto seven months-100 times the normal license fee is chargeable.'' "However, it has been observed that the department has directly charged 100 times the normal license fee beyond the initial four month period, that i.e, upto October 5, 2024, which appears to be inconsistent with the applicable rules. A clarification and revision of calculation is accordance with the above-mentioned rule is requested,'' it stated. The letter further read, "Additionally, an amount of Rs 26,106 has been charged as 25 per cent addtonal rent from November 8, 2014 to the date of vacation. I would appreciate if you could kindly clarify the basis and rules under which this 25 per cent additional rent has been levied. It has also come to notice that a sum of Rs 59,680 has been charged as interest @12% per annum upto April 30, 2025. Since no notice or intimation regarding outstanding dues was ever served upon me, I fail to understand how such interest levied without prior demand or intimation. In view of the above you are kindly requested to re-examine the calculations and provide a detailed breakup with justification for the charges levied.''
