Investors in India are turning to small companies offering up to $100m in stock sales as the country hosted 92 such listings this year, the most in the world, according to Bloomberg data. After recent large IPOs such as paytech start-up Paytm and the nation's largest insurer, which both lost investors money, investors are seeking the higher returns of smaller firms fueling India's economy thanks to a five-month market rally.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KbReADW
The new prices will come into effect from Tuesday, with Delhi's retail sales price of 19kg commercial LPG cylinder being set at Rs 1,680. In contrast, the Oil marketing companies have decided to keep domestic cooking gas rates unchanged, as per insider information.
Ruling out any change in the proposed 28% GST on online gaming and casinos, government sources said it is prudent to stick to levying tax on the gross value as any other method comes with complications in businesses that lack transparency. The gaming industry has been seeking a review of last month's GST Council decision, arguing that the levy is too steep and will hurt business.
The transaction brings the value of the e-commerce firm to $35 billion from nearly $38 billion after it sold its shares to Japan's SoftBank, US retailer Walmart and other investors in 2021, the report said.
China's purchasing managers' index (PMI) remained below the expansion point of 50, with the July figure of 49.3 showing the fourth consecutive month of contraction. Despite coming in slightly better than the 49.2 forecast, it highlights the continued need for Beijing policymakers to improve domestic demand.
Commerce and Industry Minister Piyush Goyal on Saturday said he is hopeful of India finalising certain free trade agreements (FTAs) in the next few months, which would help promote exports.India is in the final stages of concluding FTA negotiations with the UK. The country is also negotiating similar pacts with Canada and European Union (EU).
Adani Group, owned by Indian billionaire Gautam Adani, is reportedly in talks to borrow $600 million to $750 million to refinance the debt taken on to buy Ambuja Cements. Adani New Industries has also raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project.
The airline, also known as Go First, had in May sought an emergency arbitration to prevent it from going out of business and blamed Raytheon Technologies-owned engine maker for its financial woes and bankruptcy filing.
The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest US central bank policy rate in 16 years.The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase.
The government is unlikely to establish a separate policy to incentivise Tesla to operate in the country, according to a government official. Alternately, the carmaker can apply to existing schemes such as the production-linked incentives scheme for advanced chemistry cell batteries and auto-industry related PLI scheme.
The Indian government has allowed central government officers to be issued mobile, laptop or similar devices with a cost limit of Rs 1.3 lakh, which can be kept by them for personal use after 4 years. According to the guidelines, all central government officers of deputy secretary and higher rank are eligible for such electronic devices.
ICICI Bank has reported a record net profit of Rs 9,648 crore in Q1-2024—a 39.7% increase from Rs 6,905 crore in Q1-2023. Meanwhile, Kotak Mahindra Bank exceeded analyst estimates to report a 67% jump in standalone net profit at Rs 3,452 crore for the June quarter. On a consolidated level, the profit grew 51% to Rs 4,150 crore. Another private lender, Yes Bank, said its net profit rose 10.3% to Rs 342 crore.
Billionaire Ravi Ruia bought a £113 million (about Rs 1,200 crore) London mansion linked to Russian property investor Andrey Goncharenko in one of the UK capital’s biggest residential deals in recent years. The family office of Ruia, who co-owns Essar Group, purchased the Hanover Lodge mansion overlooking Regent’s Park at 150 Park Road this month through a sale of the home’s Gibraltar-incorporated holding company, according to a person familiar with the matter.
Amazon said Friday it will invest $120 million to build a satellite construction facility at NASA's Kennedy Space Center, as part of its plans to launch a space internet service to rival SpaceX's Starlink. The company founded by Jeff Bezos says its "Project Kuiper" will provide "fast, affordable broadband to unserved and underserved communities around the world," with a constellation of more than 3,200 satellites in low Earth orbit (LEO).
Tesla's warning about possibly having to keep cutting the prices of its electric vehicles led to a significant drop in Elon Musk's fortune by $20.3 billion. Musk's net worth of $234.4 billion is still higher than Bernard Arnault's, the chairman of LVMH, by about $33 billion. However, the wealth gap between the two billionaires is narrowing.
As digital engagement gets deeper and sophisticated in India, a significant number of companies and organisations in the country increasingly face the threat of cyber attacks, including ransomware attempts, according to US-headquartered data security and cloud data management company Rubrik.
