Monday, December 23, 2024
Sri Lanka central bank fines Indian Bank
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India to be key challenge as Honda, Nissan talk merger
Japanese companies Honda and Nissan plan to merge operations in response to tough business challenges, potentially affecting their global and Indian markets. The merger faces complexities in India due to independent production setups and Nissan's partnership with Renault. The future of Nissan and Renault's collaboration in Chennai remains uncertain.
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Sunday, December 22, 2024
Freshworks founder sells $40 million shares
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Saturday, December 21, 2024
Britannica didn't just survive. It's an AI company now
Encyclopaedia Britannica, once a weighty symbol of knowledge, has successfully transitioned to the digital age. By embracing AI and expanding into educational software and online dictionaries, the company has achieved impressive profit margins and is now considering a $1 billion IPO.
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GST panel puts off call on lower rates for insurance
The GST Council waived taxes on cancer gene therapy and reduced levies on fortified rice kernels. Decisions on ATF inclusion, insurance rates, and food delivery services were deferred. Used cars will face 18% GST, while pre-packed popcorn and voucher transactions saw clarifications. A new GoM will address state-level disaster levies.
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Ex-finance minister Arun Jaitley had given go-ahead to clean up bad loans, says Raghuram Rajan
Former RBI Governor Raghuram Rajan revealed that ex-Finance Minister Arun Jaitley supported his decisive action on tackling bad bank loans. Rajan attributed the NPA surge to corruption, delayed clearances, and the global financial crisis. He also pointed to slow government recapitalization hindering lending.
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Friday, December 20, 2024
$100 million clients: TCS, Infosys lead race
TCS and Infosys added twelve $100 million+ clients each post-pandemic, outpacing Wipro and HCLTech's seven. While TCS and Infosys boasted 62 and 40 such clients respectively by 2023-24, Wipro and HCLTech had 22 each. Large deal wins slowed across the industry due to reduced spending and global uncertainties.
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Thursday, December 19, 2024
3 IPOs sail through despite Dalal Street selloff
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Rupee breaches 85/$ for 1st time on Fed's comment of fewer rate cuts in future
The Indian rupee fell to a record low against the US dollar, crossing the 85 mark for the first time. This drop was influenced by the US Federal Reserve's indication of fewer-than-expected future rate cuts. While the decline makes imports costlier and benefits NRI remittances, its impact on export competitiveness is debated.
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Wednesday, December 18, 2024
Sebi tightens rules for SME IPOs, merchant banking biz
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Alumni of IIT Delhi lead list of top startup founders
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Sebi board announces stricter regulations for SME IPOs to improve
Sebi has introduced stricter regulations for SME IPOs, mandating a minimum operating profit and limiting selling shareholders' divestment to 50% of their stake. These measures aim to enhance transparency, governance, and fund utilization in the booming SME segment. The new rules also restrict the use of IPO proceeds for settling loans from related parties.
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Tuesday, December 17, 2024
Lost track of inactive mutual funds? Sebi plans search platform
India's market regulator, Sebi, is planning a portal, MITRA, to help investors find lost mutual fund investments. Inactive accounts, often due to missing PAN or outdated contact information, will be searchable through a central database managed by CAMS and KFintech. This initiative aims to reduce unclaimed accounts and protect against fraud, improving transparency in the financial system.
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Slowdown in Q2 is a 'temporary blip': FM
Finance Minister Nirmala Sitharaman addressed concerns about India's economic slowdown, calling the second-quarter dip a "temporary blip." She highlighted the country's strong average growth rate of 8.3% over the past three years and emphasized the government's commitment to managing inflation, citing recent positive trends and supply-side measures.
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Retrospective 5% GST likely on food app delivery charge
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Monday, December 16, 2024
Blackstone seen as top bidder for Haldiram bite
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In a first, Indian services exports to outstrip goods
India's service exports are poised to surpass goods exports in November, reaching an estimated $35.7 billion. Driven by Global Capability Centers (GCCs) and robust growth in sectors like management and legal services, this shift reflects a sustained upward trend. The government aims to further boost service sectors like IT, tourism, and maritime services to achieve a $1 trillion export target.
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Companies bring 'pet leave', 'live band days' for Gen Z staff
Indian tech companies are rolling out innovative perks to attract and retain millennial and Gen Z employees. These include unlimited sick leave, pet-friendly policies, and "well-being days" to combat burnout and boost productivity. Companies are also focusing on skill development, diversity, and flexible work arrangements to cater to the evolving needs of the younger workforce.
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Ambani and Adani drop out of $100 billion club
Mukesh Ambani and Gautam Adani, once centibillionaires, have seen their fortunes decline. Ambani's Reliance conglomerate faces underperforming energy and retail businesses, while Adani confronts a US Department of Justice probe over alleged bribery, adding to the fallout from previous fraud accusations. Both tycoons are battling to regain investor confidence amidst these mounting challenges.
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Sunday, December 15, 2024
Free trade & investment deals hit model BIT hurdle
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Indian companies raised record high of over Rs 1 lakh crore via QIP
Indian companies shattered fundraising records in 2024, raising over ₹1.2 lakh crore through Qualified Institutional Placements (QIPs) by November. This surge, driven by a robust stock market and high valuations, doubled the previous year's figures. Giants like Vedanta and Zomato led the charge, each raising ₹8,500 crore.
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CIL's CSR spending surpasses Rs 5,570 crore in last 10 years
Coal India Ltd. has invested Rs 5,570 crore in corporate social responsibility (CSR) projects over the last ten years, focusing on education, healthcare, sports, skill development, and women's empowerment. West Bengal Governor C V Ananda Bose and Coal Secretary Vikram Dev Dutt commended the company's efforts, particularly in tribal areas and coal-bearing regions.
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UPI records over 15,000 crore transactions from January to November 2024
India's Unified Payments Interface (UPI) processed a staggering 15,547 crore transactions worth Rs 223 lakh crore between January and November 2024. UPI's global reach now extends to seven countries, solidifying India's position as a leader in digital payments. October saw a record 16.6 billion UPI transactions, highlighting its transformative impact on the nation's financial landscape.
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Saturday, December 14, 2024
Coal imports up 4% at 162 million tonnes in April-October period
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JSW gets back Rs 4k cr assets in Rs 47k cr Bhushan Steel case
The Enforcement Directorate (ED) has returned properties worth Rs 4,025 crore to JSW Steel, the successful bidder for the bankrupt Bhushan Power and Steel Ltd (BPSL). The assets were originally seized by the ED during a money laundering investigation that revealed BPSL's former promoters had defrauded banks of Rs 47,204 crore.
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Friday, December 13, 2024
Sensex swings over 2,000 pts, ends at 2-mth high on FPI buy
The Sensex surged 843 points to a two-month high of 82,133, driven by strong foreign fund inflows and buying in FMCG, IT, and banking stocks. This followed a volatile session with a 2,100-point intraday swing, influenced by global market weakness and uncertainty about China's economic recovery. Market sentiment remains cautious due to rising US Treasury yields and a weaker rupee.
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JK Paper’s strategic merger to increase Harsh Pati Singhania & family’s stake
JK Paper, led by Harsh Pati Singhania, is streamlining its corporate structure by merging several subsidiaries with itself. This move will consolidate its packaging business and increase the Singhania family's ownership to 53%. Enviro Tech Ventures, partially owned by the family, will also merge with JK Paper after divesting its agricultural interests.
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Thursday, December 12, 2024
Reliance signs 10-yr deal with Russia's Rosneft for $12-13bn a year oil import
Reliance Industries has inked a significant deal with Russia's Rosneft, securing up to 500,000 barrels of crude oil daily for the next decade. This $12-13 billion annual agreement, confirmed by Reliance, makes Russia India's top crude supplier. The deal, encompassing various Russian crude grades and fuel oil, involves around half of Rosneft's seaborne oil exports.
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Retail inflation eases to 5.5% in Nov as food prices soften
India's retail inflation eased to 5.5% in November from a 14-month high, driven by moderating food prices. Industrial output saw a modest 3.5% rise in October. While food inflation slowed, vegetable and edible oil prices remain high. Experts anticipate a potential rate cut in February if the trend continues, though urban demand needs monitoring.
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Wednesday, December 11, 2024
Focus on policy stability & sustaining growth: RBI governor
Sanjay Malhotra, the new RBI governor, emphasized stability, trust, and growth as the central bank's core values. He stressed the importance of financial inclusion in fostering India's continued growth trajectory. While prioritizing policy stability, Malhotra promised agility and a consultative approach, acknowledging the need for diverse expertise in navigating a complex global landscape.
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10-minute food delivery war to heat up with Zepto's standalone café app
Zepto is launching a separate app, Zepto Café, to deliver food items like chai, samosa, and pizza within 10 minutes. This move challenges established players like Zomato and Swiggy in the rapidly growing quick-commerce food delivery market.
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Tuesday, December 10, 2024
Balancing inflation, growth key task for governor: Shaktikanta Das
RBI Governor Shaktikanta Das, in his final press conference, emphasized the crucial coordination between the RBI and the government in managing inflation. He defended the RBI's stance on maintaining stable rates despite slowing growth, highlighting the impact of multiple factors.
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Hope for progressive regulatory regime: Amazon
Amazon India's senior VP, Amit Agarwal, amidst regulatory scrutiny, affirms compliance and advocates for progressive e-commerce policies. He emphasizes investments in logistics and infrastructure, not cash burn, and highlights a new quick commerce pilot program in Bangalore. Agarwal reiterates Amazon's long-term commitment to India's growth.
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IATA director general raises concerns over India's air traffic congestion amidst aviation growth
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Monday, December 9, 2024
Shaktikanta Das steered RBI with persuasive diplomacy
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Is Nissan's decline inevitable? Honda merger talks could hold key to survival
Nissan faces a potential bankruptcy within the next year due to a 70% profit plunge and a $60 million loss. The company plans a $3 billion restructuring, including 9,000 job cuts and production reductions. A potential merger with Honda is being considered as a solution to navigate the challenging automotive market and bolster its struggling electric vehicle offerings.
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Revenue secretary Sanjay Malhotra to be next RBI governor
Revenue secretary Sanjay Malhotra has been appointed as the new RBI governor, succeeding Shaktikanta Das. The 56-year-old IIT Kanpur and Princeton University alumnus will begin his three-year term on December 11th. Malhotra's appointment marks a continuation of bureaucratic leadership at the central bank, following Das's tenure of close coordination with the government.
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Sunday, December 8, 2024
CII wants government to stick to fiscal deficit target
The Confederation of Indian Industry (CII) has recommended that the Indian government maintain its fiscal deficit targets of 4.9% of GDP for 2024-25 and 4.5% for 2025-26. CII cautions against more aggressive targets, citing potential negative impacts on economic growth.
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FPI flows, inflation data to decide market trend
Market direction in the coming week will be influenced by foreign fund flows, investor reactions to IPOs, and geopolitical shifts after the Syrian regime's collapse. Inflation data and the rupee's performance against the dollar will also play a role. These factors will determine if indices continue their winning streak.
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Indian billionaires' wealth up 42% in last financial year, says report
Indian billionaires' wealth surged 42% to over $905 billion in the last financial year, making India the third largest billionaire base globally. This growth is fueled by family-led businesses, a favorable economic environment, and structural reforms. Globally, billionaire wealth growth has slowed, but India remains an exception, potentially mirroring China's prior growth trajectory.
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Saturday, December 7, 2024
Indian foreign exchange strengthens again after a multi week low
India's forex reserves rebounded by $1.51 billion to $658.09 billion after an eight-month decline. The Reserve Bank of India's intervention aimed to stabilize the rupee and mitigate global economic shocks. The increase follows a $71 billion drop in 2022, with $58 billion added in 2023.
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Trillion-dollar gap in Taiwan, Korea stock fortunes
Taiwan's stock market surges amidst the global AI boom, outpacing South Korea's struggling market. Taiwan's dominance in the semiconductor industry, particularly TSMC's success, fuels this growth. Meanwhile, South Korea grapples with political instability and Samsung's underperformance. Despite looming US tariff threats, Taiwan appears better positioned due to its crucial role in US tech supply chains.
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UPI empowered marginal borrowers, boosted credit access: Study
A research paper revealed UPI's transformative impact on India's financial landscape. Since its 2016 launch, UPI has facilitated seamless digital transactions for millions, becoming the dominant retail payment method. This widespread adoption, fueled by affordable internet access, has boosted credit access, particularly for underserved borrowers, while maintaining low default rates. The success story holds global implications for digital finance.
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Mahindra renames EV on IndiGo protest, to move court
Mahindra & Mahindra is renaming its electric SUV "BE6e" after IndiGo airlines' parent company, Interglobe, objected to the use of "6E." Mahindra plans to contest Interglobe's objections in court, seeking brand rights for "BE 6e" while Interglobe seeks control over "6E." Mahindra argues that "BE" represents its "born electric" platform and is distinct from IndiGo's airline code.
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Friday, December 6, 2024
Ceat to acquire Michelin's Camso brand for $225 million
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Tata Power looks to double profit by FY30
Tata Power MD, Praveer Sinha, aims to double profits and boost revenue by 60% by FY30, focusing on renewable energy for half the growth. The company targets 33 GW of green energy capacity by FY30, up from 6.7 GW currently, while expanding transmission and developing pumped hydro projects. Sinha expects profits to reach ₹10,000 crore and revenue ₹1 lakh crore.
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5.4% GDP growth doesn't indicate systemic slowdown: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman asserted that the slower second-quarter growth doesn't signal a systemic slowdown, attributing it to reduced public spending during the election season. She anticipates a rebound in the third quarter and maintains India's position as the fastest-growing major economy for the coming years, despite global economic challenges and climate change impacts.
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RBI cuts CRR 50 bps, trims FY25 GDP forecast to 6.6%
The Reserve Bank of India (RBI) maintained its policy rate at 6.5% but lowered the economic growth forecast for 2024-25 to 6.6% from 7.2%. A CRR cut to 4% will release ₹1.6 lakh crore for banks. The RBI acknowledged a recent economic slowdown but anticipates a recovery driven by festive demand and improved agricultural output.
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Thursday, December 5, 2024
Russian companies will look to invest in India: Putin
Russian President Vladimir Putin endorsed India's Make in India initiative at the VTB Russia Calling Investment Forum. He expressed Russia's readiness to invest and manufacture in India, highlighting the stable investment conditions fostered by the Indian government. Putin also advocated for greater BRICS cooperation to support SME growth and investment, particularly benefiting developing nations.
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At Rs 1.4 lakh crore, IPO mop-up in 2024 more than doubles over last year
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Sri Lanka central bank fines Indian Bank
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Collecting Lego — yes, the plastic toys made of interlocking bricks that become cars and castles and robots —returned more than large stocks...
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A woman, in her early 20s, was stabbed to death by a man in southeast Delhi's Bhogal area on Friday evening, following which the accused...
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