Friday, May 31, 2024
Sensex clocks marginal gain after 5-day loss
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Thursday, May 30, 2024
‘IBC resolved as many cases in 7 yrs as BIFR did in 30 yrs’
Finance Minister Nirmala Sitharaman stated on Thursday that the seven-year-old Insolvency & Bankruptcy Code (IBC) has facilitated the rescue of 3,171 distressed companies and aided in the closure of those that are unviable. She pointed out that this is a significant improvement compared to the less than 3,500 cases resolved by the Board of Industrial and Financial Reconstruction (BIFR) during its over 30-year tenure, starting from 1987.
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RBI moves 100 tonnes gold from UK to its vaults in India
Reserve Bank of India has moved 100 tonnes of gold from the UK to its vaults in India, marking a significant shift in gold storage. The transfer was for logistical and storage diversification reasons.
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Wednesday, May 29, 2024
RBI puts curbs on 2 Edelweiss companies
RBI has imposed restrictions on ECL Finance and EARCL, companies of the Edelweiss group, for 'evergreening' stressed loans, where lenders extend credit to borrowers unable to repay existing loans.
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MSMEs need common platform for freshers' hiring, training: CEOs
MSMEs are facing challenges in availability and employability of technical school graduates and diploma holders. CEOs at a roundtable emphasized the need for a common platform for recruitment and training. Automation, digitalisation, and AI can address manpower shortage and quality issues.
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Tuesday, May 28, 2024
Adani Enterprises gets nod for ₹16,600 crore share sale
Adani Enterprises, part of Gautam Adani's Adani Group, secured board approval to raise Rs 16,600 crore ($2 billion), following Adani Energy Solutions' approval for Rs 12,500 crore ($1.5 billion), backed by investments from Rajiv Jain's GQG, Qatar Investment Authority, and TotalEnergies, overcoming challenges from a previous Hindenburg short-seller attack.
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Adani in talks with Vijay Shekhar Sharma to acquire stake in Paytm
Adani Group chairman Gautam Adani is considering buying a stake in One 97 Communications, the company behind Paytm, as confirmed by sources. This potential deal would mark Adani Group's entry into the fintech sector, competing with major players like Google Pay and Jio Financial.
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CPC, KITES plan merger to expand footprint in senior living & geriatric care
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Monday, May 27, 2024
Silver outshines gold, but pace lags in India
Silver prices rose nearly 33 per cent in a year, while gold rates increased by 21 per cent in international markets. In India, silver returns stood at just over 29 per cent against gold's nearly 20 per cent.
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Sweden's EQT raises $1.6 billion for Asia fund
Sweden-based private equity firm EQT closed a new $1.6 billion Asia-focused fund, with India expected to receive the largest capital allotment. The PE firm raised more than its $750 million target and has already invested in the healthcare, financial services, and technology sectors in India, including acquiring a majority stake in Chennai's Indium Software.
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Sensex hits 76,000 for first time, gives up gains amid volatility
Sensex and Nifty faced profit booking and volatility ahead of major events, with investors cautious of knee-jerk reactions. Market awaits key economic data for near-term direction.
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7 Ways 160 kmph RRTS Trains Are Changing The Face Of Inter-City Travel
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Sunday, May 26, 2024
Ex- cabinet secretary Pradeep Kumar Sinha is ICICI chief
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Dalal Street braces for volatility as Lok Sabha elections enter last leg
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10.46 lakh motor accident claims worth Rs 80,455 crore pending nationwide: RTI
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India's agrochemical industry poised to grow 9% CAGR over next few years: Report
India's agrochemical sector, currently valued at approximately USD 10 billion, is expected to experience significant growth, reaching a projected value of over USD 14.5 billion by the conclusion of the 2027-28 financial year, according to a report published by Rubix Data Sciences, an analytics services provider. However, the industry encountered a 3% decline in the recently concluded 2023-24 financial year.
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India in trade deficit with nine of top 10 trading partners in 2023-24
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How RBI’s record Rs 2.1 lakh crore dividend payout to government may help improve India’s credit rating
Several factors could have contributed to the record profit, including the significant increase in interest rates in the United States, where the RBI invests a substantial portion of its $644 billion foreign exchange reserves (Rs 54 lakh crore).
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Friday, May 24, 2024
'India should impose wealth tax on ultra rich to tackle inequality'
A new paper by the World Inequality Lab proposes an annual wealth tax and an inheritance tax for those with net wealth exceeding Rs 10 crore. The paper, authored by Thomas Piketty, Nitin Kumar Bharti, and others, aims to tackle wealth concentration at the top.
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Sebi tweaks derivative scrips' price band norms
Sebi on Friday modified guidelines for dynamic price bands for scrips in the derivatives segment in a bid to strengthen volatility management and minimise information asymmetry.
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Google invests $350 million in Flipkart for minority stake
Google has invested $350 million in Flipkart as part of a funding round led by Walmart, increasing Flipkart's valuation to over $35 billion.
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Thursday, May 23, 2024
IndiGo nets nearly $1 billion annual profit, a first for Indian carriers
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Soon, all health insurance claims will be processed via centralised platform NHCX
Patients who visit a hospital for treatment provide their insurance policy details or a card issued by the third-party administrator (TPA) or insurance company. The hospital then accesses the claim processing portal of the company and uploads the required documents for pre-authorisation or claim approval.
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Two 10-rupee notes recovered from SS Shirala to go under the hammer in Mayfair
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Wednesday, May 22, 2024
Healthcare ads most violative, says ASCI
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LinkedIn, Nadella & others fined by RoC
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Tuesday, May 21, 2024
Noel's 3 children secure 5 Tata Trusts board seats
Tata Trusts appoint Noel Tata's three children, Leah, Maya, and Neville, to boards of its philanthropic entities, symbolizing a shift to involve the millennial generation in smaller Trusts for grooming towards more substantial responsibilities. Neville is affiliated with Trent, founded by his grandmother Simone, owning Westside and Zudio.
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India's mcap crosses $5tn for 1st time, $1tn added in 6 mths
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Monday, May 20, 2024
New academic year fuels retailers' sales
Back-to-school shopping season sees a surge in demand for stationery companies like ITC and DOMS, and retailers like Reliance Retail's Smart Bazaar stores.
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Record bank profits to boost loans to poor, MSMEs: PM Modi
PM Narendra Modi praised banks for record profits in FY24, aiding the poor, farmers, and MSMEs. Challenges like bad loan provisions, bank insolvency, and govt recapitalisation were overcome, leading to a significant banking sector turnaround.
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Sunday, May 19, 2024
Government concerned over telcos' service quality
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Banking sector net crosses Rs 3 lakh crore for first time in FY24
In FY24, the banking sector's net profit surpassed Rs 3 lakh crore, with public sector banks leading at Rs 1.4 lakh crore. Private sector banks and IT services also flourished due to enhanced balance sheets and improved performance. Reliance Industries, TCS, Indian Oil, ONGC, Infosys, and Bank of Baroda were notable in the profit landscape.
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Veggies, pulses face heatwave price pressures
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Saturday, May 18, 2024
Russia freezes Deutsche Bank, Commerzbank, UniCredit assets
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N Vaghul, banker who built ICICI brand, dies at 88
N Vaghul, a banking industry pioneer, passed away at 88 in Apollo hospital. He redefined ICICI, India's second-largest bank, and earned the Padma Bhushan. Vaghul led Bank of India, championed gender-neutral meritocracy, and mentored a generation of financial leaders like K V Kamath and Shikha Sharma.
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Patanjali official, 2 others get 6 months in jail as 'soan papdi' fails quality test
The chief judicial magistrate of Pithoragarh convicted three persons, including the assistant manager of Patanjali Ayurved Ltd, to six months in prison and fined them all for failing a soan papdi food test. On Oct 17, 2019, a food safety inspector visited Lila Dhar Pathak's shop at Main Market in Berinag, Pithoragarh, where concerns were raised about Patanjali Navratna Elaichi Soan Papdi (a sweet).
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CEA: Are futures & options trading volumes sign of progress or worry?
A finance ministry official raised concerns about the impact of futures and options trading volumes on capital market growth and household savings. The discussion included financial sector development, Nirmala Sitharaman's caution, and various financial indicators like investments in physical assets, bank advances, and mutual funds.
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Friday, May 17, 2024
Government to work with private sector for development journey: Finance minister Sitharaman
Finance minister Nirmala Sitharaman advocated for higher manufacturing investment, contrary to some economists' advice. She emphasized collaboration with the private sector and addressed Raghuram Rajan's support for a services-led strategy.
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Top Luxury Train In India! Jaw Dropping Pics of Maharajas' Express - Most Expensive Train by IRCTC
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Thursday, May 16, 2024
Sensex swings 1,200 points, ends higher even as volatility spikes
Dalal Street witnessed ongoing volatility with the sensex fluctuating over 1,200 points intraday, driven by domestic fund buying. India VIX surged, FIIs sold off funds, and news of new stocks on the MSCI index hinted at fresh FPI flows. Prashanth Tapse commented on the market's volatile trading session.
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Mahindra & Mahindra lines up Rs 37,000 crore capex in next 3 years
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Wednesday, May 15, 2024
SBI hikes short-term FD rates, may push other PSBs to relook
SBI increases short-term deposit rates by up to 75 basis points to boost liquidity, replacing wholesale deposits. The move follows GST outflows and equity sales by foreign institutional investors, pushing rivals to review rates too. Mention of MSID 110157382, public sector banks, Bank of Baroda, Yes Bank, IndusInd Bank, IDFC Bank, and Dinesh Khara's statements.
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Urban joblessness up to 6.7% in FY24 Q4 from 6.5% in Q3
According to the most recent official data issued Wednesday, the unemployment rate for people aged 15 and up in metropolitan areas fell slightly to 6.7% in the January-March quarter of 2023-2024, down from 6.8% the previous year. Joblessness rate, which had soared to double digit during Covid, has stabilised over the months as curbs to ward off the pandemic lifted and economic activity gathered momentum.
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Tuesday, May 14, 2024
Work with Sebi to avoid futures & options blowout, Finance minister Sitharaman tells exchanges
Finance minister Nirmala Sitharaman emphasized the importance of preventing an 'explosion' in retail futures & options to maintain investor confidence amid a shift to capital markets, while also addressing dollar appreciation, rupee trade, stability under PM Modi, and promoting an investment-led growth strategy with greater openness and transparency.
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7 New Expected Bullet Train Routes in India
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Monday, May 13, 2024
'FPI selloff not due to poll jitters... other markets seem more attractive'
Foreign funds are selling Indian equities not because of election uncertainty but because they find other markets more compelling, and D-St valuations are providing them an exit opportunity, said HSBC India CEO Hitendra Dave. On Monday, Foreign Portfolio Investors were net sellers, selling shares worth Rs 4,499 crore in the capital markets.
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Election effect: Sensex swings 1k pts as FPIs keep up selling
The Sensex experienced significant fluctuations, dropping almost 200 points before recovering and closing with a slight increase. Market sentiment is influenced by uncertainties related to polls and foreign fund selling activities. Foreign investors have sold stocks worth Rs 22,800 crore in May, while domestic investors have purchased stocks worth close to Rs 23,000 crore.
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Sunday, May 12, 2024
Why 2 spice cos are in global regulatory soup
The spice industry is facing growth challenges due to regulatory actions against MDH and Everest brands for ethylene oxide contamination. Both brands deny allegations and claim compliance with safety standards. FSSAI conducts nationwide inspections, emphasizing the need for stricter regulations and infrastructure improvements. Experts highlight the importance of export regulations and standardized testing procedures for food safety.
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Wipro to settle suit with top execs who joined rival co
Wipro is finalizing a settlement agreement with its former CFO Jatin Dalal and former healthcare head Mohd Haque, involving a lawsuit seeking Rs 25 crore from Dalal for breach of contract and a complaint against Haque for breaching non-compete agreements by joining Cognizant.
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FPIs sell over Rs 17k cr stocks in 6 sessions on poll jitters
Foreign fund managers in Mumbai are withdrawing funds due to increased market volatility caused by uncertainty about the Lok Sabha election results. Domestic institutions, especially mutual funds, have been significant purchasers on Dalal Street. Market players cite concerns related to polls and a surge in Chinese stocks as reasons for the fund outflow from India to China and Hong Kong.
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Dow soars over 1,300 pts, Sensex 900 pts
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The Delhi High Court on Thursday dismissed the pleas of TTV Dhinakaran and VK Sasikala challenging the Election Commission's order grant...