The banking system in India faced a liquidity deficit of nearly Rs 1.5 lakh crore on Wednesday, primarily due to outflows related to advance tax payments and preparations for GST remittances ahead of the second quarter's end. The Reserve Bank of India (RBI) announced that it had provided liquidity support of Rs 1.5 lakh crore on Monday.
The US Federal Reserve decided to keep interest rates unchanged but adopted a more hawkish stance. They anticipate an additional rate increase by the end of the year, maintaining a benchmark overnight interest rate peaking in the 5.5-5.75% range, just a quarter of a percentage point above the current range. However, their updated projections show rates falling only half a percentage point in 2024 compared to previous expectations.
Asia Healthcare Holdings (AHH), backed by TPG, has acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU) for Rs 600 crore. AINU, established in 2013 by a team of urologists and nephrologists, operates seven hospitals across several locations in India and specializes in urology and nephrology. This acquisition marks AHH's entry into this specialty segment and represents its fourth specialty focus area in healthcare delivery chains.
The Federal Reserve has decided to keep its primary interest rate unchanged at 5.25%-5.5% in an effort to achieve a "gentle landing" for the US economy. The central bank aims to cool down inflation without causing a severe recession. The Federal Reserve has been implementing a series of interest rate hikes since March 2022 to slow down the economy and rein in inflation. While progress has been made, certain service costs are still increasing at a higher rate than before the pandemic.
Gujarat-based stainless steel and special steel manufacturing company, Mangalam Alloys Ltd, plans to raise Rs 54.91 crore through its SME IPO. The company intends to use the funds for business expansion, working capital requirements, and general corporate purposes. The IPO includes up to 68,64,000 equity shares and will be listed on the Emerge Platform of the National Stock Exchange.
Zuckerberg said India is leading the world on how people and businesses have embraced messaging as a better way to get things done, as the social media giant unveiled a slew of new tools aimed at supercharging businesses using WhatsApp. Announcing the line-up of key offerings for WhatsApp, Zuckerberg said the company has continued to innovate with its messaging formats, group chats and broadcast channels.
HDFC Bank, India's leading private lender, has warned that its merger with HDFC Ltd will negatively impact its financial metrics, including margins and bad loan ratios. The bank's gross bad loan ratio is expected to increase from 1.2% to 1.4% post-merger, while excess liquidity from the merger will drag down net interest margins by around 25 basis points.Co Valued At $18Bn, One Of Largest Bets From FIs In Sector from Business News Today: Stock Markets, Financial News, India Business & W...
