Business and financial news
Mumbai/IBNS: India's private sector activity slipped to a three-month low of 60.5 in August from 60.7 a month back, according to preliminary data released on Thursday (August 22).
A report by consumer research firm NielsenIQ (NIQ) highlights India's dominant position as the only market in the Asia-Pacific region consistently achieving double-digit growth in the FMCG, and tech and consumer durables (T&D) sectors, media reports said.
Kolkata: Coal India Limited (CIL) has intensified efforts to acquire critical minerals, including lithium, both in the domestic market and abroad, and will continue participating in the auction of such mineral blocks, according to the chairman of the world's largest coal producer on August 21, media reports said.
Mumbai: The capital markets regulator has imposed a fine of Rs 11 lakh on IIFL Securities for violating various circulars and provisions under the Securities Contracts (Regulations) Rules, including borrowing funds from clients, media reports said.
New Delhi: The Directorate General of GST Intelligence (DGGI) has uncovered tax evasion amounting to Rs 1.2 trillion through the use of fake input tax credits (ITC) from 2020 to the present, with a focus on identifying and apprehending the masterminds behind these operations and dismantling the syndicates operating across the country, the finance ministry said in a release on Tuesday.
Mumbai: Employment growth in the corporate sector decelerated to 1.5 percent in FY24 from 5.7 percent in FY23, with only 90,840 new jobs created, compared to 3,33,000 in the previous fiscal year, according to a report released by Bank of Baroda on Wednesday.
New Delhi: The “predatory pricing” by big e-commerce players is a matter of concern and may cause employment loss in traditional retail, according to Commerce and Industry Minister Piyush Goyal on Wednesday.
New Delhi/IBNS: Ruchir Sharma, the chairman of Rockefeller International, said it may not be mathematically possible for India to become a developed country by 2047 with an annual Gross Domestic Product (GDP) growth rate of 6 percent.
Bengaluru/IBNS: Bengaluru-based online food ordering-delivery and quick commerce platform Swiggy, one of India’s most-valued unicorns, will most likely file its draft red herring prospectus with the country’s markets regulator Securities and Exchange Board of India (SEBI) by as early as the first week of September, marking the second-largest Initial Public Offering (IPO) of a venture capital-backed company in India, reports YourStory.
Mumbai/IBNS: Global technology majors are pushing back against attempts by India’s telecom companies to bring internet services under stricter regulation, rejecting arguments that such measures are necessary to create a “level playing field” and address national security concerns, reports TechCrunch.
New Delhi/IBNS: The Peer-to-Peer (P2P) lending industry is staring at a potential decline in new investments and subdued growth following the tightening of regulations by the Reserve Bank of India (RBI), according to Financial Express.
Bengaluru: Infosys is set to earn over $100 million as a key partner in a $1.1 billion cloud migration deal between Coca-Cola and Microsoft, according to an Economic Times report.
Mumbai: JSW Cement Ltd plans to more than double its cement grinding capacity in India, increasing it from the current 20.60 million tonnes per annum (mtpa) to nearly 41 mtpa, as stated in its draft initial share sale documents.
New Delhi: The Competition Commission of India (CCI) has made an initial assessment that the $8.5 billion merger between Reliance and Walt Disney’s media assets could harm competition, particularly due to their control over cricket broadcast rights, Reuters reported on Tuesday.
Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned on Tuesday that Indian banks must closely monitor the widening gap between credit and deposit growth to prevent a potential structural liquidity issue.
New Delhi: Sources from the Finance Ministry on Tuesday dismissed a media report suggesting that the ministry was considering forming a panel to investigate allegations made by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch, according to a Moneycontrol report.
Mumbai: Capital market regulator SEBI has released a consultation paper aimed at speeding up the rights issue process.
Mumbai: The government has paused a proposal to increase the retirement age of the State Bank of India (SBI) chairperson to 65 years and that of managing directors of other public sector banks (PSBs) to 62, according to sources cited by Moneycontrol.
New Delhi/IBNS: The recent 10-27 percent tariff hike announced by telecom companies is paving the way for a 10-15-basis-point rise in inflation from earlier estimates, Moneycontrol reported on Tuesday (August 20) citing experts.
New Delhi/IBNS: Bank fixed deposit (FD) interest rates have touched 9.5 percent, which is a significant development for the investors who believe in FDs as a critical foundation in their investment portfolio.
New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman on Monday (August 19) called for a collaborative approach between banks, the government, regulators, and security agencies, amid rising cyber threats.
Infosys co-founder Narayana Murthy has flagged concern over India's rapidly growing population, calling it one of the biggest risks to the country's future sustainability.
Ahmedabad/IBNS: Adani Power, a subsidiary of Adani Group, is in discussion to acquire the 600-MW Butibori thermal power project in Nagpur for Rs 2,000-3,000 crore, and the value of the deal could translate into Rs 4-5 crore per megawatt, Mint reported on Monday (Aug 19) citing its sources.
New Delhi/IBNS: After facing social media backlash over the Rs 2.52 lakh annual salary offers for freshers, American IT services major Cognizant on Sunday (August 18) clarified it offers Rs 4-12 lakh salary to fresh engineering graduates, and the package being quoted on social media is for non-engineering undergraduate holders.
Mumbai: Despite mixed sentiments in the Indian secondary market, the primary market remains active. Seven companies are set to launch Initial Public Offerings (IPOs) next week, with two in the mainboard and five in the SME segment. Here’s a summary of the upcoming IPOs:
New Delhi: Emphasising that structural reforms should be continuous, Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath said that India should continue to rationalise and simplify its Goods and Services Tax (GST) system to boost revenue, media reports said.
New Delhi/IBNS: India's largest public sector lender State Bank of India (SBI) has announced a rise in its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (0.1 percent) across all tenures.
New Delhi/IBNS: The Union government has reduced windfall tax on domestically produced crude oil to Rs 2,100 per tonne from previous Rs 4,600 per tonne, while windfall tax on export of diesel and aviation turbine fuel (ATF) has been kept at nil, reports said.
Mumbai: The Reserve Bank tightened regulations for Non-Banking Financial Company - Peer to Peer Lending Platforms (NBFC-P2P) to enhance transparency and ensure better compliance.
Mumbai: Sunil Mittal's Bharti Group secured $1.8 billion in debt from Barclays Bank to fund the acquisition of a 9.9 percent stake in British Telecom (BT), Moneycontrol reported, citing sources.
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