The Insurance Regulatory and Development Authority of India (Irdai) has asked at least 10 general and life insurance companies to submit a detailed road map for their listing strategies by the end of this month, according to multiple sources with direct knowledge of the matter. "The regulator met four life and six general insurers last month and asked them to provide their listing strategies by the end of February," said one of the sources.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
The last time these two indexes recorded a negative performance on a calendar year basis was in CY19.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
The 2023-24 (FY24) July-September quarter (second quarter, or Q2) proved to be a mixed period for asset management companies (AMCs). While the two largest listed AMCs, HDFC and Nippon, reported robust growth in both revenue and profits, the other two, Aditya Birla Sun Life and UTI, experienced profit declines. HDFC AMC reported an 18 per cent year-on-year increase in Q2 revenue to Rs 765 crore, while Nippon's revenue rose 15 per cent to Rs 475 crore.
In 2024, the National Payments Corporation of India (NPCI) approved 20 third-party Unified Payments Interface (UPI) applications, a record since UPI's launch in 2016. This surge reflects growing interest from financial technology (fintech) companies, driven by the integration of credit products like UPI-linked credit cards and pre-approved credit lines.
Shares of paint companies faced pressure, falling up to 5 per cent on the BSE in Monday's (February 26) intraday trade amid concerns that Grasim Industries' entry into the paint sector will intensify the competition. Asian Paints reached a 10-month low of Rs 2,850, slipping nearly 5 per cent after brokerage firm CLSA downgraded the stock following the Birla Opus launch. The paint maker's stock traded at its lowest level since April 28, 2023.
Another important early decision of Birla was to get into the wireless telephony business in association with AT&T and another revered Indian business house, the Tatas.
Bandhan Financial Services, the first microfinance institution in the country to win a bank licence, is also one of the youngest entities to be allowed to enter the banking space.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
But the industry's chief executives remain confident of the long-term growth potential of NBFCs in India, given their specialised lending on the asset side, last-mile reach, and a well-capitalised balance sheet. "Over the years, NBFCs have faced many crises.
"When we are building businesses with a long-term view, we are less concerned about short-term impacts. The basic growth in India, the high savings rate and low penetration of financial products suggest there is a huge yet-to-be-tapped opportunity. We believe this is a good time to be building businesses to tap that potential," says Ajay Srinivasan, CEO, Aditya Birla Group's Financial Services.
'A fair bit should be allocated towards fixed income.'
Three-four funds have recently collected money from Indian HNIs, with an average ticket size of anywhere between Rs. 50 lakh to Rs. 1 crore.
Transcript of the chat with Sumant Singa, chief financial officer of the Aditya Birla Group.
Street gave a thumbs down to Aditya Birla Fashion and Retail (ABFRL)-TCNS Clothing deal as analysts flagged near-term profitability risks for ABFRL with its latest acquisition. At the bourses, shares of the Aditya Birla group company tumbled 6.2 per cent in the intra-day trade, before settling 3.27 per cent lower at R 207.2. Those of TCNS, meanwhile, plunged 20 per cent to end at Rs 416.64.
'There'll be extended periods where things aren't working in your favour. But if you believe in the cause profoundly, then you simply persevere.'
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
Licence winners are expected to be announced by the first quarter of 2014.
Hamsini Karthik reveals why the ongoing business rejig will help unlock value for shareholders of Grasim, Reliance Capital and Tube Investments
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
Wondering if mutual fund investments can earn you enough money for your retirement and child's marriage? Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Invest in these funds through the SIP route with at least a seven-year horizon.
.jpg)
The RBI has accepted the application withdrawal request, according to the statement.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
Bank shares were the top losers along with index heavyweight RIL
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
As the FM said, this is a Budget that lays the foundation for the next 25 years, observes Kumar Mangalam Birla.
With Rs 17,087 crore raised so far this calendar year, the total is already 2.4 times that of the full year of 2023, which stood at Rs 7,266 crore.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
VCs have been especially bullish about India.
The joint venture of Jio Financial Services and BlackRock to foray into India's asset management space could be disruptive but not disastrous for incumbent industry players, analysts said on Thursday. As an investment strategy, analysts suggest investors stay put in shares of those AMCs that consistently improve business metrics, and where market capitalisation-to-asset under management (AUM) valuation is not stretched. However, growth expectations of incumbent players may get trimmed in the medium-to-long term, analysts said, once the Jio-BlackRock JV unveils its plans, discounting the looming challenge as significant enough to dent their profitability.
Batting legend Rahul Dravid has termed his current stint as coach of India Under-19 and India 'A' cricket teams, as well as his mentorship of young athletes in Olympic sports as "exciting" and "fun".
There remains a debate on who said this: "When the facts change, I change my mind. What do you do, Sir?" Was it the British economist John Maynard Keynes or the American economist Paul Samuelson. Irrespective of who said it, this sentiment appears to have found resonance in ITC's boardroom in recent years.
'In phases when smaller stocks do well, an equal-weight index performs better than its market cap-weighted peer.'
M-Cap of top 10 business groups went up by 46% this year.
