IDBI Bank had to sell its MF arm after being acquired by state-owned insurance behemoth Life Insurance Corporation since LIC already had an AMC.
The airline had raised Rs 700 crore from the debt market through a non-convertible debenture issue and the same was up for interest payment or redemption on Thursday.
'A fair bit should be allocated towards fixed income.'
It should cover mandatory expenses, insurance premiums and loan installments for six months to a year.
Given Congressional objections, we have told the Pakistanis that they should put forward national funds for that purpose," US State Department spokesman John Kirby said.
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The International Monetary Fund (IMF) has said the tightening of monetary policy by India is an 'appropriate' step, as the country is faced with high inflation and needs to consolidate the fiscal measures initiated during the slowdown.
Life Insurance Corporation of India (LIC) has increased the size of its shareholders' fund to Rs 6,600 crore from Rs 100 crore in a bid to accommodate a larger shareholder base ahead of its public listing. The size of the fund has been enhanced by retaining two years' of dividend and issuing fresh capital, said an official. Increasing the size of the shareholders' fund will help boost the number of shares for allotment in the insurer's initial public offering (IPO). The corpus represents the amount of equity in a company that belongs to its shareholders.
Disruption is totally unacceptable in Parliamentary system, the President said.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Unacademy on Monday said it has raised $440 million (about Rs 3,270.8 crore) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at $3.44 billion. The investment is expected to help Unacademy expand its offerings, deepen its presence and compete more aggressively against rivals such as Byju's in the burgeoning ed-tech space in India that has been witnessing strong uptake amid the pandemic. The series H round was led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund, a statement said.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
$47.6 bn capital invested across 921 deals in India in 2020, despite pandemic.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
External Affairs Minister S Jaishankar will arrive in New York on Sunday to participate in the high-level 77th session of the UN General Assembly, which kicks off on September 20 with the opening of the general debate.
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
The market intermediaries have also been told to appoint designated directors to ensure compliance with new norms, who would face penal action for any lapses.
The government is ready to support Air India, but wants the airline to improve its performance.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
The Finance Ministry said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget.
Media major Zee Entertainment Enterprises Ltd (ZEEL) has cancelled its board meeting, scheduled to be held on Wednesday for considering the results for the July-September quarter, due to lack of quorum. In a regulatory filing on Tuesday, ZEEL said, "A meeting of the Board of Directors of the Company, which was scheduled to be held on Wednesday, October 27, 2021, inter alia, to consider and approve the unaudited financial results of the Company both on a standalone and consolidated basis for the 2nd quarter and half year ended September 30, 2021, has been cancelled due to lack of quorum." The development comes at a time when the company is battling it out the single-largest shareholders Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC that together hold 17.88 per cent and have been pressing for an extraordinary general meeting of shareholders for removing managing director Punit Goenka, besides opposing ZEEL's proposed merger deal with Pictures Network India (SPNI).
Missing the deadline for filing Income Tax returns can lead to consequences.
Despite the absence of any notable price growth, transaction volumes are picking up in major Indian cities. The surge in sentiments is also backed by a significant rise in transparency in the industry.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
'Investors should continue to invest because you are looking at the long-term; in the next four to five years, we are bound to outperform (the rest of the world equity markets).'
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
There seems to be no dearth of funds to fuel this growth, report Peerzada Abrar and Shivani Shinde.
There are several discussions going around in the e-health sector for consolidation with key players being PharmEasy, 1mg, Medlife and Netmeds. According to reports, Reliance Jio is in talks with Netmeds to acquire the latter.
Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
Benchmark indices failed to hold on to early gains and closed in the red for the seventh straight session on Thursday, with participants remaining in wait-and-watch mode ahead of the RBI's interest rate decision. Unabated selling by foreign funds added to the pressure, though a modest recovery in the rupee cushioned the fall, traders said. After rallying in early trade, the 30-share BSE Sensex came under selling pressure in the afternoon session and closed 188.32 points or 0.33 per cent lower at 56,409.96.
'This is a long haul, god knows where it will end.' 'So it is best to conserve all the funds right now for fighting the COVID-19 pandemic.'
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
Sitharaman's Budget missed deficit target for the third year in a row, pushing shortfall to 3.8 per cent of GDP in the current fiscal as compared to 3.3 per cent previously planned.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The purchase or construction of houses by large numbers of people can add meaningfully to India's economic growth, points out Neelkanth Mishra.
Performance-based incentives were recommended by the 13th Finance Commission, but omitted by the 14th Finance Commission
