Grasim Industries has announced a rights issue of around Rs 4,000 crore with the promoters committed to fully subscribing to their entitlements and to covering any unsubscribed portion. This is to part-fund capital expenditure (capex) of Rs 10,000 crore in a new foray into the paints business. The company has already invested Rs 3,640 crore in the paints business (by Q1FY24). The management has outlined a capex of Rs 5,700 crore for FY24, which includes Rs 4,280 crore allocated for the paints business, of which Rs 1,050 crore has already been spent in Q1FY24.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
In other debt-oriented funds, retail assets jumped from about Rs 45,000 crore to Rs 64,000 crore.
The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' for completion of the 1,508 projects comprising about 4.58 lakh units.
Oil to telecom conglomerate Reliance Industries (RIL) has initiated the process to seek shareholders' approval for the appointment of the third generation of the Ambani family on the company's board. The remote voting through postal ballot will start from September 27 onwards. In a separate note, CreditSights said a trust and hold-co model could be a possibility for the anticipated succession at RIL.
Mutual fund houses hold Rs 3,400 crore of Yes Bank's 'riskier' bonds. Reliance MF, Franklin Templeton MF and UTI MF account for bulk of these exposures.
As the US government shutdown enters its second week there were alarming signs today that the world's largest economy was headed for an unprecedented debt default and the American political deadlock on the budget could have potentially catastrophic global consequences.
A bench headed by Chief Justice T S Thakur also sought a response on the question as to whether the recovery tribunals are equipped to decide the loan recovery cases within a fixed time frame, stipulated under the law.
Following alterations in the tax structure, mutual fund (MF) schemes that invest in overseas securities have experienced a sharp decline in inflows. In the first five months of 2023-24 (FY24), international MF schemes have received an average monthly gross inflow of only Rs 270 crore, compared to Rs 490 crore during the same period in the previous year. This decline persists despite nearly all fund houses opening subscriptions for such schemes, with higher redemptions creating headroom for fresh investments.
The court said if employees continue to hold on to flats then Air India Asset Holding Company would not be able to monetize the land to reduce the burden of Air India's debt.
If you have too many loans, here's how to get rid of them smartly.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
While an impending rate cut is a good reason to enter debt funds, another is the high valuations in equity markets.
Dr Kissinger, then US president Richard M Nixon's national security adviser, feigned illness on a visit to Pakistan in July 1971 and made a secret trip to Peking, as Beijing was then called, to begin the process of a rapprochement between America and China. It was a debt that Chinese leaders have never forgotten.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
The two nations share a problem of corporate debt gone bad that is so large and opaque.
MFs have benefited from a shift to financial assets from physical assets like real estate and gold.
The move comes within months of a crisis at JPMorgan Asset Management Company.
Highly-rated finance firms and housing finance companies are expected to benefit from the absence of Housing Development Finance Corp (HDFC) from the bond market once it merges with the HDFC Bank in early FY24. Post merger, the bond market is expected to become less crowded, which will ease fund raising conditions for other players in the field. It may perhaps also compress the spread for debt instruments floated by housing finance companies (HFCs) over 10-year government bonds, subject to demand and supply conditions.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
These firms reported a combined operating profit of Rs 26,077 crore (Rs 260.77 billion).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
Anamika Pareek answers five most frequently asked questions about investing in silver ETFs
What's worrying for the public sector banks is the rise in delinquency in the housing portfolio, which does not include real estate. But a bank chief said that with low exposure to the real estate sector, the state-run banks have fewer worries. The other area of concern is credit cards but the operations of public sector banks in this segment are small compared with the likes of ICICI Bank, HDFC Bank and Citibank, the largest players in the business.
'We need to be far more careful given the fact that while this is group lending, it's essentially unsecured.'
Pressure from the Soren clan is only one of the challenges Champai faces as he readies himself to helm the predominantly tribal state.
How to lessen your debt without getting bogged down!
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
P V Subramanyam takes a hard look at the pros and cons of both options.
Over 85 per cent of SIP AUM, or Rs 5.8 trillion, is in equity schemes, compared to just Rs 6,100 crore in debt.
Mutual funds have ratcheted up Rs 53,700 crore (Rs 537 billion) through new fund offers (NFOs) in 2022 until November, against Rs 1 trillion in Calendar 2021, notwithstanding the number of launches this year eclipsing the 2021 tally. Industry insiders cite the absence of launches in popular categories as the reason behind lower collections this year. Typically, only NFOs in popular categories from major fund houses rake in the moolah.
For the $60 billion Indian IT services industry, the US is the biggest market with almost 50-60 per cent of revenues coming from it.
The injured victim, who is under treatment in a hospital, claimed that she had to bear this torture despite paying off the borrowed money with interest.
rediffGURU Ulhas Joshi answers your mutual fund queries.
Among the Sensex firms, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, State Bank of India, Tata Steel, Wipro, Infosys and Maruti were the major gainers. Tech Mahindra, HCL Technologies, Kotak Mahindra Bank, Titan and Larsen & Toubro were the major laggards.
In the past three years, personal loans have grown at twice the rate of growth in personal disposable income, leading to a steady rise in household indebtedness. At the end of March this year, Indians owed Rs 25.2 lakh crore to banks and listed non-banking finance companies (NBFCs), up 65 per cent in the past three years.
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