Equity indices gave up early gains to close in the red for the third session on the trot on Wednesday, weighed by selling in banking and finance counters amid inflationary pressures and persistent foreign fund outflows. A weak rupee and lacklustre global cues also kept buying sentiment in check, traders said. The 30-share BSE Sensex opened on a firm footing but failed to hold on the momentum, finishing 237.44 points or 0.41 per cent lower at 58,338.93. On similar lines, the broader NSE Nifty dipped 54.65 points or 0.31 per cent to close at 17,475.65.
Within two days, the business school had 108 recruiters making 370 domestic and international offers, including 23 new final recruiters with an average salary of Rs 25.08 lakh.
Bandhan Bank has filed a draft red herring prospectus with Sebi for an IPO of up to 119 million equity shares, with face value of Rs 10 each.
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
Ramkrishna is in the news after a recent Sebi order said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to the managing director (MD).
Ajit Balakrishnan on keeping an eye on democratising finance in India.
The announcement comes as a big relief to international students, including those from India.
Sliding for the fourth straight day, the BSE Sensex shed 152 points in choppy trade on Wednesday amid mixed global cues ahead of the US Federal Reserve's policy decision.
Apollo Hospitals group is open to investing in health care start-ups says its director Sangita Reddy.
'This is happening regardless of the Budget.'
Powered by a rally in index heavyweight Reliance Industries, equity benchmark Sensex broke its four-session losing run to close above the 55,000-mark on Thursday despite a weak trend overseas. Investors made a cautious return to IT, pharma and bank stocks after their recent sell-off. However, a depreciating rupee and persistent foreign fund outflows capped the gains, traders said. Overcoming a lacklustre start, the 30-share BSE Sensex surged 427.79 points or 0.78 per cent to close at 55,320.28.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
'As far as contract farming is concerned, we already have a model Act and states will be encouraged to adopt them.'
HR Guru Mayank Rautela offers practical advice.
India on Wednesday hit out at Pakistan and the OIC for raising the Kashmir issue at the UN Human Rights Commission and said the grouping has 'helplessly' allowed itself to be held 'hostage' by Islamabad.
The government on Wednesday asked ministries and departments to clear dues of debt-laden Air India immediately and henceforth purchase tickets only in cash. The government earlier this month decided to sell Air India to Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, for Rs 18,000 crore. The Department of Expenditure, under the Finance Ministry, in a 2009 order, had said that in cases of air travel (both domestic and international), including LTC where the Government of India bears the cost of air passage, the officials may travel only by Air India.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
'We have to do everything in our power to get as many Academy members to watch the film as possible.' 'After that, I am confident, my film will speak for itself.'
The microfinance vertical of the bank will provide loans of Rs 80,000 to Rs 1,00,000.
Dr Samar Sen Popuri from Hyderabad tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
'We are not able to manufacture even low-end products as cheaply as China.' 'We are not buying Chinese goods today out of any love for China.'
Recently listed companies scored 54, compared to 58 for the BSE100 firms and 61 for entities in the Sensex pack. The report noted that issues remain in IPO companies in which there seems to be a need to institutionalise governance practices.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Prime Minister Narendra Modi on Tuesday underlined the need for not promoting any restrictions on the supply of energy and called for ensuring stability while once again emphasising on resolving the Ukraine conflict through diplomacy.
HR Guru Mayank Rautela offers practical advice.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Laxman Narasimhan, a veteran in leading and advising global consumer-facing brands, has been named as the new CEO of coffee giant Starbucks, joining a growing cohort of Indian-origin business leaders at the helm of global corporations.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points. Continuous foreign fund outflows and surging crude oil prices also weighed on markets. The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
Wuhan has been a popular destination for Keralites and others as an educational hub with quality and affordable medical courses attracting overseas scholars.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
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