Reflecting subdued global economic growth, India's outward foreign direct investment (FDI) fell by 33.3 per cent sequentially to $1.21 billion in August, compared to over $1.82 billion in July.
Markets may have initially cheered the FM's static borrowing numbers, but the picture may not be as rosy.
India's outward Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year, indicative of the slowdown in the global economy, according to the Reserve Bank of India (RBI) data. The outward FDI expressed as the total financial commitment, has three components, namely equity, loan and guarantees. The sharp contraction in the commitments (outward FDI) was prominent in the April-June 2023 period.
India has been assigned the lowest investment grade rating with a high risk profile by various global agencies.
Tanvi Dubey, a supreme Court lawyer, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
The channel is an equal joint venture between NDTV and Chennai-headquartered newspaper group The Hindu.
How domestic financial players are re-inventing themselves to get a larger share of the pie.
At present, at least, five over $500-million deals are being discussed for potential acquisition.
British Prime Minister Rishi Sunak and his wife Akshata Murty have made their debut on the UK's 'Asian Rich List 2022' topped by the Hinduja family. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major Infosys, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year's list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
International Finance Corporation, the private equity venture of the World Bank Group, DEG, one of the largest European development finance institutions, are eyeing a stake in State Industrial Corporation of Maharashtra.
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
Deighton's unpaid role will be to scale up production domestically, where brands like Barbour and Burberry have already switched factory lines from high-end fashion to PPE.
Too many thorny issues, parent Holcim will take up matter later.
The US market regulator has charged three individuals, including an investment banker with UBS, for running an insider trading ring.
In good times, analysts justify valuations giving interesting investment rationale.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
Aided by the $57.8-billion merger of HDFC Bank and HDFC, India Inc reported its highest ever mergers and acquisitions in calendar 2022 at $171 billion as against deals worth $145 billion announced last year. The acquisition by the Adani group across cement, media and ports dominated the headlines with the conglomerate making its foray into the cement sector by buying Swiss materials firm Holcim's stake in Ambuja Cements for $6.5 billion. The Adani family's additional $4-billion open offer for Ambuja did not get a response because shareholders preferred to stay invested with the new owner.
India's largest initial public offering (IPO), to be floated by Coal India Ltd, is generating enormous interest in the grey market. Investment bankers and stockbrokers that control this unregulated market are already trading CIL shares at a Rs 10-12 premium - even before the price band or issue date have been officially announced.
Food ordering platform Zomato, whose Rs 9,375 crore IPO opens on July 14, is planning to launch a grocery section on its app soon, a senior company official said. The company recently invested USD 100 million (around Rs 745 crore) for acquiring a minority stake in grocery delivery platform Grofers. "It (grocery) is a large opportunity. The online grocery is nascent right now but is growing rapidly not just in India but across the world... "We are actively experimenting in that space and recently invested $100 million for a minority stake in Grofers, with the idea of getting more exposure to that space and building our strategies and plan around that business," Zomato CFO Akshant Goyal said.
Automotive designer Dilip Chhabria is planning to raise about Rs 100 crore to fund a new super-luxury car project for DC Design that he promotes, banking sources said on Tuesday.
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation before the Department of Investment and Public Asset Management, which is handling the sale process, on August 10, according to a notice by DIPAM. The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
Guests at Chelsea Clinton's wedding in New York gives Rediff.com's Suman Guha Mozumder an exclusive glimpse of the proceedings.
Chelsea Clinton will marry her fiance and long-time companion and investment banker Marc Mezvinsky, on Saturday.
A day after US-based investment banker announced its intension to file for bankruptcy protection, three of its Asian subsidiaries suspended their operations.
The US government is examining the possible role of Goldman Sachs and well-known investment banker Rajat Gupta in the Galleon hedge fund insider trading scam, says a media report.
The management graduate from IIM-Ahmedabad has been with ICICI group for over 15 years. She is likely to be replaced by Anup Bagchi, executive director at ICICI Securities, sources said. Both Buch and Bagchi are also ICICI Securities board members.
Sources now believe that the next few months can see more companies raising money through qualified institutional placements and private equity. The success of the Unitech and DLF block deals have encouraged other companies to jump onto the bandwagon.
National Thermal Power Corporation on Thursday said it has sought offers from global bankers for arranging a syndicated loan of $100 million to part finance its capital investment during the current fiscal.
The Supreme Court on Monday quashed JM Financial chairman Nimesh Kampani's petition on Nagarjuna Finance fraud case paving the way for his arrest.
Nasdaq-listed Cognizant Technology Solutions, which did not complete the due diligence process for Satyam Computer Services, is understood to be back in the race to acquire the troubled software company.
An acquirer actually promises to scale up his domestic operations when he goes in for a small overseas acquisition, just to get a foothold in that particular market.
Inflation may shoot up to 7.9% by Aug end, says DSP Merrill Lynch.
A bench headed by Justice S H Kapadia, while disposing of Sebi's plea, also expunged the Securities Appellate Tribunal's observations on Sebi's adjudicating officer Amit Pradhan. Pradhan had imposed a penalty of Rs 1 crore (Rs 10 million) on Goldman Sachs Investment (Mauritius) for furnishing 'false' declarations citing violation of the Sebi(Foreign Institutional Investors) Regulations, 1995.
