UK-headquartered Standard Chartered Bank is set to become the third foreign player to enter the Indian retail stock brokerage business by buying a 49 per cent stake in UTI Securities for Rs 140-150 crore.
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
The Indian market is very competitive because you have existing foreign banks, private banks, new foreign banks and public sector banks, says Mike DeNoma, executive director, StanChart.
Following the AMFI approval, these entities would be given the clearance by CDSL Ventures Ltd, the nodal agency for MIN issuances.
The Enforcement Directorate had invoked Section 68 of the Foreign Exchange Regulations Act against a number of top executives of the banks.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
'Short term volatility is likely due to various factors, global and domestic; investors may use this as an opportunity to increase the allocation to equities.'
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Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
The UN Security Council on Wednesday failed to adopt a Brazil-led draft resolution that would have called for humanitarian pauses in the ongoing Israel-Hamas conflict to allow full access for aid to the Gaza strip after the US vetoed the text.
From FY18, Ind-AS will be mandatory for all listed entities, barring those listed on the SME platform.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
After two years of a record low interest-rate regime, Indian corporate houses are experiencing a sharp and abrupt increase in funding costs. With the Reserve Bank of India last month making an unequivocal turn towards policy tightening amid high inflation, firms looking to tap the capital markets for funds are ending up shelling out more. The yield on the benchmark triple-A-rated corporate bonds maturing in three years has climbed 98 basis points (bps) since the policy rate hike in May. It was last at 7.47 per cent, Bloomberg data showed.
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
In his opening remarks at the virtual summit of the Shanghai Cooperation Organisation (SCO), Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them.
Bigger companies are signing equity JVs with global investors.
The Indian Army said the exercise Vajra Prahar was "significant" in terms of security challenges faced by both nations in the backdrop of the current global situation.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
'The future of BRICS is under stress as Chinese attempts to expand the platform are being resisted by India and Brazil.' 'Beijing is focused on a quick expansion with the aim of giving the platform a distinctly anti-Western orientation, which New Delhi and Brasilia seem to have no interest in,' notes Harsh V Pant.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
BJP MPs Nishikant Dubey and Manoj Tiwari allegedly entered the ATC room without permission.
'There are many things we need to work on.' 'At the heart of it is, one, the extent of inequality, which is not good for democracy and nation; two, a structural decline on how a country ought to function, how people should be held accountable, whose role is what.'
India also slammed Pakistan Prime Minister Shehbaz Sharif for raking up Jammu and Kashmir at the UN.
Afcons Infrastructure, whose chartered barge P305 with 261 personnel at the Bombay High offshore oilfield was wrecked by cyclonic storm Tauktae earlier this week, on Thursday said the weather deteriorated rapidly and reached levels far worse than forecasts.
Flipkart has promoted several of its leaders into newer roles at a time when the Walmart-owned e-commerce giant has internally raised its IPO (initial public offering) valuation target to about $60 billion and aims for a US listing in 2023, according to the sources. "I am delighted to announce the promotion of some of our exemplary leaders," said Kalyan Krishnamurthy, chief executive officer, Flipkart Group, in an internal note, and which has been reviewed by Business Standard. "Each of them has been instrumental in delivering impact and creating long-term value for Flipkart.
As many as 40 staffers, in the key equities and investment banking division in India, could be asked to go as part of the London-headquartered lender's global layoffs, said people aware of the development. HSBC India declined to comment.
The BKC commands Rs 28,000-29,000 per sq ft for office property and monthly rents are Rs 250-300 per sq ft
China's GDP grew by 4.9 per cent in the third quarter, down from 7.9 per cent in the second, confirming the slowdown of the world's second-largest economy which was under pressure from the crisis-hit property sector, curbs on energy and tardy recovery from the Covid-19 pandemic.
The government is also working on Euroclearing, the world's biggest bond settlement system, for Indian debt securities.
Ruias to sell Essar Steel stake to strategic partners.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
One of the reasons why conviction rates in India are poor is that "adventurism and megalomania overtakes our investigators and professionalism takes a back seat," Jaitley said on Twitter.
There's no rush to recognition from the United States or any country we have spoken with around the world. It will be very dependent on their behaviour and whether they deliver on what the expectations are of the global community, White House Press Secretary Jen Psaki told reporters.
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