Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
Tata Sons chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22). With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
It was in Kolar in 2019, during Lok Sabha election campaigning, that he made a remark on the Modi surname for which he was convicted of criminal defamation and stripped of his Parliament membership last month.
Their third win improved their chances of a berth in the Second Division NFL super league.
Gautam Adani's alleged proximity to Narendra Modi may dent the latter's self-styled image of incorruptibility, points out Kanika Datta.
Snapping its declining trend, retail inflation rose to a three-month high of 5.55 per cent in November on firming food prices, including vegetables and cereals, though it remains within the RBI's comfort zone of less than 6 per cent. Inflation based on the Consumer Price Index (CPI) was 4.87 per cent in October and 5.88 per cent in November 2022, the government data released on Tuesday showed. The previous high was 6.83 per cent in August and inflation had been on a decline since then.
The Reserve Bank of India (RBI) will stay away from changing key rates - including the reverse repo rate - this fiscal in the backdrop of Omicron. However, it will continue to shape the rate movements through liquidity market operations. Soumya Kanti Ghosh, group chief economic advisor, State Bank of India, said whether Omicron surge or not, there is not going to be any hike this year. However, the central bank may continue to shape rates through market operations.
Gautambhai has shown that he has ability to withstand payment delays or vexatious court cases. That is where he is on a more comfortable wicket than many others. A revealing excerpt from R N Bhaskar's Gautam Adani: Reimagining Business in India and the World.
This election will be remembered for being the first election where the Election Commission failed to take action on gross violations involving the ruling party that repeatedly used religion, communal slurs, lies and undocumented allegations, observes Ramesh Menon.
The African Union on Saturday joined the G20 after all member countries accepted Prime Minister Narendra Modi's proposal to bring the key bloc of the Global South to the high table of the world's top economies, a major diplomatic achievement of India's presidency.
The country's demographic dividend is dissipating, with seriously adverse consequences for young India, asserts Shankar Acharya, former Chief Economic Adviser to the Government of India.
The spike in food prices at the onset of the monsoon season has corroborated the Reserve Bank of India's (RBI's) view that the fight against inflation is far from over, the State of the Economy report of the central bank said. At the same time, the report said that the country is poised to become the fastest-growing major economy in the world, notwithstanding some sequential moderation in economic activity in June. Consumer Price Index (CPI)-based inflation rate increased to 4.8 per cent in June 2023, from 4.3 per cent in May, primarily on account of an increase in food inflation.
The Union minister said this is not a time for India to test an anarchic kind of combination when it is on the growth path.
A host of lenders, including State Bank of India, IDBI Bank, Indian Bank and Andhra Bank, have lined up meetings of their asset-liability committees this week, to review their lending and deposit rates.
Consensus remained elusive on a common BRICS currency as business leaders from the five-bloc nations debated the pivotal issue at a business forum on the periphery of a summit of the five-member bloc being hosted here by South Africa. In their two addresses at the Summit so far, the leaders of Brazil, Russia, India, China and South Africa have made no or scant references to the issue either. "The BRICS Business Forum discussed the international payments system in detail. "Participants also debated the question of whether a BRICS currency is possible or desirable, with strong views expressed both for and against and little consensus reached," Sim Tshabalala, chief executive of Standard Bank Group, told several hundred captains of industry from the partner countries and over 40 other nations across the globe at the Summit.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
As per the Israeli Air Force, the fighter jets attacked a number of terrorist targets of the terrorist organization Hamas throughout the Gaza Strip. Among other things, the planes attacked a military compound and a weapons warehouse.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
With the dizzying rise in the number of Covid-19 cases in the country, India Inc has transitioned from a wait-and-watch policy to full-on emergency mode, bringing back remote and flexi work, stringent safety protocols, and allowing only essential travel. Companies - especially in metros like Delhi, Mumbai and Kolkata - that had adopted a hybrid work model during the last few months when the caseload remained low, are either switching back entirely to work-from-home (WFH), or calling skeletal staff to office on select days. Take the case of cigarettes-to-hotels major, ITC, which had been on a hybrid work model over the last few months.
The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
This time Modi has no emotive message to take to the stump. Muscular nationalism doesn't work against the backdrop of China's successive inroads into Indian territory. Rising prices is a sore point that cuts across class and caste barriers; unprecedented levels of unemployment has the youth in a ferment. This has reduced the BJP campaign to a laundry list of recycled grievances and thinly veiled communal appeals, neither of which are working as well as they have in the past, argues Prem Panicker.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
'An eerie similarity with 2019 inflation trajectory could now mean that the RBI and market inflation estimates could go awry.'
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
The seizure, as per officials, is estimated to be worth over Rs 10 crore in the international market (about Rs 5K-7K per blot) and all the six who have been taken into custody, beginning late last month, are students and youngsters who wanted to make 'easy money' by remaining anonymous within the deep layers of secret internet-based apps and messenger service like WICKR.
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
The benchmark National Stock Exchange Nifty has rallied 4 per cent, or 750 points, from this month's low to end at 19,732 on week ending November 17. Technical analysts say the market could consolidate around the current levels as it is nearing the resistance zone. "The near-term uptrend status of the market remains intact, but there is a possibility of some more consolidation or minor weakness for the Nifty in the next one to two sessions.
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
'We are in very tough times, but we are all absolutely committed to seeing the destruction of Hamas'
The RBI has been critical of banks for using restructuring schemes to hide the stress.
We must stop stigmatising business failures. Particularly when startups are mushrooming all around, the financial system, backed by the RBI and the government, can explore ways of extending support to restart the journey of a failed entrepreneur by finance as well as counselling, recommends Tamal Bandyopadhyay.
Nirma has roped in BCG and KPMG to advise it on the fundraising options for the acquisition. The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition. Bankers said the company will rely on its funds and future GLS dividend to repay its debt for acquisition.
The Securities and Exchange Board of India (Sebi) is in the process of issuing a standard operating procedure (SOP) for designated depository participants (DDPs) regarding disclosures and onboarding of foreign portfolio investors (FPIs), according to a regulatory document seen by Business Standard. DDPs act as a link between the markets regulator and overseas investors. The SOP, framed in consultation with the industry, aims to bring consistency across all players and avoid any form of regulatory arbitrage.
Wayanad will continue to support Rahul but not to the same extent as in 2019, when his margin of victory had been enormous. Articulate, to the point and speaking in fluent Malayalam, CPI's Annie Raja, had the people who gathered to see her, listening in rapt attention, notes Shyam G Menon.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
'Hamas is going to be prepared. There will be booby traps and tunnels; it's going to be door to door fighting.'
'The banking sector appears to be on course to recovery,' declares the RBI governor.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
All shares held by SBI in the five associate banks will stand cancelled after merger.
