The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
While seven companies bagged orders worth Rs 42,000 crore, industry experts said most of this new order activity was a spillover, and fresh project finalisation remains weak.
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
The average top executive monthly compensation is Rs 1 crore. The median employee salary is now Rs 820,000.
The stage is set for the inaugural edition of the Women's Premier League, which will get underway in Mumbai on Saturday.
Microsoft on Friday (local time) announced that its co-founder Bill Gates has stepped down from the company's board of directors to dedicate more time to his philanthropic priorities including global health and education. Gates will, however, continue to serve as the technology advisor to Microsoft CEO Satya Nadella.
The deal, as well as some other strategic and financial investments in works, will help Ambani cut debt at RIL.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin. This time, Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 in the Lok Sabha on Monday soon after the President's address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, on Tuesday.
Piramal, controlled by billionaire Ajay Piramal, and APG will invest in local infrastructure companies through rupee-denominated mezzanine instruments.
The Delhi high court on Friday sought response from the Central Bureau of Investigation (CBI) on the bail plea by former managing director and chief executive officer of the National Stock Exchange (NSE) Chitra Ramkrishna in connection with the co-location case. Justice Sudhir Kumar Jain issued notice on the bail application and listed the case for further hearing on May 31. The trial court had dismissed the bail plea of the former NSE boss on May 12 and said that no ground for bail was made out at this stage.
Shravin Mittal's venture capital firm, Unbound Advisors, has made investments worth over $500 million so far
"Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," DIPAM Secretary Tuhin Kanta Pandey tweeted.
According to a Thomson Financial research, no Indian investment bank figures in the top ten list of the M&A deals that was struck this year, which was topped by UBS.
Investing in ETFs is similar to buying and selling shares on exchanges through your trading account, points out Ashwani Bhatia, MD and CEO, SBI Mutual Fund.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
Many millennials believe that they have enough time to plan for long-term goals, hence they do not worry about goals such as retirement.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A sharp fall in the price of Bitcoin and other cryptocurrencies is another hard blow to the already sinking cryptocurrency market in India. Global and domestic prices have been on a downward trail since November last year when Bitcoin prices hit a peak of close to $68,000 in international markets. The recent past has seen a much sharper fall in the price of the leading cryptocurrency, Bitcoin.
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
Life Insurance Corporation of India (LIC) has increased the size of its shareholders' fund to Rs 6,600 crore from Rs 100 crore in a bid to accommodate a larger shareholder base ahead of its public listing. The size of the fund has been enhanced by retaining two years' of dividend and issuing fresh capital, said an official. Increasing the size of the shareholders' fund will help boost the number of shares for allotment in the insurer's initial public offering (IPO). The corpus represents the amount of equity in a company that belongs to its shareholders.
Havells will acquire the entire consumer business infrastructure, people and distribution network. Plus all intellectual property of the Lloyd brand, logo, trademark and attendant rights.
The fund industry may have embraced machines and robots, but managing money still needs the human touch
In India, younger workers willing to work at lower salaries are easily available, so you could find yourself out of a job before 60. Therefore, save for retirement with urgency, advises Sanjay Kumar Singh.
In December, Aisha Shah was named as Partnerships Manager at the White House Office of Digital Strategy.
A flavour-of-the-season approach does not work in investing, suggests Deepesh Raghaw.
Swiggy is shoring up capital to defend its position as India's largest food-ordering app as rivals Zomato and FoodPanda focus on growth after receiving funds
'Only if the Budget springs some surprises we may see a halt in the selling.'
'Employees may well be expected to be on call at almost all times -- much like the standard Indian approach to the workday,' points out Mihir S Sharma.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
With the wedding season already in full swing, a few things to keep in minutes financially when tying the knot, advises Bindisha Sarang.
The higher the tax bracket, better the yields for these instruments
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
Investors are yet to warm up to the concept of sustainable investing with sustainable or ESG (environmental, social, and governance) funds in India witnessing outflows of Rs 315 crore in 2021-22. This comes following a staggering inflow of Rs 4,884 crore in FY 2020-21. Prior to that, sustainable funds saw an infusion of over Rs 2,000 crore, according to data compiled by Morningstar India.
Meanwhile, US President Joe Biden condemned Russia's annexation of Ukrainian territory on Friday.
Wadia group-owned no-frills airline GoAir on Monday announced that its managing director Jeh Wadia has stepped down from the position. The airline, however, said that Wadia will continue as a promoter. It also announced the appointment of aviation industry veteran Ben Baldanza as vice chairman at the carrier. Baldanza has been an advisor to the company since 2018 and director since 2019.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
'... and without necessarily calling them Economic Surveys.' 'One should stick to the main focus, which is to give people a good perspective on how the economy is doing.'
Minister of state for defence, Rao Inderjit Singh, on Thursday asked the armed forces to "prioritise" their requirements in the view of the limited budget and also spend the allocated money efficiently.
