US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
Experts say a lot of new wealth is being generated by promoters selling their stake.
Mukesh Ambani has raced ahead of Gautam Adani to become the richest Indian on a list of wealthiest people in the country. The 66-year-old chairman of the diversified Reliance Industries saw his wealth growing by a marginal 2 per cent to Rs 8.08 lakh crore, while Adani's fortune plummeted by 57 per cent to Rs 4.74 lakh crore, as per the 360 ONE Wealth Hurun India Rich List 2023. Anas Rahman Junaid, managing director and chief researcher at Hurun, attributed the decline in Adani's wealth to the Hindenburg report published in January. In January,
New York City has the world's largest number of billionaires but Asian cities, which include Mumbai, dominate the list of top 20 billionaire places in the world, indicating that the region is at the beginning of a new cycle in wealth creation, says a report.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Parsoli Corporation, a city-based public limited company which was completely wiped out from Gujarat during the 2002 riots, on Wednesday relaunched the company.
The US is currently Earth's most powerful country and a certain latitude of understanding -- a world view -- is popularly expected from its leadership. From a country identified with freedom, constitution, debate, democracy and the likes of Abraham Lincoln even as it had the most powerful military around, the US, following Trump's actions, seemed repositioned as militarily powerful with other qualities secondary, observes Shyam G Menon.
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
A recent study titled - The Wealth Report 2012 - suggests that even though the focus is now on emerging economies; established top cities in the world will continue to draw wealth for sometime.
BMA's clients allege that depository firm CDSL and stock exchanges did not act on their complaints, prompting them to protest before Sebi. They say their shares have been transferred to a pool account without their knowledge and have been used to avail loans. Clients alleged that BMA has pledged their securities with a leading private bank, who could have sold their holdings.
Billionaire Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over $100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine. The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecom, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders.
'It has been 14 years since I began living in exile and it's shocking that the situation in Balochistan has only worsened rather than improved.'
Realty major DLF's chairman Rajiv Singh remains the wealthiest Indian real estate entrepreneur with a wealth of Rs 59,030 crore, according to GROHE-HURUN India. With a wealth of Rs 42,270 crore, Mangal Prabhat Lodha and his family of Mumbai-based Macrotech Developers (Lodha Group) is at the second position. Arjun Menda & family of Bengaluru-based RMZ Corp debuted at the third position on the list, with a wealth of Rs 37,000 crore.
Perhaps Kay Kay Menon should choose his projects carefully, instead of wasting his talent like this, observes Deepa Gahlot.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
'Indian investors have always been debt-heavy but with growing financial awareness they are getting comfortable with equities.'
Luxury carmaker Lamborghini has announced that its hybrid super sports car, Revuelto, is sold out in India and globally for 2024. The strong demand for the Revuelto is driven by a growing number of new customers, including a 20 per cent increase in first-time buyers in India. Lamborghini is also evaluating the possibility of opening new dealerships in smaller towns in eastern and southern India within the next one to two years.
A wave of high-profile player releases, including four prominent captains -- Shreyas Iyer, K L Rahul, Rishabh Pant, and Faf du Plessis -- has reshaped the landscape of the league.
Prime Minister Narendra Modi on Friday launched the second phase of the Swachh Bharat Mission-Urban and Atal Mission for Rejuvenation and Urban Transformation.
To cash in on its huge branch network and client base, State Bank of India is all set to start wealth management business and financial planning services.
'BJP and RSS may have differences over minor issues but their hearts long for one common aim -- that of A Hindu Rashtra.' 'And this time to prove this point the RSS has prepared to help BJP win this election with all its might.'
At Srinagar's famed Lal Chowk, Rediff.com's Syed Firdaus Ashraf meets a computer engineer who drives an auto for a living and discovers that Kashmiris are more interested in finding jobs than discussing the assembly election.
Gandhiji asked me if I had sufficient warm clothes in view of the coming cold season. I said yes. But he verified my statement by asking Miraben to search my bag to make sure. Such was Gandhiji.
Private sector lender Axis Bank is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. According to the sources, the deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
Britain's wealthiest family, the Hindujas, have said they were 'appalled' by a Swiss court's ruling of jail terms for some members and have filed an appeal in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers from India at their villa in Geneva.
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
With the rise of ultra-luxury housing in India comes ultra-customised marketing. Developers selling high-end homes, priced above Rs 20 crore, are moving away from traditional marketing for these homes to newer methods, such as painstaking profiling of customers before showing them the property, augmented reality for visualisation of interior decor, virtual tours, and closed-door international shows. There is also marketing through online ads, social media influencers, and exclusive memberships.
'The Congress wants to distort the very fabric of Indian society because they are obsessed with vote bank politics.'
'Days ago, India witnessed the horror of the brutal rape and murder of a woman doctor on night duty at the R G Kar hospital in Kolkata.' 'The crime was so outrageous that any self-respecting chief minister should have resigned, bearing moral responsibility.' 'But then the terms 'self-respect' and 'moral responsibility' do not exist in the modern Indian political lexicon,' argues Vice Admiral Biswajit Dasgupta (retd).
From UB40 to Punjabi MC to Apache Indian, the musicians gave the spectators an evening to remember as athletes walked out for the closing.
Questions that the state had come to recognise over time but consistently delayed treating seriously because doing so requires an overhaul of perspective and lifestyle, notes Shyam G Menon.
While the India and Pakistan rivalry is centred around men's cricket, the women fully understand its significance and their increasing role in it.
Globally, just 8 billionaires have same amount of wealth as the poorest 50% of the world population.
'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
Although the world economy is going through a rough time, there is no shortage of millionaires and billionaires in the world.
'We want to prove to the world that they will get the best code written from a small place like Wayanad.'
Call Me Bae is a spirited new addition in guilty pleasures for the fashion-loving, rom-com starved soul, applauds Sukanya Verma.
