Swiggy to file draft papers for $1.3 billion IPO by first week of September: Report
Aug 21, 2024, at 09:26 pm
Bengaluru/IBNS: Bengaluru-based online food ordering-delivery and quick commerce platform Swiggy, one of India’s most-valued unicorns, will most likely file its draft red herring prospectus with the country’s markets regulator Securities and Exchange Board of India (SEBI) by as early as the first week of September, marking the second-largest Initial Public Offering (IPO) of a venture capital-backed company in India, reports YourStory.
Aug 21, 2024, at 07:25 pm
Mumbai/IBNS: Global technology majors are pushing back against attempts by India’s telecom companies to bring internet services under stricter regulation, rejecting arguments that such measures are necessary to create a “level playing field” and address national security concerns, reports TechCrunch.
P2P lending industry stares at muted growth post RBI crackdown
Aug 21, 2024, at 06:25 pm
New Delhi/IBNS: The Peer-to-Peer (P2P) lending industry is staring at a potential decline in new investments and subdued growth following the tightening of regulations by the Reserve Bank of India (RBI), according to Financial Express.
Infosys set to earn over $100 million in Coca Cola-Microsoft cloud deal
Aug 21, 2024, at 06:50 am
Bengaluru: Infosys is set to earn over $100 million as a key partner in a $1.1 billion cloud migration deal between Coca-Cola and Microsoft, according to an Economic Times report.
JSW Cement targets to double cement grinding capacity to 41 MTPA
Aug 21, 2024, at 06:45 am
Mumbai: JSW Cement Ltd plans to more than double its cement grinding capacity in India, increasing it from the current 20.60 million tonnes per annum (mtpa) to nearly 41 mtpa, as stated in its draft initial share sale documents.
Reliance, Disney merger will hurt competition, CCI warns
Aug 21, 2024, at 06:01 am
New Delhi: The Competition Commission of India (CCI) has made an initial assessment that the $8.5 billion merger between Reliance and Walt Disney’s media assets could harm competition, particularly due to their control over cricket broadcast rights, Reuters reported on Tuesday.
Aug 21, 2024, at 05:29 am
Gandhinagar: Indian regulators have halted the approval of local family offices setting up investment funds in the country's new financial hub, due to concerns that these structures might be used to bypass taxes and capital controls, Bloomberg reported citing sources.
RBI Governor warns banks against growing gap between credit and deposit growth
Aug 21, 2024, at 04:36 am
Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned on Tuesday that Indian banks must closely monitor the widening gap between credit and deposit growth to prevent a potential structural liquidity issue.
Finance Ministry dismisses reports of investigation of Hindenburg's allegation against SEBI chief
Aug 21, 2024, at 03:19 am
New Delhi: Sources from the Finance Ministry on Tuesday dismissed a media report suggesting that the ministry was considering forming a panel to investigate allegations made by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch, according to a Moneycontrol report.
SEBI's consultation paper advocates for rights issues as preferred fundraising method
Aug 21, 2024, at 01:38 am
Mumbai: Capital market regulator SEBI has released a consultation paper aimed at speeding up the rights issue process.
Proposal to extended retirement age of SBI chairperson, MDs of PSBs put on hold
Aug 21, 2024, at 01:33 am
Mumbai: The government has paused a proposal to increase the retirement age of the State Bank of India (SBI) chairperson to 65 years and that of managing directors of other public sector banks (PSBs) to 62, according to sources cited by Moneycontrol.
Tariff hikes by telcom companies likely to fuel FY25 inflation by 10-15 bps: Report
Aug 20, 2024, at 09:09 pm
New Delhi/IBNS: The recent 10-27 percent tariff hike announced by telecom companies is paving the way for a 10-15-basis-point rise in inflation from earlier estimates, Moneycontrol reported on Tuesday (August 20) citing experts.
Bank FD rates surge to 9.5%, now 47% of FDs held by senior citizens
Aug 20, 2024, at 06:44 pm
New Delhi/IBNS: Bank fixed deposit (FD) interest rates have touched 9.5 percent, which is a significant development for the investors who believe in FDs as a critical foundation in their investment portfolio.
FM Nirmala Sitharaman asks PSBs to make 'concerted' efforts for special deposit drives
Aug 20, 2024, at 05:28 pm
New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman on Monday (August 19) called for a collaborative approach between banks, the government, regulators, and security agencies, amid rising cyber threats.
Aug 20, 2024, at 06:32 am
Infosys co-founder Narayana Murthy has flagged concern over India's rapidly growing population, calling it one of the biggest risks to the country's future sustainability.
Adani Power in talks to buy Reliance Power's 600-MW thermal plant in Nagpur: Report
Aug 19, 2024, at 08:45 pm
Ahmedabad/IBNS: Adani Power, a subsidiary of Adani Group, is in discussion to acquire the 600-MW Butibori thermal power project in Nagpur for Rs 2,000-3,000 crore, and the value of the deal could translate into Rs 4-5 crore per megawatt, Mint reported on Monday (Aug 19) citing its sources.
After facing social media backlash, Cognizant clarifies salary range for freshers
Aug 19, 2024, at 08:23 pm
New Delhi/IBNS: After facing social media backlash over the Rs 2.52 lakh annual salary offers for freshers, American IT services major Cognizant on Sunday (August 18) clarified it offers Rs 4-12 lakh salary to fresh engineering graduates, and the package being quoted on social media is for non-engineering undergraduate holders.
Seven IPOs to hit the market amid robust activity in India's primary market
Aug 19, 2024, at 06:18 am
Mumbai: Despite mixed sentiments in the Indian secondary market, the primary market remains active. Seven companies are set to launch Initial Public Offerings (IPOs) this week, with two in the mainboard and five in the SME segment. Here’s a summary of the upcoming IPOs:
'Rationalise and simplify': IMF's Gita Gopinath gives tips to increase GST revenue
Aug 18, 2024, at 07:13 am
New Delhi: Emphasising that structural reforms should be continuous, Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath said that India should continue to rationalise and simplify its Goods and Services Tax (GST) system to boost revenue, media reports said.
EMIs on loans set to increase as SBI hikes lending rates by 10 bps across tenures
Aug 17, 2024, at 06:07 pm
New Delhi/IBNS: India's largest public sector lender State Bank of India (SBI) has announced a rise in its marginal cost of funds-based lending rate (MCLR) by up to 10 basis points (0.1 percent) across all tenures.
Govt slashes windfall tax on crude oil to Rs 2,100 per tonne
Aug 17, 2024, at 05:27 pm
New Delhi/IBNS: The Union government has reduced windfall tax on domestically produced crude oil to Rs 2,100 per tonne from previous Rs 4,600 per tonne, while windfall tax on export of diesel and aviation turbine fuel (ATF) has been kept at nil, reports said.
Reserve Bank tightens norms for NBFC P2Ps
Aug 17, 2024, at 07:09 am
Mumbai: The Reserve Bank tightened regulations for Non-Banking Financial Company - Peer to Peer Lending Platforms (NBFC-P2P) to enhance transparency and ensure better compliance.
Bharti Group secures $1.8 billion loan from Barclays Bank: Report
Aug 17, 2024, at 06:23 am
Mumbai: Sunil Mittal's Bharti Group secured $1.8 billion in debt from Barclays Bank to fund the acquisition of a 9.9 percent stake in British Telecom (BT), Moneycontrol reported, citing sources.
JSW Cement to raise Rs 4,000 cr via IPO; files documents with SEBI
Aug 17, 2024, at 05:47 am
Mumbai: Sajjan Jindal-promoted JSW Cement on Friday filed its offer documents with market regulator Securities and Exchange Board of India (Sebi), for a Rs 4000-crore initial public offering.
Cognizant draws flak for '1% salary hike' despite significant profit boost: Report
Aug 17, 2024, at 04:54 am
Bengaluru: IT giant Cognizant is under intense criticism for its minimal salary increases and historically low starting pay for fresh graduates, despite reporting a quarterly profit boost, media reports said.
Union Cabinet approves 3 metro rail projects in Karnataka and Maharashtra
Aug 17, 2024, at 03:02 am
New Delhi: The Union Cabinet approved three metro rail projects in Karnataka and Maharashtra, with a combined estimated cost of approximately Rs 30,765 crore.
Ola Electric Mobility sees 20% valuation jump on motorcycle launch and battery plan
Aug 16, 2024, at 10:49 pm
India's leading e-scooter manufacturer, Ola Electric Mobility, saw its valuation soar by 20 percent on Friday, reaching Rs 58,664 crore ($6.99 billion), following the launch of its new motorcycle lineup and optimism about cost reductions through in-house battery production, media reports said.
Adani Group pledges 51% stake in Navi Mumbai airport for Rs 12,770 cr loan: Report
Aug 16, 2024, at 10:11 pm
Mumbai: The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51 percent stake in the Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI), media reports said.
India's medicine and antibiotics exports to US, Italy grow
Aug 16, 2024, at 06:24 pm
New Delhi/IBNS: India has become the third largest import source of medicine put up for retail sale in the United States, following Ireland and Switzerland, according to media reports citing Ministry of Commerce data.
Hindustan Zinc planning dividend payout of Rs 8,000 cr
Aug 16, 2024, at 07:37 am
Mumbai: Vedanta group firm Hindustan Zinc Ltd (HZL) is reportedly planning a special dividend payout of Rs 8,000 crore to its shareholders in the current fiscal, media reports said.