FM Nirmala Sitharaman approves 'Navratna' status for four CPSEs
New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman on Friday (August 30) approved the upgradation of four Central Public Sector Enterprises (CPSEs) to a Navratna status.
Finance
SEBI cancels registration of 39 stock brokers, 7 commodity brokers, 22 depository participants due to non-compliance
Mumbai/IBNS: The Securities and Exchange Board of India (SEBI), the regulatory body for securities and commodity market in the country, on Friday (August 30) cancelled the registration of 68 market intermediaries, including 39 stock brokers, seven commodity brokers and 22 depository participants, due to non-complaints, reports said.
Moody's upgrades India's GDP forecast to 7.2% for 2024 and 6.6% for 2025
Mumbai: Moody's on Thursday raised India's economic growth forecast to 7.2% for 2024 and 6.6% for 2025, up from its previous estimates of 6.8% and 6.4%, respectively, citing robust and broad-based growth.
After CCI, NCLT Mumbai approves Reliance-Disney merger
Mumbai: Following approval from the chief national competition regulator, the Mumbai bench of the National Company Law Tribunal (NCLT) has cleared the mega merger between Reliance-promoted Viacom18 and Walt Disney-owned Star India, paving the way for the creation of the country’s largest media empire, valued at over Rs 70,000 crore, media reports said.
Bharat Petroleum in talks to secure Rs 32,000 cr loan for refinery expansion
Mumbai: Bharat Petroleum Corp. (BPCL) is in discussions with lenders to secure nearly Rs 32,000 crore ($3.8 billion), which could become the largest local-currency loan in India this year, Bloomberg reported.
Adani Ports acquires 80% stake in global OSV operator Astro Offshore for USD 185 million
Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ) is set to acquire an 80 percent stake in Astro, a global offshore service vehicle operator, in an all-cash deal for $185 million, implying an EV of $235 million and EV/FY25E EBITDA at 4.4x, said a company press release.
GDP growth slowed in first qtr of FY25 due to elections: CEA Nageswaran
New Delhi: India's GDP growth slowed in the first quarter of the current fiscal year due to the general elections and a reduction in government capital spending during that period, according to Chief Economic Advisor (CEA) V Anantha Nageswaran.
Indian GDP growth slows to 6.7 pct in April-June quarter
India's real Gross Domestic Product (GDP) growth moderated to 6.7 percent year-on-year during April-June quarter (Q1) of current financial year 2024-25 in contrary to 8.2% registered during the same quarter in the previous year, s per data released by the Indian government on Friday.
4.69 cr shares change hands for Rs 6,997 cr in HDFC Bank block deal
Mumbai: HDFC Bank's stock witnessed the exchange of around 4.69 crore shares in multiple block deals totalling Rs 6,997 crore, coinciding with the MSCI indices' August rebalancing, Moneycontrol reported.
Fintech industry garnered $31 bn investment, startups saw 500% growth in 10 yrs: PM Modi at Global Fintech Fest 2024
Mumbai: India’s fintech industry has garnered an investment of over $31 billion in the last 10 years and the startups in this space have recorded a growth of over 500 percent.
UK-based insurer Aviva found guilty in $26 million fake invoice scandal in India: Report
New Delhi/IBNS: The Income Tax (IT) department has found that British multinational insurance company Aviva breached local regulations in India, capping commissions to sales agents with a system of fake invoices and clandestine cash payments, Reuters reported, citing an IT notice to the company dated August 3.
Move over Beijing, Mumbai is the new capital of Asian billionaires: Hurun India Rich List 2024
India's financial lifeline Mumbai has beaten China's Beijing to become the billionaire capital of Asia, according to the Hurun India Rich List 2024.
Apple, Nvidia likely to invest in OpenAI's next huge potential funding round: Report
San Francisco/IBNS: American artificial intelligence (AI) start-up OpenAI is gearing up for a significant funding round that could value it at over $100 billion, and two of the biggest US-headquartered global tech companies are in talks to join this investment funding round, reports said.
Singapore Airlines gets India's FDI clearance for Air India-Vistara merger
New Delhi/IBNS: Singapore Airlines (SIA), the flag carrier of Singapore, on Friday (August 30) said it has received approval from the Government of India for foreign direct investment (FDI), as part of a merger in which Vistara, its 49 percent-owned joint venture with Tata, will be absorbed into Air India, reports said.
Gautam Adani replaces Mukesh Ambani to become India's richest person: Hurun India Rich List
New Delhi: Gautam Adani and his family have claimed the top position in the 2024 Hurun India Rich List, with a Rs 11.6 lakh crore fortune, overtaking Mukesh Ambani.
American AI chip major Nvidia shares slip despite record sales
California/IBNS: Shares in artificial intelligence (AI) chip giant Nvidia have fallen despite the American company comfortably beating expectations after more than doubling its sales, reports said.
Swiggy appoints industry veteran Amitesh Jha as CEO of Swiggy Instamart
Swiggy, India’s leading on-demand convenience platform, on Thursday announced the appointment of Amitesh Jha as the Chief Executive Officer of its rapidly expanding quick commerce business, Swiggy Instamart, effective Sept 4.
Reliance Industries to hold 47th AGM today
Mumbai/IBNS: Mukesh Ambani's multinational conglomerate Reliance Industries Limited (RIL) is set to hold its 47th annual general meeting (AGM) on Thursday (August 29), the company informed the exchanges last week.
Axis Bank launches 'neo for merchants' app in partnership with VISA and Mintoak
Kolkata: Private sector lender Axis Bank announced the launch of a comprehensive app, neo for merchants, in partnership with VISA and Mintoak.
RBI Governor launches key digital payment initiatives Bharat BillPay, UPI Circle
Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das Wednesday announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024.
Ministry of Road Transport launches Vehicle Scrapping Policy
New Delhi: The Ministry of Road Transport and Highways has launched the Voluntary Vehicle Modernization Program or Vehicle Scrapping Policy to create an ecosystem for phasing out unfit polluting vehicles across the country through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs).
CCI approves Reliance-Disney India merger
New Delhi: India's anti-trust regulator has approved Reliance Industries Ltd's Rs 70,350 crore merger with Disney's Indian media assets, subject to specific voluntary modifications, paving the way for a media giant.
Cabinet approves two new lines and one multi-tracking rail projects to boost logistical efficiency for Rs 6,456 cr
New Delhi: The Union Cabinet has sanctioned three railway projects with a total estimated cost of Rs 6,456 crores to improve logistical efficiency by connecting the unconnected areas, increasing the existing line capacity, and enhancing transportation networks, resulting in streamlined supply chains and accelerated economic growth.
Satish Kumar appointed Railway Board chairman; first Dalit officer to hold the post
New Delhi: The Centre has appointed Indian Railway Management Service (IRMS) officer Satish Kumar as the chairman and CEO of the Railway Board, marking the first time an Indian Railways officer from the Scheduled Caste or Dalit community has held this position.
Top Tips for Getting Approved for a Bike Loan
Given today's traffic conditions and the need for efficient mileage, purchasing a two-wheeler has become a necessity. However, many postpone the plan due to financial constraints. A bike loan covers up to 95% of the cost, leaving only 5% as a down payment. However, if you are taking a Two-Wheeler Loan for the first time, you should know how to ensure quick approval with favourable terms and conditions. Here are some top tips for getting approved for a Two-Wheeler Loan with the most favourable terms.
Indian economy remains resilient amid global uncertainties, but the outlook seems softer: NCAER report
New Delhi/IBNS: Amid global geo-political uncertainties, Indian economy has remained resilient, but the outlook seems softer due to moderation in a couple of high-frequency indicators, according to the Monthly Economic Review for August released by the National Council of Applied Economic Research (NCAER), India's oldest and largest independent, non-profit, economic policy research think tank.
Narendra Modi calls Pradhan Mantri Jan Dhan Yojana initiative a 'success' as scheme completes 10 years
India has marked its 10th anniversary of Pradhan Mantri Jan Dhan Yojana (PMJDY), an initiative which was launched by Prime Minister Narendra Modi after coming to power in the country for the first time in 2014.
SBI raises Rs 7,500 cr via Basel III compliant Tier 2 bonds
Mumbai: State Bank of India (SBI), the country’s largest lender, raised Rs 7,500 crore today at a coupon rate of 7.42% through its first Basel III compliant Tier 2 bond issuance for the current financial year, the lender said in a press release on Wednesday.
US banks may link with India's UPI to enable fast payment network: Fed member Waller
Mumbai: The United States might consider connecting some of its private banks with India's Unified Payments Interface (UPI) to speed up the formation of a fast payments network, said Christopher Waller, a member of the Federal Reserve Board of Governors, media reports said.
Kolkata loses 2.67 lakh mobile users in June 2024, highest in the country: TRAI
New Delhi/Kolkata/IBNS: The number of mobile users in Kolkata circle fell by around 2.67 lakh in June 2024 compared to May 2024, which is the highest in the country, according to the Telecom Regulatory Authority of India's (TRAI) subscription data released last week.