Investors in India are turning to small companies offering up to $100m in stock sales as the country hosted 92 such listings this year, the most in the world, according to Bloomberg data. After recent large IPOs such as paytech start-up Paytm and the nation's largest insurer, which both lost investors money, investors are seeking the higher returns of smaller firms fueling India's economy thanks to a five-month market rally.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5pAeEIR
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The new prices will come into effect from Tuesday, with Delhi's retail sales price of 19kg commercial LPG cylinder being set at Rs 1,680. In contrast, the Oil marketing companies have decided to keep domestic cooking gas rates unchanged, as per insider information.
India’s banking regulator is nudging Kotak Mahindra Bank to select someone outside the lender’s ranks to succeed billionaire founder Uday Kotak as the next Chief Executive Officer, according to people familiar with the matter.The Reserve Bank of India has conveyed its view to board members of Kotak Mahindra Bank and Asia’s richest financier, they said, asking not to be named, as the communication is private.
Commerce and Industry Minister Piyush Goyal on Saturday said he is hopeful of India finalising certain free trade agreements (FTAs) in the next few months, which would help promote exports.India is in the final stages of concluding FTA negotiations with the UK. The country is also negotiating similar pacts with Canada and European Union (EU).
Food inflation will continue to “wobble” for sometime and it is a phenomenon that companies should be worried about, Suresh Narayanan, chairman and managing director at Nestle India said on Friday. Changing climatic conditions, uncertainty related to El Nino and fluctuation in prices of commodities continue to pose challenges for businesses, Narayanan said.
State-owned Bank of India (BOI) on Friday reported a nearly three-fold jump in net profit to Rs 1,551 crore in the June quarter due to a decline in bad loans. The Mumbai-based lender had posted a net profit of Rs 561 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 15,821 crore as against Rs 11,124 crore in the same period a year ago, Bank of India said in a regulatory filing.
Benchmark indices Sensex and Nifty declined for a second day in a row on Friday due to selling in IT and banking shares amid foreign fund outflows and weak trends in the US markets. The 30-share BSE Sensex fell by 106.62 points or 0.16 per cent to settle at 66,160.20. During the day, it declined by 388.17 points or 0.58 per cent to a low of 65,878.65.
Thanks to a bumper summer travel season, Taj parent Indian Hotels Company Ltd (IHCL) has seen its revenue rise to Rs 1,516 crore in the quarter ended June 30, 2023, up 17% from Rs 1,293 crore in same period last year. The profit for this period rose to Rs 222 crore, up 31% from Rs 170 crore in Q1 last fiscal. IHCL shares closed 1.3% down at Rs 385 BSE Thursday when the broader market was down 0.66%.
Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are in talks to lend between $600 million and $750 million collectively to Adani Group, as part of discussions to refinance the debt taken to fund its purchase Ambuja Cements Ltd.The loan would be syndicated who asked not be named as the matter is private. Gautam Adani’s conglomerate is also in discussions with other lenders, as it seeks to refinance as much as $3.8 billion of a loan facility taken for its Ambuja acquisition.
Tata Group's plan to merge low cost AIX Connect (erstwhile AirAsia India) into Air India Express is a crucial step closer to becoming a reality. It has got regulatory approval to operate AIX flights under AI Express branding. The DGCA nod flights of the airlines
Equity benchmark indices Sensex and Nifty buckled under heavy selling pressure on Thursday as investors pared exposure to bellwether stocks HDFC Bank, M&M, Nestle and Reliance Industries amid a mixed trend in global markets. Besides, the interest rate hike by the US Fed failed to boost sentiments in the domestic market, which saw a steep decline led by banking and auto stocks, traders said.
Jio Financial Services, part of billionaire Mukesh Ambani-led Reliance Group, and US based BlackRock Inc will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a release on Wednesday.
Benchmark Sensex bounced back 351 points while Nifty closed above the 19,750 level on Wednesday following buying in capital goods, banking and oil shares amid fresh foreign fund inflows. Snapping its three-session losing run, the 30-share BSE Sensex climbed 351.49 points or 0.53 per cent to settle at 66,707.20. During the day, it jumped 541.56 points or 0.81 per cent to 66,897.27.
Gift Nifty derivatives on NSE International Exchange (NSE IX) saw a record-high single day trading activity of at least 3.14 lakh contracts with a turnover of $12.39 billion on July 25.
Google's advertising revenue reached $58.1bn and its cloud business grew to $8bn compared to $6.3bn the previous year’s same period. Meanwhile, Microsoft's net profit rose 20% YoY to $20.1bn and sales hit $56.2bn. The market value of the two companies puts them on top, with Apple retaining its position as the most valuable company.
Jubilant Foodworks Ltd (JFL), which operates fast-food chains Domino's Pizza and Dunkin' Donuts, on Tuesday reported a 74 per cent decline in its consolidated net profit to Rs 28.91 crore in the June 2023 quarter. The company had posted a consolidated net profit of Rs 112.58 crore in the April-June quarter previous fiscal, Jubilant Foodworks Ltd (JFL) said in a regulatory filing.
City-based Shri Techtex Limited, a manufacturer and exporter of technical textiles, will open for subscription on July 26 and close on July 28, 2023. The Anchor investor book for bidding opened today.
India’s ban on certain rice exports has caused panic buying in various countries, with videos showcasing long lines outside grocery stores and bags of rice flying off the shelves. Reports from overseas Indians, from the US to Canada and Australia, have gone viral, with some shops imposing stockpiling limits, while others have hiked prices.
"We may lower the ratings on Bangladesh if net external debt or liquidity metrics worsen further, such that narrow net external debt surpasses 100% of current account receipts, or gross external financing needs exceed 100% of current account receipts plus usable reserves," S&P said, affirming the country's sovereign credit rating at BB-.
More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday.He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now.
Tata Steel on Monday said T V Narendran has been appointed again as the company's Chief Executive Officer & Managing Director for a period of five years effective September 19, 2023.His present tenure as CEO & MD will conclude on September 18, 2023, Tata Steel said in a regulatory filing."T V Narendran is appointed as CEO & MD of the Company for a further period of five years effective September 19, 2023...not liable to retire by rotation," it said
Elon Musk on Sunday announced that the x.com URL will now be directed to the microblogging website Twitter. He also said that the interm X logo will go live later in the day.The announcement comes hours after Musk said that he plans to change the logo of Twitter to an “X” from the famous blue bird. This would be the latest big change since the billionaire bought the social media platform for $44 billion last year.
US-based investment firm Bain Capital said on Sunday that it has entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.Gaurav Gupta will retain the remaining 10% stake in Adani Capital and will continue to serve as its Managing Director and CEO, Bain said.
Reliance Retail said it is revamping Trends fashion stores across the county by adding contemporary and tech-enabled features ranging from self-checkout counters to electronic shelf labels to attract customers of younger generations. Reliance Retail is revamping around 150 Trends stores pan-India with a new brand identity. The stores will have a new look right from the façade to fixtures, lighting, ceiling and flooring, becoming more aspirational for shoppers, the retailer said.
ICICI Bank has reported a record net profit of Rs 9,648 crore in Q1-2024—a 39.7% increase from Rs 6,905 crore in Q1-2023. Meanwhile, Kotak Mahindra Bank exceeded analyst estimates to report a 67% jump in standalone net profit at Rs 3,452 crore for the June quarter. On a consolidated level, the profit grew 51% to Rs 4,150 crore. Another private lender, Yes Bank, said its net profit rose 10.3% to Rs 342 crore.
Billionaire Ravi Ruia bought a £113 million (about Rs 1,200 crore) London mansion linked to Russian property investor Andrey Goncharenko in one of the UK capital’s biggest residential deals in recent years. The family office of Ruia, who co-owns Essar Group, purchased the Hanover Lodge mansion overlooking Regent’s Park at 150 Park Road this month through a sale of the home’s Gibraltar-incorporated holding company, according to a person familiar with the matter.
Edible oil major Adani Wilmar Ltd on Saturday said it has lodged a police complaint against a B2B platform for allegedly distributing counterfeit products in the name of its 'Fortune' brand.
