India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Mumbai, Mar 30 (PTI) Misselling of the AT-1 bonds, which led to a rap from the regulators, and under-performance of the country's largest private sector lender HDFC Bank were the reasons behind his resignation, said former chairman Atanu Chakraborty on Monday. Personal differences with the management are "overblown" and it was not the issue "by a long distance" for the resignation earlier this month, Chakraborty said, stressing that "incongruence" on values and ethics led him to quit the board. In an interview with CNBC TV-18, Chakraborty rued that the misselling of the AT-1 bonds was viewed as a "technical issue" by the bank management, and that action in the matter came eight years later, much after the regulator in Dubai and also India had raised the issue. "I feel that these conduct issues (arising out of the misselling) should not arise... tight supervision should ensure that even if they arise, they're nipped in the bud. However, if they are termed as technical, it leaves a little bit of a leeway," he said. Such conducts lead to reputational damage, Chakraborty said, reminding that people come to bank for advice and that compensation practices have to be in sync with value systems to ensure that misselling does not happen. "The incentive structures, the oversight of the management and the board should ensure that they are aligned with the interests of depositors, shareholders, and public at large," he said. It can be noted that in September last year, authorities in Dubai had barred HDFC Bank from adding new customers at its branch in the Dubai International Financial Services Centre as a penalty for the alleged misselling of Credit Suisse's additional tier-1 bonds, which were written off in 2023. In his resignation letter, Chakraborty mentioned values and ethics as among the factors that influenced his decision to leave a year ahead of the end of term. Chakraborty also said "under-perfomance" at the bank, including in the share prices staying low, lower share of the cheaper current and saving account deposits and high cost to income ratio led to the decision, and made it clear that getting parent HDFC Ltd merged with itself had nothing to do with these factors. He also said it is the duty of independent directors like himself to ensure better performance for the bank. In the comments that come days after capital markets regulator Sebi advised independent directors to act responsibly and not insinuate anything, Chakraborty said he mentions "incongruence" over values and ethics in the letter, and advised people to take a dictionary's help to understand if that is akin to insinuation. Citing confidentiality, the former bureaucrat declined to answer questions around whether he had informed financial regulators about his thinking on values and ethics, or also if he had raised it up at the board level. He also denied that the resignation led to a sharp correction in the bank scrip was due to his actions, adding that the Iran war and an unfavourable move by the US Fed had roiled the markets. The decision to list HDB Financial Services was driven by a RBI mandate to go for an IPO within a timeframe, Chakraborty said, seeking to settle speculation if a potential deal with Japan's MUFG did not have his backing and was among the reasons for the bank management's differences with him. PTI AA TRB
New Delhi, Dec 12 (PTI) The Rs 8,000 crore initial share sale of supermarket chain Vishal Mega Mart got fully subscribed on the second day of bidding on Thursday, ending with 1.53 times subscription. The three-day initial public offer (IPO) got bids for 1,15,74,96,150 shares against 75,67,56,757 shares on offer, according to data available with the NSE. The portion for non-institutional investors attracted 3.80 times subscription while the share of Retail Individual Investors (RIIs) got subscribed 1.16 times. The category for Qualified Institutional Buyers (QIBs) received 48 per cent subscri ...Read More >
New Delhi, Dec 26 (PTI) The Metropolitan Stock Exchange of India (MSE) is set to raise Rs 238 crore from four entities including Billionbrains Garage Ventures, Groww's parent, and Zerodha's Rainmatter Investments in a bid to stay afloat. Others who invested in MSEI are -- BSE-listed Share India Securities, and Securocorp Securities India. The exchange's board in its meeting on Tuesday approved the issuance of 1.19 billion equity shares at Rs 2 per share, comprising Rs 1 face value and Rs 1 premium to these four investors through a private placement, according to a disclosure on MSEI's websit ...Read More >
New Delhi, Jan 22 (PTI) Water purifier company Kent RO Systems Ltd has filed preliminary papers with markets regulator Sebi seeking approval to float an initial public offering (IPO). The issue is completely an offer of sale (OFS) of 1 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Tuesday. Promoters Sunita Gupta, Mahesh Gupta, and Varun Gupta are offloading shares in the OFS. Overall, promoters hold 99.77 per cent stake in the company at present. Since it is an OFS, the company will not receive any proceeds from the IPO. In its draft papers ...Read More >
New Delhi, Jun 5 (PTI) Markets regulator Sebi on Thursday came out with an operational framework for issuance of social bonds, sustainability bonds and sustainability-linked bonds, which together will be known as Environment, Social and Governance (ESG) debt securities. This will help issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. In its circular, Sebi said the debt securities will be labelled as 'social bonds' or 'sustainability bonds' or 'sustainability-linked bonds' only if the funds raised through the issu ...Read More >
Mumbai, Jun 5 (PTI) The rupee snapped its two-day losing streak and closed 8 paise higher at 85.79 against the US dollar on Thursday, supported by positive domestic equities and a rise in Asian currencies. Forex traders said overnight softening of crude oil prices favoured the rupee. However, a strong US dollar index capped sharp gains. Besides, market participants are now keenly awaiting the outcome of the Reserve Bank of India's (RBI's) monetary policy meeting for further cues, they said. At the interbank foreign exchange, the domestic unit witnessed a volatile trading session -- it opene ...Read More >
Guwahati, Jun 5 (PTI) The Assam Congress on Thursday demanded a CBI inquiry into alleged illegal stone mining in Karbi Anglong district in violation of a Supreme Court order. Addressing a press conference here, former Rajya Sabha member Ripun Bora also alleged that Karbi Anglong Autonomous Council Chief Executive Member Tuliram Ronghang was allowing illegal activities in the district in nexus with Chief Minister Himanta Biswa Sarma. "Large-scale illegal stone mining is taking place in the hills of Karbi Anglong in violation of the Supreme Court order. The SC had banned mining in and around K ...Read More >
CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through a bid/resolution plan submitted by Central Bank of India | Image: Wikimedia Commons State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June ...Read More >
NEW DELHI: Indian equities surged sharply after the Reserve Bank of India (RBI) delivered a larger-than-expected 50 basis points repo rate cut, reducing it to 5.5% in today's Monetary Policy Committee (MPC) meeting. The move, led by Governor Sanjay Malhotra, exceeded market expectations of a modest 25 basis points cut, thus fueling a broad-based rally. The BSE Sensex zoomed by about 800 points to trade above 82,200 level while the NSE Nifty surge more than 250 points to trade around 25,000 level as of 12.15 pm. Stocks in the rate-sensitive sectors like realty, banking, NFBC and auto counters ...Read More >
Mumbai, December 4: The domestic benchmark equity indices closed in green on Wednesday as buying was seen in PSU bank and realty sectors. The investors are keenly watching the Reserve Bank of India's (RBI) monetary policy committee (MPC) meeting which will announce its decision around the repo rate on Friday. Banking stocks rose amid volatile sessions in the market due to the possibility of Cash Reserve Ratio (CRR) cut by the central bank. Sensex settled at 80,956.3, higher by 110.58 points, or 0.14 per cent, while the Nifty ended at 24,467.45, up by 10.30 points, or 0.04 per cent. Stock Mark ...Read More >
India's growth in gross domestic product (GDP) of 5.4% in the three months ended 30 September, or the second quarter of 2024-25, was a shocker. It undershot even the most pessimistic forecasts. It's the lowest level seen since the third quarter of 2022-23 and a sharp drop from 8.1% growth in the same period last year and also from 6.7% in the first quarter of 2024-25. The consensus expectation stood at about 6.5% and the Reserve Bank of India (RBI) was expecting around 7% growth till its October policy, only to pare it to 6.8%. Growth in gross value added (GVA), which is the preferred measure ...Read More >
New Delhi, May 22 (PTI) Markets regulator Sebi will issue directions this month over expiry of equity derivatives contracts after analysing the comments on the consultation paper, its chairman Tuhin Kanta Pandey said on Thursday. Sebi, in its consultation paper issued in March, proposed that the expiries of all equity derivatives contracts across exchanges be uniformly limited to either Tuesdays or Thursdays. This would help optimize the spacing between expiries and avoid designating either the first or last day of the week as the expiry day. Talking to reporters, Pandey said, "Right now, wh ...Read More >
CHENNAI: Indian equity markets experienced a significant rally today, spurred by the Reserve Bank of India's (RBI) unexpected policy measures aimed at stimulating economic growth. The RBI slashed the key repo rate by 50 basis points and reduced the Cash Reserve Ratio (CRR) by 100 basis points, injecting approximately ₹2.5 lakh crore into the banking system. This aggressive easing, coupled with a shift in the RBI's policy stance from 'accommodative' to 'neutral', boosted investor sentiment across sectors. The apex bank's bold policy actions have injected liquidity and optimism into the markets ...Read More >
Mumbai, November 26: The final allotment for the NTPC Green Energy IPO has been confirmed, and investors can now check their status through bank debit messages or online platforms such as the BSE, NSE, and Kfin Technologies. The shares of NTPC Green Energy, which opened for subscription on November 19 and closed on November 22, are set to be listed on the stock exchanges on Wednesday, November 27, 2024. The public offering received strong investor interest, with the issue oversubscribed by 2.42 times, according to the National Stock Exchange (NSE). Analysts maintain a positive long-term outlo ...Read More >
Bigg Boss 18: Shilpa Shirodkar is termed 'biggest backstabber' after Vivian Dsena... Deepak Kalal fights with passenger in flight? Know the truth behind viral video Delhi court fixes Nov 28 for hearing former CM Arvind Kejriwal's plea over sanction copy in... Where will the Champions Trophy 2025 be played? ICC to take final call on THIS date Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan recalls telling Amitabh Bachchan he made 'big mistake' by... Deepinder Goyal's Zomato opens Rs 8500 crore QIP share sale, sets floor price at Rs... Delhi Capitals co-owner pens emotional fare ...Read More >
At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers. Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close. On ...Read More >
Nagpur, Dec 15 (PTI) Maharashtra Chief Minister Devendra Fadnavis on Sunday slammed the opposition parties, accusing them of not believing in the Constitution. Fadnavis landed in Nagpur to a grand welcome from party workers and people. Talking to reporters at Nagpur airport, Fadnavis said, "It is a joyous moment that after becoming the chief minister, I have come to my janmabhoomi and karmabhoomi (birthplace and workplace). Nagpur is my family, and it is welcome by my family." Fadnavis took oath as the chief minister for the third time on December 5 after the Mahayuti combine swept the Novem ...Read More >
New Delhi, May 19 (PTI) After a tepid start to 2025, the IPO market is getting back on track with six main-board companies, including Schloss Bangalore -- owner of luxury hotel chain The Leela, are set to float their initial share-sales this month to collectively mobilise over Rs 11,000 crore, investment banking sources said on Monday. Of the six firms, Borana Weaves and Belrise Industries will launch their IPOs this week. Borana Weaves will float its Rs 144-crore IPO on May 20, while Pune-based Belrise Industries' Rs 2,150-crore IPO will open on May 21. The remaining four companies -- Schl ...Read More >
Mumbai, Jun 6 (PTI) Reserve Bank on Friday retained GDP growth projections for the current fiscal at 6.5 per cent, saying the Indian economy presents a picture of strength, stability and opportunity in the backdrop of global uncertainty. The FY26 growth projections are compared with the 6.5 per cent economic growth recorded in the 2024-25 fiscal year. The Reserve Bank of India (RBI) has projected economic growth at 6.5 per cent for the June quarter and 6.7 per cent for the September quarter. For the December and March quarters of FY26, GDP growth is estimated at 6.6 per cent and 6.3 per cent ...Read More >
Guwahati/Morigaon, Jun 6 (PTI) The flood situation in Assam continued to be critical with over 5.6 lakh people reeling under the deluge in 16 districts, an official bulletin said on Friday. The toll in this year's floods and landslides stands at 21, with two more deaths reported on Thursday. Also Read | Thane Shocker: Wife Booked for Hurling Hot Oil on Autorickshaw Driver During Fight Over Domestic Issues in Kalyan. Wildlife has also been affected with nearly 70 per cent of the Pobitora Wildlife Sanctuary in Morigaon district facing inundation, an official said. The Regional Meteorological ...Read More >
New Delhi, Dec 12 (PTI) Terming the 5.4 per cent GDP growth in the second quarter as a "temporary phenomena", FICCI President Harsha Vardhan Agarwal on Thursday said the industry body expects India to achieve 6.5-7 per cent economic growth in the current financial year, while projecting a pick up in private investment. In an interview to PTI, Agarwal, who is also the Vice Chairman & Managing Director of Emami Ltd, said the RBI needs to manoeuvre a "tight-rope balancing act" between inflation and economic growth, as he opined that the central bank has been doing a prudent job. Notably, the FI ...Read More >
Mumbai: The rupee declined 14 paise and touched the crucial 86.00-mark (provisional) for the first time against the US dollar Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds. Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency, forex traders said. Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump takes over as president January 20. At the interbank foreign exchange, the ...Read More >
New Delhi, December 4: In a significant move to enhance customer experience and protect citizens, the Lok Sabha on Wednesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. The higher number of nominees aims to reduce unclaimed deposits in banks. Finance Minister Nirmala Sitharaman said that depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nominations. Another sweeping change relates to redefining 'substantial interest' for directors ...Read More >
(Bloomberg) -- Indian bonds are poised to gain while the rupee is set to weaken as analysts bet on a softer monetary policy after the government named career bureaucrat Sanjay Malhotra as the new Reserve Bank of India governor. Most Read from Bloomberg Malhotra, a surprise pick, will take charge from Shaktikanta Das under whom the RBI kept borrowing costs unchanged for almost two years. While Malhotra's views on monetary policy are largely unknown, he recently urged revenue officials to prioritize economic growth, and the markets may read his appointment as dovish. The central bank is expec ...Read More >
New Delhi, Dec 12 (PTI) Gold prices climbed Rs 500 to Rs 80,900 per 10 grams in the national capital on Thursday due to persistent buying by retailers and jewellers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity finished at Rs 80,400 per 10 grams in the previous trading session. The yellow metal has jumped nearly Rs 2,000 in the past three sessions. Silver also rallied Rs 700 to Rs 97,000 per kg on Thursday. The white metal settled at Rs 96,300 per kg in the previous session. The price of gold of 99.5 per cent purity also surged Rs 500 to Rs 80,5 ...Read More >
New Delhi, Dec 18 (PTI) Reliance Nippon Life Insurance, a subsidiary of debt-ridden Reliance Capital (RCAP), has initiated talks with IndusInd Bank for bancassurance partnership as the IIHL and RCAP deal has reached the final lap. Mauritius-based IndusInd International Holdings Ltd (IIHL), the parent entity of IndusInd Bank, won the bid to acquire RCAP and entities under it. Also Read | Cancer Vaccine Ready for Use, Announces Russia; What Is the Cost? How Effective Is It? When Will It Be Available?. "IIHL and Japan-based Nippon Life have struck a good understanding and they are absolutely c ...Read More >
New Delhi, Jan 22 (PTI) Water purifier company Kent RO Systems Ltd has filed preliminary papers with markets regulator Sebi seeking approval to float an initial public offering (IPO). The issue is completely an offer of sale (OFS) of 1 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Tuesday. Also Read | Ladki Bahin Yojana January 2025 Instalment Date: When Will Women Beneficiaries Receive INR 1,500 in Maharashtra?. Promoters Sunita Gupta, Mahesh Gupta, and Varun Gupta are offloading shares in the OFS. Overall, promoters hold 99.77 per cent sta ...Read More >
New Delhi, Feb 4 (PTI) Finance Secretary Tuhin Kanta Pandey on Tuesday said the government has taken measures to lower fiscal deficit and delivered a non-inflationary Budget, and hoped that the RBI's monetary policy will work in tandem with fiscal policy to support growth. He also said that although rupee depreciation increases inflation on imported inputs, it also adds to export competitiveness. Pandey said that the government has bettered its fiscal deficit projections for the current fiscal as well as the next. The fiscal deficit for FY'25 has been pegged lower at 4.8 per cent of GDP, low ...Read More >
Nagpur, May 23 (PTI) India's indigenously developed 'Akashteer' air defence system performed "exceedingly well" during 'Operation Sindoor', said Defence Research and Development Organisation (DRDO) chief Samir V Kamat, who expressed confidence that its success will draw international interest. India had deployed the indigenously developed and fully automated 'Akashteer' air defence control and reporting system, which emerged as the invisible force of new war capabilities during Operation Sindoor, launched against nine terror sites in Pakistan and Pakistan-occupied Kashmir. "Definitely, our a ...Read More >
New Delhi, Nov 28 (PTI) Coworking firm Incuspaze, which provides managed flexible office spaces to corporates, is looking to raise USD 25 million (over ₹210 crore) to expand its business across major cities before planning to launch its Initial Public Offer (IPO). Established in 2016, Incuspaze has a presence in 44 locations across 18 cities with a total portfolio of 40 lakh square feet. "We plan to add another 2 million (20 lakh) square feet in our portfolio by the end of December 2025," Incuspaze founder and CEO Sanjay Choudhary told PTI. In view of the growing demand for flexible workspa ...Read More >
New Delhi [India], December 12 (ANI): The gross NPA ratio of public sector banks declined to 3.12 per cent in September 2024 from 4.97 per cent in March 2015 and a peak of 14.58 per cent in March 2018, the government stated on Thursday, reaffirming the robustness of the banking system. The government emphasised its proactive support for the banking ecosystem, addressing both business needs and employee welfare to ensure stability, transparency, and growth. Also Read | Places of Worship Act Validity: Supreme Court Restrains Courts in Country Not to Entertain, Pass Orders on Suits Related to R ...Read More >