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Business / Rediff

Jet: What is the source of Rs 200 cr deposited by JKC?

The creditors of the grounded carrier Jet Airways on Wednesday raised questions over the source of Rs 200 crore deposited by the Jalan-Kalrock Consortium before the insolvency appellate tribunal NCLAT and said it does not align with the resolution plan. Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told the National Company Law Appellate Tribunal (NCLAT) that there are apprehensions about the source of funds, which deposited money for Jalan-Kalr

4 Oct 2023 10:34 pm
UK's Superdry to sell South Asia IP assets to RIL

UK fashion retailer Superdry on Wednesday said it will sell its intellectual property assets in South Asia to Reliance Retail for 40 million pounds (Rs 402 crore) through a joint venture. Superdry, whose fashion line mostly includes sweatshirts, hoodies and jackets, will own 24 per cent of the joint venture while Reliance Retail, India's largest retailer, will have the remaining 76 per cent. Under the agreement, Superdry's brand IP assets in South Asia will be permanently transferred to the new

4 Oct 2023 9:16 pm
Markets fall for 2nd day on foreign fund outflows

Among the Sensex firms, Axis Bank fell over 4 per cent, emerging as the biggest laggard. State Bank of India, IndusInd Bank, NTPC, UltraTech Cement, Bajaj Finserv, Tata Steel, JSW Steel, Maruti and Larsen and Toubro were the other major laggards. Nestle, Hindustan Unilever, HDFC Bank, Tata Consultancy Services, Infosys, HCL Technologies, and Asian Paints were among the gainers.

4 Oct 2023 4:14 pm
HDFC Bank goes for first major rejig after merger

HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC Ltd on July 1. The runway for our growth is large. This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution, said Sashidhar Jagdishan, managing director and chief executive of HDFC Bank, explaining the reason for this overhaul.

4 Oct 2023 3:57 pm
Higher oil prices threaten India Inc's profit margins

The recent surge in crude oil prices could shave off the gains made by India Inc in profit margins in the past few quarters. Worse, it comes at a time when consumer demand in the country is slipping and major global economies are witnessing a slowdown. A back-of-the-envelope calculation suggests that the margin expansion accounted for three-fourths of the rise in the listed firms' operating profit between the April-June quarter (Q1) of FY23 and Q1FY24, and only a quarter of profits gains came fr

4 Oct 2023 1:42 pm
Regulatory frame for large unlisted firms by MCA soon

The ministry is of the opinion that there is a need for a rigorous regime for large unlisted companies, in contrast with the current light-touch regulation. There is a defined regime for listed companies, by the Securities and Exchange Board of India (Sebi). There is a view in the ministry that it needs to look at a framework for large unlisted companies, the senior official said.

4 Oct 2023 1:22 pm
Average ticket size on UPI down 10% in H1 2023

The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS

4 Oct 2023 12:02 pm
Broking industry's race: Groww poised to pip Zerodha

The broking industry's pecking order is set to change with Groww, a fin-tech startup from Bengaluru, poised to topple the industry's poster boy, Zerodha, as the leading brokerage in the number of active investors. According to data provided by the portal, Zerodha has 6.32 million active investors, while Groww is at 5.99 million. It is projected that Groww, which has grown at a much faster clip over the past two years, will surpass Zerodha this month, or next month.

4 Oct 2023 11:15 am
Reliance-backed Dunzo in trouble

Logistics and delivery firm Dunzo plans to settle dues of former employees in next three months while it is regularising salary for its current employees, sources said. The firm backed by Reliance Retail and Google said that while its co-founder Davlir Suri has decided to leave the company, another co-founder Mukund Jha will continue be part of the strategic leadership team. In June salary of 85 per cent employees were paid.

3 Oct 2023 11:02 pm
Flipkart, Bachchan slammed for 'misleading' ad

Traders' body CAIT has filed a complaint with the Ministry of Consumer Affairs against a Flipkart advertisement featuring Bollywood star Amitabh Bachchan on the upcoming Big Billion Days sale, terming the advertisement as misleading. The Confederation of All India Traders (CAIT) in its complaint to the Central Consumer Protection Authority (CCPA) termed the advertisement misleading and against the country's small retailers. It has also sought withdrawal of the advertisement, according to a state

3 Oct 2023 10:27 pm
Breath analyser tests: DGCA's diktat for pilots

Pilots might soon be asked not to use perfume, mouthwash and tooth gel as that may result in positive breath analyser test. The Directorate General of Civil Aviation (DGCA) has sought comments on a draft Civil Aviation Requirements (CAR) wherein it has also proposed barring crew from using any drug/formulation or use any substance such as mouthwash/tooth gel/perfume or any such product which has alcoholic content. Comments have been sought on the CAR, which pertains to procedure for medical exam

3 Oct 2023 8:45 pm
India readies 4th summit with African Union

Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive

3 Oct 2023 7:00 pm
Monetary policy review: Expect another hawkish pause

The Monetary Policy Committee (MPC) is expected to maintain the status quo on policy rates for the fourth consecutive time in its October 4-6 review meeting. The incremental information available since its last meeting in August suggests that growth and inflation prints for the second quarter (Q2) of financial year 2023-24 (FY24) will exceed the committee's projections. However, the Consumer Price Index (CPI)-based inflation is expected to moderate in the second half (H2) of FY24.

3 Oct 2023 4:47 pm
Why India's pharma exports to Iran have declined

India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.

3 Oct 2023 3:02 pm
Manufacturing activities fall to 5-month low in Sep

Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday. The seasonally adjusted S and P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 57.5 in September, down from 58.6 in August -- the lowest in five months. The September PMI data pointed to an improvement in overall operating conditions for the 27th straight month.

3 Oct 2023 1:44 pm
Currency flow drops in H1 due to Rs 2k note withdrawal

The currency in circulation (CIC) declined in the first half of this financial year and this is the first time this has happened in H1 in at least 10 years. The CIC on March 31, 2023, was Rs 33.78 trillion, which fell to Rs 33.01 trillion on September 22 -- a difference of about Rs 76,658 crore. In the first half of the last two financial years, the CIC went up by Rs 33,357 crore in FY23 and Rs 84,978 crore in FY22.

3 Oct 2023 1:28 pm
Bajaj Fin preparing to fight Jio Fin with fund raise?

India's biggest non-bank finance company, Bajaj Finance (BAF), is set to raise capital after a gap of four years. On October 5, the board of directors will meet to approve the fund raise by way of preferential issue and/or qualified institutional placement (QIP) subject to regulatory and shareholder approvals. The move, analysts said, comes ahead of expectations, and could be in the wake of simmering competition in the consumer lending space, especially with the launch of Jio Financial Services

3 Oct 2023 12:37 pm
Move to push firms away from in-house RTAs on cards

The Securities and Exchange Board of India (Sebi) plans to roll out a new regulatory framework for registrar and transfer agents (RTAs) - the market intermediaries responsible for the record-keeping of bondholders and shareholders after a company offers securities to the public. The markets regulator, sources said, is considering a multifold increase in net-worth requirement, a move that may dissuade companies from having in-house RTAs for record-keeping. At present, the minimum net worth requir

3 Oct 2023 11:52 am
'Building a war chest essential for expansion'

'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'

3 Oct 2023 10:40 am
Tides turning for India's startups?

The recovering valuations, will lead to enhanced optimism among investors about funding startups.

3 Oct 2023 10:39 am
It's DIY for MF investors as bull rules markets

The sharp surge in investment accounts (folios) in midcap and smallcap mutual funds (MF) in recent months is likely driven by the do-it-yourself (DIY) investors. In the first five months of the present financial year (FY 2024), net folio additions in direct MF plans (4.5 million) has outpaced that in regular plans (3.9 million), contrary to the trend seen in the previous three six-month periods. The net folio additions in direct plans in the five-month period (April-August 2023) is 40 per cent h

3 Oct 2023 10:37 am
10 Largecaps Stocks To Lead Bulls Charge

These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.

3 Oct 2023 9:40 am
PSU Disinvestment: Modi Missing The Bus

'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'

3 Oct 2023 8:54 am
Mobile speed: India ranks above Japan, UK, Brazil

The launch of 5G services in India turbocharged mobile download speeds here, pushing the country's ranking 72 notches higher to 47th spot in Speedtest Global Index, ahead of nations like Japan, the UK and Brazil, according to Ookla. India's speed performance has zoomed up 3.59 times since the introduction of 5G, it said dubbing the country's 5G advancement as emarkable. In this global pecking order, India ranked not only ahead of its neighbours like Bangladesh, Sri Lanka, and Pakistan, but also

2 Oct 2023 10:13 pm
Adani plans to build 10GW solar manufacturing capacity

Billionaire Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW. Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG t

2 Oct 2023 9:22 pm
Diesel sales fall 3% in Sep, petrol up 5.4%

Diesel sales in India fell 3 per cent in September as a receding monsoon continued to dampen demand and slowed industrial activity in some parts of the country, preliminary data of state-owned firms showed. While diesel sales by three state-owned fuel retailers fell year-on-year, petrol sales rose in September. Consumption of diesel, the most consumed fuel in the country -- accounting for about two-fifths of the demand, fell to 5.81 million tonnes in September from 5.99 million tonnes demand in

2 Oct 2023 8:42 pm
Banks, FIs look to raise Rs 18,000 crore

Days after JP Morgan announced the inclusion of government bonds in its emerging market (EM) bond index, a host of banks and other financial institutions (FIs) are set to tap the debt market. They plan to raise Rs 18,000 crore by issuing non-convertible debentures (NCDs) and bonds. National Bank for Agriculture and Rural Development (Nabard) plans to raise up to Rs 3,000 crore via five-year social impact bonds on Tuesday, the first of its kind in India.

2 Oct 2023 7:14 pm
Tyre stocks: Skid marks may appear in Street

Tyre stocks have been on a tear over the past six months, with average returns exceeding 45 per cent. Except for Apollo Tyres, which has seen a slight correction in the last month and a half, limiting its gains to 16 per cent, listed peers such as MRF, CEAT Tyres (formerly Cavi Elettrici e Affini Torino), and JK Tyre and Industries have delivered returns exceeding 30 per cent during this period. Production-related constraints and sluggish demand in Europe, where sales are expected to remain flat

2 Oct 2023 1:45 pm
MFs hungry for bigger slice of banking pie

Amidst growing investor inflows, mutual funds (MFs) are eyeing a larger slice of the banking sector. In the past few years, few of the major fund houses have approached the Reserve Bank of India (RBI) seeking permission to hold more than a 5 per cent stake in banking sector stocks. As of the end of August, three fund houses held over 5 per cent ownership in one or more banks. SBI MF possessed more than 5 per cent in CSB Bank, Equitas Small Finance Bank (SFB), HDFC Bank, and ICICI Bank, with the

2 Oct 2023 12:08 pm
Correction lurking for Wall Street-driven markets

Wall Street-correlated stock markets are facing the risk of correction, as Christopher Wood, the global head of equity strategy at Jefferies, conveys to investors in his latest edition of GREED and fear. Rising crude oil prices, which are nearing $100 a barrel (Brent), pose a threat to the global central bank's battle against inflation and have led to a re-evaluation of its exposure to Indian stocks. The potential for more US Federal Reserve (Fed) rate hikes, combined with the risk that monetary

2 Oct 2023 11:41 am
'Our Aim Is HFCs' Role In Economic Growth'

'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'

1 Oct 2023 2:41 pm
Some headwinds emerge for India's cement sector

The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.

1 Oct 2023 2:36 pm
Markets to focus on RBI's decision, global trends

RBI's interest rate decision, macroeconomic data, global trends and trading activity of foreign investors are the crucial factors to drive equity markets in a holiday-shortened week ahead, analysts said. Markets would remain closed on Monday for Gandhi Jayanti. While global cues will continue to dictate trends in local markets, focus will shift to RBI's monetary policy announcement on Friday. Although the market is expecting a status quo on interest rates, global concerns like rising US dollar i

1 Oct 2023 1:55 pm