BUSINESS
Tata Motors to rake in Rs 1,613.7 crore by selling 9.9% stake to TPG Rise, Ratan Tata Endowment
It also said it will sell 0.9 per cent stake in Tata Technologies to Ratan Tata Endowment Foundation for Rs 146.7 crore. In sum, Tata Motors will be raking in Rs.1,613.7 crore from these two transactions with its subsidiary Rs 4,414.18 crore turnover Tata Technologies' equity valued at Rs.16,300 crore.
RBI slaps fines on Union Bank of India, RBL Bank for breach of rules
The RBI has imposed a Rs 1 crore penalty on the Union Bank of India as it did not comply with certain directions and sanctioned a term loan to a corporation in lieu of or to substitute budgetary resources envisaged for certain projects, without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations, the statement explained.
US stocks up after a 52-week hammering from Treasury Bonds
Philadelphia Fed President Patrick Harker made dovish comments, signalling that the Fed is done hiking rates. The stock markets, such as the NYSE and NASDAQ were in bearish trends for some time as they feared further interest rate hikes intervention by the Federal Reserve to rein in inflation which had returned at 3.7 per cent in September.
US economy perched on dangerous edge as workers & employers in vital industry defy oblivious trend
The path forward for the US economy seems more uncertain than it has in some time, economists predict. Rising interest rates, stubborn inflation and international strife are weighing down the economy while strong employment numbers and a rising stock market counterbalance that effect, they said.
India’s forex kitty falls for 5th week in a row
The $2.17 billion decline from the previous week came on top of a close to $12 billion drop in the preceding four weeks.
Delhi court extends ED custody of Vivo executives by three days in PMLA case
Hari Om Rai, the MD of Lava International, Chinese national Guangwen Kyang aka Andrew Kuang, Rajan Malik, and chartered accountant Nitin Garg were produced before Additional Sessions Judge Devender Kumar Jangala of Patiala House Courts on expiry of three-day Enforcement Directorate (ED) remand.
Air India prevented revenue loss of over Rs 3cr: CEO Wilson
“Airlines are a high-profile target for fraudsters whether it be attempts to use stolen credit cards on our websites, to fraudulently claim frequent flyer miles, or other scams. Erstwhile Air India was somewhat of an easy target in the past but as we have completely modernised our systems this is no longer the case. With our continued investment in state-of-the-art capabilities, we will increasingly be able to turn the tables on criminals,” said Wilson, in his message.
HDFC Life logs Rs 376 crore PAT for Q2
In a regulatory filing HDFC Life said it had earned a net premium of about Rs 14,755 crore (Q2FY23 Rs 13,110 crore) and a net profit of about Rs 376 crore (Rs 326 crore).
India’s trade deficit dips in Sep as imports decline
The country’s merchandise exports declined by 2.6 per cent to $34.47 billion compared to the same month last year, while the imports were valued at $53.84 billion in September.
Nifty closes lower in volatile trade
Volumes on the NSE rose towards recent average volumes. Broad market indices closed almost flat even as the advance decline ratio dropped to 0.88:1.
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