BUSINESS
4 Indian-Americans in Forbes' 2023 Richest Self-Made Women list
The four have been named to the list of 100 most successful entrepreneurs, executives, and entertainers in the US with a cumulative wealth of record $124 billion, up nearly 12 per cent from a year ago. Silicon Valley engineer and Cisco veteran Jayshree Ullal, 62, leads the Indian-American pack ranking at number 15 on the list with a net worth of $2.2 billion.
Markets would consolidate this week
The week ahead sees a new issue hitting the capital markets. Utkarsh Small Finance Bank Limited is tapping the capital markets. The company is launching its issue with a fresh issue of Rs 500 crore in a price band of Rs 23-25.
SL debt treatment: India to play 'constructive role' as co-chair of Creditors Committee
The assurance came from Indian Deputy High Commissioner in Colombo Vinod K. Jacob. He also said that India was the first creditor nation in January this year to convey the financing assurances needed to kick-start the IMF process.
GST network brought under anti-money laundering law to plug tax evasion
This will give more power to the Enforcement Directorate (ED), the anti-money laundering agency, to act against tax evasion within GSTN.The government through a gazette notification, notified the exchange of information between ED and GSTN.
Narayana Murthy shares lessons on building a startup, facing uncertainty
"Once the managerial phase comes in, you invite managers to create systems and processes, establish protocols, invite independent directors, and have a good governance mechanism," Narayana Murthy said on devising leadership and organisational structure of a company.
Global public cloud revenue crosses $500 bn, Microsoft leads
Top 5 public cloud service providers – Microsoft, Amazon Web Services, Salesforce, Google, and Oracle – captured more than 41 per cent of the worldwide total and growing 27.3 per cent year over year, according to the latest IDC data.
Job cuts drop 49% in US in June, lowest in 7 months
According to the report from career services firm Challenger, Gray & Christmas. US-based employers announced 40,709 cuts in June, down 49 per cent from the 80,089 cuts announced in May.
Forex reserves rise to $595.051 billion
Foreign currency assets (FCAs) also rose by $2.5 billion to $528 billion, according to the weekly statistical supplement released by the RBI on Friday. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Over the last decade, market capitalisation of Indian companies has risen 11% CAGR to $3.5 tn
Retail and HNI participation is now 69 per cent of NSE's cash market turnover as compared to 58 per cent in FY16. The total market cap of companies in India stands at $ 3.5tn (as on June 30, 2023), with indicators such as Mcap / GDP ratio (India at 93 per cent vs 183 per cent of US) and turnover to Mcap (India at 50 per cent vs US at 148 per cent) pointing towards a long growth runway.
Markets succumb to profit booking at higher levels
Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services, said the broader market too ended in red with the Nifty mid-cap 100 down by 0.8 per cent while the Nifty small-cap 100 was down 0.4 per cent. Except for PSU bank and auto, all sectors ended in red. FMCG, realty and private banks were among the top losers, he added.
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