BUSINESS
India's current account deficit narrows to $1.3 bn in January-March 2022-23
According to RBI data released on Tuesday, the moderation was because of slowdown in trade deficit and rise in services exports.
The $1.3 billion deficit for the fourth quarter of 2022-23 means that India recorded a CAD of $67 billion in 2022-23 against a deficit of $38.7 billion in 2021-22.
Fintech company Lendingkart raises Rs 200 cr from EvolutionX Debt Capital
The company said it will use the funds to drive its growth as it looks to build on its profitable yearly numbers in FY23 and drive its core business growth by enabling financing for a much higher number of MSMEs across the country. Lendingkart will continue to invest in its tech capabilities which bolster its lending platform which in turn will further partnerships with marquee banks and NBFCs of India.
India likely to see 147 unicorns in next 5 years: Report
India is currently home to 83 unicorns, 51 gazelles (most likely to go unicorn within three years) and 96 cheetahs (to achieve unicorn status in five years), according to the 'ASK Private Wealth Hurun India Future Unicorn Index 2023' report. It is a ranking of India’s startups founded in the 2000s, worth at least $200 million, not yet listed on a public exchange and most likely to ‘go Unicorn’ in the next five years.
ThoughtSpot acquires Mode Analytics for $200 mn, expands India footprint
With the acquisition, 31 employees of Mode Analytics in Kolkata will now come onto the rolls of ThoughtSpot. ThoughtSpot recently announced $150 million investment in India between 2022 and 2027, which includes 30 per cent headcount growth in the market, and follows the opening of its third R&D centre in the region in Thiruvananthapuram in 2022.
Retaliatory duty removal on US apples imports not to affect domestic growers, says government
The decision will not result in any negative impact on domestic apple producers and will result in competition in premium market segment ensuring better quality at better prices for consumers, Commerce Ministry sources said.After removal of this duty, the apples from the US would compete on level playing field with other countries.
All Adani portfolio companies listed on Indian bourses: Adani Group
The notice said: “In our listed portfolio, six of our companies - Ambuja, ACC, AWL, NDTV, APL and ATGL are purely domestic issuers and listed on the Indian exchanges. “Four of our portfolio companies - AGEL, ATL, APSEZ and AEL issue global capital market papers with only APSEZ being a corporate issuer. AGEL has one instrument issued on corporate basis. All of the other issues are restricted group issuances.
J Swaminathan takes charge as RBI Deputy Governor
The government on June 21 had appointed him to the post of Deputy Governor for a period of three years from the date of joining the post or until further orders, whichever is earlier. Swaminathan was the Managing Director, Corporate Banking and Subsidiaries, of the State Bank of India (SBI) before being appointed as Deputy Governor.
Pakistan stock market jumps on hopes of IMF loan revival
The benchmark index rose 1245.32 points as the market anticipates that Pakistan can revive the stalled IMF loan to avoid a sovereign default, Geo News reported. Saad Ali, a capital market expert said the revised budget had revived hopes among the market stakeholders after the government added fresh taxes to the Finance Bill 2023-24, Geo News reported.
Hinduja Group to get RBI’s nod to hike stakes to 26% in IndusInd Bank
According to the sources close to the Hinduja group, the RBI is expected to give its formal clearance to the group for stake hike. At an analyst conference, the IndusInd Bank management had said the promoters have applied to RBI for a stake hike. Currently two companies – Indusind International Holdings Ltd and Indusind Ltd – hold 12.57 per cent and 3.93 per cent, respectively, in IndusInd Bank.
New UK plan to reboot economy
It has been three years since the UK left the EU, the largest trading block in Europe, to become a “prosperous, dynamic and contented” country, as exclaimed by the former Prime Minister Boris Johnson who signed the Brexit deal. He went on to explain jubilaintly that the Brexit deal would enable UK companies to “do even more business” with the European Union (EU), and would leave Britain free to strike trade deals around the world while continuing to export seamlessly to the EU market of 450 million consumers.
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