BUSINESS
Global markets turn cautious again amid concerns of banking crisis
US officials are already in talks of providing a possible FDIC receivership to First Republic. A lot is at stake for Fed now, as it considers the next rate action given the stubbornly high inflation, elevated wage growth, credit crunch scenario and uncertainty in global growth, the note said.
Wall Street darlings, ESG funds may be on the way out
They're currently weathering a "perfect storm of negative sentiment," said Robert Jenkins, head of global research at Lipper, a financial data provider, CNN reported. Despite the gloomy forecast, Jenkins remains optimistic. He sees this as a natural phase of the market's evolution. A new, more efficient system is taking shape that incorporates ESG standards into the bedrock of stock valuations, he said.
Remitted money for overseas acquisitions, cross-border transactions duly vetted: Byju Raveendran
The ED conducted search and seizure operations at three premises of Raveendran and his company Think & Learn Private Limited, under the provisions of the Foreign Exchange Management Act (FEMA). The ED said that BYJU's "remitted Rs 9,754 crore to various foreign jurisdictions in the name of overseas direct.
Rising tide of interest in doing business with India
Just days after his landmark trip, Pret A Manger, a trendy British sandwich chain, set up its first outlet in the commercial capital of Mumbai, as it bet on the country's growing middle class, CNN reported. The case for investing in India - a nation of 1.4 billion - is clear, and only bolstered by recent geopolitical shifts.
FM asks CBIC to begin automated GST return scrutiny by next week
In a review meeting of the CBIC, she directed the board to intensify its drive against fake billing and input tax credit (ITC). Sitharaman desired that the CBIC may undertake a comprehensive root cause analysis by studying the typology of cases already booked, and come up with recommendations on technology-based solutions to address the menace and prevent its occurrence.
No conclusions of any alleged wrong-doing in Sebi's application to SC: Adani Group
A spokesperson for Adani Group said Sebi is conducting an investigation into the allegations levelled by a foreign short-seller on January 25, 2023 and also into market activities before and after that date. "We understand that Sebi has approached the Supreme Court seeking more time to conclude its investigation. We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed.
'Complex matter', Sebi seeks more time from SC for Hindenburg-Adani probe
Sebi, in an application moved in the apex court, said: "Applicant/SEBI most respectfully submits that keeping in view the forgoing circumstances, it would take further time to arrive at verified findings and conclude the investigation... for ascertaining possible violations related to mis-representation of financials, circumvention of regulations and/or fraudulent nature of transactions in respect of 12 suspicious transactionsa... given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months."
IDBI Bank logs Rs 3,645 cr PAT, dividend Re 1 per share
In a regulatory filing, the IDBI Bank also said its Board has granted approval for divestment of an additional stake of 0.01 per cent of the paid up share capital of National Securities Depository Ltd. (NSDL). With this the total divestment of Bank's stake up to 11.11 per cent of NSDL's paid-up share capital. Last fiscal IDBI Bank had earned a total income of about Rs 24,941.76 crore (FY22 Rs 22,981.80 crore) and a net profit of about Rs 3,645 crore (Rs 2,439.27 crore).
FPIs bought equity worth Rs 9,752 crore in April
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said FPIs appear to have changed their investment strategy in India in recent days. While they were sellers in the initial three months of this year, they have turned buyers in April and aggressive buyers in the last few days of April. FPIs have bought equity worth Rs 9,752 crore till April 29.
ED raids: BYJU's yet to submit financial results since FY21
Think & Learn Pvt Ltd, BYJU's parent company, is yet to disclose the audited financial accounts for the last two fiscal years. BYJU's was also not able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year, amid delayed results.
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