BUSINESS
Pakistan expects $1.3 bn in financing from China's ICBC in coming days
"All our formalities with the ICBC are complete as of last night. We returned them $1.3 billion in the last few months... They are giving it back and have renewed this facility," Dar said, adding that it is possible that $500 million will come in the next few days -- by Monday or Tuesday -- and a further $500 million within 10 days, Dawn reported.
SC junks Vijay Mallya's plea challenging proceedings to declare him a fugitive
Counsel, representing Mallya, contended before the court that he was not receiving any instructions from him in the matter. A bench of Justices Abhay S. Oka and Rajesh Bindal said counsel for the petitioner states that Mallya is not giving any instructions. "In view of this statement, the petition is dismissed for non-prosecution," said the bench.
India's forex reserves fall to 3 month low of $560.94 billion
According to RBI's weekly forex data released on Friday, this was the fourth straight week when the country's foreign exchange reserves fell. The reserves fell by $330 million during the period under review. The RBI normally intervenes to prevent fluctuations in rupee's exchange rate against the dollar in the spot and forwards markets.
SC extends stay on order quashing write-off of Yes Bank's AT1 bonds
Solicitor General Tushar Mehta, representing the RBI, and senior advocate Kapil Sibal, representing Yes Bank, made submissions before a bench headed by Chief Justice D.Y. Chandrachud. After hearing their submissions, the bench, also comprising P.S. Narasimha and J.B. Pardiwala, extended a stay on the high court order quashing the decision of writing off AT-1 bonds.
Deepinder Goyal buys Rs 4.3 cr Ferrari Rama as Zomato losses widen
The Ferrari Roma is in the same red colour as the Zomato logo. Goyal also owns a Lamborghini Urus and a Porsche 911 Carrera S. His love for fancy and expensive cars continues as the food-tech giant's consolidated loss widened to Rs 346.6 crore as against a loss of Rs 63 crore in the year-ago period.
RBI imposes monetary penalty of Rs 3.06cr on Amazon Pay (India)
In a statement on Friday, the RBI said: "The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 3,06,66,000 on Amazon Pay (India) Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) and the Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016."
Adani group impact: Indian stock markets up, Sensex gains 899 points
Curiously, experts attribute the current rebound and the earlier fall to the happenings in the Adani Group. The Sensex opened at 59,241.20 points (Thursday closing was 58,909.35 points) and touched a high of 59,967.04 points and a low of 59,231.58 points. The Sensex closed at 59,808.97 points, a gain of 899.62 points.
Pak hikes policy rate by 300 basis points amid rising inflation
The development came after the monetary policy committee of the SBP held a meeting on Thursday, which said that recent fiscal adjustments and exchange rate depreciation have led to a significant deterioration in the near-term inflation outlook and a further upward drift in inflation expectations, reports Xinhua news agency. The committee believes that this outlook warrants.
Star investor Rajiv Jain bets $2.5 bn on Adani
Rajiv Jain's GQG Partners bought shares in four firms from an Adani family trust at discounts to Thursday's closing prices, according to a statement from the Adani Group and exchange filings. Jain's investment comes as a vote of confidence at a crucial time for the beleaguered group, which has spent the past few weeks trying to repair an image damaged by Hindenburg Research's accusations of accounting fraud and share price manipulation, Bloomberg reported.
Indian stock market up, Sensex gains over 1,000 points
The Sensex opened at 59,241.20 points and touched a high of 59,930.38 points and a low of 59,231.58 points. The Sensex had closed at 58,909.35 points. The Sensex is at 59,936.90 points. Similarly, the Nifty 50 opened at 17,451.25 points, touched a high of 17,632.75 points and a low of 17,427.70 points. The Nifty 50 had closed at 17,321.90 points on Thursday.
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