BUSINESS
NBFCs AUM to grow 11-12% by end of this fiscal: CRISIL
"Even as growth touches double digits again, it will be lower than the pre-pandemic level. Indeed, AUM had logged a 3-year compound annual growth rate (CAGR) of close to 20 per cent through fiscal 2019. Intense competition from banks and the rising interest rate scenario will limit the competitiveness of NBFCs in certain segments, leading them to focus on higher-yield segments for growth," said Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings.
RIL invested $ 6.6 bn in inorganic acquisitions since 2018
Reliance Industries Limited (RIL) has announced the acquisition of downstream polyester manufacturer, Shubhalakshmi Polyesters. The acquisition will expand RIL's polyester capacity and is inline with plans to better integrate its businesses - from oil products to chemicals and, eventually, consumer retail, Morgan Stanley said in a report.
Mensa Brands acquires MyFitness, to make it Rs 1,000 cr brand
The acquisition will help Mensa Brands launch new categories, scale D2C, invest in brand-building and expand to global markets. "MyFitness is a fast-growing consumer-loved brand and we will scale the brand to have an omni-channel global presence by leveraging our tech-led playbook.
Challenges persist as govt tries hard to bridge India's trade deficit
Simply put, trade deficit is a situation in which the value of goods a country imports is greater than the value of goods it exports -- excluding software, remittances and others. "Exports are slowing down while imports are increasing. This has led to widening trade deficit. The trade deficit was $190 billion last year and around $125 billion for the period from April-August 2022," Madan Sabnavis, Chief Economist, Bank of Baroda, told IANS. According to the Ministry of Commerce and Industry, India's merchandise imports were $61.68 billion and exports were $33 billion in August 2022, leaving a deficit of $28.68 billion.
Excise duties on petrol, diesel zoomed up despite crude staying below $80
The government's revenue generation through levy of excise duty saw a growth of 126 per cent between 2014-15 and 2021-22. The income growth was 186 per cent during the same period. According to official data provided by the Petroleum Ministry's Petroleum Planning and Analysis Cell (PPAC), excise duty on petrol was Rs 9.48 per litre and on diesel it was Rs 3.56 per litre in 2014-15 when the NDA government had come to power.
Unions seek 'forensic audit' of UTI-AMC's 'Rs 2,000-crore exposure' in DHFL scam
The AIUTI-AMCOA and AIBOA have shot off separate letters to various entities while a top leader has sought Central government's directions to the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax (IT) Department to probe the matter thoroughly as it involved "huge public funds".
Scamsters cheat SII of Rs 1 crore in Adar Poonawala's name, cops probe
The fraud transpired earlier this week and following a complaint, the police had lodged a First Information Report, said the official. When contacted by IANS, the SII official declined to comment on the matter. As per the police complaint, an SII director Satish Deshpande received a WhatsApp message purportedly from a person claiming to be Adar Poonawala and seeking the money transfers in installments to certain bank accounts.
Global equity prices rise on news of Ukrainian advances in war against Russia
European markets closed higher Friday, as did markets in the Asia-Pacific area. The Dow jumped more than 200 points in the US and the major indexes appeared on track to end a three-week slump, the CNN reported. Equity prices tend to rise on news of Ukrainian gains or improvement on the ground, explained Joseph Brusuelas, chief economist at RSM US, CNN reported.
Setback for NDTV as I-T Dept says no bar on warrant conversion
On 23.8.2022, Adani group's AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd's (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR, the investment company of NDTV promoters - Prannoy Roy and Radhika Roy.
India's strategy of fiscal prudence has paid off while US and Europe's massive stimulus backfired
Over 2022-23, India's growth will average 7 per cent, the strongest among the largest economies, contributing 28 per cent and 22 per cent to Asian and global growth, Morgan Stanley said in a report. India is best positioned within Asia to deliver domestic demand alpha. Its cyclical recovery will be sustained by structural factors.
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