BUSINESS
Number of cases admitted through IBC in Q1FY23 higher than yr ago: Report
According to the report, the cases admitted through IBC in Q1FY23 is 332, compared to 139 cases admitted in the same period previous year. IBC is gaining prominence as operational creditors lead new case admissions; 50 per cent cases were initiated by operational creditors and 40 per cent by financial creditors. Of the 3,600 cases that were closed until 1QFY23, only 14 per cent were resolved while 47per cent faced liquidation.
SEBI order restrained Prannoy & Radhika Roy from accessing the securities market for 2 yrs: NDTV
NDTV said that unless pending appeal proceedings were to successfully conclude, prior SEBI approval is needed for the Adani group to secure 99.5 per cent in the promoter group entity since this would consequently lead to acquisition of voting rights in respect of 29.18 per cent held by the RRPR Holdings in the news network.
Pakistani experts keen to resume trade with India
Earlier Pakistan's all-powerful Army Chief General Qamar Javed Bajwa, too, underlined the need to resolve outstanding issues and disputes between the two countries through dialogue. "Pakistan continues to believe in using dialogue and diplomacy to resolve all outstanding issues including the Kashmir dispute and is ready to move forward on this front if India agrees to do so," Bajwa had said. Trade between the two countries has remained suspended since 2019. A World Bank study undertaken in 2018 said that trade between India and Pakistan could go as high as $37 billion if the situation normalises.
Big Bull Rakesh Jhunjhunwala left a will, set to bequeath Rs 50,000 cr fortune to wife and children
Jhunjhunwala, whose fortune is believed to be worth approximately Rs 50,000 crore, had arranged to ensure his estate, including shares and property, is bequeathed to his wife and three children. In fact, he would often speak about his fourth child - charity. A part of his fortune will thus definitely go towards his favorite charities.
Indian aviation under-penetrated compared to China, near peers like Indonesia: Report
The report on 'Civil Aviation: The Roadmap for Robust Growth Over Next Decade' observed that this is largely a function of relatively lower income levels compared to China and Indonesia. However, the Indian market harbours immense potential, considering rising income levels and its vast population, it said. It said that the Chinese aviation market grew four times between 2007 and 2022 as income levels rose and the Indian market is poised for a similarly impressive growth.
RBI lifts business curbs imposed on American Express Banking Corp
"With the Reserve Bank of India circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect," the release said. The RBI had, by its order dated April 23, 2021, imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on storage of payment system data.
Turnover/fixed assets ratio mixed for Indian industries: Bank of Baroda
An improvement in this ratio for 13 sectors indicates that the recovery has been real. The metals group, along with some intermediates like chemicals as well as textiles, have registered higher ratios. However, for 25 sectors, the picture, however, is still a concern as the ratio of turnover to GFA is still lower than pre-pandemic times. These sectors are more in the services segment, besides consumer goods and capital goods.
TVS Motor to acquire 48% stake in Nkars Mobility for Rs.85.41 cr
According to TVS Motor, Nkars Mobility with a turnover of Rs 8.68 crore is engaged in leasing motorcycles and scooters and selling, trading and distributing pre-owned two-wheelers. TVS Motor considers Nkars Mobility to be a strong partner to grow its pre-owned two-wheeler vehicle business. To this end, subject to completion of the conditions precedent to closing, TVS Motor shall obtain 48.27 per cent stake in Nkars Mobility.
Sentiment around NFTs drops 14% in companies amid crypto downturn
In Q2 2022, NFTs have been the topic of more debates than ever, although opinions have changed resulting in a decrease in optimism. "According to the most recent earnings announcements, this drop in confidence has been caused by discussions surrounding the cryptocurrency market decline," said Ekta Chourasia, business fundamentals analyst at GlobalData, a leading data and analytics company.
Rupee ends 5 paise lower at 79.81 against US dollar
"USDINR spot closed 5 paise lower at 79.81, thanks to FPI inflows and corporate flows. However, with global situation remaining challenging, with US Dollar Index and USDCNH both in uptrend, USDINR may continue to see dip buying," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, at Kotak Securities Ltd.
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