BUSINESS
I-T raids ex-fund manager Viresh Joshi's premises
The raids were conducted on Saturday. Joshi was sacked in May by the Axis Asset Management Company over allegations of front-running. The Axis Bank had said that it had on May 4 suspended Joshi and other fund managers on the charge of alleged front-running. Joshi was on the radar of the I-T department since May after it found that the latter was in possession of a Lamborghini and luxury apartments in Mumbai.
Musk may build his own airport outside of Austin
According to sources, Musk is developing plans for a new private airport, Teslarati reported citing Austonia. Although not much is known about the timing or even the exact location, these sources said that the conceptual plans have been confirmed. The airport will be somewhere east of Austin near Bastrop, Texas. A private airport would be helpful for Musk and his companies, especially since three of them have a presence in Austin.
RCAP resolution plan submission deadline likely to be extended yet again
According to sources, few bidders, including Piramal, Torrent, Oaktree and IndusInd, have written to the RCAP Administrator to extend the deadline by 20 to 35 days. The RCAP resolution plan submission date has already been extended four times in the past couple of months. The current deadline to submit the plan ends on August 10, while the original date was May 26.
HDFC increases RPLR by 25 bps with effect from Aug 1
The hike in rate by the mortgage lender came before the Reserve Bank of India's (RBI) monetary policy meeting, which is to be held between August 3 and August 5. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022," the exchange filing said.
India's 5G auction hits Rs 1.5 lakh cr, bids to continue: Ashwini Vaishnaw
Led by Reliance Jio so far, the 5G spectrum auction by the Department of Telecom (DoT) received bids for more than Rs 112 crore in seven rounds on day 5. Addressing the 'Telecom Investors Roundtable' in Mumbai, Vaishnaw said that there is no upfront paymentA and the winning telecom companies can pay the money over a period of 20 years.
Indian Bank Q1 net profit at Rs 1,213 crore
According to Indian Bank, it had earned a net profit of Rs 1,213.44 crore for the period ended June 30, up from Rs 1,181.66 crore earned during the corresponding period of the previous year. During this period, the bank's advances grew by nine per cent to Rs 425,203 crore over Rs 389,626 crore a year ago, primarily driven by the growth in the retail, agriculture, and MSME segments. Indian Bank's total deposits grew by eight per cent to Rs 584,251 crore as compared to Rs 540,082 crore during the corresponding period a year ago.
ED attaches assets worth Rs 3.92 cr of ex-Odisha MLA, media firm
The ED has provisionally attached movable as well as immovable assets worth Rs 3,92,20,000 belonging to Pravat Ranjan Biswal, erstwhile MLA, Cuttack and Media Guru Consultants Pvt Ltd under PMLA, 2002 in a ponzi scam case. The total attachment in the case is now Rs 261.92 crore, the agency said in a tweet. According to a statement issued by the ED, the attached assets include bank balance of Rs 25 lakhs at SBI Cuttack Branch belonging to Biswal and one immovable property belonging to Media Guru Consultants in Noida.
ED probes infusion of ill-gotten gains in real estate, entertainment industry
Among property documents seized, there are ownership deeds of several flats, some of them in the names of Chatterjee's relatives and associates. In most cases, the developers had ties with the suspended Trinamool Congress leader who wielded significant clout and was even considered No. 2 in the hierarchy after party supremo and Chief Minister Mamata Banerjee.
Android tablet market share drops below 50% in Q2
Tablet demand remains ahead of pre-pandemic levels in the face of inflation and supply constraints. However, mounting macro-economic pressures, lower consumer sentiment, the evolving threat of Covid, and a prolonged Russia/Ukraine conflict could turn the second half of the year much more challenging.
RBI may hike 25-50 basis points at monetary policy meeting next week
Economist and fund managers are of the mix view on the policy stance. Few are expecting stance will be change to 'Neutral', while some says 'Withdraw of accommodative stance could persist'. "We expect 40-50 bps hike in repo rate in August policy review. Withdraw of accommodative stance could persist," said Vivek Kumar, Economist, QuantEco Research.
Don't Miss
Advertisement