BUSINESS
LIC IPO Day 4: NII segment fully subscribed; overall issue oversubscribed
The issue opened for subscription on May 4 and continues to see strong interest from all investor categories. The portion reserved for eligible policy holders was subscribed 4.67 times, reservation for eligible employees was subscribed 3.54 times, retail category was subscribed 1.46 times, the non-institutional category witnessed subscription of 1.08 times and the qualified institutional buyers category saw subscription of 0.67 times.
Toyota Group signs MoU with K'taka for Rs 4,800 crore investment
Speaking on the occasion, Bommai said, "As a state committed to sustainable development and contributing to the nation's progress, we want to make Karnataka a global supply-chain and manufacturing hub under our 'Build for the World' mission. This MoU with Toyota Group of Companies is a huge stride in this regard, and the Karnataka government is confident of Toyota's commitment towards sustainable growth and local manufacturing quality for Karnataka's development."
Parag Agrawal's wife Vineeta linked with Musk's $44 bn Twitter takeover
As a general partner at Andreessen Horowitz, she leads investments for the firm's bio and health fund across therapeutics, life sciences tools/diagnostics, and digital health, with a focus on companies leveraging unique datasets to improve drug development and patient care delivery. Andreessen Horowitz is also one of the biggest backers of Facebook (now Meta).
Elon Musk's $44 billion Twitter deal faces 1st legal hurdle in US
The proposed class-action lawsuit, filed by the Orlando Police Pension Fund in the Delaware Chancery court, alleged that since Musk was an "interested stockholder" before the merger agreement was approved by Twitter's board, "the proposed takeover may not lawfully close until 2025 absent approval by the affirmative vote of over 66 per cent of Twitter's voting stock not aowned' by Musk within the meaning of Section 203".
FPI selling extends to 8th straight month, pulls out over Rs 6k crore in May
The recent pullout was triggered due to an aggressive rate hike by the US Federal Reserve, which is a negative for Indian investors. Analysts say foreign flows are likely to remain volatile in the near term amid the high prospect of aggressive rate hikes globally and the headwinds in terms of higher crude prices, and rising Inflation. FPIs remained net sellers for seven months to March 2022, withdrawing a massive net amount of Rs 1.65 lakh crore from equities.
Government allows additional 2,051 MT of raw sugar to be exported to US under TRQ
With 8,424 metric tonnes (MT) already allocated in October 2021, the total quantity allocated for US fiscal year 2022 would now be 10,475 MT, Director General of Foreign Trade (DGFT) said in a notification published late on Friday night. As per the DGFT, the TRQ is a mechanism that allows a set quantity of specific products to be imported. These specific items are as per the particular custom notification associated with it.
HDFC hikes home loan rates for existing customers effective May 9
It would lead to an identical hike in home loan rates for exiting customers. The hike will come into effect from May 9. It had recently increased its benchmark lending rate by 5 basis points This move comes at a time when the RBI hiked the policy rate and CRR to check prevailing high inflation and likelihood of further hike.
L&T to own 68.73% in combined entity after Mindtree, LTI merger
Mindtree, a leading digital transformation partner with market cap of Rs 578.4 billion will merge into LTI, a global technology consulting and digital solutions company with market cap of Rs 836.2 billion. Subsidiaries and associates of Mindtree will become subsidiaries and associates of LTI.
Nvidia fined $5.5 mn over crypto mining disclosures in US
The US Securities and Exchange Commission (SEC) announced the charges and a settlement with the company. Its order claims Nvidia misled investors by reporting a huge boost in revenue related to "gaming", hiding how much its success relied on the far more volatile crypto market, reports The Verge.
Finland's imports from Russia surges in March: Customs
The value of imports from Russia was 1 billion euros ($1.06 billion) in March 2022 while the value of Finland's exports to Russia amounted to 184.4 million euros, down 42 per cent year-on-year, Xinhua news agency reported. The surge in the import value is due to drastically increased import prices, explained the Finnish Customs in a press release.
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