BUSINESS
Lenders of Reliance Naval staring at 90% to 95% haircut
Lenders of Reliance Naval and Engineering Ltd. (RNEL), which is undergoing debt resolution process under IBC, are set to face a haircut of whopping 90 per cent to 95 per cent, if the resolution plan of either of the two resolution applicants is accepted by them. The lenders are currently voting on the resolution plans of the two shortlisted resolution applicants, i.e., Hazel Mercantile-Swan Energy consortium and Navin Jindal led JSPL.
PayPal shuts down services in Russia
Payments company PayPal has announced that it is suspending its services in Russia in the wake of Ukraine invasion.Ukraine's vice prime minister Mykhailo Fedorov tweeted a letter from PayPal CEO Dan Schulman, confirming the company's decision to shut down its operations in Russia. Visa and Mastercard have also announced to suspend all operations in the country in the wake of Ukraine invasion.
A 'bad precedent': BharatPe episode surprises startup capital Bengaluru
The BharatPe episode, which shocked the startup industry, has startled Bengaluru, known as the startup capital of India.The incident has also rang alarm bells among many startups, which are going easy on financial discipline. Industry insiders feel that while the investors want to double their money, founders of startups want to settle down as soon as they get investments, without even bothering to think about the future of the workforce.
With top dollars flowing in, Indian startups need to reset their moral compass
The Ashneer Grover-BharatPe tussle that hogged the limelight since January has brought to the fore the need to fix corporate governance while maintaining moral integrity at the very top in the burgeoning Indian startup ecosystem. The Ashneer Grover-BharatPe tussle that hogged the limelight since January has brought to the fore the need to fix corporate governance while maintaining moral integrity at the very top in the burgeoning Indian startup ecosystem.
Price shocks due to war in Ukraine will have impact worldwide: IMF
Energy and commodity prices-including wheat and other grains-have surged due to the war in Ukraine, adding to inflationary pressures from supply chain disruptions and the rebound from the Covid-19 pandemic, the IMF has said. Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses.
Seesaw: Sharp FIIs outflow matched by DIIs' inflows
As per MOFSL report, FIIs continued to remain sellers in India as the global risk-off sentiment and the geopolitical situation have added to concerns of inflation, higher bond yields, and global rate hikes. "This has resulted in $14.1 billion of outflows from the Indian market since Oct'21. This has been offset by DII buying of $16 billion over the same period."
Gold Rush: Ukraine war to push global prices to $2k
Accordingly, the fears of supply shortages along with robust demand has kept prices higher. Besides, sanctions on Russia which is a major producer of Gold is expected to reduce supply. Last week, MCX gold prices increased sharply by 4.66 per cent to Rs 52,559 levels. Besides, 'Spot Gold' prices increased by 4.30 per cent to $1,970.35 per ounce.
NSE fraud: Anticipatory bail plea of Chitra Ramakrishna dismissed
On February 24, the CBI arrested Anand Subramanian, the ex-Group Operating Officer of NSE. He was later sent to CBI's custody till March 6. The Central Bureau of Investigation (CBI) probing the NSE fraud has been making efforts to find fresh clues to reach the mysterious Himalayan Yogi, with whom the classified informations were shared by Ramakrishna.
Telecom industry to witness healthy revenue growth in FY23
Tariff hikes as well as continued increase in data usage is expected to accelerate telecom industry's revenue growth in FY23. The sector has been saddled with debt due to complications such as the 'Adjusted Gross Revenue' (AGR) case verdict, which brought in a huge immediate liability on the books of telecom operators.
War effect: Commodity prices to keep Rupee weak
High commodity prices as well as outflow of foreign funds from equity markets are expected to subdue the Indian rupee further. Rising prices of crude oil along with other commodities triggered by Russia-Ukraine war will keep the rupee weak. However, interventions by the Reserve Bank might cap the downside to rupee against the USD.
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