TaMo’s Tesla tweet electrifies industry
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There was already chatter of an “electrifying” development over the past few days with market participants suggesting that the rise in Tata Motors shares was also the result of talk of a deal with Tesla.
Piramal Group has received 94% votes from lenders, placing the conglomerate on course to become the new owner of bankrupt housing finance company DHFL. The US-based Oaktree Capital, which made an aggressive pitch for the company is understood to have received supporting votes from 45% of the lenders.
The Centre is in no rush to approve investments from neighbouring countries, despite a rising backlog of proposals worth over Rs 12,000 crore from China. The tense border standoff with China had prompted the Centre to clamp down on investments from neighbouring countries by insisting on approvals even if the sector was on the so-called … Continue reading Chinese investments worth Rs 12,000 cr await nod
With increasing backlash over its new policy update and the company losing users to rival messaging apps, WhatsApp on Saturday said it will no longer require users to accept updated terms of service by February 8, and is delaying the privacy changes by three months.
If there is any proposal on bad banks, the Reserve Bank of India (RBI) will examine the proposal, RBI governor Shaktikanta Das during 39th Palkhiwala Memorial lecture on Saturday.
The race to acquire scam-hit Punjab and Maharashtra Co-operative Bank (PMC) is heating up. Payments startup BharatPe and financial service firm Centrum are set to submit an aggressive bid to the RBI.
India has taken very decisive action to deal with the pandemic and its economic consequences, the IMF chief has said, indicating that the agency’s World Economic Outlook update would show a better picture for the country’s economic performance.
The Reserve Bank of India (RBI) is likely to propose tightening rules on “shadow banks” in a bid to strengthen solvency and sustainability of a sector that has been showing signs of stress in recent years, two sources said.
Traders’ body CAIT on Saturday filed a petition in the Supreme Court, making a plea to direct WhatsApp to withdraw its new privacy policy. The body issued a statement claiming that the new WhatsApp privacy policy encroaches upon various fundamental rights of the citizens.
The country’s largest private sector lender HDFC Bank on Saturday reported a 14.36 per cent jump in consolidated net profit to Rs 8,760 crore for the December quarter.
The Budget session of Parliament will commence on January 29 and finance minister Nirmala Sitharaman will present the Union Budget on February 1.
Bengaluru-headquartered non-life company Digit Insurance is the latest Indian unicorn. The company was valued at $1.9 billion after its latest fund-raise of Rs 135 crore from existing investors.
IDFC First Bank is set to shake up the credit card market by charging interest as low as 9% on revolving credit for those with a good track record. The private lender will also not charge interest on cash withdrawals during the 45-day free credit period.
Shares in Chinese technology giant Xiaomi collapsed more than 11 per cent in Hong Kong trade on Friday after the US put it on a blacklist. The aim is to ban Americans from investing in it as the Trump administration ramps up its battle with Beijing.
PSU lenders back Piramal’s DHFL bid
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Public sector banks, led by SBI, are understood to be in favour of the resolution plan submitted by Piramal Group for troubled housing finance company DHFL. PSU lenders hold a significant portion of the debt and are likely to determine the direction of voting by financial creditors, which concludes on January 15.
The aid package includes $415 billion to bolster the response to the virus and the rollout of Covid-19 vaccines, some $1 trillion in direct relief to households, and roughly $440 billion for small businesses and communities particularly hard hit by the pandemic.
The Donald Trump administration in its waning days took another swipe at China and its biggest firms on Thursday, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms. The moves will further increase tensions with China, Washington’s strategic rival in Asia.
Credit card spends top pre-Covid levels
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Festival demand in November drove the value of in-store credit card purchases to 109% of pre-Covid (January 2020) levels. The growth was driven by big-ticket purchases as the number of transactions continued to be at 71% of January 2020 levels. However, restaurant spends are still only 66% of pre-Covid levels. Similarly, apparels & footwear grew … Continue reading Credit card spends top pre-Covid levels
The Karnataka Police has seized Bitcoins worth Rs 9 crore from a 25-year-old hacker, Bengaluru joint commissioner of police (crime) Sandeep Patil informed on Friday. The hacker, Srikrishna alias Shreeki, was arrested on November 18 for allegedly breaking into government websites, online gaming portals and websites.
Almost all Indian carriers have started sale to attract flyers. For instance, IndiGo has a five-day sale till Sunday (Jan 17) with all inclusive fares on domestic flights starting at Rs 877. Airlines need to woo back flyers. On expected lines, travel has dipped after the peak holiday season got over.
IMF chief Kristalina Georgieva has praised India for taking “very decisive” steps to deal with the coronavirus pandemic and its economic consequences and asked the country to do more this year to support an accelerated transformation of the economy. If you look at mobility indicators, we are almost where we were before Covid in India, … Continue reading ‘India took decisive steps to deal with Covid’
According to numbers released by industry body Siam, sales of passenger vehicles — a cumulative of cars, SUVs, MPV/UVs — stood at 17.8 lakh units in April-December, the lowest in a decade since the 18.1 lakh units sold in the same period of FY11. Two-wheelers sales in nine months of this fiscal stood at 107.7 … Continue reading At 18 lakh, car sales crash to 10-year low
India’s benchmark bond yield rose on Friday to a three-week high as a lack of an open market operation announcement disappointed investors ahead of a debt sale and variable rate reverse repo auction later in the day. The Reserve Bank of India (RBI) last week said it would conduct a variable rate reverse repo auction … Continue reading Bond yields rise in absence of OMO announcement
Equity indices slipped on Friday with the benchmark BSE sensex falling nearly 550 points amid profit booking. Sensex plunged 549 points or 1.11 per cent to close at 49,035; while the broader NSE Nifty moved 162 points or 1.11 per cent lower to settle at 14,434.
This firm seeks finance from forests
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Estonian company Single.Earth has raised millions of dollars to buy forests and wetlands, it said on Friday, aiming to tap into a rapidly growing carbon-offset market and public concern over the amount of logging in the country.
India’s trade deficit in goods widened to $15.44 billion in December as imports rose to $42.59 billion, pushed by a surge in gold imports, while merchandise exports were up marginally, revised data released by the government on Friday showed.
The much-awaited policy to scrap 15-year old vehicles is likely to get government nod soon, Union minister Nitin Gadkari said on Friday. On July 26, 2019, the government proposed amendments to motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles.
In wake of bird flu in severe states, airlines like IndiGo and Vistara have stopped serving chicken and egg dishes on some of their flights. A Vistara official said the airline has “already removed chicken and egg items from the onboard menu on both domestic and international flights originating from Delhi.”