BUSINESS
DBS India grows profitability despite Lakshmi Vilas Bank amalgamation impact
In FY21, the bank's net revenues grew by 85 per cent to Rs 2,673 crore (including Rs 134 crore from the Lakshmi Vilas Bank (LVB). The results also include the LVB's performance since November 20, 2020, the date when it amalgamated with the DBIL. The bank's profit before tax rose to Rs 679 crore from Rs 170 crore in FY 2020. This is despite absorbing the LVB's pre-tax losses of Rs 341 crore.
Zomato's IPO opens on July 14, price band fixed at Rs 72-76
A company statement said that the price band of the offer has been fixed at Rs 72 to Rs 76 per equity share. Bids can be made for a minimum of 195 equity shares and in multiples of 195 equity shares thereafter. The IPO consists of fresh issue aggregating up to Rs 9,000 crore (fresh issue) and an offer for sale by Info Edge (India) Ltd aggregating up to Rs 375 crore (offer for sale).
Global gold ETF flow subdued in June at 2.9 tonne
A report by World Gold Council (WGC) said that inflows into North American and Asian funds were primarily offset by outflows from European funds. "Overall, the positive flows came in spite of significant gold price weakness in the latter half of the month on the heels of a relatively hawkish Federal Reserve (Fed) outlook, suggesting that investors may have taken advantage of the lower price level to gain long gold exposure," it said.
Indian social ecommerce platform DealShare raises $144 mn
The company said it will utilise new funds in improving and scaling up its operations rapidly. The latest round marks the third funding for the company in a span of seven months, with the valuation increasing nine-fold on the back of high-growth momentum. The company expects its footprint to increase from current 20 warehouses across five states to over 200 warehouses across 10 states by the end of year.
Cash-driven informal credit market reaches $500 bn in India
While India has a highly under-penetrated formal credit market, it has a very large informal credit market. As per estimates by the Bengaluru-based market research firm RedSeer, more than $200 billion of loans are given informally to friends and family in India each year. Moreover, more than $300 billion of spending is shared with family/dependents.
MFs to focus on stronger inclusion of investors from deeper geographies, mass income segments
Stronger inclusion of investors from deeper geographies and from mass income segments can contribute towards its growth story in coming times, the report said after deliberations of CII Mutual Fund Summit. India has witnessed tremendous growth in its mutual funds industry that has grown from Rs 1.13 lakh crores to Rs 31.7 lakh crores in AUM from March 2000 to February 2021.
Vehicle retail sales rise in June: FADA
Accordingly, the data released by the Federation of Automobile Dealers Associations (FADA) showed a rise of 22.26 per cent during the month under review from the level of June 2020. The vehicle retail sales rose to 12,17,151 units last month from 9,92,610 units sold during June 2020. On sequential basis, FADA had reported an overall vehicle retail sales figure of 5,35,855 units for May 2021.
Cairn gets French court nod to takeover Indian assets in Paris to recover arbitration award
According to the people in the know and reports, French courts completed the legal process on Indian asset takeover on Wednesday that started last month when it had ordered the takeover in favour of the energy company. The British energy major has said that it may file lawsuits across several countries to make government firms and banks liable to pay the dues.
Bill, Melinda Gates may not run foundation together after 2 years
In their divorce announcement in May, Bill and Melinda fully committed to continuing to work together at the foundation to advance its programme and policy objectives. However, to ensure the continuity of the foundation's work "if after two years either decides they cannot continue to work together as co-chairs, French Gates will resign her position as co-chair and trustee," said a statement from the philanthropy on Wednesday.
Sensex in red after choppy start; HDFC Bank, RIL fall
The decline in the index-heavyweights -- HDFC Bank and RIL weighed in on the Sensex. Around 10.25 a.m., Sensex was trading at 52,929.62, lower by 125.14 points or 0.24 per cent from its previous close of 53,054.76. It opened at 53,065.69 and has so far touched an intra-day high of 53,103.03 and a low of 52,917.56 points.
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