BUSINESS
Mukesh Ambani India's richest with $84.5 bn, Gautam Adani 2nd: Forbes
"He also sold a third of telecom unit Jio to marquee investors such as Facebook and Google and offloaded 10 per cent of Reliance Retail to private equity firms such as KKR and General Atlantic, plus concluded a $7.3 billion rights issue of Reliance shares," Forbes said.
Most sectors in Indian stock market trading at premium to historical averages
Health care and auto now trade in a reasonable range to their long period average (LPA) valuations, while technology, after the sharp run, trades at a 40 per cent premium to its LPA. Consumer goods still trade at a decent premium to its LPA, but this premium has shrunk in the last one-year.
Axis Bank, subsidiaries acquire over 12% in Max Life, become co-promoters
The bank and its subsidiaries Axis Capital and Axis Securities have completed the acquisition of 12.99 per cent stake collectively."The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year," the bank said in a statement.
CRED raises $215M in new round, turns unicorn at $2.2B valuation
Existing investors DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina have also participated in this round, CRED said.Marking its entry into India's unicorn club, the company said it will also offer its team another ESOP buyback opportunity, with a cumulative value of $5 million.
Covid Returns: Airlines clamour to reduce operational capacity
Accordingly, industry insiders contend that rising cases have severely impacted demand leading to cancellations. Notably, the Centre till now has allowed airlines to deploy 80 per cent capacity. The domestic sector was reopened on May 25, 2020, with a limited capacity of only 33 percent.
Credit Suisse takes $4.7 bn hit due to hedge fund default
"While our financial results are still subject to detailed finalisation and review, we would expect to report a pre-tax loss for 1Q 2021 of approximately (Swiss Franc) CHF 900 million. This includes a charge of CHF 4.4 billion (around $4.7 billion) in respect of the failure by a US-based hedge fund to meet its margin commitments as we announced on March 29, 2021," Credit Suisse said in a statement, although it did not name the fund house.
Indian economy to grow at historic 12.5%, but COVID wave 'concerning': IMF
"These numbers precede the current wave of the virus, which is quite concerning," she added. With the unprecedented growth rate projection of 12.5 per cent not seen in modern times, India also regains its status as the world's fastest growing economy, according to the WEO. Malhar Nabar, the Division Chief in IMF's Research Department, said, "The current forecast that we have already takes a fairly conservative view on the sequential growth for the Indian economy for this year."
Haryana allocates 140 acres to Flipkart in Manesar
During the meeting, the Chief Minister was apprised that the land, belonging to the Haryana State Industrial and Infrastructure Development Corporation Ltd, allotted at price of Rs 3.22 crore per acre to Instakart Services Private Ltd, a Flipkart group company, will not only give impetus to further investments in the region but would boost market access opportunities for MSMEs.
Airtel, Jio announce spectrum trading agreement
The agreement is subject to statutory approvals, Airtel said in a statement. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 459 crore relating to the spectrum.
PlayShifu raises nearly Rs 125cr in Series B round
Chiratae Ventures and Bharat Innovation Fund also participated again. "We are proud of our team for their incredible achievements during the pandemic while working remotely for an entire year. The effort translated into a successful Series B to help take the brand to new heights in 2021 and beyond," PlayShifu Co-founder and CEO Vivek Goyal said in a statement.
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