BUSINESS
India's market cap may grow to $6.4tn by 2030
In 1993, when foreign portfolio investors were first allowed to buy Indian stocks, India's GDP and market cap stood at $260 billion and $90 billion, respectively. Since then FPIs have bought a cumulative $217 billion In the 27 years since then, India's GDP has risen 11-fold to $2,870 billion, an average annual real growth rate of 6.5 per cent.
Samsung expects $8.3B in Q1 earnings on strong mobile business
The forecast came as its mobile business fared well, offsetting a relatively tepid performance from the semiconductor business. On a quarterly basis, Samsung's first-quarter operating income was up 2.8 per cent from the last quarter of 2020, and the sales estimate was up 5.6 per cent from the previous quarter.
India hosts 1st meet of BRICS Finance Ministers, Central Bank Governors
The meeting, jointly chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das, was the first meeting of the BRICS Finance Ministers and Central Bank Governors under India's chairship in 2021. As BRICS chair, India's approach is focused on strengthening intra-BRICS cooperation based on continuity, consolidation, and consensus.
SEBI chief admits Independent Directors' issue not yet resolved
In his address at the 14th CII Corporate Governance Summit, Securities and Exchange Board of India (SEBI) Chairman, Ajay Tyagi said that as a part of their continuous efforts in this direction, they recently came out with a consultation paper touching some of these issues.
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.
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