BUSINESS
Rupee Declines by 11 Paise, Closes at 83.32 Against US Dollar
Forex traders noted that foreign fund outflows and the demand for the US dollar from importers influenced investor sentiments.
Fidelity, Investment Giant, Slashes Valuation of Musk-Run X by 71.5%
Fidelity had initially acquired a stake in X Corp for $300 million in October 2022 when Elon Musk took over the platform, previously known as Twitter, for a sum of $44 billion.
Sensex Plummets Over 500 Points in Recent Market Movement
The BSE Sensex recorded a significant decline of 559 points, settling at 71,712, mainly driven by selling pressure on heavyweight stocks.
Zomato Raises Platform Fee to Rs 4 in Major Cities Following Successful New Year's Eve
During New Year's Eve, Zomato temporarily increased its platform fee to as high as Rs 9 per order in specific markets, reflecting the unprecedented demand on the platform.
Sinohope, Crypto Firm, Reports Over 40% Increase in Losses Amid Absence of FTX Funds
In a filing with the Hong Kong stock exchange, Sinohope reported a staggering net loss of $37 million, marking a near 40 percent increase from its net loss during the same period in 2022, according to the South China Morning Post.
RBI: India's Household Debt Not Deemed Systemically Alarming
The report observes that the current household debt in India doesn't pose a systemic concern, offering a relatively stable financial landscape.
Major Oil Companies to Disburse Over $100 Billion to Shareholders
These 'super-majors'—BP, Shell, Chevron, ExxonMobil, and TotalEnergies—distributed a staggering $104 billion in dividends and share buybacks to shareholders throughout the 2022 calendar year, according to data from the Institute for Energy Economics and Financial Analysis (IEEFA).
RBI's New Directive Aims to Facilitate Recovery of Unclaimed Bank Deposits
Under the existing guidelines, any credit balance in a deposit account that remains dormant or unclaimed for a period of 10 years or more needs to be transferred by banks to the DEA Fund, managed by the RBI.
New Year Brings Significant Changes to UPI Transactions
The National Payments Corporation of India (NPCI) has introduced pivotal adjustments, including the directive for payment apps to deactivate dormant UPI IDs that have remained inactive for over a year.
Wadia Group Maintains Financial Strength Amidst Go First's Bankruptcy; Sky One and SpiceJet Express Acquisition Interest
Go First, established in 2005, voluntarily filed for bankruptcy in May 2023, citing outstanding debts exceeding Rs 6,521 crore, primarily owed to lenders, including a substantial portion owed to public sector banks.
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