BUSINESS
Coromandel International acquires majority stake in drone company for Rs 204 crore
According to Coromandel International, its subsidiary Coromandel Technology will acquire a 32.68 per cent stake in the Rs 1.31 lakh equity based Dhaksha and another 18.34 per cent stake from Dare Ventures Ltd, another wholly owned subsidiary. The turnover of Dhaksha for FY 2021-22 was Rs 4.52 crore.
Indian economy presents picture of resilience, robust financial system boosting growth: RBI document
The report, which is a half-yearly report card of financial institutions' health, while presenting an overview of the financial sector, noted: "Sustained growth momentum, moderating inflation and anchoring of inflation expectations, a narrowing current account deficit (CAD) and rising foreign exchange reserves, ongoing fiscal consolidation and a robust financial system are setting the economy on a path of sustained growth."
Visa acquires fintech startup Pismo for $1 bn
Pismo has operations in Latin America, Asia Pacific and Europe. The fintech startup also has some customers in India, Southeast Asia and Australia. With the acquisition, Visa will be positioned to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud native application programming interfaces (APIs).
PM meets Goldman Sachs' chief, board members
"Had a fruitful discussion with the members of the Board and key leadership of @GoldmanSachs. Highlighted India's vast potential for growth, fuelled by recent reforms and a conducive business environment," Modi tweeted after meeting the bank's top leadership. "Also spoke of how India offers several opportunities for global firms," the Prime Minister added.
Bank Nifty poised to lead rally into July
The US markets continued the positive data with consumer confidence climbing to highest levels since January 2022, new home sales jumped 12.2 per cent to highest levels since February 2022, and lastly home prices were up 0.9 per cent in April for the top 20 cities in US.
Gross NPAs of banks fell to 10-year low of 3.9% in March: RBI report
The net non-performing assets (NNPA) ratio declined to 1.0 per cent, the RBI report said. The macro stress tests for credit risk reveal that scheduled commercial banks (SCBs) would be able to comply with the minimum capital requirements even under severe stress scenarios, the report emphasised.
Nothing closes $96 mn round ahead of Phone (2) launch
With this round, Nothing's total funding has reached $250 million, as the company also crossed selling 1.5 million products. “In just over two years, we’ve assembled one of the strongest teams in the industry and sold over 1.5 million devices worldwide,” said Carl Pei, Nothing CEO and Co-founder.
Buying in heavyweight stocks pushes Indian markets to all-time high
The market's bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with pharma and metal sectors leading the way as top performers, outshining others, Nair said.
Indian markets at all-time high driven by FII inflows
Christy Mathai, Fund Manager- Equity, Quantum AMC said from a macro standpoint, India stands out relative to peer countries, with inflation moderating, investing activity and growth picking up. Growth hurdles of the Indian economy have been corrected to a large extent. Infrastructure has been improving consistently, corporate balance sheet strength has improved, and the financial system is in a robust state to fund the potential growth.
Pakistan's currency depreciated by record 28%
The PKR slipped to 286 against the dollar on Tuesday, compared with 204.8 on June 30, 2022, in the interbank market, The News reported. The PKR appreciated 0.25 per cent against the dollar on a day-on-day basis. Monday saw the closing price at 286.71 against the dollar.
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