BUSINESS
Welspun Corp completes acquisition of Sintex-BAPL
Pursuant to the implementation of the Approved Resolution Plan, Propel has merged with SBAPL with effect from March 29, 2023, Welspun Corp said in a filing to stock exchanges. Consequent to the merger, SBAPL has allotted equity shares to the shareholders of Propel viz., WCL in accordance with the Scheme of.
Real estate sector worried about further increase in repo rate
"Over the past three quarters, the interest rate on home loans has risen to over 9 per cent, representing a 40-50 per cent increase from the historical low of 6.5 per cent per annum. As a result, many home loan borrowers are feeling the impact of this significant increase in interest rates," Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd said.
Era of low interest & easy credit over, inflation pronounced in India: S&P Global Ratings
Banks, which dominate the region's funding channels, could turn selective. Financing costs have already been rising in Asia-Pacific on the back of volatile global markets. Combined with the ongoing banking turmoil, the region's borrowers could see funding access squeezed, the report said. "Risk aversion among lenders.
`IRDAI's new commission rules to affect PSU insurers, legalises actions of private players'
The official also said the new norms will affect adversely the government owned general insurers and an advantage for mid and large sized private insurers. The IRDAI had recently notified its regulations whereby, the policy segment wise ceiling on commissions payable to the distributors has been abolished.
Fourth quarter of 2022-23 sees lowest IPO fundraising in 9 years
According to Pranav Haldea, Managing Director, Prime Database Group, as many as 25 out of the 37 IPOs came in just three months of the year (May, November and December), which shows the volatile conditions prevalent through most of the year which are not conducive for IPO activity.
NXP Semiconductors CEO Kurt Sievers meets Prime Minister
In a tweet about the meeting on Tuesday, the company said: "NXP CEO Kurt Sievers met with India's PM @narendramodi to discuss strengthening the semiconductor ecosystem, developing STEM workforce and startup ecosystem in India. We're committed to driving innovation and positive change through our tech solutions."
India's PC, tablet market grew 5% to reach 19.6 million units in 2022
While notebook shipments fell by 7 per cent to 11 million units, desktop and tablet shipments increased significantly by 37 per cent and 21 per cent to 3.2 million and 5.4 million units respectively, in 2022, reports market research firm Canalys. HP led the Indian PC (excluding tablets) market, with more than 30 per cent market share in both Q4 and full-year 2022. Lenovo took the second place but suffered a large shipment decline of 31 per cent in Q4 of 2022.
Government plans to implement 58% of its borrowings in first half of 2023-24
Out of the gross market borrowing of Rs 15.43 lakh crore projected for 2023-24 in the Union Budget, Rs 8.88 lakh crore (or 57.55 per cent) is planned to be borrowed in first half of the fiscal. The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore.
Igor Sechin's visit to India: Stepping up integrated cooperation
During the trip, Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India. Igor Sechin, CEO of Rosneft Oil Company, and Shrikant Madhav Vaidya, Chairman of Indian Oil Corporation Ltd., signed the agreement, in the presence of India's Minister of Petroleum and Natural Gas Hardeep S. Puri.
Coal Ministry launches seventh round of commercial mines' auction
Out of the 106 coal mines, 32 are new coal mines and 69 mines are being rolled over from earlier tranches. Additionally, five coal mines under the second attempt of sixth tranche are also being launched where single bids were received in the first attempt.
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