BUSINESS
Capital amounting Rs 2,76,043 crore infused in PSBs since FY2017-18
According to information provided by the Union Ministry of Finance in a written reply in Lok Sabha on Monday, capital is infused by the Centre in PSBs from time to time to supplement their efforts to meet capital requirement. As per Reserve Bank of India (RBI) guidelines and policy approved by banks' boards, non-performing assets (NPAs), including, those in respect of which full provisioning has been made on completion of four years.
Paytm's sooner than promised profitability impresses analysts, Brokerages issue Buy calls
Global firms such as Goldman Sachs, Bank of America, CLSA and Citic have raised their price target on Paytm by up to 119 per cent. Citi, CLSA, and Goldman Sachs have recommended to buy the share post Q3FY23 earnings, while BofA maintained its 'neutral' rating. Goldman believes that Paytm's current share price continues to offer a compelling entry point into India's largest fintech platforms.
Vistara adds Airbus A321LR to its fleet, focuses on International expansion
The long-range variant of the Airbus A320neo (which is part of the order of 50 aircraft from the Airbus A320 Family placed in 2018) arrived in Delhi on February 4, 2023 from Airbus' production facility in Hamburg, Germany. With an increased maximum take-off weight of 97 tonnes and the third auxiliary center fuel tank, enabling the aircraft to cover longer range.
Union Budget lays more emphasis on taking skilling to last mile
The country is expanding investments in modern capex, digitalisation, skilling for youth and expanding support and opportunities for all. Vijendra Katiyar, Country Manager, India and SAARC at Trend Micro said that the budget places a strong emphasis on talent development, digital skills training, and upskilling.
IL&FS initiates interim distribution payout of Rs 3,200 cr in IFIN
As part of the interim distribution, IL&FS Group will be paying a total of Rs 3,200 crore to IFIN eligible creditors, that is being distributed in accordance with the NCLAT approved Revised Distribution Framework. Of the total of Rs 3,200 crore, approximately Rs 2,250 crore is being paid to a combination of 28 PSU, Private and Foreign banks .
IRDAI should set up a committee to review its regulations: Experts
They also said the said committee should have representation from all the regulated entities and policyholders. Industry officials told IANS that the Regulations Review Committee (RRC) and the various sub-groups set up by the two insurance councils -- Life Insurance Council and General Insurance Council -- does not have proper representation from major stakeholders.
Chinese finance minister, central bank governor to attend debt roundtable in India: IMF MD Kristalina Georgieva
The meeting will bring together creditors, including traditional lenders from advanced economies, new creditors such as China, Saudi Arabia, and India, as well as representatives from the private sector. The goal of the meeting is to bring all parties together with debtor countries to discuss the issue of debt relief and find a solution that benefits both sides.
India playing vital role in global oil industry by converting Russian crude into West’s fuel: Report
According to the report, the US Treasury officials have two main goals: to keep the market well supplied and to prevent Russia from earning oil revenue. They are aware that Indian and Chinese refiners can make more money by buying discounted Russian crude and exporting the refined products at market prices. This is seen as an acceptable arrangement.
Apple supplier Foxconn reports strong over 48% growth in Jan
The company reported consolidated revenue of NT$ 660.4 billion for January 2023, up 4.93 per cent (on-month) and 48.3 per cent YoY. Revenue in January reached a record high for the same period, said the company, "With operations returning to normal and product shipments increasing at the Zhengzhou campus, revenue in January delivered strong double-digit growth.
Indian startups raised $1.2 bn in Jan, PhonePe & KreditBee lead
According to data by Fintrackr, an arm of startup news portal Entrackr, growth-stage startups witnessed 22 deals worth $926 million in the first month of 2023. Early-stage startups received $265 million across 67 deals while 12 startups did not disclose transaction details. According to the report, the average deal size for early-stage startups was nearly $4 million.
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