BUSINESS
Torrent escalates Reliance Capital bid war against Hinduja to RBI
In a new letter to RBI Deputy Governor M. Rajeshwar Rao dated December 28, Torrent Investments sought directions to Nageswara Rao Y, the administrator of Reliance Capital. The letter said that the challenge process was concluded on December 21 with the administrator's email to Torrent Investments confirming its NPV bid amount of Rs 8640 crore as the highest bid amount.
Fidelity slashes its Twitter stake value by 56% as Musk faces challenges
Fidelity's Contrafund valued its Twitter shares at $53.47 million on October 31, just days after Musk's $44 billion acquisition deal was closed, reports Axios. It then revalued the shares at around $23.46 million as of November 30, representing a 56 per cent decline. Fidelity was among investors that helped Musk finance his $44 billion acquisition of the micro-blogging platform by purchasing equity.
The Bahamas seizes $3.5 bn in FTX digital assets as ex-CEO faces trial
The Securities Commission of The Bahamas said in a statement that it took the action of directing the transfer of all digital assets of under the custody or control of FTXDM (FTX Digital Markets Ltd) or its principals, valued at more than $3.5 billion, based on market pricing at the time of transfer, to digital wallets controlled by the Commission, for safekeeping.
Russia continues to limit share of assets from 'unfriendly countries' in national wealth fund
According to the statement on Friday, the share of the Chinese yuan in the NWF would be doubled from 30 to 60 per cent, and the share of non-cash gold would increase to 40 per cent, within the framework of the newly approved regulatory asset structure of the NWF. At the same time, Russia will fully remove dollar assets from its wealth fund, and reduce balances in the British pound and Japanese yen to zero, Xinhua news agency reported.
Burgeoning fiscal deficit will be a challenge for govt in FY 2023-24
India's fiscal deficit widened to Rs 9.78 lakh crore for the April-November period of 2022-23, which is 58.9 per cent of the Budget target of Rs 16.61 lakh crore for the current fiscal, according to data released by the Controller General of Accounts (CGA) on Friday. During the corresponding period of last year, fiscal deficit was at 46. 2 per cent of the Budget target. Fiscal deficit till October in the current financial year had touched Rs 7.58 lakh crore, or 45.6 per cent of annual estimates, as per the official data. During the corresponding period of last year,
Positive outlook for banks: All-time low NPAs, higher profits, resilient credit offtake
The banks enjoyed arbitrage between the lending and deposit rates, higher credit demand, lower loan provisions (government-owned banks posted handsome profits) and others. The year also saw mergers and acquisitions (M&A) in the sector with housing finance major HDFC Ltd deciding to merge with HDFC Bank Ltd.
Despite global recessionary headwinds, Indian economy is comfortably placed
However, as 2022 comes to a close, tackling inflation is going to be one of the most significant challenges of the Indian economy.
Though as can be seen from the central bank's observation, inflation seems to have tapered off to an extent in October 2022, but will continue to fox RBI in the new year too.
Robust collections to enable government roll out tax reforms, raise exemption limit
With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned. Already there are indications that the government may enhance tax exemption limit to Rs 5 lakh per annum from the current Rs 2.5 lakh per annum.
Forex reserves fall to $562 billion during period ending Dec 23: RBI data
Prior to this week, the forex reserves had slipped by $571 million to $563.499 billion. Forex reserves have been falling, as they are being used to bolster the declining rupee. The country's reserve position with the International Monetary Fund (IMF) was up by $45 million to $5.159 billion in the reporting week, the data showed.
AMG Media Networks raises its stake in NDTV to 64.71%
The Roys continue to hold a 5 per cent stake in NDTV, a welcome presence in NDTV's new chapter, it said. Gautam Adani, Founder and Chairman of the Adani Group said: "The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation."
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