BUSINESS
Overseas bond issue may fall this year on elevated borrowing cost
According to the data compiled by Prime databases, companies and banks raised Rs 45,237.15 crore so far this year, as compared to Rs 77,845 crore amount raised in the similar period last year. "A higher US interest rates especially in the shorter end of the curve coincided with weakening Rupee made the borrowing cost higher for Indian Corporates to tap the foreign bond market," said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincorp LLP, a Mumbai-based debt advisory firm.
Indices erase all gains, Sensex falls over 310 points
At close, Sensex ended 310.71 points or 0.53 per cent down at 58,774.72, while Nifty ended 82.50 points or 0.47 per cent down at 17,522.45. About 1,905 shares advanced, 1,517 shares declined while 130 remained unchanged on Thursday. Bajaj Finance, Power Grid Corporation of India, Infosys, TCS and IndusInd Bank remained the major losers, while BSE IT index fell 0.88 per cent and Nifty IT index fell 0.87 per cent on Thursday.
Companies, banks to raise up to Rs 3,200 cr via bonds today
As per data, Canara Bank will raise Rs 2,000 crore, which includes Rs 1,000 crore via Basel-III Tier-II bonds, Kotak Mahindra prime Ltd will raise Rs 300 crore and Rs 175 crore via 35-month-25-day and 47-month-25-day, respectively. While, Tata Capital Housing Finance Ltd will raise Rs 245 crore via 118-month bonds, and Sundaram Finance Ltd is to raise Rs 500 crore via 36-month bonds.
Number of cases admitted through IBC in Q1FY23 higher than yr ago: Report
According to the report, the cases admitted through IBC in Q1FY23 is 332, compared to 139 cases admitted in the same period previous year. IBC is gaining prominence as operational creditors lead new case admissions; 50 per cent cases were initiated by operational creditors and 40 per cent by financial creditors. Of the 3,600 cases that were closed until 1QFY23, only 14 per cent were resolved while 47per cent faced liquidation.
SEBI order restrained Prannoy & Radhika Roy from accessing the securities market for 2 yrs: NDTV
NDTV said that unless pending appeal proceedings were to successfully conclude, prior SEBI approval is needed for the Adani group to secure 99.5 per cent in the promoter group entity since this would consequently lead to acquisition of voting rights in respect of 29.18 per cent held by the RRPR Holdings in the news network.
Pakistani experts keen to resume trade with India
Earlier Pakistan's all-powerful Army Chief General Qamar Javed Bajwa, too, underlined the need to resolve outstanding issues and disputes between the two countries through dialogue. "Pakistan continues to believe in using dialogue and diplomacy to resolve all outstanding issues including the Kashmir dispute and is ready to move forward on this front if India agrees to do so," Bajwa had said. Trade between the two countries has remained suspended since 2019. A World Bank study undertaken in 2018 said that trade between India and Pakistan could go as high as $37 billion if the situation normalises.
Big Bull Rakesh Jhunjhunwala left a will, set to bequeath Rs 50,000 cr fortune to wife and children
Jhunjhunwala, whose fortune is believed to be worth approximately Rs 50,000 crore, had arranged to ensure his estate, including shares and property, is bequeathed to his wife and three children. In fact, he would often speak about his fourth child - charity. A part of his fortune will thus definitely go towards his favorite charities.
Indian aviation under-penetrated compared to China, near peers like Indonesia: Report
The report on 'Civil Aviation: The Roadmap for Robust Growth Over Next Decade' observed that this is largely a function of relatively lower income levels compared to China and Indonesia. However, the Indian market harbours immense potential, considering rising income levels and its vast population, it said. It said that the Chinese aviation market grew four times between 2007 and 2022 as income levels rose and the Indian market is poised for a similarly impressive growth.
RBI lifts business curbs imposed on American Express Banking Corp
"With the Reserve Bank of India circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect," the release said. The RBI had, by its order dated April 23, 2021, imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on storage of payment system data.
Turnover/fixed assets ratio mixed for Indian industries: Bank of Baroda
An improvement in this ratio for 13 sectors indicates that the recovery has been real. The metals group, along with some intermediates like chemicals as well as textiles, have registered higher ratios. However, for 25 sectors, the picture, however, is still a concern as the ratio of turnover to GFA is still lower than pre-pandemic times. These sectors are more in the services segment, besides consumer goods and capital goods.
Don't Miss
Advertisement