BUSINESS
CCI approves merger of HDFC Bank, HDFC Ltd
"Commission approves proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings," CCI said in a tweet on the microblogging platform Twitter on Friday. Whenever a deals over certain limit has been struck in the marketplace then it needs an approval from the regulator to keep a tab on unfair business practices.
'Harnessing four engines of growth, India can imagine 11 per cent growth'
Addressing an event organised by the Reserve Bank of India (RBI) to celebrate Azadi Ka Amrit Mohotsav, he identified the the four challenges that need to be addressed as the loss of livelihood due to Covid pandemic, bridging the infrastructure gap, development of high quality workforce, and a greener and cleaner India with the focus on renewable power.
ED freeze on Rs 370 cr bank assets 'unfortunate': Crypto firm Vauld
Vauld, which last month suspended all withdrawals, trading and deposits on its platform owing to "financial challenges", said that despite extending its cooperation, "the Enforcement Directorate has proceeded to pass a freezing order, pursuant to which crypto assets in the pool wallets of the company have ordered to been frozen to the extent of approximately Rs 2,040 million".
Russia's economy shrinks significantly in Q2
Gross domestic product (GDP) fell by 4.0 per cent in the period from April to June compared to the corresponding quarter of the previous year, dpa news agency quoted the national statistics office as saying on Friday. Economists had expected a sharper decline of 4.7 per cent. Economic output has thus fallen back to the level of 2018.
The see-saw battle of bulls and bears since 2020
"Indian equity markets have seen a fair amount of ups and downs over the last two years, largely on account of the Covid-19, the lockdowns that were put in place to restrain it, and its consequent impact on the global economy," the blog said. The Nifty 50 sank to a low of nearly 7,500 points in March 2020 post which it started its upward climb to more than 18,500 points in October 2021.
Apple, Meta once planned to build businesses together: Report
According to a report in The Wall Street Journal, Apple and Facebook discussed "revenue-sharing arrangements, including a potential ad-free, subscription version of Facebook". They discussed creating a subscription-based version of Facebook that would be free of ads. Apple also reportedly argued that it deserved a cut of certain portions of Facebook's ad revenue from so-called "boosted posts".
Foreign investors bought highest amount of shares on Aug 12 since starting of month
"The sentiments in the market have turned bullish due to the sustained buying by FPIs. FPIs turned net buyers in July and they have turned aggressive buyers in August. India is a preferred destination since India has the best growth prospects among large economies of the world. FPIs have turned buyers in autos, capital goods, FMCG and telecom. They continued to sell in IT," said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
5 Chinese companies to delist from New York Stock Exchange
In separate statements issued on Friday, China Life Insurance, PetroChina, Sinopec, Aluminum Corporation of China and Sinopec Shanghai Petrochemical said they had notified the NYSE and applied for "voluntary delisting", reports CNN. The companies cited "low turnover in the US" and "high administrative burden and costs" as their reason for the departure. China's securities watchdog, the China Securities Regulatory Commission, said on Friday that it is aware of the situation and that "it is normal for companies to list or delist from any market"
Foreign exchange reserves fall $897mn to $572.98bn in week ending Aug 5
The fall was witnessed after it rose during the week ending July 29 after falling for the four consecutive weeks earlier. The fall in this week has witnessed due to decline in foreign currency assets by $1.611 billion to $509.646 billion. Foreign Currency Assets (FCA) that is the most important component of the RBI's foreign exchange reserve are the assets like US Treasury Bills bought by the RBI using foreign currencies. The FCA is the largest component of the forex reserve.
LIC posts Rs 682 cr PAT, ranks 98 in Fortune 500 list
According to LIC, it closed the three months period ending June 30, with a net profit of Rs 682.88 crore on a total premium income of Rs 98,352 crore (previous year Q1 Rs 81,721 crore). The company said its overall market share by First Year Premium Income increased to 65.42 per cent for the quarter ended June 30, as compared to full year market share of 63.25 per cent for FY 2021-22. The market share by First Year Premium Income for the quarter ended June 30, 2021 was 67.52 per cent.
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