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The appellate tribunal on Friday declined to stay the merger of Zee and Sony Pictures (renamed Culver Max Entertainment) while hearing a petition filed by two lenders. The National Company Law Appellate Tribunal (NCLAT) directed Zee to file its response to IDBI Bank and Axis Finance's pleas and listed the case for hearing on January 8. IDBI and Axis had filed loan recovery petitions against Zee and its promoters, the Goenka family. According to IDBI, Siti Networks, a company promoted by the Goenkas, defaulted on a Rs 149-crore loan, for which Zee stood as a guarantor.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Lc0KI5d
AU Small Finance Bank expects to close the year with Rs 1 lakh crore of deposits should the announced merger with Fincare Small Finance Bank go through. The Jaipur-based lender expects to achieve deposits of Rs 2 lakh crore by March 2027 - its 10th year of operations, founder, MD & CEO Sanjay Agarwal said. Agarwal told TOI that while the model continues to be lending to retail, the bank may apply for a universal bank licence as this recognition would help bring down the cost of funds.
The sensex capped a strong winning week with a 970-point rally on Friday to close above the 71,000-mark for the first time in history. It closed at 71,484 points as software exporters led the rally. The US central bank's announcement late Wednesday that it could start cutting interest rates in 2024 in the world's largest market led to a global rally which continued Friday. In the domestic market, foreign funds remained net buyers with a Rs 9,239-crore net inflow Friday that took the month's tally to about Rs 52,000cr.
The State Bank of India (SBI) has announced an increase in its marginal cost of funds-based lending rate (MCLR) and base rate. The new rates, which came into effect on December 15, 2023.
Oil prices rose as bullish forecast on oil demand for next year from the International Energy Agency (IEA) and a weaker dollar boosted prices. Brent futures reached USD 76.70 per barrel while US West Texas Intermediate (WTI) crude climbed to USD 71.68. The US Federal Reserve's mid-week announcement of likely borrowing cost cuts next year further lifted prices. The dollar fell to a four-month low after indications that interest rate hikes have likely ended. The European Central Bank reaffirmed record high borrowing costs despite lower inflation expectations.
US Federal Reserve chief Jerome Powell indicated that it could soon start cutting interest rates in 2024, leading to a rally in global stock markets. In India, the sensex and Nifty closed at new highs due to the Fed's dovish narrative and other factors such as the fall in US 10-year bond yield, positive GDP growth rate revision by RBI, and robust earnings growth expectations. The rally was driven by foreign funds, with Infosys, ICICI Bank, and HDFC Bank contributing the most to the gains. The market capitalization of BSE also increased significantly.
Capri Global, Varun Beverages, Grindwell Norton, ICICI Bank, and Adani Enterprises have been identified as consistent wealth creators during the period of 2018-2023, according to the Motilal Oswal Wealth Creation Study. Lloyds Metals emerged as the fastest wealth creator and Reliance Industries as the biggest wealth creator.
The Asian Development Bank has revised India's growth forecast for the current financial year to 6.7%, citing stronger-than-expected second-quarter performance. The RBI also revised its growth estimate last week, raising it to 7% from the earlier projection of 6.5% for FY24. This alignment in growth projections by two influential financial institutions underscores a positive outlook for India's economic trajectory. Looking ahead to the next financial year, FY25, the ADB maintains its growth forecast for India at 6.7%.
Gold prices reach one-week high after US Federal Reserve signals lower borrowing costs in 2024, causing dollar and Treasury yields to tumble; Spot gold up 0.2 per cent at USD 2,031.28 per ounce; US gold futures jump 2.4 per cent to USD 2,045.50; Fed's dovish pivot supports gold prices, weakens US dollar; Fed officials project lower policy rate by end of 2024; Dollar falls to two-week low, making gold cheaper for other currency holders; Markets price in 73 per cent chance of rate cut in March; Other central bank decisions awaited.
Odisha had the highest retail inflation rate in November at 7.7%, followed by Rajasthan at nearly 7% and Haryana at 6.8%. Delhi had the lowest inflation rate at 3.1%, followed by Chhattisgarh at 3.6% and Jammu & Kashmir at 3.8%. Karnataka and Punjab recorded 6.5% each. The overall inflation rate in November rose to 5.6%, led by a surge in vegetable and some food prices. The Reserve Bank of India expects the inflation rate to moderate in the coming months.
The State Bank of India (SBI) will sign a Euro 70 million Line of Credit with KfW (German Development Bank) for supporting solar photovoltaic projects in India. The signing ceremony will be held at IFSC Gift City Branch, Ahmedabad. This development assumes importance as countries have reached a deal at the COP 28 summit, calling for a reduction in greenhouse gas emissions and transitioning away from fossil fuels in the energy system.
India's employment outlook between October 2023 and March 2024 shows workforce expansion and increased hiring in various industries, according to an employment outlook report released by staffing conglomerate TeamLease. The report, based on data collected from 1820 companies across 14 cities, highlights the resurgence of consumer and retail companies in Q4 and cautious moves from banks and NBFCs due to increased regulatory pressure. The surge in workforce expansion is attributed to government policies and initiatives promoting entrepreneurship. High workforce expansion is projected in the healthcare, pharmaceuticals, and electric vehicles and infrastructure sectors.
To promote ease of doing business, capital markets regulator Sebi on Tuesday tweaked the framework requiring stock brokers or clearing members to upstream clients' funds to clearing corporations. This came after Sebi received representations from various stakeholders -- stock brokers, and brokers' associations citing certain operational difficulties in implementation of the framework. Stock brokers are required to maintain designated client bank account to receive funds from their clients. The clients can request SBs/CMs to release funds at any time during the day.
India's retail inflation rose to 5.55% in November from 4.87% in October due to higher food prices, according to government data. The figures are within the Reserve Bank of India's comfort zone. Inflation had been declining since August. The rate of price rise in the food basket was 8.7% in November. The RBI projected the CPI inflation at 5.4% for 2023-24. The inflation had peaked at 7.44% in July this year amid soaring prices of vegetables during the monsoon season. Since then, it has steadily declined.
The Reserve Bank of India (RBI) has released a warning statement concerning deceptive advertisements that lure borrowers with assurances of loan forgiveness. This advisory is in reaction to the ongoing promotion of such initiatives by various entities via print and social media. These unauthorized entities, without any legitimate authority, impose service or legal fees for the issuance of 'debt waiver certificates.' Bankers have reported instances where agents promise defaulting borrowers a 'settlement' with banks, aiming to reduce the borrower's debt liability.
Bank of America promoted 334 employees to managing directors, including 75 investment bankers and 64 trading division employees. The cohort is 8% smaller than the previous year, but over half are women and people of color. Goldman Sachs will promote 608 executives to managing directors next year, fewer than two years ago. Bank of America CEO Brian Moynihan expects the bank to outperform rivals in investment banking fees for Q4. The industry-wide investment banking fee pool is expected to decline by 10% to 15%.
