3:11 AM
Blogger
Swiggy has received enthusiastic investor interest for its $1.4-billion IPO in India, with bids from big investors like Norges Bank and Fidelity exceeding $15 billion. The IPO, launching next week, has seen its valuation reduced to $11.3 billion due to a recent market correction.
7:11 PM
Blogger
HDB Financial Services, a subsidiary of HDFC Bank, has filed draft documents with Sebi to raise Rs 12,500 crore via an IPO, comprising Rs 2,500 crore in fresh shares and Rs 10,000 crore through an OFS by HDFC Bank. The funds will bolster its Tier-I capital and support business expansion.
8:10 PM
Blogger
The US economy grew at an annual rate of 2.8% from July to September, driven by strong consumer spending despite high interest rates. The Federal Reserve's favored inflation gauge dropped to its lowest in four years. The GDP data signals a resilient economy with moderating inflation, benefiting the central bank's policies.
3:10 PM
Blogger
Diwali 2024 bank holidays full list: Bank holidays for Diwali in 2024 vary across Indian states. Diwali, also known as Deepavali, is a Hindu festival that celebrates the triumph of light over darkness, good over evil, and knowledge over ignorance.
2:10 PM
Blogger
India's gold reserves, managed by the Reserve Bank of India, total 854.73 metric tonnes, with 510.46 metric tonnes stored domestically and 324.01 metric tonnes internationally. Gold’s share in India's foreign exchange reserves increased to 9.32% by September 2024, from 8.15% in March 2024, reflecting its rising importance amid global economic fluctuations.
6:10 AM
Blogger
The Reserve Bank of India has transported another 102 tonnes of gold from the Bank of England to secure locations within the country, bringing the total to 510.5 tonnes held domestically out of 855 tonnes by the end of September. This move is part of efforts to secure holdings amid global geopolitical tensions, with further shipments possible.
2:10 PM
Blogger
Jairam Ramesh highlights that thousands of tribals in Jharkhand struggle to access their bank funds due to stringent KYC norms. He urges the Reserve Bank of India to review these procedures, citing surveys where 60% of households in Latehar and Lohardaga have frozen bank accounts, affecting access to MGNREGA wages and government cash transfers.
1:10 AM
Blogger
Bargain hunting after a five-day slide boosted Sensex by 603 points to 80,005 on Monday, led by ICICI Bank's strong quarterly numbers. Limited gains were made due to foreign fund selling, but reduced crude prices strengthened the rupee. Nifty also rose 158 points, reversing its losing streak.
5:10 PM
Blogger
Indian stock markets broke a five-day losing streak on Monday, with the BSE Sensex rising 0.76% to close at 80,005.04 and Nifty50 up 0.65% to 24,339.15. Gains were driven by strong quarterly results from ICICI Bank and other lenders. The rupee remained stable at 84.0775 against the US dollar.
9:10 AM
Blogger
The Reserve Bank of India's forecast of a 7.2% growth rate for the economy by March 2025 is causing concern among economists due to recent signs of slowing activity. Economists point to factors like declining urban consumption and exports, and warn against maintaining high interest rates, which could further undermine growth.
7:10 AM
Blogger
IDFC First Bank's Q2 net profit dropped by over 73% to Rs 201 crore, primarily due to a Rs 253-crore provision following Maharashtra government's toll waiver decision. The net interest income increased by 21% to Rs 4,788 crore, while deposits rose by 32.4% to Rs 2,18,026 crore.
5:10 AM
Blogger
RBI governor Shaktikanta Das anticipates inflation will moderate after October, despite recent highs. Speaking at an IMF-World Bank event, Das emphasized efforts to align inflation with the 4% target and highlighted economic strength. He also warned of cryptocurrency risks and stressed international consensus on regulation.
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