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Wholesale price inflation in India remained in negative territory for the seventh consecutive month in October. The wholesale price index (WPI) fell 0.5% in October, with the negative inflation primarily due to falling prices of chemicals, electricity, textiles, and food products. Vegetable prices fell by 21% during the month, while onion prices continued to rise. Experts expect the Reserve Bank of India to start cutting interest rates by August next year, depending on the inflation trajectory.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TBr2lEI
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The Securities and Exchange Board of India (Sebi) has given approval to four companies to raise funds through initial public offerings (IPOs). Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable, and Suraj Estate Developers received observation letters from Sebi. The IPO of Fedbank Financial Services consists of a fresh issue of equity shares and an offer for sale by the promoter and existing shareholder. The equity shares of these companies will be listed on the BSE and NSE.
The Indian government has signed a $400 million loan agreement with the Asian Development Bank (ADB) to support its urban reform agenda. The loan will be used to create high-quality urban infrastructure, improve service delivery, and promote efficient governance systems. The program aims to make cities livable and centers of economic growth through inclusive and sustainable infrastructure. It will support the implementation of Atal Mission for Rejuvenation and Urban Transformation (Amrut) 2.0.
The cyber hack of Industrial and Commercial Bank of China's US broker-dealer caused extensive damage, including a blackout of corporate email and temporary inability to pay BNY Mellon $9 billion, a sum much larger than its net capital. ICBC received a cash injection from its Chinese parent and manually processed trades with BNY Mellon's assistance. ICBC expects to resume normal business by Monday after setting up secure systems with cybersecurity firm MoxFive.
