L&T Finance, L&T Infra Credit sell to Rs 1,827 Cr loan to Arcil
Mumbai: L&T Finance and subsidiary L&T Infra Credit jointly sold ₹1,827.5 crore of distressed loans to Avenue Capital-backed Asset Reconstruction Company of India (Arcil) this week, two people aware of the development said. The asset reconstruction company offered ₹1,092.5 crore for the loan portfolio in a 15:85 structure, the people said, where 15% of the consideration was paid upfront, and the remaining in the form of security receipts payable on recovery of the loan.
Read more at:
https://economictimes.indiatimes.com/industry/banking/finance/lt-finance-lt-infra-credit-sell-rs-1827-cr-loan-to-arcil/articleshow/96630818.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Air India poses territorial risk to IndiGo in New Year
The airline has managed a steady orderbook to tap the growing number of flyers in India and has also achieved profitability, aided by a low-cost structure, promoter support and shrewd negotiations in contracts
Read more at : https://www.livemint.com/companies/news/air-india-poses-territorial-risk-to-indigo-in-new-year-11672420847723.html
Shriram Finance get $100 million loan from Asian Development Bank
Indian shadow lender Shriram Finance Ltd said on Friday it had secured a five-year loan worth $100 million from the Asian Development Bank to provide credit to its customers towards purchase of new and used vehicles across India.
Read more at:
https://economictimes.indiatimes.com/industry/banking/finance/shriram-finance-secures-100-million-loan-from-asian-development-bank/articleshow/96620791.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
KYC mandatory for buying health, auto and other insurance from Jan 1
It will be mandatory for the insurers to collect KYC documents from you when you are purchasing a new life and non-life insurance policy, irrespective of the premium amount, from January 1, 2023
Read more at: https://economictimes.indiatimes.com/wealth/insure/insurance-rule-change-kyc-mandatory-for-buying-new-health-auto-travel-insurance-from-january-1-2023/articleshow/96591507.cms
RBI floating rate bonds interest rate hiked from Jan 1
The Reserve Bank of India (RBI) has hiked the interest rate on floating rate savings bonds from 7.15 per cent to 7.35 per cent from January 1, 2023. The hike in interest rate on these bonds have come up after government hiked the interest rate on small savings schemes for January to March quarter of financial year 2022-23.
Read more at:
https://economictimes.indiatimes.com/wealth/invest/rbi-floating-rate-bonds-interest-rate-hiked-to-7-35-from-january-1-2023/articleshow/96630488.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Pension Funds must take ‘extreme care’ with liquidity risk : OECD
Pension funds should be “extremely careful” when investing in illiquid assets, as rising interest rates and falling stock markets increase the likelihood of their having to access cash quickly, the OECD has warned.
Read more at : https://www.ft.com/content/145b2294-ca5f-4c1d-96c2-d47b20497126
Climate Risks gain corporate acknowledgement after SEC prodding
At least 10 companies including General Dynamics, Halliburton and EOG Resources have added climate change risks to their regulatory disclosures following demands from the US Securities and Exchange Commission, which could use this information to defend its climate rule in court next year. In early 2023 the SEC is expected to complete a new rule requiring companies to disclose more information on their vulnerabilities to global warming. Certain emissions information would also need to be audited.
Read more at : https://www.ft.com/content/41e3b01e-34cd-42ba-a120-e036837e3a7c
Foreign currency crunch hits Egypt’s economy
With foreign currency in short supply in Egypt, Rafik Clovis spent December anxiously waiting to find out whether his bank would be able to provide the $67,000 he needed to fund the import of a consignment of car parts from Europe.
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https://www.ft.com/content/8d17fe6c-c1a5-420a-a200-b8e70d49a7bc
US Central bankers hope lower profit margins will aid inflation fight
Profit margins are sliding across much of corporate America as companies struggle to keep raising prices, cheering central bankers trying to fight soaring inflation but frustrating investors seeking higher returns.
Read more at : https://www.ft.com/content/5c7dfb31-6a7f-48f4-b210-ee3a3bf5ef43
MCap of eight top-10 firms jumps Rs 1.35 trn ; SBI, RIL major winners
Eight of the 10 most valued firms together added Rs 1,35,794.06 crore in market valuation last week, with State Bank of India and Reliance Industries Limited emerging as the biggest winners.
Read More at : https://www.business-standard.com/article/markets/mcap-of-eight-of-top-10-firms-jumps-rs-1-35-trn-sbi-ril-major-winners-123010100050_1.html
Recovery, Expansion, Covid Air pockets awaits Indian Aviation Sector in 2023
With tailwinds of high domestic air passenger traffic and airlines’ ambitious expansion plans, the country’s civil aviation sector is firmly on a V-shaped recovery trajectory but the gathering Covid clouds and geopolitical headwinds could cause turbulence in 2023.
Read More at : https://www.business-standard.com/article/current-affairs/recovery-expansion-covid-air-pockets-await-indian-aviation-sector-in-2023-122123100238_1.html
Stock Market maintain winning streak for seventh consecutive year : outperforms over 4% in 2022
India’s benchmark indices were surprisingly resilient in 2022 — a year that witnessed high inflation, rising interest rates, sporadic Covid outbreaks, and a bloody war in Europe.
Read More at: https://www.business-standard.com/article/markets/2022-is-the-seventh-consecutive-year-of-gains-for-benchmark-indices-122123000979_1.html#:~:text=Outperform%20most%20global%20peers%20even,just%20over%204%25%20in%202022&text=India’s%20benchmark%20indices%20were%20surprisingly,a%20bloody%20war%20in%20Europe.
Tata Motors complete Rs 725 crore acquisition of Ford’s sanand plant
Tata Passenger Electric Mobility (TPEML), a subsidiary of Tata Motors, has completed the acquisition of Ford India’s vehicle manufacturing plant in Sanand for Rs 725.7 crore, according to an exchange notification.
Read more at : https://www.business-standard.com/article/companies/tata-motors-subsidiary-completes-acquisition-of-ford-india-s-sanand-plant-122123001062_1.html#:~:text=Tata%20Passenger%20Electric%20Mobility%20(TPEML,according%20to%20an%20exchange%20notification.
At 3.8 million units, PV sales surpass pre-covid peak in ’22
“Demand seems to be good. Last month, enquiries as well as bookings were at elevated levels”, informed Srivastava, adding, “We have to monitor customer demand going ahead to assess the impact of the increase in vehicle prices due to implementation of certain regulatory norms.” Maruti Suzuki grew sales by 16% to sell 1.58 million vehicles in the year. Meanwhile, Korean auto major Hyundai Motor India recorded highest-ever domestic sales since its inception of 552,511 units in 2022 with a growth of ..
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https://economictimes.indiatimes.com/industry/auto/cars-uvs/at-3-8-million-units-pv-sales-surpass-pre-covid-peak-in-22/articleshow/96667374.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Banks set for strong loan growth in Q4
Public sector banks have outperformed private banks in the recent past. Banks also expect margin trajectory to remain robust, while an improving asset-quality resolution should provide further fuel to profitability.
Read More at : https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-set-for-strong-loan-growth-in-q4/articleshow/96667323.cms
Corporate tax to GDP ratio crosses 3% in 2021-22, first time in two years
Net corporate tax collection in 2021-2022 stood at Rs 7.12 lakh crore, which works out to 3.01% in terms of the ratio to GDP. At current market price, the collections stood at Rs 236.64 lakh crore.
Read More at: https://economictimes.indiatimes.com/news/economy/finance/corporate-tax-to-gdp-ratio-crosses-3-in-2021-22-first-time-in-two-years/articleshow/96659512.cms
Petrol, diesel sales spike in December as economy gains pace
India’s demand for petrol and diesel surged significantly in December as higher agricultural use helped capitalise on the momentum created by the holiday season, preliminary industry revealed on Sunday.
https://economictimes.indiatimes.com/news/economy/indicators/petrol-diesel-sales-spike-in-december-as-economy-gains-pace/articleshow/96663231.cms?from=mdr
GST collections grow 15 pc to Rs 1.49 lakh cr in December
The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).
https://economictimes.indiatimes.com/news/economy/indicators/indias-december-goods-and-services-tax-collections-up-15/articleshow/96662943.cms?from=mdr
RBI plans to expand applications of digital rupee in future pilot projects
“Wholesale digital rupee is expected to make the inter-bank market more efficient and reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the central bank said. “Based on the learnings from this pilot, other wholesale transactions and cross-border payments will be the focus of future pilots.”
Read more at:
https://economictimes.indiatimes.com/news/economy/policy/rbi-plans-to-expand-applications-of-digital-rupee-in-future-pilot-projects/articleshow/96667528.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
India’s M&A deals soar to $126.09 billion
M&A deals in India soared to $126.09 billion across 1,185 deals in 2022. However, the growth rate — at 141% — was largely due to the HDFC Bank and Housing Development Finance Corporation merger which was worth $57 billion. The deal size, the biggest in India’s corporate history, was higher than the total value of all deals — $52.31 — in 2021.
https://www.financialexpress.com/industry/indias-mampa-deals-soar-to-126-09-billion/2933514/
HZL forays into fertiliser production, to set up 0.5 MT plant in Rajasthan
Hindustan Zinc (HZL), a subsidiary of Vedanta, is setting up a 0.5 million tonne (MT) per annum fertiliser manufacturing plant at Chanderiya in Chittorgarh district of Rajasthan, according to a senior company official.
https://www.financialexpress.com/industry/hzl-forays-into-fertiliser-production-to-set-up-0-5-mt-plant-in-rajasthan/2933486/
Centre to save Rs 25,000 cr on PMGKAY expenses in FY23
The Centre is likely to save at least Rs 10,000 crore in the seventh and final phase (Oct-Dec 2022) of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) and upwards of Rs 25,000 crore for the whole of the current financial year. This is against a total outlay of Rs 1.3 trillion for the April-December 2022 period.
According to sources, states have not lifted a quarter of 12 million tonne (MT) allocated under the free ration scheme for its seventh phase. With this, the total savings against allocation of Rs 3.91 trillion since the scheme’s inception in April 2020 will be above Rs 40,000 crore, they added.
Read more at : https://www.financialexpress.com/economy/centre-to-save-rs-25000-cr-on-pmgkay-expenses-in-fy23/2933479/
Torrent Power in talks with ReNew to buy 1.1GW clean energy capacity
Torrent Power Ltd is in talks to buy clean power projects totalling 1.1 gigawatts (GW) from ReNew Energy Global Plc at an enterprise value of around $1.2 billion, two people aware of the development said.
Ahmedabad-based Torrent Power has submitted a non-binding offer (NBO) for ReNew’s solar and wind power assets of 350 megawatts (MW) and 750MW, respectively, at an equity value of around $450 million, the people cited above said on the condition of anonymity, adding discussions on valuation are continuing.
Read more at: https://www.livemint.com/companies/news/torrent-power-in-talks-with-renew-to-buy-1-1gw-clean-energy-capacity-11672597619027.html
BoM organises credit outreach programme; sanctions loans worth ₹1,300 cr
State-owned Bank of Maharashtra (BoM) has organised a credit outreach programme under which it has sanctioned loans worth about Rs 1,300 crore. These loans were distributed by the bank’s Executive Director Asheesh Pandey and General Manager Chitra Datar across various segments including housing, education, MSME and agriculture, BoM said in a statement on Saturday.
Read more at : https://www.outlookindia.com/business/bom-organises-credit-outreach-programme-sanctions-loans-worth-rs-1-300-crore-news-249778
SEZ, industrial cluster workers may get PF, medical insurance cover
In a bid to expand social security coverage, the government is working to ensure that all workers in special economic zones and industrial clusters are brought under provident fund and medical insurance schemes.
As part of the PM Gati Shakti National Master Plan, workers of both organised and unorganised sectors working in these zones will be brought under the aegis of the Employees’ Provident Fund Organisation (EPFO) and Employees’ State Insurance Corporation (ESIC).
Read More at : https://www.financialexpress.com/industry/sez-industrial-cluster-workers-may-get-pf-medical-insurance-cover/2934608/
SBI, HDFC Bank, ICICI continue to be systematically important: RBI
“SBI, ICICI Bank and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs,” the Reserve Bank said in a statement.
Read more at : https://www.businessinsider.in/finance/banks/news/sbi-icici-bank-hdfc-bank-continue-to-remain-systemically-important-banks-rbi/articleshow/96707758.cms#:~:text=%22SBI%2C%20ICICI%20Bank%20and%20HDFC,Bank%20said%20in%20a%20statement.
Dabur completes acquisition of 51% stake in Badshah
Badshah Masala is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. The acquisition is in line with the company’s strategic intent of entering into new adjacent categories in the food space, Dabur had said earlier.
Read More at: https://economictimes.indiatimes.com/industry/cons-products/fmcg/dabur-acquires-51-majority-stake-in-badshah-masala/articleshow/96700466.cms
CSB Bank, Karnataka Bank post strong loan growth in Q3
Private sector lenders CSB Bank and Karnataka Bank reported a strong credit growth for the three months ended December 31. Karnataka Bank reported a 12.4% year-on-year loan growth to Rs 63,659 crore while CSB Bank saw a 25.7% growth in credit to Rs 18,643.3 crore.
Karnataka Bank‘s deposit growth was at 7.9% to Rs 84,593 crore. CSB Bank fared better in terms of deposit growth, which increased 19% YoY to Rs 22,664 crore in Q3FY23.
Read More at : https://www.financialexpress.com/industry/banking-finance/csb-bank-reports-25-7-loan-growth-in-q3/2934468/
Meesho’s losses near Rs 3,248 crore as expenses rise 4X in FY22
Meesho, the e-commerce platform, saw its losses mushroom to Rs 3,248 crore in financial year (FY) 2022, an increase of 550% from Rs 499 crore that the startup reported in the preceding fiscal year, on the back of higher logistics and advertising expenses.
Read More at : https://www.financialexpress.com/industry/meeshos-losses-near-rs-3248-crore-as-expenses-rise-4x-in-fy22/2934420/
L&T eyes new areas such as green energy, data centres, edutech
Engineering and infrastructure conglomerate Larsen & Toubro (L&T) needs to focus on areas such as green energy, data centres and edutech, which are relatively new to the group, to remain competitive and relevant.
Technology will be a key differentiator and the company should adopt tech-driven solutions to succeed, L&T CEO and MD SN Subrahmanyan said in his new year address to employees.
Read More at : https://www.financialexpress.com/industry/lampt-eyes-new-areas-such-as-green-energy-data-centres-edutech/2934587/
Centre may consider raising interest equalization subsidy for MSME exporters
The central government is analysing the cost to the exchequer if the interest subsidy is increased from three per cent to five per cent for micro, small and medium manufacturers.
The Interest Equalization Scheme, covers primarily sectors in labour intensive sectors such as apparel, toys, auto parts and allows exporters to get access to capital at a reduced cost.
Read More at : https://www.financialexpress.com/industry/sme/msme-exim-centre-may-consider-raising-interest-equalization-subsidy-for-msme-exporters/2934452/
FCI’s paddy procurement up by 11% at 53 million tonne
The government aims to procure 90 MT of paddy in 2022-23 (Oct-Sept).
Three months since the commencement of paddy procurement by the Food Corporation of India (FCI) and state government agencies for the current kharif season (2022-23), the total purchase till Sunday was up by 11% on year at 53 million tonne (MT).
Read More at : https://www.financialexpress.com/economy/fcis-paddy-procurement-up-by-11-at-53-million-tonne/2934530/
PMS clients dip 25% in last three years
Portfolio management services (PMS) providers had 161,465 clients in November 2019.That fell 25% to 120,978 as of November 2022, data from a monthly regulatory bulletin showed. However, assets under management grew nearly 50% to Rs 26.28 trillion during the same period.
Read more at : https://www.financialexpress.com/market/pms-clients-dip-25-in-last-three-years/2934560/
RIL, Adani Group, NTPC among 7 bidders for SKS Power
Reliance Industries, the Adani Group, state-owned NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals and Singapore-based Vantage Point Asset Management have submitted final bids to take over the distressed company, SKS Power. The last date for submission of bids was December 30.
Read more at:
https://economictimes.indiatimes.com/industry/energy/power/ril-adani-group-ntpc-among-7-bidders-for-sks-power/articleshow/96691812.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Airtel sets its sights on raising revenue market share to over 40%
Besides rival Vodafone Idea’s vulnerability in the absence of funding and 5G services, Airtel is betting on its rural push to bridge the coverage gap with market leader Reliance Jio. The company is also expanding its home broadband business and pushing for conversions to post-paid from pre-paid for the RMS growth
Read more at:
https://economictimes.indiatimes.com/industry/telecom/telecom-news/airtel-sets-its-sights-on-raising-revenue-market-share-to-over-40/articleshow/96691686.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Rishabh Instruments files draft papers with Sebi to mobilise funds via IPO
Going by the draft papers, the firm may explore a pre-IPO placement aggregating to Rs 15 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.Proceeds from the issue worth Rs 59.50 crore will be utilised towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes.
Read more at:
https://economictimes.indiatimes.com/markets/ipos/fpos/rishabh-instruments-files-draft-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96683218.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
PE-VC investments in India fell by 29% in 2022
Private Equity-Venture Capital (PE-VC) firms investments in India fell by 29% in 2022 compared to the record highs of 2021. PE-VC firms invested $46 billion (across 1,261 deals) in Indian companies in 2022, compared to $65 billion (across 1,362 deals) in the previous year, according to Venture Intelligence.
Read more at:
https://economictimes.indiatimes.com/tech/funding/pe-vc-investments-in-india-fell-by-29-in-2022/articleshow/96683745.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Costs near Rs 10K crore, Swiggy losses widen 2x to Rs 3.6K crore
Food delivery aggregator Swiggy’s losses widened 2.24 times to Rs 3,628.9 crore during last financial year, as its expenses stood at 227 per cent of the previous year’s cost. This was even as the decacorn’s revenue jumped more than twofold to Rs 5,704.9 crore in FY22, according to details from company research platform Tofler.
Read More at : https://www.business-standard.com/article/companies/swiggy-losses-jump-by-over-2x-to-rs-3-628-9-cr-revenues-up-2-3x-in-fy22-123010200838_1.html#:~:text=Its%20FY22%20results%20show%202.3x%20improvement%20in%20revenue&text=Food%20delivery%20aggregator%20Swiggy’s,of%20the%20previous%20year’s%20cost.
InCred Capital acquires digital investment firm Orowealth in all-cash deal
InCred Capital has acquired Orowealth, a wealth technology startup, in an all-cash deal that enables it to enter retail wealth management.
Orowealth, which has more than Rs 1,100 crore worth of assets under management (AUM), will be absorbed into InCred’s new wealth-tech platform InCred Money. Orowealth’s co-founder Vijay Kuppa will become the chief executive officer (CEO) of InCred Money, according to a press release.
Read More at : https://www.business-standard.com/article/companies/incred-capital-acquires-digital-investment-firm-orowealth-in-all-cash-deal-123010200988_1.html
Coal India registers highest nine-month growth since pre-Covid level
Coal India (CIL) has touched 479 million tonnes (MT) of coal production during the nine months of the current fiscal year. This marks a 16 per cent growth over the same period last year and is the highest for this period in the last three years.
Compared to the April-December period of 2019, the company’s coal production grew by 23 per cent.
In a public statement, CIL said that the production of 66.4 MT for December 2022 was the highest this fiscal so far. It was 6.2 MT ahead compared to the same month last year with a growth of 10.3 per cent, it said.
Read More at : https://www.business-standard.com/article/companies/coal-india-registers-highest-nine-month-growth-since-pre-pandemic-123010200835_1.html#:~:text=last%20three%20years.-,Compared%20to%20the%20April%2DDecember%20period%20of%202019%2C%20the%20company’s,10.3%20per%20cent%2C%20it%20said.
Electric two-wheeler sales surge 300%, breach 600,000-mark in 2022
The electric two-wheeler (E2W) market crossed the 600,000 sales target (of units) and achieved a market penetration of 4 per cent in Calendar 2022 (CY22), reveals VAHAN data.
According to VAHAN, 624,192 two-wheeler units were registered in the country, up a staggering 300 per cent over 2021, when only 153,523 units were registered; electric vehicle (EV) penetration was just 1 per cent.
Read More at : https://www.business-standard.com/article/companies/electric-two-wheeler-sales-cross-600-000-mark-in-2022-shows-data-123010200798_1.html
IAMAI backs personal data protection bill, calls it industry-friendly
India’s proposed data protection bill is industry-friendly but must clear ambiguity about obtaining verifiable parental consent to process the personal data of children, said a group representing technology and telecom giants.
A statement by the Internet and Mobile Association of India (IAMAI) asked the government to “consider a flexible approach to obtaining parental consent, as prescriptive mandates may have an adverse cascading impact on sectors that provide services to younger individuals.”
Read More at : https://www.business-standard.com/article/companies/iamai-says-dpdp-bill-industry-friendly-asks-for-clarity-on-ambiguities-123010200733_1.html
MCA concludes demerger hearing of Shipping Corp, may approve soon: Sources
The Ministry of Corporate Affairs (MCA) has concluded its final hearing on the proposed demerger of the core and non-core assets of Shipping Corporation of India (SCI).
Read More at : https://www.business-standard.com/article/economy-policy/mca-concludes-demerger-hearing-of-shipping-corp-may-approve-soon-sources-123010200466_1.html
Dec manufacturing PMI at 26-month high of 57.8 as production picks up
India’s purchasing managers’ index (PMI) for manufacturing rose to a 26-month high of 57.8 in December, marking the highest increase in new factory orders and production in more than two years. The average headline figure for the third quarter of FY23 (56.3) is the highest recorded since one year ago.
Read More at : https://www.business-standard.com/article/economy-policy/dec-manufacturing-pmi-at-26-month-high-of-57-8-as-production-picks-up-123010200340_1.html
Yes Bank ties up with Falcon to tap embedded finance market
The bank will leverage Microsoft’s Azure stack to create the app which will offer customers – a host of services such as online payments, shopping, rewards, offers as well as customised dashboards, in addition to traditional banking functions, it said in a separate press release.
Read more at : https://www.financialexpress.com/industry/banking-finance/yes-bank-ties-up-with-falcon-to-tap-embedded-finance-market/2935740/
HDFC assigns Rs 8,892 crore in loans to HDFC Bank
Housing Development Finance Corporation (HDFC) on Tuesday said that it has assigned loans of up to `8,892 crore in the quarter ended December 31, higher by 19% compared to previous year. In Q3FY22, HDFC had assigned loans of `7,468 crore to the bank. HDFC assigned loans of up to `35,937 crore in the 12 months ended December 31. The company also earned a gross income of `482 crore from dividend in Q3FY23.
Read More at : https://www.financialexpress.com/industry/banking-finance/hdfc-assigns-rs-8892-crore-in-loans-to-hdfc-bank/2935693/
IDBI Bank sale to be ease: Minimum public float waiver extended to more govt firms
Ahead of the January 7 deadline for submission of expression of interest (EoI) for IDBI Bank, the Centre on Tuesday tweaked regulations to exempt listed companies like it in which the government and public sector undertakings (PSUs) together or individually hold majority stake from the minimum public shareholding (MPS) norm.
Read More at : https://www.financialexpress.com/industry/banking-finance/idbi-bank-sale-to-be-ease-minimum-public-float-waiver-extended-to-more-govt-firms/2935703/
Anicut Capital gets commitment of Rs 75 crores from the govt’s SRI fund
Credit and Finance for MSMEs: The Rs 75-crore received by Anicut Capital shall be deployed through its Rs 500-crore Grand Anicut Fund 3 launched in June last year. The fund will invest in 10-15 growth-stage companies over the next two years that focus on technology, consumer products and B2B brands.
Read More at : https://www.financialexpress.com/industry/sme/msme-fin-anicut-capital-gets-commitment-of-rs-75-crores-from-the-govts-sri-fund/2935724/
Nearly 17% of ECLGS loans have turned into NPAs: RBI report
Credit and finance for MSMEs: Around 17.72 lakh accounts (one-sixth of around 1.04 crore accounts) under ECLGS have become non-performing till September last year.
Read More at : https://www.financialexpress.com/industry/sme/msme-fin-nearly-17-of-eclgs-loans-have-turned-into-npas-rbi-report/2935541/
IAN Group invests Rs 85 crore in 52 startups in 2022
Indian seed and early-stage investment platform IAN Group invested over Rs 85 crore in more than 52 companies across fintech, B2B SaaS, D2C, cleantech amongst others. All of these businesses are solving real issues, thus they either directly serve customers or have an impact.
Read More at : https://www.financialexpress.com/industry/ian-group-invests-rs-85-crore-in-52-startups-in-2022span-stylefont-family-arial-font-size-11ptspan/2935501/
India’s coal production rises 16 pc to 608 MT in Apr-Dec period: Govt
The coal production by state-owned Coal India — which accounts for over 80 percent of domestic output of the fossil fuel — was at 479.05 MT in the April-Dec period, registering a rise of 15.82 per cent, the coal ministry said in a statement.
Read more at:
https://energy.economictimes.indiatimes.com/news/coal/indias-coal-production-rises-16-pc-to-608-million-tonnes-in-april-dec-period-govt/96710599
Coffee exports up nearly 2 per cent to 4 lakh tonne in 2022
coffee export was higher at Rs 8,762.47 crore in 2022 as against Rs 6,984.67 crore in the previous year. India ships both Robusta and Arabica varieties, besides instant coffee. According to the Board’s latest data, shipment of Robusta coffee declined marginally to 2,20,974 tonne in 2022 from 2,20,997 tonne in the previous year.
Read more at : https://www.financialexpress.com/industry/coffee-exports-up-nearly-2-pc-to-4-lakh-tonne-in-2022/2935007/
FCI to award contracts for 2.5 MT of silos via PPP mode this week
The Food Corporation of India (FCI) is likely to award contracts for the construction of wheat silos with a capacity of 2.5 million tonne (MT) under the private public partnership (PPP) model this week, according to official sources.
These silos are expected to be built over the next two to three years, with investments of more than Rs 2,200 crore.
Read More at : https://www.financialexpress.com/economy/fci-to-award-contracts-for-2-5-mt-of-silos-via-ppp-mode-this-week/2935635/#:~:text=The%20Food%20Corporation%20of%20India,week%2C%20according%20to%20official%20sources.
States’ capital expenditure growth modest in April-November
The Centre has budgeted a capex of Rs 7.5 trillion including Rs 1 trillion support to states for FY23, up 27% from the actual spending of Rs 5.93 trillion in FY22. Of this, 60% has been utilised in April-November 2022.
Read More at : https://www.financialexpress.com/economy/states-capital-expenditure-growth-modest-in-april-november/2934625/
SarvaGram Fin to raise $40 mn from TVS Capital, Temasek, others
“SarvaGram closed its latest fundraise with $40 million from Temasek, TVS Capital as well as others. The deal values Sarvagram at $100 million. EY was one of the advisors to Sarvagram for the fundraising,” said the person cited above, requesting anonymity.
The lender’s last fundraising was in February 2021.
Read More at : https://www.livemint.com/companies/news/sarvagram-fin-to-raise-40-mn-from-tvs-capital-temasek-others-11672678024333.html
SME fund Neev II to complete ₹2,000 cr fundraising by June
Launched in May 2021, the climate and sustainability-focused fund raised around ₹1,000 crore of the targeted ₹2,000 crore.
Read More at : https://www.livemint.com/companies/start-ups/sbicap-ventures-to-close-neev-ii-s-2-000-cr-fundraise-by-jun-11672669395110.html
Deutsche Bank to hold higher capital buffer in 2023.
The German lender said Friday that its pillar 2 capital requirements will rise by 20 basis points to 2.7% under the ECB’s supervisory review and evaluation process, known as SREP
Read More at : https://www.livemint.com/industry/banking/deutsche-bank-to-hold-higher-capital-buffer-in-2023-11672664417566.html
I&B sector sees FDI worth ₹1,766 cr in 9 months of ’22
The ministry of information and broadcasting (MIB) is the nodal ministry for the formulation of FDI policies in the broadcasting, film, print and advertising sectors. FDI in both film and advertising sectors is permissible up to 100% on the automatic route without any other conditions. The FDI limit in print media and digital news has been capped at 26%. The FDI limit in TV news and FM radio has been kept at 49%. The FDI in cable, DTH, and entertainment broadcasting is 100%.
Read more at:
https://economictimes.indiatimes.com/news/india/ib-sector-sees-fdi-worth-1766-cr-in-9-months-of-22/articleshow/96719944.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Reliance to acquire 50% stake in Gujarat-based beverages firm Sosyo
The 100-year-old company is one of the leading players in the domestic soft drinks market and has a strong presence in Gujarat with brands such Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, Hajoori Soda and S’eau. The existing promoters, Hajoori family, will continue to own the remaining stake in SHBPL.
Read more at:
https://economictimes.indiatimes.com/industry/cons-products/food/reliance-to-acquire-50-in-gujarat-based-beverages-firm-sosyo/articleshow/96718036.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
India, ADB sign $1.2 billion loan agreements for infrastructure projects
Agreements would cover projects for improving the power sector and highways in the northeastern states of Tripura and Assam, metro rail connectivity in the southern city of Chennai, and improvement of key economic areas in the western state of
