India’s forex reserves decline to $601 billion
Data given by RBI showed that India’s total forex reserves stood at $601.057 billion in the week ending June 3 down by $306 million compared to $601.363 billion in the previous week. (Read here)
FPIs pull out over ₹1.81 lakh cr from equities in 2022
The selling bias from foreign portfolio investors (FPI) continued to be stubborn as volatile markets amidst macroeconomic backdrops have dampened sentiments. FPIs have been pulling out their money since the very beginning of this year. (Read here)
HDFC Bank to hold 28th AGM on 16 July
The largest private sector bank, HDFC Bank is set to hold its 28th annual general meeting on July 16 through video conferencing. The shareholders are expected to consider dividend and statutory auditors’ appointments. (Read here)
Crypto investors accidentally got lucky: Zerodha founder
Nithin Kamath, the founder and CEO of Bengaluru-based digital trading company Zerodha, feels that owing to TDS and taxation announced on cryptocurrency, crypo investors got lucky. (Read here)
Mint Morning Digest
Disinvestment plan aims to up efficiency and investments: FM
Finance minister Nirmala Sitharaman said that the government’s disinvestment strategy is aimed at boosting the production and efficiency of state-run companies and attracting investments into the companies instead of shutting them down. Read more
Companies, not individuals, to run bankrupt biz soon
Incorporated entities such as firms will soon be allowed to run bankrupt businesses in place of individual administrators hired by lenders, said a person familiar with the development. The proposal will be released for public comments by the Insolvency and Bankruptcy Board of India (IBBI) in a fortnight. Read more
Warburg Pincus-backed insurer IndiaFirst Life charts IPO plan
After Life Insurance Corporation’s (LIC) IPO, another life insurer has drawn up plans to hit the public markets. IndiaFirst Life Insurance Co Ltd , an insurance company backed by state-owned lenders Bank of Baroda, Union Bank of India and private equity firm Warburg Pincus has initiated talks with investment banks for its proposed IPO. Read more
Private investment in India set to rise now, says IIFL chief
Private investment is set to increase in India amid rising interest rates and global economic changes, said IIFL Group chairman Nirmal Jain, a day after UAE sovereign wealth investor Abu Dhabi Investment Authority (ADIA) acquired a 20% stake in its mortgage financing arm. Read more
Rajya Sabha Elections 2022: Full list of winners
The results were declared in Karnataka and Rajasthan on Friday night but got delayed in Maharashtra and Haryana amid intense wrangling by rival parties over alleged breach of voting rules. Read more
New rules bar misleading ads aimed at children
The union government on Friday issued fresh guidelines to curb misleading advertisements, particularly those targeting children with a warning that a violation of the guidelines could attract a penalty of up to ₹50 lakh on manufacturers, advertisers and endorsers by the Central Consumer Protection Authority (CCPA). Read more
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