28 December 2023 : Important Financial News in India


Source: Economic Times, “Today’s ePaper”

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Table of Contents

Sensex at 72K, Bulls Turn up the Heat in Dec

The Indian stock market witnessed a significant surge with the Sensex reaching 72,000 points, fueled by a nearly 1% increase. This leap mirrored global market trends driven by optimism about potential interest rate cuts in the coming year. Such a rise indicates strong investor confidence and a positive economic outlook, especially in the context of international financial dynamics.

‘P&W Caused Go First Irreparable Damage’

Nusli Wadia, the chairman of the Wadia Group, has accused Pratt & Whitney (P&W) of causing substantial damage to Go First airline, leading to its voluntary bankruptcy in May. He alleges that faulty engines from P&W resulted in damages exceeding ₹10,000 crore. This situation underscores the significant impact of supplier quality on airline operations and financial health.

Uncertainty Looms Over ICC TV Rights Deal Between Disney & Zee

A major $1.5 billion TV rights deal for the International Cricket Council (ICC) between Disney Star and Zee Entertainment is in jeopardy as the new media rights cycle approaches. This uncertainty highlights the complexities and high stakes involved in major sports broadcasting rights negotiations.

Delhi Reports First Case of Covid-19 Sub-variant JN.1

Delhi confirmed its first case of the COVID-19 sub-variant JN.1. The Health Minister urged calm, signaling ongoing vigilance against the evolving pandemic. This development demonstrates the continuous need for public health monitoring and response strategies in the face of emerging variants.

Flipkart Internet Loss Narrows 9%, Revenue Jumps 42% in FY23

Flipkart Internet reported a significant 42% increase in operating revenue, alongside a 9% reduction in losses, indicating robust growth and improved financial health. This performance reflects the expanding market and increasing consumer reliance on e-commerce platforms.

Vedanta Pays Interest to Bondholders

Vedanta Ltd fulfilled its financial obligations by paying due interest on non-convertible debentures worth ₹2,500 crore. This action reaffirms the company’s commitment to its financial responsibilities and enhances investor confidence.

Adani Energy Arm to Form JV with Esyasoft for Smart Metering Biz

Adani Transmission Step-Four (ATSFL) announced a joint venture with UAE-based Esyasoft Holdings for smart metering projects, illustrating Adani’s expansion in energy solutions and its strategic partnerships for technological advancements in the sector.

Adani Green Energy Completes 1,050 MW JV with TotalEnergies

Adani Green Energy finalized a 1,050 MW joint venture with TotalEnergies, marking a significant step in renewable energy collaboration. TotalEnergies’ $300 million investment for a 50% stake in the venture signifies the growing importance and investment in green energy.

OneWeb Pings Govt for Clarity on Sat Spectrum

Eutelsat OneWeb requested clarity from the Indian government regarding satellite spectrum allocation, particularly in the ‘Ka’ and ‘Ku’ bands. This request highlights the need for clear regulatory frameworks in the rapidly evolving space broadband sector.

Jio & IIT-B Working to Launch ‘Bharat GPT’; OS for TVs likely

Reliance Jio Infocomm collaborates with IIT Bombay to develop ‘Bharat GPT’, a large language model tailored for India. This project exemplifies the integration of advanced AI technology in regional contexts and its potential applications in various sectors, including TV operating systems.

Just Quality Won’t do, Steel Cos must Cut Rates: Experts

Industry experts emphasize the need for competitive pricing in the domestic steel industry to counter rising imports, particularly from China. This focus on pricing strategy reflects the challenges in balancing quality and cost competitiveness in global markets.

1 Trillion Minutes: World Cup Viewership Shatters Records

The ICC Men’s Cricket World Cup 2023 set a new record with over 1 trillion minutes of global live viewing, highlighting the immense popularity of cricket and its significant impact on the sports broadcasting industry.

App Fraud: ₹278-cr Assets Attached

The Enforcement Directorate attached assets worth over ₹278 crore in a money laundering probe linked to the mobile app “HPZ Token”. This action represents a significant move in combating financial fraud and protecting investor interests.

NTPC is looking to list its green energy vertical in the next 1-2 years

NTPC plans to list its green energy division within the next 1-2 years, anticipating growing demand in this sector. This strategic move reflects the increasing focus on renewable energy sources and the expanding market for green technologies.

Banks Log 12.2% Growth in FY23, Gross Bad Loans Down for 5th Year

Indian banks recorded a 12.2% growth last fiscal year, driven by loans to retail and services sectors. This growth, coupled with a decrease in gross bad loans for the fifth consecutive year, indicates a strengthening banking sector. However, there are concerns about the pace of customer service improvements.

‘India Inc Needs to Think Big and Bold, Push Investments’

The Indian government urges India Inc to adopt a more aggressive investment strategy, emphasizing the need for banks to support project conceptualization and structuring. This call to action suggests a shift towards a more proactive and ambitious approach in the corporate sector.

Sebi Extends Deadline to Add Nominees in Demat and MF Accounts

The Securities and Exchange Board of India (Sebi) extended the deadline for demat and mutual fund account holders to nominate beneficiaries, reflecting regulatory flexibility and the importance of ensuring investor compliance.

Wall St Drifts as Strong Year for Market Winds Down

Wall Street stocks showed modest movements as the year ends, with the S&P 500 and Dow Jones showing slight gains. This period of light trading reflects a culmination of a strong year for the market amidst holiday season calm.

Basmati Prices Cool at Home as a Restive Red Sea Hurts Exports

Militant attacks in the Red Sea impacting merchant ships have led to a decline in basmati rice exports, causing a 5-10% price drop in the domestic market. This situation illustrates the interplay between international conflicts and commodity prices.

‘Lack of F&O Trading Know-how Among Key Reasons for Losses’

A Sharekhan study reveals that a significant factor contributing to losses in futures and options trading is the lack of market movement prediction and trading know-how among new traders. This finding highlights the importance of financial literacy and informed trading strategies in these high-risk investment areas.

RBI Approves Appointment of CS Rajan as Kotak Bank Chairman

The Reserve Bank of India approved the appointment of C S Rajan as the chairman of Kotak Mahindra Bank for two years. This approval is a crucial step in the bank’s leadership and governance, ensuring regulatory compliance and strategic direction.

RBZ Jewellers Makes a Flat D-St Debut

RBZ Jewellers’ debut on the stock market was relatively flat, opening at its IPO price and closing at a modest 5% premium. This performance provides insights into investor sentiment and market reception of new entrants in the jewelry sector.

Credo Brands Shares List at Rs282

Credo Brands, known for its Mufti apparel line, had a successful listing on the BSE, opening slightly above its IPO price and closing higher. This successful listing reflects positive market confidence in the apparel sector.

Happy Forgings Opens at 17.6% Premium

Happy Forgings’ shares were listed at a significant premium over its IPO price, indicating strong investor interest. The stock’s performance on the opening day underscores the market’s positive reception of the company’s potential and growth prospects.

Re Falls Against Dollar as Foreign Funds Withdraw

The Indian rupee weakened against the US dollar, driven by the withdrawal of foreign funds and increased demand for the dollar from importers and banks. This fluctuation in the exchange rate highlights the impact of international capital flows on currency markets.

Investors in Dividend-paying Stocks Laughed all the Way to Bank in ’23

Investments in high dividend-paying stocks outperformed benchmark indices, offering investors substantial returns. This trend underscores the attractiveness of dividend-paying stocks as a relatively safe and profitable investment strategy.

FPIs’ Investments in Govt Bonds More than Doubled This Year

Foreign Portfolio Investments in Indian government bonds more than doubled, driven by global index inclusion and a softer tone from the US Federal Reserve. This increase in investments highlights the growing appeal of Indian debt to international investors.

‘Fraud Cases at Banks Down to 6-Year Low’

Bank frauds in India have decreased to a six-year low, with the average amount involved being the lowest in a decade. This reduction reflects effective measures and strategies implemented to combat financial fraud in the banking sector.

Urban Co-op Banks Need to Strengthen Governance Quality

The Reserve Bank of India expressed concerns about high non-performing assets in urban cooperative banks, despite improved profitability indicators. This highlights the need for stronger governance and risk management in these institutions.

NBFCs Must Look Beyond Banks for Source of Funds

The RBI’s annual report notes the expansion and improved asset quality of Non-Banking Financial Companies (NBFCs), but emphasizes the need for these entities to diversify their funding sources beyond traditional banks.

Oil Prices Dip as investors Watch for Red Sea Risks

Oil prices fell slightly, affected by developments in the Red Sea, where attacks on shipping continue. This fluctuation reflects the sensitivity of oil prices to geopolitical risks and the impact on global energy markets.

Bandhan to Sell Rs775-cr Home Loans to Arcil

Bandhan Bank is selling a ₹775-crore affordable home loan portfolio to Arcil, indicating strategic financial moves within the banking sector and the evolving landscape of loan portfolio management.

Day Trading Guide

The Nifty Bank’s short-term consolidation breakout and its closure above previous highs indicate a positive market trend. This guide provides insights for traders looking to navigate the market’s dynamics.

Tech Helps Taxman Recover ₹36,000 cr

Advanced technology and data analytics enabled the Income Tax Department to recover ₹36,000 crore from outstanding tax demand, demonstrating the effectiveness of modern tools in enhancing tax collection efficiency.

Employers can Log in to EPF Portal to Check on Liabilities

The Employees’ Provident Fund Organisation introduced automated solutions for damages and interest calculations, allowing employers to easily assess their liabilities. This move enhances the ease of doing business and promotes transparency.

SOP for Freezing and De-freezing of EPF Accounts

EPFO set a time frame for freezing and de-freezing individual or establishment accounts for verification, ensuring security and due diligence while maintaining operational efficiency.

New Formula on Cards to Fix Domestic Iron Ore Price

India is developing a new approach to benchmark domestic iron ore prices, linking them to an international marker. This strategy aims to create a more transparent and market-driven pricing mechanism for iron ore.

Cabinet Approves Infra Projects in Bihar and Tripura worth ₹5,500 cr

The Cabinet Committee on Economic Affairs approved significant infrastructure projects in Bihar and Tripura, highlighting the government’s commitment to enhancing regional connectivity and development.

IBBI Prepares List of 787 Insolvency Professionals

The Insolvency and Bankruptcy Board of India compiled a list of 787 professionals to oversee resolution or liquidation cases, reflecting the structured approach towards managing insolvency proceedings in India.

No Blanket Exception for PSU Oil Cos from Local Sourcing Mandate on Steel

Public Sector Undertakings (PSUs) in the oil sector will not receive a blanket exception from the mandate on local sourcing of steel products. They must seek case-by-case exceptions, indicating a push towards supporting domestic industries and reducing dependency on imports.

China’s BYD Set to Overtake Tesla as World’s Most Popular EV Maker

BYD Co., a Chinese automaker, is on track to surpass Tesla as the world’s leading electric vehicle (EV) manufacturer. This shift signifies the growing prominence of Chinese companies in the global EV market and the intensifying competition in this sector.

CCI OKs IndusInd’s Stake Buy in RCap

The Competition Commission of India approved IndusInd International Holdings’ acquisition of a controlling stake in Reliance Capital. This approval is crucial for the insolvency resolution process of Reliance Capital, illustrating the role of regulatory bodies in overseeing significant corporate acquisitions.

NYT Sues OpenAI, MS for Infringing Copyrighted Work

The New York Times filed a lawsuit against OpenAI and Microsoft, alleging the unauthorized use of its articles to train AI technologies. This case highlights the emerging legal challenges in the AI sector, particularly regarding intellectual property and copyright issues.

India’s Mall Story Gets a Lot More Interesting

India’s retail real estate industry is experiencing a boom, with a significant increase in operational grade A malls. This growth suggests a robust demand for physical retail spaces, contradicting the notion of a complete shift to online shopping.

ChrysCap Eyes Stake in Delhi’s Centre For Sight

ChrysCapital is in talks to acquire a significant minority stake in Centre For Sight, a New Delhi-based chain of eye hospitals. This potential investment reflects the growing interest of private equity funds in India’s healthcare sector.

AI-Airbus May Set Up S Asia’s Largest Pilot Training Facility

Air India and Airbus are nearing a joint venture to establish South Asia’s largest pilot training facility. This collaboration underscores the importance of enhancing aviation training infrastructure to support the growing airline industry in the region.

Shareholders Reject Dish TV’s Proposal, Board Strength Shrinks

Dish TV India’s shareholders rejected four director appointment proposals, reducing the board’s strength. This development indicates shareholder activism and the critical role of corporate governance in decision-making.

OmniActive Scouts for Acquisitions to Expand Product Portfolio, Reach

OmniActive Health Technologies is looking for acquisition opportunities to expand its product range and geographical reach. This strategy highlights the company’s ambition to strengthen its market position in the nutraceutical sector.

Covid’s Not Spoiling this NY Eve Bash

Despite rising Covid cases, there are no restrictions on New Year’s Eve celebrations, suggesting a return to normalcy and the resilience of the hospitality industry amidst the pandemic.

Attrition Levels Drop as Execs Stay Put in Uncertain Biz Environment

Attrition rates in India Inc have fallen, attributed to a subdued job market and economic uncertainties. This trend reflects a shift in employee behavior, prioritizing job security over frequent job changes.

L&T Construction Bags Rs 5kcr Saudi Order

Larsen & Toubro’s construction arm won a contract worth Rs 5,000 crore for the Amaala project in Saudi Arabia. This contract signifies L&T’s global outreach and expertise in executing large-scale international projects.

Lupin Gets Approval for Conjunctivitis Drug

Lupin received US regulatory approval to market a generic conjunctivitis drug, highlighting the company’s ongoing efforts to expand its portfolio in the global pharmaceutical market.

Aurobindo Arm Gets Nod for Fungal Injection

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities obtained US approval to manufacture and market a generic fungal infection treatment, reflecting the company’s commitment to addressing diverse medical needs.

Nerolac to Sell Land to Runwal for Rs726 cr

Kansai Nerolac Paints agreed to sell a land parcel in Mumbai to Runwal Developers for Rs 726 crore. This sale represents strategic asset management and capital reallocation in the corporate sector.

Social Media Cos may have to Delete Data of Users Inactive for 3 yrs

The Indian government might mandate the deletion of data for users inactive on social media platforms for three years. This potential regulation underscores concerns about data privacy and management in the digital age.

How Money Followed Deeptech Cos at Tech’s Frontier this Year

Investor interest in deep technology startups in India has grown, as evidenced by the public listing of Idea Forge. This trend highlights the increasing attractiveness of high-tech innovation in the startup ecosystem.

Meet Cos Racing OpenAI in Global LLM Marathon

Organizations globally are developing large language models (LLMs), competing with OpenAI. This development reflects the global race in AI technology, emphasizing the importance of language-specific models.

Indian IT Majors Fight it Out to Foil Talent-fishing Plans of Peers

Indian IT companies are adopting strong measures, including legal action, to prevent talent poaching by competitors. This scenario underscores the intense competition for skilled professionals in the IT sector.

IPO-bound FirstCry Doubles its FY23 Revenue, Losses up 6x Too

FirstCry’s operating revenue doubled in FY23, but losses also increased sixfold. This financial performance is significant as the company prepares for its IPO, indicating robust growth alongside scaling challenges.

Luggage Maker Mokobara Logs 4x Rise in Ops Revenue to ₹53cr

Mokobara, a new-age luggage brand, reported a four-fold increase in revenue, showcasing the success of modern consumer brands targeting younger demographics.

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