12 September 2024

India’s Global Capability Centres see rapid growth, generating $65B in revenue, expanding employment and innovation. Source and citation: ET Bureau, “India’s FY24 GCC Count at 1.7k with $65B in Revenue,” ETMarkets.com, September 12, 2024. TLDR For This Article: India’s Global Capability Centres (GCCs) generated $65B in FY24, with employment at 1.9M, marking a 40% revenue […]

ONGC, OIL, and KABIL sign pact with UAE firm to secure critical minerals for global energy supply. Source and citation: ET Bureau, “ONGC, OIL, KABIL Ink Pact with UAE Firm for Critical Minerals,” ETMarkets.com, September 12, 2024. TLDR For This Article: ONGC Videsh, Oil India, and KABIL have partnered with UAE’s International Resources Holding to

Enforcement Directorate attaches ₹29.75 crore assets of fugitive Nirav Modi, key accused in PNB fraud. Source and citation: ET Bureau, “ED Attaches More Nirav Modi Assets,” ETMarkets.com, September 12, 2024. TLDR For This Article: The Enforcement Directorate (ED) has attached ₹29.75 crore worth of assets belonging to fugitive jeweller Nirav Modi in connection with the

NCLAT suspends Essar Oil’s insolvency, allowing the company to continue operations and honour settlements. Source and citation: ET Bureau, “NCLAT Pulls Essar Oil Out of Insolvency Resolution,” ETMarkets.com, September 12, 2024. TLDR For This Article: The National Company Law Appellate Tribunal (NCLAT) suspended the insolvency proceedings against Essar Oil and Gas, stating that the company’s

Deloitte replaces PwC to handle Jaiprakash Associates’ ₹51,509 crore insolvency, impacting lenders and key industries. Source and citation: ET Bureau, “Deloitte Bags Resolution Mandate for Jaiprakash Associates,” ETMarkets.com, September 12, 2024. TLDR For This Article: Deloitte has been appointed to oversee the resolution of Jaiprakash Associates’ insolvency, with ₹51,509 crore in claims. This includes managing

Indian 10-year benchmark yields dip due to falling oil prices and US yield trends, affecting markets. Source and citation: ET Bureau, “Benchmark Yields Dip to 30-mth Low,” ETMarkets.com, September 12, 2024. TLDR For This Article: Indian 10-year benchmark bond yields fell to 6.82%, a 30-month low, driven by a drop in global crude prices and

Falling crude oil prices benefit industries like aviation and paints while negatively impacting oil exploration firms. Source and citation: Ruchita Sonawane, “A Crude Fall Brings Cheer to Many Counters,” ETMarkets.com, September 12, 2024. TLDR For This Article: Brent crude futures have dropped to below $70 a barrel, benefiting industries like paints, tyres, oil marketing companies

Vedanta raises $900M at 10.875% via bonds, reducing debt while securing strong global investor confidence. Source and citation: Shilpy Sinha, “Vedanta Raises $900 m via Bonds at 10.875%,” ETMarkets.com, September 12, 2024. TLDR For This Article: Vedanta Resources raised $900 million through five-year bonds at 10.875% to refinance existing debt, achieving 3% annual interest savings.

Gold ETFs surge as government halts Sovereign Gold Bonds, supported by tax cuts and strong prices. Source and citation: Prashant Mahesh, “Investors Return to Gold ETFs with No Sovereign Bonds in Sight,” ETMarkets.com, September 12, 2024. TLDR For This Article: With no fresh issuances of Sovereign Gold Bonds (SGBs) in sight, investors are shifting toward

SEBI employees protest HR issues, affecting market regulator operations and potential industry impacts for investors. Source and citation: Reena Zachariah, “Protesting Sebi Employees Yet to Reach Accord with Management,” ETMarkets.com, September 12, 2024. TLDR For This Article: A majority of SEBI employees are protesting HR issues, citing a “toxic work culture” and poor leadership. Negotiations