The government may not initially sell a 10% stake in Life Insurance Corp. of India (LIC) through an initial public offering (IPO), choosing instead to sell 5-6%, followed by a similar second public offering, given the mammoth size of the state-run insurer, four people aware of the development said. Although the valuation exercise of LIC … Read more
Billionaire hedge fund manager Bill Ackman told CNBC on Monday the economy will see a “massive” boom in the fall despite the coronavirus Delta variant. Ackman said trillions of dollars in federal stimulus, an increase in wages, pent-up savings, and the rise in vaccinations will lead to a “massive, massive economic boom.” The investor also … Read more
HCL Technologies is seeing higher spends on retail banking modernisation in the US, and in the technology and telecom verticals. These helped the firm report a constant currency growth of 11.7% in the first quarter, its CEO & MD C Vijayakumar said. “Banking clients in the US are also spending in the regular areas of … Read more
Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most … Read more
What is the RBI’s data localisation policy? What is the need for local data storage? The story so far: The Reserve Bank of India (RBI) on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. According to the RBI, the U.S. card-issuer has failed to … Read more
Sales of listed private manufacturing companies surged 31 per cent year-on-year in the fourth quarter of the last fiscal on favourable base as well price effect, according to RBI data released on Friday. Sales growth of information technology (IT) sector companies accelerated to 6.4 per cent while non-IT services companies recorded a marginal growth after … Read more
HDB Financial Services Ltd (HDBFSL’s), subsidiary of HDFC Bank, posted a sharp drop (43.9 per cent) in net profit at Rs 130.6 crore in the first quarter ended June 2021 (Q1FY22) from Rs 232.7 crore a year ago. The second wave of Covid-19 hit the business volumes and collections in Q1FY22. HDBFSL’s net income in … Read more
MUMBAI: Reduction in non-performing assets (NPAs) due to write-offs for public sector banks (PSBs) stood at Rs 1,31,894 crore during fiscal 2020-21, according to an RTI response. The RTI query was filed by Nagpur-based Sanjay Thul seeking information on non-performing assets (NPAs) of state-run banks and bad loans write-off by PSBs in the last ten … Read more
Xiaomi has become the world’s second biggest smartphone maker over the past quarter following an 83% jump in shipments, according to preliminary estimates by Canalys. This marks the first occasion that Xiaomi, the Chinese maker of everything from rice cookers to gaming monitors, has broken into the top two, historically dominated by Samsung and Apple. … Read more