India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm, two officials said, as the government’s divestment programme moves slower than expected. New Delhi is considering inviting bids for a 20%-25% stake in BPCL, instead of an outright sale of its entire 52.98% holding, the two government officials, who declined to be named, told Reuters.
Telecom major Bharti Airtel reported a nearly three-fold rise in net profit at Rs 2,008 crore in the Q4FY22 led by gains from tariff hikes and exceptional income. In the same quarter last year Airtel posted a net profit of Rs 759 crore. Meanwhile, consolidated revenue for the quarter rose 22.3 per cent to Rs 31,500 crore on a year-on-year basis. The management said that a strong balance sheet and cashflows enables them to pay spectrum liabilities.
The Reserve bank of India (RBI) on Tuesday said that it has rejected six applications of licenses to set small and universal bank licenses after finding them unsuitable..Bansal’s firm Chaitanya India Fin Credit Pvt. Ltd was among 11 applications for setting up a bank under the RBI guidelines for on-tap licensing of universal banks and small finance banks. The five other applications that were also rejected by the central bank are UAE Exchange and Financial Services Ltd, REPCO Bank and a consortium led by former Citibank employee Pankaj Vaish. For small finance bank licence, RBI has found unsuitable applications of VSoft Technologies Pvt. Ltd and Calicut City Service Co-operative Bank.
The Wholesale Price Index-based inflation rate surged to a record high of 15.1 per cent in April, with rise in prices of vegetables, fruits, milk and fuel, government data released on Tuesday showed. WPI inflation has been in double digits for the thirteenth months in a row now. According to the data released last week, retail inflation had also surged to an 8-year high of 7.79 per cent in April. As such, another round of repo rate hike is expected in June, with its quantum being as high as 40 basis points.
The RBI’s latest meeting’s minutes, where it delivered a surprise rate hike of 40 bps points, will be released today, and will be on investors’ radar.
Zydus Lifesciences: The pharmaceutical firm said its board will meet on May 20 to consider share buyback. The stock was under pressure since November 2011 and corrected nearly 50 percent from its high of Rs 664 a share.
Moving on to marketsThe Sensex and Nifty are looking to start Wednesday’s trade on a quite note, after gaining the most in three months the previous day.
US stocks surged overnight with the Dow gaining 1.34 per cent. Most Asian markets gained this morning.
Oil prices were also up in early deals on hopes of demand recovery in China as the country eases its Covid-19 restrictions.
Brent crude futures rose 1 per cent each to $113 a barrel.
Business Term of the day
An open offer takes place when the company wishes to raise capital efficiently. As a secondary market offering, the open offer allows stakeholders of a company to buy shares/stocks at a lower price when compared to the stock’s prevailing market price.
In this episode, find out about Baring PE, ChrysCapital’s acquisition of HDFC Credila for ₹9,060 crore,, also about SEBI’s ban on IIFL Securities Business Term of the Day: First ... Read more
In this episode, find out about Baring PE, ChrysCapital’s acquisition of HDFC Credila for ₹9,060 crore,, also about SEBI’s ban on IIFL Securities Business Term of the Day: First Loan Default Guarantee Read more
In this episode, find out about Asia’s largest train wheel manufacturing plant in India, also about Adani Enterprises’ foray into train ticketing Business Term of the Day: Burn R ... Read more
In this episode, find out about Asia’s largest train wheel manufacturing plant in India, also about Adani Enterprises’ foray into train ticketing Business Term of the Day: Burn Rate Read more
In this episode, find out about Maruti Suzuki’s new multi-purpose vehicle, also about TRAI’s new directive to telecoms to deploy AI/ML to detect spam calls Business Term of the D ... Read more
In this episode, find out about Maruti Suzuki’s new multi-purpose vehicle, also about TRAI’s new directive to telecoms to deploy AI/ML to detect spam calls Business Term of the Day: Securities Appellate Tribunal (SAT) Read more
We dive into the significant developments shaping the Indian economy. We discuss the recent drop in retail inflation, which hit a 25-month low in May. With easing food prices as th ... Read more
We dive into the significant developments shaping the Indian economy. We discuss the recent drop in retail inflation, which hit a 25-month low in May. With easing food prices as the main driver, this development offers relief to the Reserve Bank of India (RBI) and raises the possibility of the central bank maintaining interest rates in the upcoming meeting. Business Term of the Day: Warrants Read more
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In this episode, find out about fundraising of TV Motors’ finance arm from Premji Invest, also about Sequoia Capital’s stake sale in Go Fashion Business Term of the Day: Takeout financing Read more
In this episode, find out about HDFC bank’s new home loan business head, also why Delhivery moved NCLT against Go First. Business Term of the Day: Call money rate Read more
In this episode, find out about HDFC bank’s new home loan business head, also why Delhivery moved NCLT against Go First. Business Term of the Day: Call money rate Read more
In this episode, find out about LIC raising stake in Tech Mahindra to 8.88%, also about Hero MotoCorp’s plan to expand its electric range Business Term of the Day: Tender offer Read more
In this episode, find out about LIC raising stake in Tech Mahindra to 8.88%, also about Hero MotoCorp’s plan to expand its electric range Business Term of the Day: Tender offer Read more
In this episode, find out about the legal notice issued by Reliance Home Finance debenture holders against Bank of Baroda, also Byju’s default on its loan Business Term of the Da ... Read more
In this episode, find out about the legal notice issued by Reliance Home Finance debenture holders against Bank of Baroda, also Byju’s default on its loan Business Term of the Day: Term loan Read more
In this episode, find out about Bank of Baroda’s plan to auction a part stake in NSE, also find about shareholders' rejection of Baba Kalyani’s reappointment for CEO Business Ter ... Read more
In this episode, find out about Bank of Baroda’s plan to auction a part stake in NSE, also find about shareholders' rejection of Baba Kalyani’s reappointment for CEO Business Term of the Day: Board resolution Read more
In this episode, find out about Bajaj Finserv’s Rs 5000 cr investment in Pune, also find out why Her0 Motocorp has increased price of its EV Business Term of the Day: Corporate ... Read more
In this episode, find out about Bajaj Finserv’s Rs 5000 cr investment in Pune, also find out why Her0 Motocorp has increased price of its EV Business Term of the Day: Corporate Governance Read more
