OTAKUBAY

Housing finance major HDFC will merge with its subsidiary HDFC Bank on Saturday as their respective boards have cleared the proposal on Friday. Following the reverse merger, the 44-year-old institution HDFC Ltd would cease to exist from July 1 onwards. HDFC Ltd, the country's first home finance company, will lose its identity on Saturday. "Saturday, July 1, 2023, to be the 'Effective Date' of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited and HDFC Bank with the RoC," HDFC Bank said in a regulatory filing. The board of directors of HDFC Bank in consultation with the board of directors of HDFC Limited has fixed July 13, 2023, for determining the shareholders of HDFC Ltd who would be issued and allotted the shares of HDFC Bank, it added. Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.

Housing finance major HDFC will merge with its subsidiary HDFC Bank on Saturday as their respective boards have cleared the proposal on Friday. Following the reverse merger, the 44-year-old institution HDFC Ltd would cease to exist from July 1 onwards. HDFC Ltd, the country's first home finance company, will lose its identity on Saturday. "Saturday, July 1, 2023, to be the 'Effective Date' of the composite scheme of amalgamation, on which date the certified order of the NCLT sanctioning the Scheme will be filed by HDFC Investments, HDFC Holdings, HDFC Limited and HDFC Bank with the RoC," HDFC Bank said in a regulatory filing. The board of directors of HDFC Bank in consultation with the board of directors of HDFC Limited has fixed July 13, 2023, for determining the shareholders of HDFC Ltd who would be issued and allotted the shares of HDFC Bank, it added. Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.

The market capitalisation of BSE-listed firms touched an all-time high of Rs 296.48 lakh crore on Friday as the benchmark Sensex hit its new lifetime peak amid bullish investor sentiments. Rallying for the third straight session, the 30-share Sensex surged 803.14 points or 1.26 per cent to settle at its life time closing high of 64,718.56 points. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58 points. In three days, the BSE benchmark has surged 1,748.56 points or 2.77 per cent. Thanks to the rally in equities, the market capitalisation (m-cap) of BSE-listed companies jumped to Rs 2,96,48,153.59 crore. In three days, investors wealth increased by Rs 5,80,740.05 crore. On June 21, the market capitalisation of BSE-listed firms had hit an all-time high of Rs 2,94,36,594.50 crore. From the Sensex pack, Mahindra & Mahindra was the biggest gainer as it jumped 4.14 per cent. Infosys, IndusInd Bank, Tata Consultancy Services, Mar

The government on Friday raised interest rates on select saving schemes by up to 0.3 per cent for the July-September quarter in line with the high-interest rates in the banking system. The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification. With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor -- 7 per cent (up from 6.9 per cent). However, interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent. The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively. The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period. The new

The government on Friday raised interest rates on select saving schemes by up to 0.3 per cent for the July-September quarter in line with the high-interest rates in the banking system. The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification. With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor -- 7 per cent (up from 6.9 per cent). However, interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent. The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively. The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period. The new

Benchmark equity indices scaled fresh all-time closing highs on Friday, propelled by foreign fund inflows and a firm trend in the global markets. Intense buying in index heavyweights Infosys, HDFC twins, Reliance Industries and TCS further bolstered sentiment, traders said. Rallying for the third straight day, the 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58. The NSE Nifty climbed 216.95 points or 1.14 per cent to end at a record high of 19,189.05. During the day, it rallied 229.6 points or 1.21 per cent to hit its all-time intra-day peak of 19,201.70. Mahindra & Mahindra was the best performer in the Sensex pack, rising over 4 per cent, followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Indus

Benchmark equity indices scaled fresh all-time closing highs on Friday, propelled by foreign fund inflows and a firm trend in the global markets. Intense buying in index heavyweights Infosys, HDFC twins, Reliance Industries and TCS further bolstered sentiment, traders said. Rallying for the third straight day, the 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58. The NSE Nifty climbed 216.95 points or 1.14 per cent to end at a record high of 19,189.05. During the day, it rallied 229.6 points or 1.21 per cent to hit its all-time intra-day peak of 19,201.70. Mahindra & Mahindra was the best performer in the Sensex pack, rising over 4 per cent, followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Indus

Adani Total Gas Ltd, the joint venture of billionaire Gautam Adani's group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said. The company retails CNG to automobiles and pipes gas to household kitchens for cooking purposes in 52 licences that cover 124 districts of the country. It has 460 CNG stations in the country and about 7 lakh consumers of its piped cooking gas. It is looking to expand its network of CNG stations as well as pipeline network that takes the gas to household kitchens and industries, to tap into the country's growing appetite for cleaner fuel. In the company's latest annual report, Adani Total Gas Ltd (ATGL) chief financial officer Parag Parikh said the company invested over Rs 1,150 crore in 2022-23 (April 2022 to March 2023) for creating additional infrastructure. "From

The market regulator Sebi does not see any need for giving more time to mutual fund houses with large holdings in the merger-bound HDFC twins, to realign their portfolios post-merger since there's no material data and given the highly liquid nature of these stocks demanding such an extension. In the biggest merger in the history of India Inc, HDFC in April 2022 said it would merge with its own banking subsidiary in a $40-billion all-stock deal -- after 46 years of being a home loan financier and in between creating the country's largest private sector bank and four other financial sector brands in the insurance, AMC and brokerage businesses. And this Tuesday, HDFC chairman Deepak Parekh said the boards of the Corporation and HDFC Bank will meet on June 30 to finalise the last contours of the merger which is expected to be effective July 1. He has also said that would be the last meeting of HDFC board and also his as the chairman after working in the company from day one of i

The market regulator Sebi does not see any need for giving more time to mutual fund houses with large holdings in the merger-bound HDFC twins, to realign their portfolios post-merger since there's no material data and given the highly liquid nature of these stocks demanding such an extension. In the biggest merger in the history of India Inc, HDFC in April 2022 said it would merge with its own banking subsidiary in a $40-billion all-stock deal -- after 46 years of being a home loan financier and in between creating the country's largest private sector bank and four other financial sector brands in the insurance, AMC and brokerage businesses. And this Tuesday, HDFC chairman Deepak Parekh said the boards of the Corporation and HDFC Bank will meet on June 30 to finalise the last contours of the merger which is expected to be effective July 1. He has also said that would be the last meeting of HDFC board and also his as the chairman after working in the company from day one of i

The market valuation of InterGlobe Aviation, the parent of IndiGo, reached Rs 1 lakh crore mark on Wednesday and became the first airline to achieve this milestone. On Wednesday, the stock rallied 3.55 per cent to settle at Rs 2,619.85 apiece on the BSE. In intra-day trade, shares of the company jumped 4.12 per cent to hit its 52-week high of Rs 2,634.25. On the NSE, shares of the company climbed 3.61 per cent to end at Rs 2,621.10 per piece. Helped by a rally in the stock price, the company's market valuation surged to Rs 1,01,007.56 crore on the BSE. The stock has been rallying since Tuesday this week. So far this year, the airline stock has rallied 30.53 per cent on the BSE, against a 5 per cent jump in the benchmark Sensex. An overall optimistic trend in the equity market also helped the rally in the stock. The 30-share BSE Sensex surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 on Wednesday. During the day, the index jumped 634.4

The market valuation of InterGlobe Aviation, the parent of IndiGo, reached Rs 1 lakh crore mark on Wednesday and became the first airline to achieve this milestone. On Wednesday, the stock rallied 3.55 per cent to settle at Rs 2,619.85 apiece on the BSE. In intra-day trade, shares of the company jumped 4.12 per cent to hit its 52-week high of Rs 2,634.25. On the NSE, shares of the company climbed 3.61 per cent to end at Rs 2,621.10 per piece. Helped by a rally in the stock price, the company's market valuation surged to Rs 1,01,007.56 crore on the BSE. The stock has been rallying since Tuesday this week. So far this year, the airline stock has rallied 30.53 per cent on the BSE, against a 5 per cent jump in the benchmark Sensex. An overall optimistic trend in the equity market also helped the rally in the stock. The 30-share BSE Sensex surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 on Wednesday. During the day, the index jumped 634.4

Apple's stock climbed to a record high close on Wednesday and was on the cusp of a $3 trillion market capitalization. The iPhone maker's stock rose 0.6% to end the day at $189.25, putting Apple's market value at $2.98 trillion, according to Refinitiv data. It was the second straight record high close for Apple's shares. Apple has yet to end a trading session with a stock market value above $3 trillion. It briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022 before closing the session just below that mark. The latest gains in shares of the world's most valuable company follow strong rebounds this year from several of Wall Street's technology-related heavyweights, fueled by bets that the Federal Reserve is nearing the end of its campaign of U.S. interest rate hikes, and by optimism about the potential for artificial intelligence. "There hasn't really been any new information fundamentally that would be supportive of the stock move,&qu

The majority of the Adani Group stocks ended in the positive territory on Wednesday, with Adani Enterprises climbing over 5 per cent, after US-based boutique investment firm GQG Partners and other investors bought close to USD 1 billion of additional stakes in group companies. Shares of flagship firm Adani Enterprises jumped 5.34 per cent on the BSE. The stock of Adani Transmission rallied 5.93 per cent, Adani Ports climbed 5.12 per cent, Adani Total Gas (2.26 per cent), Adani Wilmar (1.83 per cent), ACC (1.31 per cent), Adani Power (0.59 per cent) and Ambuja Cements (0.07 per cent). However, Adani Green Energy shares declined 0.16 per cent and that of NDTV fell by 0.32 per cent. The investors bought 18 million shares, or 1.6 per cent, from the Adani family in group's flagship Adani Enterprises Ltd in a single block trade. In renewable energy firm Adani Green Energy, a total of 35.2 million shares, or 2.2 per cent, changed hands, sources aware of the matter said. Stock market

Humanity has witnessed enormous technical advancements throughout history that have moved society ahead in remarkable ways. Each epoch, from the invention of agriculture through the Industrial Revolution, has offered new advances that have shaped the history of civilization. You are now standing at the dawn of the Crypto Era, on the verge of yet another transformational era. The bull run then and now But now, the term bull run or bull market is used to describe a situation in which the price of assets or securities, such as cryptocurrency or stocks, rapidly rises. A crypto bull run is similar to what happens in traditional markets. It often denotes the optimistic hopes of investors seeking to profit from the asset's price appreciation, with the goal of generating big returns on their initial investment. During a bull run, there is a general sense of optimism in the market and an expectation of big gains. In the context of the financial markets, the term bull run is metaphorical

Humanity has witnessed enormous technical advancements throughout history that have moved society ahead in remarkable ways. Each epoch, from the invention of agriculture through the Industrial Revolution, has offered new advances that have shaped the history of civilization. You are now standing at the dawn of the Crypto Era, on the verge of yet another transformational era. The bull run then and now But now, the term bull run or bull market is used to describe a situation in which the price of assets or securities, such as cryptocurrency or stocks, rapidly rises. A crypto bull run is similar to what happens in traditional markets. It often denotes the optimistic hopes of investors seeking to profit from the asset's price appreciation, with the goal of generating big returns on their initial investment. During a bull run, there is a general sense of optimism in the market and an expectation of big gains. In the context of the financial markets, the term bull run is metaphorical

Benchmark equity indices hit their record high levels on Wednesday, with the Sensex hitting the record 64,000 mark and the Nifty scaling the 19,000 peak amid a rally in the US and European markets and fresh foreign fund inflows. Buying in market heavyweight stocks like Reliance Industries and HDFC Bank also aided the positive momentum. Extending its previous day's rally, the 30-share BSE Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty climbed 193.85 points to reach its lifetime peak of 19,011.25. "Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments," said Dhiraj Relli, MD & CEO, HDFC Securities Ltd. From the Sensex pack, NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among th

Benchmark equity indices hit their record high levels on Wednesday, with the Sensex hitting the record 64,000 mark and the Nifty scaling the 19,000 peak amid a rally in the US and European markets and fresh foreign fund inflows. Buying in market heavyweight stocks like Reliance Industries and HDFC Bank also aided the positive momentum. Extending its previous day's rally, the 30-share BSE Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty climbed 193.85 points to reach its lifetime peak of 19,011.25. "Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments," said Dhiraj Relli, MD & CEO, HDFC Securities Ltd. From the Sensex pack, NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among th

US-based investment firm GQG Partners and other investors have bought stake worth over $900 million in Adani Enterprises Ltd. and Adani Green Energy, according to sources. The investors acquired stake from the Adani family, people familiar with the matter said. Adani Enterprises, the flagship of billionaire Gautam Adani, saw 1.8 crore shares traded in a single block on Wednesday. Adani Green Energy had a total of 11.4 lakh shares change hands in 24 large trades. The block deal for Adani Enterprises was transacted at Rs 2,300. For Adani Green, the trades were priced at Rs 920 rupees. Adani Group stocks were among the top gainers as both Sensex and Nifty achieved an all-time high in early trade today. Earlier this year, GQG Partners had invested $1.9 billion in the Adani Group. The investment firm has increased its stake by over 400 million since then, according to sources.   (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

US-based investment firm GQG Partners and other investors have bought stake worth over $900 million in Adani Enterprises Ltd. and Adani Green Energy, according to sources. The investors acquired stake from the Adani family, people familiar with the matter said. Adani Enterprises, the flagship of billionaire Gautam Adani, saw 1.8 crore shares traded in a single block on Wednesday. Adani Green Energy had a total of 11.4 lakh shares change hands in 24 large trades. The block deal for Adani Enterprises was transacted at Rs 2,300. For Adani Green, the trades were priced at Rs 920 rupees. Adani Group stocks were among the top gainers as both Sensex and Nifty achieved an all-time high in early trade today. Earlier this year, GQG Partners had invested $1.9 billion in the Adani Group. The investment firm has increased its stake by over 400 million since then, according to sources.   (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Equity benchmark index Sensex ended a three-session losing streak to close nearly 450 points higher on Tuesday, helped by intense buying in index majors HDFC twins, ICICI Bank and Axis Bank amid a mixed trend in the global markets. Besides, a firm trend in financial, realty, teck and IT counters also supported the domestic equities, traders said. The 30-share BSE Sensex jumped 446.03 points or 0.71 per cent to settle at 63,416.03 points. During the day, it advanced 497.54 points or 0.79 per cent to 63,467.54 points. NSE Nifty climbed 126.20 points or 0.68 per cent to end at 18,817.40 points. "Short covering ahead of Wednesday's F&O expiry may have triggered a sharp rebound in key benchmark indices despite a lacklustre trend in Asian and European indices. "Investors have once again bet big on India's sound economic fundamentals by latching to banking and realty shares and shrugged off negative catalysts like hawkish Fed, mounting Chinese growth concerns, Russi

Equity benchmark index Sensex ended a three-session losing streak to close nearly 450 points higher on Tuesday, helped by intense buying in index majors HDFC twins, ICICI Bank and Axis Bank amid a mixed trend in the global markets. Besides, a firm trend in financial, realty, teck and IT counters also supported the domestic equities, traders said. The 30-share BSE Sensex jumped 446.03 points or 0.71 per cent to settle at 63,416.03 points. During the day, it advanced 497.54 points or 0.79 per cent to 63,467.54 points. NSE Nifty climbed 126.20 points or 0.68 per cent to end at 18,817.40 points. "Short covering ahead of Wednesday's F&O expiry may have triggered a sharp rebound in key benchmark indices despite a lacklustre trend in Asian and European indices. "Investors have once again bet big on India's sound economic fundamentals by latching to banking and realty shares and shrugged off negative catalysts like hawkish Fed, mounting Chinese growth concerns, Russi

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said today. The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters here. The merger of the corporation with HDFC Bank will be effective July 1, Mr Parekh said. HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The proposed entity will have a combined asset base of around Rs 18 lakh crore. Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC sharehol

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said today. The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters here. The merger of the corporation with HDFC Bank will be effective July 1, Mr Parekh said. HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The proposed entity will have a combined asset base of around Rs 18 lakh crore. Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC sharehol

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices. Volatility in equity markets and FII outflows also weighed on the market sentiment, analysts said. After opening lower, the rupee staged a recovery to hit the day's high of 81.94 in morning trade amid early gains in equities and a weaker greenback in the overseas markets. However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market. The rupee closed at the day's low level of 82.05, showing a loss of 9 paise over the previous close of 81.96 against the US dollar. Analysts said that geopolitical concerns after a short-lived armed rebellion in Russia eroded the appeal of riskier assets. The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.15 per cent to 102.75. Crude o

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices. Volatility in equity markets and FII outflows also weighed on the market sentiment, analysts said. After opening lower, the rupee staged a recovery to hit the day's high of 81.94 in morning trade amid early gains in equities and a weaker greenback in the overseas markets. However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market. The rupee closed at the day's low level of 82.05, showing a loss of 9 paise over the previous close of 81.96 against the US dollar. Analysts said that geopolitical concerns after a short-lived armed rebellion in Russia eroded the appeal of riskier assets. The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.15 per cent to 102.75. Crude o

Equity benchmark indices gained in early trade on Monday after falling in the previous two trading sessions, amid buying in index heavyweights ITC, ICICI Bank and Infosys. The 30-share BSE Sensex climbed 91.03 points to 63,070.40 points in early trade. The NSE Nifty advanced 39.30 points to 18,704.80 points. From the Sensex pack, ITC, Hindustan Unilever, Tata Motors, IndusInd Bank, Mahindra & Mahindra, HCL Technologies, Titan, Nestle, ICICI Bank and Infosys were the biggest gainers. Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, HDFC Bank and NTPC were among the laggards. In Asian markets, Seoul quoted in the green while Tokyo, Shanghai and Hong Kong traded lower. The US markets ended in negative territory on Friday. "Intra-day, the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the globa

Equity benchmark indices gained in early trade on Monday after falling in the previous two trading sessions, amid buying in index heavyweights ITC, ICICI Bank and Infosys. The 30-share BSE Sensex climbed 91.03 points to 63,070.40 points in early trade. The NSE Nifty advanced 39.30 points to 18,704.80 points. From the Sensex pack, ITC, Hindustan Unilever, Tata Motors, IndusInd Bank, Mahindra & Mahindra, HCL Technologies, Titan, Nestle, ICICI Bank and Infosys were the biggest gainers. Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, HDFC Bank and NTPC were among the laggards. In Asian markets, Seoul quoted in the green while Tokyo, Shanghai and Hong Kong traded lower. The US markets ended in negative territory on Friday. "Intra-day, the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the globa

Adani group is eyeing a 20 per cent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy, according to notes in an investor presentation. Earlier this month, the group repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. The ports-to-energy conglomerate is now looking at robust growth in sectors such as airports, cement, renewables, solar panels, transportation and logistics, and power and transmission, it said adding several of Adani's new infrastructure investments will also begin to fructify and generate cash in the coming years. Adani is expected to see an increase of more than 20 per cent in EBITDA on a consolidated basis in the coming years as it drives robust and sustainable growth across its business portfolio. Its target EBITDA of over

Adani group is eyeing a 20 per cent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy, according to notes in an investor presentation. Earlier this month, the group repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. The ports-to-energy conglomerate is now looking at robust growth in sectors such as airports, cement, renewables, solar panels, transportation and logistics, and power and transmission, it said adding several of Adani's new infrastructure investments will also begin to fructify and generate cash in the coming years. Adani is expected to see an increase of more than 20 per cent in EBITDA on a consolidated basis in the coming years as it drives robust and sustainable growth across its business portfolio. Its target EBITDA of over

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system. In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore. On June 8, announcing the second monetary policy review of the fiscal, Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes have been returned, accounting for approximately 50 per cent of the notes in circulation as of March 31, of which 85 per cent were in deposits and the rest in exchange. "More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week. Of the total money that has come back to the system, as much as 85 per cent are

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system. In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore. On June 8, announcing the second monetary policy review of the fiscal, Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes have been returned, accounting for approximately 50 per cent of the notes in circulation as of March 31, of which 85 per cent were in deposits and the rest in exchange. "More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week. Of the total money that has come back to the system, as much as 85 per cent are

Sensex falls 248.57 points to 62, 990.32 in early trade; Nifty declines 89.3 points to 18,681.95. source https://www.ndtv.com/business/sensex-falls-248-points-to-62-990-in-early-trade-nifty-declines-89-points-to-18-681-4145454

Sensex falls 248.57 points to 62, 990.32 in early trade; Nifty declines 89.3 points to 18,681.95. from NDTV Profit-Latest https://ift.tt/vMLBcES via

Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn. Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating that "the financial statements of the company are long delayed." In a letter sent to the board of Think & Learn Pvt Ltd (known as Byju's), Deloitte said it has not been able to start an audit due to the delays and that will have a "significant impact" on its ability to "plan, design perform and complete" the audit as per standards. Byju's, in a statement, said it has appointed BDO as its new auditor, adding this would help it "uphold the highest standards of financial scrutiny and accountability." Separately, three of Byju's board memb