OTAKUBAY

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

Reserve Bank of India Governor Shaktikanta Das on Thursday said bringing back inflation levels in India to the comfortable range is like a job half finished, adding that the fight against the price rise will have to be in a way where inflation figures are aligned around 4.0 per cent on a durable basis. Retail inflation currently in India is a notch above the ideal 4 per cent target. "Our job is only half done, having brought inflation within the target band (4-6 per cent). Our fight against inflation is not yet over," the RBI Governor said at the latest monetary policy meeting held from June 6-8, the minutes of which were published on Thursday. RBI unanimously decided to keep the repo rate unchanged at 6.5 per cent for the second straight time. The repo rate is the rate of interest at which RBI lends to other banks. A consistent decline in inflation (currently at an 18-month low) and its potential for further decline may have prompted the central bank to put the brake on

Reserve Bank of India Governor Shaktikanta Das on Thursday said bringing back inflation levels in India to the comfortable range is like a job half finished, adding that the fight against the price rise will have to be in a way where inflation figures are aligned around 4.0 per cent on a durable basis. Retail inflation currently in India is a notch above the ideal 4 per cent target. "Our job is only half done, having brought inflation within the target band (4-6 per cent). Our fight against inflation is not yet over," the RBI Governor said at the latest monetary policy meeting held from June 6-8, the minutes of which were published on Thursday. RBI unanimously decided to keep the repo rate unchanged at 6.5 per cent for the second straight time. The repo rate is the rate of interest at which RBI lends to other banks. A consistent decline in inflation (currently at an 18-month low) and its potential for further decline may have prompted the central bank to put the brake on

Fitch Ratings on Thursday raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously. This is primarily because of a stronger outturn in the first quarter and near-term momentum. The growth forecast compares with 7.2 per cent GDP expansion in FY23. In the previous fiscal year (FY22), the economy had grown 9.1 per cent. "India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in 1Q23 (January-March) and autosales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending in March 2024 (FY23-24) by 0.3 percentage points to 6.3 per cent," the rating agency said. Fitch had in March lowered its forecast for 2023-24 to 6 per cent from 6.2 per cent citing headwinds from elevated inflation and interest rates along with subdued global demand. For 2024-25 and 2025-26 fiscal years, it est

Indian markets today opened in the green after rallying to an all-time high on Wednesday. BSE Sensex climbed 22 points up to 63,545, while NSE Nifty was trading at 18,871. From the Sensex pack, Tata Steel, ICICI Bank and HDFC twins were among the top gainers. The return of FIIs to Indian markets since April has boosted sentiments even as domestic investors continue to repose confidence in Indian equities, Ranganathan said. In Asian markets, Tokyo ended in the green, while Seoul, Shanghai and Hong Kong settled lower. Equity markets in Europe were trading mostly in the green. The US markets ended lower on Tuesday. Global oil benchmark Brent crude climbed 0.03 per cent to USD 75.98 a barrel. source https://www.ndtv.com/business/sensex-rises-22-points-higher-at-63-545-in-early-trade-nifty-up-14-points-to-18-871-4142165

Indian markets today opened in the green after rallying to an all-time high on Wednesday. BSE Sensex climbed 22 points up to 63,545, while NSE Nifty was trading at 18,871. From the Sensex pack, Tata Steel, ICICI Bank and HDFC twins were among the top gainers. The return of FIIs to Indian markets since April has boosted sentiments even as domestic investors continue to repose confidence in Indian equities, Ranganathan said. In Asian markets, Tokyo ended in the green, while Seoul, Shanghai and Hong Kong settled lower. Equity markets in Europe were trading mostly in the green. The US markets ended lower on Tuesday. Global oil benchmark Brent crude climbed 0.03 per cent to USD 75.98 a barrel. from NDTV Profit-Latest https://ift.tt/fRZoKUq via

Benchmark indices climbed in early trade on Wednesday, with the BSE Sensex hitting its lifetime high of 63,588.31, amid buying in index majors HDFC twins and Reliance Industries. The 30-share BSE Sensex climbed 146 points to 63,473.70 in early trade. The NSE Nifty advanced 37 points to 18,853.70. Later, the BSE benchmark jumped 260.61 points to reach its all-time peak of 63,588.31. The benchmark reached the milestone after a gap of nearly seven months. On December 1 last year, the Sensex hit its intra-day record peak of 63,583.07. From the Sensex pack, Power Grid, UltraTech Cement, HDFC Bank, Wipro, HDFC, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, Bajaj Finserv, Titan, Tata Consultancy Services, and Reliance Industries were the major gainers. Tata Steel, NTPC, Tata Motors, ICICI Bank, and Asian Paints were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul, Shanghai, and Hong Kong were trading lower. The US markets ended lower on Tuesday.

Indian stock indices traded positively on Wednesday morning, tracking firm cues from overseas peers and indications that the US may avoid a recession. Sensex and Nifty were 0.2-0.3 per cent higher at the time of writing this report. "In tune with the International Yoga Day, the market is slowly stretching both ways, without any sharp up or down moves. However, the broad market trend is up," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "Globally markets are bullish even when global growth is sluggish. The reason for this bullish trend is that the US recession, which markets had discounted last year, didn't happen and there are indications that the US might avoid a recession. So, markets are correcting the wrong discounting of last year," Vijayakumar added. Strong fundamentals including a firm GDP outlook, moderate inflation and strong purchases by foreign investors are positive for the markets. The domestic stock indices are n

Benchmark indices climbed in early trade on Wednesday, with the BSE Sensex hitting its lifetime high of 63,588.31, amid buying in index majors HDFC twins and Reliance Industries. The 30-share BSE Sensex climbed 146 points to 63,473.70 in early trade. The NSE Nifty advanced 37 points to 18,853.70. Later, the BSE benchmark jumped 260.61 points to reach its all-time peak of 63,588.31. The benchmark reached the milestone after a gap of nearly seven months. On December 1 last year, the Sensex hit its intra-day record peak of 63,583.07. From the Sensex pack, Power Grid, UltraTech Cement, HDFC Bank, Wipro, HDFC, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, Bajaj Finserv, Titan, Tata Consultancy Services, and Reliance Industries were the major gainers. Tata Steel, NTPC, Tata Motors, ICICI Bank, and Asian Paints were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul, Shanghai, and Hong Kong were trading lower. The US markets ended lower on Tuesday.

Shares of InterGlobe Aviation climbed nearly 3 per cent to hit its 52-week high level during the trade on Tuesday, a day after IndiGo announced placing a firm order to buy 500 narrow-body planes from Airbus. The stock of the parent of IndiGo gained 2.76 per cent to hit its 52-week high of Rs 2,499.95 during the day on the BSE. However, later it trimmed most of the early gains and ended almost flat at Rs 2,438.35, up 0.23 per cent. At the NSE, shares of the company advanced 2.37 per cent to its 52-week high of Rs 2,490 in intra-day trade. Later, it gave up most of the gains and ended at Rs 2,434.40, up 0.09 per cent. In one of the largest-ever aircraft purchases by an airline, IndiGo on Monday announced placing a firm order to buy 500 narrow-body planes from Airbus as the airline embarks on an ambitious long-term growth path. The multi-billion dollar deal comes less than five months after Air India placed orders for 470 aircraft with Airbus and Boeing. The latest order by IndiGo is