India’s largest asset manager, SBI Mutual Fund, has secured Sebi’s nod for its Rs 13,000 crore initial public offering. The upcoming share sale, an offer for sale by existing shareholders State Bank of India and Amundi India Holding, is slated for next month. This listing will bring the country’s biggest fund house, managing nearly Rs
Union finance minister Nirmala Sitharaman emphasized that externally aided projects in the Northeast should empower local products for global markets and strengthen livelihoods. She highlighted a seven-fold increase in assistance, with over 10,000 km of roads built since 2014. Sitharaman underscored the region’s potential, stating that EAPs offer a development model combining central support, state
Jio Platforms is set to launch India’s largest IPO, aiming to raise $4 billion and valuing the digital giant at $137 billion. This move by Reliance Industries aims to unlock value from its expansive digital services, including connectivity, broadband, and AI. The offering exclusively involves fresh capital, with no existing shareholder exits, and proceeds will
While the proposed Jio IPO drew significant attention, Ambani used the company’s annual shareholder meeting to lay out Reliance’s future growth strategy, identifying artificial intelligence as one of the most important pillars of the group’s next chapter.
Market regulator Sebi has greenlit several key reforms, including the return of open market share buybacks via stock exchanges, offering companies a faster execution route. Mutual funds will see relaxed intra-day borrowing norms, and alternative investment funds can now raise capital quicker through a new ‘GARUDA’ mechanism. Additionally, Sebi has simplified securities transfer after an
India’s foreign exchange reserves saw a significant dip of nearly $10 billion, reaching $671.625 billion in the week ending June 12. This sharp decline was primarily driven by a substantial drop in gold reserves, despite a modest increase in foreign currency assets. Other components like Special Drawing Rights and the IMF reserve position also registered
Indian markets snapped a five-day winning streak on Friday, with the Sensex and Nifty closing lower. A sharp selloff in IT stocks, sparked by Accenture’s reduced growth forecast, and renewed geopolitical concerns weighed on investor sentiment. The postponement of US-Iran peace talks added to the caution, prompting profit-booking after a recent rally.
India has initiated an anti-dumping investigation into Resorcinol imports from China and Japan. This key chemical is vital for tyre and rubber manufacturing. The probe follows allegations that low-priced shipments are harming domestic producers. The Directorate General of Trade Remedies is conducting the investigation. If dumping is confirmed, anti-dumping duties may be recommended to ensure
The BSE Sensex, comprising 30 stocks, ended the session 607.08 points, or 0.78%, lower at 76,802.90. During intraday trade, the index had fallen as much as 940.26 points, or 1.21%, touching 76,469.72.The NSE Nifty closed down 154.90 points, or 0.64%, at 24,013.10.
