GMR Infra Enterprises secured Rs 6,300 crore in funding from Abu Dhabi Investment Authority, enhancing the prospects of India’s aviation sector. The funds will help repay external debt, with an option to convert to equity. This strengthens GMR’s ability to support GMR Airports’ growth.
Posts in category Economic Times
Rupee closes at record low for 3rd consecutive day (23-10-2024)
Traders said the next key level would be 84.15 per dollar. That was the weakest level in the non-deliverable forwards (NDF) market, which was touched a month ago.
Goldman Sachs takes note of a slow turn in the India story (23-10-2024)
The downgrade comes amid continuous selling by foreign portfolio investors (FPIs), who have offloaded Indian stocks for 17 consecutive days. So far this month, FPIs have sold shares worth ₹89,200 crore
Irdai raises concerns over high auto cover commissions (23-10-2024)
India’s automotive industry, which accounts for 7.1% of the nation’s GDP, has boosted the growth of motor insurance. This sector now represents around 45% of the total business of general insurance companies. Car dealers, as primary intermediaries in the customer purchasing journey, have become a critical distribution channel for motor insurance.
Banks tighten expenses as credit costs, higher slippages hurt (23-10-2024)
“We have said we would like to continue to invest in the franchise, given the opportunity,” Puneet Sharma, chief financial officer of Axis Bank, told analysts in post-earnings call. “Where we are required to tighten our belts, we do have the ability to tighten our belts. On expenses last year, we were growing at the 27% to 29% year-on-year growth range. You will see moderation in growth of costs through FY25.”
Inflation worries trump lone vote to boost growth, highlights RBI MPC’s minutes (23-10-2024)
Nagesh Kumar advocated for a rate cut to revive demand and investment amid economic uncertainty during the early October MPC review. Despite Kumar’s argument for normalization, five members, including RBI Governor Shaktikanta Das, voted to maintain the repo rate, citing inflation concerns.
Arm Holdings to cancel Qualcomm chip design license, source says; shares fall 3% (23-10-2024)
Arm is terminating its architectural license agreement with Qualcomm amid a legal dispute. This cancellation notice could disrupt Qualcomm’s chip designs and their market, particularly for Microsoft’s Copilot+ laptops. A trial is set for December, with both companies potentially reaching a settlement beforehand.
Arm Holdings to cancel Qualcomm chip design license, source says; shares fall 3% (23-10-2024)
Arm is terminating its architectural license agreement with Qualcomm amid a legal dispute. This cancellation notice could disrupt Qualcomm’s chip designs and their market, particularly for Microsoft’s Copilot+ laptops. A trial is set for December, with both companies potentially reaching a settlement beforehand.
Sebi bars merchant banker First Overseas Capital from managing public issues (23-10-2024)
SEBI has barred First Overseas Capital Ltd from handling public issues due to violations of merchant banking norms. The regulator found FOCL had not maintained minimum net worth, provided false statements, and lacked required MB certifications. FOCL must respond within 21 days.
Adani Power board to consider Rs 5,000 crore fundraising plan via NCDs on October 28 (23-10-2024)
Adani Power will consider raising funds worth Rs 5,000 crore by way of public issue and/or private placement of non-convertible debentures (NCDs) in one or more tranches, the company on Wednesday informed in a filing to the exchanges.