The Reserve Bank of India’s foreign exchange reserves reached a new high of $692.3 billion in the week ending September 20, driven by a $2 billion surge in foreign currency assets. Foreign investors contributed $10.9 billion to Indian stocks and bonds this month, marking the highest monthly inflow this year.
Posts in category Economic Times
EQT to exit AGS Health, eyes $750 million valuation (27-09-2024)
Swedish fund EQT Partners is set to sell its five-year-old investment in US-based healthcare IT services firm AGS Health, aiming for a valuation of $750 million-$780 million. The sale process, managed by JP Morgan and Bank of America, will launch early next year. AGS Health provides revenue cycle management solutions and employs 12,000 people across multiple locations.
Real-time payments gaining ground fast in Asia: JP Morgan (27-09-2024)
Many Asian countries, including India, are moving away from older payment methods like ACH in favor of real-time systems such as UPI. JP Morgan Chase is investing in distributed ledger technology and partnering with ONDC to support this shift and enhance e-commerce and financial services.
IPO wave sparks unprecedented demand for capital market lawyers (27-09-2024)
The recent surge in IPOs has created a high demand for capital market specialist lawyers, leading law firms to aggressively hire at partner levels. This increased demand has also driven up the cost of hiring legal advisors for IPOs, which has doubled in the last three years.
IDFC to merge with IDFC FIRST Bank, effective October 1 (27-09-2024)
IDFC Ltd will merge into IDFC First Bank effective October 1, following approval from the National Company Law Tribunal. The merger will dissolve IDFC financial holdings and simplify the corporate structure. IDFC First Bank will issue new equity shares and address accumulated losses, potentially enabling future dividend payments.
Bitcoin bucks seasonal jinx with one of best September gains (27-09-2024)
The cryptocurrency rose by up to 1.2% on Friday, trading at $65,334 as of 1:12 p.m. in Singapore. It has gained 56% in 2024, boosted by inflows into US Bitcoin exchange-traded funds, though it remains below the record high of $73,798 set in March.
Morgan Stanley, Goldman Sachs, this smallcap fund buy Nuvama shares worth Rs 1,235 crore via block deals (27-09-2024)
Morgan Stanley bought 3.42 lakh shares for a total of Rs 229 crore, while Goldman Sachs acquired 3.24 lakh shares at a cost of Rs 218 crore. Additionally, Smallcap World Fund Inc purchased 11.75 lakh shares valued at Rs 788 crore.
Rupee touches 83.70/$1 on Friday for the first time since US Fed rate cut (27-09-2024)
The US economy grew by 3% in the April-June period, matching the previous quarter’s performance and meeting economists’ expectations. Consequently, the probability of a 50 basis point rate cut by the Fed has decreased to 49.4%, down from 61% the previous day, according to the CME’s FedWatch tool.
Banking system liquidity back at surplus; markets see signs of softer RBI stance (27-09-2024)
For seven days in September, the RBI injected funds into the banking system, signaling deficit liquidity conditions caused by the combined impact of quarterly advance tax payments and monthly GST payments, which drained funds from the system.