Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates’ Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates’ bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
Posts tagged Rediff
RBI tighten norms for personal loans (16-11-2023)
The Reserve Bank on Thursday tightened norms for consumer credit as it asked banks and NBFCs to assign a higher risk weight for unsecured personal loans, a move aimed at making the lenders more cautious on such advances. The risk weight on unsecured consumer loans has been raised by 25 percentage points. The new regulations, however, will not be applicable on housing loans, education loans, vehicle loans and loans secured by gold and gold jewellery, the Reserve Bank said in a circular.
Festival gold rush widens trade deficit to new high (16-11-2023)
India’s merchandise trade deficit surged to a record $31.5 billion in October as festival demand led to a sharp increase in imports of gold and silver, even as exports registered positive growth, aided by a favourable base. According to data released by the commerce department on Wednesday, merchandise exports grew at the fastest pace (6.2 per cent) in 11 months to $33.6 billion in October. Imports rose at the fastest pace (12.3 per cent) in 13 months to $65.03 billion.
India’s GDP to grow 6-7.1% during 2024-2026: S and P (16-11-2023)
India’s economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S and P Global Ratings said on Thursday. In a report titled ‘Global Banks Country-By-Country Outlook 2024’, S and P said the banking sector’s weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added.
Rise and fall of Subrata Roy (16-11-2023)
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies – of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father’s Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
Sensex climbs 307 points on buying in IT stocks (16-11-2023)
Benchmark equity indices ended with gains on Thursday as sentiments turned buoyant amid fresh foreign inflows and buying in IT counters. Softer-than-expected US inflation data and easing bond yields have bought optimism in equities. Rising for the second session in a row, the 30-share BSE Sensex climbed 306.55 points or 0.47 per cent to settle at 65,982.48. During the day, it jumped 682.44 points or 1 per cent to 66,358.37.
Global demand headwinds could weigh on Bharat Forge (16-11-2023)
Even though Bharat Forge’s performance in the July-September quarter broadly met Street estimates and defence orders are on the rise, the subdued outlook for its global business has prompted some brokerages to adopt a cautious stance on the company. Analysts have reduced the company’s earnings per share (EPS) estimates to account for the slow recovery of its overseas subsidiaries. Valuations are also trading at long-term averages, which could limit potential upsides.
Good Q2, but cautious outlook for Info Edge (16-11-2023)
Info Edge (India) reported good Q2FY24 results with hiring across other segments helping offset weak IT performance. The revenue increased 11.5 per cent year-on-year (Y-o-Y) to Rs 593 crore, (up 1.5 per cent quarter-on-quarter or Q-o-Q). The earnings before interest, taxes, depreciation, and amortization (Ebitda) margin was excellent at 40.7 per cent, up 200 basis points year-on-year (Y-o-Y).
SME IPOs break 2018 record; one every 1.38 days (16-11-2023)
In the current calendar year, small and medium enterprises (SMEs) have witnessed an impressive surge in initial public offerings (IPOs), surpassing the 2018 record. Over 150 SME IPOs have been introduced to the market, breaking the previous record of 141 set in 2018. According to data from PRIME Database, a primary market tracking firm, 147 companies successfully concluded their debut share sales by the end of October, raising a cumulative Rs 3,727 crore.
‘I don’t think I will die so fast’ (16-11-2023)
‘My wife, family members as well as members of the workers will be trustees.’ ‘The trust will take all decisions — no family member can individually take any decision.’