IndusInd Bank plans to auction Rs 1,573 crore worth of non-performing microfinance loans, setting a reserve price of Rs 85 crore, indicating a significant loss. The bank's promoters have pledged additional shares, raising the total pledged share capital to 6.86%, to secure an existing loan.
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The sensex saw a strong rally driven by local buying, closing 610 points higher, above the 74K mark. Over the last two sessions, it gained 1,350 points or 1.9%. Despite foreign funds selling, domestic net buying helped boost market capitalization by Rs 4.5 lakh crore.
Global oil prices have surged to over $81 per barrel due to new US shipping sanctions affecting Russian oil shipments, leading to increased demand for Middle-East/US crude and tankers. This rise in costs is expected to delay fuel price cuts in India, impacting fuel retailers' margins and the economy.
A regulatory filing on Saturday revealed that Paytm received notice from the Enforcement Directorate (ED) regarding alleged FEMA rule violations by the company and its subsidiaries - Little Internet and Nearbuy - concerning specific investment transactions.
Budget 2025 income tax: Assocham urges Finance Minister Nirmala Sitharaman to reduce personal income tax rates in the Union Budget 2025, highlighting the substantial gap between personal and corporate tax rates.
Equity mutual funds saw significant inflows in 2024, reaching nearly Rs 4 lakh crore, which is more than double the previous year's figure. Despite the strong performance, inflows are expected to slow down in 2025 due to increased market volatility, impacting new fund launches and equity fund mobilisation.
LG Electronics India, a subsidiary of LG, has received approval from Sebi for a Rs 15,000 crore initial public offering. This IPO will involve the parent company selling over 10.2 crore shares, representing a 15% stake. The funds raised will go to the South Korean parent company, as the IPO is an offer for sale.
FSSAI has instructed Patanjali Foods to recall a batch of red chilli powder for regulatory non-compliance regarding contaminants and toxins. Despite this, Patanjali Foods reported a 21% rise in net profit for the September quarter and is planning to establish an oil palm mill in Mizoram.
Apple plans to invest $500 billion in the U.S. over the next four years. This investment will include constructing a large factory in Texas for AI servers and adding 20,000 research and development jobs. This move comes amid tariffs on products assembled in China, with the company securing waivers previously.
India's market regulator, Sebi, is planning a portal, MITRA, to help investors find lost mutual fund investments. Inactive accounts, often due to missing PAN or outdated contact information, will be searchable through a central database managed by CAMS and KFintech. This initiative aims to reduce unclaimed accounts and protect against fraud, improving transparency in the financial system.
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, crashed in trade on Monday morning. While BSE Sensex went below 76,600, Nifty50 was near 23,200.