The Reserve Bank of India plans to sell government bonds worth Rs 4.73 lakh crore to State Governments and Union territories in January-March 2025. The RBI aims to ensure non-disruptive auctions, considering market conditions, and will notify details of borrowings and participants prior to auctions.
Related news
Gold ETFs inflows dropped 47.22% to Rs 1,979 crore in February despite record-high gold prices, reflecting profit-taking and equity market opportunities. However, inflows still saw a 99% year-on-year increase. UTI Gold ETF led with 3.70% returns. Gold remains an essential portfolio diversifier amid global uncertainty, with AUM growing 7% to Rs 55,677 crore.
Zhang Yiming, the founder of ByteDance, has become the wealthiest person in China with a net worth of $57.5 billion. This achievement is particularly noteworthy for the 41-year-old, considering the recent challenges, including potential US restrictions on TikTok, ByteDance's popular application.
Macrotech Developers accused House of Abhinandan Lodha of fabricating documents to misuse the 'Lodha' brand for a Goa project. Allegations include a fake board resolution to grant brand usage. The Lodha siblings, Abhishek and Abhinandan, are in a legal dispute over the 'Lodha' name rights. House of Abhinandan Lodha is reviewing the claims.
Srinivas Phatak will assume the role of Unilever's acting CFO on March 1. Current CFO Fernando Fernandez will be elevated to CEO position. Phatak, a seasoned Unilever executive, has extensive experience spanning finance and supply chain roles. Unilever will conduct a search for a permanent CFO. Unilever praised Phatak's leadership and experience to aid in executing its strategy.
ICAI may review IndusInd Bank's financial statements after the bank disclosed a Rs 2,100 crore discrepancy in its derivatives portfolio. This issue could impact 2.35% of the bank's net worth by December 2024, as per the bank's internal review. ICAI's Financial Reporting Review Board is expected to assess compliance with accounting and auditing standards.
RailTel Corporation's shares jumped 9.6% after securing a Rs 25.15 crore contract from HPCL for MPLS/Internet services over five years. Despite recent gains, RailTel stocks have seen a YTD decline of 16.80%. Currently trading at Rs 328 with a 6.10% increase, the stock shows neutral momentum with an RSI of 52.
Nazara Technologies plans to raise Rs 495 crore through a 5.4% stake sale to Axana Estates, co-founded by Arpit Khandelwal and Mithun Sacheti. The funds aim to support Nazara's strategic acquisitions and international expansion. The transaction will also trigger an open offer to acquire an additional 26% stake to meet Sebi regulations.
China's trade surplus hit a record $992 billion in 2024, driven by a 21% rise in exports worth $3.6 trillion, despite weak domestic demand and imports. The surge is linked to strong overseas demand and anticipated tariffs under Donald Trump's upcoming presidency, leading to a rush in shipments to the US, reaching $525 billion.
India's imports of Russian crude oil plummeted 55% in November 2022, the lowest since June, though Russia remained India's top supplier. This drop coincided with an 11% decrease in India's total crude imports. Despite sanctions and price caps, Russia continued exporting, with China and India as major buyers, accounting for 47% and 37% of exports respectively.
India needs a tax buoyancy of 1.2-1.5 to achieve a 6.5-7% growth rate, according to an EY report. To support this growth, the government may need to boost the tax-to-GDP ratio to 14% by FY31. Enhancing tax buoyancy, managing expenditures, and continuing structural reforms are crucial for sustainable growth. India's projected GDP growth for the next fiscal is 6.3-6.8%.