A US court directed Bank of America to pay $540.3 million to the Federal Deposit Insurance Corporation. This order was regarding underpaid deposit insurance assessments. The dispute was about payments from 2013 to 2014. The FDIC initially sued the bank for a larger sum. The judge dismissed some claims due to the delay.
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Adani Wilmar (AWL) is acquiring GD Foods, maker of the Tops brand, to strengthen its presence in the kitchen essentials segment. AWL will acquire 80% shares for Rs 603 crore, with the remaining 20% bought over three years. This move expands AWL’s product range beyond staples to sauces, pickles, and more. Funded through internal accruals and IPO proceeds, the acquisition aligns with the company’s pan-India growth strategy.
India's economy is expected to see a boost in Q4FY25, supported by a sustained increase in government spending and capital expenditure (Capex), alongside a pickup in consumption driven by the Maha-Kumbh and wedding season, according to a report by Union Bank of India.
Godrej Enterprises Group is investing in digital and AI to enhance their consumer-facing businesses, which contribute 60% to their revenues. The group is undergoing a digital transformation, aiming to gain customer insights and combat market competition, with a digital transformation budget of Rs 1,200 crore spread across three years.
Adani Ports has withdrawn its request for a $553 million loan from the US International Development Finance Corporation (IDFC) for a Sri Lankan port project. Facing US fraud allegations, the company will now self-fund the Colombo West International Terminal development, originally slated to begin operations this month but now expected by early 2025.
SBI chairman C S Setty emphasized boosting India's capital markets by increasing listed companies, promoting spot transactions, and leveraging technology for cost reduction. He highlighted the importance of tracking fund utilization for investor trust, addressing MSME credit challenges, and securing climate finance for India's net-zero goals.
Stock market today: The BSE Sensex experienced volatile trading, falling 241.30 points or 0.31 per cent to close at 77,378.91. The index fluctuated 820.15 points during the day, reaching a high of 77,919.70 and a low of 77,099.55.
Bajaj group will take over Allianz's 26% stakes in their insurance ventures for Rs 24,180 crore, making both insurers entirely Indian-owned. Bajaj Finserv’s stake will rise to over 75% in both firms. This acquisition ends a 24-year partnership with Allianz, allowing both to pursue independent insurance strategies in India, enhancing shareholder value.
Nate Anderson and his firm Hindenburg are under scrutiny for alleged connections with hedge funds while preparing reports targeting companies. Documents filed in an Ontario court suggest collaboration between Hindenburg and Anson hedge fund, potentially leading to securities fraud charges. Anderson and Anson's Moez Kassam have yet to respond to the allegations.
Telecom operators Reliance Jio and Bharti Airtel have launched new voice and SMS-only plans for prepaid users in India following TRAI's revised tariff rules.
The National Restaurant Association of India (NRAI) plans to take legal action against food delivery companies Zomato and Swiggy, alleging unfair market advantages through private labelling and separate ventures like Blinkit Bistro and Swiggy Snacc. NRAI claims these practices violate marketplace neutrality and threaten the restaurant ecosystem.