Mint Evening Digest: India's FDI rank rises to 7th, Sebi lets off Tata Motors with warning and more
Mint Evening Digest: Read top business news, equity market precursors, and economic and banking news updates from India and across the world for 9 June, 2022
Mint Evening Digest
Sebi lets off Tata Motors with warning in over 18-yr old case
Sebi has let off Tata Motors Ltd with a warning to be "more careful" in its future dealings in the securities market, saying any adverse orders passed against the company at this stage may not practically serve any purpose for the events accrued over 18 years ago. Read more
India among top 10 global economies for FDI in 2021
India, which had received USD 64 billion in FDI in 2020, recorded a decline in FDI inflows in 2021 at USD 45 billion. But India was still among the top 10 economies for FDI inflows in 2021, ranking 7th after the US, China, Hong Kong, Singapore, Canada and Brazil. South Africa, Russia and Mexico rounded up the top 10 economies for FDI inflows in 2021. Read more
India vs South Africa T20I: Interesting facts
The Indian cricket team is facing the South African team for the first of the five T20I match-series at Arun Jaitley Stadium in Delhi on 9 June. Despite winning the toss, South African skipper Temba Bavuma decided to field in the very first game of the series. Read more
CCI penalises firms for rigging Indian Railways' tenders
Competition Commission of India (CCI) said on Thursday seven entities have been found allegedly rigging bids invited by the Indian Railways and has issued a final order penalising them. Read more
ECB ends bond buys, signal 25 bps rate hike in July
The European Central Bank ended a long-running stimulus scheme today and signalled a series of rate hikes that may be scaled up from September if the inflation outlook fails to improve. Read more
Outsourcing company of 22,000 employees weighs sale to buyout firm Baring Private Equity
iEnergizer Ltd., a digital content and business process outsourcing company with 22,000 employees worldwide, said it’s in preliminary talks about a potential sale to buyout firm Baring Private Equity Asia. Read more
Mint Afternoon Digest
Crypto currencies yet to pass test of fiat currency: CEA
Sounding a note of caution, Chief Economic Adviser V Anantha Nageswaran said on Thursday that the crypto currencies have yet to pass the test to become fiat currency and at the same time it would be difficult to regulate them. Read more
Coal India floats maiden bidding for coal imports
State-run Coal India Limited on June 9 for the first time floated an international competitive bidding e-tender, seeking bids for the import of 2.41,6 million tonnes (MTs) of coal, it said in a stock regulatory filing. Read more
India considers curbing fridge imports to boost local industry
India is considering restricting imports of refrigerators to promote local manufacturing, two industry sources told Reuters on Thursday, potentially freezing out shipments from Samsung Electronics Co and LG Electronics Inc in the $5 billion market. Read more
Monsoon on track: IMD
Conditions are favourable for further advancement of monsoon and will likely reach Maharashtra entire Karnataka and more parts of Andhra Pradesh in the next two days, the India Meteorological Department has predicted. Read more
Nykaa rival Purplle raises $33 mn in latest funding
Online cosmetics retailer Purplle raised capital at a $1.1 billion valuation, becoming the second billion-dollar company to be created in India this week despite souring investor sentiment on startups. Read more
Apollo, RIL consortium to make binding bid for Boots
A consortium of Apollo Global Management Inc. and Reliance Industries Ltd. has made a binding offer for Walgreens Boots Alliance Inc.’s international arm, people with knowledge of the matter said. Read more
Mint Mid-Day Digest
MSP hikes may offer little boost to rural demand
On Wednesday, the government announced minimum support prices (MSP) for all mandated kharif crops for marketing season 2022-23. The MSP of paddy (common) has risen 5.2% from FY22. Yellow soyabean has seen the maximum hike of 8.9%, and bajra the lowest of 4.4% compared to FY22 levels. Read more
Specialty chemical stock Deepak Nitrite falls 13% in 5 days. Here's why
Shares of Deepak Nitrite have fallen about 13% in the last five trading sessions amid reports of Gujarat govt issuing closure notice to chemical intermediate maker Deepak Nitrite over Nandesari explosions, on which the stock exchanges have also sought clarification. Read more
Delhi University, JNU, IIT Delhi among world's best universities in QS ranking
As per the Quacquarelli Symonds (QS), global higher education's latest edition, the Delhi University stands between 521-530 spots. The JNU has been ranked in the 601-650 bracket. Jamia Millia Islamia now stands at between 801-1000 category. Read more
Gold rates in India today near 3-week lows, silver prices edge higher
Gold prices in India struggled near three-week lows amid firm US bond yields that lower the safe-haven appeal of zero-yielding gold. Read more
Why many IT professionals now want to work for big, boring companies again
After the 2008 recession, large, established corporate employers fell out of fashion. Their fusty cultures were behind the times, and they seemed stuck in a cycle of perpetual layoffs and restructurings.Read more
Mint Morning Digest
ED has frozen accounts of more than 100 fintech firms
The Enforcement Directorate (ED) has told payment gateways and banks to freeze the accounts of around 100 fintech firms without ascribing any reason, ensnaring legitimate operations and putting some at risk of closure. Read more
GST Council may bring rate on li-ion cells on par with EVs
India may cut the goods and services tax on lithium-ion batteries and bring them on a par with taxes on electric vehicles to give a fillip to its green mobility plans. Read more
Tokyo shares firm in morning trade
Tokyo stocks trended higher Thursday, with a lower yen buoying exporters despite overnight falls of US shares.
The benchmark Nikkei 225 index added 0.22 percent, or 61.85 points, at 28,296.14, while the broader Topix index rose 0.24 percent, or 4.67 points, to 1,974.65. Read more
Govt increases crop procurement rates amid global shortage
The government raised the minimum support price (MSP) for paddy, the main kharif crop, by ₹100 per quintal and 13 other summer crops as it sought to boost production amid a global shortage of foodgrains but stoked fears of further hardening of inflation. Read more
Indian economy likely to be $20 trillion by 2040: Chief Economic Advisor
Indian economy is projected to cross $5 trillion in 2026-27 and likely to become $20 trillion by 2040, Chief Economic Advisor V Anantha Nageswaran said on Wednesday. Read more
Beverage manufacturers wary of single-use plastic ban from 1 July
With the deadline for a nationwide ban on single-use plastic fast approaching, beverage manufacturers and industry associations have yet again petitioned the government to allow a gradual phasing out of plastic straws for small packs of juice, fizzy drink and milk-based beverage. Read more
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