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Sacked fund manager Viresh Joshi sues Axis MF

Viresh Joshi, Axis mutual fund's former dealer and fund manager has sued Axis mutual fund on the charges of wrongful termination. Joshi was sacked by the fund house on 18 May alleging violations of ethics and code of conduct, Mint had reported on 16 June. Read more

RBI likely to raise interest rates twice before weighing a pause

India’s monetary policy makers will likely raise interest rates two more times before they even consider taking a breather toward the end of the year. Read more

IPS officer Dinkar Gupta appointed director-general of NIA

The central government has approved the appointment of senior IPS officer Dinkar Gupta as the director-general of the National Investigation Agency (NIA). Read more

Tata Nexon EV catches fire in Mumbai, Tata Motors says 'probe on'

Tata Motors released a statement saying a detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media. Read more

Bitcoin, Ethereum gain ground ahead of options expiry

Cryptocurrency giants such as Bitcoin and Ethereum have climbed on Thursday, as investors braced themselves for an imminent wave of option expiries. Read more

'Return, will consider quitting MVA': Shiv Sena to rebels

The Shiv Sena is ready to consider exiting the Maha Vikas Aghadi (MVA) coalition formed with the Nationalist Congress Party (NCP) and Congress if the rebel MLAs return to Mumbai within 24 hours and have a discussion regarding this with the chief minister, said party leader Sanjay Raut on Thursday. Read more

Bombay HC dismisses Dish TV plea on Yes Bank’s voting rights

A division bench of the Bombay High Court on Thursday rejected a petition by World Crest Advisors LLP, Dish TV India Ltd’s promoter group firm, asking the court to restrain Yes Bank Ltd from voting at the company’s extraordinary general meeting (EGM) on 24 June. Read more

Furlenco’s parent House of Kieraya aims to turn profitable by March 2023

Furniture rental company Furlenco’s parent, House of Kieraya (HoK), expects to turn profitable in less than a year on the back of robust revenue flows, led by its furniture business. Read more

Route Mobile board to consider buyback of shares on 28 June, stock soars 5%

Enterprise communications service provider Route Mobile surged more than 5.63% to 1,162.40 apiece on the BSE on Thursday after the company announced its board is considering buyback of shares on 28 June. Read more

13 MLAs at Thackeray meet, rebel rank swell to 42

The political turmoil in Maharashtra seems far from over, as rebel Shiv Sena leader Eknath Shinde has managed to garner the support of 42 MLAs from the state. Read more

It’s official: Pine Labs buys API infra startup Setu for $70-75 mn

Fintech unicorn Pine Labs has acquired fintech application programming interface (API) infrastructure startup Setu. The deal is worth around $70-75 million, Pine Labs CEO Amrish Rau said during a virtual press briefing on Thursday. Read more

Mint Mid Day Digest

Gold prices today fall for fourth time in 5 days, silver rates see sharp drop

Gold rates in India struggled today on expectations of aggressive rate hikes by the US Federal Reserve. On MCX, gold fell 0.23% to 50,785, its fourth decline in five days as the precious metal remained rangebound. Silver futures on MCX saw a sharper fall, dropping 0.7% to 60,240 per kg. Read more

Uber is said to have explored a sale of Indian ride-hailing arm

Uber Technologies Inc. explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered, people familiar with the matter said. Read more

Happiest Minds shares turn ex-dividend today. Details here

Happiest Minds shares are going to turn ex-dividend stock today as the board of directors of the mid-cap IT company has fixed 24th June 2022 as record date for dividend payment. Read more

GST Council may reject demand to reduce GST rate on over 200 items

A ministerial panel will meet next week to discuss the proposed changes in the goods and services tax (GST) rate for over 200 items. The panel of government officials has proposed a change in GST rate for several items, including tetra-packs, even as it rejected demands for a reduction in levy over 200 goods and services. Read more

RIL share price correction a buying opportunity: Jefferies

Shares of Reliance Industries (RIL) have corrected about 12% from its recent high. Multi year-low inventories, declining Russian exports, muted Chinese exports, lower diesel production in Europe and delays in commissioning of ME refineries are, in global brokerage Jefferies' view, tailwinds to refining margins in CY22. Read more

How corporates are helping achieve 86% of PM Modi's climate goals by 2030

India wants non-fossil fuel power sources to provide half of its electricity supply by 2030. To achieve this target, the country needs to massively scale up funding for renewables and to meet its goals by 2030 investment of $223 billion is needed, according to a new report by research company BloombergNEF (BNEF). At COP26 in November 2021, Prime Minister Narendra Modi had announced India's plans to reduce emission intensity by more than 45% by 2030 below 2005 levels, and called out five decarbonisation targets, terming them ‘panchamrit’. Read more

Mint Morning Digest

Asian markets: Growth worries spur bonds, set to restrain stocks

Asian markets will open Thursday against the backdrop of a rally in Treasuries that was triggered by economic concerns after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession. Read more

Govt may curb atta exports after imposing wheat ban

Wheat should not be converted to “excessive" amounts of atta for exports as wheat is a regulated commodity, food secretary Sudhanshu Pandey said on Wednesday, indicating a possible curb on wheat flour exports. Read more

India and China may be buying more Russian oil than we believe, says US

China and India may be buying more Russian oil than the US previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said. Read more

SBI gears up to fight merged HDFC Bank

State Bank of India (SBI) is taking steps to take on the combined strength of Housing Development Finance Corp. (HDFC) and HDFC Bank, following the merger, chairman Dinesh Khara told shareholders on Wednesday. Read more

More rate hikes in store, MPC warns of economic slowdown

More interest rate hikes are coming and the resulting spending squeeze will slow down the economy, members of the Reserve Bank of India’s Monetary Policy Committee noted, as the central bank joins a global war against inflation. Read more

Can India turn itself into the next global manufacturing hub?

The first dialogue of Zetwerk Smart Manufacturing Summit 2022, titled ‘Shaping the Future of Manufacturing: Resilience in Supply Chain," saw a cross section of thought leaders from the world of manufacturing come together to discuss what the country needs to get a spot on the global manufacturing map, the roadblocks in the journey, the way forward and the role of supply chain resilience in it. Read more

Centre notifies rules on TDS provision on virtual digital assets

Central Board of Direct Taxes (CBDT) has amended income tax rules to specify ways to comply with the new tax deducted at source (TDS) provision on virtual digital assets (VDAs) that kicks in from 1 July. Read more

 

 

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