BackMint Evening Digest: Zomato approves Blinkit acquisition, RBI extends card tokenisation deadline & more
Read top business news, equity market precursors, and economic and banking news updates from India and across the world for 24 June, 2022
PremiumZomato approves Blinkit acquisition for ₹4,447 crore
The board of Zomato has approved the acquisition of Blinkit for ₹4,447 crore in an all-stock deal, the food delivery company said in a statement on Friday. It stated that the board has approved acquisition of up to 33,018 equity shares of Blink Commerce Pvt Ltd from its shareholders for a total purchase consideration of ₹4,447.48 crore at a price of ₹13.45 lakh per equity share. (Read here)
RBI extends deadline for card tokenisation till 30 Sept
The Reserve Bank of India (RBI) on Friday extended the timeline for tokenisation of debit and credit cards by another three months till September 30, 2022. The decision was made in consultation with the stakeholders and to avoid disruption and inconvenience to cardholders. Earlier the due date for card tokenisation was set on June 30, 2022. (Read here)
Rice bran now becomes a hot commodity in India
Rice bran has become a sought-after commodity in India as the world's biggest importer of vegetable oils tries to overcome an edible oil shortage caused by global supply disruptions. A by-product in rice milling, rice bran has been traditionally used for cattle and poultry feed. (Read here)
SBI introduces new toll free number for a host of banking services
The largest lender in the country, State Bank of India (SBI), has added a new toll-free number for a variety of financial services to better serve its customers. (Read here)
Mint Mid-Day Digest
Trouble for Indian stock markets unlikely to end soon
As surging inflation and the end of global easy-money policies send Indian stocks spiraling down from all-time highs, three charts show the pain is unlikely to end anytime soon.. The selloff comes as climbing costs and a record plunge in the rupee have forced the nation’s central bank to join global peers in raising interest rates. Read more
Electric two-wheeler demand intact despite fire incidents
Recent incidents of electric two-wheelers catching fire may have added to consumers' anxiety about owning one such vehicle, but this has not considerably impacted demand. Read more
Indian crypto exchange restricts cryptocurrency deposits and withdrawals
Indian crypto exchange CoinDCX has restricted crypto deposits & withdrawals for multiple users, it said in a blog post this week, citing compliance, risk and monitoring requirements. Read more
Indian Oil's record date for bonus shares issue next week
Oil marketing company Indian Oil Corporation (IOC)'s board of directors has recommended issue of bonus shares in the ratio of 1:2, i.e, for every two existing shares investors hold, one new bonus equity share will be issued. The Board has fixed next week, Friday, July 1, 2022 as record date to determine the eligibility of shareholders to receive bonus shares. Read more
Gold prices today fall to near two-week lows, silver rates struggle
Gold and silver prices in India struggled today amid weak global cues. On MCX, gold futures declined to near two-week lows of ₹50,510 per 10 gram. Silver futures were marginally higher at ₹59,510 per kg. In global markets, gold rates were flat at $1,824.72 per ounce and remained on course for their second straight weekly decline. Read more
Mint Morning Digest
Asian stocks set for steady opening amid bond rally
Stocks are set for a steady open in Asia on Friday amid a global bond rally as escalating fears of an economic downturn lead investors to reassess expectations for inflation and attendant interest-rate hikes. Read more
Sacked fund manager Viresh Joshi sues Axis mutual fund, seeks ₹54 crore
Viresh Joshi, Axis mutual fund’s former dealer and fund manager, has sued the fund house on the charge of wrongful termination. Joshi was sacked by the fund house on 18 May for alleged violation of its ethics and code of conduct, Mint had reported on 16 June. Read more
Consumers trim spending on fuel, clothing: Survey
Urban Indian consumers reduced spending on apparel, fuel, and eating out over the last six months as inflation ate into household budgets, a YouGov survey showed. Read more
Amazon faces uphill battle with Future Retail insolvency, say legal experts
Amazon’s efforts to oppose Bank of India’s move to initiate corporate insolvency resolution proceedings against debt-laden Future Retail Ltd will be an uphill task, experts said. Read more
Bombay HC rejects Dish TV petition against Yes Bank
A question mark hangs over the continuation of Jawahar Goel as chairman of Dish TV India Ltd, with the Bombay high court on Thursday dismissing a promoter entity’s petition seeking to block a crucial Friday vote by Yes Bank to oust Goel as the company’s managing director. Read more
Dalmia Bharat’s expansion plans need demand to be robust
Shares of cement companies have been beaten down because of escalated costs pressures and inadequate price increases. The shares of Dalmia Bharat Ltd are not an exception with the stock falling 32% so far in CY22. The underperforming trend in the shares could persist because of looming near-term margin challenges. Read more
Price hikes inevitable in packed consumer goods: HUL’s Paranjpe
Hindustan Unilever Ltd’s chairman Nitin Paranjpe on Thursday flagged the unprecedented levels of inflation, saying while the company will continue to drive its saving agenda, price hikes will be inevitable. Read more
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