Category: Corporate

Elara India Opportunities Fund , one of the four Mauritius-based funds that hold shares predominantly in Adani Group firms  is a promoter entity in a defence company that has a Rs 590-crore contract with the Union government, the Indian Express reported. Elara IOF is a venture capital fund managed by Elara Capital. Bengaluru-based Alpha Design Technologies Private Limited (ADTPL), incorporated in 2003, works closely with the Indian Space Research Organisation and Defence Research and Development Organisation. It was reportedly acquired by the Adani Group in 2019. But the Indian Express…

Credit Suisse said it would borrow up to $54 billion from Switzerland’s central bank to shore up liquidity and investor confidence. Credit Suisse is the first major global bank to be thrown an emergency lifeline since the 2008 financial crisis. JP Morgan analysts said that the measures will buy the Swiss lender time to carry out its restructuring. The concerns about Credit Suisse added to broader banking sector fears sparked by last week’s collapse of Silicon Valley Bank and Signature Bank, two U.S. mid-size firms. Credit Suisse’s borrowing will be…

As a part of Govt of India initiative for market intervention to control the price of wheat and atta, in the sequel of weekly e auctions of wheat, the 6th e-auction was conducted by the Food Corporation of India on 15.03.2023. Total quantity of 10.69 LMT wheat was offered from 611 depots across 23 Regions of FCI and 4.91 LMT of wheat has been sold to 970 bidders. In the 6 th e- auction, against the all India weighted average reserve price of Rs. 2140.46/qtl, weighted average selling price received was Rs 2214.32 /qtl. In the…

The collapse of Silicon Valley Bank is causing collateral damage that’s sinking markets and delaying paychecks. The Indian government will not let the SVB crisis affect the growth of Indian start-ups-Minister assures. The start-up friendly policies of Silicon Valley Bank led to many new Indian enterprises parking substantial funds with it. The government is likely to exempt certain categories of investors, such as those registered with regulatory authorities and whose chances of circulating unaccounted money are low, from the proposed angel tax. The collapse of Silicon Valley Bank is causing…

California regulator closes SVB, appoints FDIC as receiver. SVB focused on lending to start-ups; branches to reopen Monday. FDIC to sell bank assets; ‘chaos’ reported amid withdrawals. Bank shares fall in U.S., Europe, but well-off lows. Crisis exposes banking ‘vulnerabilities’ amid rising rates. Silicon Valley Bank, a lender to some of the biggest names in the technology world, became the largest bank to fail since the 2008 financial crisis. The move put nearly $175 billion in customer deposits under the control of the Federal Deposit Insurance Corp. Here’s what we…

The government has amended rules under the anti-money law, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEP). Financial institutions or reporting agencies will be required to collect information about the financial transactions of non-profit organisations or NGOs under the provisions of the Prevention of Money Laundering Act (PMLA). PEP includes individuals who have been entrusted with prominent public functions by a foreign country, heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned…

Adani’s Mundra power plant has accrued USD 1.8 billion in losses and more liabilities than assets, according to a Bloomberg report. The report also stated that the conglomerate used more than USD 1 billion in innovative debt financing to cover the deficit and reassure lenders and investors that profits would soon follow. The auditor for Adani Power, however, as well as accounting specialists who talked with Bloomberg, are unable to fully understand the math supporting this claim. The Mundra Thermal Power Plant is an example of this balancing act, where…

The Supreme Court ordered the setting up of a committee to probe the recent Adani Group shares crash triggered by Hindenburg Research’s fraud allegations. A bench directed the Securities and Exchange Board of India (Sebi) to investigate the allegations in the Hindenburg Research Report against the Adani Group. Sebi shall file a status report on its investigation before the Court within two months. It shall also investigate whether there has been a violation of Sebi rules or whether there was any manipulation of stock prices. A bench headed by CJI…

Under the aegis of the National Monetization Pipeline of Govt. of India, NTPC Limited (“NTPC”) completed the closing of the transactions in relation to consolidating its Renewable Energy (“RE”) portfolio under one umbrella entity i.e., NTPC Green Energy Limited (“NGEL”), on February 28, 2023. This is a transfer of RE assets/ entities owned by NTPC to NGEL, its wholly-owned subsidiary, incorporated on April 07, 2022. The transactions comprised of transfer of 15 RE Assets, through a Business Transfer Agreement (BTA), and the transfer of 100% equity shareholding of NTPC Renewable…

Shares of ITC Ltd. have climbed to a record high, demonstrating investors may be starting to focus on stability in a market. It’s the best-performing stock in the NSE Nifty 50 Index with a 15% gain this year, pushing its market value to nearly $57 billion. ITC whose operations range from tobacco to food and hotels, has one of the highest dividends yields and returns-on-equity among Nifty members. Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC…