LIC on Thursday said it has sold 2 per cent of its holding in Sun Pharma for Rs 4,699 crore via open market sale. Following the share sale, there is a decrease of 2 per cent in holding during the period from July 22, 2022 to September 13, 2023. “Corporation’s shareholding in Sun Pharma has diluted from 12,05,24,944 to 7,22,68,890...
Business
India’s retail inflation eases to 6.83% in August
India’s retail inflation eased to 6.83 per cent in August from 7.44 per cent in July as vegetable prices cooled somewhat compared to the previous month, the National Statistical Office (NSO) data showed on Tuesday. At 6.83 per cent, the Consumer Price Index (CPI) inflation print for August is 61 basis points lower than July’s 15-month high of 7.44 per cent....
KKR raises stake in Indian billionaire Ambani’s Reliance Retail with $250 mn
KKR & Co Inc (KKR.N) has increased its stake in Indian billionaire Mukesh Ambani’s Reliance Retail Ventures by investing an additional $250 million at a valuation of $100 billion, adding to its bet on the country’s biggest retailer. The private equity firm’s follow-on investment translates into an additional equity stake of 0.25% in Reliance Retail on a fully-diluted basis, taking KKR’s total...
India’s rebranding as “Bharat” may cost thousands of crores
Before the G20 Summit, there were several disputes over the country’s name change. Rumours are that the Narendra Modi-led administration can announce to rename India as “Bharat” at a special session of Parliament later this month. The debate began after “President of India” was written as “President of Bharat” in the G20 dinner invitation card, and it became more intensified...
Sensex jumps 385 points to regain 66k, Nifty settles above 19,700
Domestic equity markets continued to move higher on Thursday and extended their gains to fifth consecutive sessions, bucking the weak sentiments from the global markets. Buying in heavyweight sectors like financials and banking pushed the headline indices higher. However, global uncertainty may weigh on Dalal Street. For the day, BSE’s barometer Sensex surged more 385.04 points, or 0.58 per cent,...
India will become new manufacturing centre in the world: Young Liu
Hon Hai, also known as Foxconn, which made its foray into India in 2005 and has embarked on manufacturing in the country, is optimistic about India developing as the world’s manufacturing hub. Young Liu, Chairman of Hon Hai Technologies, said, “If there are no major changes in the future, India will become a new manufacturing centre in the world.” He...
Jio to commercially launch Jio AirFiber on September 19
Jio will commercially launch Jio AirFiber on 19th September to drive revenue growth in the untapped Indian home segment. With this FWAservice, Jio said it can expand the home broadband service with up to 150,000 daily connections.Jio AirFiber uses pan-India 5G network and advanced wireless technologies to bypass the need for last-mile fibre.Jio said it could connect around 15,000 premises...
Zomato shares zoom 77% in six months
Shares of online food delivery provider Zomato Ltd are headed toward their fresh 52-week high, suggests technical analysis of the stock. The stock has climbed 77% in the last six months and gained 43% in three months. The stock has risen 16% since the firm announced its Q1 earnings. Zomato announced its Q1 earnings during market hours on August 3....
Sensex, Nifty rally around 1 pc on strong macro data, global cues; metal, power shares lead gains
Equity benchmark Sensex on Friday rallied around 556 points, logging its best single day in two months, while Nifty closed above the 19,400 level on value-buying in power, metal and oil stocks following strong domestic macro data and global cues.The BSE barometer closed higher by 555.75 points or 0.86 per cent at 65,387.16 with 26 of its constituents ending in...
Seven cops suspended for special treatment to DHFL promoters Wadhawan brothers in custody
Seven police personnel have been suspended for allegedly providing special treatment to DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, arrested in connection with a multi-crore bank loan scam, during medical check-ups at hospitals in Mumbai, an official said on Wednesday. The Wadhawan brothers are currently in judicial custody and lodged at the Taloja prison in neighbouring Navi Mumbai. A TV...
North Goa Airport Announces Direct Indigo Flight Services To Abu Dhabi Starting Saturday
The Manohar International Airport in North Goa on Monday announced a direct Indigo flight service to Abu Dhabi International Airport (AUH) thrice a week, starting September 2. A senior official of the airport operator GMR Goa International Airport Limited (GGIAL) said that the inaugural Indigo flight to Abu Dhabi from Manohar International Airport is scheduled for Saturday, September 02, 2023...
US raises concerns on India’s decision to impose import curbs on technological devices
With the US flagging concerns over India’s decision to impose import restrictions on certain electronic devices, both countries have agreed to find a solution to the issue that addresses the concerns of both nations, according to a statement of USTR. The issue was flagged during a meeting between Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai...