Reliance Retail is in talks to raise around $1.5Bn with existing investors, including Singapore's GIC, ADIA and PIF, for a possible valuation of $100Bn and plans to close by September-end. Reliance has already secured $1.25Bn from Qatar's QIA and KKR at the same valuation. The retail giant has expanded its offering with new launches & acquisitions (Netmeds, Milkbasket etc.).
Open FlipGold declined in Delhi markets on Wednesday, down Rs. 350 to Rs. 59,650/10 gram due to bearish trends in global markets. Silver also dropped substantially, - Rs. 1,000 to Rs. 73,400/kg - as investors prepared for US inflation data that could indicate if the Fed Reserve will raise interest rates this year. Internationally, gold and silver prices were down at USD 1,911/ounce & USD 22.94/ounce res...
Open FlipEmkay Investment Managers Ltd. appointed Manish Sonthalia as Chief Investment Officer with over 3 decades of experience in the financial services industry. He brings expertise in PMS, Alternates and Offshore Investments, and has managed assets worth approx. Rs 6500 crore. On his appointment, Manish said he looks forward to deepening product profile & scaling up AUM.
Open FlipDavid Woo, former head of global interest rates, foreign exchange, and emerging market fixed income strategy & economic research at Bank of America said the idea of a common currency for the BRICS nations backed by gold makes no sense as it would mean the currency tracks the price of gold rather than the individual countries' currencies and it would be just another gold derivative.
Open FlipIn August 2023, Maharashtra's tech hub - Pune district saw a 99% YoY growth in property unit registrations, with 13,021 units being registered. Revenue collection from stamp duty rose 82% YoY to Rs 423 crore. Residential units priced between Rs 25 lakh and Rs 50 lakh were the most sought-after, dominating 34% of housing transactions.
Open FlipIt's crucial to keep your individual and business funds separate if you own an LLC. Opening a company bank account for your LLC may help you streamline your bookkeeping, build trust with customers and suppliers, and safeguard any personal assets from future business obligations. The finest business accounts for Legal entities and the rationale for choosing them will be discussed in this post.
Open FlipOver 40 Nifty stocks have recently experienced the Golden Crossover, a technical analysis pattern when a stock's short-term moving average crosses above its long-term moving average. This signals a potential shift in momentum to bullish and is often seen as a good buying opportunity.
Open FlipAfter a muted previous session, the bulls were back in action on September 13, helping benchmark indices inch closer to their record highs led by metal, oil & gas and banking names. At close, the Sensex was up 245.86 points or 0.37 percent at 67,466.99, and the Nifty was up 76.80 points or 0.38 percent at 20,070. Amid mixed global cues, the market started with marginal cut and stayed in a range.
Open FlipBritain's economy shrank 0.5% in July due to unseasonably wet weather and a series of strikes, primarily by Junior Doctors. While this is causing some concern that the UK may slip into recession, most analysts think growth will remain tepid & Bank of England will raise interest rates next week in response to inflation of 6.8%.
Open FlipRR Kabel’s IPO has received bids for 21.2 lakh shares in the 1.33 crore size issue, resulting in a 16% subscription. Retail investors bought 26%, whilst employees bagged 43%. HNIs & QIBs bought 13% & 0.03%, respectively. Fresh ~Rs 180 crore will pay down debt & the rest for general corporate purposes. Promoters hold 66.42% of company & TPG is the largest public shareholder.
Open FlipThe government has approved up to Rs 9,589 crore in foreign investment for Suven Pharmaceuticals by Cyprus-based Berhyanda Ltd. This would result in 76.1% of shares held by the current promoter and public shareholders transfering to Berhyanda Ltd., with possible increase of 90.1%. The proposal has been reviewed by various agencies and approved subject to relevant rules & regulations.
Open Flip10 stocks that moved the most today- 📍NIIT was locked in their 20% upper circuit, 📍Indiabulls traded 12% higher, 📍RITES rallied 2.2%, 📍Vakrangee gained 1.5%, 📍Tata Power rose 1%, 📍Jay Bharat Maruti gained 1.4%, 📍IRCTC slumped 0.3%, 📍Coffee Day surged 20%, 📍Aarti Drugs rose 3%, & 📍Coal India zoomed 3.3%.
Open FlipAditya Birla Capital Digital Ltd (ABCDL) launched Payment Lounge, an omnichannel, multi-mode collections platform powered by payment solutions startup PhiCommerce. It provides a unified, secure, and faster transaction experience to merchants for making digital payments, featuring payment methods such as UPI, debit/credit cards, link-based payment options, wallets, etc.
Open FlipBetterhalf, an AI-enabled matrimony startup, launched its second ESOP buyback, expected to benefit 29 employees. The startup has a network of 30,000 venues and partners, and crossed the mark of $500K in monthly revenue. Its plans to revolutionize Indian wedding industry with tech-led solutions have attracted investors, resulting in an $8.5M Series A.
Open FlipReliance Retail, India's largest retailer led by Asia's richest person Mukesh Ambani, is in discussion with existing investors such as Singapore's GIC, Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund to invest $500 million each totaling around $1.5 billion at a valuation of $100 billion.
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