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In this issue
May 23, 2023
Adani stocks jump on SC panel report findings
Adani group stocks surged on Monday, led by flagship Adani Enterprises (AEL), with investor wealth rising by the most in almost nine months after a Supreme Court-appointed panel found no prima facie evidence of stock price manipulation as alleged by US short-seller Hindenburg Research.
1 min
Securing supply: 2nd steel PLI in the works
NEW DELHI : The government is set to introduce a second production-linked incentive (PLI) initiative for the steel industry, aimed at bolstering the local capital goods industry and boosting supplies of essential materials in the country.
2 mins
NCLAT order fuels Go First's hopes of returning to skies
NEW DELHI : An appeals court on Monday upheld the National Company Law Tribunal’s (NCLT) court order preventing Go Airlines (India) Ltd’s aircraft from being repossessed by lessors amid insolvency proceedings, significantly enhancing the prospects of the grounded Go First returning to the skies.
3 mins
Spain may invest in India's bulk drug parks to diversify supplies
New Delhi: Spain is looking to invest in bulk drug parks in India in a move that could help diversify both their active pharmaceutical ingredients (API) supply chains. Bulk drugs are used for manufacturing critical drugs, but 85% of India’s supplies come from other countries, especially China. “The department of pharmaceutical participated in the 12th session of India-Spain Joint Commission for Economic Cooperation (JCEC) meeting held in New Delhi. Both the countries are pharmaceutical powerhouses and have considerable potential for mutual collaboration. Both sides enjoy very healthy bilateral trade. Besides this, Spain has expressed interest in the investments in the Bulk Drug Parks since Spain is also looking at diversifying its API supply chain,\" the DoP said in a communication. “Right now, the discussions are in the very a preliminary stage and will require a series of consultations to take the initiative forward,\" said an official. India exported over $173.26 million worth of pharmaceutical goods to Spain in FY21, which rose to $197.14 million in FY22. Queries sent to the spokesperson of the department of pharmaceuticals and the Embassy of Spain did not elicit a response. The department is implementing the scheme for bulk drug parks with the aim of achieving drug security and reducing dependence on imports. Under the scheme, the government is offering financing to develop common infrastructure facilities at bulk drug parks. The government has already initiated work on three bulk drug parks in Andhra Pradesh, Himachal Pradesh and Gujarat. Uday Bhaskar, director general of Pharmexcil, an export lobby, said, “Particularly during covid pandemic, every country was talking about too much dependence upon China is not good. Most of the countries in Europe wanted to develop their own essential generic formulations. This API issue comes in most of the countries importing API and chemicals from China and some extent from India. Our pharmas export goods to Spain. But what kind of investment Spain wants to make in India it is too early to say.\"
1 min
Russia looks for presence in India's financial markets
The Russian Federation sees the present conditions as an opportunity for Moscow and New Delhi to have “extended presence\" in each other’s financial markets, Russian ambassador to India Denis Alipov said in an interview.
3 mins
General Atlantic adds $100 mn to PhonePe
US private equity firm General Atlantic has made an additional investment of $100 million (about ₹829 crore) in PhonePe as part of an ongoing fundraising exercise by the Walmart-owned digital payments firm.
1 min
Muthoot's Fin's AUM is growing, but what about asset quality?
The Muthoot Finance Ltd stock has regained some lost charm, following its March quarter (Q4FY23) results. Shares of the gold loan provider rose 8.6% on the National Stock Exchange (NSE) on Monday. Investors are excited about the much-awaited revival in the company’s gold loan assets under management (AUM) growth.
1 min
If you can't catch 'em, join their Signal groups first, feels Sebi
Markets regulator Securities and Exchange Board of India (Sebi) is using the oldest trick in policing book to catch new-age crooks on encrypted messaging platforms, said two people with direct knowledge of the matter.
1 min
Bonds rally as RBI pulls ₹2,000 notes
India's shorter-maturity bonds rallied and money market rates eased on bets that a withdrawal of the nation's highest value currency note would leave banks with surplus cash to invest.
1 min
For Zomato, growth is a tall order
Zomato Ltd is walking the talk. At the time of announcing its June 2022 quarter results (Q1FY23), the company had targeted to turn adjusted Ebitda positive by Q4FY23. This excludes quick commerce business Blinkit. Zomato had also mentioned that if it slipped on this target, then it would reach its goal latest by Q2FY24.
2 mins
India size for apparel, shoes close to rollout
The Union textiles ministry is finalizing the measurements and standards for clothes and shoes that would fit Indians better, three government officials aware of the development said.
1 min
Note withdrawal is part of currency mgmt: Das
Move is part of RBI's Clean Note Policy as these notes were printed five or six years ago
2 mins
Non-SBI banks may seek ID proof for ₹2,000 note exchanges
Lenders are set to adopt varying strategies in handling customers from other banks who visit their branches to exchange ₹2,000 notes starting Tuesday.
1 min
Board resolutions face shareholder pushback
Dissent surfaces over critical appointments, financial decisions
2 mins
Adani Power to challenge RoC penalty
Adani Power Ltd will contest an order issued by the Registrar of Companies (RoC), Ahmedabad, imposing penalty on three senior executives for alleged breaches connected to related party transactions over three years till FY20.
2 mins
Sony bats for tennis, ropes in Sania Mirza as its ambassador
With media rights to three out of the four tennis grand slams -the Australian Open, French Open, and US Open, along with the Davis Cup-Sony Pictures Networks India (SPNI) wants to promote its sports network as the 'Home of Tennis' in India.
1 min
TCS bags ₹15k cr BSNL order
A consortium led by Tata Consultancy Services Ltd has bagged an order worth ₹15,000 crore from state-run telecom services provider Bharat Sanchar Nigam Ltd (BSNL) to install 4G telecom sites across the country.
1 min
'Financial sponsors are now ready to turn promoters'
Financial sponsors are now ready to be promoters. You will see many acquisition deals from PEs. They have done it in the past.
4 mins
India's currency needs the promise of stability
The ₹2,000 note withdrawal isn't Demonetization II but may disrupt informal commerce. While risks could be handled better, RBI must work on the rupee's utility and value retention
2 mins
Can the global economy avoid a lost decade of expansion ahead?
Forecasts are turning gloomier as we face a polycrisis' that demands an extremely high degree of global policy coordination
3 mins
Abortion rights in the US are under fire from multiple sides
Abortion pills under attack tells us something about conservatism
3 mins
The calorie-counting dilemma
Burning more calories than you consume sounds easy, but if you want to achieve calorie deficit, here's how to get it right
5 mins
Mint Mumbai Newspaper Description:
Publisher: HT Digital Streams Ltd.
Category: Newspaper
Language: English
Frequency: Daily
The business newspaper “Mint” published by one of the leading media houses of India, Hindustan Times, in association with Wall Street Journal. It aims to connect India to the world and the world to India in terms of business, economy, regulation and policies...
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