Financial Express Mumbai - March 11, 2023
Financial Express Mumbai - March 11, 2023
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In this issue
March 11, 2023
IIP growth inches up to 5.2% in Jan
THE INDEX OF industrial production (IIIP) grew 5.2% on year in January, thanks to creditable performance by the mining, electricity and capital goods sectors and a favourable base effect that is yet to wane. However, consumer durables output contracted even on a shrunken base.
1 min
GROUP SEEKS LENDERS' APPROVAL: Adani may sell 4-5% in Ambuja for $450 mn
THE ADANI GROUP is looking to sell 4-5% stake in Ambuja Cement for about $450 million as part of plans to pare debt and restore investor confidence in the conglomerate.
1 min
BANK ENTERS FDIC RECEIVERSHIP: Regulators shut Silicon Valley Bank
SILICON VALLEY BANK collapsed into Federal Deposit Insurance Corp (FDIC) receivership on Friday, after its long-established customer base of tech startups grew worried and yanked deposits.
1 min
Larger economic pact with India this year: Australian PM
Modi, Albanese agree on greater cooperation in defence, trade
2 mins
HUL names Jawa to succeed Mehta
Incumbent MD CEO to retire after a decade at helm
2 mins
Tata Motors' engineering unit files papers for IPO
TATA TECHNOLOGIES, A subsidiary of Tata Motors, has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO), making it the second Tata Group company intending to tap the capital markets in 2023.
2 mins
Rate change unlikely for PPF, Sukanya schemes in Q1FY24
MAY not THE GOVERNMENT increase the interest rates on the popular Public Provident Fund (PPF) and Sukanya Samriddhi Account schemes for the April-June FY24 quarter, keeping it unchanged for 12 quarters in a row.
1 min
Bombay HC gives relief to taxpayers on recovery proceedings
IN A MOVE that will help taxpayers till the GST Tribunal is set up, the Bombay High Court has said they can get relief from recovery proceedings if they file a declaration of intent to appeal against the order of the revenue authorities.
1 min
26% FDI CAP NOT APPLICABLE: OTTS free to stream TV news channel content
News channels already subject to govt's FDI norms
2 mins
Vedanta Resources downgraded by Moody's amid debt concerns
MOODY'S INVESTOR SERVICE has downgraded the corporate family rating (CFR) of London-based Vedanta Resources (VRL) and senior unsecured bonds issued by the company over increasing risk in refinancing debts. The development follows a February report by S&P Global Ratings that the liquidity of VRL hinges on its fundraising abilities and the next few weeks would be crucial for the company.
1 min
Nirav Modi claims he has no funds to pay UK court fines
NIRAV MODI, fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, has claimed that he has no funds and is resorting to borrowing money to pay the court-ordered legal costs amounting to more than £150,000.
1 min
DGCA deregisters 2 SpiceJet planes
SPICEJET'S TWO BOEING 737-800 planes have been deregistered by aviation watchdog DGCA, with the no-frills carrier saying both aircraft are being returned in the \"most efficient manner consensually\".
1 min
LAUNCHED WITH SPACEX: OneWeb launches 40 more satellites
BHARTI ENTERPRISES-OWNED OneWeb on Friday launched 40 new satellites into orbit with Elon Musk-owned spacecraft manufacturing company SpaceX, from the Cape Canaveral Space Force Station in Florida, US. With this launch, OneWeb's total fleet in space has now reached 582 satellites.
1 min
Boeing partners GMR to set up freighter conversion line
BOEING SAID ON Friday it would set up a facility in India to convert 737 passenger planes into dedicated freighters to tap into regional and global demand for the service.
1 min
Silicon Valley Bank's swoon should scare us
The California-based lender to startups has taken its far larger peers tumbling with it
2 mins
Bitcoin drops below $20k on equity selloff
BITCOIN IS HAVING its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment. The largest token fell as much 3.2% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday. Smaller coins like Ether, Solana and Cardano also added to losses.
1 min
RBI clears reappointment of Sumant Kathpalia as IndusInd Bank MD, CEO
THE RESERVE BANK of India on Friday approved the reappointment of Sumant Kathpalia as IndusInd Bank's managing director and chief executive officer for a period of two years, effective March 24, the lender informed the exchanges.
1 min
CLASH OF THE TITANS: Meta working on a platform to rival Twitter
METAPLATFORMS IS exploring plans to launch a new social media app in its bid to displace Twitter as the world's \"digital town square\".
1 min
Sisodia sent to ED custody till March 17
A DELHI COURT Friday sent former Delhi Deputy Chief Minister Manish Sisodia to the custody of the Enforcement Directorate (ED) until March 17 in connection with allegations of money laundering in the Delhi excise policy case.
1 min
Centre puts out advisory as influenza virus kills 2
WITH KARNATAKA AND Haryana reporting one death each of patients suffering from the H3N2 subtype of the influenza A virus, Union Health Minister Mansukh Mandaviya held a review meeting to discuss preparedness in view of the rising cases. The Centre on Friday issued an advisory to states.
1 min
Financial Express Mumbai Newspaper Description:
Publisher: The Indian Express Ltd.
Category: Newspaper
Language: English
Frequency: Daily
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