#ECI

RBI drafts a COVID fight plan, including term liquidity facility and support to small firms and borrowers amid second coronavirus outbreak

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RBI governor Shaktikanta Das on Wednesday made an unscheduled announcement in the wake of the second bout of the COVID-19 outbreak, forcing states and local authorities to impose lockdown and restrictions to stop the spread of the virus. While the central government has refrained from imposing a nationwide lockdown, the economic costs of the second coronavirus outbreak … Read more

World’s second-largest kids’ apparel manufacturer Kitex Group withdraws projects worth Rs 3,500 crore in Kerala, alleges witch-hunt by authorities

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On June 29, Kitex Group, the largest private-sector employer in Kerala, announced the withdrawal of an Rs.3,500 crore investment project from the state. Kitex Group alleged that the state authorities are running a witch-hunt against the company. Notably, Kitex Garments is the second-largest kids’ apparel manufacturer in the world. The company has announced that it is scrapping … Read more

Enforcement Directorate hands over shares worth ₹792 cr to SBI-led-consortium from assets of Vijay Mallya, Nirav Modi, and Mehul Choksi

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On Friday (July 16), a consortium of banks led by the State Bank of India (SBI) recovered ₹792.11 crores from fugitives and wilful defaulters such as Vijay Mallya, Nirav Modi, and Mehul Choksi. As per reports, the banks sold the shares of the three businessmen that were handed to them by the Enforcement Directorate (ED). The central … Read more

Finance Ministry introduces bill to withdraw retrospective tax and refund collected amounts, says the tax is a sore point for investors

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One of the worst legacies of the UPA government carried forward by the Modi government, the provision for Retrospective Tax, is finally set to be buried. The union finance ministry on Thursday informed the Lok Sabha that it is bringing an amendment to the Income Tax Act, 1961 to this effect. The move comes even as the … Read more

Nitin Gadkari asks Tesla not to sell China manufactured cars in India, reveals his conversation with Elon Musk to set up manufacturing in India

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Amid the report of China freshly creating fresh disturbance at the LAC, Union minister of Road Transport and Highway Nitin Gadkari has said that he has told US-based electric vehicle (EV) manufacturer Tesla not to sell China-manufactured cars in India. Gadkari further disclosed a conversation he had with asked Elon Musk, the head of Tesla manufacture. “I have … Read more

Paras Defence: From being oversubscribed 304 times to up more than 370%, why India is betting big on it

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What would be your reaction if you were told that your money grows 5% everyday? Yes, you read that right, 5% upward everyday. Paras Defence and Space Technology is a company that got listed in the stock market just recently. The IPO was subscribed over 300 times, which in itself was a record in Indian … Read more

‘No transparency in Axis deal’: Former Spandana Sphoorty MD Padmaja Reddy drops bombshells. Read full text of the tell-all letter

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A week after submitting her resignation, Padmaja Reddy, founder and former managing director of Spandana Sphoorty Financial, has penned a letter revealing murky details of her tussle with private equity investor Kedaara Capital over a proposal to sell the company to Axis Bank. Reddy has alleged that there was no transparency whatsoever in how the Axis … Read more

PhonePe launches UPI services in Sri Lanka in collaboration with LankaPay, Indians can pay using UPI at LankaQR merchant points

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India’s fintech company PhonePe Unified Payments Interface (UPI) has been launched in Sri Lanka. Central Bank of Sri Lanka Governor Nandalal Weerasinghe and India’s High Commissioner to Sri Lanka Santosh Jha attended the launch event in Sri Lanka. In a post on X, the Indian High Commission in Sri Lanka stated, “Unlocking new frontiers in … Read more

Glass ceiling broken: Woman-led fashion unicorn Nykaa makes a robust debut at share market, market cap crosses Rs 1 lakh crore

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Personal and Body care brand Nykaa made an outstanding debut on the Indian stock exchanges on Wednesday, with shares listing at a premium of up to 79 percent compared with the issue price. On Bombay Stock Exchange, the stock of FSN E-Commerce Ventures — the parent organisation of Nykaa — was listed on the secondary market at … Read more

PayTM shares crash after listing on a discount in India’s biggest ever public offering

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Shares in online payment platform giant PayTM fell as much as 26 % in their market debut, minutes after debuting on the stock market as India’s biggest ever Initial Public Offering (IPO). The shares opened for trading at ₹ 1,950 on the National Stock Exchange (NSE), at a decline of 9.3 per cent or ₹ 200 from its issue … Read more