On Wednesday 4th January 2024, personal care brand Mamaearth’s co-founder took to Twitter to respond to rumours that the company’s proposed IPO is highly overvalued. After Mamaearth owner Honasa Consumer filed the Draft Red Herring Prospectus (DRHP) to the market regulator Securities and Exchange Board of India (SEBI) for raising capital through an IPO, it is … Read more
Recently, Adani Group announced the withdrawal of its fully subscribed FPO. Calling it a morally correct step, Gautam Adani said in a statement that the board took the decision considering the volatility of the market. The money that got locked in the subscribers’ accounts will be released soon via escrow. In the statement, there were several technical terms that … Read more
Union Finance Minister Nirmala Sitharaman on Saturday said that regulators independent of the government will do their jobs and that a pullout of FPO pullout will not have any impact on the perception of India. “Regulators are independent of the government and they are left to themselves to do what is appropriate so the market … Read more
On Thursday, the Securities and Exchange Board of India (SEBI) banned Bollywood actor Arshad Warsi and his wife Maria among 45 individuals and companies from participating in the securities market. The decision was rendered following an examination into claims that two firms, Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd., through specific entities, had manipulated share … Read more
In a country witnessing rapid growth, it comes as no surprise that India also has one of the fastest-growing fintech landscapes in the world, driven primarily by the advancement in digital payments segment. A recent report by PhonePe and Boston Consulting Group concluded that India’s digital payments market will more than triple from USD 3 … Read more
A day after US-based Silicon Valley Bank (SVB) shut down its operation, an Indian co-operative bank named ‘SVC Co-operation Bank Limited’ was forced to issue a statement following confusion on social media. In a tweet, the bank said, “SVC Bank is completely unrelated to Silicon Valley Bank (SVB) which was based in California. We request … Read more
On May 24, India’s largest life insurer LIC reported an impressive growth for the fourth quarter of Financial Year 2022-23. The Consolidated Profit After Taxes (PAT) of LIC stood at an impressive Rs 13,190.79 crores. The company has seen a 5.5 folds year-on-year rise of 447.47%. Notably, for the financial year 2021-22’s fourth quarter, LIC’s PAT was … Read more
Days after the National Payments Corporation of India recommended an interchange fee up to 1.1% on UPI transactions of over Rs 2,000 made through Prepaid Payment Instruments (PPIs), there was confusion over it applicability. There were claims on social media saying that every transaction over Rs 2,000 made via Unified Payments Interface (UPI) will attract a fee … Read more
India and Russia will explore the potential of accepting RuPay and Mir cards in each other’s countries to facilitate payments in the midst of Western sanctions on Moscow. During the high-level Internal Governmental Commission meeting on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), both countries talked about and decided to investigate the possibility of accepting these … Read more
Wadia Group controlled ultra-low cost Go First Airlines filed for voluntary insolvency before the National Company Law Tribunal on Tuesday after facing acute financial troubles. The Airlines also cancelled all flights on 3, 4 and 5 May, causing DGCA to issue a show cause notice to it. The airline blamed the “faulty” Pratt & Whitney engines used … Read more