Moody’s Investors Service has assigned a Baa3 local and foreign currency issuer rating with stable outlook to state-run IREDA taking into consideration its standalone credit profile and the high linkage with the Government of India.
Owing to Britain’s recent Brexit-related problems and India’s rapid economic growth, India has managed to overtake United Kingdom in terms of the size of the economy – the first time in 150 years. UK’s 2016 GDP of GBP 1.87 trillion converts to $2.29 trillion, whereas India’s GDP of INR 153 trillion converts to $2.30 trillion.
The United States has identified Delhi’s Gandhi Nagar and Kashmere Gate, and Chennai’s Burma Bazaar as “notorious markets” that are rife with counterfeits, adding to markets such as Delhi’s Nehru Place and Sadar Bazaar that it had named earlier.
Mauritius accounted for 20.8 per cent of FDI in India followed by the US, the UK, Singapore and Japan up till March 2016, the Reserve Bank said while releasing the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies for 2015-16.
Chief Executive Officer of NITI Aayog Amitabh Kant today said just one per cent of India’s more than 1.25 billion population pays Income Tax and the country cannot afford as high as 95 per cent of its economy making cash transactions.
The Reserve Bank of India announced that deposits of more than Rs 5,000 in old Rs 500 and Rs 1,000 notes can be made only once per account until December 30 in what appears to be a further crackdown on attempts to launder unaccounted cash through bank accounts.
India’s foreign exchange reserves dipped $2.4 billion to settle at $360.6 billion, one of the lowest levels since May of this year, as market sources said that the Reserve Bank of India could be selling dollars heavily in order to arrest the slide in the value of Rupee.
The government is coming up with an ‘Aadhaar Payment App’ that could silence digital payments critics. The new app would do away with plastic cards and the point of sale machines once believed to be essential for a less cash society.
India’s largest lender State Bank of India, has stepped on the gas towards a cashless economy as the banking behemoth has adopted a village called Shirki, in Pen Taluka Maharashtra where it will drive all residents to transact digitally.
State-run NHAI has raised a staggering Rs 5,020 crore through the issuance of debt securities on BSE’s electronic book mechanism platform. This was the highest ever mobilisation of debt capital by a PSU through the BSE-Bond platform.
Taro Pharmaceutical, the American unit of India’s Sun Pharmaceutical Industries, is being sued by its investors for what they allege making false and misleading statements on fixing the price of generic drugs in violation of US antitrust laws.
Travel company Yatra, which earlier this year, reverse merged with Terrapin 3 Acquisition Corp, listed on NASDAQ under the ticker symbol “YTRA”. As a part of this process, Yatra has raised more than $92.5 million of primary capital from global investors.
Cipla decided to seek shareholders approval to raise up to Rs 4,000 crore via issue of securities in both domestic and global markets via issue of shares, ADRs, GDRs or Foreign Currency Convertible Bonds (FCCBs) or other securities, whether denominated in rupee or foreign currency through a public issue or a private placement.
Furniture rental startup Furlenco has partnered with short-term home rental marketplace Airbnb to offer customised furniture packages on the latter’s platform. The co-branding collaboration is the first of its kind that Airbnb has entered into in India.
International Finance Corporation (IFC) has invested $ 15 million in edtech company Byju’s, according to a statement by the investment arm of the World Bank. This partnership will enable Byju’s to further expand their offerings across the nation as well as in international markets.
Online fashion retailers Myntra and Jabong are integrating their private brand portfolios to push the trifling private label business at Jabong after the former acquired it barely five months back. As per plans, Myntra will roll out its entire bouquet of private brands at Jabong, which already accounts for 20% of Myntra’s business.
Zydus Cadila Healthcare Chairman and Managing Director Pankaj R Patel took over as the President of the FICCI for 2016-17. Rashesh Shah, chairman and CEO of Edelweiss Group was elected senior vice-president and Malvinder Mohan Singh, Executive Chairman at Fortis Healthcare Limited & SRL Diagnostics Limited was elected as vice president.
Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe’s leading investment banks as they struggle with weak earnings.
Reliance Communications said that telecom towers held by Reliance Infratel will be demerged into Towercom Infrastructure, which will be wholly owned and independently managed by affiliates of Brookfield Infrastructure on completion.
Vijay Jain, President and Business head –Fixed Line of Mukesh Ambani-led Reliance Jio, has stepped down from the position after a stint of around two years, joining other top-level executives across functions who have the quit the 4G entrant in last few months.
More than 70% of Tata Motors shareholders voted in favour of resolution to remove Nusli Wadia as an independent director at an Extraordinary General Meeting. While 99.96% of promoter and promoter group voted in favour of the resolution, a significant 49.94% of public institutional investors voted against the resolution.
Rating agency Fitch has downgraded Reliance Communications’ long-term foreign and local currency Issuer Default Ratings (IDRs) to B+ from BB-, reflecting its expectations that the group’s funds flow from operations (FFO)-adjusted net leverage will not fall below 4.5x for the forseeable future
Deutsche Bank says it has agreed on a $7.2 billion settlement with the US Justice Department to end civil claims over its dealings in mortgage-backed securities. The fine is around half the amount Deutsche Bank had warned it might have to pay earlier this year.
Volkswagen has reached a $1 billion agreement with US authorities on a compensation deal for the last 80,000 vehicles affected by its emissions-cheating scandal in the United States, officials said.
Teva Pharmaceutical Industries agreed to pay more than $519 million to settle US criminal and civil allegations that the company bribed overseas officials to gain business for its medications, the US Department of Justice said.
ICICI Bank has launched a mobile application for merchants that allows consolidation of all modes of payments, including digital wallets, Unified Payments Interface (UPI), QR code, and credit & debit cards. The app, eazypay, which is designed for business, allows multiple users to connected to the same account.
Yes Bank said it has raised Rs 3,000 crore from bonds to fund business expansion. With this capital raising, the bank’s Tier-I Capital Ratio will be at 12 per cent including profits and adjusted for pro-rata dividends, Yes Bank said in a statement.
The US economy expanded at a 3.5% annualised rate in the three months ended in September, compared with a prior estimate of 3.2% due to bigger contributions from a range of factors including services spending, intellectual property and construction by state and local governments.
The Syrian Observatory for Human Rights said it had recorded the deaths of 312,001 people since the conflict began with anti-government protests in March 2011. In a country with a population of some 23 million before the war, the United Nations estimates around 6.6 million people have been internally displaced by the fighting.
The US closed its missions to Turkey for the day after a shooting incident overnight outside the American embassy in Ankara that followed the assassination of the Russian ambassador in the Turkish capital.
A lorry ploughed into a busy Christmas market in Berlin on Monday, killing at least 12 people and injuring dozens more in what police said was a suspected terror attack. At least 12 people were killed and 48 others were injured in the incident.
Japan’s cabinet approved a record $830 billion spending budget for fiscal 2017, an increase of 733 billion yen from this year’s initial plan due to a rising social security bill to fund the cost of services for a fast-ageing society. It counts on low interest rates and a weak yen to limit borrowing, underscoring the challenge Tokyo faces in curbing the industrial world’s heaviest debt burden.
The New Development Bank approved USD 75 million loan for a solar project in China. The loan was given to Shanghai Lingang Distributed Solar Power Project with a maturity length of 17 years under an agreement signed between New Development Bank (NDB), the Ministry of Finance and the Shanghai municipal government.
International Monetary Fund chief Christine Lagarde escaped punishment and kept her job on Monday despite a conviction on negligence charges over a state payout made while she served as France’s finance minister in 2008.