IOC awards mega cover to New India again, miffs rivals
New India has been backed by US reinsurer Chubb in this mega insurance deal for the country’s biggest fuel retailer by value, customer touch points and capacity. The policy will be renewed for another year effective October 1.
S&P 500 dips after US inflation data, ending weak third quarter
The S&P 500 and Nasdaq posted their biggest monthly percentage drops of the year, while all three major indexes had their first quarterly declines in 2023.
Juniper Hotels submits DRHP to Sebi
The company proposes to use the net proceeds of ₹1,500 crore towards repayment of outstanding borrowings availed by the company and its subsidiaries and for general corporate purposes.
MCX shares drop on platform launch delay
The Securities and Exchange Board of India’s move to put the platform on hold follows writ petitions filed by the Chennai Financial Markets and Accountability (CFMA).
Vedanta raises Rs 2,500 crore through unlisted NCDs
Vedanta Ltd, the Indian subsidiary of Vedanta Resources, has raised ₹2,500 crore through non-convertible debentures with an interest rate of 12%. The funds will be used for capital expenditure or loan repayment. Vedanta Resources, the parent company, has been downgraded by S&P Global Ratings due to debt issues and a funding gap of $600 million.
Smart traders turn to crypto perps to escape TDS on virtual digital assets
Tailored for punters with the stomach to absorb losses in a market that can suddenly and dramatically turn volatile after a long lull, it’s an offering that is neither aggressively marketed nor formally launched by mainline platforms.
Capital Small Finance Bank files papers for IPO
Nuvama Wealth Management, DAM Capital Advisors, and Equirus Capital are the book-running lead managers of the issue.
IT takes another blow, stocks decline
The likelihood of a slowdown in the US and Europe has led to investors and analysts turning cautious about the IT sector’s prospects. Most large software services exporters derive a large chunk of their revenues from developed economies. The dim outlook for IT spending has resulted in analysts cutting earnings estimates for these companies.