RBI plays onshore and offshore to help rupee have a good day
The Indian rupee celebrated a remarkable recovery, showcasing its most significant one-day increase in a month by settling at 89.23 to the US dollar. The Reserve Bank of India’s preemptive dollar sales before market hours seem to have played a crucial role in this revival from the brink of an all-time low.
1729 Capital gets RBI nod to raise Suryoday stake
The Reserve Bank of India has approved foreign portfolio investor 1729 Capital to increase its stake in Suryoday Small Finance Bank to 7.14%. Previously holding 3.81%, the FPI will now require prior RBI consent for any further stake increases or if their holding drops below 5%.
Government appoints new executive directors in Canara Bank, Union Bank, Bank of Maharashtra, Indian Bank and PNB
The government has appointed Sunil Kumar Chugh and Amresh Prasad as EDs in Canara Bank and Union Bank of India, respectively, along with other senior appointments in Bank of Maharashtra, Indian Bank, and PNB for three-year tenures.
India spends big with credit cards in ecommerce, fest tango
October witnessed a remarkable 19.6% rise in credit card expenditures in India, thanks to the surge in online shopping activities and festive buying sprees. Conversely, the influx of new credit card sign-ups has significantly tapered off.
HAL skids after Tejas crash; analysts expect limited hit
Hindustan Aeronautics shares extended losses Monday following a Tejas aircraft accident during a Dubai air show. Analysts anticipate limited financial impact on the company’s orderbook and execution, noting fighter jet crashes are not uncommon. While near-term pressure and slowed export negotiations are possible, the incident occurred at an air show, not during a mission.
How will revised BSDA rules impact demat account holders?
The Securities and Exchange Board of India (Sebi) has proposed excluding delisted securities and zero-coupon, zero-principal bonds from portfolio value calculations for basic services demat accounts. This move aims to ensure fairness and prevent artificial inflation of holdings, as these securities lack realisable market value or investment potential.
Aviom India creditors to go for Swiss challenge
In an effort to maximize returns for its lenders, Aviom India Housing Finance is launching a Swiss challenge auction to attract competitive bids. The creditors’ committee has dismissed the revival proposal put forth by the promoters. PwC is currently developing the auction guidelines, with an e-auction date set to be announced shortly.