Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more
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 "Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more")
The International Monetary Fund (IMF) on Tuesday raised the FY24 economic growth forecast for India by 20 basis points to 6.1 per cent, citing the country’s stronger-than-expected growth momentum in the March quarter of FY23. “Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection, reflecting momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment,” said IMF in an update to its ‘World Economic Outlook’ (WEO) released in April. Read more...
L&T gets board nod for Rs 10K cr share buyback; Q1 profit surges 46.5% YoY
Engineering conglomerate Larsen & Toubro (L&T) on Tuesday announced a buyback of up to Rs 10,000 crore. It also reported a 46.5 per cent year-on-year rise in net profit for the June quarter (Q1FY24), topping the estimates on the back of improved operational performance and higher other income. L&T’s order book crossed the Rs 4-trillion mark for the first time. The board also decided to give a special dividend of Rs 6 per share, which company executives said was to mark A M Naik’s tenure at L&T. Group chairman Naik retires in September this year. Read more...
Sebi's move to regulate index providers on hold; revised proposal on cards
The Securities and Exchange Board of India (Sebi) has put on hold its decision to bring index providers within the regulatory ambit. The new regulations could have required global index providers, such as MSCI and Nasdaq — creators of benchmarks tracked by trillions of dollars — to register with the domestic securities regulator. A regulatory framework for index providers was cleared by Sebi’s board at its meeting held in March. The regulator, however, is yet to notify changes. Read more...
Star founder Raveendran broke down in tears as crises engulfed Byju's
Star founder Raveendran broke down in tears as crises engulfed Byju's
In late April, Indian officials in plainclothes raided the Bengaluru offices of Byju’s, seizing laptops and publicly linking the world’s most valuable education-technology startup with possible foreign exchange violations. An ocean away, Byju Raveendran, the firm’s eponymous founder and chief executive, paced his condo in Dubai, downing cups of black coffee and fielding calls from top investors. With a planned $1 billion equity fundraise from Middle Eastern investors still in limbo, Raveendran broke down in tears defending his company, according to people who attended the calls. Read more...
Elon Musk pursues financial services in wake of rivals' failed attempts
Elon Musk pursues financial services in wake of rivals' failed attempts
Billionaire Elon Musk’s grand vision is to turn Twitter into a one-stop shop for financial services. It’s hardly the first time a tech giant has sought to muscle in on Jamie Dimon’s turf. The landscape is filled with technology firms that aimed to do the same thing: Facebook spent years investing in a project called Libra that was supposed to revolutionize cross-border payments, but regulatory scrutiny forced it to abandon the project. Google planned a digital financial offering and even lined up 11 banks as partners for the launch before it suddenly nixed the entire plan. And Amazon.com Inc. considered offering checking accounts for consumers, but that project never became a reality. Read more...