Top headlines: Elon Musk meets PM Modi, PE firms go for block deals

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India has more promise than any other large nation: Musk after meeting Modi

Prime Minister Narendra Modi on Tuesday met prominent US personalities from different walks of life, including Tesla CEO Elon Musk who asserted that India has more promise than any other large country and that he is incredibly excited about its future. Musk told reporters after meeting Modi that Twitter, the social media giant he owns, does not have a choice but to follow the local government. Or it will get shut down, he said when asked about the company's former owner and CEO Jack Dorsey's recent allegation against the Indian government. Read more

PE firms, promoters go for block deals as markets scale new peaks

Share sales in listed companies have gathered momentum with the markets hitting fresh record highs. This month, so far, transactions worth Rs. 26,152 crore have already been executed via block deals. Investment bankers said more such deals are in the offing. Read more
 

Nearly half of Ukraine-returned students have shifted to other countries

Nearly half of the 23,515 students who were studying in Ukraine until Russia attacked it in February 2022 have transferred to universities in other countries such as Russia, Georgia, Uzbekistan, Kazakhstan, and Kyrgyzstan, according to people aware of the development. Moreover, about 10 per cent of the affected Indian students will have returned to that country by April 2023, according to data collected by the Indian embassy in Kyiv. Read more
 

Compromise with wilful defaulters to help banks recover dues much faster

The Reserve Bank of India on Monday clarified that banks have been allowed for compromise settlement to wilful defaulters and fraudulent accounts to help them to recover the money without much delay. “The primary regulatory objective is to enable multiple avenues to lenders to recover the money in default without much delay. Apart from the time value loss, inordinate delays result in asset value deterioration which hampers ultimate recoveries,” RBI said in the frequently asked questions section released today. Read more

India clears $2.7 bn Micron chip testing plant ahead of PM Modi's US visit

India's cabinet has approved a $2.7 billion plan by Micron Technology to set up a semiconductor testing and packaging unit ahead of Prime Minister Narendra Modi's visit to the U.S. this week, a senior government source told Reuters. Micron's plant is set to be built in Modi's home state of Gujarat and the government will dole out production-linked incentives worth 110 billion rupees ($1.34 billion), the Indian official added. He declined to be identified ahead of a planned announcement during Modi's U.S. trip. Read more