Top headlines: War disrupts supply chain; Hero MotoCorp faces I-T probe

Finance Minister says Russia-Ukraine war has disrupted supply chains around the world, including India. More on that in our morning wrap

Finance Minister Nirmala Sitharaman has said the ongoing Russia-Ukraine war has disrupted supply chains around the world, including India. Meanwhile, the Income Tax department found that Hero MotoCorp made over Rs 1,000 crore in ‘bogus’ expenses and an unexplained cash transaction of Rs 100 crore. More on these in our top headlines: 

Russia-Ukraine war disrupting global supply chains: FM Sitharaman
 

FM Nirmala Sitharaman said that the war between Russia and Ukraine had disrupted supply chains around the world, including in India. Replying to a debate on the Finance Bill, 2022, she also said India remained one of the top five destinations for foreign direct investment (FDI). Read more

VC exits in India start-ups up 10x to $14 bn in 2021: Bain & Co

Venture capital (VC) fund exits in Indian start-ups rose more than 10X to cross $14 billion in 2021 compared to the previous year, according to a report by Bain & Company. Three marquee exits accounted for nearly 60 per cent of the total exit value — BillDesk’s acquisition by PayU for $4.7 billion, Paytm’s $2.5 billion initial public offering (IPO), and Zomato’s public market debut of $1.3 billion. Read more
 

On Sebi diktat, mutual funds step up hunt for risk professionals

A regulatory diktat has triggered a rush for risk professionals among asset managers, bringing what is essentially a low-key, back-office profile into the spotlight. In a circular issued in September last year, the Securities and Exchange Board of India (Sebi) had asked asset management companies (AMCs) to appoint dedicated risk officers for managing investment, compliance, operational, and cyber risks, along with a chief risk officer (CRO) by April 1, 2022. Read more
 

Centre to sell 1.5% stake in ONGC via OFS; may get Rs 3,000 crore

The government will sell 1.5 per cent stake in Oil and Natural Gas Corporation through an offer for sale (OFS) on Wednesday, a move that’s expected to shore up the centre’s divestment receipts by over Rs 3,000 crore from the sale. Read more
 

I-T department detects Rs 1K-cr 'bogus' expenses at Hero MotoCorp

The income tax (I-T) department is learnt to have found that two-wheeler maker Hero MotoCorp made over Rs 1,000 crore in ‘bogus’ expenses and an unexplained cash transaction of Rs 100 crore involving a property allegedly owned by a promoter of the company. Read more