As of end-February, total MF accounts was 144 million

mutual funds, MFs

Business Standard

The gauge for the performance of banking stocks - which also happens to have the highest weighting in the benchmark Nifty50 Index - last closed at 39,395

markets

Existing mutual fund investors have time till March 31 to nominate a beneficiary or opt out of it by submitting a declaration form, failing which their folios will be frozen, and they will not be able to redeem investment.
The Securities and Exchange Board of India (Sebi), in its circular on June 15, 2022, made it mandatory for mutual fund subscribers to submit the nomination details or declaration to opt out of the nomination on or after August 1, 2022. Later, the deadline was extended to October 1, 2022.
The deadline for all the existing mutual fund folios, including jointly-held ones, was set as March 31, 2023, failing which the folios will be frozen for debits.
Explaining the rationale behind the Sebi's move, Anand Rathi Wealth Ltd COO Niranjan Babu Ramayanam said that many investment accounts in the past have been opened without nominating anyone to whom the assets should be transmitted in case something happens to the account holders.
This means that the rightful heirs had ..

Mutual Funds, SIPs, Mutual Fund investors

Existing mutual fund investors have time till March 31 to nominate a beneficiary or opt out of it by submitting a declaration form, failing which their folios will be frozen

Press Trust of India

Indian IT players like TCS, Infosys, Wipro, HCL Technologies, Mphasis, and LTIMindtree have exposure to some of the troubled banks

Global banking crisis. Illustration: Binay Sinha

China's financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin companies in Asia, following a recent dispute settlement of two firms from both countries, informed sources said on Friday.
The sources cited a judgement by the Singapore International Commercial Court (SICC) this month, involving India's Kiri Industries and DyStar Global Holdings (Singapore), a subsidiary of the world's largest dye manufacturer from China.
The Hong Kong-based sources pointed out that Kiri's hope for a USD 603.8-million buyout of its stake by DyStar is looking dim.
The deal, as per the sources, is the buyout of Kiri's 37.57 per cent interest in Dystar which was valued at USD 603.8 million.
China's regulatory approvals for such a massive outflow of funds is unlikely, as regulators in Beijing are convinced that the Indian company's stake is highly overpriced due to speculative play in share prices.
Hong Kong-based Senda ...

China's financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin companies in Asia

Will also have to maintain edit log of changes made in books of accounts; experts say no firm will be able to delete an entry, will only be able rectify it

The rise in demand for STEM-qualified women is expected to rise the highest in the retail and e-commerce industry

Celebrating Women's Day with the power of the gig economy: Have a big idea? Here's how you can convert it into a business venture!

Globally, only 50 companies out of 322 have set targets to reduce business travel, with technology company Wipro paving the way in India

IANS

LIC's debt exposure in Adani group companies fell marginally to Rs 6,183 crore as of March 5 from Rs 6,347 crore as of December 31, 2022, Parliament was informed on Monday.
In a written reply to the Lok Sabha, Finance Minister Nirmala Sitharaman said, "The Life Insurance Corporation of India (LIC) has informed that its debt exposure to Adani Group of Companies, was Rs 6,347.32 crore and Rs 6,182.64 crore, as on December 31, 2022, and March 5, 2023, respectively".
LIC has a debt exposure of Rs 5,388.60 in Adani Ports and SEZ as of March 5. The exposure in Adani Power (Mundra) was Rs 266 crore, Adani Power Maharashtra Ltd - Phase I (Rs 81.60 crore), Adani Power Maharashtra Ltd - Phase III  (Rs 254.87 crore), Raigarh Energy Generation Ltd (Rs 45 crore) and Raipur Energen Ltd (Rs 145.67 crore), as per the reply.
Sitharaman said five public sector general insurance companies have informed that they do not have loan/credit exposure to the Adani Group of Companies.
"Public Sector Banks ha

LIC's debt exposure in Adani group companies fell marginally to Rs 6,183 crore as of March 5 from Rs 6,347 crore as of December 31, 2022, Parliament was informed on Monday

Razorpay is offering domestic start-up clients to move their money into their Indian current accounts as FDI through the firm's partner banks

SVB, Silicon valley bank

Around 18 per cent of India's unicorn startups are founded or co-founded by women and 20 other firms are in pipeline to become unicorn, a joint study said on Tuesday.
The study conducted by TiE Delhi NCR, research firm Zinnov, Google, NetApp and venture capital firm Indian Angel Network found that despite comparable metrics, success, and high entrepreneurial intent, socio-cultural barriers hinder women founders' growth.
"Approximately 18 per cent of India's total unicorns are founded by women, with 20 Potential Unicorns in the pipeline," the study said.
The startups that are in the pipeline to become unicorns include WinZO, Doubtnut, Infinity Learn, Locus, Pratilipi, Portea, SirionLabs, etc.
Women founded or co-founded start-ups that have already become unicorns include acko, BYJU's Pristyn Care, MyGlamm, MobiKwik, Open etc.
The total valuation of unicorn built by women founders stands at over USD 30 billion and total equity investments raised by them is over USD 12 billion.
The 

startups, funding, business

Around 18 per cent of India's unicorn startups are founded or co-founded by women and 20 other firms are in pipeline to become unicorn, a joint study said on Tuesday.

Indian startups had deposits worth about $1 billion with embattled Silicon Valley Bank and the country's deputy IT minister said he had suggested that local banks lend more to them going ahead

Reuters

The collapse of SVB in the US had left the Indian startup ecosystem worried. More than 1,000 Indian startups were likely to have exposure to the SVB

Silicon Valley Bank, SVB, SVB Bank

Amid US administration's move to backstop collapsed Silicon Valley Bank's (SVB) despoits, IT minister Ashwini Vaishnaw has said the developments are "reassuring" and will bring relief to startups.
The Biden administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Federal regulators have stepped to back all SVB deposits.
"SVB resolution is reassuring. (It) will bring relief to startups," Vaishnaw told PTI.
US President Joe Biden on Monday sought to reassure Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.
After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its ..

SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups

Meta-owned Instagram has announced it will put ads into the platform's search results to reach people actively searching for businesses, products and content

Goa Chief Minister Pramod Sawant on Tuesday asked people to take precautions in the wake of a rising number of COVID-19 and influenza infections in the country.
Sawant also said the count of coronavirus cases went up slightly in the coastal state.
The state government is monitoring the situation amidst the rise in COVID-19 and influenza cases in the country, the chief minister said, adding that people will have to take precautions while the government has already issued an advisory.
People who are feeling flu-like symptoms should avoid crowded places and opt for isolation, he said.
Goa reported 17 new COVID-19 cases on Monday, taking the overall tally to 2,59,297. The number of active cases is 109.
The state has not recorded confirmed influenza cases so far.
According to the Union Health Ministry data updated on Tuesday, India logged 699 new cases of coronavirus, while the active cases increased to 6,559.

Goa Chief Minister Pramod Sawant on Tuesday asked people to take precautions in the wake of a rising number of COVID-19 and influenza infections in the country.

Auto components major Bosch Ltd on Wednesday announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director, and President of the Bosch Group in India with effect from July 1, 2023.
He will succeed Soumitra Bhattacharya who will be retiring from Bosch India effective June 30, 2023, after 28 years of service in various capacities, the company said in a regulatory filing.
Further, Bosch said from July 1, 2023, Sandeep Nelamangala, currently, Executive Director at Bosch Ltd and Executive Vice-President, Mobility Solutions at Bosch India, will be appointed as Joint Managing Director of Bosch Ltd.
Mudlapur will be responsible for the strategic growth and overall performance of the business in the region. At the same time, he will continue to be chief technology officer for Bosch Ltd, it added.
He has more than 15 years of experience in the Bosch Group and has held various positions in engineering and business management. Most recently, he was joint managing ...

Auto components major Bosch Ltd on Wednesday announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director, and President of the Bosch Group in India

Chhattisgarh Chief Minister Bhupesh Baghel on Sunday said that BJP does not want common people to get the benefits of reservation

Companies News: Get latest company news, company results, company interviews, company financials, company analysis, company disclosure, corporate news, company announcements at Business Standard.

Company News: Company Business News, Indian Companies News, Company Analysis, Corporate Industry News

As per company's classification, orders ranging between Rs 2,500 crore and Rs 5,000 crore fall in the category of large orders

L&amp;T Q4 net increases 10% to Rs 3,621 cr, firm declares dividend of Rs 22

Larsen & Turbo, L&T

Lenders of debt-ridden Reliance Capital (RCAP) on Monday decided to go for a second auction on April 4 in their bid to maximise recovery as part of the resolution process, sources said.
According to sources, IndusInd International Holdings Ltd (IIHL) of Hinduja Group on Monday told the Committee of Creditors (CoC) it will retain the earlier bid of Rs 9,000 crore upfront cash.
The 38th meeting of the CoC on March 23, 2023 was adjourned and the adjourned meeting was subsequently held today i.e. Monday, RCAP said in a regulatory filing.
For a fresh round of bidding, CoC decided to set the base bid at Rs 9,500 crore on a Net Present Value basis, with a minimum cash component of Rs 8,000 crore.
Earlier, the Supreme Court on March 20, 2023, admitted the appeal of Torrent Investments -- the highest bidder with Rs 8,640 crore resolution plan -- against the lenders' decision to hold another round of auction.
The SC has permitted the lenders to go-ahead with further action as per the Nation

Reliance Capital

The decision to hold a second auction was decided on Monday in a formal meeting of the CoC

Financial Services firm Aditya Birla Capital on Monday said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount.
The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital said in a regulatory filing.
The purchaser is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund, it added.
The proposed transaction is subject to receipt of the approval of the Insurance Regulatory and Development Authority of India (Irdai), it added.
As per reasonable estimates, the proposed transaction is expected to be  completed within 120 to 180 days from the execution of the share purchase agreement (SPA).

Aditya Birla Capital

Media planners expect Viacom18 to mop up over Rs 2,000 crore in advertising revenues

IPL, India Premier League, IPL rights, IPL TV, IPL viewership

Small arms factories witnessed "either no demand or very less demand" from the armed forces during the 2015-16 to 2019-20 period, the Comptroller and Auditor General of India has observed.
Performance Audit Report No. 5 of the Comptroller and Auditor General of India on Production of Small Arms in Ordnance Factories was presented in Parliament on Monday.
Eight weapon manufacturing factories, which were under the Weapon, Vehicles and Equipment (WV&E) group of the erstwhile Ordnance Factory Board (OFB), have been grouped, post corporatisation of OFB, under one DPSU - M/s Advanced Weapons and Equipment India Limited (M/s AWEIL), headquartered at Kanpur, it said in a statement.
Three weapon manufacturing factories viz. Rifle Factory Ishapore (RFI), Small Arms Factory Kanpur (SAF) and Ordnance Factory Trichy (OFT) manufacture small arms (rifles, machine guns, carbines, pistols, anti-riot/tear gas/pump action gun, etc.) for the armed forces, paramilitary forces (MHA) and the states/UTs,

Most people in India are not serious about following road safety rules, and unless their mindset and attitude change, it would be difficult to reduce number of road accidents in the country, Union minister Nitin Gadkari said on Monday.
The road, transport and highway minister pointed out that a whopping 5 lakh road accidents take place in the country, in which 1.5 lakh people die every year.
"Jyadatar log road safety ko lekar serious nahi hai. Jab tak logo ka dimag aur mindset nahi badlega, tab tak road accidents kam nahi ho payega (Most people in India are not serious about following road safety rules, and unless their mindset and attitude change, it would be difficult to reduce number of road accidents in the country)," he said.
Gadkari also emphasised on the need of following land discipline by drivers.
He announced that his ministry will soon start conducting digital examination for those applying for driver's licence and later a practical driving test will be conducted.
The .

The US government will restrict its use of commercial spyware tools that have been used to surveil human rights activists, journalists and dissidents around the world, under an executive order issued on Monday by President Joe Biden.
The order responds to growing US and global concerns about programs that can capture text messages and other cellphone data. Some programs  so-called zero-click exploits  can infect a phone without the user clicking on a malicious link.
Governments around the world  including the US  are known to collect large amounts of data for intelligence and law enforcement purposes, including communications from their own citizens. The proliferation of commercial spyware has made powerful tools newly available to smaller countries, but also created what researchers and human-rights activists warn are opportunities for abuse and repression.
The White House released the executive order in advance of its second summit for democracy this week. The order demonstrates t

Joe Biden

Backed by investors such as Sequoia Capital and Belgium's Sofina, Mamaearth is now in a "wait and watch mode"

Mamaearth

Retail investor behaviour so far has been mixed in terms of market activity. Indirect investment through mutual funds has improved significantly, said Vijay Chandok, MD & CEO, ICICI Securities

Vijay Chandok, ICICI Securities

Adani group-owned NDTV Ltd on Monday said it has appointed former Sebi Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors.
The Board has approved the appointment of Sinha and Goenka with immediate effect, said a regulatory filing by the news broadcaster.
Both of them have been appointed as Additional Directors in the capacity of Non-Executive Independent Directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said.
The appointments are subject to approval in the ensuing general meeting of the company and the Ministry of Information & Broadcasting, it added.
The board approved their appointments "in line with the Adani Group's objective to ensure complete independence and professionalism of the Board of Directors of New Delhi Television Ltd", the filing added.
Sinha, a former bureaucrat, served as the Chairman of the Securities and Exchange Board of India (Sebi) between 2011 and 2017.
Before this, he wa

Sebi, Securities and Exchange Board of India

It's the second attempt at an IPO by the SoftBank Group Corp.-backed startup, after India's stock market regulator raised multiple red flags on its earlier try in late 2021

Bloomberg

Earlier in the day, a report by Reuters said that the company has delayed its IPO due to unfavourable market conditions

mamaearth

Sun Pharma Advanced Research Company may incur expenses in connection with incident; India was the second most attacked country for ransomware in the APAC-Japan region in 2022

Sun Pharma

Drug major Sun Pharma has said the IT security incident that happened earlier this month will impact revenues of some of its businesses.
As part of the containment measures, the company proactively isolated its network and initiated the recovery process.
"As a result of these measures, the company's business operations have been impacted. Consequently, revenues are expected to be reduced in some of our businesses," Sun Pharma said in a regulatory filing late in the night on March 26.
The company also said it would incur expenses in connection with the incident and the remediation.
Currently, the company is unable to determine other potential adverse impacts of the incident, including but not limited to additional information security incidents, increased costs to maintain insurance coverage, the diversion of management and employee time or the possibility of litigation, it added.
Sun Pharma had reported the incident on March 2.
The company said it promptly took steps to contain a

Global beverages major The Coca-Cola Company is bullish on the Indian market and is continuing to invest in the country through its partners, the company's President and Chief Financial Officer John Murphy said on Monday.
India's rapid progress in infrastructure, electrification and digitisation offer a long runway ahead for the economy to grow and it fosters confidence, he said at a media round table here.
A lot of development has taken place in urban and rural India, which has created an emerging middle class, ensuring growth for many years to come, he said.
"When you have an economy growing, our industry typically benefits from economic growth," he said.
"For us, there are tremendous ingredients to the growth equation that we are developing. And to manage growth, you have to invest. We are fortunate to have partners in India who believe in the opportunity they have and are investing in infrastructure and people," he noted.
A lot of investment is underway through franchise bottl

Coca-Cola's President, John Murphy

The facility will be part of an industrial corridor near that has become a major manufacturing cluster

NIIF, real estate

The firm's annual profit was Rs 14 crore the last year

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