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

The main reasons the deal fell out were lapses in due diligence, disagreement over valuation, sustainability of the business and the platform's shareholding structure

PhonePe

The outlook revision indicates that the standalone credit profile of AAHL may weaken

Adani, Adani Group

The Softbank-backed start-up last laid off 350 employees in November

Logo of Unacademy

Adani seeks to reassure international investors that the ports-to-power empire's finances are under control

Adani Group, Adani

Bloomberg

The Union government has sanctioned Rs 6,828 crore worth of contract to Hindustan Aeronautics Ltd (HAL) at Ozar in Nashik district for manufacturing 70 HTT-40 aircraft, a central minister said on Wednesday.
Defence Minister Rajnath Singh has given his approval to HAL to manufacture these aircraft, Union Minister of State for Health Dr Bharti Pawar said in a press release here.  The PSU has been manufacturing defence equipment since 1964.
The Union government's decision will generate work for around 3,000 officers and employees of HAL, said the release.

HAL Nashik

The three-day conference of military commanders began this morning and will continue till April 1. It is being held on the theme "Ready, Resurgent, Relevant"

PM Modi

Chided as a concrete jungle, India's commercial capital Mumbai has been included in the World Tree City 2022 list, for the second consecutive year, a BMC official said

CST Mumbai

Microsoft has announced that it is bringing ads to its AI-powered Bing chat, its new search agent powered by OpenAI's GPT-4

Microsoft

Children born to mothers who contract COVID-19 during pregnancy may be more likely to develop obesity, according to a new study.
More than 100 million COVID-19  cases have been reported in the United States since 2019, and there is limited information on the long-term health effects of the infection.
Pregnant women make up 9 per cent of reproductive-aged women with COVID-19, which exposes millions of babies to maternal infection during foetal development over the next five years.
Our findings suggest that children exposed in utero to maternal COVID-19 have an altered growth pattern in early life that may increase their risk of obesity, diabetes and cardiovascular disease over time, said Lindsay T Fourman, MD, of Massachusetts General Hospital in Boston, Mass.
There is still a lot of research needed to understand the effects of COVID-19 on pregnant women and their children, she said.
The researchers studied 150 infants born to mothers who had COVID-19 during pregnancy and found the

Maternal health, Maternal deaths, Pregnancy,

Convergence of external and internal elements affords country a lifetime opportunity, writes Mayank Dhaundiyal

Mayank Dhaundiyal

It's also dialling back on ambitions to dive further into aluminium, steel and road projects, said people

Adani

On February 22, the Mumbai bench of the NCLT had admitted the bank's insolvency plea against ZEEL

Zee, ZEEL

The NCLAT bench comprising chairperson Justice Ashok Bhushan and member Alok Srivastava said that the CCI investigation was not in violation of the principles of natural justice

google play

Overall layoffs will amount to 3% of the workforce. According to Bloomberg, the company's workforce has risen to nearly 47,000 from 28,000 in the past five years. It was around 17,000 in 2012

McKinsey to help Usha Martin wade through debt

mckinsey

Project funded by Exim Bank of India, involves constructing an air traffic control tower, fire station and upgrading terminal

L to R : Mr. Gais Naseer, Managing Director, Addu International Airport Company and Mr. Selvasundaram Poosappan, Chairman, Renaatus Group

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

mamaearth

Hospitality and travel-tech firm OYO estimates its revenue in FY23 to be more than Rs 5,700 crore, up 19 per cent from Rs 4,780 crore it had recorded in FY22, according to its Founder & Group CEO Ritesh Agarwal.
At a town hall on Monday, Agarwal told employees of the firm that OYO is aspiring to reach adjusted EBITDA of nearly Rs 800 crore in the next financial year.
Sustained growth in India, Indonesia, the US and the UK and relevant optimisation as well as synergies in its European vacation homes business have led to better financials of the company, he said in a presentation at the gathering with employees.
In the presentation, Agarwal said OYO's revenue for FY2023 is expected to be over Rs 5,700 crore, up around 19 per cent from the Rs 4,780 crore achieved in FY2022.
Agarwal outlined that the key focus areas of OYO in the calendar year 2023 will be on Profit After Tax (PAT) along with consistent momentum in EBITDA; achieve cash flow positive in FY24; cost efficiency and ...

Pegatron is planning to set up its second factory near Chennai in Tamil Nadu. Pegatron opened its first plant only six months ago

Apple Inc, Apple

IDFC First Bank on Monday said it has partnered with Swedish company Crunchfish to pilot a project to demonstrate offline retail payments.
IDFC First Bank, is set to be a part of RBI's pilot project to enable offline payments, the private sector lender said, adding that the project will give access to digital payments even when there is no network.
The unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI's Regulatory Sandbox Program, IDFC First Bank said in a release.
"This project will provide support for offline retail payments based on a Digital Cash platform to the payment ecosystem of India. IDFC FIRST Bank will be one of the first few banks to be a part of this pilot project by HDFC Bank," it said.
The application was approved by the RBI to demonstrate offline payments between two banks. The Development and Demonstration Agreement which is a non-commercial agreement has now been signed to give IDFC First Bank access to the Digit

Companies

Start Ups

People

Results Corner