Action Financial News

ITC's hotel business will sharpen capital allocation, improve asset efficiency ratios, unlock value for its shareholders as well as enable leveraging of institutional synergies, company chairman and MD Sanjiv Puri today said. «The continued interest of ITC in the new entity will provide long-term stability and instill a sense of assurance among partners, investors, and employees while enabling the new entity to leverage ITC’s institutional strengths including the timeless goodwill, world-class brands and governance processes,» Puri told shareholders at the company's annual general meeting (AGM).

Bombay High Court on Friday refused to pass any order granting urgent interim reliefs to Edelweiss company officials, accused of abetting the suicide of renowned film art director Nitin Desai, and said it would hear their pleas against the FIR on August 18. A division bench of Justices N W Sambre and R N Laddha also issued a notice to Desai's wife, who is the complainant in the case. Senior counsel Amit Desai, appearing for Edelweiss Financial Services Chairman Rashesh Shah, Edelweiss Asset Reconstruction Company's MD and CEO Raj Kumar Bansal and two other company officials urged the court to grant them interim protection from any coercive action and also sought quashing of the first information report (FIR) registered against them.

By Andy Bruce and David Milliken

Schools and other educational institutions opened in Haryana's Nuh on Friday after remaining closed since July 31 when communal violence erupted in the district. The Haryana State Transport services will also be fully restored today. In an order issued on Thursday, Nuh District Magistrate Dhirender Khadgata said, “In view of the normal situation in the area, it has been decided to open all educational institutions from August 11.

A BJP leader Anuj Chaudhary, hailing from Uttar Pradesh's Sambhal, was tragically shot and killed outside his Moradabad residence on Thursday evening, police said The incident, captured on CCTV, depicts Chaudhary, 34, strolling with an associate when three assailants on a motorbike unleashed a barrage of gunfire. Chaudhary was later rushed to Moradabad's BrightStar Hospital, where he succumbed to his wounds.

By Lewis Jackson

Jailer’ has the Midas touch! Superstar Rajinikanth’s comeback venture has recorded the highest opening for Kollywood (Tamil film industry) this year. According to a report by the Indian box-office tracking portal Sacnilk.com, the Rajinikanth-starrer earned a staggering Rs 44.50 crore on the first day of its release. The report also revealed that the movie has collected a gross figure of Rs 52 crore domestically. This includes Rs 23 crore from Tamil Nadu, Rs 11 crore from Karnataka, Rs 5 crore from Kerala, Rs 10 crore from Andhra Pradesh and Telangana, and Rs 3 crore from the other states. The movie is predicted to earn Rs 30 crore on the second day. If it can manage this feat, the movie would cross Rs 73 crore at the box-office! Trade analyst Manobala Vijayabalan took to Twitter to share the box-office collections of the action-comedy. “Superstar #Rajinikanth's #Jailer takes an earth-shattering opening at the TN Box Office. The movie has minted ₹ 29.46 cr in the state. Record Day 1 for any Tamil movie released in 2023,” he wrote. He also revealed that ‘Jailer’ is now among the top three all-time highest first-day grossers of Kollywood, the other two movies also being Rajinikanth-starrers — ‘2Point0’ and ‘Kabali’.

Sanjiv Bhasin, Director, IIFL Securities, says “in largecaps, this is a brilliant opportunity for Maruti, Lupin, Apollo Hospital and last but not least, Gujarat Gas. The largest city gas distribution and gas prices globally have fallen. Their margins will only rise and volumes will pick up.

Medical Council of India's (MCI) Code of Medical Ethics 2002, ANI reported. "The RMP who attends to the patient will be fully accountable for his actions and entitled to the appropriate fees. In case of abusive, unruly, and violent patients or relatives, the RMP can document and report the behavior and refuse to treat the patient.

Day trading guide for today: After declaration of hawkish sounding RBI Monetary Policy Committee (MPC), Indian stock market witnessed sharp correction and finished lower on Thursday. Nifty index ended 89 points lower at 19,543 levels, BSE Sensex nosedived 307 points and closed at 65,688 mark whereas Bank Nifty index finished 338 points lower at 44,541 levels.

The NRL and its players have ended a messy two-year dispute after striking an in-principle deal that gives the latter a 37 per cent increase in pay.

By Ankur Banerjee

Supreme Leader of North Korea leader Kim Jong Un has replaced a high-ranking military official and ordered intensified military training and weapon production, according to reports from the country's state media KCNA. The move comes amidst escalating tensions and as South Korea and the United States prepare for joint military drills.

PwC Australia failed to follow proper process in an attempt to fire partner Richard Gregg, a court ruled, and will be forced into a hefty payout for trying to rush him out the door.

Mexico is “leading the way” in Latin America’s Travel Rule adoption drive, a study has found – with Argentina “lagging behind.”

Safety managers at one of South32’s Illawarra coking coal mines have launched week long industrial action after rejecting a new workplace deal that would have given them a 6.3 per cent pay rise this year.

Investing.com — The China bear is lurking again, and that isn’t helping the oil bull — at least not today.

Reserve Bank of India (RBI) will issue guidelines to banks and housing finance companies (HFCs) on resetting the tenor and/or equated monthly instalments (EMIs) after it found “several instances of unreasonable elongation” of floating rate tenor by lenders without proper consent or communication to borrowers. Governor Shaktikanta Das said lenders will have to also take into consideration age and payment capacity before changing loan terms. “It is necessary to avoid an undue long elongation which sometimes may camouflage an underlying stress in a particular loan.

Whenever monetary authorities wanted to influence price levels for goods and services, they resorted to the popular tool — interest rates that make money more expensive or affordable. If inflation climbs, they raise the interest rate to dampen demand, and if growth slows, they reduce the cost of funds to fuel demand. With inflation in India soaring due to high vegetable prices, the Reserve Bank of India, going by the textbook, could have raised interest rates. But it did not do so. It expects the current high prices for vegetables to be temporary. But Governor Shaktikanta Das promised to act when high prices turn out to be persistent. That means whenever the RBI moves next to put a lid on price pressure it would be an increase in the key repo rate, the rate at which it lends to banks. But there’s a slight twist that is emerging. “The recent spike in CPI inflation is expected to be short-lived going by past trends,” said Das. “In such situations, we need to remain watchful and not resort to any knee-jerk reactions. And deployment of policy instruments is not just in terms of rate and stance but there are other ways of dealing with it. We have done our bit with regard to the incremental CRR today.”

MUMBAI : The Monetary Policy Committee (MPC), as widely expected, maintained status quo on policy actions, voting unanimously to hold the repo rate at 6.5%. The stance remained “focused on withdrawal of accommodation", with one dissent. On liquidity management, the instrumentality of the 10% incremental cash reserve ratio (CRR) was a bit of a surprise.

MUMBAI : The Reserve Bank of India (RBI) on Thursday said it would set rules to enhance transparency in interest rate and tenor resets for floating loans, an outcome of home-loan repayment periods being extended to as long as 50 years in certain cases. After RBI started raising the repo rate in May last year, home-loan borrowers, most of whose loans are pegged to external benchmarks like the repo rate, had to substantially increase their monthly repayments or extend their repayment tenor or a combination of both. As Mint reported in March, these extended loan tenors resulted in certain borrowers being obligated to make payments well into their 70s and 80s.