COST Financial News

Sebi) on Thursday proposed to review the framework for borrowings by large corporates. The regulator proposed to raise the threshold for large corporates to ₹500 crore from the current ₹100 crore.

cameras, printers, hard disks, parts of telephonic and telegraphic devices, said people aware of the matter. The local demand for these products is substantial and their heavy imports need immediate intervention to push domestic production opportunities, they said. The imports of these goods crossed $10.08 billion in FY23.

Consider this: Bengaluru-based unicorn Mobile Premier League (MPL) has laid off 350 employees, citing the additional tax burden. Kavin Bharti Mittal’s Rush Gaming Universe also has sacked 55 staffers, representing almost a fourth of its workforce, anticipating impact from the GST move. Many smaller firms are either shutting down or looking to get consolidated with larger platforms.

However, these are just two of the steps undertaken by the Insurance Regulatory and Development Authority of India (IRDAI). After years of being run in a hard-nosed, bureaucratic manner, the country’s insurance regulator is on a transformational journey under new chairman Debasish Panda. This has elated founders of insurtech startups as well as venture investors looking to bet on the space.Also read | Acko receives IRDAI nod to commence life insurance business This is not completely a bolt out of the blue.

Bank of India's move to impose an incremental cash reserve ratio (CRR) as part of its attempts to drain out additional liquidity of over ₹1 lakh crore from the system following the withdrawal of the ₹2,000 notes from the system. The decision could impact banks' net interest margins in the short term, said analysts.

News Corp (NASDAQ:NWSA) reported its Q4 results, with EPS of $0.14 coming in better than the consensus estimate of $0.09. Revenue fell 9% year-over-year to $2.43 billion, missing the consensus estimate of $2.48B.

By Safiyah Riddle

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.”

Mega Millions jackpot has been claimed, but the game goes on with a fresh start. The jackpot now stands at a modest $20 million, offering a cash alternative of $9.9 million. Following the successful ticket purchase for Tuesday's draw in Neptune Beach, Florida, the jackpot returns to its baseline. This reset is in contrast to the previous build-up since April. The year has witnessed six winners of the Mega Millions jackpot, including the mammoth $1.348 billion triumph in January.

Social Security benefits are on track to increase by 3% in 2024, a response to cooling inflation that will dial back the annual cost-of-living adjustment from the much higher 8.7% implemented this year.

₹4 trillion in the last fiscal year, registering a 28% rise. From 1 November, India will restrict the import of laptops and computers in a bid to boost domestic manufacturing. Meanwhile, Indian companies' spending on corporate social responsibility (CSR) remained flat in 2021-22.

Cab aggregator Ola doubled its revenue in the financial year March 2022, reflecting a recovery from the widespread disruptions caused by the pandemic to the mobility business globally. The company, led by co-founder and chief executive Bhavish Aggarwal, posted a consolidated operating revenue of Rs1,970.4 crore in FY22, rising from Rs983.2 crore in the year before, showed its latest annual filings with the Registrar of Companies. The improved financial performance came amid an easing of covid-induced lockdowns and a gradual recovery in travel demand.

RBI's) decision to hold the repo rate for the third time in a row at 6.5% is expected to support the housing property market maintain its pace of steady growth in sales in the upcoming festive season. While interest rate-sensitive segments of affordable and low-income housing have started witnessing some impact of the rate hikes implemented earlier, any further increase may have resulted in hitting the demand in this segment. The central bank, through six successive increases since May 2022, had raised policy rates by a cumulative 250 basis points, taking the repo rate to 6.5% before hitting the pause in April.

By Nandita Bose

NEW DELHI : The loss of Indian Premier League (IPL) streaming rights blew a hole in the subscriber base of Disney+ Hotstar in the June quarter, with 12.5 million users choosing not to renew their subscriptions. Walt Disney Co. said the subscriber base at its video streaming platform shrank 24% from 52.9 million to 40.4 million, the sharpest fall in any quarter yet.

Biocon on Thursday reported 30‰ year-on-year (YoY) drop in net profit to Rs 101 crore for the quarter ended June 2023. The company had reported net profit of Rs 144 crore during corresponding quarter of the previous year. The company attributed the drop in net profit to depreciation, amortisation and interest increase of Rs 353 crore over last year primarily related to the biosimilar business acquisition cost.

Reliance Industries Limited (RIL), reported Economic Times on 10 August. The following development took place days ahead of the listing of JFSL, added the report. It said that the shareholders of RIL have been rewarded with one share of the JFSL for every share of RIL they owned, as of the record date of 20 July.

₹3,030 crore rose nearly 10% year-on-year (y-o-y) aided by robust volume growth in the decorative paints business. Berger outshone larger peer Asian Paints Ltd with decorative paints volume growth of about 14% versus the latter’s 10%. As such, Berger’s India operation market share rose to 20.2% among the top five listed paint companies.

Covid-19 pandemic induced lockdown. According to reports, the official consumer price index, a measure of inflation, fell by 0.3% last month from a year earlier. On Tuesday, official figures showed that China's exports fell by 14.5% in July compared with a year earlier, while imports dropped 12.4%.

Apollo Tyres Thursday said its consolidated net profit jumped two-fold to ₹397 crore for the June quarter against ₹177 crore in the corresponding period last year. The company reported a bigger-than-expected rise in quarterly profit, boosted by lower rubber costs and robust domestic auto sales across markets. Revenue from operations for the quarter increased 5% to close at ₹6,245 crore in the June quarter, as against ₹5,942 crore in the year-ago period, the company said in a statement.

By Amruta Khandekar, Shristi Achar A and Shashwat Chauhan