Country Financial News

By Elena Fabrichnaya, Gleb Stolyarov and Anastasia Lyrchikova

IPO comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of up to 80.55 lakh shares by a promoter and a selling shareholder, according to the draft red herring prospectus (DRHP) filed on Monday. As part of the OFS, 53.7 lakh equity shares will be offloaded by Paritosh Kumar Garg (HUF) and up to 26.85 lakh equity shares by India Business Excellence Fund — III. Also, the company may consider a pre-IPO placement of shares aggregating up to Rs 100 crore.

banking system have been triggering the recent selloff in the Chinese markets. Worries surfaced over likely deflationary pressures threatening to undermine corporate profits and reduced potential returns.

Jute industry’s revenue is likely to witness a decline of 5-6 per cent in this financial year due to lower exports, a report said on Wednesday.According to Crisil Ratings, this would be the second consecutive year of fall for Jute industry revenue, However, domestic demand is expected to be stable, it added.

Rice prices in Asia edged lower after rallying to the highest level in almost 15 years last week as major buyers seek to build domestic stockpiles amid persistent concerns over global supplies. Thai white rice 5% broken — an Asian benchmark — slipped to $612 a ton on Wednesday, according to data from the Thai Rice Exporters Association. Prices are still up 20% this year after surging to the highest since 2008 last week.

Days after a ‘secret meeting’ between Nationalist Congress Party (NCP) founder Sharad Pawar and his nephew Ajit Pawar ignited a buzz in the Maharashtra political circle, Congress leader Vijay Wadettiwar on Wednesday claimed that PM Modi set a condition before the nephew that he should rope in Sharad Pawar if he wanted to become the chief minister.

New Delhi: Rainfall activity is set to intensify in eastern India starting Wednesday and in adjoining central India due to a potential low-pressure area forming over the Bay of Bengal, the India Meteorological Department (IMD) has said. “Light to moderate scattered to widespread rainfall with isolated heavy rainfall activity is very likely over Andaman and Nicobar Islands today and on Thursday; over Odisha until Saturday; over Jharkhand from is Wednesday and Friday; in West Bengal and Sikkim today and on Thursday.

National Rail Museum, marked filed 25 trademarks for India's heritage railway lines on the country's 77th Independence Day. It covered the names, logos, and insignia of the heritage railway lines, that symbolised pride, unity, and the nation's socio-economic progress.

India's Tricolour, celebrating the nation's 77th Independence Day. The official Instagram account of Burj Khalifa shared a captivating video showcasing the towering edifice adorned in the saffron, white, and green colors of India's flag. The remarkable display also included heartfelt messages such as «Happy 77th Independence Day To Mother India» and "Long Live India and UAE Friendship," accompanied by a striking portrait of Mahatma Gandhi.

Global investors including BlackRock Inc. and Allianz SE may be key stakeholders to watch in Country Garden Holdings Co.’s debt crisis given their recent exposure to the embattled Chinese property developer’s dollar bonds.

For the first time ever India has settled an oil t... moreFor the first time ever India has settled an oil transaction with UAE in rupees.

Russia’s currency crisis might not follow the classic emerging-market template: Rather than a sharp depreciation stemmed by painful interest-rate rises, we are more likely to see a slow but inexorable decline. The Bank of Russia raised borrowing costs from 8.5% to 12% Tuesday in an attempt to stop a slide in the ruble. A day earlier, $1 briefly bought as much as 102 rubles, prompting rate setters to call an emergency meeting.

Intel said on Wednesday it would walk away from its more-than-$5 billion proposed acquisition of Israeli chip maker Tower Semiconductor after failing to win regulatory approval for the deal. The deal required approval from a number of jurisdictions, and China’s State Administration for Market Regulation had yet to sign off by Tuesday’s approval deadline. The Chinese regulator didn’t immediately respond to a request for comment Wednesday.

New Delhi: Luggage maker VIP Industries Ltd. has announced the appointment of Neetu Kashiramka as the company’s managing director designate, effective August 15, following the resignation of Anindya Dutta, the company’s former managing director. Kashiramka will continue as the CFO with the company, while additionally taking over the responsibility of a managing director designate till 13 November.

Setbacks securing the release of Wall Street Journal reporter Evan Gershkovich and other Americans held in Russia through a trade for high-profile Russians locked up in other countries have forced U.S. officials to refocus on a deal involving Russian prisoners in U.S. custody.

lithium that are key to the energy transition. That has led to growing concerns among Western governments, including in Washington, about their dependence on Beijing. Now, some Western companies and investors are starting to build processing plants in Africa so they can refine the raw materials they mine on the continent locally and export them directly to Europe and the U.S.

LegalPay has launched an online dispute resolution (ODR) platform Bharat Dispute Resolution (BDR). The startup is focusing on sectors including fintech, banks and even non-banking financial corporations (NBFCs) for resolving disputes through online mechanisms to recover their dues efficiently and manage their portfolio better.

Rajinikanth's latest film 'Jailer' has hit it out of the park at the worldwide box-office. On the sixth day since its release on August 10, the movie has breached the Rs 400 crore-mark, globally, according to film trade analysts Manobala Vijayabalan and Ramesh Bala. 'Jailer' earned Rs 64.27 crore on Independence Day (Day 6), taking its worldwide total to Rs 416.19 crore.

The comments come after a raft of recent figures that have stoked concerns over China's stuttering post-Covid recovery, and after US President Joe Biden said the country's mounting economic problems made it a «ticking time bomb». «After the smooth transition of the epidemic prevention and control, China's economic recovery is a wave-like development and a tortuous process, which will inevitably face difficulties and problems,» foreign ministry spokesman Wang Wenbin said at a regular press conference. «A number of Western politicians and media have hyped up the periodic problems in China's post-epidemic economic recovery process. But eventually, they will for sure be proven wrong,» he added. Retail sales, a key gauge of consumption, grew 2.5 percent year-on-year in July, the National Bureau of Statistics (NBS) said on Tuesday, down from 3.1 percent in June and falling short of analyst expectations.

Tencent Holdings posted a smaller-than-expected 11% rise in second-quarter revenue on Wednesday, as the country's sputtering economic recovery weighed on the social media and gaming giant's recovery from last year's record downturn. The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30.

With more countries now speculating over using the...