Financial Financial News

Grant's Interest Rate Observer founder and editor Jim Grant weighs in on the Federal Reserve's two-day meeting and U.S. recession probability.

Fedbank Financial Services, promoted by Federal Bank, has filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of up to ₹750 crore and an offer for sale aggregating up to 70.3 million shares by promoters and other shareholders.

For many in the global workforce, the 9-to-5 workday is outdated. After a lengthy commute to work, which for some may be three hours each day, many find that upon returning home, they are too exhausted to enjoy their lives, leaving them in a vicious working cycle. Fortunately, with more collaborative technology than ever before and the overall culture of digital nomadism taking over, a new freelancing model is now making its way into the mainstream.

Dynasty Financial Partners announced Thursday that it’s tapping veteran business broadcaster Ron Insana as the firm’s new chief market strategist. Dynasty, which provides technology-enabled wealth management solutions and business services for financial advisory firms, said Insana will join the firm’s investment committee and the investment committees of Dynasty Network firms.

ITC Ltd while the conglomerate will be able to continue to enjoy the synergies for its other businesses such as fast moving consumer goods (FMCG) with hotels as it used to, chairman and managing director Sanjiv Puri said. ITC on Monday announced the demerger of the hotels business into a new entity which will be subsequently listed. As per the scheme of arrangement approved by ITC board, ITC Ltd will hold 40% stake in the new entity and the balance 60% will be held directly by the company’s shareholders proportionate to their shareholding in ITC Ltd. In an analyst meet held virtually on Thursday regarding this demerger, Puri said ITC Ltd’s financial ratios will improve substantially due to this demerger. “It will reinforce our position on sharper capital allocation, unlock value for existing shareholders and the way it has been structured, institutional synergies will remain,” he said. Elaborating, ITC’s chief financial officer and executive director Supratim Dutta told analysts that ITC’s segment capital employed on hotels business which is now about 20% will go off and so will segment EBIT (earnings before interest and taxes) of about 3-4% to ITC’s total EBIT. “There will be 18-20% improvement in return on capital employed (ROCE) and over 10% for return on invested capital (ROIC) for ITC,” he said. ROCE and ROIC are both key profitability ratios which helps to understand how well a company's capital is being employed to run the business.

Future Generali India Life Insurance has entered into a strategic alliance with JM Financial Services that will help it to elevate its insurance product offerings and extend its market presence across the country. The collaboration with JM Financial Services will unlock new opportunities for Future Generali India Life Insurance to diversify its product portfolio and leverage its distribution and financial advisory capabilities.

Asit Bhandarkar, Senior Fund Manager – Equity at JM Financial Asset Management pointed out that over the past year, mid-cap stocks have surged more than 30 per cent, mainly due to a P/E re-rating. He advised caution in the short term due to rapid price and valuation increases, global challenges, and pre-election volatility, but remain optimistic about India's long-term growth potential driven by infrastructure upgrades and consumption trends. We have seen a sharp up move in excess of 30 per cent in the mid-caps versus nearly 20 per cent for large caps in the last 12 months.

asset management companies declined on Thursday, a day after Jio Financial Services, part of the Mukesh Ambani-led Reliance Group said it will form a joint venture with U.S.-based BlackRock Inc to launch services in India. HDFC Asset Management, UTI Asset Management and Aditya Birla Sun Life AMC fell between 0.75% and 2%.

When retired race car driver, Tommy Constantine, and financial advisor, Phillip Kenner, were convicted in a high-profile fraud case, they were sentenced to 10 and 17 years in prison respectively. The two were found guilty of scamming several National Hockey League (NHL) players, among other victims, out of millions of dollars through a series of deceptive real estate and business ventures.

A key US House Committee on Wednesday passed a bipartisan bill to ensure regulatory clarity for cryptocurrencies.

Federal Bank, has filed its draft papers with market regulator SEBI to raise funds through an IPO. The IPO comprises a fresh issue of Rs 750 crore and an offer for sale (OFS) aggregating up to 7.03 crore equity shares by the promoter and other selling shareholders. Under the OFS, 1.64 crore equity shares will be offloaded by Federal Bank and 5.38 crore shares by True North Fund VI LLP.

Wealth giant Insignia Financial will retain its potentially lucrative superannuation and digital financial advice offerings while spinning off its self-employed advisers into a standalone business, as part of an overhaul designed to accelerate its struggling advice arm’s return to profitability.

In this article

Northern Arc Capital has announced that its machine learning (ML)-based analytical tool, Nu Score will aid the underwriting and risk assessment for Gujarat-based NBFC, Pahal Financial Services. With this real-time insights from Nu Score, Pahal Financial Services foresees disbursements of Rs 2,000 crore to its 6.5 lakh borrowers in the 2024 fiscal.

MUMBAI (Reuters) — India's Jio Financial Services, part of billionaire Mukesh Ambani led Reliance Industries, and Blackrock (NYSE:BLK) Inc will form a joint venture to launch asset management services in India.

Jio Financial Services Limited and BlackRock Wednesday announced an agreement to form Jio BlackRock, a 50:50 joint venture, to deliver tech- enabled access to affordable, innovative investment solutions for millions of investors in India.

Jio Financial Services Ltd (JFS) and BlackRock have signed an agreement to form a 50:50 joint venture to offer investment solutions. JFS and BlackRock are targeting initial investment of $150 million each in the joint venture, to be named Jio BlackRock.

BlackRock Inc., the world’s largest asset manager, is looking to join forces with India’s largest company Reliance Industries Ltd (RIL) in what could be a return to the country after exiting in 2018. The US-based investment giant is in active discussions with Jio Financial Services (JFS) to create an asset management business, said three people aware of the matter. JFS is the recently spun-off fintech arm of Mukesh Ambani’s flagship.

Bandhan Financial Holdings (BFHL) has entered into a “definitive agreement” with Aegon India Holding and Bennett, Coleman & Company for the acquisition of the entire shareholding of Aegon and BCCL in Aegon Life Insurance Company.

Elon Musk, the billionaire entrepreneur, envisions transforming Twitter into a comprehensive platform for financial services. This ambitious move is not the first instance of a tech giant encroaching on Jamie Dimon's territory, reported Blommberg. As per a report from Bloomberg, numerous technology firms have ventured into the realm of financial services with similar ambitions.

₹8,000-10,000 per year to file returns correctly. I receive many queries from holders of foreign stocks (including in the form of ESOPs, or employee stock options), who, despite being told the complexity of income tax return (ITR) filing and the implications of improper disclosure, look for people who can do this at low cost. This is simply being penny wise and pound foolish! The omission of disclosure of foreign assets invites a ₹10 lakh penalty, and inaccurate filing comes with 30% additional tax and penalties.