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Ujjivan Small Finance Bank, which is back in the reckoning after a couple of bad years with high level of stressed assets and an exodus at senior levels, is planning to apply for universal banking license next year after the completion of the proposed reverse merger of its holding company Ujjivan Financial Services to itself. As preparation, the lender is now focusing on gaining scale by expanding product basket, adding more branches and growing manpower by about a fourth,managing director Ittira Davis told ET in an interview. Here’s an edited excerpt.Ujjivan Small Finance has regained stability with a solid set of numbers. What helped this turnaround? Have you done anything different? The entire problem was circumstantial.

Indian Oil Corporation (IOC), the nation’s top refiner, has embarked on a major data-driven digitalisation drive to optimise its crude purchase, refinery operations and financial management, which has helped boost its efficiency as well as bottom line, said a senior executive. “What we have begun doing is to use the immense data available to us to drive our decisions,” Manish Grover, executive director (strategic information systems), Indian Oil Corporation, told ET. IOC generates a sea of data daily from its operations spanning refineries, pipelines, petrol pumps, aviation fuel stations, natural gas networks and petrochemicals. “We operate refineries at 10 locations as a group. We deal with as many as 400 types of neat crude at a time. Crude is imported at three ports and then transferred to various refineries, most of which are landlocked. In this complex exercise, we end up dealing with as many as 12,000 variants of crude mixes at a time," said Grover. “And then you have exigencies created by the war which requires you to take quick decisions for crude purchases at high sea and quicker unloading schedule for them.”

By Stephanie van den Berg and Jacob Gronholt-Pedersen

The move is aimed at drawing greater private capital into public infrastructure and reducing delays in project implementation, according to the person, who said the focus will also be on improving the fund flow into sectors such as urban infrastructure, railways and roads, where private participation remains either minimal or far from impressive. The ministry is planning to roll out in this financial year a new public-private partnership (PPP) architecture and a standard model concession agreement (MCA) framework for various infrastructure sectors.

MUMBAI : Bulk share sales have hit a record $11 billion during FY24 so far, as promoters and large public investors cashed in on a buoyant equity market fuelled by nimble earnings growth. A Mint analysis showed that key stakeholders, including promoters, have sold shares worth over ₹1.35 trillion through bulk and block deals during the calendar year so far, out of which deals worth over ₹92,800 crore were concluded in the first five months of FY24, which is more than double that of the same period last year.

MUMBAI : A clutch of companies that eroded billions in shareholder wealth since their public listing has seen an exodus of retail shareholders, a Mint analysis of exchange data showed. At least 2.2 million retail shareholders, 73 large foreign institutional investors (FIIs), and 22 mutual funds sold shares of 12 large companies, including Nykaa (FSN E-Commerce Ventures Ltd), Life Insurance Corporation (LIC) of India and Paytm (One 97 Communications Ltd), since their initial public offerings.

The year started with an almost unanimous forecast that major developed economies were staring at a full-blown recession, led by the US and Europe. This doesn't quite seem likely anymore. IMF recently upgraded its US annual growth forecast from 1.4% y-o-y (January economic outlook) to 1.8% in July and Euro area growth from 0.7% to 0.9% for 2023.

equity fund strategy, building a separate identity in an industry primarily known for broad sector investments. With assets under management crossing ₹23,000 crore or $2.6 billion, 360 One is one of the leading domestic private investors in India “On the PE side, our right to win an edge will be industry-focused thematic funds. And, so, you will see us being much more industry-led, going forward," said Sameer Nath, chief investment officer in his first formal interview since taking over as CIO and head of venture capital and private equity business.

Karnataka will register its strong views with the Centre about the injustice caused by the previous finance commissions while seeking a fair deal ahead of the constitution of the 16th Finance Commission, Chief Minister Siddaramaiah has said. The Congress leader, after taking over as chief minister in May this year, has often complained that the finance commissions have handed a raw deal to his state in devolution of funds. “Before the 16th Finance Commission is constituted, we will urge the Centre to rectify the injustice meted to Karnataka in the 15th Finance Commission.

Christopher Nolan's 'Oppenheimer' has crossed the $700 million mark in global box office earnings, emerging as the fourth highest-grossing film of the year. Following a span of five weeks since its debut, the R-rated historical drama has achieved a remarkable feat, amassing an impressive $718 million at the worldwide box office. The earning includes a substantial $285 million from North American audiences and an impressive $437 million from international markets.

Chinese smartphone company operated from a small room in Bengaluru. The brand was mostly unfamiliar to Indians and Jain spent time and effort helping people pronounce the name as it should be. “Shao-mee", Jain told one of the writers of this story, a few months after he had joined.

Russia's first lunar mission in nearly five decades, Luna-25, crashed into Moon a day after it had spun into uncontrolled orbit, the country's space agency said on Sunday. The pilotless spacecraft was aiming to be the first ever to land on the south pole of the moon, an area where scientists believe there could be important reserves of frozen water and precious elements.

Amit Shah released the report card of BJP rule in Madhya Pradesh from 2003 to 2023 and hailed it for removing the 'BIMARU' tag, Congress leaders claimed the state was now a «failed» one. Addressing a press conference on Sunday, Congress Rajya Sabha MP Vivek Tankha said MP was a failed state under BJP rule and claimed Shah had taken over the poll campaign for the ruling party and that Chief Minister Shivraj Singh Chouhan had been sidelined. «Shah presented the report card and has shown he doesn't have confidence in Chouhan, who is the state's CM for 18 years.

Russia's first lunar mission in nearly five decades, Luna-25, crashed into Moon a day after it had spun into uncontrolled orbit, the country's space agency said on Sunday, leaving India's Chandrayaan-3 mission's lander module the only spacecraft in the race to touch down on the lunar surface. According to the Russian Space Agency 'Roscosmos', on August 19 an impulse was provided to propel Luna-25 into an elliptical pre-landing orbit. At about 11:57 GMT, communication with Luna-25 was lost, in a blow to Moscow's space ambitions.

INDIA alliance is likely to be unveiled during the front's meeting in Mumbai on August 31 and September 1, sources said on Sunday. Approximately 80 leaders from more than 26 political parties are expected to attend the third meeting of the INDIA alliance in the country's financial capital, they said. At present, 26 parties are part of the grouping and a few more are set to join the alliance during the two-day meeting, the sources added.

By Jonathan Allen and Brendan O'Brien

CNN reported on Sunday. The Governor of the area said that at the time of the incident around 50 people were inside the railway station, who were safely evacuated. Out of the 5 injured people, 2 refused treatment while the other 3 were admitted to Kursk regional hospital.

Telangana Chief Minister K Chandrasekhar Rao on Sunday hit out at the opposition Congress, saying if the party comes to power in the state, the middleman era will begin in government offices. Assembly elections in Telangana are set to be held before the end of the year.

MEXICO CITY (Reuters) — Hurricane Hilary hurtled towards Mexico's Baja California peninsula on Sunday, blanketing the region with heavy rain amid warnings of catastrophic and life-threatening flooding on the peninsula and in the U.S. Southwest.

Shardul Thakur's better batting ability compared to speedster Prasidh Krishna could prove to be decisive while selecting the extra pacer for World Cup but both are likely to be auditioned if India pick a 17-member squad for the Asia Cup, which is set to be named on Monday. However, the biggest bone of contention will be whether senior batters KL Rahul and Shreyas Iyer, desperate to prove their full fitness from thigh and back injuries respectively, are green-lighted for selection by NCA's sports science unit headed by Dr Nitin Patel.

Canadian homeowners are having regrets over their current mortgage as they face unexpected increases in their monthly payments, says one new study.