International Financial News

Apollo Hospitals Enterprise fell over 8 percent in intra-day trading today (April 29) after the firm announced that it will raise ₹2,475 crore (approximately $300 million) through private equity firm Advent International for its unit Apollo HealthCo. This unit manages Apollo's Apollo 24/7 vertical. Additionally, there are plans to merge Keimed, a promoter-owned wholesale pharma distribution business, with Apollo HealthCo over the next 24 to 30 months.

BRISKPE, a Mumbai-based cross-border payments platform working on simplifying global payments for MSMEs. This investment underscores the importance of seamless international payments as part of PayU India’s strategy. PayU says it is committed to partnering with BRISKPE to meet the Indian government’s vision of reaching $2 trillion in exports by 2030. PayU will continue to invest in accelerating the adoption and simplify cross-border payments for multiple cohorts by adhering to new regulatory licenses like PA-CB. Vijay Agicha, Chief Investment Officer, PayU, said in a statement, “BRISKPE's alignment with our cross-border payment strategy and focus on compliance highlights a symbiotic partnership. With BRISKPE’s top-notch management team, expertise in digital-first business models and banking systems, we're excited to actively participate in shaping their future growth. We're optimistic about the potential in cross-border payments and remain committed to driving economic growth in India."

Ircon International shares surged over 6% to Rs 266.9 on BSE following the announcement of a significant order win worth Rs 1,198 crore by its joint venture. «Ircon International Limited (IRCON) under its Joint Venture with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) i.e. Ircon-DRA JV has been awarded the LOA for the construction of Kottavalasa-Koraput Doubling Project from Km 45.483 to Km 72.550 from Shivalingapuram Station to Borraguhalu Station in connection with Kottavalasa Koraput Doubling Project of Waltair Division, East Coast Railway on EPC mode at a quoted bid price of Rs 1198.09 Crores,» the company said in an exchange filing.

FMCG companies — Hindustan Unilever (HUL), Tata Consumer Products (TCPL) and Nestle India — declared March quarter results. Here are key takeaways: Margins & Volumes While volume growth was tepid to modest for the three companies, gross margins have expanded. Margin expansion has been achieved through better operational efficiency or productivity gains. Taking price rises, lowering ad spends and rationalising costs are the various levers used.

overseas exchange traded funds (ETFs), the gap between the trading price of units at stock markets and fund houses is getting wider. For the unversed, mutual fund ETFs are available for trading at the stock market as well, and this is why they are named as ‘exchange traded funds’. The price at which these units are sold at a stock exchange can be different from the one at which they are traded at a mutual fund house.

The 2G spectrum judgement of 2012 is making headlines again. The government is pleading at the Supreme Court (SC) for an amendment to its landmark telecom auctions ruling that mandated the sale of 2G spectrum to the highest bidder. But the Centre wants to allocate some spectrum through administrative means, such as licensing—an approach often used for procuring services from the private sector.

Initially, when funds reached the RBI’s investment limit in 2022, it was believed to be temporary, with the cap expected to increase soon. However, the cap continues to remain unchanged, having deprived investors of overseas exposure for over two years now. Of the 69 international funds, 26 have been closed in some capacity. Some have been toggling flows intermittently due to limited capacity. The Rs.7,500 crore Motilal Oswal Nasdaq 100 ETF initially paused flows for 3-4 months two years ago, but now remains open, providing liquidity daily based on demand. However, it uses outflows to manage limits and may close at any time. Pratik Oswal, Head, ETFs and Index Funds, Motilal Oswal AMC, points out, “We have some headroom to invest abroad, but we are not encouraging large investors and are giving preference to retail SIP contributions.”

Will Arvinder Singh Lovely join BJP? Here's what he said "I have only resigned as Delhi Congress chief and I am not joining any political party," he added. Lovely's resignation is a major setback for the embattled Congress party amid Lok Sabha polls. Lovely said he was against the Congress-Aam Aadmi Party (AAP) alliance and the statements of Congress candidates Kanhaiya Kumar and Udit Raj.

Gurpratap Boparai CEO of Mahindra's automotive businesses in Europe, Mahindra Trucks & Buses (MTB) and construction equipment has resigned from the company, according to a company's internal circular undersigned by Rajesh Jejurikar, executive director and CEO auto and farm sectors. He joined Mahindra in 2022 taking charge of its European operation — overseeing Peugeot Motors and Automobili Pininfarina. Boparai has «decided to pursue opportunities outside the Mahindra Group,» it stated. His last working day will be May 31, 2024.

ALSO READ: US Fed bets reprice: China, Japan, South Korea and India look attractive On April 30 (Tuesday), reports on employment cost index for first quarter (Q1) and consumer confidence for April will be unveiled. On May 1 (Wednesday), data on ADP employment for April, auto sales for April, and ISM manufacturing for April will be released. On the same day, FOMC (Federal Open Market Committee) interest rate decision will be announced, followed by Fed Chair Jerome Powell’s press conference.

PTI, at a meeting held on Friday the lenders of Reliance Capital have asked IndusInd International Holdings to make a payment of ₹9,650 crore by the due date. ALSO READ: IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital It is to be noted that the National Company Law Tribunal (NCLT)-Mumbai, while approving the resolution plan on February 27, directed the IIHL to implement the resolution plan within 90 days i.e. May 27.

Pakistan's foreign minister Ishaq Dar has been appointed deputy prime minister, the Ministry of Foreign Affairs said on Sunday in a post on X. «The Prime Minister has been pleased to designate Mr. Mohammad Ishaq Dar, Federal Minister for Foreign Affairs, as Deputy Prime Minister with immediate effect,» a Pakistan government gazette posted by the foreign ministry read.

Congress' Delhi unit chief Arvinder Singh Lovely in protest against the alliance with AAP brought the party's factional feud into the open, with a section of leaders on Sunday demanding the removal of AICC in-charge Deepak Babaria. While the Aam Aadmi Party termed it as an internal matter of the Congress, the BJP said Lovely has listened to the voice of his conscience as no patriot can stand with those who talk about dividing the country and claimed there would be further repercussions for the Congress. In his resignation letter to Congress president Mallikarjun Kharge, Lovely said the Delhi Congress unit was against the alliance with AAP and that all unanimous decisions taken by the senior Delhi unit leaders have been «unilaterally vetoed» by Babaria. Some party workers gathered outside Lovely's residence and raised slogans against AICC's Delhi in-charge Babaria who, meanwhile, stressed that all DPCC leaders were taken into confidence on the alliance issue and Lovely should have aired his views before the party panels.

Sheikh Mohammed bin Rashid al-Maktoum approved a new passenger terminal in Al Maktoum International airport worth 128 billion AED ($34.85 billion), he said on Sunday in a post on X. The Al Maktoum International Airport will be the largest in the world with a capacity of up to 260 million passengers, and five times the size of Dubai International Airport, he added, saying that all operations at Dubai airport would be transferred to Al Maktoum in the coming years.

The character performers at Disneyland in California have said they filed a petition for union recognition

The owner of a suburban Detroit business that caught fire and exploded, killing a man, was arrested at a New York airport as he was preparing to depart for Hong Kong on a one-way ticket

₹50 lakh annual fee and spend another ₹20 lakh on living expenses. The total money coming from these students into Boston from BU alone comes to about ₹490 crore. Northeastern University, in the same city with similar fee, has around 2,000 Indian students who bring about ₹1,500 crore annually to Boston.

TikTok spent the past four years trying to fend off a U.S. ban, but it never figured out Washington. The law signed by President Biden on Wednesday requiring a sale or ban of the popular app was in part the product of tectonic shifts in U.S.-China relations and coordinated, stealthy efforts by its critics on Capitol Hill.

Reliance Capital (RCAP) have asked the Hinduja Group arm, IndusInd International Holdings Ltd, to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan deadline of May 27. In a meeting held in Mumbai on Friday with the senior officials of IndusInd International Holdings' (IIHL), the lenders of RCAP said the company has to make a payment of Rs 9,650 crore to them by the said date, a source said. It is to be noted that the National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed the IIHL to implement the resolution plan within 90 days i.e. May 27. As per the approved resolution plan, IIHL has to make an upfront payment of Rs 9,650 crore to the RCAP lenders.

India Women vs Bangladesh Women: Harmanpreet Kaur-led Indian women's cricket team is all set for the 5-match T20 series against Bangladesh women's cricket team, scheduled to kickstart at the Sylhet International Cricket Stadium on Saturday. Ahead of the big match, Bangladesh captain Nigar Sultana opened up around the controversy triggered during their previous clash with India when Harmanpreet Kaur faced a two-match suspension for her outburst on the ground and argument with the umpires. When asked about the controversy, Nigar Sultana said she doesn't know much about the rivalry, and they are not sitting on whatever happened in the past.

Dubai International Airport, the world's busiest for international travel, will move its operations to the city-state's second, sprawling airfield in its southern desert reaches «within the next 10 years» in a project worth nearly $35 billion, its ruler said Sunday. Sheikh Mohammed bin Rashid Al Maktoum's announcement marks the latest chapter in the rebound of its long-haul carrier Emirates after the coronavirus pandemic grounded international travel. Plans have been on the books for years to move the operations of the airport known as DXB to Al Maktoum International Airport at Dubai World Central which had also been delayed by the repercussions of the sheikhdom's 2009 economic crisis. «We are building a new project for future generations, ensuring continuous and stable development for our children and their children in turn,» Sheikh Mohammed said in an online statement. «Dubai will be the world's airport, its port, its urban hub and its new global center.»