Provident Financial News

Old Bridge Capital Management (OBCM) has received the Securities and Exchange Board of India’s (Sebi’s) approval to start its mutual fund operations under Old Bridge Mutual Fund. Kenneth Andrade, Founder of OBCM, said, “We are delighted to receive this licence to commence operations for Old Bridge Mutual Fund and will be launching our maiden actively managed equity scheme. As we move forward with our newly acquired licence, we remain committed to providing investors with long-term investment solutions on its mutual funds platform as well.” Old Bridge Capital Management was incorporated in December 2015 and the company is registered with Sebi as a portfolio manager. OBCM’s media release on Wednesday claimed that the company was also an investment manager and sponsor to a Sebi-registered Category III Alternative Investment Fund named Old Bridge Capital AIF. The company website claims that Andrade has managed a portfolio of over a billion dollars with a track record of beating the benchmark every year since 2006. OBCM manages equity portfolios through two structures — Portfolio Management Services and Category III Alternative Investment Funds — the release said. Earlier, Reliance Industries Ltd’s financial services arm Jio Financial Services (JFS) and BlackRock have signed an agreement to form a 50:50 joint venture to offer investment solutions.

Jupiter Life Line Hospitals saw a steady response from investors on the first day of the bidding process. The issue, which closes on September 8, was subscribed 46% so far. The non-institutional investors category was subscribed 60%, while that of retail investors was subscribed 66%.

India's bankrupt Go First airline to replace «robbed» parts from its leased jets and allow it to appoint round the clock security to guard grounded aircraft, the latest escalation in efforts to reclaim its Airbus planes. The plea, detailed in a Sept 1 non-public court filing at the Delhi High Court which Reuters has reviewed, comes weeks after ACG Aircraft Leasing found critical parts, including fan blades and escape slides, missing from at least two of the four planes it has leased to Go First. Go First has been locked in legal disputes with many of its foreign lessors since being granted bankruptcy protection in India in May. Bankruptcy froze its assets and has prohibited the recovery of more than 50 grounded Airbus planes. But plane parts went missing, ACG said, and lessors have so far unsuccessfully argued in Indian courts to get their planes back despite raising fears about cannibalisation of aircraft. Currently, lessors can only occasionally inspect Go planes.

bank for harassing him over 35 paise credit card dues, was awarded Rs 5,000 as compensation. As per a report in the Times of India, a consumer court also asked the bank to give the elderly a no-dues certificate. The ordeal began when Ramesh Kumar PV decided to close his long-standing credit card account with the bank on November 20, 2019.

El Nino intensified, and forecasts for lower rainfall in September are further threatening to disrupt supplies. While wheat output forecasts are being revised lower due to dry weather in Australia, the world's second largest exporter, record-low monsoon rains are expected to reduce the volume of crops, including rice, in India, the world's biggest shipper of the grain, meteorologists and analysts said. Insufficient rains in Southeast Asia, meanwhile, could dent supplies of palm oil, the world's most widely used vegetable oil, while extreme weather in top corn and soybean importer China is putting food output at risk. «We are in full-blown El Nino weather in several parts of the world and it is going to intensify towards the end of the year,» said Chris Hyde, a meteorologist at U.S.-based Maxar, which provides climate data analytics. «The weather pattern in Asia will correlate with dry El Nino conditions.» El Nino is a warming of Pacific waters which typically results in drier conditions over Asia and excessive rains in parts of North and South America. LACK OF RAINS IN INDIA, AUSTRALIA India's monsoon rains, crucial for summer crops such as rice, sugarcane, soybeans and corn, are poised to be the weakest in eight years. «The impact of El Nino is much greater than we had anticipated,» said a senior India Meteorological Department official. «This month is going to end with a deficit of over 30%, marking it as the driest August on record.

India is gearing up for a grand display of its digital prowess during the upcoming G20 Summit, with showcase of its tech advancements and flagship platforms like Aadhaar and UPI, while an all-new GITA application is expected to be another draw for visiting delegates. Delegates visiting the Digital India experience zone at the G20 Summit venue in New Delhi's Pragati Maidan will get a chance to discover the GITA application and seek answers to life's deeper questions inspired by Shrimad Bhagwad Gita, a senior official from IT Ministry said.

Krishna and other deities, in anticipation of Janmashtami. As per a TOI report, business owners in the region have reported a surge in demand this year, with bulk orders pouring in from over 40 countries, including the US, Australia, New Zealand, the UAE, and several European nations. Some projections suggest that Janmashtami sales could exceed a staggering Rs 200 crore. Anil Agarwal, hailing from a family with a rich history in apparel manufacturing, told TOI, «In the run-up to the festival, we've shipped costumes worth crores to overseas destinations and various states across India.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

digital payment system, now country's first UPI ATM was launched on Tuesday. Hitachi Payment Services has introduced 'the country's first-ever UPI-ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI), “ This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals," Sumil Vikamsey MD and CEO - Cash Business Hitachi Payment Services said. National Payments Corporation of India (NPCI), said, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions.

₹778 crore to set up its first food-focussed manufacturing plant in Assam, easing access to markets in the north-east region. The manufacturing facility, spread over 44.2 acres in Nalbari, is proposed to be operational in 2025. It will provide direct and indirect employment opportunities to 500 people.

IPO Subscription Status: The initial public offering (IPO) of Jupiter Life Line Hospitals Ltd, the multi-specialty tertiary and quaternary healthcare provider, opened for public subscription today. The IPO, which will close on September 8, has so far received decent response from investors. Jupiter Life Line IPO has been subscribed 0.47 times so far on September 6, the first day of the bidding process.

Antony Blinken arrived in Kyiv on Wednesday in a gesture of support as Ukraine's counteroffensive against Russian forces grinds into its fourth month with only small gains. During his two-day visit, staying overnight in Ukraine for the first time since before Russia's February 2022 invasion, Blinken will likely announce a new package of U.S. assistance worth more than $1 billion, a senior State Department official said in a briefing for reporters on the trip. Blinken, on the first trip to Kyiv by a top U.S.

IndiGo on Wednesday said passengers have been notified about flight cancellations at the Delhi airport in connection with G20 Summit. «Due to the G20 Summit 2023 taking place in New Delhi, IndiGo is offering one-time waivers for passengers travelling to and from Delhi between September 8 to 11, 2023,» the airline said in a statement. It did not provide details about the number of flights that are likely to be affected. G20 Summit will be held in the national capital on September 9 and 10. «Customers are being offered the option of rescheduling or cancelling their flights with refunds. Passengers have been notified about flight cancellations and to schedule changes in advance,» the statement said. Scores of flights are likely to be affected at the Delhi airport and airlines are offering waiver of charges for customers planning to reschedule their travel dates. On Tuesday, officials in the know said airlines are making adjustments to their flight operations and select flights are being cancelled or rescheduled.

Global private equity giant TPG’s Australian pathology business, TissuPath, has suffered a data breach with a decade’s worth of patient request forms being released on the dark web.

Narendra Modi will also embark on his visit to Indonesia on Wednesday to attend the summits tomorrow. The forthcoming ASEAN-India Summit will be the first Summit since the elevation of ties between India and the Association of South East Asian Nations bloc of countries to a Comprehensive Strategic Partnership in 2022.

trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. «Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries.

On 27 August 2023, NASA's Lunar Reconnaissance Orbiter (LRO) aimed its camera at a specific point on the lunar landscape. Its mission was to capture the Indian Space Research Organization's (ISRO) Chandrayaan-3 lander, which had touched down on the Moon just four days before that. The orbiter succeeded, giving the world its first detailed look at the landing site, located a considerable distance of approximately 600 kilometres away from the Moon's South Pole.

Zee Entertainment Enterprises Ltd, is known for stories from across the border, including shows like Humsafar, Zindagi Gulzar Hai, Aunn Zara besides originals such as Churails, Qatil Haseenaon Ke Naam, Dhoop ki Deewar and others. While it was launched in 2020 on Zee’s video streaming platform ZEE5, it has recently returned to television as a DTH value-added service provider.

Jarange, whose hunger strike for Maratha quota entered the 9th day on Wednesday, has dehydration and he is now being administered intravenous fluids, said doctors monitoring the activist's health condition in Maharashtra's Jalna district. His blood pressure was also on the lower side in the morning, a health official told PTI. Jarange, aged around 40, has been holding the hunger protest in Jalna district's Antarwali Sarati village since August 29. The activist on Tuesday said he would stop drinking water and fluids after four days if a favourable decision on quota is not taken. The government has so far reached out to Jarange two times urging him to withdraw the fast, but he has refused to budge. A team of doctors is monitoring his health condition regularly. «Jarange has dehydration and his creatinine level is a little high.

Hyundai, the country's second-largest carmaker, is steadfast in its commitment to this fuel. Tarun Garg, COO of Hyundai in India, emphasized the company's success with diesel variants and its determination to maintain a competitive edge. This decision stands out as Hyundai's key rival, Maruti Suzuki, has completely abandoned the diesel category, with other brands like Skoda, VW, and Audi following suit. «Demand remains strong for our diesels.