Provident Financial News

Supreme Court on Tuesday gave a go ahead to the liquidator to conduct auction of the assets of Samrudhhi Realty to recover debt of around Rs 5,000 crore. However, a bench led by Justice Abhay S Oka said that if an auction of any of the assets of Essel Finance Advisors and Managers LLP is conducted, it will be subject to the final outcome of the appeal. Essel Finance had challenged the NCLAT's order that «erroneously» dismissed its appeal and upheld the NCLT's May 2024 order directing it to defray their portion of the liquidation process costs.

Innovision Limited, provider of manpower services, toll plaza management and skill development training, has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an IPO. The IPO, with a face value of Rs 10 each, is a mix of fresh equity issue of Rs 315 crore and an offer for sale of up to 11.81 lakh shares by promoter selling shareholders.

AI-enhanced Nitro V 16 is now available at Acer exclusive stores across India.The Nitro V 16 boasts a 16-inch display with a sharp 16:10 aspect ratio and WQXGA resolution of 2560 x 1600 pixels. This vibrant screen offers a 165Hz refresh rate and 100% sRGB color accuracy, providing gamers with stunning visuals.

Additionally, the right fit and breathability are crucial for preventing injuries and ensuring long-lasting comfort. Whether you are a seasoned athlete or just starting out, selecting high-quality footwear can make a significant difference in your game. Explore this range of top-rated basketball shoes designed to cater to various needs and preferences, ensuring you stay ahead of the competition and perform at your best with confidence and ease.

Mobikwik reported a net profit of Rs 14 crore in FY24, compared to a loss of Rs 80.6 crore a year ago. Its operational revenue jumped 62% on year to Rs 875 crore from Rs 539 crore in FY23. The company had reported a net profit in the first half of FY24 as well, and said it plans to maintain its profitable streak and continue showing strong financials. The company’s lending operational expenses shot up sharply during the year, rising 294% to Rs 270 crore from Rs 68.5 crore in FY23.

Bengaluru will play host to a three-day event on alternative dispute resolution (ADR) from August 24, led by the country’s eminent legal brains. The event aims to promote the practice of alternative dispute resolution in Karnataka. Alternative dispute resolution refers to the ways people can resolve disputes without court proceedings such as mediation and arbitration. The Arbitration & Conciliation Centre, Bengaluru (Domestic and International), the Karnataka Judicial Academy, the Advocates’ Association Bengaluru, and the Bengaluru ADR Week Committee have come together to organise the event. The ADR Week would be a pivotal forum for exploring the significance and evolution of ADR in contemporary legal contexts, the organisers said in a press release.

Aye Finance has raised about $25 million from Goldman Sachs (India) Finance, the non-banking unit of Goldman Sachs in India, in a securitisation deal. The deal, valued Rs 212 crore in local currency, was announced Tuesday. This will free capital for Aye Finance and help it in business expansion. The fintech company lends to micro enterprises across India.

Taiwan's Bestec Group has proposed to set up a manufacturing unit near Bengaluru at an investment of Rs 200 crore. Industries Minister MB Patil announced this after he met Bestec Group chairman Mike Chen and vice chairman Teresa Dong on Tuesday. The minister assured that the government would provide full support to facilitate the company's plans.

Geojit Financial Services announced the launch of its flexi cap portfolio PMS fund, BEACON, offering a unique blend of stability and growth potential by investing across all market capitalizations and thus helping in wealth creation for the investors. The BEACON Fund is engineered to provide investors with seamless exposure to companies of all sizes, from largecap stalwarts to promising midcap and smallcap growth stories. This approach ensures a balanced portfolio that captures the full breadth of market opportunities.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Zurich, Switzerland – 20 August 2024

Markets (NISM)) and FPSB India (Financial Planning Standards Board) have come together to launch a Postgraduate Program in Financial Planning along with a series of capacity building initiatives for the securities market’s ecosystem, a media release said. An MoU was signed between FPSB India CEO Krishan Mishra and NISM Registrar Sunil Kadam and aligns with the Union Budget 2024’s focus on skilling and employability, paving the way for enhanced career opportunities for finance professionals.

However, the promoter group has expressed its «strong intention to continue as the majority shareholder block of the company».

Infinity View Glass Roof. This single-pane, fixed glass roof is a first-of-its-kind in its segment, offering passengers an unobstructed view of the sky. Unlike conventional sunroofs, this one cannot be opened, providing a unique and seamless design element.The Windsor EV is expected to have several advanced features to enhance the driving experience.

messaging services and protect consumers from fraudulent practices. Continuing its offensive against unsolicited spam calls and messages, TRAI made it clear that from September 1, 2024, all access service providers will be prohibited from transmitting messages containing URLs, OTT links, or call back numbers which are not 'whitelisted' (authorised) by the senders. To enhance message traceability, TRAI has mandated that the trail of all messages from senders to recipients must be traceable from November 1, 2024. Any message with an undefined or mismatched telemarketer chain will be rejected. The latest move assumes significance as TRAI has cracked the whip on unauthorised telemarketers indulging in promotional calls and messages to telecom subscribers. Last week, TRAI directed telcos to disconnect all telecom resources of unregistered telemarketers found making spam calls, and to blacklist them for up to two years.

Clients of Northern Trust will have access to a platform to enable positive family discussions about money management due to a new partnership.

training launch of its surface-to-surface ballistic missile Shaheen-II, the army said. «The training launch was aimed at training of troops, validating various technical parameters and performance evaluation of different sub-systems incorporated for improved accuracy and enhanced survivability,» the army said in a statement. The military provided no further technical information. The training launch was witnessed by senior officers from the Strategic Plans Division, Army Strategic Forces Command, scientists and engineers of strategic organisations. The Director General Strategic Plans Division appreciated the technical prowess, dedication and commitment of scientists who contributed towards this achievement.

Axiscades on Tuesday said its subsidiary Epcogen has bagged an energy storage project from UK-based Highview Power. The project is expected to generate 50 MW of power for 6 hours, aggregating to 300 MW, according to a company statement. «Subsidiary Epcogen has been awarded a long-term contract by Highview Power, a British energy storage technology producer. This project will feature the world's largest liquid air energy storage (LAES) facility, supporting a 50 MW, 300 MWh (six-hour) long-duration energy storage capacity to provide power to over 1 million homes in the UK,» the company said. The project will be set up on an engineering, construction and procurement (EPC) basis at Carrington in Manchester over a period of 20 months, the company said, adding that the commercial operation at the site is planned to begin in 2026.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

The Fed has so far remained resolute that future rate cut decisions will be data driven as it maintained its target range for the Fed funds rate at 5.25%-5.5% in late July (31) until it is confident that inflation has hit its 2% target on a sustained basis.  Held between 22-24 August in Jackson Hole, Wyoming, the 47th annual conference will focus on «Reassessing the Effectiveness and Transmission of Monetary Policy» and provide central bankers such as Jerome Powell, chair of the Fed, to «clearly state their views», said John Plassard, senior investment specialist at Mirabaud Group. Fo...

Congress on Tuesday claimed that the Centre's move to withdraw the latest advertisement for lateral entry in bureaucracy was due to the criticism by the Leaders of the Opposition in both the Lok Sabha and Rajya Sabha — Rahul Gandhi and Mallikarjun Kharge — along with others. The remarks came after Union Minister of State for Personnel Jitendra Singh wrote to Union Public Service Commission (UPSC) Chairman Preeti Sudan and asked her to cancel the advertisement so that marginalised communities get their rightful representation in government services. Congress general secretary in-charge communications Jairam Ramesh tagged Singh's letter and said on X, «A letter from a Union Minister working under a non-biological PM to a Constitutional authority without a date. What pathetic governance this is.» «Even so, this is clearly the impact of the criticism of the Leaders of the Opposition in both the Lok Sabha and Rajya Sabha and others,» he said in another post.