Alipay’s Strategic Exit: Selling $395M Stake in Zomato
Alipay, a unit of the Chinese conglomerate Ant Group, is set to offload its entire 3.4 percent stake in Zomato. This translates to a massive sale of approximately 296 million shares. The shares, according to market sources, are priced at ₹111.28 each, aiming to raise a substantial sum of ₹3290 crore, equivalent to about $395 million.
Canara Bank Gears Up for Major Divestment: RBI Greenlights 70% Stake Sale in Canbank Factors
Canara Bank, a public sector lender in India, has received approval from the Reserve Bank of India (RBI) to divest a 70% stake in its unlisted subsidiary, Canbank Factors Ltd. This move is part of Canara Bank’s broader strategy to reorganize its subsidiaries and streamline its operations
Fiscal Challenges: Indian States Struggle to Meet Capex Targets Amid Revenue Decline
The central issue causing this shortfall is a steep fall in revenue receipts, leading to major compression in state capex. During the first half of Fiscal Year 2024 (FY24), state capex rose to a record 35%.
India’s Strategic Push to Boost Exports in Sub-Saharan Africa and Gulf Nations
Despite a global trade challenge, India’s merchandise exports rose 6.21% to USD 33.57 billion in October 2023, while imports increased 12.3% to USD 65.03 billion, driven partly by a surge in gold imports. For the April-October 2023 period, exports contracted 7% to USD 244.89 billion, and imports fell 8.95% to USD 391.96 billion.
India’s Textile Triumph: Projecting a 75% Export Increase in MMF by 2030
The Indian textile industry is on the brink of a significant transformation, with the exports of manmade fiber (MMF) textiles projected to increase by 75% to $11.4 billion by 2030, up from around $6.5 billion in the fiscal year 2021-22.
Navigating Skies Digitally: IndiGo Unveils Multilingual AI Chatbot 6Eskai
IndiGo, one of India’s leading airline companies, has recently announced the launch of its innovative AI-powered chat assistant named “6Eskai.”
India Bolsters Naval Defense: ₹2956 Crore Deal for 16 Advanced SRGMs with BHEL
This contract, finalized on November 28, 2023, involves the procurement of 16 upgraded Super Rapid Gun Mounts (SRGMs), along with associated equipment and accessories. The total value of the contract is estimated at ₹2956.89 Crore (approximately 2,956 crores).
JSW Steel Settles RBI’s Rs 2.79 Lakh Penalty on JISPL
JSW Steel recently took responsibility for a penalty imposed on JSW Ispat Special Products Ltd (JISPL) by the Reserve Bank of India (RBI). The penalty, amounting to Rs 2.79 lakh, was paid by JSW Steel on November 28, 2023
Tata Power and SJVN Join Forces for 200 MW Renewable Energy Project
The company announced on Tuesday that it had secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd, marking a strategic collaboration in the industry.
Indian Government Advises Banks to Appoint Nodal Officers to Combat Cyber Risks
In a significant move to bolster cybersecurity in the banking sector, the Indian Finance Ministry, on November 28, 2023, issued an advisory to banks, urging them to appoint nodal officers to address cyber security concerns.