After enduring heavy volatility throughout the week, especially during the Union Budget 2023 announcements, Indian indices closed Friday’s session in green.

The parent company of Tata Group will otherwise be subject to a stricter disciplinary system and will be required to make other difficult changes.

The Nippon India Nifty SDL Plus G-Sec - Jun 2029 Maturity 70:30 Index Fund will invest the pooled money in SDLs and G-Secs.

The government initiative is aimed at providing optimum employment opportunities to unorganised workers and enhancing women’s participation in the labour force.

PMI data revealed a slowdown in India’s service sector with growth rates dropping from 58.5 in December 2022 to 57.2 in January 2023.

Bond rates hiked after Gautam Adani was revealed to be discussing prepayment of some of the company’s credit to re-establish public trust in the Adani Group.

This development occurred as both NSE and BSE placed three of the group’s firms under the framework of short-term additional surveillance measures (ASM).

Experts believe that it will erase all prospects of any foreign angel investing in the country. However, it will provide income tax officers with the means to question a valuation.

BYJY’S is going to hand pink slips to over 1,000 employees in an attempt to reduce losses, revealed three unnamed sources having knowledge of the matter.

Amazon recorded a revenue of $149.2 Billion, while its profits dropped down to $300 Million. The firm expects its operating profit for the current quarter to fall to zero.

According to the Revenue Secretary, the tax provision will be applicable to all foreign investors, including those considered institutional investors or funds.

In the recent Union Budget 2023, the Finance Minister declared a hike in TCS under LRS without any threshold limit, which will be made effective from July 1.

The sector’s growth stood at 7.6%, falling from the previous quarter’s 9.2%. Sales volumes slumped as consumers bought smaller packs or refrained from buying products altogether.

This is being done by the Centre in order to incentivise children, parents and teachers that are a part of govt. programmes to achieve their desired goals.

The France-based pharma recently offered a voluntary retirement scheme to workers located in two manufacturing sites at Muppireddypally and Medchal in Telangana.

In order to make apprenticeships more attractive, the Centre plans to pay 25%of the stipend (up to ₹1,500 per apprentice) through a direct benefit transfer (DBT) scheme.

Estimated revenue may surge by 30% to ₹89,469.17 Crores in FY24. The majority chunk of this income is likely to come from deferred spectrum auction payments.

The government is positive that this shift could occur due to its attractive benefits, but reports state that opting for the old one will offer more savings to housing property buyers.

While addressing his employees, the CEO informed them that instead of having their FY23 cash appraisals, they will be given stock options.

The Hinduja Group-owned entity, Induslnd International Holdings Ltd. is set to increase its stake in the bank to 26% and may infuse ₹10,000 Crores in the company.

The profit after tax for Q3FY23 was ₹361 Crores, which is an exponential hike from the ₹6 Crores recorded during the same period a year ago.

IDFC Ltd. is looking to expand its stake in the lender from the current 36.38% to 40% through this investment, hoping to support IDFC First Bank on its growth journey.

Britannia’s shares rose by 5.1% to hit ₹4,595. This occurred a day after the company posted more than double its profits in Q3 FY23, compared to the last quarter.

During the MCD elections, CM Arvind Kejriwal had promised employees that efforts will be made to disburse their pending salaries. Some of them last received their pay in September 2022.

In the 2023 Budget, FM launched a 2-year small-savings plan for women called the Mahila Samman Savings Certificate, wherein one can deposit up to ₹2 Lakhs.

Experts believe that this was caused by the US Federal Reserve’s decision to hike rates and certain comments from the regulatory body’s Chairman.

Stocks of LIC, SBI Life, HDFC Life, and ICICI Prudential Life fell due to an attractive NTR making life insurance policies lose their appeal as tax-saving tools.

INR opened at ₹81.82 per US Dollar as against its previous close of ₹81.93. The currency may appreciate amidst rising global risk appetites and a weakened USD.

It was revealed that the Centre’s gross borrowing ticked up by 8.4% YoY. The same has been set to ₹15.4 Trillion for FY24. It could aid in addressing the fiscal deficit of 5.9%.

The victim, Francis Pius, was on his way to Mangalore from Brahmavara, Udupi when he called the helpline number to recharge his FASTag balance.

The cell registered 144 such cases in 2022, marking the highest number of logged incidences since its commencement in 2010. In 2020, they only recorded 80 FIRs.

With effect from 1st February 2023, the Bank of Baroda will charge a 1% fee on all transactions made for rent payment using a credit card.

The latest incident occurred on January 5, in Pune, and police are still searching for the suspects. While the guard failed to observe them, the act was captured via CCTV.

After witnessing a 28.5% drop in share price, Adani Group decided to recall their ₹20,000 Crore FPO. Following this, major stocks of the company hit their lower circuits.

The Finance Minister also stated that gold to e-gold conversions will not be liable for capital gains. Meanwhile, gold futures surged by 1.04% to hit ₹57,785 per 10 grams.

This was done in order to keep its collateral cover steady after a sharp spike in its share offloading, owing to Hindenburg Research’s allegations of fraud.

While addressing the nation shortly after the announcement of the Union Budget 2023, PM Narendra Modi congratulated the Finance Minister on a ‘historic budget’.

On 1st February 2023, the Supreme Court ordered WhatsApp to publish ‘full-page ads on two occasions in five national dailies’ to inform users of the same.

Some economists believe the recent Budget 2023 speech was meant to increase consumption via lowered taxes, but it is unlikely to delay RBI's path to rate pause.

The sector’s laws are due for an overhaul as the government is looking to make efforts to push regulators and itself to adapt to India’s growing demands.

In the Budget 2023 announcement, the Centre forecasted corporate and individual income tax collections to surge by 10.5% to ₹18.23 Lakh Crores in the fiscal of 2023-24.

The Finance Minister proposed some major changes via her Budget 2023 announcement, which will have significant implications for Indian citizens.

Under Budget 2023, the Centre has estimated the effective capital expenditure at over ₹13 Lakh Crores, i.e., 4.5% of India’s GDP.

The FM introduced major changes for the tourism sector in Budget 2023, with a focus on job creation for youth and attracting domestic & foreign tourists.

FM announced the launch of a new sub-scheme under the PM Matsya Sampada Yojana, which will have a budget of ₹6,000 Crores.

To make sure that citizens are at ease, the Centre will give out free food grains.

In terms of India’s sustainable goals, the budget speech revealed that major progress has been made, including several milestones.

During the Budget speech, the Finance Minister announced of a new Agriculture Accelerator fund and other initiatives to aid Indian farmers.

The doubled figures of EPFO memberships is a positive indicator, says Finance Minister Nirmala Sitharaman

India’s Finance Minister, during her speech at the Parliament, revealed the budget’s top priorities include youth empowerment, roll out of digital structures, etc.

The Indian economy has seen significant growth in the last decade, says Finance Minister Nirmala Sitharaman.

The Budget 2023 revealed that the country’s gross borrowing target for FY24 has been kept at ₹15.43 Lakh Crores, along with a fiscal deficit target of 5.9%.

With the Union Budget 2023-24 being announced today, let’s take a look at the key expectations of different Indian sections like the salaried, middle class, and women.

The Economic Survey 2022-23 was tabled by the Finance Minister, Nirmala Sitharaman on Tuesday, 31st January 2023, which mentioned this finding and more.

A week after the announcement of the Union Budget 2023 on February 1, RBI is expected to hike its rate and maintain it at 6.50% throughout the year.

At present, the number of affected Indian employees of the company has not yet been determined, but the operations and engineering teams could be hit the worst.

In order to fund further expansion of the company, InCred is currently looking to raise about $150 Million.

The ‘Economic Survey for FY23’ stated that buoyance in the real estate segment, along with increased construction undertakings by realty players, served to create more jobs in FY23.

This was due to rallying gold prices of the yellow metal coming close to record high values in the December quarter, according to data from the World Gold Council.

ToneTag and IDFC FIRST Bank aim to provide the Central Bank Digital Currency (CBDC) service to merchant outlets as part of this collaboration.

Budget 2023 is expected to support the government’s focus towards easing and improving the taxation for NRIs, along with other developmental changes.

Impossible Foods Inc. plans to lay off more than 100 employees, as the plant-based market logs weaker sales and revenue numbers.

Solar Industries India Limited’s critical military data was compromised and put up for sale online. The attack was executed by a gang called ‘BlackCat’ or ‘ALPHV’.

The Union Budget 2023, set to be announced on 1st February 2023, is expected to bring further changes in agricultural schemes like the Kisan Credit Card.

Tech execs hope for more tax exemptions, increased funding for digital public infrastructure, the creation of a complete component system, etc.

To support and further boost housing demand, Pune realty players hope that the Centre will announce tax exemptions for home loan interest and house rent, among other measures.

Finland is looking to increase its work-based migration by two-fold and its study-based migration by three times before 2030.

The government might hike the budget allocated to the defence sector by 10% to 20% in the upcoming Union Budget 2023 to boost the indigenisation of the sector.

The education sector is expecting positive changes from the upcoming budget and is looking closely at its allocation after crossing the ₹1 Lakh Crore mark for the first time.

On 3rd February 2023, during the auction, RBI will put up 3 securities on sale, including a fresh issue of a 10-year paper worth ₹12,000 Crores.

SBI hopes to raise around $500 Million (approx. ₹4,084 Crores) via green bonds, the proceeds of which will be used for financing sustainability-oriented projects.

They expect the Union Budget 2023 to bring in changes in tax exemptions via investments, with raised deductions u/s 80C of the Income Tax Act, 1961.

National Statistics Office data revealed that only 2.85 lakh new state government employees registered for the NPS in 2022, compared to 3.21 lakh in 2021.

The tech giant revealed that the first half of the global downsizing will take place this year with the remaining half concluding by 2025.

The company announced its third quarter performance results for FY23 on Monday, 30th January 2023. It noted a 5% rise in its total income at ₹416 Crores.

Amid increasing layoffs, especially in the ed-tech industry, Physics Wallah plans to hire about 2,500 employees to fill positions of teachers, counsellors, data analysts, etc.

The company’s overall profits that quarter grew by 23% to ₹21,755 Crores, compared to ₹17,620 Crores in the previous year.

The International Monetary Fund revealed this via their World Economic Outlook update. It added that this decline is likely owed to the central bank’s actions.

In an official statement released by PFRDA on Monday, 30th January 2023, the scheme further recorded 1.25 crore new subscribers in 2022 as against 92 lakhs in 2021.

Budding businesses have handed pink slips to over 21,000 people to date, citing a funding drought and economic headwinds like rising recession fears.

The victim was conned while trying to get his Bluetooth device worth ₹1,149 delivered early after the fraudster notified him that it was stuck in transit.

AMFI ruled all AMCs take up the T+2, i.e., ‘trade plus two days’, settlement cycle for Indian equities, to benefit investors and make sold assets available more quickly post-sale.

A study by Aon, an international professional services company, revealed this data. It stated that CEOs receive an average pay of ₹8.4 Crores, marking a 21% increase in 4 years.

Gold April futures traded at ₹57,229 per 10 grams on MCX, while silver hiked by 0.21% with March futures trading at ₹68,470 per kg on MCX.

The Ministry of Skills Development and Entrepreneurship is vouching for the concept of ‘Gift a Skill’ to be linked to either e-Rupi or ‘skill vouchers’.

Women are keenly waiting for the Finance Ministry to announce some lucrative policies that will help bridge the gender gap and help them achieve financial independence.

A pass-through status is expected to be granted to Category III AIFs, while further clarity on taxes applicable on interest earned might be provided in the Budget.

The middle class has big expectations from the Budget to make their lives easier, such as increased deduction limits, improved spending power, and other basic exemptions.

The fund will be utilised to expand the pilot plant of the company located in Boston and for the construction of a new site in Brazil.

The realty sector is keenly waiting for the Budget 2023 announcement, expecting the Centre to support growth via policies that encourage potential buyers to invest in real estate.

The Centre is unlikely to change the privatisation plan for CPSEs and may go ahead with the sale of companies like NMDC Steel Limited, IDBI Bank Limited, etc.

At an annual meeting held in Dubai on Friday, RBI Governor Shaktikanta Das said that the worst of inflation, growth and currency volatility is behind us.

The Straits Times revealed that Temasek will remain invested in Adani Ports and SEZ despite the criticism faced by Adani Group from the Hindenburg Research report.

This was learned through a field study conducted by RBI in Mizoram. It looked into the present scenario of financial literacy and inclusion within the state’s population.

Eligible candidates may apply for the posts of Dak Sevak, Assistant Branch Postmaster, and Branch Postmaster by February 16 on India Post’s official website.

Fintechs such as Vested Finance and INDmoney were impacted by RBI's ban on SBM Bank, prohibiting it from participating in outward remittance transactions, i.e., forex.

Market experts claim that tech firms are cautious about adding new employees due to factors like a poor macroeconomic outlook, recessionary fears and demand concerns.

29% of people wish for the government to revise the income tax slabs to lower their tax burden, while 27% asked for more deductions u/s 80c of the IT Act, 1961.

Days after Google LLC’s 12,000 employee layoff spree, CEO Sundar Pichai decided to bear the brunt of economic headwinds by accepting a significant pay cut.

Institutional investors are ready to completely back Adani’s FPO even as the share price falls below the offer price.

This data was revealed by a tracking website called Layoffs.fyi, signalling a rapid increase compared to 2022, wherein over 1,000 companies let go of 1,54,336 workers.

In FY2022, Zoho Corporation logged a net profit stronger by 43% YoY at ₹2,700 Crores. Its operations revenues ticked up to hit ₹6,711 Crores in the same fiscal.

Sourjyendra Medda, Co-CEO and Founder of DealShare, mentioned that the move was done to rationalise their expenses and re-examine some projections.

In the week between 23rd-27th January, Bitcoin surged to trade at $23,218 (around ₹18.95 Lakh). Experts expect the asset to face little volatility till February 2023.

The markets regulator announced in December 2022 that it started an internal study to re-examine fees charged to unitholders by fund houses.

Pre-budget market performance was recorded in the negative for the 2nd time in the last 10 budget announcements. The domestic market fell by 2.4% last week.

As FPIs eye the reopened Chinese economy and endure global headwinds, like a potential recession and soaring commodity rates, they’ve begun withdrawing from the Indian equity market.

The government may announce some fresh initiatives to support budding businesses in different growth stages, to inspire more investments in the same as well.

On 25th January 2023, the company’s Chief Finance Officer, James Kavanaugh revealed the news of 3,900 job cuts, during an interview.

After logging consumer-banking losses of $3 Billion, the firm may refocus its operations to be centric on investments, trade, and advisory services.

This anticipated growth is due to strengthened disbursals and firm quality of assets. An average estimate stated that its net profits could be ₹2,928 Crores.

The recent wave of layoffs at many major tech companies globally has prompted employees to seek secure avenues, owing to job security concerns.

While Indian indices began the trading week positively, they lost these gains to volatility. Friday ended with Sensex and Nifty at 59,330.90 and 17,604.30, respectively.

Following the trend of major layoffs in the IT sector, SAP announced its plan to sack about 2.5% of its global workforce on Thursday.

Cars24’s CEO stated that they’re looking for talented and bright minds to fill in different roles. They hope to hire individuals that share the firm's values.

Some subscribers who retired before 1st September 2014 have been getting more pensions than they are eligible for. EPFO is going to review and reinstate the correct pensions.

On 24th January 2023, the Orissa High Court ordered the Odisha Police Recruitment Board to provide a one-time 4-year relaxation in age limit.

Indian SaaS firms are likely to earn $35 Billion in annual recurring revenue (ARR), along with the 8% takeover, according to a study released by Bain & Company.

The number of formal jobs created across ESIC and EPFO rose slightly in November 2022, shortly after falling in the previous month.

In the cabinet meeting, it was decided that the interest subsidy for women SHGs will be increased from the previous 3% to 5% on bank loans of up to ₹3 Lakhs.

Zomato’s stock hit a new six-month low of ₹44.35 on BSE, despite having a strong trade volume, during Wednesday’s intra-day trade, on 25th January 2023.

The company revealed its performance results on January 24, showing a 2% revenue growth with help from its Azure cloud computing business amidst a weak economy.

The new average pay is now 2.9% more than the previous amount and is 6.7% higher than in September 2021.

The health tech start-up company let go of 245 workers, amounting to 15% of its workforce, in line with the company’s realignment process.

The firm cited an underwhelming outlook for 2023 and poor profits for the upcoming layoffs. It’s yet to disclose details of the affected sectors or locations.

During December 2022’s earnings announcements, several senior executives of such firms hinted at bringing back their benched strength to the ‘billable’ workforce.

The Centre might announce major changes like the addition of new tax brackets in the new income tax regime on 1st February 2023, under the Union Budget.

UCO Bank reported net profits greater by 2x, which appreciated from last year’s ₹310 Crores to hit ₹653 Crores. The growth was attributed to a lesser number of bad loans.

The company claims that the results were due to an uncertain economy, which resulted in the decision to let go of 10,000 employees.

The Employees' Provident Fund Organisation (EPFO) is thinking about discontinuing its investment in the Industrial Finance Corporation of India (IFCI), due to diminishing ratings.

They will offer Indian universities and corporates opportunities to learn new skills, with avenues to upgrade existing capabilities.

The Ministry of Finance held a meeting with leading private sector banks on 24th January 2023, to review their progress under the various social security schemes.

This is due to their apprehensions of being left with costly long-tenor term deposits at the turn of the interest rate cycle. Banks’ market borrowings saw a rise of 63% in 2022.

Investments will be made in projects aimed at geographic expansion and growth. One important project is the manufacturing of aluminium plates for aluminium-air batteries.

To increase workplace diversity, companies like Vedanta Limited, Axis Bank, Tata Steel Ltd., and Cognizant have amped up the hiring of women from campuses.

Amidst concerns about material supervision, RBI has barred SBM Bank India from taking up any outward remittance business until further notice.

The import duty applicable on gold may be slashed to under 12%, to address the issue of grey market operators smuggling the yellow metal for cash, in order to avoid taxes.

February gold futures prices hiked to ₹57,099 per 10g on MCX to mark an all-time high. The rates of the yellow metal have increased by 4% so far in 2023.

The Mumbai-based IT solutions company filed a DRHP with SEBI to raise ₹750 Crores through its IPO with completely fresh issues and no offer-for-sale.

Using the new platform, customers will be able to compare existing cards quickly and then upgrade the credit limit, reward points, and cashback using a digital end-to-end process.

The tech industry is hoping the coming Budget 2023 will emphasise newly emerging tech, the ease of doing business and skilling, which will help develop the sector.

In collaboration with RuPay, it’s dedicated to serving individuals in the police, paramilitary, and other Indian defence personnel, ahead of the 74th Republic Day.

For this, the union government is likely to make amendments to Sections 16 and 17 of the Central Goods and Services Tax Act, 2017, through the Finance Bill of 2023.

Shopsy saw its customer base grow by 6x last year, along with an increased number of product listings by sellers, amounting to a 5x growth.

On Monday, 23rd January 2023, SBI’s special report about the MSME sector revealed this information. It was authored by Soumya Kanti Ghosh, SBI’s Group Chief Economic Adviser.

This was announced on LinkedIn, stating that the vacancies are available across 5 roles. It was also revealed that Zomato Instant is undergoing a business rebranding.

On 23rd January 2023, Microsoft revealed that it was in talks with OpenAI, hoping to make a ‘multiyear, multibillion-dollar' investment in the latter.

The banks have increased their fixed deposit interest rates in order to meet growing credit needs across the nation and raise the necessary capital for the same.

Banks have finished moving the bad loan to NARCL, which marked the first-ever acquisition of the bad loan aggregator, after the company commenced operations a year ago.

While the Union Budget 2023 will address targets and other challenges, it will also have to strike a balance, likely via augmented spending to support growth.

The National Company Law Tribunal’s Mumbai bench stated that they did not find much reason to not continue the direction until their verdict at the end of January.

Under the provision of the newly launched fully accessible route (FAR), foreign investors will be allowed to invest in government securities such as SGBs without any restrictions.

Prashant Kumar, CEO of Yes Bank, declared this despite the Bombay High Court revoking the write-off of these bonds under the bank’s reconstruction scheme.

This was predicted in a Reuters poll that considered the opinions of 43 economists. Previously, the estimated gross borrowing was ₹14.2 Lakh Crores in FY23.

IDBI Bank also stated on Monday, 23rd January 2023 that its interest income surged by 13% to ₹5,231 Crores in Q3FY2023. The same statistic stood at ₹578 Crores last year.

As per an official notification released on January 21, Indi Grid Trust signed an agreement to buy 100% stake in Khargone Transmission at around ₹1,497.5 Crores.

Upticks continue for both metals, where gold funds offered investors up to 13.54% returns and silver recorded up to 23.92% returns in the last three months.

The Real Estate Investment Trust was resilient, providing positive returns as against other asset classes. However, some of its sheen was stolen by FDs in H2 of 2022.

Federal Bank Limited recently took to its official website to announce fresh interest rates, which were made effective from Monday, 23rd January 2023.

The two-day hackathon event will start on 20th January 2023, aimed at identifying threats to the banking industry and developing a working prototype against them.

Under the pretext of earning by liking YouTube videos, an imposter lured a 40-year-old woman from Bandra to pay the amount.

As per the Q3FY23 results announced by Indian banks, thousands of individuals were hired in the previous quarter, while global banks noted massive layoffs.

The Nascent Information Technology Employees Senate (NITES) is going to appeal to the labour union on the grounds that Wipro Limited fired 452 freshers ‘unethically’.

In January 2023, India’s first unicorn company, InMobi, gave the pink slip to about 50-70 employees, citing it to be an annual, performance-based process.

Fintech platform, BharatPe has begun hiring for the post of product manager. The firm’s Chief Product Officer, Ankur Jain, provided relevant details on LinkedIn.

The streaming platform is the latest among large firms to tackle costs via job cuts. Previously, the company had laid off around 38 workers in October 2022.

The public sector bank’s net profits surged by 92% to hit nearly ₹2,881 Crores in Q3FY2023, owing to a lesser number of bad loans and increasing interest revenues.

The number of people subscribing to the Atal Pension Yojana (APY) scheme soared by 36% in 2022 to 1.25 crores, comparable to a year ago period’s statistic of 0.92 crores.

India’s jewellery industry wants key measures from the budget, that will bring greater organisation and help it grow into a leading global trade centre.

The cryptocurrency lending firm filed for Chapter 11 bankruptcy protection on 19th January 2023. It owes dues worth $3.5 Billion (around ₹28,436 Crores), payable to 50 creditors.

The information database was launched by SEBI’s whole-time member, Ashwani Bhatia, at a two-day event on municipal finance and bonds in New Delhi.

The insurance firm registered this amount till 31st December 2022, marking a 22% YoY rise in new business premiums, along with a PAT of ₹944 Crores in this period.

After SEBI permitted mutual funds to launch passive ELSS funds in early January 2023, it is likely that, due to their lower expense ratio costs, they may attract new investors.

CII National Committee on Insurance and Pensions' Chairman, Tapan Singhel, believes that India’s ‘missing middle’ could be covered under such schemes.

Maharashtra’s Chief Minister said, at a campaign rally, that the education department is examining the scheme that was made for teachers and government employees.

Experts believe that the generational divide between Millennials and Gen Z, and Baby Boomers and Gen X is more evident now, owing to their distinct reactions.

Small caps like Lloyds, Goodluck India, and SEPC recorded an uptick of almost 26% in a generally muted market, being impacted by global economic slowdown fears.

The Gems & Jewellery Promotion Council’s Regional Chairman has denied allegations that workers have been laid off, but labourers continue to voice their concerns.

Adani Group may spin off businesses like airports, hydrogen, and data centres by 2028. These are currently in their nascent stages, under Adani Enterprises Limited.

A year ahead of the Lok Sabha 2024 elections, Indian insurers have raised their expectations for more tax concessions to be announced during Budget 2023.

The NBFC raised the rates on FDs of tenors between 12 and 60 months by 40 bps. The change will apply to fresh deposits with effect from 20th January 2023.

After a largely turbulent week, Sensex and Nifty 50 continued to endure volatile sessions. On the last day of the week, they ended at 60,621.77 and 18,027.65, respectively.

RBI has reduced the figures for NRI deposit accounts for the end of October 2022 by ₹15,200 Crores to ₹10.7 Lakh Crores as per its January bulletin.

This new AIF includes a new open-ended SCS scheme without a lock-in period that will allow investors to earn high quarterly payouts from listed equities.

On 19th January 2023, the IT Minister, Rajeev Chandrasekhar, contradicted RBI’s belief that cryptos are risky by saying that they pose no risks when all laws are followed.

The funds will be used to expand the company’s presence and to develop India’s education ecosystem. Warburg Pincus remains its majority stakeholder.

The SaaS start-up terminated the employment of 80 people after reporting poor performance statistics. It seeks to restructure its business and become more efficient.

The flexible workspace provider decided the layoffs to reduce extra expenses across underperforming outlets and increase its revenue for Q4 of FY2023.

An interim dividend of ₹19 per share was announced by Coforge’s board of directors. They also scheduled the dividend payout to take place on 3rd February 2023.

RBI in the January edition of its monthly bulletin stated that the country’s economic outlook is appearing to be optimistic and claimed that newer markets seem more resilient.

This was revealed in a report released by Ernst & Young, on 18th January 2023. It could potentially make India one of the newest developed economies in the world.

The bank has set a gross revenue target of over ₹500 Crores, with investments in tech and digitisation, along with a focus on small savings-based customers.

It’s a beneficial combination of savings and protection, that’s been described as an individual non-participating savings life insurance plan.

The Indian food services provider announced that it plans to invest ₹900 Crores in the Indian market by opening another 250 Domino’s shops and 40-50 Popeyes stores.

This loan will help the firm maintain sufficient liquidity and boost the expansion plans of its AUMs to ₹100 Crores before the end of the current fiscal year.

With the raised amount, the company will continue funding new opportunities in developing-stage startups and leverage its capabilities for growth investing around the world.

An RBI bulletin published on 19th January 2023 stated that corporate performance was boosted due to factors like easing commodity rates and increasing revenues.

In comparison, the Railways generated ₹1,48,970 Crores in the year-ago period. It has saved majorly after halting several concessions that it once provided to passengers.

IT sector employees are choosing to stay at their current organisations amid recession fears, geopolitical headwinds, and an easing demand in the job market.

He said this during HUL’s virtual conference for the third quarter earnings, held on Thursday, 19th January 2023. According to him, inflation contributed significantly to rural volume growth’s decline.

This fall has been attributed to cooling geopolitical concerns and recession fears. Industry experts believe that it will help companies recover their operating margins.

In the last 12 months, the mining company has issued equity dividends worth ₹36.50 apiece. Meanwhile, on 19th January 2023, the board met to mull a third interim dividend.

Elon Musk had recently commenced a 27-hour-long online auction of items from the company’s headquarters in San Francisco, managed by Heritage Global Partners.

The revised ‘Bonus’ rates will be applicable from 1st April 2023. Owners or nominees can make claims in event of the policyholder’s death or term maturity.

eRupee will be issued to customers against their bank deposits by RBI, which would allow for its conversion into cash at some point.

The expected credit loss (ECL) method will require banks to assess and identify the probability of bad loans ahead of time, making the lending sector more resilient.

The PSU tweeted about the new card launch on 19th January 2023, adding that the branded credit card will be useful for those unable to get a regular card.

People with knowledge of such developments stated that the move will bring the company’s valuation between ₹16,200-20,000 Crores.

Indian tax officials are inquiring rich Indians as to why they failed to declare that they were insured or nominees under foreign life insurance policies.

Many Indian companies are relying on their job transfer programmes across functions to retain employees. They will train workers with the necessary skill sets to join new roles.

Vinod Jaiswal, SBI’s Chief General Manager of the Chandigarh circle said that these will add to their 344 operating ATMs and boost services in the tricity area.

The stock fell by almost 3.7% to ₹3,463.50 on 19th January 2023, one day after the company stated that is going to issue an FPO for pooling ₹20,000 Crores.

The latest round of fundraising, amidst an ongoing start-up funding winter, has pushed the company’s valuation to approximately ₹2846 Crores.

Employees working in India may get the highest salary hike of 9.8% this year in the Asia-Pacific region, with the tech sector predicted to provide hikes of 10.4%.

Companies are considered ‘Zombies’ if they are unable to raise enough profits to meet their debt costs and are at least 10 years old.

The company’s standalone PAT rose from ₹6.76 Crores recorded in the same year-ago period, while their total sale in the December quarter rose YoY by 30%.

RBI is willing to provide the two networks access to the local payments protocol, such as the integration of UPI services for credit cards.

The insurance regulator permitted the insurer to repurchase its bonds before maturity, despite it not meeting the minimum insolvency ratio requirement of 1.5.

The report was presented at the World Economic Forum conference. It highlighted that Indian CEOs are more optimistic about their country’s economic outlook.

The power trading firm has appointed ICICI Securities to raise buying interest from Adani Group, JSW Energy, Tata Power, Greenko, and other potential entities.

This data was as per the Mumbai Crime Report, released on Tuesday, 17th January 2023. The detection of cases was also poor that year as only 346 were solved.

Deloitte Touche Tohmatsu India LLP's report showed that 57% of 155 senior Indian executives have listed tackling climate change as one of their top three priorities.

In the same report, it was stated that India Inc.’s revenue is also expected to see an on-year increase of 14% in Q3FY23, owing to inflated prices and a surge in volume.

mPokket also announced that since its inception in 2016, it has disbursed loans worth ₹7,000 Crores. It plans to double its customer base and disbursements in 2023.

This end-to-end online process links the user’s PRAN-PAN-VPA(UPI) via NPCI and helps to integrate customers’ UPI, PAN, IFSC, and other bank account details.

A recent report from the World Economic Forum mentioned that attempts to disrupt critical resources enabled by technology could become more common, potentially damaging infrastructural systems.

Amit Bhasin, Co-Founder of the car servicing start-up admitted to errors in their revenue reports, adding that the firm will lay off around 70% of its staff.

The Centre hopes to pool about ₹16,000 Crores via sovereign green bonds in this fiscal. It also aims to de-concentrate other investment tools and reduce the economy’s carbon footprint.

On 17th January 2023, the domestic currency fell again to settle at ₹81.77 against the Dollar, spurred by the locking of Dollar purchases by domestic importers.

The paper, ‘Blocking of funds for Trading in secondary markets’, seeks to address the issue of client funds being misused by brokers, who could utilise the same to settle other requirements.

The report was released on Monday, 16th January 2023. According to it, there are 65.46 lakh senior citizens in Kerala, according to the 2011 Census.

The companies plan to democratise and make credit more accessible, especially to the unserved sections of the public, via tech-powered doorstep secured lending services.

The pharmaceutical organisations will issue an OFS comprising up to 21,683,178 and 96,00,000 shares of equity, respectively, with the latter being worth ₹400 Crores.

Analysts do not expect the situation to change for the better as competitors are adversely affecting the two companies’ margins and growth prospects.

The lender also introduced a new fixed deposit tenor of 200 days, which will yield an interest of 7% per annum. All revisions were made effective from 16th January 2023.

The company has helped many MSMEs and SMEs with business loans since its inception in July 2022. It anticipates making disbursals worth ₹250 Crore in FY24.

At present, certain shopkeepers in North India are using the devices as part of the test pilot. It is expected to be similar to those of Paytm and PhonePe.

The company is expected to reveal its poorest revenue growth since 2014, on 19th January 2023. It may force Netflix to lower its content budget this year.

The tech giant is going to terminate the employment of thousands of people starting Wednesday, 18th January 2023, in order to stay afloat amidst a turbulent economy.

RBI believes the move would be ’short-lived’ and could potentially strain the country’s finances in the future since such states would have no corpus for the same.

The National Asset Reconstruction Co. Ltd (NARCL) logged a loss of ₹5.9 Crores, earning some bank deposit interest with no bad loans to manage.

On Tuesday, 17th January 2023, ICICI Lombard General Insurance Company Limited stated that its net revenues surged by 11% to appreciate to ₹353 Crores.

The fraud took place on a suspicious app, where the victim revealed his Google Pay and Paytm details after being deceived by a fake text from the electricity department.

The fraudster pretended to be a Kotak Mahindra Bank employee and offered to raise the victim’s credit card limit by sending a suspicious link.

The Finance Investment and Audit Committee recommended raising the limit to 10%. This will also allow EPFO to sell its ETFs regularly to earn better returns.

The top four companies, Infosys, Wipro, Tata Consultancy Services, and HCL Tech’s hiring record in Q3 is considered the lowest in 11 quarters.

The organisation announced the closing of its first fund on 17th January 2023. It was led by investors like Parle Products, Orient Growth Ventures, Spin Ventures Group, etc.

The International Labour Organization (ILO) said, on 16th January 2023, that global job growth may slow down to 1% in 2023. The ILO had initially forecasted the same to be 1.5%.

The UN’s International Labour Organization (ILO) stated that the cost-of-living crisis may push more people into poverty, with commodity prices soaring higher than incomes.

The incident took place on 1st November 2022, when the man visited Thane for some work. No reason for holding off the information was provided until last week.

Volatile market outlooks are forcing companies to rethink their fundraising attempts as up to 27 firms saw their IPO permissions lapse in the last 6 months.

In the 2 weeks of January 2023, FPIs continued their cautious investing trends in Indian equities, after pulling out a total of ₹1.21 Lakh Crores last year.

The number of ready housing units may soar to their 6-year high of 544,000 units in 2023, amid rising demand and faster project completion.

Imperva Red, a cyber security company, had uncovered the vulnerability called CVE-2022-3656 that allows for the theft of crucial user data in Google Chrome.

Between 9-15th January 2023, smallcap stocks like eClerx Services, Chennai Petroleum Corporation, KBC Global, etc. gained by almost 35%, despite increased market volatility.

Last week, the Cabinet approved an incentive scheme worth ₹2,600 Crores for some banks to encourage the use of such services.

The Confederation of Indian Industry (CII) Business Confidence Index indicates organisations’ collective optimism, faith in the Indian economy, amid global headwinds.

Several tech, e-comm, and other consumer-oriented digital platforms are planning to reduce their workforce and also looking at other areas of cutting costs.

Also including low-value UPI transactions, the Union Cabinet will offer incentives to banks for promoting these two financial tools to customers in FY2023.

The decision was made after the bank seemingly became frustrated with delays in litigation over the distressed account for more than 5 years.

After opening on a positive note on Monday, Indian indices took a huge hit through the week. However, they recovered on Friday with Sensex closing at 60,261.18.

Bought in the state’s Oragadam Junction, the land has a development potential of 1.6 million sq. ft., with an estimated total land value of around ₹90 Crores.

The partnership commenced on 12th January 2023. Trucap Finance Limited hopes to enhance its customer base and open doors to new business opportunities through the collaboration.

The now-confirmed ransomware attack originally occurred in the newspaper company’s systems in December 2022, affecting some key systems, IT networks and other data.

Its retail loan book is currently at ₹24,872 Crores. The company plans to focus its operations by meeting the financing needs of small towns and other micro-markets.

SVS Ventures Ltd. and Rex Sealing and Packing Industries Ltd. became the 411th and 412th companies on the exchange with IPOs that concluded on 4th January 2023.

The tech giant’s management revised its net revenue growth and services guidance for the next quarter of Q4FY2023, suggesting that officials expect a turbulent situation going forward.

The Monetary Policy Committee could raise the repo rate, even after the reducing retail inflation noted in December, to stay within RBI’s tolerance band of 6%.

The sale of Alibaba’s stakes was reportedly done through a block deal on Wednesday, 11th January 2023. Its subsidiary, Any Financials, did not dissolve its 25% stake in Paytm.

Vodafone is speculated to lay off hundreds of employees, with the majority of them belonging to its UK headquarters, in an attempt to reduce operational costs.

The cab-aggregator has fired employees from several key verticals, stating that fresh hiring will take place in other major areas like engineering and design.

It happened shortly after DB Realty announced its subsidiary, Goregaon Hotel and Realty Private Ltd, has entered a loan settlement agreement with Reliance Commercial Finance Limited.

Tim Cook himself also requested the pay cut, as per reports. This will bring the CEO’s net pay package to $49 Million while his stock awards will rise to 75%.

The private equity company is looking to exit Shriram Finance by selling its 4.63% stake worth ₹2,250 Crores on Friday, 13th January 2023.

After balanced reports across key performance indicators in Q3 of FY2023, analysts expect PSBs to show this growth with an 18% rise in loans portfolio.

These numbers exceeded the company’s estimates for both revenue and net profits. Infosys believes that its expected revenue growth could be in the 16-16.5% range.

Investor Education and Protection Fund may reduce the current duration of 45-60 days for such transfers to a week only.

IPO issuance activities slumped noticeably last year. However, the market is expected to see several small-sized IPOs worth ₹1,000-2,000 Crores, with a few large ones, too.

This was mentioned in a circular issued by the National Payments Corporation of India (NPCI), on Tuesday, 10th January 2023. Participating entities were asked to ensure this by 30th April 2023.

The loans, offered to MSME entities at competitive rates, will help the two financial firms to expand their loans portfolio through this joint initiative.

This occurred after the online retailer offered employees a voluntary separation program, which would allow them to voluntarily resign in exchange for severance pay.

The SBI-backed digital payments startup laid off around 80-100 employees for corporate restructuring processes and to reduce capital outflows amidst a tight funding environment.

The easing rate of retail inflation was said to be a result of decreasing food prices, which are responsible for almost 40% of India’s Consumer Price Index (CPI).

The 45-year-old man from Vaishali district, Bihar sells fruits around RBI’s headquarters on Mint Road and started accepting e-Rupee payments in December 2022.

Based on CBDT data till 10th January 2023, economists predict that direct tax collections will cross the budget targets by over ₹2 Lakh Crores by the end of the fiscal.

The funding amount fell from $35.2 Billion in CY21 to $23.6 Billion in 2022. It, however, was more than twice the amount in both CY20 and CY19.

L&T Finance Holdings Ltd. plans to expand its retail lending business to comprise 80% of its total loan book by 2026. The same stood at 54% as of 30th June 2022.

In December 2022, the scheme crossed this record sum with a total number of beneficiaries at 47.84 crores, mostly from rural and semi-urban areas, which shows strong YoY growth.

RBI also requested market players to make use of the ‘price/yield range setting’ facility on the e-Kuber platform before making bids, which will help eliminate errors.

The open-ended debt fund will offer investors a chance to allocate debt assets, earn long-term prevailing yields, and get a tax-benefiting regular cash flow.

Investors include Persol, SBI Holdings, Yamauchi No.10 Family Office, and Insitor Partners. WorkIndia stated that the capital will be used to boost its data science and product infrastructure.

Hearing 82 petitions, the court ruled that central armed forces, being excluded from NPS benefits, will continue to fall under the Old Pension Scheme.

This decision was made after Paul Merchants Limited’s Paulpay V2.0 app was recently hacked by numerous cyber criminals, who offered heavy discounts online.

The former crypto trading platform, however, is yet to get the accurate number of customer losses and plans to sell its nonstrategic investments soon.

The tech giant had initially invested $1 Billion (about ₹8,171 Crore) in OpenAI. Now, it hopes to incorporate OpenAI’s chatbot, ChatGPT, into its search engine offerings.

This is because more people are understanding the benefits of such a tool in recent times. His comments float at a time when market volatility is rampant.

1.4 crore shares were exchanged between undisclosed sellers and buyers, at a discounted rate of ₹148.90 apiece, which is 4% lower than the previous close of ₹155.

The volume growth was recorded throughout all its segments and moving forward, it aims to establish its operating model in the HORECA segment to push sales.

The public sector lender took to its official website to announce that it has hiked its FD interest offering for the term of 444 days, from 6.55% to 7%.

It’s largely believed that Bitcoin (BTC) ‘hodlers’ are the reason behind this growing number. Experts also believe that BTC may have already hit its saturation point.

The Telangana Police’s Women Safety Wing started the initiative to help raise awareness about cyber crime and provide means for its prevention.

In 2022, BSE SME and NSE Emerge together recorded a total of 109 IPOs, which raised ₹1,980 Crores. This denotes a rising interest in SME investments.

This data was found in a survey by the World Economic Forum. This crisis was driven by inflated costs of energy and food.

Adani Group made the announcement during the Global Investors Summit (GIS) in Indore on Wednesday, 11th January 2023. No timeline for the same has been mentioned.

The SP CRISIL SDL Plus G-Sec Apr 2033 50:50 Index Fund commenced taking subscribers on Tuesday, 10th January 2023. The same will conclude on January 19.

Due to structural corporate complications, the payments platform must revise its license within 3 months and cannot take on new online merchants till then.

Participating investors supporting the casual gaming startup include Fireside Ventures, Lumikai, Kettleborough VC, Riverwalk Holdings, and All In Capital.

With the NFO open from 9th January 2023, this is the 6th such scheme offered by TRUST, which offers the scope to utilise the prevalent higher market yields.

Investors include Matrix Partners India Advisors LLP, Sequoia Capital India Advisors Private Limited, and Epiq Capital Investment Advisory LLP.

Rashmi Saluja, RFL’s MD, said that the group is going to settle all dues to lenders, infuse fresh capital from the parent company, and focus on lending to SMEs.

The AMFI report further revealed that SIP-related mutual funds soared to hit their all-time-high of ₹13,573 Crores in December 2022.

About 70% of the workforce is eligible for variable pay. Senior employees may also be included and could be eligible for more than 100% pay.

While this increased the active accounts to 10.83 crores till December, the yearly growth pace was just 34.3%, due to market volatility and global trends.

CareEdge Ratings’ report suggests that the new business premium income of life insurance companies in India rose to ₹26,838 Crores, up by 9.7% since December 2021.

Last week, SBI announced that its board had permitted the issuance of infrastructure bonds for the current fiscal year. No exact date for the sale has been announced so far.

On 10th January 2023, Brick&Bolt (PluckWalk Technologies Pvt. Ltd.) stated that Celesta Capital and Accel have invested $10 Million (around ₹81 Crore) in its business.

The markets regulator’s new circular directed that fund houses will first have to close existing ELSS funds before starting a new index-linked passive scheme.

Building material segments include plastic pipes, tiles, wood panels, and more. The projected growth will be due to factors such as the real estate market’s rebound, urbanisation drive in India, and more.

The company announced on Tuesday, 10th January 2023 that it received an in-principle authorisation from RBI to function as an online payment aggregator.

DIPAM’s Secretary made the announcement on 9th January 2023. He earlier tweeted that there had been a lot of interest in the divestment.

Investors and other financiers attended the workshop by the Ministry of Commerce and Industry to support Indian start-ups via alternate investment funds.

The employee union argued that the bank is losing customers to other PSBs offering higher interest rates for term deposits, to address the gap between deposit and credit growth.

The investment group made the acquisition to enter India’s beauty and wellness services industry for a sum reported between ₹2,255 Crores and ₹2,460 Crores.

This marked the biggest single-day appreciation in two months since November 2022, caused by the anticipation of inflows pertaining to the bond segment, and performed well within Asian currencies.

This news was announced by the Chief Executive Officer, stating that the company is boosting its operations in order to withstand the crypto market’s volatility.

The World Bank predicted a financial growth slowdown for leading economies including the US, China, and Europe. It slashed annual growth projections by half, to 1.7%.

Axis Bank previously acquired 12.99% of Max Life’s equity shares. The stake will be acquired at market value via the use of discounted cash flows.

In its verdict, the court stated that employees cannot be released on the grounds of unsatisfactory performance without notifying them beforehand.

According to the bank’s BSE filing, the MCLR across all tenors have been hiked by up to 35 bps. These changes will be put into effect from 12th January 2023.

These rumours arose after Ola Financial Services halted its lending services via the Avail Finance app. The firm acquired the latter in April 2022.

The revised norms allow non-promoters to put their shares in a company up for sale, while permitting retail investors to participate and buy discounted shares under the OFS.

312,666 housing units were sold across India’s top 8 cities of NCR, Mumbai, Pune, Hyderabad, Ahmedabad, Kolkata, Chennai, and Bengaluru.

All stock exchanges are now to notify SEBI regarding an outage within 15 minutes of its occurrence and intimate them about an extension of the trading hours due to it.

The edtech firm has asked its investors to extend the renegotiating time so that it can revise the broader terms of the loan valued at around ₹9,796 Crores.

The lender’s total collection efficiency for Q3FY23 surged to 98% from the previous quarter’s 97%, marking an improvement of 100 bps.

According to experts, the industry’s growth momentum will continue despite the gradual hike in home loan interest rates and property prices reported last year.

Moody's Investors Service added that APAC countries, including India, have a better credit outlook than key global sovereigns, with more stable debt dynamics.

Eligible bidders include Cosmea Financial Holdings, Oaktree Capital Management, Piramal Group, etc. The same is expected to be conducted on 20th January 2023.

Finance Minister Nirmala Sitharaman handed cheques to several small-scale vendors and entrepreneurs at a credit outreach drive in Rajasthan on 8th January 2023.

HDFC Bank Limited hiked its loan interest rates across all tenors. The revised rates were said to be effective from 7th January 2023. They range between 8.50% and 9.05%.

The Philippines Securities and Exchange Commission will completely shift all business transactions online from 1st February 2023, with payments being accepted via the eSPAYSEC system.

As per a CareEdge report, the country’s industries saw a 13.1% YoY surge in credit demand, with a net credit of ₹32.9 Lakh Crores noted till November.

Data from CMIE and Bank of Baroda revealed that 2022’s total proposals soared by up to ₹23.6 Lakh Crores, marking the highest recorded figures in the past 6 years.

The NCDs with a green-shoe option amounting to ₹900 Crores were issued on 6th January 2023. With an option for early closure, the offer will end on January 18.

Since last week, existing bank locker customers have been rushing to procure stamp papers in an attempt to comply with RBI’s revised regulations.

The company plans to increase its previously set CAPEX limit of ₹6,750 Crores for this plant, which will have a yearly production capacity of around 4 lakh kl.

The recent layoffs affected workers based in its US-based offices. In addition, 222 employees, consisting of technical and engineering staff, were fired at their Milpitas branch.

Powered by this lending surge, the company recorded a huge 357% YoY growth in the December-ending quarter, with 1.05 crore loans disbursed.

Titan’s stock slumped during the intra-day session on Monday, 9th January 2023, despite logging a YoY sales growth of about 11%.

From 11th January 2023, the company will allegedly begin laying off over 3,000 employees. Its major divisions including investment banking will be affected.

Market analysts forecasted TCS to register a profit growth of 12.4%, along with revenues stronger by 16.7%, for Q3 of this fiscal.

This is the 2nd dues clearing from the defunct infra-financing company, paid to Canara Bank, Union Bank of India, and other lenders, on 31st December 2022.

Apple posted about new openings on the Careers page of its official website. It plans to launch its flagship retail business by hiring hundreds of workers across different cities in India.

5th January 2023, the bank announced that it will launch the new card in collaboration with the Qatar Airways Privilege Club and the British Airways Executive Club.

Applicable on FDs under ₹2 Crores, they were made effective from 5th January 2023. They range between 3% and 7.50% and 3.75% to 8% for regular and senior citizens, respectively.

Lured by the prospect of a Domino’s franchise ownership, the man kept depositing lakhs of Rupees into several bank accounts before realising that he had been scammed.

Dabur Ltd. stated that its operating margin may drop by 200 – 250 basis points amidst soaring inflation and volatile currency fluctuations.

The first advance estimate of economic growth for the ongoing fiscal will likely predict slumps for India, due to inflation and tightening financial problems.

According to these telcos, once people’s personal data crosses Indian borders to other ‘trusted’ geographies, it may cause big hurdles for Indian law enforcement bodies.

After trading through a largely volatile first week, Indian benchmark indices settled in red on Friday with Sensex at 59,900 and Nifty tumbling to 17,859.45.

Shortly after the centre divested its stake in IDBI bank, SEBI permitted it to reclassify its holding as ‘public’. This was provided that the government’s voting rights remain within 15%.

While revenues grew, the fintech company’s net losses swelled to ₹182.8 Crores as OneCard’s expenses related to marketing and promotional activities increased.

Having retired as a driver of Punjab Roadways in 2008, Gursharan (73) hasn’t yet received his revised pension benefits as per the Fifth Pay Commission report.

The trade body said that big tech firms constantly process and store a large amount of data, which can threaten user data safety if not checked.

Following this fall, the shares traded at ₹413.65 apiece on BSE. The board rejected the proposal to comply with Regulation 4(2) of SEBI’s De-listing Regulations.

The Wall Street Journal revealed the layoffs, stating that the firm took this step due to economic declines and decreasing investor interest in crypto.

LIC announced that it has increased the returns for the New Jeevan Shanti annuity scheme by 12-14%, as compared to the previously offered payouts.

Amidst a robustly recovering private sector, the Central Government may reign its CAPEX to increase by 25%, amounting to around ₹9.5 Trillion.

The DPIIT’s Joint Secretary said that Indian FDIs will recover from global headwinds and show better results in the last quarter of FY2022-23.

The company has racked up dues of roughly ₹7,500 Crores that it owes to Indus Towers. From January 2023, Vi has promised to make timely repayments.

Samsung blamed headwinds such as declining demand for smartphones and displays, diminishing memory chip rates and the global economic slowdown.

According to sources, this amount will be used to expand the company’s quick commerce service, Dunzo Daily. The online grocer initially wanted to raise $150 Million.

Last month, around 20,000 workers belonging to the diamond polishing and cutting industry of Surat lost their jobs due to diminished demand for the same.

As per a cybersecurity report, this was one of the largest such data breaches, adding that the users’ details had been posted on an online hacking forum.

The upcoming Union Budget 2023 may have significant implications for the insurance sector. IRDAI and DFS may modify provisions for tax incentives, licencing, and solvency ratio, among others.

After the board agreed to raise the funds through NCDs, the company’s share value hiked over 2% during market trade on 11th January 2023.

Customers will complaints related to housing finance firms will soon be able to use the central bank’s grievance redressal mechanism, RBI’s annual report said.

The renowned NBFC’s loan booking statistic soared by 5.4% to hit 7.8 million. Its customer franchise hit an all-time high of 3.1 million during the same time period, as well.

The firm stated that it will also vacate some offices to cut down on operating costs due to excess employee hiring post the pandemic and economic slumps.

Analysts expect Budget 2023 to offer MSMEs additional funding and improved programmes to boost their growth, along with new taxes on start-ups that cross market caps.

On 5th January 2023, the company’s board Chairman disclosed that a recruitment agency had been contacted to identify candidates to fill in the role of Chief Executive Officer.

Earlier this week, Amazon was forced to disclose the layoff news after one of its employees externally released the information. The cuts will also affect its Europe-based workers.

The tie-up will enable HDFC Bank to optimise and monetise its data landscape while securing its enterprise platform by deploying Microsoft Azure.

Salaried employees are waiting eagerly for several tax-oriented relief measures in Budget 2023, like increasing the threshold limits of several deductions.

The American investment MNC attributed this prediction to increased service exports and falling oil prices affected by recession fears, reduced demand, etc.

PRIME Database revealed that, against the collective gathering of ₹1,18,723 Crores by 63 corporates in 2021, only ₹59,412 Crores was raised by 40 entities in 2022.

The scheme has been designed to cater to self-employed persons, offering a minimum sum insured of ₹25 Lakhs, through a completely online application process.

Nexus Venture Partners is looking to pool $700 Million through a fund, which it will allot to investing in Indian and US-based tech startups.

The nutraceutical platform plans to launch its IPO in a few years. At present, it has become a market leader in India with a 3x expansion since the COVID-19 pandemic.

The microfinance industry’s portfolio stood at a loan disbursement of ₹3 Lakh Crores in September 2022, comprising 6.2 crore unique borrowers.

Banks like SBI are planning to set up this platform to offer loans. The aggregating companies will get a commission for successful loan applications.

The bank’s stock hit a record value of ₹63.90 in midday trade on 4th January 2023, a day after RBI approved SBI Funds’ proposed 9.99% share acquisition.

The Association of Mutual Funds in India (AMFI) released a market capitalisation list which recategorised multiple stocks based on their 6-month performance.

The data was published under the India Consumer Sentiment Index, compiled monthly by Axis My India, where about 10,019 people were surveyed.

The deal reportedly also involved a cash component for Tekie’s founder duo and is in line with Uolo’s aim to expand in the STEM learning sector in the country.

Dushyant Patel was duped of ₹37 Lakhs on 31st December 2022, through 3 unauthorised transactions of ₹10 Lakhs, ₹10 Lakhs, and ₹37 Lakhs, respectively.

This was revealed through RBI data that was released on 30th December 2022. The drop of $691 Million has now left $562.808 Billion in India’s forex reserves.

For Q3FY23, HDFC Ltd. disbursed loans worth ₹8,892 Crores, which is comparable to last year’s statistic of ₹7,468 Crores, for the corresponding period.

Yes Bank revised its FD rates for investments under ₹2 Crores, with the newly introduced offerings ranging between 3.25% and 7%, made effective from 3rd January 2023.

This loan is part of a multi-tranche financing facility that amounts to $780 Million. It had been previously sanctioned by ADB on 8th December 2022.

The Indian software firm revealed the acquisition of the hospitality data management company in hopes of becoming a leading platform for travel-oriented ARI data.

Gunjan Patidar resigned from his position of Co-Founder and Chief Technology Officer at Zomato on Monday, 2nd January 2023.

The company shared some business updates on its Q3 performance on Tuesday, 3rd January 2023. It recorded ₹2,01,425 Crores worth of deposits this quarter.

The regulator dismissed the allegations against 11 persons who were accused of revealing financial information of several companies in private WhatsApp groups.

RBI further stated that under this, SBI must maintain an additional 0.60% CET1 while HDFC and ICICI banks are required to maintain 0.20% additional CET1, each.

The Indian firm is exploring options to maximise assets, venturing into hybrid energy production, and ways to increase the company’s value to stakeholders.

India Accelerator announced the initiation of the i3 Launchpad in association with Infosys Finacle and ICICI Bank. Its main objective is to assist entrepreneurs and support Indian start-ups.

Dabur Ltd. disclosed this via a stock exchange filing on Monday, 2nd January 2023. Badshah Masala is now considered a subsidiary of Dabur but will continue operating as a standalone entity.

The company will now pay an additional ₹48.65 per share to NDTV’s investors that had sold their shares during the open offer, increasing the value of shares to ₹342.65 apiece.

Market experts supported this claim, adding that although Indian benchmark indices performed well in 2022, the average daily trading volume for both fell by 18% YoY.

The crime occurred shortly after M. N. Meena, who had booked 3 tickets to Bhuj, inquired about her reservation against its cancellation status on IRCTC’s official Twitter page.

The bank raised its MCLR on home loans across all its tenors with effect from 1st January 2023. On the same day, other banks like PNB put their own revised MCLRs into effect.

Analysts claim that this rise, which started only in December with equity buying worth around ₹24,159 Crores, will continue due to positive economic factors.

Outstanding loans to the industrial sector stood at ₹32.94 Lakh Crores while the credit given to the services sector surpassed it with ₹33.15 Lakh Crores.

During its AGM, on 30th December 2022, PTC India’s shareholders approved the final dividend allotment, which will be given alongside a ₹2 per equity share interim dividend.

During the December-ending quarter, CSB Bank recorded a 25.7% YoY growth in credit worth ₹18,643.3 Crores, while Karnataka Bank reported a 12.4% YoY growth to ₹63,659 Crores.

The crypto platform and the tax firm started this collaboration with the aim to provide efficient and accurate tax assessments that can be easily accessed.

Top company executives of India believe that the current moderation and caution of jobs in the IT sector will help it remain the dominant recruiter of white-collar jobs in the country in 2023.

Bharti Airtel is looking to increase its revenue market share to 40% from its current 38% within the next 12 to 18 months, according to a senior company executive.

Top recruiters in the industry have revealed that there was an almost 90% drop in active openings in December 2022, forcing IT firms to lower their hiring mandates.

The company recorded a loss of ₹3,628.90 Crores in FY22 which is almost double compared to the ₹1,616.90 Crores noted in FY21.

The IPO comprises a fresh issue worth up to ₹75 Crores, along with an offer for sale of 94.17 lakh equity shares from an existing investor and group promoters.

After 2022 showed 40 IPOs entering the market with ₹59,412 Crores raised, 2023 is likely to show improvements due to new listings and corporate valuations.

Earlier this week, InCred Capital announced that it acquired Orowealth in an all-cash deal. The company also revealed its plans to enter the retail wealth-tech segment.

On 2nd January 2022, the company revealed that it has managed to reduce its losses from ₹341 Crores noted in FY21 to ₹246 Crores in FY22.

CMIE data revealed this rate, adding that it was the highest in 16 months. Unemployment rose by over 10% in urban areas, while dropping to 7.44% in rural areas.

The demonetisation of 8th November 2016 caused the CIC to fall to ₹9 Lakh Crores on January 6, 2017. The same recovered to ₹32.42 Lakh Crores, on December 23, 2022.

Earlier this week, both companies sold their distressed loans to Arcil, anonymous sources revealed. The latter offered to close the deal for ₹1,092.5 Crores in a structure of 15:85.

Effective from 1st January 2023, the new savings account rates were raised by 25 bps, and the same for FDs were hiked by 25 to 50 bps.

For 555-day tenors, the general public will now earn an interest of 7.30%, while senior citizens can get returns at 7.70% for FDs worth less than ₹2 Crores.

Over ₹21,629 Crores was invested by Private Equity and Venture Capital firms in 65 Tamil Nadu-based companies and 45 of them are headquartered in the state.

The Mukhya Mantri Sukhashraya Sahayata Kosh will be started shortly to benefit orphan kids by supporting their basic needs and higher education requirements.

Such firms made investments worth $65 Billion via 1,362 deals in 2021, while they made $46 Billion from 1,261 deals in 2022.

The shares hit a 52-week high on BSE, on 2nd January 2023, after trading 1% higher on the intraday to touch ₹338.30 per unit.

Sources revealed that the former will buy a total of 1.1 GW power assets in wind and solar energies, in a deal reported to be worth over ₹9,916 Crores.

Last week, the domestic market retrieved drastically by recovering 80% of its losses. The BSE Sensex was up by nearly 1,000 points to hot 60,841, while NSE Nifty rose by 300 points to reach 18,105.

JMC Projects (India) Ltd. and Kalpataru Power Transmission Limited (KPTL) have scheduled their merger for 11th January 2023. Shortly after the news was disclosed, their stocks hit 52-week highs.

The government announced a hike of 20-110 bps in the interest rates of small savings schemes for the 2nd consecutive quarter falling between January-March 2023 period.

The two Mumbai-based companies were booked by the CBI as per complaints by Dipesh Raj, Deputy General Manager of SBI on December 2020. The companies’ directors conspired with other parties for the scam.

Market experts attributed this result to increased interest rates and other wider economic factors while predicting that FPIs will emerge as net buyers in 2023.

Tata Motors Limited logged a sales growth of 14% YoY, with domestic sales ticking up by 10%. Shortly after the announcement, its stocks soared by 1.8% on 2nd January 2023.

BFIL’s shares were trading at ₹350.10 on BSE during early trade hours, on 2nd January 2022, after the announcement to give shareholders a chance to explore delisting options was made.

This aggregate figure recorded by the agency, 6 years after its initiation, is one-third of the ₹1 lakh Crore targeted by the Union Ministry of Education.

The new record high of 7.82 billion UPI transactions worth ₹12.82 Trillion in December 2022 was 7.12% higher in volume compared to November, while the value went up by 7.73%.

Analysts believe that the Rupee will face some turbulence later in the month after declining by over 11% in 2022. On Monday, it opened at ₹82.66 per US Dollar.

Amidst a slipping Dollar, turbulent international markets and falling inflation, among other factors, gold prices may hit an all-time high of ₹62,000 per 10 grams in 2023.

RBI will utilise the learnings from the ongoing pilot project and expand the utility of the e-Rupee by testing its features and applications in future pilot projects.

Flipkart, KFC, and Samsung, among others, are interested in expanding their female workforce and plan to hire more women for front-facing and shop floor jobs.

Official sources said that Apple’s contract suppliers and manufacturers employed around 50,000 people, through expanding operations over the last 17 months.

According to experts, this growth will be driven by increasing corporate demand and healthy consumer trends, despite a surge in financing costs from last year.

The company claimed that certain customers’ private data could have been leaked online due to the breach. So far, the extent of the hack and the range of the data acquired by cyber criminals is underdetermined.

Dated 29th December 2022, the circular includes only those EPS-95 employees who also contributed to the EPF Scheme and opted for higher pension pre-retirement.

Amidst mixed global cues and rising COVID-19 outbreak fears, Sensex slid by 552 points to 60,840 on 30th December 2022. The Indian Rupee gained to trade at ₹82.72 per U.S. Dollar.

Quant Mutual Fund and A G Dynamics have had firm investments in Exxaro Tiles. They have faith in the company’s business as their stakes in it have remained unchanged between Q1 and Q2 FY23.

Under this, money will be invested in mid-cap companies and emerging market leaders, which have the potential for remarkable growth.

With the expiry of contracts in January 2022, traders now have bullish sentiments for the start of 2023, and expect strengthened equity markets during this period.

According to RBI’s report released on 29th December 2022, net NPAs also fell to a decade low of 1.3%, owing to improvements in bank asset quality

Gold prices to note a loss for the second consecutive year due to the continuous hike in rates by the US Federal Reserve.

This was considered an all-time high CAD, according to RBI’s data published on Thursday, 29th December 2022. The CAD amount rose two-fold from the previous quarter and by four times against Q2 FY22.

Public banking sectors are expected to note further profit in 2023 with the surging credit demand and constant increase in interest rates.

The central bank said that the stress testing, conducted in accordance with AMFI guidelines, showed such schemes to be safe against various risk parameters.

The PSB SBI Card PRIME, PSB SBI Card ELITE, and PSB SimplySAVE SBI Card were launched to serve mass premium, premium, and mass-category customers, respectively.

The planned IPO consists of new equity shares worth up to ₹200 Crores, and an offer for sale (OFS) of ₹800 Crores by the promoters, along with promoter group shareholders.

The first series of these debentures will mature on January 8, 2030, while the second series is scheduled to mature on December 29, 2032.

The insurance firm reached this milestone target 22 years after its inception, due to several key steps like ensuring zero NPAs, integrating ESG practices, etc.

The RBI is trying to establish a regulatory framework for crypto asset systems based on internationally followed policies, to manage their vulnerability and instability.

India ranked 3rd on the global list for the highest rise in cyber-crime with a threat rate of 24 for every 100 scans, which is 91% higher than the global average.

Lotus Chocolate Company Limited sold a 51% controlling stake to Reliance’s FMCG arm, Reliance Retail Ventures Limited. The deal was closed at around ₹74 Crores.

Bain & Company’s Founder presented this industry outlook, backed by a study which shows a rise in ESG adoption by corporate firms in India in the last 5 years.

The insurance tech platform revealed to have settled over 14,500 grievances since its inception in 2018.

The company’s share value on Thursday’s trade rose by 2.7% to ₹90.5, compared to the previous close of ₹88.15%. It further jumped by 4.2% to achieve an intra-day high of ₹91.85.

The statistic may rise significantly in the coming year, with issuers being attracted to lucrative interest rates, and companies interested in diversifying their funding portfolio.

This data was revealed in Knight Frank India’s study called Affordability Index 2022. Factors such as a 225 bps increase, home loan rate hikes, and a rise in residential property prices were responsible.

The healthcare chain’s subsidiary hospital DRCMH completed the deal for the Andhra Pradesh-based hospital to increase Aster DM’s healthcare services portfolio.

The company witnessed a drop on December 29 after its consecutive 3-day hike. The stock noted an overall hike of 140% since its IPO issue in April.

The number of consolidations occurring in the retail industry may go up significantly, with organisations looking to optimise efficiency and boost their geographic presence.

IRDAI has made it compulsory for customers to provide their KYC details when purchasing a new general, life or health insurance product from January 1, onwards.

This increase was because of revenue from realisations, recovery of discretionary spending and repressed demand, according to CRISIL, a ratings firm. They expect a further 8-12% growth in the next fiscal.

The bank made these new rates effective from 28th December 2022, which is 7.90% on tenors of callable bulk deposits and 8.15% for non-callable bulk FDs.

Continuum may sell 100% stake to JSW Neo Energy Limited, Petroliam Nasional Berhad (Petronas), or Sembcorp Industries, in a deal worth around $1.5 Billion.

While NBFCs revived their lost market share in gold loans compared to banks, in FY2022, both financial sectors aim to tap into this segment.

This has made it the fastest-growing city in the digital payments field. Similarly, Delhi-NCR emerged as the digital payments capital of India this year.

According to RBI, this segment of loans has seen a growth of 43.4% YoY in October 2022. Customers opt for these to get higher interest benefits.

Sivasubramanian Ramann, SIDBI’s Chairman launched the scheme in Punjab’s Hoshiarpur, with an aim to help flourish SC/ST castes' entrepreneurs post the COVID-19 pandemic.

JSW Energy announced the completion of the acquisition on Wednesday, 28th December 2022. It now owns 95% of Ind-Barath Energy’s equity shares.

Paytm’s parent company, One 97 Communications noted a surge in its stock price which rise from ₹476.40 per share to ₹534.75 in 3 trading sessions.

Spandana Sphoorty Financial Limited is going to transfer ownership of its stressed loans portfolio to an asset reconstruction company for around ₹95 Crores.

Its parent company of Uniorbit Technologies Pvt. Ltd. attributed this loss to a rise in expenses to ₹161.7 Crores from a higher number of employees and promotion rounds.

The figure increased from the $107 Billion noted in 2021 with the help of some huge transactions, including HDFC Ltd. And HDFC Bank merger worth $40 Billion.

A CRISIL report forecasted India’s agrochemical market sector to grow by 15-17% in FY23, amidst rising indigenous demand and a booming number of exports.

Google employees in Switzerland recently wrote to the company’s Vice President of Human Resources, regarding the new employee evaluation system, which may be utilised to bring down the workforce.

Bharti Airtel declared that it will not charge premium rates for 5G services. It also has plans to hike its capital expenditure by about 10% to 15%.

A central bank study, ‘Report on Trend and Progress of Banking in India 2021-22’ showed that banking sector frauds increased in volume, but diminished in net value.

Planned to curb drops in profit and revenue, CEO David Solomon announced that the company will reveal the details of the proposed job cuts in a few weeks.

Through this, Nitin Gadkari believes that the country will become one of the pioneers in this sector. He also mentioned that projects worth ₹5 Lakh Crores will be launched in the coming year.

Currently, payment system operators and scheduled banks are required to submit complaints about financial scams through the Electronic Data Submission Portal.

Many bankers forecasted that in the coming year, more co-branded credit cards may be rolled out, as establishments seek growth by penetrating into new markets.

A 44-year-old man from Delhi, named Mayank Palan was arrested by the police for scamming people on the pretence of providing them with high amounts of profits through the stock market.

Banks and NBFCs are looking to serve more budding businesses and small traders by launching digital platforms paperlessly offering to cross-sell services and value-added products.

He said that India, the 3rd largest start-up ecosystem in the world, will attract foreign direct investments in 2023 with the new emerging companies.

After the data breach of AIIMS, another similar hack on the Indian Railways’ database has been revealed. However, the Railways have not yet given any official confirmation of the same.

Under the scheme, the Centre plans to roll out a specialised credit card for MSMEs. It may come with an interest-free period of 50 days and subsidised interest rates later on.

A partner of Bain & Company, Rakesh Pozhath, stated that India’s fintech industry could see some difficulties like tight liquidity and more in 2023, resulting in higher costs for some companies

According to Longhouse Consulting, about 17,989 employees were let go by 52 start-up companies in 2022. Over half of these layoffs were seen in ed-tech companies.

A recently released report titled ‘State of Application Security Q4, 2022' by Indusface revealed that 59% of all attacked websites were from India and that over 829 million attacks were blocked this quarter.

The central bank hopes that, by streamlining the charges, the transactions will be made more cost-effective, reliable, secure, and fast for users.

Finance Ministry’s quarterly report on public debt management revealed that the Central Government’s total liabilities grew by ₹1.47 Lakh Crores in the September-ending quarter, as opposed to the June-ending one.

ANAROCK Group revealed that housing sales in India have surpassed its previous high of 2014 to set a new record of 3,64,900 unit sales across 7 cities, in 2022.

The RBI recently published a report which stated that the incidents of banking fraud declined by 46% between April-September 2022, to amount to ₹19,485 Crores.

As per the revision, the rates have been increased from 8% to 20%. These new rates are effective from 1st December 2022.

India’s pension regulator aims to include over 90% of the gig workforce of the country in the National Pension Scheme.

As per a recent survey, even amidst rising uncertainties in the global market, manufacturing companies are expected to expand their hiring in Q4FY23.

RFL is set to restart business operations in the coming year after receiving approval from its lenders for its proposal of a One Time Settlement (OTS) of ₹2,300 Crores.

So far, three public sector banks, Indian Bank, Punjab National Bank (PNB), and the Union Bank of India have launched RuPay credit cards over the UPI platforms.

The company’s shares crossed 580% in 2022, after a 56% decline recorded in 2021. The scrip is now under focus as Aditya Agrawal, the promoter has proposed selling 4.99% of his stake in an OFS.

FMCG firms are cautiously optimistic, hoping that the coming year will lead to a recovery in terms of volume and margin in the sector.

A report released by BankBazaar recently, titled “Moneymood Retail Credit Trends”, stated that credit market growth in 2022 resulted in better bank credit during the year.

On Tuesday, 27th December 2022’s intra-day trade, the company achieved a new seven-month high of ₹516.45, in the middle of a volatile market, and even rallied 26% in the last two weeks.

The Kerala-based gold loan-providing NBFC might issue debt securities amongst other borrowings to raise funds in January 2023.

On 27th December 2022, spot gold prices experienced a surge of 0.3% to $1,802.63 per ounce. A weaker U.S. Dollar post-Christmas further supported the appreciation.

Findings of the recent UBS Billionaire Ambitions Report 2022 revealed that billionaires across the world find India to be one of the leading markets to invest in.

The Bengaluru-based fintech company’s funding round was led by Apis Partners and is witnessing participation from firms such as Evolvence, Winter Capital and Tiger Global.

This is the 9th hike in fixed deposit interest rates announced in 2022 by these leading financial institutions. These have been increased by 10-25 bps.

This marks the biggest wealth creation opportunity within the country’s startup space and is occurring during a time when employees are having a rough year, following the company’s steep expenses.

Following its previous hike of 100 bps in November, BoB increased its fixed and term deposit rates for the 2nd time this quarter.

Mutual funds’ distribution commission rates surged to 55% of their expense ratios, thus reducing profits. This happened after SEBI revised fees charged, on 23rd December 2022.

Private sector banks’ rise in market share saw significant contributions from financial institutions such as HDFC Bank, Axis Bank, Kotak Mahindra Bank, and ICICI Bank, in terms of credit offtake.

LIC Housing Finance hiked their LIC Housing Prime Lending Rate by 35 basis points. With this, the home loan rates also increased to touch 8.65%.

The Information Systems Security Committee (ISSC) and the High Powered Steering Committee on Cyber Security (HPSC-CS) were boosted to comprise 7 and 8 members respectively.

He expressed concerns about the reintroduction of the old pension scheme in certain states. According to him, 2023 could be a difficult time due to various factors.

The government-backed company has processed around one million loan papers for digitization through its digital documentation execution platform. It is said to help avoid fraud and provide benefits.

In 2022, around 25% of employees working in the financial services sector resigned from their jobs, found a study conducted by consulting firm Aon plc.

ASK Property Fund has sold its investments in Eldeco Centre, worth ₹120 Crores. With this, they have made total exits amounting to ₹1,000 in the ongoing calendar year.

Employers of blue-collar workers, especially in tier 1 and tier 2 cities like Pune, Mumbai, Jaipur, Delhi-NCR, etc. are looking to hire more talent to enhance their operations.

After receiving significant salary hikes in the previous year, employees expect similar increments. However, with the current headwinds, the realisation of such hopes is questionable.

Sources also added that HSEPL is setting up an LNG terminal of 5 MTPA capacity in Gujarat at an average cost of ₹4,300 Crores, which can be expanded in the future.

Wadia Group’s investment will be routed towards addressing the airline’s working capital requirements, along with securing funds for other general corporate purposes.

As per the company’s official statement, the entity noted a revenue of nearly ₹100 Crores in FY22, which is expected to double in FY23.

The World Bank Group member reportedly finalised the loan deal to boost India’s segment of green housing and HDFC’s funding portfolio of the same.

Companies like HDFC Bank Limited, The Procter and Gamble Company, Cognizant, etc. are offering special benefits to female employees, to boost gender diversity.

The figure was recorded despite market correction and increasing concerns about the re-emergence of Corona in China and other parts of the globe.

Rajasthan’s Chief Minister made the claim on 25th December 2022, adding that the state was far ahead of the average national insurance coverage of 41%.

Investors and strategic buyers are on the lookout for viable hotel and resort assets to invest in after the industry logged significant growth post-COVID-19.

With the festive season coming to an end, the average credit card spending declined by almost 12% from October to November.

According to internal sources, the payment solutions provider took the step as it realigns several teams across business in India, to realise long-term goals.

The global equity firm, Advent International will purchase a 51% stake in Suven Pharmaceuticals Ltd., and launch an open offer for an additional 26% shares.

As per recent findings of the Centre for Economics and Business Research, due to rising interest rates to curb inflation, the world will face a recession in 2023.

Amidst significant volatility, Sensex slid by 980.93 points, or 1.61%, to end the session at 59,845.29 on Friday, 23rd December 2022. The Indian Rupee fell by 10 paise to stand at ₹82.86 per US Dollar.

The Pune-based drone start-up company made a showstopping debut on the BSE and was listed at ₹102 per unit against its base price of ₹54 per share.

Its assets under management were worth over ₹1,234.72 Crores, collected through a new fund offer. It accepted subscribers from November 28-December 12, 2022.

The merger company will raise its fixed deposits from the current 20% contribution worth ₹32,000 Crores to 25% within the next few years.

Discounting trade receivables platform provider, M1xchange forecasted growth of over 100%, amounting to a total of ₹25,000-30,000 Crores, for the current fiscal year.

The bank collected ₹880 Crores through bonds, by 22nd December 2022, after which it closed the issue. The allotment date has been set to December 26.

Insurance Regulatory and Development Authority of India's (IRDAI) report showed that up until March 2022, insurers settled over 2.25 lakh COVID-19 death claims.

It requests users to grant 23 permissions, upon which it steals banking credentials, SMSs, etc. and even disables/alters the password security of the compromised device.

Sun Pharmaceuticals, Dr. Reddy’s Laboratories and Cipla are some companies hiring more field managers and representatives to increase their market share.

The bank is currently in its advanced stage to sell off stressed microfinance loans worth ₹8,897 Crores to Phoenix ARC.

Retired employees of IDBI Bank asked whether they will still be entitled to their pension and voluntary health schemes (VHS) benefits, post the ownership changes.

The development might come about as a result of the argument of financial organisations that since their accounts are already Aadhar-linked, PAN shouldn’t be a requirement.

A former employee of Union Bank, and resident at Borivali (East) in Mumbai, Pushpalata Pradip Chinderkar, aged 68, was cheated of ₹9.15 Lakhs while registering a complaint to her bank regarding her FD.

There is a 60% probability that the Reserve Bank of India might hike its repo rate to 6.75% in 2023, in an attempt to fight rising inflation.

At the Business Standard Banking & Financial Services Industry (BFSI) Insight Summit, a discussion was conducted regarding cyber threats in the finance sector.

At a meeting held on 16th December 2022, the board of directors of the company decided to issue bonus shares in a 1:2 ratio.

After China and the U.S. reported fresh COVID-19 outbreaks, Nifty 50 tumbled to 18,199.10. on 21st December 2022. A wide-ranging pressure to sell was observed.

The Small Industries Development Bank of India (SIDBI) has reverted to its earlier plans with regard to microfinance institutions (MFIs), wherein they plan on providing them support for micro-lending operations.

6.50 lakh shares of Tirupati Forge Limited worth ₹1,49,50,000 were bought by Maven India Fund. The former was listed on NSE SME exchange in October 2017, and its stocks have grown by 300% in the past two years.

Credit rating company CareEdge stated that even if profits remain diminished, non-life insurance companies may expect a return on equity of 13-14% in the medium term.

The rupee opened at ₹82.78 against the dollar on Thursday, 22nd December 2022. Dealers believe that the rise was limited by the outflow of forex from capital markets.

The wine producer debuted on the National Stock Exchange and Bombay Stock Exchange on 22nd December 2022, listed at ₹361 and ₹358 respectively.

The Business Standard BFSI Insight Summit was conducted on Wednesday, 21st December 2022, where high-ranking private lender officials convened to talk about the current scenario of banking.

The funding round was led by IvyCap Ventures Pvt. Ltd., a Mumbai-based company. Other investors such as Avaana Capital, Rebright Partners, and Nabventures were part of the funding round.

Madhusudan Ekambaram, the CEO of the NBFC firm said that the company aims to hit the $1 Billion-mark for assets under management in the next 6 months.

METRO Cash & Carry India Pvt Ltd. will be acquired by Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Ltd., in a deal worth ₹2,850 Crores.

The township will be self-sustaining and feature state-of-the-art facilities. It initially cost the company ₹1,500 Crores, but they plan on making another ₹1,200 Crores worth of investments in the project.

SEBI will designate 16 top brokers of the country as qualified stock brokers (QSBs) and will soon release a detailed framework for these.

Many companies in India are now looking for new talent to help start their environmental social and governance (ESG) initiatives, and stringent rules and policies regarding it are slowly being adopted.

The scheme will be the first of its kind across the globe, guaranteeing subscribers a yearly return of 4-5% on the pension corpus for 10 years.

The report, called EDGE, provides investors with the ability to put up their CAS and get a detailed statement of all their investments through fixed deposits, mutual funds, the National Pension System, etc.

The company’s Japanese division aims to create new plans in each Indian state in the long run. Their second unit in Palwal, Haryana, was recently inaugurated by the state’s Chief Minister, Manohar Lal Khattar.

The airline will convert its aircraft lessors into potential shareholders by selling them compulsorily convertible debentures of its cargo line of business.

The sale of Reliance Capital through an e-auction was to begin today, 21st December 2022, and has a starting bid of ₹6,500 Crores. Cosmea Financial Holdings will no longer be a part of the auction.

Approximately 12.9 lakh subscribers joined the Employees' Provident Fund Organisation in October 2022, revealed the Union Labour and Employment Ministry.

These will be introduced as sub-categories of green bonds and will help strengthen the framework for green debt securities.

Following the change, customers can now receive a maximum of 4% interest on their outstanding savings account balances, effective from today, 21st December 2022.

Investors can start subscribing to these 5 overseas mutual funds from 1st January 2023 again. Payment options include systematic investment and lump-sum.

The tech giant aims to increase its resources pool and bring in new talent. Other initiatives are also ongoing at present, which hope to develop the talent pool for the tech industry.

Axis Pension Fund Management Limited will be responsible for handling the pension funds of investors across all citizens’ models in the government and corporate sectors.

Reserve Bank of India's Governor stated that private cryptocurrencies disregard the national currency and try to break the system, which could create macroeconomic instability.

Equity mutual funds’ gross buy-sell ratio came to 1.09 in November, compared to the long-term average of 1.59, as per data from AMFI. It fell three months in a row, displaying investors’ cautious approach.

Chief Minister Sukhvinder Singh Sukhu stated that the proposal for the Old Pension Scheme has to be finalised at the earliest because it is due for implementation.

NFO collections in 2022 were recorded at ₹53,700 Crores until November 2022 against the ₹1 lakh Crore noted in 2021.

The man was swindled off ₹37.80 Lakhs on the pretence of being given a decent commission for doing simple rating tasks. He received a link for it via an unknown person on the Telegram app.

Along with fresh rules applicable to infrastructure assets, the regulator ruled that governance procedures for market infrastructure institutions will be tightened, too.

SEBI introduced a new framework for investor platforms on Tuesday. With this, online investment platforms will be allowed to charge a fee on mutual fund transactions.

In spite of the ongoing global recession, about 77% of Indian employers in the services sector are seeking to hire new recruits during the current fiscal year’s fourth quarter, marking a positive trend forward.

Bharti Airtel Limited acquired an 8% stake in tech startup Lemnisk (Immensitas Private Limited) on 20th December 2022, under its Start Up Accelerator Program.

Owing to its increased number of network chain outlets, Domino’s also announced a new initiative that offers deliveries in 20 minutes.

During the early trading session on Wednesday, 21st December 2022, City Union Bank’s share prices fell by 6%, after RBI’s announcement. The divergence includes 13 borrower accounts.

The Employees’ Provident Fund Organisation asked field offices to quicken the processing of credit of contributions after it received delay complaints about the same.

The company’s shares have fallen by about 4.8%, resulting in negative annual returns for the first time since 2011. Despite its underperformance, it's still considered a desirable investment.

The Mumbai-based liquor manufacturer got its nod of approval from the Securities and Exchange Board of India, to proceed with its initial public offer of ₹2,000 Crores.

The unemployment rate has been rising at a sharp pace since September 2022 and crossed 9% over a moving average basis of 30 days, as on December 19, according to data from CMIE.

This translates to a 60% jump from its last infusion round. Back in March, BigBasket had been valued at $2.7 Billion.

CyBro will be deployed as the official mascot of Kolkata Police’s cyber crime unit. It will also be used to spread awareness about prevalent crimes being committed online and offline.

UCO Bank has raised its interest rates on fixed deposits that are less than ₹2 Crores. The revised rates have been in effect since 19th December 2022.

The two organisations entered into a partnership on 19th December 2022. Through the tie-up, SVC’s customers will have access to SBI’s plethora of insurance offerings.

This product for infrastructure developers and contractors was launched by the Minister of Road, Transport, and Highways, Nitin Gadkari, on 19th December 2022.

JP Morgan has invested an unmentioned amount into the Mumbai-based company, Insolutions Global Ltd. (ISG), and aims to create new payment opportunities in the Asia Pacific region.

According to people in the know, this reduction could potentially affect the revenue earned by brokers and necessitate increased working capital.

The company now has a 7.278% stake in IRCTC from its previous 5.005%, marking an estimated 2% rise in its holdings. The shares were purchased for ₹692.28, between October 17 -December 16.

The Ahmedabad Cyber Cell, along with the Ministry of Home Affairs, is making efforts to take down over 300 apps and websites, through which loan frauds are carried out.

Yes Bank made the move in order to clear out its balance sheet, and is considered the biggest transfer/sale of such bad loans in India. It was done two years after the RBI took control of the lender.

The victim received a call from a person posing to be a treasury officer. Later, the former sub-inspector shared his personal documents and an OTP, only to lose over ₹8.50 Lakhs to the conman.

Two sources from the government revealed that the government may offer tax waivers for the buyer of IDBI Bank, in order to generate interest in the upcoming majority sale of their stake.

Ahead of its IPO set to open on 20th December 2022, the company decided to raise funds via anchor investors.

At least 28 people were made to pay between ₹2 Lakhs-₹24 Lakhs, being promised a job as a railway ticket examiner, a clerk, or a travel assistant.

According to sources, Dabur India’s promoters are looking to sell $100 Million worth of shares via a block deal on Tuesday, 20th December 2022.

It recorded employment of over 1.31 crore people in FY22, which is a 16% increase compared to the 1.12 crore noted in FY21.

The Central Government stated that many positions are due to be filled up on a deputation basis. At present, 238 have been sanctioned, of which 150 are vacant, while 88 have been filled up.

The revised fixed deposit interest rates, effective from 19th December 2022, range between 3.50% to 8.05%, for tenures starting from 7 days up to 10 years.

The company announced this development via an exchange filing, stating that it will be officially implemented from 20th December 2022.

Wipro Consumer Care and Lighting signed a definitive agreement on Monday, 19th December 2022, to acquire the Kerala-based spice brand, Nirapara.

The Securities and Exchange Board of India plans to make the investor grievance redressal process online, along with reshuffling the Investor Grievance Redressal Committee.

This is a group insurance plan that aims to provide users with coverage for all transactions through UPI across mobile wallet apps. For ₹30 p.a., it offers a cover for transactions of up to ₹10,000.

Culinary Brands Pvt. Ltd. will enter a franchise deal with Italian coffee chain Lavazza, which will include the chain’s vending machine business, Fresh & Honest.

Rising demand for electric vehicles has caused manufacturers, other industry players to seek talent for expanding production capacity and rolling out more products.

HDFC has reworked its current Retail Prime Lending Rate (RPLR) on housing loans, over which the Adjustable Rate Home Loans (ARHL) are benchmarked.

The exchange rate was set at ₹ 5,409 per gram of gold, with the investment awarding investors an interest of 2.50% per annum, being paid out every other year.

The new rates for deposits under ₹2 Crores have been in effect since Sunday, 18th December 2022. Customers can now receive interest between 3% and 6.30% for general and 3.50-6.95% for senior citizens over deposits.

Last quarter, Accenture logged an employee attrition rate of 20%. The current 13% shows an improvement of 700 bps, thus boosting the company’s overall profitability.

The company received a warning from the US Food and Drug Administration regarding violations at their manufacturing unit in Gujarat. Its stocks fell by 2% after the announcement.

Gold had soared to exceed the mark of ₹55,000 last week. However, U.S. Federal Reserve’s announcement for 2023 rate hikes resulted in declining futures.

Through its company, Edelweiss Alternatives acquired a 100% equity stake in L&T IDPL. It will now be benefitted from L&T’s operating team, which has a great track record of excellence.

Once completed, the transaction will result in the newly merged UTI Asset Management Company being the fourth-largest AMC in India.

This will be done through the company’s India Digitisation Fund of ₹75,000, according to a senior company official. It also purchased stakes in Jio and Bharti Airtel through the IDF.

With this, the bank will double its target against the current rate. It will soon announce partnerships with 2 airlines and a hotel chain.

Stocks of Bharat Heavy Electricals Limited, Balrampur Chini Mills Ltd. and Delta Corp Limited, among others, were banned from trading in futures and options on 19th December 2022.

Axis Finance Limited had asked Raj Kamal Saraogi, the supervisor of the insolvency proceedings, to halt the merger between the two companies as it would disrupt their business.

Nirmala Sitharaman stated the need to utilise CSR funds for R&D in order to promote innovation and enable collaboration with academia and industries.

Savings account holders will now have to pay zero processing fees on services like withdrawals, cash deposits, SMS alerts, demand drafts, third-party cash transactions, etc.

18.44 million share units were allocated to 44 anchor investors. The units have an upper price band of ₹366 apiece. 8 domestic mutual fund houses were a part of the deal, too.

They plan on making the move owing to the trying economic conditions in the US and a notable fall in new-gen tech firms’ valuations, according to people with knowledge of the matter.

Institutional investors subscribed 1.87 times to the IRCTC OFS between December 15-16. Retail investors bid for only 3.73% of the shares reserved for them.

The revised norms are aimed at achieving more transparency, better investor analysis, and asset/product distinction.

The report also claimed that more than 70% of Generation Z students plan on taking up jobs in the tech industry in the future and that 79% look to spend more than two years at their first job.

The shares surged by nearly 6% during their intraday trading session on 16th December 2022, to hit a fresh 52-week high of ₹333.90 on the Bombay Stock Exchange (BSE).

On Tuesday, 20th December 2022, SEBI in its board meeting will take decisions on key changes regarding buyback norms and disclosure rules for companies.

They plan on requesting easier norms and confinement of provision requirements only for NPAs, banking sources revealed. This would result in the freeing of capital for banks.

Investors supporting the space tech organisations included Veda VC, Artha India Ventures, Speciale Invest, Anicut Capital, and Upsparks, among others.

On 16th December 2022, AM/NS India extended its partnership with NSDC to provide digital skills training to over 1,600 young individuals from all over India.

According to the report published on Friday, 16th December 2022, the deal is currently at its early stage and has a potential valuation of ₹1000-1,500 Crores. It could potentially strengthen the buyer’s market hold.

On 15th December 2022, Delhivery declared that its network is now live on the government-backed e-commerce platform - the Open Network for Digital Commerce (ONDC).

Jyotiranjan Mishra, a tax consultant, stole ₹59.73 Lakhs from Continent Engineers by not utilising the money provided to him for tax payment, but for his personal use instead.

The oil and gas manufacturer plans to raise capital by utilising non-convertible debentures, which will be used to fund its marketing and oil refining activities.

Amidst heavy volatility throughout the week, Bank Nifty managed to cross the 44,000 mark owing to low US consumer prices. On Friday, Sensex and Nifty continued their 2-day losing streak.

Finance Minister Nirmala Sitharaman said this at FICCI’s 95th Annual Convention, adding that India’s people and industries have a lot of growth potential in the next 25 years.

The government will likely provide low-interest loans and tax incentives to support agro-based start-ups and firms from related sectors to boost the industry.

According to the company, this is being done in order to drive its business growth. It is one of the many SaaS firms to have let go of their employees in recent days.

Analysts stated that falling commodity prices help to aid the Indian Rupee’s exchange rate and could reduce the country’s trade deficit.

These experts stated that despite entities increasing their spending on cybers security, vital infrastructures like hospitals, railways and power plants continue operating on older systems.

Rajeev Chandrasekhar stated this according to data from CERT-In, outlining the various steps that the agency has taken against these rising cyber-attack cases.

Though the year-on-year investments declined, when compared to October 2022 levels, PE/VC investments experienced a growth of 18%, hiking to $4 Billion.

The freshly revealed interest rates range between 3% to 7.5%. They were made effective for deposits under ₹2 Crores from 14th December 2022.

Silver’s rate fell by 0.4% as gold traded flat on Friday’s session. Gold February futures traded at ₹54,093/10 grams on the MCX and was lower by 0.03% or ₹14.

The Minister of State for Chemicals and Fertilizers said that PTUAS works to provide credit-linked solutions and interest subvention to pharmaceutical MSMEs.

The government’s Pradhan Mantri Mudra Yojana micro-credit scheme sanctioned more than 16.67 crore loans worth about ₹9.98 Crores in the past three financial years, from FY20 to FY22.

The newly announced interest rates range between 6.75% to 7%. Applicable on deposits lesser than ₹2 Crores, they were made effective on 15th December 2022.

Non-banking financial companies also registered a lower number of bad loans being disbursed, with the numbers being down by approximately 40 basis points.

The company sold Poonawalla Housing Finance Ltd. to Perseus SG Pte. Ltd., as part of its long-term profitability, valuation, and growth plans.

The company’s stocks rose by roughly 3% after the change in hands of their 10.7% equity or 68.2 lakhs shares, as part of a block deal. They informed stock exchanges about the intent to sell 31.77 lakh shares.

As several public sector banks increasingly rallied to mark record highs of 52 weeks on 15th December 2022, many investors cashed in on their PSU stocks.

Healthcare technology solutions provider, Indegene Inc. filed its Initial Public Offer (IPO) papers hoping to raise around ₹3,200 Crores.

The agency believes that the savings can go as high as ₹315 Lakh Crores, which make up 74% of the GDP, before 2027, compared to last year’s ₹135 Lakh Crores or 57%.

Applicable till 31st March 2022, the step will ease several problems faced in the e-filing of Form 10F and allow NRIs to claim TDS benefits at a lower rate.

In terms of absolute value, the current account deficit is likely to go up by $36 Billion. This was attributed to rising crude oil prices and diminishing exports.

They are considering a change to the existing income tax provisions to allow payments to be made for overseas dispute settlement, which will be considered a part of business expenses.

In a report, the bank also predicted next fiscal year’s growth to be 7.2%. The same for Asia has been predicted to be 4.2% in 2022, rising to 4.6% next year.

The Finance Minister believes that the fiscal deficit target of 6.4% of the GDP can be achieved, despite the additional ₹4.36 Trillion in spending, as more funds have been allocated due to the revenues’ buoyancy.

A study revealed that the number might double from the current 350 million by 2030, owing to the expediting smartphone and internet services industry.

The fall was noted after new CEO, Prabha Narasimhan, unveiled the company’s future growth and aspiration plans with increased premiumisation efforts.

On 13th December 2022, the exchanges gave their in-principle permission to the proposed merger, after approvals from several financial authorities like RBI, SEBI, etc.

This surge happened shortly after India Ratings and Research Limited upgraded the company’s long-term issuer rating from 'IND A' to IND A+'.

The transaction between the two pharma giants for a cash deal of ₹313.7 Crores will see the cardiac brand Razel exchange ownership by the end of this year.

The organisation stated in its monthly update that India’s actual GDP only developed by 6.3% YoY in the third quarter, compared to 13.5% YoY in the preceding quarter.

The investment will be made in a systematic manner, over the course of 7-8 years. M&M plans to manufacture its Born Electric Vehicles (BEVs) range in the facility.

Official sources investigating the attack revealed this, adding that they are seeking further details from these two regions through Interpol authorities.

The Commerce Ministry’s provisional data showed that India’s WPI fell to this rate, compared to 8.39% in October, marking a new low in 21 months.

The fund closed on 13th December 2022, out of which ₹5,328 Crores was from CPP Investments and AIIB. This sum will be used for infra projects.

Along with achieving a 70% growth in operations, the company also forecasts that it will record net revenue of ₹1,300 Crores by the end of 2022.

Zetta Farms, along with Growpital, have acquired the contract from McCain Foods India to cultivate potatoes in the village of Taratara Math, situated in Barmer, Rajasthan.

When compared to the pre-pandemic numbers of FY20, credit allocation to women-run establishments in the MSME sector experienced a hike of 45% in FY22.

The company plans on doing this at a time when many employees are being cut off from their jobs. McDonald's India aims to double its workforce in the next three years.

The hiring momentum in November 2022 stood at a decline of 1% YoY, which is an improvement compared to October’s statistic of 6%.

The lending startup supplying to SMEs showed a 407.7% YoY growth due to increased loans that were taken from various sectors during the pre-festive season.

The Committee of Creditors raised the value by almost 25% to receive higher offers and postponed the bidding dates to 22nd-23rd December 2022.

NITI Aayog made the announcement regarding the launch on Tuesday, 13th December 2022, and aims to onboard around 2.5 lakh women on the WEP 3.0’s web portal.

The shipping and logistics service provider hopes to aid MSMEs in establishing a global presence and displaying their products on the Indian Business Portal (IBP).

The individual, named Jay Prakash, has been known to offer such schemes and ask to handle investors’ accounts for them by obtaining their login credentials, like user ID and password.

The fully OFS IPO of ₹960.35 Crores was subscribed 2.33 times on 14th December 2022, receiving bids for 4.38 crore equities against an IPO size of 1.88 crore shares.

A report published by CareEdge Ratings stated that the surge was mostly driven by rising premiums in the segments of motor and health insurance.

Yes Bank saw profit bookings on Wednesday, 14th December 2022, after a strengthened rally in the previous few session owing to the appointment of representative directors from Advent International and Carlyle.

The Department of Investment and Public Asset Management has postponed the deadline to submit EoIs for the 60.72% stake, owned by LIC and the Centre, in IDBI Bank.

The revised rates were made effective from Wednesday, 14th December 2022. Applicable across multiple tenors, with MCLR ranging between 7.50% and 8.20%.

The bank added 2.55% to its pre-existing stake of 5.2% in the company, as per a regulatory filing released by them. They now have a 7.75% stake in the company.

Parle Products has been doing so by ensuring that more of its products are accessible across rural towns, and by strengthening its distributor network.

On 14th December 2022, GIC RE’s stock surged to a 52-week high of ₹159.50, after a total 11.67% jump in the last three sessions from a record low of ₹107.60.

Out of the overall size of 80.41 lakh shares, only 26.23 lakh of them have been booked. Retail investors have taken up 28% of their allotment, while high net-worth individuals had 73% subscriptions.

The board of One97 Communications, the platform’s parent firm, approved the process to buy back shares at a price up to ₹810 apiece, totalling ₹850 Crores.

Bernard Arnault, the CEO of LVMH, has a net worth of $188.2 Billion, overtaking Musk’s current value of $176.8 Billion by $11.8 Billion.

Imposed to better manage the Rupee’s volatility, the curbs were recently lifted as offshore and onshore differences reduced after a better US economic outlook.

The institution stated that these proceeds will be used to repay some External Commercial Borrowing (ECB) Bonds of 2024 and 2026 partially and clear other dues.

The frauds were worth over ₹180 Crores. Union Minister of State for Home advised people to use the 'National Cyber Crime Reporting Portal’ to report such instances.

Nirmala Sitharaman stated that bad loans worth about ₹10,09,511 Crores were written off by banks and that such NPAs were no longer part of their balance sheets.

In addition, signals of softening US inflation for the second straight month have forecasted a 50-bps rate US Federal Reserve hike.

Cisco Systems Inc. assured these employees that it will provide them with comprehensive support during these tough times and hand out good severance packages.

This was achieved despite the US Dollar edging higher and a fall noted in oil prices during the day’s early trade session. They have been recorded as investors anticipate the US Federal Reserve’s decision on rate hikes.

Data also showed that the BSE Sensex gained by 0.65%, or 402.73 points, to settle at 62,533.30, while the NSE Nifty 50 gained 0.60%, or 110.85, points to end at 18,608.

A Redseer report made this forecast, stating that there’s scope for growth in the Indian market, especially for technology-based companies.

Discussions regarding the potential risks to the global economic outlook and the challenges posed by European disturbances were deliberated on the first day of the India-led G20 Finance Track.

As the country’s retail inflation came within RBI’s target range for the first time this year, the benchmark 10-year yield dropped to 7.258% on December 13.

9 companies went ahead with their Initial Public Offers (IPOs) in November. However, the total number of deals dropped by 40% to 119, as compared to last year’s 198.

At a staff meeting, he stated that it is difficult to determine the future regarding a possible wave of layoffs and can offer no positive commitments for it at present.

The stock hiked shortly after the bank announced that it has secured a funding of ₹916.6 Crores from the Centre, under the Credit Guarantee Fund for Micro Units.

Lenders of the edtech start-up firm want to renegotiate the repayment time and other debt terms like increasing the loan’s interest rate, hiring a CFO, etc.

The company’s board of directors gave approval for its shares, having a face value of ₹10, to be subdivided into multiple ones having a ₹2 face value.

India’s G20 Presidency commenced on Tuesday, 13th December 2022 in Bengaluru, and is hosted by RBI and the Ministry of Finance.

NSE data added that DII purchased shares valued at ₹36.75 Crores on Tuesday, as both NSE and BSE ended in green with gains of over 0.60% on the same day.

The company also received a poor response on its first day with only 11% share biddings. The shares are being sold at a price range between ₹256-270 per piece, up to 15th December 2022.

The stock exchange managed to achieve this within a span of 148 days, between July 18 and December 13. However, the activity status of these accounts was not confirmed.

The company said that it will lay off up to 1000 employees in this latest firing round to lower expenses and for cost-cutting measures. Another reason cited was a change in leadership.

Government data showed that 7,995 MSME establishments ceased their operations in FY2023. Moreover, other players in the sector logged diminished yearly turnovers.

Kirloskar Brothers stated, in a stock exchange filing, on 12th December 2022, that 63.99% of shareholders opposed the audit proposal, while 36.01% were in favour of it.

This acquisition deal is worth ₹5,666 Crores. The cement and power assets have a production capacity of 9.4 million tonnes and 280 megawatts, respectively.

The government invited EOIs for RINL and its subsidiary and plans to divest 100% stake in one go, with companies like Adani Group and Tata Steel bidding as potential buyers.

Conversely, their operational revenue had gone up by 21.61% to ₹6,385.80 Crores. A PepsiCo representative claimed that they witnessed strong growth in their volume and revenue in FY22.

SEBI might follow internationally accepted guidelines for the revised framework applicable to alternative investment funds. It hopes to establish fair valuations for the same.

This has occurred due to a rise in the yellow metal’s prices in the last month. North India has generated the most demand for the commodity, according to industry executives.

With many big IT firms performing poorly, this marks the IT index’s highest fall since 2008 and the first time the index reported negative returns in 5 years.

About a few more hundred employees or more are to be laid off as part of its restructuring operation in its consumer business and to cope with further economic volatilities in the next year.

Paytm’s parent firm must address concerns of liquidity assessment, future growth strategy, and timing of the buyback before proceeding with the same, IiAS noted.

The drone solutions company is scheduled for IPO debut on Tuesday, 13th December 2022. However, bidding was opened for anchor investors on Monday.

Firms such as Bharat Heavy Electricals Limited (BHEL), Delta Corp Limited and Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) were included as they surpassed the MWPL by over 95%.

According to the Finance Minister, Nirmala Sitharaman, on Monday, 12th December 2022, this was done in order to protect the Indian currency against any further volatility.

The company made its BSE debut and noted an intraday low of ₹539 per unit. The stock is expected to hit a medium-and-long-term target of ₹660 and ₹750, respectively.

According to the Finance Ministry, this shows an approximate hike of 24% from the last fiscal and accounts for roughly 61.79% of the Budget Estimates for the entire FY2022-23.

The price of gold fell by ₹109 to reach ₹54,461 per 10 grams on Monday, 12th December 2022. This is said to be a result of weak global trends.

In its Pre-Budget Memorandum for 2023, the institute asked to raise this limit to ₹2.5 Lakhs. It also advised the ministry to hike the PPF contribution limit to ₹3 Lakhs.

The early-stage investor network hopes to financially support startups in the sectors of agritech, healthtech, cleantech, and deep tech.

Three final bidders for the deal include Authum Investment & Infrastructure Ltd., Varde Partners and Arena consortium, and National Asset Reconstruction Company Ltd.

Vodafone Idea will require equity fund infusion from supporters like Vodafone Plc and Aditya Birla Group, to pay interest on adjusted gross revenue debts.

Applicable on deposits going up to ₹2 Crores, the public sector bank now provides interest rates from 3.75% to 6.50% on tenures between 7 days to over 3 years.

Indeed, an employment website, reported that 9 to 11 million jobs for gig workers will be available by 2025, due to the emergence of app-based models for deliveries and services.

The central bank’s Monetary Policy Committee convened last month to draft the letter, which addressed the matter of not keeping inflation levels less than 6% for three consecutive quarters.

The bank’s directive comes after RBI made it mandatory for banks to update customers KYC. PNB sent SMS and physical notices to such customers for the same.

With this, Intel Corporation is one of the many Silicon Valley giants which have recently let go of their employees due to difficult macroeconomic conditions worldwide.

The CEO and MD of the company stated that their expansion plan includes new acquisitions and room additions. They may also launch a new brand to manage their resorts.

Punjab National Bank plans to raise capital through additional tier-1 bonds. This will be maintained as a corpus to support and further boost credit growth.

The Centre hopes to boost bilateral trade operations in the national currency with countries such as Mauritius, Russia, and Sri Lanka.

The deadline for expressions of interest may be extended to early January 2023, to aid investors who asked the transaction adviser, KPMG India, for the same.

The company stated, in an exchange filing, that their rate of loan distribution has seen massive growth, as they had an annual run rate of ₹39,000 Crores in November.

The winery brand has set the IPO’s price range at ₹340-357 apiece, with holders putting up around 2.69 crore shares for sale, to raise around ₹960 Crores.

The state-owned company aims to move its portfolio of renewable energy from NTPC Renewable Energy Ltd. (NTPCREL) to a new company called NTPC Green Energy Ltd. (NGEL).

The bank plans to hire global firms to use these methods. In doing so, it will be able to analyse its huge database, enhance regulatory supervision, and upscale its existing AI and ML usage.

The Apple-Tata partnership will see the Indian group open 100 such shops of 500-600 sq. ft. under the retail chain, Cromā, which will sell iPhones, iPads, etc.

They aim to tackle issues like the global economic outlook, financial and economic concerns, sustainable finance, and infrastructure development, among others. The event will be held in Bengaluru.

The historic purchase will reportedly cost around $100 Billion and constitute 100 or more wide-body jets and 400 narrow-body planes.

As rules prevent a firm from using IPO proceeds for this purpose, Paytm’s board members will meet on 13th December 2022 to discuss other options for share buyback.

She spoke about this at the 2022 convocation of Symbiosis International (Deemed University), Pune. Students were also asked to help with the ‘One Earth, One Family, One Future’ initiative.

By the week closing on Friday, 9th December 2022, foreign portfolio investors had collectively invested approximately ₹4,500 Crores in Indian equities.

SEBI’s SCORES is a grievance redressal platform that was launched in June 2011. It received 2,886 new complaints and had 2,972 pending ones in the same month.

The report added that malware spread had risen by 5% in 2022 from 2021, with an increase in Malware-as-a-Service that makes devices prone to cyber-attacks.

This capital will be allotted to some underway assorted subsidies and programmes. The venture will cost an additional ₹3.26 Trillion.

Speaking at a NIBSCOM event, M. K. Jain said that financial institutions need to promote innovation in tech to boost the digital processes of banking services.

This was their sharpest single-day drop during Friday’s intraday trade since January 2022. However, the Chief Executive of HCL believes that they may be able to do better in the next quarter.

Amidst a week of volatility, Bank Nifty hit a record high of 43,598.25 on 8th December 2022. But Friday’s session ended in red with Nifty below 18,500 and Sensex shedding 389.01 points.

According to the company’s Business Travel Trends Report 2022, this was due to business travel resuming after the post-pandemic period. Delhi was the most popular city for bookings.

The BetterPlace survey added that logistics and mobility divisions produced 15% of jobs, as SME business sentiment improved due to digitalisation during the pandemic.

The poll, conducted among 45 economists, states that this inflation rate of November is the lowest of 9 months, taking it to the level it was in February 2022.

The company filed the request to withdraw its IPO earlier this week but may reconsider it later, based on its requirements and market conditions in the future.

The unlisted securities portal said that the new index has overcome problems of tracking price movements and variations via basic statistics and data analysis.

As per Motilal Oswal Financial Services Limited, the margins are likely to touch a 10-year low of 29.4%, while the EBITDA will drop to an 8-year low of 14.7%.

Speaking at a financial event, Amitabh Chaudhry said that banks do not have enough capital to build a UPI business since they’re prone to losses and cash flow issues.

During a panel discussion at the Confederation of Indian Industry Global Economic Policy Summit, problems in achieving the Viksit Bharat goal were brought forward.

Telcos are reporting many financial fraud cases on their networks as more people are moving to 5G services. These companies now require better security protocols to curb its spread.

As per CRISIL’s report, this profit will come along with a strong revival in ad revenue, while digital media could become the 2nd largest advertising medium.

A few unnamed sources have revealed that PhonePe plans to raise these funds from its existing investors, like General Atlantic and Microsoft Corp.

Sanjiv Puri, ITC’s MD and Chairman, stated that the inflation in the FMCG sector is calming down and that the rural segment’s volume growth will improve in the future.

This pushed the employment rate in rural regions to 37.5%. On the other hand, urban India only recorded a moderate rise from 34.2% to 34.4%.

An additional $1 Million technical assistance grant will be provided by ADB for the integration of the newly constructed multimodal facilities.

The bank’s interest revision follows RBI’s repo rates hike of 35 bps a day ago. These rates apply to balances under ₹5 Lakhs and going up to over ₹50 Crores.

On 7th December 2022, in a regulatory filing, the entity launched a QIP of equity shares to raise ₹3,500 Crores and achieve the minimum public shareholding levels.

NordVPN reported that about 6 lakh Indians have had their data stolen via malware and sold on bot markets, with each victim’s identity worth an average of ₹490.

With this infusion, the SBICAP Ventures-backed fund’s capital reached ₹15,530 Crores, becoming one of the largest corpuses raised by a national fund recently.

Due to poor global cues, both precious metals were found trading in the negative zone. Meanwhile, gold prices eased after the US Dollar’s marginal rebound.

The CEO of SoftBank Group Corp., Masayoshi Son, now has a 34% stake in the company, after a buyback spree in the past two months, bringing its pending stocks down by 90 million.

The central bank said that the blocked funds will provide customers with advantages like fast stock market transactions, e-commerce payments, hotel bookings, etc.

Oziva is hoping for a business valuation of ₹400-500 Crores, which might be a hurdle in the acquisition process.

The infused funds were used to repay advances received from Gujarat Fluorochemicals Ltd., to set up the company’s wind power capacity.

Vedantu let go of 385 more employees as part of its fourth round of job cuts, sources from the company informed on Wednesday, 7th December 2022.

The Financial Intelligence Unit of India has tracked down around 3,300 crypto accounts engaged in illegal activities since 2019 and has shared the info with law enforcement and crypto exchanges.

: Tracxn in its India Tech 2022 annual report stated that startups recorded a drop in total funding, falling from the $37.2 Billion noted in 2021 to $24.7 Billion in 2022.

Five anonymous sources revealed that Swiggy plans to lay off 3-5% of its workforce amidst the restructuring of its teams. The job cuts will likely be performance-based.

On 6th December 2022, the firm announced that over 1,600 employees were sacked across all its divisions in Asia, Europe and USA.

With this new offering, Paytm will provide account creators with a unique health number to access and share official medical records with healthcare centres.

Benchmark 10-year yields rose from Tuesday’s value of 7.2486% to 7.301% on 7th December 2022. The Rupee also gained to settle at ₹82.61 against the US Dollar.

The existing shareholders and promoters of Sula Vineyards will offload about 2.56 crore shares. However, the company won’t receive any of the proceeds.

The amount is the highest valuation offered by the Piramal Enterprises-Cosmea Financial Holdings team, which is still 60% lower than the firm’s liquidation value.

The software firm also reported a 47% rise in revenue and wider losses of $84.8 Million, in the quarter ending in October, from the same period a year ago.

Bandhan Bank revised its interest rates on bulk fixed deposits, made effective from 6th December 2022. They now provide an interest between 3.25% and 5%, for tenures ranging from 7 days to 10 years.

RBI Governor Shaktikanta Das said in the MPC meeting that the platform will now allow recurring and non-recurring payments from both individuals and businesses.

ICICI Securities stated that Indian equities have entered the ‘high optimism zone’ after noting a slump in the fear gauge and a rise in P/E ratios, reaching 20x.

The capital was raised as part of their Series B funding round, which was led by Evolvence India and other firms. This will surge the company’s total valuation to $100 Million.

Effective from 6th December 2022, FDs up to ₹2 Crores now offer rates from 4% to 9% for regular people and 4.50% to 9.59% for senior citizens on all tenures.

Blume Ventures recently ended its fourth fund, which was based in India, at $250 Million. This was their biggest fund so far, and 40% of the contributions were from LPs and family offices.

After the central bank’s 0.35% hike on 7th December, the repo rates rose from 5.9% to 6.25%, raising the EMIs of fixed and floating plans for all borrowers.

MCLR rates of the HDFC Bank have now gone up to 8.20%. This is the 5th consecutive lending rate hike by the bank since April 2022.

HDFC Asset Management Company’s shares went up by 3% to ₹2,289.90 on the BSE during Wednesday’s trade, after abrdn Investment Management announced plans to sell 10.2% stake in the company.

Banking and official sources have revealed that it’s unlikely that the Centre will allocate any capital for infusion into PSBs for FY24, due to their improved profitability and lower bad loan ratios.

The global firm’s share prices rallied 2% to hit ₹2,139.70 on 7th December 2022. It held the 20th rank in the total market-cap list on BSE, crossing ₹3.01 Lakh Crores.

Bikaji Foods International Ltd.’s share value rose by 4% on Wednesday, 7th December 2022, due to its good September-ending quarter profits.

Jewellers have revealed that retail demand for investments in gold has reduced by 15% amidst a price hike in the metal. It’s believed that this volatility will continue till January 2023.

Milliman, a consulting agency and actuarial from Washington, believes that IRDAI’s new regulations can help businesses grow faster and increase the reach of insurance in India.

Discussions are going on between KIMS Health’s current investor, True North, and potential buyers looking to acquire around 65-70% stake in the hospital chain.

Bloomberg data has revealed that the average total trade volume from the BSE and NSE was lesser than that of 2021 by 16.46%, meaning a marked slowdown in equity trading this year.

Earlier this week, Dabur announced its plans to debut in the feminine care segment in India. Its products will directly compete with those of J&J’s brand Stayfree and P&G’s Whisper.

Steel prices fell by around ₹3,000 per tonne in the first week of December, after record lows in November, due to cheap imports, less export and average demand.

The International Monetary Fund requested measures, like orderly deleveraging and deeper structural reforms, measures to tackle the upcoming global slowdown.

Ahead of the 16th December 2022 deadline to submit expressions of interest for a 60.72% stake in IDBI Bank, the government addressed the concerns of the lender’s potential investors.

According to EPFO data, this amounted to 35% more jobs available in these six months, from the same period in FY22, when 64.72 lakh formal jobs were created.

The launch, in line with RBI and NPCI’s digitisation steps, will allow users to pay using their credit cards on UPI. This, in turn, will also grow India’s credit card industry.

Yes Bank revised its interest rates for FDs below ₹2 Crores. These changes came into effect on 5th December 2022. They are set to provide a maximum interest rate of 7% on select tenures.

The Finance Minister of Kerala, K. N. Balagopal, said that the state is undergoing a financial crisis due to factors such as the COVID-19 pandemic, Central Government’s warped policies and more.

As per the city’s municipal corporation, citizens will need to pay a 10% penalty on property tax paid from January to March and a 20% fine from April, 2023.

Through this real-time yellow metal dispensing ATM, interested consumers can buy gold coins in quantities ranging from 0.5 grams and 100 grams.

The Indian Government and the Asian Development Bank have partnered to develop a PRF facility worth $3 Million to help improve Agartala city’s overall municipal infrastructure.

As per the State Bank of India, the last ₹1 Lakh Crores were disbursed within the last 12 months. The portfolio does not include mortgages and home loans.

The ministry has reportedly started digitising several official documents like mortgage and property papers, to quicken the launch of online home loans.

As per the bank’s website, these new rates of 4.65%-6.3% will apply to deposits of ₹5 Crores, up to ₹10 Crores, on maturities between 7 days to 10 years.

In order to simplify the organisation and generate efficiency, PepsiCo decided to let go of hundreds of staff members from its units in North America.

The Ministry of Industry and Commerce (MoCI) may consider utilising PAN as a unique identifier to enable single window clearances for businesses under the national single window system (NSWS).

According to the global brokerage agency, the company has been paying consistently high dividends to close Vedanta Resource Limited's debt.

DroneAcharya Aerial Innovations will offer over 62.90 lakh shares in this public offering with a price band of ₹52 to ₹54 from 13th to 15th December 2022.

The Bangalore-based health tech and fitness firm is the latest of Indian startups to announce layoffs across departments, reducing its net workforce by 15-20%.

The bank increased its MCLR by 25 basis points across tenures, likely raising EMIs of various term loans. This change will come into effect from 7th December 2022.

As fixed deposits compete with mutual funds and insurance products, banks hope that this move will make small deposits an attractive investment for investors.

According to economists, the Reserve Bank of India is expected to slow down the pace of interest rate hikes, at their upcoming web broadcast announcement on Wednesday, 7th December 2022.

LIC has improved its stake in HDFC Bank to 5.003%, after acquiring 1.2 lakh new shares of the banking company at the open market. The shares were worth a total of ₹57.2 Crores.

ABFRL leads the race for the acquisition of TCNS Clothing Co. after overtaking India’s popular fashion brand, Nykaa.

Worldline India’s report states that digital payments made a net value of ₹38.3 Lakh Crores, denoting a rise of 71% in value and 88% in volume from Q3 of last year.

The companies tied up on 5th December 2022 and anticipate that the project will produce over 700 million units of green energy annually.

The bank now allows up to 5 contactless transactions on e-commerce, Point of Sale (POS), and ATM cash withdrawals using debit cards, with immediate effect.

On Monday, 5th December 2022, the share price increased by about 6% and touched an all-time high of ₹116.35 apiece on the BSE.

Stated to be the company’s largest ever layoff round, this will see around 1.3% of its global workforce depart from several posts ranging from Grades 1 to 7.

Mahindra & Mahindra Financial Services witnessed a 75% y-o-y increase in loan disbursals, following which the company’s share prices surged by 6.4% in the market.

MPG’s fintech start-up arm will start this new service, as an app and website, to offer various insurance, investment, lending, and remittance products.

CIDCO achieved financial closure for its Navi Mumbai metro project with a ₹500 Crores credit line from ICICI bank that will be used to expedite the work of Line no.1.

Out of a total Committed Expenditure of ₹9.78 Lakh Crores, ₹1.83 Lakh Crores was spent on pensions, while ₹1.39 Lakh Crores was used for salary and wages.

Following the signing of the share purchase agreement to acquire a 75% stake in Nutana Aviation Capital IFSC, the company’s share price hiked to ₹65.10 per share.

The index continued to stay over the 50-mark for the 16th consecutive month, with notable gains in new business inflows seen at the fastest in three months.

These consist of 14 teaching positions while the rest will be recruited as non-teaching staff members. Candidates may apply for these from 5th to 26th December 2022.

The amount will be paid by closing proportionate units as per the net asset value on 2nd December 2022, and the payments will start from December 7, SBI MF said.

According to ICICI Lombard’s Executive Director, this partnership will help strengthen their distribution capacity and increase growth opportunities via the bank’s diverse network.

The Chairman and Managing Director of SpiceJet, Ajay Singh, stated that the airline also expects to witness restructuring benefits in the ongoing 3rd quarter of FY23.

The capital city of UAE is looking for investments via Indian startups to grow its business ventures beyond hydrocarbons and has identified several key sectors for the same.

As the Indian Government orders tech giants to locally store residents’ data, AWS plans to continue building its current capabilities in the nation.

In its 189th meeting, held on Sunday, ESIC agreed for surplus funds to be invested in equity, however restricting it to ETFs, to help diversify the portfolio.

During its ‘Baroda Kisan Pakhwada’ programme, around 161 rural and semi-urban branches of the bank sanctioned these loans to over 20,000 farmers in the state.

This strong market return after two months of financial lows was influenced by positive economic trends and is expected to continue in December, economists say.

11 property experts in a poll conducted by Reuters revealed that the sector is likely to witness a rise, which will be in line with India’s overall economic growth.

The decision was taken under the company’s reorganisation, amidst the continuously falling cryptocurrency market. CEO Ben Zhou also declared job cuts across the board.

Effective from 1st January 2023, the bank imposed limits on reward points earned for hotel and flight bookings, Tanishq vouchers, cashback redemption, etc.

The team will be governed under the newly introduced Cyber Security Policy (CSP). The policy was launched during a two-day e-governance national conference in Katra.

Against the company’s pitch to buy 1.67 crore shares at ₹294 apiece, Adani group was offered an 8.26% stake in NDTV, despite the steep discount in share price.

This was the largest single infra bond issued by any bank in India, SBI revealed through a release. It plans to utilise the funds to finance projects in the road and power segments.

Sellers are reporting that consumer goods are seeing a post-festive hangover beyond the expected range, with consumption falling to new lows from September.

The Reserve Bank of India’s Monetary Policy Committee will hold its meeting around 5th- 7th December 2022, wherein it is expected to hike repo rates by 25-35 bps.

Over the week, the Indian benchmark indices noted several positive upturns, including Nifty and Nifty Bank reaching new records. Friday’s session finally closed with the indices being in red.

The country’s largest anti-poverty scheme saw the highest demand in November, when over 2.25 crore citizens applied, against August’s 1.91 crore applicants.

The freshly revised interest rates will range between 5.25-5.80%., with a maximum interest of 7.60% being offered to senior citizens with deposit tenures of 555 days.

The Enforcement Directorate recently conducted raids on the premises of 16 finance companies and stock brokers in Chennai, Delhi and Mumbai to investigate a potential fraud.

CHFL is in the middle of talks with Chennai-based Natrust for a cash deal to acquire the company and expand its housing finance services in Southern India.

Effective from 1st December 2022, rates for deposits maturing between 7 days and 10 years will now offer customers interests ranging from 3.50% to 6.00%.

The Central Government said that farmers received payments for their claims worth ₹1.25 Crores under the Pradhan Mantri Fasal Bima Yojana (PMFBY).

The RBI may re-evaluate India’s GDP growth projections for the ongoing fiscal year, owing to a worldwide economic slowdown, which affected exports from the country.

The Chennai-based firm revealed the acquisition plan as a strategic investment in its IPO lead-up, which will help expand its tech offerings in the HR domain.

The maximum interest rate of 6.50% will be offered on fixed deposits having a tenure of 666 days.

As per RBI data, household liabilities rose by ₹6 Lakh Crores between 2021 and 2022 due to increased lending behaviour to meet daily needs during the pandemic.

IIFL Mutual Fund has launched its new fund offer for IIFL ELSS Nifty 50 Tax Saver Index Fund and is India’s first-ever such fund. It commenced on 1st December 2022.

The main motive is to prevent digitally-transacting customers from falling prey to fraud. It will be done by standardising icons of popular payment apps.

The ‘2022 Burgundy Private Hurun India 500’ report ranked Mukesh Ambani’s company at the top with a net value of ₹17.2 Lakh Crores, rising 3.6% from last year.

SEBI has asked AMFI to stay vigilant of false Telegram groups, that mimic actual mutual fund entities to trap customers, and were asked to take appropriate action accordingly.

The Centre plans to lower taxes, offer cash subsidies, and provide other incentives to help reduce the toll of hiked freight rates and help build 50 new ships.

Indian telecom operators have begun hiring employees at an aggressive rate in the remaining months of the ongoing fiscal year, as 5G services are being rolled out in the country gradually.

Two independent valuers, Kroll, LLC and RBSA Advisors assigned a liquidation value of ₹12,500 Crores and ₹13,200 Crores respectively.

Adani Group announced their plans of infusing ₹60,000 Crores in Odisha in the coming decade. To begin with, they will set up an LNG terminal in the state’s Dhamra port by December.

A report called 'Data Centre: Scaling up in Green age' also predicted that the data centre capacity might increase 2x, to 20 million square feet, by 2025.

At least 3 students from IITs of Kanpur, Bombay, and Delhi have bagged this PPO for foreign posts with the trading firm in the year’s final placement round.

Preliminary industry data has revealed that the sales of petrol and diesel in November 2022 saw tremendous YoY growth, due to high demand from the agriculture sector and the festive season.

Paytm estimates India to have 50 crore digital payment customers and over 10 crore financial merchant entities soon.

The fund, to be proposed to the bank’s credit committee, will help Vi to meet its capex needs and pending 5G rollout’s gear supply, and clear significant dues.

ICICI Bank announced the launch of STACK for real estate companies to provide them with solutions regarding their banking needs. It is in addition to their STACK for corporates initiative.

The 1st corporate bond ETF in India, it will allow Edelweiss to raise an initial fund up to ₹1,000 Crores. This new scheme is set to mature in April of 2033.

On Wednesday, 30th November 2022, LastPass stated that it is investigating the breach and assured that user passwords haven’t been compromised.

Domestic institutional investors have further slowed down with their equity investments in November 2022, as they offloaded stocks worth ₹6,300 Crores, despite Nifty and Sensex reaching new highs.

The initiative, ‘Phoenix’ will be a gender-neutral programme aimed at helping individuals with a minimum career break of 1 year to re-enter the workforce.

While ICICI Bank raised its MCLR by 10 bps for 1-month to 1-year tenors, PNB hiked the same uniformly by 5 bps and BOI increased their MCLR by 20 to 25 bps.

Tata Play is now the first-ever Indian company to have filed a confidential pre-filing of its offer document with SEBI for an IPO. They had filed documents with the BSE, NSE and SEBI on November 29.

SEBI announced a reduction of the timeline for debt securities listings to 3 days from the current 4. It will be brought into effect from 1st January 2023.

Data released by the Centre for Monitoring Indian Economy showed that the rate of unemployment in India surged to 8% in November, from October’s statistic of 7.7%.

Many Indian equities rose to fresh highs just before closing, taking the index to this all-time high. The Nifty also crossed 18,800 due to foreign fund inflows.

The index hiked to hit its 3-month high of 55.7 in November 2022. An easing of the inflation rate and booming consumer demand were attributed to the surge.

The minister said that a positive framework is in motion to address the pressure on supply chains and that inflation will go below RBI’s 6% threshold by 2023.

Temasek Holdings has purchased 9.80 crore of Zomato’s shares worth ₹62 per piece for a total of ₹607.60 Crores and now has a claim of 1.14% stake of the company .

The company hopes this sale will help the business capitalise on India’s new credit culture and penetrate into small-town markets.

RBI’s data indicated that home loans, corporate firms, and NBFCs accounted for 51% of credit growth from October 2021 to October 2022, amounting to ₹95.5 Lakh Crores.

SEBI proposed this revision considering the benefits of transparency, diversification, lower cost, etc., which come with the usage of equity ETFs as collateral.

Sundaram Finance, an NBFC from Chennai plans, to bring down its dependency on commercial vehicles and will attempt to grow its exposure to small and medium enterprises (SMEs).

The country’s largest oil marketing entity is planning the expansion of its existing energy businesses with a target of producing 5% green hydrogen by 2027-28.

A maximum interest rate of 7.75% will be offered to senior citizens for fixed deposits of under ₹2 Crores, having a maturity tenure of 2 years and 1 month.

The RBI’s revised digital lending guidelines have been brought into effect from today, 1st December 2022. This will help ensure customers are not charged excessive interest rates by some entities and more.

The index, which is applicable to industrial workers, indicated a downward trend to 6.08 percent in October 2022. The same was logged to be 6.49 percent in September.

Crisil Ratings stated that this 13-14% growth, twice that of what was seen in FY2022, will stem from the continued demand for the unsecured, vehicle, and home loans from NBFCs.

According to the government data published on December 1, India witnessed a slowdown of its core sector industry growth in October 2022 to 0.1%, compared to 8.7%, in the same month, last year.

RBI has asked banks to not report any virtual currency transactions of less than ₹50,000. This will give users the same level of anonymity that cash-based transactions offer.

The travel fintech platform also noted a 50% rise in the number of customers opting for travel loans, with a higher demand for international travel destinations.

According to Saurabh Jain, CMO of Union AMC Private Limited, Assam mutual funds industry’s AUMs are worth ₹20,600 Crores, taking up 6% of the state’s GDP, as per AMFI data from October 2022.

On 30th November 2022, H&M revealed layoff plans for around 1,500 workers to cope with lowering consumer demand and proceed with restructuring in the 4th quarter.

Nifty broke its record on a few occasions before finally surpassing the 18,700 mark on 30th November 2022. On the same day, Sensex exceeded 63,000 points.

Fund managers are optimistic that the RBI may be at the end of its interest rate-hike cycle and do not find much appeal in long-term securities anymore due to the 2024 elections.

On 30th November 2022, the SaaS firm received this capital from Sequoia Capital India and foreign angel investors to grow its various services and ventures.

A senior citizen of Gurugram was duped of ₹37 Lakhs by a fake bank customer care agent after his credit card was marked as incorrectly delivered.

The biosimilars producing company made the deal with American pharma entity Viatris for a deal involving a $2 Billion cash payment and $1 Billion paid as equity.

At the U.P. Leadership Summit, Deputy Chief Minister, Brajesh Pathak assured entrepreneurs of the government’s support for investing in the state to make it a $1 Trillion economy in the next 5 years.

Citibank India has taken a unique approach for shifting their clientele to Axis Bank via an email intimation which stated that any transactions made on or after Nov 21 will be considered as implied consent.

The online gaming platform raised the capital from investors, Unicorn India Ventures and GVFL Limited, to expand to Southeast Asia, North Africa, and the Middle east.

During Wednesday’s intra-day trade session at the BSE, JK Lakshmi Cement’s shares achieved a new high of ₹706.55 apiece and was up by 3%. It has gained about 6% in the past three days.

Many NBFCs may enter co-lending partnerships in the future to build their balance sheets as they are expected to report credit growth in double digits. Such partnerships will also enhance their liquidity.

Kotak Special Situations Fund announced that it has committed ₹550 Crores to Sanghi Industries Limited (SIL) via non-convertible debentures. On Tuesday, Sanghi Industries’ shares climbed to ₹66.50 by 0.2% on BSE.

A division bench of the Income Tax Appellate Tribunal imposed the tax and penalty on the jeweller for his ‘unscrupulous’ deposits made just after demonetisation.

Almost every day, users receive calls and texts that threaten to disconnect a household utility or block their bank account unless they share some private information.

One of the individuals has been asked to repay ₹2 Lakhs in credit card debt. Justice Prathiba M. Singh sent notices to the IT Department and other institutions for the same.

On 30th November 2022, the Indian Rupee opened high at ₹81.64 against the US Dollar compared to the previous day’s close at ₹81.72. It is anticipated to rise further in the next few sessions.

New-age borrowers up to age 40, accounting for a larger segment of the industry, are becoming more credit conscious, with a better hold on their credit profile.

Britannia Industries Limited entered into a joint venture agreement with Bel SA and Britannia Dairy Private Limited on November 29 to engage in the cheese business in India.

SEBI’s new rule was made applicable to mutual fund schemes from 29th November 2022. Existing schemes have been given leeway until their underlying debt securities mature.

According to economists, India’s annual GDP growth had witnessed a slowdown in the September-ending quarter of 2022, as COVID-19-induced distortions have begun fading away.

According to a report, between August to October 2022, festive season recruitment increased by 73% in comparison to last year.

Many IIT candidates across the country are signing up for pre-placement offers, due to uncertainty in foreign chances, recession fears, global layoffs, etc.

Adani Properties Private Limited has obtained the rights to redevelop Dharavi in Mumbai. They won the bid worth ₹5,069 Crores, as opposed to the government’s ₹1,600 Crores allotment.

SBI Cards added 3,40,000 fresh credit cards while HDFC’s new issues fell to 2,20,000. ICICI Bank and Axis Bank made just over 2,20,000 and 2,60,000 additions.

Certain international brands like Roberto Cavalli and Dunhill are in talks with local vendors to set up retail stores in India’s metro cities.

The bank will raise ₹1,500 Crores through bonds maturing in 15 years and ₹700 Crores via bonds with a tenure of 10 years, both having a face value of ₹10 Lakhs.

The RBI will launch the first-ever pilot for the retail digital Rupee, called e₹-R on December 1 and has shortlisted select banks to engage with it in a phase-wise manner.

A report by Zee Business states that this surge was seen after a drop in the number of cards in use during August and September, due to RBI’s deactivation norms.

According to insiders, the Central Government is unlikely to alter its firm stance regarding taxation on virtual digital assets, which is currently at 1% TDS, along with other related charges.

The Indian fintech company made the acquisition, via a mixed deal of stock and cash, to expand its financial ecosystem via CreditVidya’s customer base.

The UP Government has asked all commercial banks to boost their credit flow in certain backward parts of the state in order to reach their objective of being a $1 Trillion economy by 2027.

S&P Global Market Intelligence said in a recent report that banks and NBFCs can maintain their home loan accounts, as India’s housing market remains at a high.

Kotak Alternate Assets may raise around $1 Billion as investment into its data centre business called ‘Kotak Data Centre Funds’. It has announced Subhamkar Das as the CEO.

Go First has been given ₹400 Crores under a government programme called the Emergency Credit Line Guarantee Scheme (ECLGS) and expects to operate more flights after receiving 16 new P&W engines.

Guo Guangchang’s Shanghai Fosun Pharmaceutical Co., Ltd. has a 74% stake in Gland Pharma. He also owns the latter and plans to sell it to interested market players.

The bank’s Executive Committee of the Central Board agreed to the proposal for raising up to ₹10,000 Crores in infrastructure bonds, on 29th November 2022.

The regulation will require tech giants to give disclosures about why they chose not to onboard certain applications on their app store platforms.

IDBI Bank’s shares hit an all-time high in 52 weeks with their shares sold at ₹55.60 apiece on Tuesday, 29th November 2022’s intra-day trade.

The digital currency lender filing for bankruptcy protection is the latest victim of the sharp collapse in crypto prices on the FTX Exchange earlier this month.

The RBI has imposed the Zoroastrian Co-operative Bank, Mumbai a penalty of ₹1.25 Crores for non-conformity with certain directives. It also penalised six other co-operative banks for similar reasons.

Suzuki Motor Corporation brought down its projected sales in India for 2023 by 30%, owing to COVID-19 disruptions and chip shortages. They previously aimed for a sales target of 5 million units.

The ransomware attack was discovered on Wednesday, 23rd November 2022. After six days, the cyber criminals are seeking to extort ₹200 Crores in cryptocurrency.

In the September quarter, the newly listed NBFC showed a 118% rise in net interest income of ₹241 Crores and a 70% YoY surge in total profits of ₹453 Crores.

Market experts suggested purchasing stocks of Larsen & Toubro Infotech Limited (L&T Infotech), Infosys Limited, Persistent Systems, and Saksoft.

The two companies signed a 30-year deal that will give Yahoo a seat on Taboola’s board and the latter will get exclusive paid ad rights on the platform’s sites.

Flipkart may soon go for a $700 Million ESOP buyback, as part of PhonePe’s latest funding round. It is expected to re-adjust Flipkart’s valuation to $33 Billion from the previous $37.6 Billion.

The revised framework will be applicable to depository participants, stockbrokers, investment advisers, etc. It will be enforced from 1st December 2022.

Banking entities like HDFC Bank Limited, Axis Bank Limited and the State Bank of India tapped into the market share of NBFCs, in the sector of gold loans.

Fitch Ratings stated that India will have strong growth in its bank loans, despite rising interest rates. They predict India’s GDP to be at 7% in the current fiscal year.

Economists pushed for greater capital expenditure, income tax rationalisation, and fiscal discipline during their pre-Budget meeting on 28th November 2022.

The government hopes that this step will ease compliance for smaller firms with up to 20 workers and plans to fix PF and other payments to 10-12% of their wages.

The state-owned company plans to venture into international dredging markets by forming alliances with major foreign ports to better plan vessel deployment.

The hospitality chain updated its financial results in the second addendum submitted to SEBI where it also reported decreased quarterly losses of ₹333 Crores.

Many recruiters and HR heads revealed that the job applicants’ expectations of pay hikes have been tempered considerably due to concerns of lesser options, hiring freezes and lowered roles.

The 29th public issue of secured redeemable non-convertible debentures will be opened for purchase on 28th November 2022 and conclude on December 19.

The annual growth rate dropped after recording a 13.5% surge in the April to June period, with experts predicting figures to fall further in the coming months.

Even after its privatisation, the Central Government will own a residual stake of 15% in the IDBI Bank, as a ‘public shareholding’. Prior to this, the centre will sell its 30.48% stake.

In its 2023-24 Budget proposal, AMFI has asked the government to provide preferential treatment for FoF and Gold ETFs to enable more bullion investments through mutual funds.

The divestment to HSBC Asset Management (India) Private Limited was closed at approximately ₹3,484 Crores, with a surplus cash balance of ₹764 Crores.

On 25th November 2022, IRDAI approved several proposals. It also allowed insurers to raise certain alternative investments without IRDAI’s approval.

India’s Revenue Secretary, Tarun Bajaj, stated that reforms need to be made in consideration of direct and indirect taxes, along with stabilisation in its structuring.

Housing Development Finance Corp. Ltd. (HDFC) and HDFC Bank held general meetings on 25th November 2022, to get their shareholder’s approval on potentially India’s largest corporate merger of $40 Billion.

The Confederation of Indian Industry stated that the central bank’s interest hike of 190 bps in 2022, has significantly affected the government and corporate sectors.

The French beauty company is expecting its largest consumer base to come from India by 2030, due to higher distribution and innovation in the mass-price segment.

In its ‘Proposals for Union Budget – FY2022- 23’, AMFI also asked to include FOF schemes under MFs and demanded steps to improve the country’s MF industry.

Sensex saw its highest-ever record of 62,272.68 on Thursday’s close, but fell flat on Friday. On the other hand, Nifty ended the week in green.

The steel goods producer saw their shares surge to ₹319.40, spurred by the opening of their new 15-tonnes-capacity electric melting furnace, on 25th November 2022.

The department hopes to do so by establishing consistency amongst similar asset classes and revising the base year for calculating indexation benefits.

Bikaji Foods’s upsurge occurred for the fourth day in a row, during the intra-day trading session on Friday, 25th November 2022.

The dilution of the state-owned bank’s 15.22% stake in UTI AMC is part of its long-term plan to sell its non-core assets for strengthening its capital base.

Shares of Policybazaar’s parent company reached this high due to heavy stock purchases led by traders buying shares that hit the day’s lowest point.

The company made its debut with a premium over the issue price of ₹555, on the Bombay Stock Exchange and the National Stock Exchange, on 24th November 2022.

EPFO data recorded a notable fall in job creation in September at 9.3 lakhs as compared to August. However, experts view this as a positive sign instead.

As per the central bank’s order for all credit card issuers, unpaid taxes, or other charges cannot be capitalised to compound the interest of a card’s bill.

A report from Jeffries has revealed that Zomato has more market share in the food delivery sector in comparison to Swiggy, despite the latter’s attempt to provide more discounts to users.

On Thursday, 24th November 2022, Bank Nifty surged by 0.8% from its previous session, closing at 43075.40 points for the first time ever.

Two banks and three life insurance companies plan to take a 50% stake in a newly proposed joint venture by Chennai Petroleum Corporation Limited (CPCL) and Indian Oil Corporation Limited (IOC).

Sensex achieved its highest-ever record by closing over 62,000 on Thursday’s market, whereas Nifty crossed 18,500 intraday, due to the US Fed’s recent decision on interest rates.

The growing social media and microblogging platform plans to rope in investors like Tiger Global, Accel, and 3one4 Capital, among others.

The Department of Economic Affairs stated in its Monthly Economic Review for October that India is in a good position to see growth at a moderately brisk rate in the next few years.

Some anonymous sources revealed that ZestMoney has been on the lookout for potential buyers for a few months now. This deal would be the biggest consolidation move in the BNPL sector.

In April-June 2022, the adjusted gross revenue of the telecommunications sector surged to achieve a valuation of ₹60,530 Crores, a TRAI report said.

On 22nd November 2022, the Companies (Registered Valuers and Valuation) Amendment Rules, 2022 was issued by the Ministry of Corporate Affairs.

The new ITR-U form introduced in May by the Finance Act, 2022 allows this provision for up to 2 years of the initial filing, starting from the FY2019-20 period.

Property consultant firm, JLL India, stated that demand for all grades of office buildings fell across the top seven cities of India.

Motilal Oswal Asset Management Company announced its re-entry into international schemes by restarting three of its subscription schemes. It will accept up to ₹2 Lakhs each month.

The Pension Fund Regulatory and Development Authority has informed state governments that they cannot claim employees’ NPS deposits while reverting to the old pension scheme.

An Income Tax Department official stated that they discovered discrepancies in tax filings for FY2022, worth approximately ₹13,000 Crores.

The airline’s employee union, AIJOSA, has reportedly sent a legal notice to the Jalan-Kalrock Consortium regarding unpaid gratuity and provident fund dues.

The new service allows interested borrowers the freedom of paying only 0.1% of their home loan as EMI, with the actual EMI starting after the chosen tenure.

The new platform, CoinSwitch Pro, will enable users to trade crypto tokens across different exchanges without having to log in separately.

SEBI announced that it will stop alternative investment funds with a priority distribution model, which allows certain investors to exit a scheme before others.

The Gulf Cooperation Council and India will commence discussions for a free trade agreement to promote two-way investments and commerce between the involved nations.

Bank of India, Bank of Baroda, Indian Bank and Punjab National Bank, among others, surged to hit their 52-week high on Bank Nifty, on 23rd November 2022.

Ramesh Chauhan, Bisleri’s Chairman, said that he is selling off the company to the FMCG giant since he does not have a suitable successor to take it forward.

Kae Capital has closed its ‘Fund III’ at ₹767 Crores and has had multiple investors/entrepreneurs as part of it. So far, it has raised 60% of its capital from domestic stakeholders.

In its recent forecast on India’s outlook for 2023, Goldman Sachs made several predictions about the country’s growth, including Nifty50 bringing investors a 12% price return.

The Centre had set the asset monetisation budget for FY23 to be ₹1.6 Lakh Crores. However, after seven months, only ₹33,443 Crores was generated.

Meta Platforms, Inc., in its quarterly integrity and transparency report for Q3 2022, stated that out of the number of requests received by them, it has provided data for 66.59% of cases.

From 23rd November 2022, LIC stopped issuing new policies for these term insurance plans. However, active policies will continue to function as per usual for existing holders.

Asia’s Richest Man seeks to raise capital by getting sovereign wealth funds and international conglomerates to invest in his business empire.

The bank’s chairman revealed a 14-16% credit growth expectation for FY23 and hopes to boost efforts to attract more deposits and loan demands across sectors.

The firm will be presented before the Deputy Chief Labour Commissioner in Bangalore on Wednesday, 23rd November 2022.

RBI’s ‘State of the Economy’ report for October also showed a resilient macroeconomic outlook with easing trends of headline inflation for the country.

The youths will be trained within the next five years by Jharkhand’s Department of Higher and Technical Education to tackle the Jamtara gang of cybercriminals.

This week, FIDC opposed attempts to regulate NBFCs like banks. In a memo to the government, it stated that such a development could impact the underbanked segment.

Effective November 19, the removal of these charges will give steel producers the freedom to reach overseas markets and boost the industry’s long-term profits.

SEBI has now prohibited venture capitalists, private equity houses, debt and real estate fund managers from extending their funds’ lives to ensure no fire sale of securities and assets.

Lower demand for personal computers has caused HP’s revenues to fall significantly. Thus, the company plans to cut overhead costs by laying off employees.

Under this Memorandum of Association, the DSCI and Chitkara University will collaboratively undertake programmes on privacy and cyber security.

Companies such as HDFC Bank, REC, Indian Oil Corporation and more aim to raise about ₹9,200 Crores through bonds. All bids are set to take place on BSE and NSE platforms.

The Zurich-based bank decided to cut down 2700 jobs in 2022 only, due to losses in Q4 of FY2023 based on reduced client activity and downward market conditions.

The new draft raises concerns about mass surveillance, arbitrary data collection, and storage of personal information for unreasonably long periods.

Customers will now be able to switch OFF their private car insurance using the Meter technology when the car is not being used.

The group of state finance ministers decided to propose increasing this tax from the current 18% charged on all profits of online games, casinos, etc.

Protean eGov Technologies and Balaji Speciality Chemicals will sell 1.2 crores and 2.6 crores of their shares respectively.

With its upcoming discount broking platform, HDFC Securities will aim to ensure value addition and customer satisfaction, apart from raising its market share.

Under its new employee performance management system, which will be implemented in 2023, Google may fire 6% of its low-performing workforce.

COAI has proposed the regulation of OTT applications like WhatsApp, Telegram and Signal, to compensate telcos for utilising their network for their own services.

Despite rising COVID-19 cases in mainland China, Asian share markets continue to grow. However, investors are concerned that fresh infections could impact China’s reopening.

The Indian Minister of Railways, Ashwini Vaishnaw, said that under PM Narendra Modi’s leadership, about 16 lakh jobs are created for people every month.

SEBI has extended the deadline for the settlement of illiquid stock options cases to 21st January 2022. It's applicable to those who were a part of reversal trades in BSE’s stock options segment between 2014-15.

In the meeting, they asked for single taxation on employee stock sales, a hike in STT rates, tax calculation only on interest, a general reduction of taxes, etc.

On 22nd November 2022, Societe Generale purchased 48 lakh Wipro equity shares for ₹387 apiece. Meanwhile, BNP Paribas Arbitrage sold a similar number of the tech giant’s shares for ₹387.

The Organisation for Economic Co-operation and Development released a report stating that India’s economy has the second-fastest growth rate amongst G20 nations.

Mukesh Ambani, Chairperson of Reliance Industries, stated that India may see a 13-fold growth in its economy by 2047. He claims digitalisation and a clean energy revolution may aid in these efforts.

During Vedanta’s board of directors meeting, on 22nd November 2022, they approved a third interim dividend of equity shares, amounting to ₹6,505 Crores.

Reduced refining capacity of raw fuel after the pandemic and slow shifts away from fossil fuels contributed to the shortage of diesel, which is expected to impact global economies.

The public limited company announced a special interim dividend of ₹7 per share for FY23. This decision was taken at a meeting held on 9th November 2022.

The stocks dropped 75% from their initial listing after market analysts at Macquarie Group Ltd. identified Jio Financial Services Ltd. to be a potential threat.

The company plans to double the number of tech startups it is currently supporting and increase the investment amount to $75,000 per organisation.

Applicable to both new openings and existing FD renewals, senior citizens can now earn a maximum annual interest of 7.95%, on deposits of up to ₹5 Crores.

The company has rolled out this service with the help of the Unique Identification Authority of India (UIDAI) application to process the authentication of new customers.

On Tuesday, 22nd November 2022, gold prices recovered from its fall in the last session. However, traders are awaiting the US Fed’s decision regarding the upcoming rate hike.

A minimum of 13 companies listed on the BSE 500 posted over double quarterly profits and roughly 50% annual growth, higher than Dalal Street’s expectations.

Retail investors have lately begun moving their money from low-interest savings accounts to marginally higher-interest investments like ultra-short-term and liquid funds.

Following a successful and profitable trial phase, HDFC Bank will now aim to increase the disbursement of loans for electric vehicle (EV) purchases within the next three years.

The US-based agency remarked that owing to a stable outlook, it anticipates that Axis Bank will be able to maintain a good quality of assets in the coming two years. This pushed its issue ratings to ‘BBB-/A-3‘ from ‘BB+/B’.

The firm launched the AWS Asia Pacific Region in Hyderabad on 22nd November 2022. It plans to invest over $4.4 Billion in India via this infrastructure region by 2030.

To complete the acquisition, Reliance Project and Property Management Services Limited must deposit ₹3,720 Crores in an SBI escrow account.

The need for sports insurance has been growing lately, as many companies are trying to enter this segment. Indian insurers have begun restructuring their policies around this to meet these requirements.

On 22nd November 2022, the domestic currency recorded the gain in early morning trade, even as several pressure factors inhibited any further rise in the Rupee.

The firm claims that RBI used up more than $100 Billion of foreign exchange reserves since late 2021 to defend against the fall in the value of the Indian Rupee.

The company said that it has paid off its $25 Billion debt after selling off the power plant and port units to ArcelorMittal Nippon Steel India Ltd.

Disney’s returning CEO, Bob Iger, will be given a sum of $27 Million annually along with stock options and other bonuses. He plans to reorganise the company’s structure and undo certain changes.

The online broking portal that lately been facing numerous glitches and users have taken to Twitter to voice their concerns. Several have raised the issue of monetary losses incurred by traders.

The Board of Control for Cricket in India will now use a Database Management System (DBMS) to process players’ fee payments in a very quick manner.

On 21st November 2022, Jyotiraditya Scindia stated that the recent removal of export duty on steel products will lead to the beginning of a new era in the industry.

On 21st November 2022, Nifty 50 and Sensex closed in red for the 3rd time in a row, as global economies remain apprehensive of China’s hike in COVID-19 cases.

NPCI and RBI may soon place a volume capping on Google Pay, Paytm, PhonePe, and other UPI payment apps in order to avoid the market concentration of such third-party providers.

Following the request to relax the norms for the acquisition of IDBI Bank, the regulator might count the residual shareholding of the government, post-transaction.

The company made its debut in the National Stock Exchange and Bombay Stock Exchange markets, listing its stocks at ₹778 and ₹775 respectively.

L&T has hired thrice as many engineering trainees and quadrupled the number of woman employees in the company in the ongoing FY2023.

Nykaa's owner, FSN E-Commerce Ventures Limited's shares are set to be offloaded at an offering price range of ₹180 to 183.5 apiece from 22nd November 2022.

According to analysts, declining crude and metal prices will fetch positive results for India’s inflation levels. This may prompt the Reserve Bank of India to hold off on aggressive interest rate hikes.

The company is actively pursuing a minor lender in the affordable housing sector but may face a challenge from mismatched valuation, according to the Managing Director, Ravi Subramanian.

The New Fund Offer (NFO) was opened for purchase on Monday, 21st November 2022. It will help investors put their money in open-ended small cap equities.

According to PropTiger.com’s report, housing prices have increased by about 5% in 2022, due to rising demand and input cost hikes. The average cost of owning real estate property can now go up to ₹6,800/sq. ft.

Open till 5th December 2022, the open offer, fixed at a price of ₹294 per share, is the 1st step to acquiring an additional 26% stake in the news broadcaster.

On 22nd November 2022, PM Narendra Modi is set to distribute around 71,000 joining letters and address the new recruits via a video conference. The physical copies will be delivered across 45 locations.

This was forecasted amidst the resolution of bad loans. The Managing Director of the bank claims to have given ₹2,000 Crores as NPA recovery guidance for FY23.

The Reserve Bank of India approved the banks to create special Vostro accounts, which will be used to trade with Russia in Indian Rupees.

All banks have now raised their external benchmark-based lending rates by 190 basis points to stay in line with RBI’s repo rate hike in May 2022. However, the increase in deposit rates has witnessed a slowdown.

To cater to their NRI consumers, ICICI Bank has launched 2 new products, the Loan Against Deposits (LAD) and Dollar Bonds at Gujarat-based GIFT City.

The shoe retailer has also made record quarterly revenue in digital sales, amidst attempts to recover from a 52-week low trading of ₹1,607 apiece in June.

The two parties signed an MoU that will help boost the bank’s loan portfolio and provide competitive lending rates to customers looking to buy JCB’s machinery.

Paytm Payment Banks Limited (PPBL) declared that users will be able to transfer money to non-Paytm accounts. If the receiver’s number is registered with a UPI ID, the transaction can be carried out.

The retired principal was contacted by a cyber crook, who stated that if she didn’t complete the ‘Know Your Customer’ process, her account will be blocked.

The Gem and Jewellery Export Promotion Council (GJEPC) revealed that India witnessed a 14.64% decline in exports during October 2022, owing to limited or no manufacturing during the festive season.

As per police officials, scammers pose as salesmen offering SIM cards at cheap rates to army personnel in cantonment areas and collect personal data from them.

The Digital Personal Data Protection Bill, which was announced on Friday, 18th November 2022, said that the government might hence be fined up to ₹500 Crores.

The 3 brothers who run the Delhi and Napur-based entities will merge their operations, before entering the stock market with an IPO offering in the next 18 months.

Last Friday, Asia Index Private Limited announced that Tata Motors would replace Dr. Reddy’s Labs as per the reconstitution of S&P BSE Sensex. Shortly afterwards, their shares fluctuated in the market.

The Ministry of Labour and Employment’s data showed a 9.14 percent increase in net membership as well.

Through an Office Memorandum, the Department of Health & Family Welfare confirmed the legitimacy of this order. This memo was prompted after receiving numerous inquiries.

The Finance Minister, Nirmala Sitharaman, will begin pre-budget meetings on Monday, 21st November 2022 and primarily consult experts and leaders in climate change and infrastructure for suggestions.

According to the UPI regulator, the last date to put a 30% limit on the volume cap on digital transactions via third-party app providers is 31st December 2022.

Lending services are expanding in the local market at the fastest rate in the last 8 years in India. This signifies the start of a new investment cycle in the country.

Some international companies such as Capgemini SE, Accenture plc, and Deloitte Touche Tohmatsu Limited, have also delayed their employee onboarding processes.

Central Depository Services Ltd. stated that its systems had gone live on Sunday, after its shutdown on Friday which was caused by malware detection. No investor data was compromised in the incident.

The Centre is looking at proposals to avoid incremental borrowing via t-bills and plans to only borrow to meet earlier repayment demands, from the next quarter.