Explained: Why Adani Group called off flagship company’s FPO

Adani Group called off the Rs 20,000 crore follow-on public offering (FPO) of its flagship firm on Wednesday, just a day after it was fully subscribed. It came as a surprise to the stock market and the investor community as such moves are rarely seen. The Gautam Adani-owned conglomerate came out with a statement,…

Adani Group likely to face increased scrutiny from Sebi: Report

Market regulator Securities and Exchange Board of India (Sebi) has increased scrutiny of deals by Adani Group over the past year and will study a fresh report issued by short-seller Hindenburg Research. This is in addition to Sebi’s ongoing preliminary investigation into the group’s foreign portfolio investments,…

Budget 2023: Some harsh measures likely as govt looks to tackle growth slowdown

The government could take a series of drastic measures in the upcoming Union Budget 2023, as it looks to cut spending and prepare for a turbulent FY24. A Reuters poll of economists suggests that the government will tap the brakes on capital expenditure (Capex) growth, as its spending power is likely to be reduced due…

Samsung’s quarterly profit sinks to 8-year low amid global economic slowdown

Samsung Electronics Co’s quarterly profit sank to an eight-year low as the global economic slowdown has weakened memory chip prices and severely dented demand for electronic goods. The South Korean multinational conglomerate, which is the world’s largest memory chip, television and smartphone manufacturer,…

FTX founder Bankman-Fried, charged with ‘epic’ fraud, released on $250 million bond

Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a US prosecutor called a “fraud of epic proportions.” Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in…

Sula Vineyard IPO makes flat debut in market, share price dips

 Sula Vineyards, India’s largest wine producer, made its debut on the stock market on Thursday. On its IPO listing, Sula’s stock had a flat opening and slipped soon. At the time of writing this report, it went on to make a BSE intraday low of Rs 339 and dipped lower from its upper price band of Rs 357…

World Bank bumps up India’s growth to 6.9%, says economy rebounded ‘fairly robustly’

The World Bank has predicted the Indian economy to grow at 6.9 per cent in the current fiscal year. The World Bank raised its forecast for India’s growth to 6.9% for the current fiscal year from 6.5% earlier. It also trimmed its expectation for the next fiscal year to 6.6% from 7% earlier, reported Reuters. The…

Sensex hits 63,000 mark for first time; Nifty ends at fresh lifetime

Benchmark BSE Sensex settled above the 63,000-level for the first time on Wednesday, extending its winning momentum to seventh day amid a largely positive trend in global markets and continuous foreign fund inflows. The 30-share barometer rallied 417.81 points or 0.67 per cent to settle at 63,099.65, its fresh record…

Stock market rally continues for 4th day in a row, benchmark indices record all-time highs

 Equity benchmarks settled at record highs on Friday, rallying for the fourth day running, helped by intense buying in index majors Reliance Industries, Wipro and Maruti. In a largely range-bound trade, the 30-share BSE Sensex climbed 20.96 points or 0.03 per cent to settle at 62,293.64, its fresh record closing…

Air India mandates UK-based firm to sell its four Boeing 747-400 jumbo aircraft

Tata Group-owned Air India has mandated UK-based remarketing firm Skytech-AIC for the sale of its four Boeing 747-400 jumbo planes. These aircraft were deregistered by the Directorate General of Civil Aviation earlier this year. In a statement on November 21, Skytech-AIC said it has been appointed by Air India to…