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Grasim Industries is strategically acquiring Sprng Energy to accelerate its renewable energy business growth. This acquisition is expected to significantly increase the renewable energy segment’s revenue share by FY28. The company acquired Sprng Energy’s solar portfolio at a discount to current market rates. However, the deal will increase financing costs and may impact near-term profitability….
Indian markets experienced volatility, ending nearly unchanged amid mixed global cues. Several companies like Wipro and Jio Financial announced their first quarter results today. Angel One reported a strong quarter with significant year-on-year profit growth. HDB Financial and HDFC AMC also posted increased profits for the June quarter. SBI appointed a new chief financial officer,…
The acquisition will make Varthana Finance a wholly owned subsidiary of Home Credit India and a step-down wholly owned subsidiary of TVS Holdings after the deal closes. The move will help the group expand into a “complementary secured and longer-tenure lending segment” and strengthen its position in India’s financial services sector, the company said.
India’s financial landscape shifted in May, marked by a current account deficit alongside a narrower capital account deficit. The total balance of payments registered a $4.4 billion deficit, mainly due to a substantial merchandise deficit of $27.9 billion, overshadowing service surpluses and remittances. Furthermore, foreign portfolio investors began to temper their divestments in the local…
Standard Chartered Bank had already withdrawn its August rate hike forecast following the last policy review. ET’s interactions with bank economists and a review of research reports show that most institutions now expect the RBI to remain on hold through FY27, while some believe any rate hikes would be back-ended later in the year as…
The RBI has sought comments from the public by August 17 on its draft proposals titled ‘Guidance on Regulatory Expectations for Data Governance.’ These seek to strengthen controls over the growing use of external service providers, technology vendors and group entities by banks and other regulated financial institutions.
India’s new maritime insurance pool has received its first claim. A vessel covered by the arrangement was damaged in a drone attack. This incident marks the pool’s initial test amid regional tensions. The claim is currently being assessed for payout within the pool’s capacity. Government backing provides an additional layer for larger potential losses.
Indian technology stocks demonstrated resilience on Wednesday, defying IBM’s significant overnight decline. Depressed valuations and positive first-quarter results provided support for local outsourcing firms. The Nifty IT index saw a minor dip, while the broader Nifty 50 index edged higher. Analysts noted that IBM’s issues were not directly correlated with Indian IT services. Investor concerns…
Indian equities closed higher, mirroring gains across Asian markets after US inflation data. Oil prices around $85 a barrel limited upside, raising supply disruption concerns. The NSE Nifty rose 26.5 points, while the BSE Sensex gained 130.5 points. Geopolitical tensions in the Middle East have made investor sentiment cautious recently. Foreign portfolio investors sold shares,…
ICICI Lombard’s net profit fell 46 per cent in the June quarter. This decline resulted from two large fire insurance claims. A Supreme Court judgment also impacted its motor third-party portfolio. The insurer’s combined ratio worsened to 107.2 percent from 102.9 percent. Gross direct premium income rose seven point five percent during the quarter.