Daily News

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RBI report finds debt fund AUM of ₹1.7-lakh crore in stress

The study conducted by the SEBI has revealed that ₹1.7-lakh crore of asset under management of open-ended debt schemes of 17 mutual funds were under stress as of September quarter.

The analysis revealed stress in the case of 17 mutual funds and in terms of schemes, however, only 24 out of a total of 299 schemes exhibited stress, as per the Financial Stability Report.

Did you Know

The Financial Stability Report was recently published by the RBI.

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PM Modi inaugurates new terminal building at Tiruchirappalli airport

Prime Minister Narendra Modi inaugurated new terminal building at Tiruchirappalli International Airport in Tamil Nadu.The new terminal building has been developed at a cost of more than Rs 1100 crore. The two-level new international terminal building has the capacity to serve more than 44 lakh passengers annually and about 3500 passengers during peak hours.

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France, Germany to provide 100 mln euros finance for AMRUT mission

France-based development agency AFD and Germany’s KfW Bank are in talks with India to provide financing of 100 million euros to fund the country's urban infrastructure plan, AMRUT mission.

This follows the countries' recent collaboration on the City Investments to Innovate, Integrate and Sustain (CITIIS) 2.0 program.

Did you Know

AMRUT stands for Atal Mission for Rejuvenation and Urban Transformation.

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RBI issues guidelines on bank classification of unclaimed deposits

This move comes after RBI launched “100 Days 100 Pays" campaign in June last year, under which banks must trace and settle the top 100 unclaimed deposits of every bank in every district. The deadline for the scheme, which was to end on 8 September, has now been extended to 1 April 2024.

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India's mineral production up 13.1% in October 2023

The union ministry of mines has said India's mineral production index for October 2023 was 13.1% higher than in the same month last year. Citing provisional statistics from the Indian Bureau of Mines (IBM), it said cumulative growth for April-October was 9.4% year-on-year.

production of lignite, copper concentrate, bauxite, chromite and phosphorite declined in October.

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Pralhad Joshi, Union minister of Parliamentary Affairs, Coal and Mines.

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India, Pakistan exchange list of nuclear installations under 1988 bilateral pact

India and Pakistan exchanged a list of their nuclear installations under a bilateral pact signed in 1988 and came into force in 1991 that prohibits the two countries from attacking each other's atomic facilities.

This is the 33rd consecutive exchange of such lists between the two countries, the first one having taken place on January 1, 1992.

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GST collection in December rises 10% YoY to ₹1.65 lakh crore

Central and state governments collected ₹1,64,882 crore ( ₹1.65 trillion) in goods and services tax (GST) revenue in December, a notch below the average so far this year of ₹1.66 trillion per month, but still a 10.3% jump from a year ago.

The Centre and states had collected around ₹1.5 trillion in December 2022.

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Bharti Airtel Services to acquire 97.1% stake in Beetel Teletech

Bharti Airtel Services, a wholly-owned subsidiary of Bharti Airtel, has entered into an agreement for the acquisition of 49.45 lakh shares or 97.1 per cent stake in Beetel Teletech, another Bharti Group company.

The acquisition is a related party transaction in terms of the provisions of SEBI listing regulations.

Beetel Teletech was incorporated on March 30, 1999.

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Consequently, Beetel will become a subsidiary of the company.

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Goldman Sachs cuts India's CAD forecast, sees improving external balances

Goldman Sachs has lowered its projection for India’s current account deficit in 2024 to 1.3% of GDP from 1.9% earlier as the US bank expects services exports to continue surprising on the upside while crude oil prices are expected to decline, improving external balances.

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Kia India names Gwanggu Lee as new MD, CEO

Kia India has appointed Gwanggu Lee as the new Managing Director and CEO with immediate effect. Lee succeeds Tae Jin Park, who retires after a 36-year journey with Kia Corporation including a four year stint with Kia India.

Kia currently sells five models, including Seltos, Sonet and Carens, in the Indian market.

Ho-Sung Song, CEO at Kia Global.

Did you Know

Kia and Kia Motors Corporation, is a South Korean multinational automobile manufacturer.

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Ola Electric Becomes First Indian EV Company To Get PLI Nod

The Ministry of Heavy Industries (MHI) has certified that Ola Electric is eligible to receive subsidies under the production-linked incentive (PLI) scheme.

With this, Ola Electric has become the first e2W (electric two-wheeler) company to be certified under the scheme, which includes several other applicants such as Hero MotoCorp, TVS Motor Company, and Bajaj Auto, etc.

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Chadian opposition leader Succes Masra appointed transitional PM

Chad's transitional President Gen. Mahamat Idriss Deby Itno appointed former opposition leader Succes Masra as prime minister.

Masra will replace Saleh Kebzabo, who along with his government resigned on Dec. 29 following the promulgation of the new constitution.

Masra will serve through the transition to civilian rule.

Did you Know

Chad:
Capital- N'Djamena
Currency- Central African CFA franc