Saturday, November 30
Reliance Industries Ltd has sought the shareholders' nod for the appointment of Mukesh Ambani's three children to the company's board.According to a resolution by RIL, Akash and Isha (both 31) and Anant (28) will receive compensation solely in the form of fees for attending board and committee meetings, PTI reported.Mukesh Ambani (66) himself has not drawn a salary from the company since the 2020-21 fiscal year.
JP Morgan CEO Jamie Dimon discussed various topics in an interview, including the inclusion of Indian government securities in the bank's bond index, the growth potential of India's economy, the impact of rising interest rates, and the risks of a hard landing for the US economy. He also addressed the issue of remote working and the importance of being in the office for certain roles.
India's markets regulator, the Securities & Exchange Board of India (Sebi), is increasing its monitoring of platforms catering to small businesses, as they are more susceptible to manipulation due to fewer compliance requirements. The BSE Ltd and National Stock Exchange of India have extended their short-term surveillance rules to include firms listed on their small and medium enterprises (SME) platforms.
Foreign portfolio investors have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.7 lakh crore during the period.
India ranks fourth in the world for scaleups, with 429 startups receiving over $50 million in venture capital investment, according to a report by Startup Genome. The US, China, and the UK are ahead of India in terms of scaleups, but India surpasses the UK in total VC investment and cumulative tech value investment.
The board of ICICI Lombard has appointed Sanjeev Mantri, executive director of the company, as the successor to Bhargav Dasgupta, who last week resigned as MD & CEO of the company. Dasgupta had stepped down ahead of his completion of 15 years as CEO in April 2024. The new rules on the tenure of CEOs limit their term to a maximum of 15 years. Dasgupta will be joining Asian Development Bank.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week. The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week. However, Hindustan Unilever added Rs 2,913.49 crore taking its valuation to Rs 5,83,239.04 crore. The mcap of TCS climbed Rs 1,024.53 crore to Rs 13,18,228.14 crore.
Around 30 out of 40 applicants are expected to qualify for Rs 17,000-crore production linked incentive scheme for IT hardware, according to a government official. As many as 40 companies, including Dell, HP, and Lenovo, have applied for the IT hardware PLI (production linked incentive) scheme with a commitment to make personal computers, laptops, tablets, servers and other equipment worth Rs 4.65 lakh crore during the scheme period.
JSW Infrastructure, which is preparing for a Rs 2,800-crore IPO, has secured Rs 1,260 crore in funding from both foreign and domestic investors in an anchor round. The anchor investors include GIC and Fullerton from Singapore, as well as Morgan Stanley, HSBC Global, Theleme, and Pictet, among others. Domestic investors such as SBI Mutual Fund, ICICI Prudential MF, HDFC MF, and Nippon MF, as well as private insurance companies like SBI Life, Birla Life, and Bajaj Allianz Life, also participated.
