Saturday, November 23
Financial Services Secretary M Nagaraju on Monday asked banks to carry out fresh KYC (know your customer) process for Jan Dhan accounts which are due for updation. The PMJDY was launched in 2014 and approximately 10.5 crore PMJDY accounts were opened in mission mode during the period from August, 2014 to December 2014. These PMJDY accounts are becoming due for periodic updation or re-KYC now after 10 years. Nagaraju chaired a meeting with all stakeholders for carrying out fresh Know Your Customer (re-KYC) process for the Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders, the finance ministry said in a statement. During the meeting, Nagaraju suggested using all means for doing re-KYC -- such as fingerprints, face recognition, taking declarations where no change in KYC documents occu
Hindalco Industries on Tuesday reported 123% growth in its standalone net profit for the quarter ended September 2024 to Rs 1,891 crore, compared to Rs 847 crore posted in the last year quarter. The profit was higher than the Street estimate of Rs 1,294 crore. Revenue from operations increased 8% YoY to Rs 22,262 crore in the reporting period.Strong profit growth was driven by robust operational performance by the India business, favourable macros and prudent cost management.Segment-wise, Novelis’ performance was impacted by the Sierre flood and tightening of scrap spreads. Novelis revenue for the quarter came in at $4.3 billion, up 5%, driven by higher average aluminium prices.Adjusted EBITDA for Novelis at $462 million was down 5% due to less favourable metal benefit, unfavourable prod
The Supreme Court on Monday dismissed the Securities and Exchange Board of India's appeals against a Securities Appellate Tribunal’s (SAT) July order that set aside the market regulator's penalty of Rs 25 crore imposed on Reliance Industries (RIL), its promoters Mukesh Ambani and Anil Ambani and others in April 2021 for violating takeover norms in a case related to the acquisition of RIL shares between 1994-2000.The apex court also dismissed another Sebi appeal against SAT’s December 4 order that set aside the Rs 25-crore penalty imposed by the market regulator on RIL, Rs 15 crore on Mukesh Ambani, Rs 20 crore on Navi Mumbai SEZ and Rs 10 crore on Mumbai SEZ for their alleged role in the manipulation of prices of Reliance Petroleum Ltd (RPL)s shares in November 2007. While the appellat
Zinka Logistics Solutions, which provides BlackBuck digital platform to truck operators, plans to raise Rs 550 crore through a fresh issue of equity to cover selling and marketing costs, to fund product development and to augment the capital base of its financing division. It will also raise R 565 crore through an offer for sale. The promoter stake will fall to nearly 28% after the IPO from over 34%. Among the selling investors, Accel India, which purchased shares at an average price of Rs 62.7 will reduce its stake to around 0.4% from 3.2% while Peak XV Partners (formerly Sequoia Capital India) with an average purchase price of nearly Rs 309, will reduce stake to around 1.3% from 2.2%.The company has reported traction to its services among truck operators. However, it is yet to show meani
MUMBAI: The central bank Monday laid down the rules a foreign portfolio investor (FPI) must follow, including seeking the Centre's approval for raising equity ownership, once its holding in an Indian company breaches the prescribed 10% regulatory threshold. These norms come in the wake of additional scrutiny by New Delhi to monitor ownership of local financial assets by countries with which it shares a frontier.The current law says an FPI cannot hold more than 10% of the total paid-up equity capital as portfolio investment in an Indian company. The investment is categorised as foreign direct investment (FDI) if the holding exceeds the 10% limit.Until now, there was lack of clarity on how the offshore portfolio manager could go about classifying and reporting the stake once the holding cros
New Delhi: Apple Inc could double iPhone production in India to more than $30 billion annually over the next two years if new US President Donald Trump carries out his threat of imposing hefty tariffs on imports from China, said officials and industry experts.Apple currently produces about $15-16 billion worth of iPhones in India annually. Trump had threatened to impose tariffs of 60-100% on goods imported from China during his campaign.In his first term, Trump had imposed an array of tariffs on Chinese imports. A similar playbook in his second tenure could see Apple become one of the top manufacturing companies in India, said officials. Trump’s return is likely to influence Indo-US relationship including strategic and defence ties, experts said. Trade ties will also get impacted in vary
