Mint Evening Digest: India’s FX reserves continue to fall, FPIs retreat above ₹1.81 lakh Cr, HDFC Bank AGM and more

India’s foreign exchange reserves fall to $601 billion

Data provided by RBI showed that India’s total foreign exchange reserves were US$601.057 billion for the week ended June 3, down US$306 million from US$601.363 billion the previous week. (read here)

FPIs are passing 1.81 lakh Cr from shares in 2022

Foreign portfolio investors (FPI) selling remained persistent as volatile markets dampened sentiment on a macro backdrop. FPIs have been withdrawing their money since the beginning of this year. (read here)

HDFC Bank will hold the 28th Annual General Meeting on July 16th

The largest private bank, HDFC Bank, will hold its 28th annual general meeting on July 16 via video conference. Shareholders are expected to consider the dividend and the appointment of auditors. (read here)

Crypto Investors Accidentally Lucky: Zerodha Founders

Nithin Kamath, the founder and CEO of Bengaluru-based digital trading company Zerodha believes that crypto investors have been lucky due to TDS and the announced taxation of cryptocurrencies. (read here)

Mint Morning Digest

The divestment plan aims to increase efficiency and investments: FM

Finance Minister Nirmala Sitharaman said the government’s divestment strategy aims to increase production and efficiency in state-owned enterprises, and to attract investment to the companies rather than shut them down. Continue reading

Corporations, not individuals, going bankrupt soon

Incorporated entities such as firms will soon be allowed to run bankrupt companies instead of individual administrators hired by lenders, a person familiar with the development said. The proposal will be released for public comment by the Insolvency and Bankruptcy Board of India (IBBI) in two weeks. Continue reading

Warburg Pincus-backed insurer IndiaFirst Life announces IPO plan

Following the Life Insurance Corporation (LIC) IPO, another life insurer has been preparing plans to enter the public markets. IndiaFirst Life Insurance Co Ltd, an insurance company backed by state lenders Bank of Baroda, Union Bank of India and private equity firm Warburg Pincus, has entered talks with investment banks for its proposed IPO. Continue reading

Private investment in India is now likely to increase, IIFL chief says

Private investment in India will increase amid rising interest rates and global economic changes, IIFL Group Chairman Nirmal Jain said a day after UAE-based state investor Abu Dhabi Investment Authority (ADIA) announced a 20 percent stake acquired from its mortgage financing arm. Continue reading

Rajya Sabha Elections 2022: Full List of Winners

The results were announced Friday night in Karnataka and Rajasthan but were delayed in Maharashtra and Haryana amid intense wrangling by rival parties over alleged voting rule violations. Read more

New rules ban misleading advertising aimed at children

The union government on Friday issued new guidelines to curb misleading advertising, particularly those aimed at children, with a warning that breaching the guidelines could carry a penalty of up to 50 lakh on manufacturers, advertisers and endorsers by the Central Consumer Protection Authority (CCPA). Continue reading

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Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

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