HONG KONG: US private equity firm Advent International has signed a deal to sell Indian packaging company Manjushree Technopack to PAG for an enterprise value of close to $1 billion, two sources with direct knowledge said on Friday. Advent, which invested in the company in 2018, was planning to take Manjushree Technopack public but opted…
MUMBAI: The rupee closed higher on Friday at 84.44, gaining six paise from Thursday’s close of 84.50, though it closed marginally lower for the week. A rebound in the equity markets offered some support, but the currency faced pressure from global factors including the strengthening of the dollar and geopolitical tensions.Reuters reported that RBI had…
MUMBAI: GQG Partners, a major foreign investor in the Adani group companies, has initiated defensive measures to safeguard its share price following the fallout from a US investigation into the Ahmedabad-based conglomerate. The Sydney-listed fund initiated a $65 million share buyback programme, citing the potential presented by the significant drop in its stock value. Assembly…
MUMBAI: Foreign exchange reserves fell by nearly $18 billion in the week ending Nov 15-the sharpest fall on record-as global investors continued pulling out funds from Indian stock markets.According to RBI data, forex reserves declined by $17.8 billion to $657.9 billion during that week. The decline was largely due to a $15.5 billion drop in…
Mumbai: Byju Raveendran, founder of edtech startup Byju’s, allegedly tried to convince his US-based business associate William R Hailer to leave the country so he could skip appearing in court to testify about Raveendran’s involvement in dubious activities.“On Nov 20, Byju arranged a ticket for me to Dubai on Emirates out of Chicago, Illinois to…
MUMBAI: Interest rate guidance is more effective when policy rates are low as compared to when they are on their way down, according to RBI deputy governor Michael Patra.“Under heightened uncertainty, discretion in forward guidance has increasingly gained legitimacy among major central banks. Empirical evidence in the Indian context suggests that forward guidance in a…
MUMBAI: Sensex rallied to close 2,000 points or 2.5% higher on Friday at 79,117 on the back of a strong Wall Street close on Thursday night and short covering by local speculators during closing hours. While Reliance Industries, Infosys and ICICI Bank contributed the most to the sensex’s gains, all 30 of its constituents closed…
MUMBAI: Flipkart co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech which the e-commerce firm had acquired in 2016 under Bansal’s watch and has now separated from Flipkart. In January this year, Bansal had also exited the board of Flipkart, one of India’s early Startups launched by Bansal alongside fellow IIT…
NEW DELHI: Airlines will now have to provide beverages and snacks to passengers when flights are delayed by two to four hours and meals on those delayed beyond four hours. The Directorate General of Civil Aviation (DGCA) has advised airlines as low visibility in north India has already started leading to delays this winter. And…
NEW DELHI: India’s foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion. The reserves, which achieved a record high of $704.885 billion in late September, have witnessed…