A late selloff on Wall Street had a significant impact on the Indian stock market, with the Nifty falling below 21,200 points and the Sensex losing over 900 points. The midcap index also experienced a sharp decline, losing nearly 1,500 points. This was the biggest single day fall in a year.
RBI Bars Lenders from Having Exposure to Alternate Investment Funds
In an effort to prevent evergreening of loans, the Reserve Bank of India (RBI) has prohibited lenders from having any exposure to alternate investment funds (AIFs) that count their borrowers as clients. This move will have an impact on non-banking financial companies (NBFCs) that have exposure to AIFs.
Ola Electric Eyes EV Valuation of Over $7 Billion
Ola Electric, an Indian electric vehicle (EV) manufacturer, is preparing to file for its initial public offering (IPO) with a valuation of over $7 billion. However, experts are questioning the valuation after Ola raised funds just two months ago, valuing the company at $5.4 billion.
NDA MPs Protest Over TMC MP’s Mimicking of Vice President
A video of TMC MP Kalan Banerji mimicking Vice President Jaep Danker went viral, causing an uproar in the parliament. NDA MPs staged a protest during question hour, standing in protest against the video. President Mumu expressed her dismay over the incident. The Congress accused the ruling government of using the mimicry issue to divert attention from the suspension of MPS.
Government Likely to Restructure Bad Bank as NPS Continues to Rise
The Indian government is considering restructuring the National Asset Reconstruction Company, also known as the bad bank, as non-performing assets (NPS) continue to rise. In the financial year 2023, only 15% of the total stressed assets were recovered. The government will review the functioning of the bad bank and address long-pending cases and accounts under the Insolvency and Bankruptcy Code.
Prime Minister Modi Addresses Allegations of Indian Assassination Plot
Prime Minister Narendra Modi has addressed allegations of an Indian assassination plot against Khalistani separatist Gantan Sing Panun in the United States. He stated that India is committed to the rule of law and is ready to investigate any allegations. The Prime Minister emphasized that a few incidents will not derail the mature and stable relationship between India and the US.
SpiceJet Reveals Plans for Utilizing Raised Funds
SpiceJet, an Indian airline, has outlined its plans for utilizing the 2,240 crore rupees it raised from investors. The funds will be allocated towards statutory payments, payment of past dues to creditors, reviving the fleet and acquiring new planes, jet fuel, general corporate purposes, and salary payments to employees. The airline aims to strengthen its operations and overcome the challenges faced by the aviation industry.
Air India Borrows $120 Million for Aircraft Purchase
Air India has borrowed $120 million from Japan’s Sumitomo Mitsui Bank Corporation to finance the purchase of an Airbus A350-900 aircraft. The Tata Group-owned airline plans to buy 470 aircraft from Boeing and Airbus. The transaction was conducted at the Gujarat International Finance Tec-City (GIFT City), with assistance from Air India subsidiary AI Fleet Services.
DigiYatra App Raises Data Security Concerns
DigiYatra, a government initiative to simplify check-in processes at airports, has raised concerns over data security. The app uses biometric technology, such as facial recognition, for check-in without the need for physical documents. The government has assured that there is no central storage of passenger data, and the data is purged within 24 hours of the passenger’s departure. The app is not mandatory, but it is recommended for a faster and smoother checking experience.
Government to Review Functioning of National Asset Reconstruction Company
In an effort to improve the recovery of stressed assets, the Indian government is reviewing the functioning of the National Asset Reconstruction Company, also known as the bad bank. Only 15% of the total stressed assets were recovered in the financial year 2023. The government aims to address long-pending cases and accounts under the Insolvency and Bankruptcy Code to enhance the recovery process.
