News Wrap: RBI Lifts Curbs On HDFC; Baba Ramdev’s Ruchi Soya Ltd FPO; Navi Technology IPO; Tech Mahindra Investment; EPFO Interest Rate; India's Merchandise Exports & More...
March 12, 2022:
Trending Stocks On Encome.io Dashboard:
RBI Lifts All Curbs On Pvt Bank- HDFC’s New Digital Launches
The Reserve Bank of India (RBI) has lifted the limits on HDFC Bank's new digital launches, the private lender said on March 12 to the stock markets.
"The Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 programme, vide its letter dated March 11, 2022. The same has been notified to the Stock Exchanges on March 12, 2022," HDFC Bank said.
RBI imposed curbs on HDFC in December 2020 after repeated outages at the bank's data centre. The curbs prevented HDFC Bank from initiating any of the Digital 2.0 program's activities, including issuing new credit cards.
The RBI had also directed the bank to establish accountability in the data centre outages and investigate the causes of the failures.
Baba Ramdev’s Ruchi Soya Ltd FPO To Launch On March 24
Yoga guru Baba Ramdev-backed Ruchi Soya Ltd announced its Rs 4,300 crore follow-on public offer (FPO) to launch on March 24.
The bid/ issue opening date of FPO is March 24, 2022, and the closing date is March 28, 2022.
Securities and Exchange Board of India (Sebi) approved FPO in August 2021.
Patanjali acquired the firm in 2019 for its Nutrela brand of goods for Rs 4,350 crore via an insolvency and bankruptcy code process.
The proceeds from the issue will be used in:
Repayment of certain outstanding loans
Meeting its additional working capital requirements
General corporate purposes
Navi Technologies Files DRHP With Sebi To Raise Rs 3,350 Cr
Flipkart-founder Sachin Bansal-led lending company Navi Technologies filed DRHP with SEBI to raise INR 3,350 Cr through the Initial share sale.
According to the DRHP, the IPO offer will consist of a 100% fresh issue of equity shares. There is no Offer-For-Sale (OFS).
Bansal-led Navi Technologies booked its first profit in FY21. The startup reported a profit of Rs 71 Cr in FY21, turning profitable from a loss of Rs 8 Cr in FY20.
The four-year-old startup posted its total income at Rs 780 Cr in FY21, up from Rs 207 Cr in FY20.
In the first nine months of FY22, the startup posted a loss of Rs 206.4 Cr.
More To Know:
Tech Mahindra acquired 100% equity shares in Mumbai-based Thirdware Solutions in an all-cash deal for $42 million, including earnouts. The transaction shall close by May 31, 2022.
Profit after tax of Life Insurance Corporation (LIC) increased to Rs 234.91 crore ($30.7 million) in the December quarter from Rs 0.91 crore a year earlier.
Profit for the nine months ended in December increased to Rs 1,642.78 crore from Rs 7.08 crore a year ago.
The Employees' Provident Fund Organization (EPFO) will pay an 8.1% interest rate on provident fund deposits for FY22. In FY21, it paid 8.5%.
National Stock Exchange and India Bullion and Jewelers Association (IBJA) will soon launch 'Domestic Bullion Spot Exchange' following the SEBI guidelines.
Lighthouse India Fund III, Limited invested Rs 200 crore ($27 million) in online gifting platform Ferns N Petals (FnP).
The revenue of the domestic auto ancillary sector shall grow by 10-15% year-on-year (YoY) in FY23.
India's merchandise exports surpassed $380 billion YTD ( till March 7) this fiscal and are expected to reach $410 billion in 2021-22, informed Commerce and Industry Minister Piyush Goyal.