RBI greenlights SMBC plan to buy up to 25% in Yes Bank
SMBC is set to initially acquire a 20 per cent stake from existing investors, including SBI and other private banks, valued at ₹13,500 crore.
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LIC to be classified as public shareholder in IDBI Bank
LIC, which acquired a controlling stake in IDBI Bank in 2019, will be reclassified as a public shareholder after the bank’s strategic disinvestment. SEBI has approved the reclassification, capping LIC’s voting rights at 10% and requiring it to reduce its…
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Dow notches record high as Wall Street cheers Powell’s speech
The Dow Jones Industrial Average rose 846.24 points, or 1.89%, to 45,631.74, surpassing its most recent record close on December 4, 2024. The S&P 500 gained 96.74 points, or 1.52%, to 6,466.91 and the Nasdaq Composite gained 396.22 points, or…
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Trump says Intel has agreed to a deal for US to take 10% equity stake
Donald Trump announced the U.S. government would acquire a 9.9% stake in Intel for $8.9 billion, funded by CHIPS Act grants, aiming to bolster Intel’s chip manufacturing capabilities. This move, part of a broader interventionist approach, raises concerns about government…
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Chinese imports undercut Indian fashion jewellery by 50%, say industry executives
Indian fashion jewellery makers are struggling. Chinese imports have surged, becoming much cheaper due to alleged duty evasion. This is hurting local businesses in Mumbai, Rajkot, and other hubs. Manufacturers are cutting production and jobs. The government has been notified…
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GST exemption could take a toll on insurers’ health
In protection products, commissions initially range between 35% and 40% before tapering off, averaging about 5-6% over time. On top of this, insurers incur about 10% in other expenses. Currently, service tax of around 2% on such costs is offset…
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