All eyes are on the RBI’s rate action next week after central banks from Manila to Oslo announced hikes on Thursday. The recent hikes came hours after the US Federal Reserve again raised rates by 75 basis points. Various agencies have forecast a 35-50bps increase as inflation, after moderating in July, has again shot up to 7% in August.
While the problems in currency markets right now are in many ways reminiscent of the 1980s, the solutions are unlikely to be. Back then, the world’s economic superpowers agreed to tackle in unison the problem of persistent dollar strength, coming to an agreement in 1985 with the Plaza Accord.
The Supreme Court on Thursday awarded a six-month jail term to former promoters of Fortis Healthcare, Malvinder Singh and Shivinder Singh. The case relates to the sale of shares of Fortis to Malaysia-based IHH Healthcare. The top court also ordered a forensic audit of the share sale in Fortis Healthcare.
Lenders of twin Srei companies passed resolutions to lower the earnest money deposits (EMD) to ₹50 crore from ₹150 crore and the performance bank guarantee to a minimum of ₹300 crore from ₹500 crore. Srei administrator Rajnish Sharma invited lenders to vote on a proposal to float a new RFP, which lenders voted on September 17.
Under the Companies Act, 2013, certain classes of profitable companies are required to spend at least 2 per cent of their average net profit of the preceding three financial years on CSR activities in a particular financial year. Mukul Sharma, Partner, Cyril Amarchand Mangaldas, said the amendments have also revised the format for the annual report on CSR activities to be included in the board's report.
Domestic rice prices are showing an upward trend and it "may continue to increase" due to low kharif production forecast and 11 per cent jump in export of non-basmati rice, the food ministry said on Thursday.
National Company Law Appellate Tribunal (NCLAT) ruled in favour of Doha Bank on September 9. The Qatar-based bank had pleaded that the resolution professional (RP) should not admit claims from the Exim Bank of China, Assets Care and Reconstruction Enterprises (ACRE), Shubh Holdings and China Development Bank.
"A monitoring committee may be able to draw ministries, departments and public sector enterprises out of their reluctance," an official said. The finance ministry's FY24 budget circular issued on September 7 asked ministries and departments to list asset-monetisation progress when they present budget estimates for the next fiscal year.
Announcement of the policy will help sugar mills in enter into forward export contracts. Indian Sugar Mills Association (Isma) president Aditya Jhunjhunwala said the association has urged the government to allow exports of 8 million tonnes of the sweetener in 2022-23 in view of a surplus production.