Morning Buzz: Rupee falls to weakest monthly close, Adani Green to raise Rs 12,400 crore, and more

Here are the top business headlines this morning, to get your day started

  • Published:
  • 07/07/2023 09:29 AM

The rupee fell 12 paisa, its weakest since June 8, as talk of a US rate hike gathered pace. Image: Dhiraj Singh/Bloomberg via Getty Images

Rupee posts weakest monthly close on talk of US Fed rate hikes

The rupee fell 12 paisa, its weakest since June 8, as talk of a US rate hike gathered pace. This was the sharpest single day decline since June 5. US Fed minutes released on Wednesday showed that the Fed was on track to raise rates again on account of persistently high inflation. Market gauges showed a 90 percent chance of the Fed raising rates in its July meeting. It has raised rates by 500 bps since March 2022.

(Economic Times)

FPIs turn buyers of corporate debt in June

Shapoorji Pallonji’s high-yielding debt issue in June prompted Foreign Portfolio Investors (FPIs) to turn net buyers of debt in June. The issue, which had an attractive yield of 18.75 percent, saw group company Goswami Infratech raise Rs14,300 crore of zero coupon rupee-denominated non-convertible debentures. The issue was rated BBB.

(Economic Times)

Adani Green to raise Rs12,300 crore

Adani Green has received board approval to raise Rs12,300 crore through a qualified institutional placement. The company did not disclose the use of these funds. The company is India’s largest green energy firm, with a planned capacity of 20,000 MW by 2025. Its capacity stood at 8,086 MW in March 2023. The firm also plans a solar panel manufacturing facility in Mundra.

(Economic Times, Business Standard, Indian Express)

Flipkart staff to get PhonePe payout this month

Flipkart staff will get a one-time payout for the company’s stake in PhonePe. Flipkart has separated PhonePe from its operations. Staff will receive Rs3,615 for each unit of PhonePe they hold as compensation for the loss in value after the separation. The payout will be given on July 31. Flipkart and its group firms like Myntra offered existing investors and ESOP holders the option to reinvest their ESOP payout in PhonePe’s fundraise.

(Economic Times)