Morning Buzz: Indian bond yields at 7-month high, FIR against Hero MotoCorp and more

Indian bond yields rose to a 7-month high as the RBI's plan to conduct open market operations and rising oil prices hit sentiment. Image: Shutterstock

Indian bond yields at 7-month high  

Indian bond yields rose to a 7-month high as the Reserve Bank of India’s plan to conduct open market operations and rising oil prices hit sentiment. The RBI has said that it plans to conduct bond sales to absorb excess liquidity in the banking system. Oil prices have also surged to $88 a barrel on fears that the Israel-Palestinian conflict could draw in more countries.  
(Financial Express)
 

Manu Jain joins as Indian CEO of G42   

Manu Jain, who headed Xiaomi’s operations in India, has joined as the CEO of G42, an artificial intelligence and cloud computing company. The announcement came via a LinkedIn post. Prior to Xiaomi he had founded fashion portal Jabong and said it was time to build something new.  
(Mint)
 

FIR against Hero MotoCorp  

The Delhi Police registered an FIR against Hero MotoCorp for issuing fake invoices of Rs 6 crore and claiming tax credits against forged bills. Hero MotoCorp issued a statement saying the matter is sub judice. The company has said in the past that this case relates to a disgruntled vendor.  
(Economic Times, Mint, Business Standard, Financial Express)  
 

Microfinance sector sees 21 percent portfolio growth in Q1FY24  

Microfinance companies in aggregate saw their loans grow 21 percent to Rs 357,000 crore at the end of Q1FY24. The total disbursement was up 30 percent year on year to Rs 76,274 crore against Rs 58,809 crore. The market share of NBFC MFIs stood at 41.28 percent while banks had a share of 31.98 percent.
(BusinessLine)