Morning buzz: Qatar Investment Authority to invest $1 billion in Reliance Retail, Adani shares lose Rs55,000 crore market cap, and more
Here are the top business headlines this morning, to get your day started
Qatar Investment Authority will invest Rs8,278 crore in Reliance Retail Ventures Ltd for a 0.99 percent stake on a fully diluted basis.
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Qatar Investment Authority to invest $1 billion in Reliance Retail
Qatar Investment Authority will invest Rs8,278 crore in Reliance Retail Ventures Ltd for a 0.99 percent stake on a fully diluted basis. The investment would be made at a $100 billion valuation, according to a statement by Reliance Retail. This is the first investment after 2020 when Reliance Retail Ventures had raised Rs47,265 crore from top global investors, including Silver Lake, GIC, KKR and General Atlantic among others.(Economic Times, Business Standard, MInt, Financial Express)
Bank credit to grow at 13-15 percent in FY24
Credit offtake experienced a 16.2 percent growth in Q1FY24 and is expected to grow at 13-15 percent this financial year, according to a report by CARE Ratings. This would also mean that the fight for deposits intensifies in the coming quarters as rates rise and the CASA share reduces. As a result net interest margins are expected to come down.(BusinessLine)
Adani shares lose Rs55,000 crore market cap
The combined market cap of the Adani group fell to Rs10,92,00,000 crore - a loss of Rs54,876 crore. The shares of flagship Adani Enterprises fell 6.2 percent to Rs2,530 crore. This happened despite the group posting a record rise in Ebitda quarterly profit to Rs23,532 crore. Since March this year promoters have sold shares worth Rs34,000 crore.(Business Standard)
Vegetable inflation to soften from September
Reserve Bank of India Governor Shaktikanta Das has said that present monetary policy can impact the current round of inflation caused mainly due to the spike in vegetable prices. Addressing the Lalit Doshi Memorial Lecture, he said that current inflation shocks also pose a risk of anchoring inflation expectations and there is a risk of them becoming entrenched. However, supply side interventions mitigate the long-term effects.(Economic Times, BusinessLine, Financial Express)
