Read more about Magma Fincorp hits the roof as Poonawalla-backed firm to acquire majority stake on Business Standard. Magma Fincorp hit an upper circuit of 10% at Rs 93.40 as Adar Poonawalla-controlled Rising Sun Holdings will acquire a controlling stake in the NBFC through preferential issue of equity shares.
By Shaloo Shrivastava (Reuters) - India s retail inflation slipped marginally in January but was within the Reserve Bank of India s target range for a second month as vegetable prices declined further, a Reuters poll predicted. The Feb. 5-9 poll of 50 economists showed retail inflation fell to 4.45% in January from December s 4.59%. If this holds true, inflation would be its lowest since October 2019 and within the RBI s target zone of 2%-6%. It stayed stubbornly high last year amid the coronavirus pandemic and breached the range for eight continuous months from April. Inflation was expected to ease in January led by correction in vegetable prices, said Sakshi Gupta, senior economist at HDFC Bank.
Read more about RBI plans Rs 3 trillion in sovereign bond purchases to cap yield at 6% on Business Standard. The Reserve Bank of India has so far bought about Rs 2.5 trillion of net debt in the current financial year
Net sales during the quarter increased by 16.7% year-on-year (YoY) to Rs 644.63 crore.
The company recorded an exceptional charge of Rs 40 crore during Q3 FY21. The Group had investment of Rs 40 core in Tier II bonds of Lakshmi Vilas Bank (LVB). The Reserve Bank of India (RBI), in its communication in November 2020, advised the administrator of LVB to write down the Tier II bonds issued by LVB pursuant to the amalgamation of LVB with DBS Bank India and LVB being non-viable under Section 45 of Banking Regulation Act. The Group has filed a writ petition in Bangalore High Court against the order of the RBI. Considering the overall uncertainty on recoverability of the aforesaid amount, the Group has made provision in this regard.