RBI allows forex accounts in GIFT City, widens LRS scope
13 Jul
Business News

RBI allows forex accounts in GIFT City, widens LRS scope

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Business new tamfitronics MUMBAI: Indian residents can now open foreign currency accounts in GIFT City into which they can remit money for all purposes allowed under RBI's Liberalised Remittance Scheme. The scheme allows every individual to send up to $250,000 abroad annually.So far, money transfers under LRS to International Financial Services Centres (IFSCs) were allowed only for investing in securities within IFSCsexcluding Indian companies, and for paying education fees to foreign universities or institutions in IFSCs. Now, RBI allows remittances under LRS for deposits, purchasing immovable property, investing in equity and debt, giving gifts, making donations, travelling, maintaining close relatives, receiving medical treatment as well as studying abroad. The foreign currency account in GIFT City can be used for all these purposes. The funds in the foreign currency accounts can be used...
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India Inc raises record $30 billion in 6 months, riding FPO wave
13 Jul
Business News

India Inc raises record $30 billion in 6 months, riding FPO wave

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Business new tamfitronics MUMBAI: Indian companies raised a record $29.5 billion (nearly Rs 2.5 lakh crore) in the equity market through IPOs & FPOs during the first half of 2024, more than double the amount raised in the same period last year. The Jan-June total is the highest-ever in terms of proceedswith the number of issuances also rising 64%.The surge has been driven by follow-on public offers (FPOs) this year - making up 85% of the total proceeds this year, LSEG's India Investment Banking Review said.In the first half of 2024, Indian IPOs raised $4.4 billion - a 98% increase compared to the year-ago period. The number of IPOs also saw a 71% jump year-on-year. India accounted for 27% of global IPOs by volume, up from 13% in the same period last year.Follow-on...
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Securities Appellate Tribunal stays Sebi’s notice to Religare
13 Jul
Business News

Securities Appellate Tribunal stays Sebi’s notice to Religare

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Business new tamfitronics MUMBAI: The Securities Appellate Tribunal (SAT) has stayed markets regulator Sebi's show cause notice to Religious Enterprises and its board of directors. At the same time, it has asked the financial services company to make necessary applications for the open offer by the Burman family (the largest shareholder of Religare) to the regulators. The senior counsel appearing for Religare sought time till July 22 to make applications without prejudice to the company's rights and contentions.Last month, capital market regulator Sebi in an interim order asked Religare to apply for approvals with all regulators before July 12 that are required for the Burman family to proceed with the open offer to buy more shares in the company from public shareholders. The Burman family wants to buy an additional 26% stake of...
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Kerry Logistics Network A Double Winner at the HKET Excellence Awards 2024 Recognised for Excellence in Global Logistics and Sustainable Logistics, Business News
13 Jul
Business News

Kerry Logistics Network A Double Winner at the HKET Excellence Awards 2024 Recognised for Excellence in Global Logistics and Sustainable Logistics, Business News

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Business new tamfitronics /PRNewswire/ -- Kerry Logistics Network Limited ('Kerry Logistics Network', 'KLN'; Stock Code 0636.HK) was a proud double winner at the Hong Kong Economic Times ('HKET') Excellence Awards 2024 (the 'Awards'), receiving the accolades of Excellence in Global Logistics and Excellence in Sustainable Logistics for its innovative supply chain solutions and steadfast commitment to sustainability. Ellis ChengExecutive Director and Chairman of the Sustainability Committee of Kerry Logistics Network, said, "We are grateful to HKET for honouring us with the two accolades. These recognitions underscore our unwavering dedication to service excellence, innovation and efficiency, as well as highlight our vision to lead the global logistics industry towards a sustainable future. Through...
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