Top Stories | FM meets PSB chiefs, Zomato block deal, new airline by year-end, record rakhi sales for e-commerce and more
?? Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 PM.
In her first meeting with public sector bankers since the new government took charge, Finance Minister Nirmala Sitharaman emphasised the need for special drives to boost deposit growth. The move comes amid concerns about household savings shifting to riskier assets.?
Following the RBI's tightening of lending regulations, peer-to-peer (P2P) lending platforms have expressed severe concerns, calling the new rules a "body blow" to the industry. One prominent platform, "India P2P," has temporarily halted withdrawals and new investments. Veteran investor Raamdeo Agrawal has voiced worries about stock valuations, noting that some stocks have reached levels that are difficult to justify, even for a bullish investor like himself.?
Antfin Singapore, a subsidiary of Alibaba Group, is set to sell a 1.5% stake in Zomato through block deals. The floor price has been set at a 4% discount, with the shares worth over $400 million. Kerala-based Al-Hind Group has received government approval to start a new airline, with operations expected to commence by year-end. The group plans an initial investment between ?200 crore and ?500 crore.?
Blinkit and Swiggy Instamart have reported record-breaking Rakhi orders this year. Blinkit saw up to 693 Rakhi orders per minute at its peak, while Swiggy Instamart reported a five-fold increase in orders compared to last year.
1. FM Sitharaman: PSBs to make 'concerted' efforts for special deposit drives
Amid rising cyber threats, Finance Minister Nirmala Sitharaman on Monday, August 19, called for a collaborative approach between banks, the government, regulators, and security agencies.
The FM underscored the need for robust cyber-risk mitigation strategies and urged banks to periodically review every aspect of their IT systems from a cybersecurity standpoint. Ensuring the security of banking systems remains a top priority to prevent any breaches or compromises.
2. India P2P pauses withdrawals and new investments following RBI guidelines
Industry players have expressed concerns that the rules could severely impact business operations unless some relaxations are granted.
They are calling the new norms a "body blow" to the industry, with credit risk-sharing, reinvestment, and the settlement rule at the center of their concerns.
The RBI reviewed and tightened the master directions for NBFC-P2P lending platforms after finding violations of its rules.
The revised regulations emphasise that NBFC-P2Ps must not assume any credit risk and that all fund transfers between participants must be through escrow accounts managed by a bank-promoted trustee.
3. Raamdeo Agrawal says Trent valuations 'difficult to understand' but price has momentum
Market Veteran and Motilal Oswal's Raamdeo Agrawal believes that valuations in certain stocks have reached a point where it is getting difficult for even a "bullish person" like him to justify.?
"So whenever there is predictable growth, we are seeing massive demand, and at times the prices are running ahead of the underlying value," he told CNBC-TV18 in an exclusive conversation on the sidelines of the Motilal Oswal Annual Global Investor Conference.
4. Zomato Block Deal — Antfin Singapore intends to sell 13.6 crore shares worth ?3,420 crore
A large deal is likely to take place in food delivery aggregator Zomato Ltd. on Tuesday where Antfin Singapore intends to sell shares.
As per the offer document accessed by CNBC-TV18, Antfin Singapore intends to sell 13.6 crore shares or 1.54% of the total equity via the block deal. At the end of the June quarter, Antfin Singapore Holding Pte. Ltd. held a 4.24% stake in the company. As of Monday's closing price, Antfin's stake in Zomato is valued at nearly ?10,000 crore.
Floor price for the block deal has been fixed at ?251.68 per share, which is a 4% discount to Monday's closing price for Zomato. At the floor price, the block deal is likely to be valued at $408 million or ?3,420 crore.
5. New Broadcast Bill put on hold, govt to assess with fresh consultation, say sources
The government has put the controversial broadcast bill on hold for now with plans to undertake a fresh round of consultations across stakeholders, signaling a potential overhaul of existing proposals, according to CNBC-TV18 sources.
They added that the government is open to drafting a new bill if necessary, following these consultations. The drafts from 2023 and 2024 will no longer serve as the foundation for this dialogue.
Rising global freight costs — exporters could continue to see an impact on their margins
Freight container costs have surreptitiously increased multifold since the time the Red Sea crisis has hit the global markets.
To map the timeline — it was in October last year, when the rebels launched missiles and armed drones in the region, and since then, it's been a one way move. Freight rates were at $1384 per container at the end of November, which moved to levels of $1461 per container in the first week of December.
领英推荐
Kerala-based travel services operator Alhind Group receives nod to start an airline | Exclusive
Kerala-based travel services operator Alhind Group has received the Civil Aviation Ministry's initial nod to start an airline — Alhind Air. This takes the group's ambition to enter India's fast-growing aviation sector a step closer.
Alhind Group is looking to start airline operations by the end of this year after receiving another important clearance, the Air Operator Certificate (AOC) from the Directorate General of Civil Aviation.
Diwali 2024 travel plan: Check the surge in airfares across domestic and international routes
If you plan to book a flight for the upcoming long weekend in August or for Diwali, for both metro and non-metro cities, it could cost you at least 15-30% more, according to travel portals like ixigo, Thomas Cook, and EaseMyTrip.
Flights for some routes within India for the Diwali weekend may cost up to ?30,000 one way. Check how expensive some of the routes are and plan your travel now. Diwali 2024 falls on November 1.
Zomato shares get another ?300-plus target after Blinkit orders reach all-time high
Zomato Ltd., the food delivery aggregator, saw its shares advance on Monday after the company's quick commerce unit Blinkit's orders hit an all-time high on Sunday.
A day ahead of the festival of Raksha Bandhan, Blinkit's Gross Merchandise Value (GMV) also hit an all-time high. At its peak, Blinkit saw 693 rakhis per minute orders. Blinkit hitting all-time high orders was disclosed by CEO Albinder Dhindsa.
Kolkata doctor rape-murder case: CBI to conduct polygraph test on main accused
The Central Bureau of Investigation (CBI) has received permission to conduct a polygraph test on Sanjoy Roy, the primary suspect in the rape and murder of a trainee doctor at a Kolkata hospital. The decision to conduct the test comes as the CBI awaits a final ruling from the special court in Kolkata.
Alongside the polygraph test, psychological evaluations are being conducted on Roy and other detainees. A team of psychology experts has already completed an initial round of testing to aid the investigation.
Over 14 injuries, forceful penetration: horrifying details from Kolkata doctor's autopsy report
The postgraduate trainee doctor, who was raped and murdered at the RG Kar Medical College and Hospital in Kolkata, had extensive injuries to her body, all of which were inflicted before her death, according to her autopsy report. The report has documented more than 14 injuries on her body, including her head, face, neck, arms, and genitals, India Today reported.
The cause of death, as per the report, was manual strangulation associated with smothering, while the matter of death was ruled as a homicide.
Kamala Harris implies Donald Trump is a 'coward' at a campaign stop in Pennsylvania
"This campaign is about a recognition that, frankly, over the last several years, there's been this kind of perversion that has taken place, I think, which is to suggest, that the measure of the strength of a leader is based on who you beat down, when what we know is the real and true measure of the strength of a leader is based on who you lift up. That's what we see as strength. We know what strength looks like. That's what strength looks like. Anybody who's about beating down other people is a coward,” Kamala Harris said during her campaign.?
That’s all, folks! Keep up with the latest news, views and ideas to make money only on cnbctv18.com.?
Beyond #Newsroom ??
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go!- CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market- Real-time market updates
We'll see you tomorrow with another engaging ‘Top 10@10’