$560 billion wiped off China markets this week amid crackdown on tech firms
Post LIC IPO, 60% of insurance biz to be with listed entities: Finance ministry official
Adani Wilmar IPO placed on hold amid Indian probe of Adani Group
RBI partially lifts ban on HDFC Bank, permits to issue new credit cards
Market valuation of 7 of top 10 most valued domestic firms zooms to Rs 1,31,173.41 crore
$560 billion wiped off China markets this week amid crackdown on tech firms
Hang Seng index fell 1.8% on Friday and 5.8% in the week, its largest since March 2020. Alibaba’s Hong Kong shares ended at a record closing low, while Tencent touched a 14-month low.
Post LIC IPO, 60% of insurance biz to be with listed entities: Finance ministry official
After the initial public offering (IPO) of LIC, about 60 per cent of the insurance business will be with listed companies, additional secretary in the Finance Ministry, Amit Agarwal said on Saturday. The IPO of the state-owned life insurer is part of the government’s efforts to raise Rs 1.75 lakh crore through disinvestment in the current financial year.
Adani Wilmar IPO placed on hold amid Indian probe of Adani Group
The joint venture of India’s Adani Group and Singapore-based Wilmar International Ltd. had filed a draft prospectus on August 2 for an IPO of 45 billion rupees ($605 million). The Securities and Exchange Board of India (SEBI) listed the filing’s processing status as “issuance of observations kept in abeyance.”
RBI partially lifts ban on HDFC Bank, permits to issue new credit cards
The Reserve Bank of India relaxed the technology ban on HDFC after 9 months. The penalty was issued due to technical glitches in the bank. In a regulatory filing it was stated “As a further update to the above intimations, we wish to inform you that the RBI vide its letter dated August 17, 2021, has relaxed the restriction placed on sourcing of new credit cards.”
Market valuation of 7 of top 10 most valued domestic firms zooms to Rs 1,31,173.41 crore
Hindustan Unilever (HUL) and TATA consultancy services (TCS) lead charts. Companies such as Bajaj Finance, HDFC, Infosys, Reliance Industries Ltd. (RIL) and Wipro saw their market capitalisations (m-cap) rise, whereas the State Bank of India (SBI), HDFC Bank, and
ICICI Bank suffered losses.
