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Bain Capital's pursuit of a controlling stake in Manappuram Finance is encountering delays due to disagreements over transaction terms with the company's promoters. While Bain is primarily interested in acquiring the gold loan portfolio, other banks and NBFCs are also showing interest as negotiations stall. The promoters, led by VP Nandakumar, hold a 35.25% stake and discussions for a stake sale began in early November.
Tata Sons plans to avoid a public listing by providing an undertaking not to access public funds, as it seeks to declassify itself from being an "upper layer NBFC" and core investment company. This move comes amid significant investments, including over Rs 1 lakh crore for two semiconductor units. However, this may limit its ability to offer corporate guarantees for its growing businesses, following a reduction of Rs 20,000 crore in public debt earlier this year.
Blackstone Inc. is negotiating a multi-currency loan of approximately A$4 billion ($2.6 billion) for AirTrunk Pte., an Australian data center operator. The private equity firm is in discussions with around 10 banks, including DBS Group, Standard Chartered, and Sumitomo Mitsui, as loan terms are being finalized.
CDSL's stock surged over 8%, reaching a new all-time high, with a remarkable year-to-date increase of over 100%, outpacing the Nifty 50's 12% rise. In Q2 FY 2024-25, the company reported a 49% year-on-year increase in net profit to Rs 162 crore, while revenue soared 55.5% to Rs 322 crore. CDSL also achieved a significant milestone, surpassing 13.5 crore registered demat accounts, with 1.18 crore new accounts added in the quarter alone.
Chief Economic Advisor V Anantha Nageswaran announced that deregulation will be a key theme in the upcoming Economic Survey, emphasizing its necessity at state and local levels to enhance female workforce participation. He also advised caution against overinterpreting the recent decline in GDP growth, asserting that India's growth narrative remains strong.
At the Business Agility Day in Zurich, over 600 leaders gathered to discuss innovation and efficiency, with a keynote by Microsoft’s Boris Scholl on AI's role in productivity. UBS executives detailed their Agile Delivery Organization's evolution, emphasizing client-centricity and revenue-generating product development. Julius Bär's Patricia Kleinle highlighted the importance of fostering creative openness, while Kosovo's Prime Minister Albin Kurti shared insights on digital transformation.
Economic factors may undermine Trump's warning to BRICS regarding the potential replacement of the dollar. Meanwhile, significant developments in India's financial sector are underway, highlighted by the recent passage of a crucial Banking Law Amendment Bill and discussions on rate cuts.
Despite a rise in women's access to credit from 7% in 2017 to 14% in 2022, they still represent only 28% of borrowers in India. Women face a higher loan rejection rate of 19% compared to 8% for men, largely due to lower workforce participation and home ownership. Focused initiatives and investments in women's education and skills could triple their credit portfolio by 2030, as highlighted by the recent $36 billion commitment from the Indian government for women's empowerment.
Mt. Gox transferred 27,871 Bitcoin, valued at $2.8 billion, as the cryptocurrency reached $100,000. The exchange has extended its payout timeline for creditors to October 31, 2025, while retaining approximately 39,878 BTC worth $4.1 billion. Despite past market reactions to such movements, recent transfers have had minimal impact on Bitcoin prices.
Poonawalla Fincorp plans to double its workforce and expand its branch network from around 100 to nearly 400 by next year, focusing on loans for gold purchases, used cars, shopkeepers, and education. Despite a slowdown in credit growth and increased scrutiny from the Reserve Bank of India, the company aims to leverage digital and physical offerings in smaller cities. However, its stock faced a decline following reports of higher provisions for bad loans and rising operating costs.
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