State Bank of India raised ₹5,000 crore through AT-1 bonds at a 7.98% interest rate, marking its first bond issuance this financial year. The bonds, rated AA+, drew bids that were more than 3.5 times the initial amount.
The government has called out social media platforms Meta and X for not sharing information about bomb hoax threats aimed at flights. Officials criticized the platforms for not acting properly, suggesting their lack of action is like being part of the problem. Both companies have been told to shut down offending accounts and work better with authorities.
Kerala's Food Safety Department has banned newspapers for wrapping food due to health risks from harmful chemicals and contamination. They urge food vendors to use safe materials to protect customers and prevent illness linked to ink and germs found in newspapers.
GMR Group has raised ₹6300 crore through an eight-year zero-coupon loan from ADIA to pay off loans for its main business. This will help lower finance costs and reduce the number of shares pledged in GMR Airports Limited.
Stockbroking firm Groww reported a 119% revenue jump to Rs 3,145 crore for FY24. Despite this growth, the company faced a net loss of Rs 805 crore because of a one-time tax payment after moving its headquarters to India. Groww still posted an operating profit of Rs 535 crore, showing it can be profitable in its core business. The company is also expanding its services, attracting over 10 million active investors.
A Gartner report predicts that by 2026, one in five organizations will use AI to simplify their structure, which could lead to cutting more than half of middle management jobs. While AI can boost productivity and lower costs, it also brings up worries about job security and employee morale.
Jensen Huang, the CEO of Nvidia, has made it into the top 10 of Forbes' billionaire list for the first time, with a net worth of $124.1 billion. His wealth jumped by $3.6 billion after Nvidia's stock price rose, highlighting a key moment in the world of generative AI.
Advisor to Prime Minister Tarun Kapoor said that the windfall tax on crude oil isn't very relevant right now. The Ministry of Petroleum has reached out to the Finance Ministry about possibly getting rid of the tax, especially since crude prices have dropped and the tax has been set to zero per tonne.
Scammers in India are using different tricks to cheat people, especially those who are middle-aged and older. Recent stories show how dangerous scams like fake police threats and digital arrests can be, leading victims to lose a lot of money. It's important to stay informed and alert about these common scams.
A recent report shows that Mukesh Ambani's Jio Financial is talking to Allianz about starting insurance partnerships in India. This comes after Jio Financial chose to end its partnership with Bajaj. The goal is to improve Jio's financial services and grow its presence in the insurance market.