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• JSW to spend ₹100 cr for a big leap into gymnastics

  The centres will be developed by Leap Gymnastics, a new initiative launched by the JSW Group, which supports 6,000 athletes across disciplines through its sports arm, JSW Sports. "As a group, we want to see gymnastics grow both on a participation and recreational level as well as on a competitive level," said Tanvi Jindal, founder of Leap Gymnastics. "We want to open 25 facilities over the next five years."

  

• NIPFP projects India's FY25 GDP growth at 7.1 pc

  The economic think tank said that in 2023-24, states' capex growth is robust due to significant capex transfers from the Centre.

  

• Real estate sector needs more hands to plan, build & sell in boom time

  The real estate sector in India has undergone significant transformation in recent years, from the increasing volume of sales to the implementation of regulatory reforms including RERA. These changes have brought about a heightened demand for professionalism, transparency, and expertise, not just in the primary market but also within the secondary market, particularly in the high-end luxury segments.

  

• Public sector banks may get legal teeth on issuing lookout circulars

  This follows a decision by the Bombay High Court earlier this week that said public sector banks (PSBs) don’t have the power to recommend, or ask, the central government for the issuance of LOCs against defaulting borrowers.

  

• Swiggy confidentially files draft IPO papers for $1.25 billion public listing

  Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.

  

• Spirits market in India is surging at a record pace: Main factors and trends

  After the low during the pandemic when the spirits market shrank to 311 million cases in FY21, it recovered swiftly to add about 100 million cases in annual sales in just three years, reaching 412 million cases in FY24, industry executives said, citing latest excise department data.

  

• US regulators seize troubled lender Republic First, sell it to Fulton Bank

  Regulators seized Republic First Bancorp, selling to Fulton Bank via FDIC. Challenges for regional banks post-collapse of Silicon Valley, Signature, and First Republic. 32 branches in NJ, PA, NY to reopen as Fulton Bank.

  

• Non-compete clauses: Unenforceable under law, but companies love them

  While Indian law is clear on the unenforceability of a non-compete clause operating beyond the term of employment, companies still include it in contracts, particularly for senior executives, as it’s seen as a soft deterrent, said Jay Parikh, partner at Luthra and Luthra Law Offices. Employees would rather comply than bear litigation costs and carry the burden of being sued by their previous employer.

  

• PE Advent International queues up for a stake in Apollo 24/7

  Apollo 24/7 is part of Apollo HealthCo, a subsidiary of Apollo Hospitals. HealthCo also houses the pharmacy distribution business and a 25.5% interest in Apollo Pharmacy. It accounts for about 40% of Apollo Hospitals’ revenue.

  

• Mop up from divestment, asset sale beats FY24 RE of Rs 30,000 crore

  In FY24, government's capital receipts surpassed Rs 30,000 crore from disinvestment and asset monetisation. The budget combined targets under miscellaneous receipts. CPSE dividend collections reached a new peak of Rs 63,749 crore in 2023-24.

  

• India's services exports grow 11.4% in 2023: UNCTAD report

  Despite global economic uncertainties, India's services exports surged by 11.4% to $345 billion in 2023, outpacing China, whose shipments from the sector shrank by 10.1% to $381 billion, as per a UNCTAD report. Key sectors driving India's growth include travel, transport, medical, and hospitality services. The world's services exports, exceeding $7.9 trillion in 2023 with an 8.9% annual increase in current dollar value terms, were led by developing economies like India, China, Singapore, Turkiye, Thailand, Mexico, and Saudi Arabia. However, India's services imports dipped marginally by 0.4% to $248 billion last year.

  

• Petitions pile up as GST notices come after 3 years of returns filing

  Many businesses, who were served with goods and services tax (GST) notices in December 2023 and January of this year following the extension of the notice issuance deadline, have taken their grievances to various high courts, contesting the legal legitimacy of the notices.

  

• Adani Green Energy seeks $400 million loan for capex push

  In addition to this loan, Adani Green is planning to raise a $1.3 billion bond in the next two months, after the general elections. Last month, it became the first Adani Group company to raise funds through a dollar note sale after a year of the release of the US-based short seller Hindenburg Research's report alleging wrongdoings at the group, showing signs of investor confidence.

  

• Kotak MD & CEO's assurance to customers after RBI’s curb

  Reserve Bank of India on Wednesday halted Kotak Mahindra to onboard customers for its digital-only zero-balance saving accounts. Ashok Vaswani, MD & CEO of Kotak Mahindra Bank released a letter assuring uninterrupted services to the pre existing customers. Read on to know more:

  

• NFRA slaps Rs 5 lakh penalty on audit firm for lapses in Vikas WSP audit case

  ​The regulator noted that the financial statements of VWL were materially misstated due to partial recognition of interest cost on borrowings classified as Non-Performing Assets (NPAs) by banks in FY20, resulting in overstatement of profits.

  

• Indian economy stands out with strong show: Finance Ministry

  India's finance ministry highlighted the country's "promising economic performance," citing resilient growth, stable prices, and a strong external sector in its monthly economic report for March. Despite global uncertainties, India's economy remains robust, driven by factors like domestic demand, investment, and manufacturing momentum. The report also noted favorable monsoon forecasts, which are expected to boost agricultural output and ease inflation concerns. Additionally, India's trade deficit is projected to improve, supported by initiatives like the production-linked incentive schemes and recent trade agreements.

  

• Won't back down, says Religare's Rashmi Saluja amid tiff with Burman family

  "I may have agreed that five years ago, I didn't have the experience, but after five years, three successful businesses, a company turnaround and a great team and board to support me, I will not back down," Saluja told ET in an interview. "Any allegations of corporate governance against the board and the management are directly reflected toward the regulators. Our naysayers need to understand that."

  

• FirstCry to refile IPO papers post Sebi order

  FirstCry is set to withdraw its papers for an up to $500 million IPO as early as next week, after India's markets regulator raised questions over key metrics it disclosed to investors.