INVESTMENTS

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• Tax exemption notified for non-residents' investments in offerings by IFSC

  "The relaxation will allow non-residents to claim tax exemption in India on income from financial products offered by GIFT city intermediaries and is expected to give a boost to financial products and solutions offered from GIFT City," Rajesh Gandhi, Partner, Deloitte India said. "Among various intermediaries, the foreign clients of the brokers trading on various financial products on the IFSC stock exchanges are likely to be major beneficiaries of this exemption," Sunil Gidwani, Partner- Financial Services, Nangia Andersen LLP said.

  

• India fastest growing market for Skechers: CFO John Vandemore

  Declining to share the investment made to set up the facility, Vandemore said, “We don’t give specifics around investments however, this is one of the many investments we have made in the Indian market. We believe India can be one of our top markets globally…It is already our fastest growing.”

  

• Hero Electric taps GII, credit funds for Rs 550 crore

  According to sources in the know, the company is attempting to raise Rs 300 crore from existing backer GII and tie up the remaining funding of about Rs. 250 crore in form of debt for which it has tapped the credit fund arms of Edelweiss and Kotak. Hero Electric has offered to provide a land parcel in Gurugram as security to potential financiers.

  

• Climate finance tops $1 trillion in 2021, still far from 2030 target: Study

  The study showed that the average annual flows in 2021/2022 surged to nearly USD 1.3 trillion, a twofold increase from the figures of 2019/2020.

  

• GDP shows investment green shoots

  Nominal GDP grew by 8.0% compared to 27.7% in the first quarter of FY23. Key sectors like trade, hotels, transport, and communication saw growth of 9.2%, while real estate and finance rose by 12.2%. Agriculture and electricity sectors grew by 3.5% and 2.9%, respectively.

  

• Axis Bank sees fight for India deposits intensifying

  Rising loan demand from companies and consumers has pushed year-on-year credit growth in India to 20.2%, having hit decade highs in recent months. However, the deposit mobilization has failed to keep pace, growing year-on-year at 13.2%, according to the latest weekly data from the Reserve Bank of India.

  

• Tata Communications CEO on falling margins, acquisitions & more

  “We want to get our digital products to 50% and that is what we are on our way to. With this quarter, we would have reached 36% in digital revenues and as we scale all of these, each of these digital products have their glide path to improve their margins and therefore we are confident of hitting our aspiration of 23% to 25% in the mid to long term.”

  

• General Atlantic to deploy up to $1 billion a year in India

  “We are tracking big policy changes announced by the government that will accelerate creation of digital infrastructure for services and products,” said Shantanu Rastogi, managing director and the firm’s India head. “Affordable supply, affordable infrastructure for financial inclusion, affordable data are big themes for us,” he said.

  

• India Inc heaves a sigh of relief as RBI pauses rate hikes cycle, investment hopes rise

  Private sector may look at stepping up capital expenditure while the realty sector may get a boost as the RBI holds the repo rate at 6.5 per cent.

  

• Payments dominate FinTech market, attracts $53.1 bln investments in 2022 : Report

  According to a recent report by KPMG, the payments space is dominating the fintech market and has attracted a whopping USD 53.1 billion investments in 2022.

  

• Automotive sector growth to be moderate in near-to-medium term: ICRA

  Volume growth across segments is expected to be at high single-digit levels in FY2024. OEMs would make material investments in the development of ground-up electric vehicle platforms as electrification gathers pace.