Early investor Banga to sell 2% in Nykaa
Harindarpal Singh Banga and his family, early investors in Nykaa, are selling a 2.1% stake in the company for $140.3 million through a block deal. The Banga family, holding nearly 5% stake, will offload 60 million shares at a 5.5% discount. Previously, in August 2024, Banga divested 1.4% stake in Nykaa for Rs 852 crore.
China targets India’s mfg sector, delays machinery delivery, pulls iPhone engrs
Tensions with China are disrupting India’s manufacturing sector as China delays machinery deliveries and pulls its citizens from Indian factories, including those at Apple’s contract manufacturer, Foxconn. This is happening alongside new restrictions on magnet exports to India, impacting automobile and electronics production.
RBI bans fine for pre-paying some biz loans
The RBI has prohibited prepayment penalties on floating-rate personal and small business loans to simplify lending and facilitate lender switching. Effective January 1, 2026, this directive applies to loans sanctioned or renewed by various financial institutions. The waiver extends to loans up to Rs 50 lakh for smaller lenders, ensuring transparency and fairness in loan…
Midcap IT cos to outpace large firms in growth
Analysts predict midcap IT firms will likely surpass large caps in the June quarter, showing steady deal signings despite economic uncertainties. While large caps, except Infosys and LTIMindtree, may face revenue declines, midcaps like Coforge and Persistent are expected to grow. Cross-currency tailwinds should further bolster earnings.
RBI seeks ‘borrower ID’ to reduce credit score errors
RBI is advocating for a secure, unique borrower identifier to eliminate data duplication and inaccuracies within credit bureaus, ultimately aiming to improve loan accessibility. This initiative is coupled with the development of a unified lending interface and the exploration of digital rupees for targeted lending programs.
SBI flags Anil Ambani’s RCom loan a/c as fraud
SBI has classified Reliance Communications’ loan account as fraudulent, implicating former director Anil Ambani and planning to report him to the RBI. This action, stemming from a 2020 forensic audit, triggers legal challenges amidst RCom’s insolvency proceedings. Allegations include significant fund diversions to connected parties, prompting accusations of unfair targeting against Ambani.
Dosa to cake: ‘Ready to cook’ meals heat up
Ready-to-cook meals are experiencing a surge in popularity, doubling in volume over the past two years as 18 million more households embrace the convenience. While ready-to-eat options decline, consumers increasingly favor semi-cooked alternatives that offer a balance of speed and a home-cooked feel.