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Today's top stories include India's forex reserve jump, LG Electronics' India's IPO, Paytm's stake sell in PayPay Corp, and TikTok losing appeal in US court.
The Reserve Bank of India's Monetary Policy Committee kept the benchmark repo rate unchanged and also maintained its neutral stance. However, to ease potential liquidity stress, cash reserve ratio has been cut by 50 basis points to 4%.
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India's foreign exchange reserves rose to $658.1 billion for the week ending Nov. 29, according to data from the Reserve Bank of India released on Friday. The increase follows an eight-week decline in reserves.
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LG Electronics Inc.'s India unit filed draft papers with the Securities and Exchange Board of India on Friday for its initial public offering. The IPO will comprise only an offer-for-sale component, with no fresh issuance of shares, as per the draft document.
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Paytm is set to sell its 5.4% stake in Japan's digital payments company PayPay Corp. to investor SoftBank for $250 million or around Rs 2,000 crore.
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TikTok’s Chinese parent company faces a ban in the US if it doesn’t meet a Jan. 19 deadline to sell the video-sharing app as a result of a federal appeals court ruling Friday.
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There has been no decision by the BRICS bloc about creating a common currency to reduce usage of the dollar, Reserve Bank of India Governor Shaktikanta Das said in a post-policy briefing on Friday.
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Indian benchmark indices ended Friday's session with marginal losses, with the NSE Nifty 50 recording its biggest weekly gains since early June. The Nifty 50 closed 39.05 points, or 0.16%, lower at 24,669.35, while the Sensex declined 56.74 points, or 0.07%, to settle at 81,709.12.
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