Top Stories | States wary on GST rate rejig, New RBI Guv takes charge, Mobikwik IPO and more – CNBC TV18
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Meanwhile, fintech giant Mobikwik saw its ₹572 crore IPO fully subscribed within just an hour! Interestingly, the company had trimmed the issue size by a massive 70% before going public. Why? According to its top brass, higher revenues gave them the confidence to go leaner.
In corporate news, the Adani Group has pulled back its request for a $550 million loan from the US Development Finance Corporation for the Colombo Port project in Sri Lanka. Instead, the group says it’ll finance the project on its own. This comes as the US lender was evaluating the impact of bribery allegations against Gautam Adani and others.
Standard Chartered India is gearing up for a big change at the top. With Zarine Daruwala set to retire in April 2025, former JP Morgan India CEO PD Singh is emerging as the frontrunner to take over. The bank has sent a shortlist of three candidates to the RBI for approval.
States divided over GST rate rationalisation amid economic concerns
The proposed Goods and Services Tax (GST) rate rationalisation by the Group of Ministers (GoM) has received a mixed response from states, with several expressing apprehensions about the timing and potential impact of the changes.
According to sources, some non-GoM member states have voiced concerns about the proposed rate changes, citing unfavourable economic conditions. They argue that the economic environment should be carefully considered and suggested delaying the changes until there is a noticeable pickup in consumption.
New RBI Governor: Sanjay Malhotra takes charge as 26th chief for a three-year term
Sanjay Malhotra officially began his three-year term as the new and 26th governor of the Reserve Bank of India (RBI) today, December 11.
Sanjay Malhotra was formerly at the position of Revenue Secretary. His appointment as RBI governor points to the government’s inclinations towards appointing bureaucrats like him to lead the central bank, so as to ensure better synergy between fiscal and monetary policy.
MobiKwik IPO Day 1: Issue subscribed 7.3x so far with retail portion booked 27x already
The much anticipated initial public offering (IPO) of One MobiKwik Systems Ltd, the parent company of online payments platform MobiKwik, opened to strong demand on Wednesday. The mainboard issue was fully subscribed within an hour of launch. At the end of the first day, the IPO saw subscription of 7.3x overall.
The fintech company aims to raise ₹572 crore via the offering. The IPO bidding window will remain open between December 11 to December 13.\
Apart from the MobiKwik IPO, two other mainboard issues of Vishal Mega Mart Ltd and Sai Life Sciences Ltd along with two other SME issues are also open for bidding.
Ex-JPMorgan India chief Prabhdev Singh frontrunner for StanC India CEO: Sources
Standard Chartered Bank (India) is poised for a leadership transition as current CEO Zarin Daruwala nears retirement on April 1, 2025, after an eight-year tenure.
According to sources, the bank has submitted a list of three potential candidates for the CEO position to the Reserve Bank of India (RBI), in line with regulatory protocol.
Among the frontrunners is Prabhdev Singh, who retired as JPMorgan India’s CEO in June 2024 after a 15-year tenure. Singh brings extensive experience, having previously served with HSBC India for a decade and Global Trust Bank for four years.
Out of total 911 PMLA cases, conviction secured only in 42 matters: Finance Minister in Parliament
In its latest revelation to the parliament, the Finance Ministry has said that the Directorate of Enforcement (ED) has filed 911 Prosecution Complaints in different courts from January 1, 2019, to October 31, 2024, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). However, the trial has not begun in about 28 %of ED’s money laundering cases.
Minister of State for Finance Pankaj Chaudhary on Tuesday, December 10, told the Rajya Sabha through a written reply to a question that the ED filed 911 chargesheets between 2019 and October 2024. The maximum number of chargesheets were filed in 2023 where the figure was 239.
Opposition continues protests in Parliament with roses & tricolours
Several Opposition MPs greeted their BJP counterparts in the premises of the Parliament with the tricolour in one hand and a red rose in the other. The MPs said that they wanted to present this to their BJP counterparts and urge them to ensure that the Adani matter is discussed in Parliament.
Adani Ports cancels financing request from DFC of US for Colombo terminal project
Adani Ports and Special Economic Zone Ltd (APSEZ) has withdrawn its earlier request for financing from the US International Development Finance Corporation (DFC) for the Colombo West International Terminal (CWIT) project in Sri Lanka.
“The project will be financed through the company’s internal accruals and capital management plan. We have withdrawn our request for financing from the DFC,” Adani Ports and Special Economic Zone said in a regulatory filing recently. The company announced that the project will be funded through its internal accruals and capital management plan.
SC issues contempt notice to Axis Bank, Reliance Infra unit over DMRC refund dispute
The Supreme Court of India has issued a contempt notice to Axis Bank, its Managing Director Amitabh Choudhary, and a subsidiary of Reliance Infrastructure in connection with a long-running dispute over the former parties not paying the refund of a ₹4,500 crore escrow deposit.
The court directed the parties to show cause why contempt proceedings should not be initiated for allegedly defying a previous order. The case stems from a contempt plea filed by the Delhi Metro Rail Corporation (DMRC), which claims that Delhi Airport Metro Express Private (DAMEPL)- a unit of Reliance Infrastructure, Axis Bank, and its senior officials have failed to comply with a ruling issued in April 2024.
Israel strikes Syria’s naval fleet and military assets
Israel has confirmed that it attacked Syria’s naval fleet, targeting 15 vessels at Al-Bayda & Latakia. IDF conducted 350+ airstrikes across Syria, aiming to neutralize military assets after Assad’s fall.
Breaking Barriers: CXXO report highlights the state of female entrepreneurship in India
A recent report released by Kalaari Capital under its CXXO initiative sheds light on the evolving landscape of female entrepreneurship in India. Titled “CXXO State of Female Entrepreneurship in India,” the report explores the progress, challenges, and opportunities for women founders, revealing both promising trends and persistent systemic barriers.
CXXO is a Kalaari Capital initiative aimed at expanding the funding pool for Female Founders, champion their ventures, and ensure they have a meaningful seat at the table.
