TMSEp487: Banking, Bharat Mandapam, markets, Global Biofuel Alliance
Mahindra & Mahindra has picked up a 3.53% stake in RBL Bank. And in an exchange filing, the company has said that it was open to acquiring as much as 9.9% stake in the private lender. And M&M isn’t alone in its ambitions in the lending space. Other large Indian business houses – like the Aditya Birla Group and Anil Ambani’s Reliance Capital – had shown interest in the past. But they cannot do it as rules in India don’t allow large corporates to set up a bank. Find out why are Indian corporates keen on entering the banking space.
His banking aspirations may be keeping Anand Mahindra busy, but the social media savvy industrialist took time out to laud the recently inaugurated Bharat Mandapam at Delhi’s Pragati Maidan complex. Hailed as a symbol of emerging India by Prime Minister Narendra Modi, the new International Exhibition-cum Convention Centre is all set to host the G20 summit in September. So what makes Bharat Mandapam significant?
After opening the complex, PM Modi claimed that India will become the third largest economy of the world in this third term. The US, on its part, has been grappling with high inflation. Last week, the Federal Reserve hiked rate by 25 bps, taking the benchmark borrowing costs to the highest level in over 22 years. But the commentary did not provide the kind of clarity markets were looking for on the rate hike trajectory. So, will this lead to near-term consolidation in Indian equities?
FPIs, it looks like, are on a buying spree these days. They pumped in 47,148 crore rupees in Indian equities in June, most in this year, as their belief in the country’s growth story remained intact. And it is not just the FPIs. Countries too are reposing faith. At the recent G20 meet held in Goa, 19 nations joined India as initiating members of Global Biofuels Alliance. And this alliance is getting support beyond G20 too. But what exactly is the Global Biofuels Alliance? Listen to this episode of the podcast for answers.
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