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<keyword id="526777" type="General" weightage="100" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> marked down the value of its investments in private companies by about 33 per cent across its venture-capital funds in 2022, according to The <keyword id="6384660" type="General" weightage="80" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword>. The markdowns erased USD 23 billion in value from Tiger's giant holdings of startups around the globe, one of the people familiar with the firm said. Its private portfolio includes big bets on hundreds of companies including TikTok parent ByteDance and payments company <keyword id="944108" type="General" weightage="80" keywordseo="stripe" source="Orion">Stripe</keyword>. In the fourth quarter, Tiger's newest venture funds lost between 9 per cent and 25 per cent. While substantial, the markdowns -- including USD 9 billion in the second half of the year--highlight the lag in private markets compared with similar fast-growing public companies. Tech stocks fell sharply last year, yet large venture-capital investors have so far reported more modest declines, <keyword id="51124" type="General" weightage="80" keywordseo="wsj" source="Orion">WSJ</keyword> said. According to the Wall Street Journal, SoftBank Group reported its USD 48 billion Vision Fund 2 saw a roughly 30 per cent drop in valuations of its private investments between April and December, compared with a more than 50 per cent drop in its publicly traded holdings. The disconnect is partly explained by the tricky process of valuing private companies. WSJ said managers have wide discretion; they typically rely on recent transactions, fundamentals like revenue and the performance of comparable companies. They also often hold preferred stock, which gives investors protections if a company sells at a discount and often decreases in value at a slower rate than common stock. Managers generally say they hew to consistent valuation processes, regardless of market cycles, that involve independent assessments of companies' worth, according to WSJ. Some question if public markets are a valid benchmark, contrasting the volatility of public markets with the longer-term nature of their investments in private companies. Still, the lag in private-market valuations during a rout in technology stocks has drawn the attention of investors including Harvard University's endowment, whose chief suggested in his annual letter last fall that venture managers hadn't written down their private investments sufficiently. That could create a blind spot for investors deciding whether to invest in new funds managers are raising, WSJ said. The recent write-downs at Tiger changed some of its performance stats significantly since it began raising a new USD 5-billion venture fund last fall, according to WSJ. WSJ said when it initially sought investors for the fund, PIP 16, it reported that a USD 5 billion fund it raised in 2020, PIP 12, had generated a 22 per cent internal rate of return for investors--a well above-average figure--through June 30. That figure has fallen to 9 per cent, people familiar with the matter said. Similarly, PIP 11's internal rate of return has fallen to 13 per cent from 23 per cent over the same time frame. PIP 10's decreased to 35 per cent, from 39 per cent. Tiger subsequently shared updated performance metrics with prospective investors after taking additional losses in the third quarter, a person familiar with the matter said. Tiger regularly provides performance and portfolio data to existing and potential investors, the person said, regardless of the market backdrop, according to WSJ. All of Tiger's largest investments have taken a hit, according to people familiar with the firm. When it began fundraising last fall, the firm told investors that its stake in payment processor Stripe was worth USD 1.6 billion as of June 2022, WSJ said. On Wednesday, Stripe said it raised USD 6.5 billion in a deal that valued it at USD 50 billion, nearly half of where it was in its last funding round two years ago. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a> <a href="https://www.businessinsider.in/finance/banks/news/time-to-move-on-from-ceo-extension-debate-for-indusind-bank-and-focus-on-the-fundamentals/articleshow/98693999.cms">Time to move on from CEO extension debate for IndusInd Bank and focus on the fundamentals</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-remain-optimistic-about-indias-top-100-stocks-most-popular-5-stocks-deliver-double-digit-returns/articleshow/98648739.cms">Analysts remain optimistic about India’s top 100 stocks: Most popular 5 stocks deliver double digit returns</a>

Tiger Global writes down venture funds' bets by 33% in 2022, says Wall Street Journal

<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>, <keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword>, and <keyword id="97186" type="CITY" weightage="20" keywordseo="JK-Bank">J&amp;K Bank</keyword> stocks are soaring in trade today, led by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) committee’s recommendation to increase the cap on promoters’ stake from 15% to 26%.</li><li>The proposed change comes at a time when banks need the infusion of funds to deal with the outcome of the COVID-19 pandemic on borrowers.</li><li>Billionaire Uday Kotak, promoter of <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, may now also be able to cement his position in courts where he was arguing to retain 26% of his shareholding.</li></ul>IndusInd Bank’s shares are up over 4% after the Reserve Bank of India’s (RBI) Internal Working Group (IWG) recommended that the cap on promoters’ stake, in the long run, should be raised from the current level of 15% to 26%. <div type="image" title="indusind bank share price" msid="79363913" hostid="261" caption="&amp;lt;p&amp;gt;IndusInd Bank share price over the last one month&amp;lt;/p&amp;gt;"></div> This brings grand tidings for the bank as its promoter, the Hinduja Group, has indicated its interest to increase shareholding. “We further estimate that, at the current market price, promoters could infuse up to ₹10,000 crore to increase their stake to 26% at the bank versus 14.85% currently,” said Motilal Oswal Financial Services in its report. Other banks are also gaining ground, with Jammu &amp; Kashmir Bank leading the pack, up by 13.3%, and IDFC First Bank also soaring by 6.4%. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jammu &amp; Kashmir Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.30 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr></tbody></table>Source: Nifty/BSE, share prices as of 11:20am Kotak Mahindra Bank’s share price continues to trade flat While Kotak Mahindra Bank’s shares continue to trade flat, the increase in the cap on promoter stake is favourable for its promoter Uday Kotak as well. If accepted, this recommendation may cement the case he’s making to be allowed to retain a 26% stake in Kotak Mahindra Bank. <div type="image" title="kotak mahindra bank share price" msid="79363928" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank share price over the past one month&amp;lt;/p&amp;gt;"></div> “We view this as a positive development across the banking sector, especially for the promoter-driven banks. This would help promoters have more ‘skin in the game’,” noted Nirmal Bang Securities. According to analysts, increasing the cap on promoters’ sharing holding in banks also levels the playing field for other stakeholders that may have already reduced their shareholder as per RBI’s existing guidelines. The recommendation is also coming at a crucial time when banks need more capital to deal with the outcome of the COVID-19 pandemic after the stay on moratorium is lifted by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-earn-money-at-home-from-googles-task-mate/articleshow/79362215.cms">Google is testing ‘Task Mate’ in India, which lets users earn money for doing tasks on their smartphones</a> <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information</a> <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a>

IndusInd Bank surges over 4% after RBI committee proposes to increase the cap on promoter stake in private sector banks

<ul><li>The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian equities are likely to open higher on Monday. The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a positive opening for Nifty50. These are the stocks to watch out for during the trading session on October 26: Future Retail and RIL The Singapore arbitration court ruled in favour of American e-commerce giant Amazon with regard to the Future-RIL deal. The court has directed Kishore Biyani’s led Future Group to not proceed with Mukesh Ambani’s Reliance Retail deal until the outcome of the arbitration process. The shares of Future Retail and RIL ended 4% and 0.24% higher, respectively, on Friday. DHFL According to PTI reports, the committee of creditors (CoC) of debt-ridden DHFL is scheduled to meet today to take a call on four bids received as part of the resolution process for the beleaguered firm. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. The shares of DHFL ended 5% lower on Friday. IndusInd Bank and Kotak Mahindra Bank The Mauritius-based, IndusInd Bank promoter, IndusInd International Holdings Ltd (IIHL) refuted <a href="https://www.cnbctv18.com/finance/indusind-bank-says-report-on-merger-with-kotak-mahindra-bank-is-untrue-and-malicious-7297331.htm">media reports claiming that</a> Kotak Mahindra Bank may take over the bank. The shares of IndusInd Bank and Kotak Mahindra Bank ended 0.3% and 0.5% lower, respectively, on Friday. ICICI Bank The Indian multinational Bank, ICICI Bank has shut its operations in Sri Lanka after getting approval from the Sri Lankan monetary authority. The shares of ICICI Bank ended 0.84% higher on Friday. Vedanta Vedanta on Saturday said its board has approved the first interim dividend of ₹9.50 per share amounting to ₹35 billion. The shares of Vedanta ended flat on Friday. Tata Motors Tata Motors on Friday told investors that it has bagged an order for 6,413 vehicles from Andhra Pradesh State Civil Supplies Corporation. The company said it emerged as the top bidder under the terms and conditions set by the government. The shares of Tata Motors ended 3% higher on Friday. Tech Mahindra Tech Mahindra<a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-q2-maring-expansion-and-acquisitions/articleshow/78827612.cms"> reported a 5% year-on-year drop in its profit to ₹1,065 cror</a>e for the quarter ended September 30. Although the profit was up 9.5% compared to the sequential quarter. The company generated revenue of ₹9,372 crore, up 3.3% year-on-year. The shares of Tech Mahindra ended 1% higher on Friday. Yes Bank The private sector lender, Yes Bank is back in the black after reporting a net profit of ₹129 crore for the second quarter ended September 30. The bank had posted a net loss of ₹600 crore in the corresponding quarter last year. However, the bad loans in Yes Bank’s portfolio remained elevated. The shares of Yes Bank ended 5% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-first-satellite-with-ai-onboard-is-now-in-orbit-and-its-tech-could-completely-change-how-we-respond-to-wildfires/articleshow/78858333.cms" data-type="tilCustomLink">The first satellite with AI onboard is now in orbit, and its tech could completely change how we respond to wildfires</a> <a href="https://www.businessinsider.in/stock-market/news/the-stock-market-has-historically-performed-better-when-the-incumbent-president-wins-reelection-according-to-one-analysis/articleshow/78858968.cms" data-type="tilCustomLink">The stock market has historically performed better when the incumbent president wins reelection, according to one analysis</a>

Top stocks to watch — Future Retail, RIL, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Tata Motors, Tech Mahindra, Yes Bank and others

Surpassing several global banks, financial services companies and big private equity peers, <keyword id="6402698" type="COMPANY" weightage="80" keywordseo="Warburg-Pincus">Warburg Pincus</keyword> and <keyword id="6375561" type="COMPANY" weightage="80" keywordseo="General-Atlantic">General Atlantic</keyword> would jointly take over leading brokerage <keyword id="100578" type="COMPANY" weightage="80" keywordseo="Sharekhan">Sharekhan</keyword> after months of negotiations and competitive bidding. This would be among the biggest such acquisitions in the industry. 
 
The Warburg-General Atlantic combine has emerged as the frontrunner to buy the company for a valuation of Rs 2,300-2,400 crore. The interest in a brokerage firm, after a gap of over six years, coincides with the gradual upswing in India's equity markets. 
 Late last year, Citi <keyword id="6357097" type="COMPANY" weightage="60" keywordseo="venture-capital">Venture Capital</keyword> International (CVCI), the majority owner of Sharekhan, had mandated Citi to find a buyer. Citigroup had sold its $4.3 billion emerging markets private equity fund CVCI to New York-based <keyword id="1855697" type="UNKNOWN" weightage="80" keywordseo="Rohatyn-Group">Rohatyn Group</keyword> in 2013 to comply with US rules. CVCI owns 60% of the company. Other shareholders are Baring Asia Private Equity (14%), IDFC (10%) and Samara Capital (5%), with the balance held by Sharekhan employees. 
 <keyword id="87153" type="CITY" weightage="80" keywordseo="BNP-Paribas">BNP Paribas</keyword> was the second-highest bidder for the asset. "Warburg-GA combine and BNP Paribas have emerged as the most aggressive candidates. But between the two, the former has the edge. The final leg of negotiations is ongoing," a person who's directly involved in the matter told the Economic Times. 
 
If the deal goes ahead, General Atlantic will be reinvesting in Sharekhan, having exited in 2007. While there wasn't much difference among the top three financial bids, the private equity consortium's agreement terms, turnaround plan, familiarity with the team and their operation and global successes in the same field is believed to have gone in its favour. 
 
Sharekhan has a net worth of Rs 1,300 crore and has been valued at 1.7 times this. In dollar terms, CVCI would make a twofold return on its investment with the dollar having been at 40 rupees at the time of its stake purchase, going by this estimate. 
 
A Warburg Pincus spokesperson told ET: "The firm is bound by internal operational policies, which does not allow discussion of its investment activities." 
 Warburg and General Atlantic, among the earliest private equity firms to enter India, have historically taken big bets on the Indian financial services space with investments in stock exchanges to brokerages, non-banking finance companies (NBFCs) and banks. These include HDFC, Kotak Mahindra Bank, IndusInd, the <keyword id="53581" type="CITY" weightage="80" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> and AU Financiers among others. 
 Globally, Warburg and General Atlantic have teamed up to helm a financial services platform. In 2013, the two carved out the asset management platform of <keyword id="64259" type="CITY" weightage="80" keywordseo="Banco-Santander">Banco Santander</keyword> into an independent company and took control of it. This operates in 11 countries in Latin America and Europe with products distributed through Banco Santander's network of over 14,000 branches. 
 Warburg bought <keyword id="248826" type="COMPANY" weightage="80" keywordseo="Future-Capital-Holdings">Future Capital Holdings</keyword> in 2012 from Kishore Biyani, its first buyout in the space, renaming it Capital First. Last year was Warburg's most active in India, investing $413 million in seven companies. 
 Meanwhile, Sharekhan is India's third-largest brokerage firm after <keyword id="114298" type="COMPANY" weightage="80" keywordseo="ICICI-Direct">ICICI Direct</keyword> and <keyword id="103838" type="CITY" weightage="80" keywordseo="HDFC-Securities">HDFC Securities</keyword> in terms of the client base. The Mumbai-based firm has 160 branches and 13 lakh retail investors, while ICICI Direct and HDFC Securities have 30 lakh and 17-18 lakh, respectively. Sharekhan made a profit of Rs 175 crore in FY15, up from Rs 102 crore in FY14 and Rs 112 crore in FY13. 
 
(Image: Indiatimes)

Know which companies are fighting it out to buy Sharekhan

The <keyword id="120582" type="General" weightage="20" keywordseo="hinduja-group" source="Orion">Hinduja group</keyword> has made an offer to invest an additional ₹300 crore in <keyword id="157626" type="General" weightage="20" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>. <keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> General Insurance, a unit of Reliance Capital, needs a cash infusion to maintain solvency levels. IndusInd International Holdings Ltd (<keyword id="1424679" type="General" weightage="20" keywordseo="iihl" source="Orion">IIHL</keyword>), which is owned by <keyword id="28125" type="General" weightage="20" keywordseo="hinduja" source="Orion">Hinduja</keyword>, made the highest bid of ₹9,650 crore for Reliance Capital in a second auction on Wednesday. Reliance General Insurance had sought ₹600 crore cash infusion from lenders in December last year to meet the solvency requirements of the IRDA. The lenders earlier rejected the call for fund infusion from their pocket, putting the onus on the general insurance firm to the incoming investor. The bid amount of ₹9,650 crore will go to lenders who had lent ₹24,000 crore to Reliance Capital. The Committee of Creditors (COC) of Reliance Capital will hold a meeting on Friday where the top officials of the Hinduja group will make a presentation on its resolution plan. Reliance Capital owns a 51 per cent stake in Reliance Nippon Life Insurance and 100 per cent in Reliance Nippon General Insurance. The Hinduja group has a presence in the financial services sector through its stake in Indusind Bank and Hinduja Leyland Finance, a non-banking finance company owned by Ashok Leyland. The group has a housing finance business which is core to its strategy to increase its presence in financial services. At a consolidated level, as on December 31, 2022, the AUM (assets under management) of Hinduja Leyland Finance stood at ₹33,353 crore of which the housing finance business accounted for 18 per cent. In addition to ₹9,650 crore, the company has also offered ₹300 crore capital infusion in Reliance General Insurance, and another ₹50 crore for other expenses. The total value of IIHL's bid is ₹10,000 crore. The total Hinduja bid is ₹1,900 crore more compared to its own bid of ₹8,110 crore in the first challenge mechanism. Torrent, which decided to skip the second auction, had offered ₹8,640 crore in the first auction. The new Hinduja bid is higher by ₹1,380 crore. Torrent has moved the Supreme Court on banks' plans to launch a second auction. The matter will be heard in August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/anil-agarwal-makes-zero-debt-pledge-says-very-comfortable-servicing-debt/articleshow/99815431.cms">Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt</a>

Hinduja group offers to infuse ₹300 crore in Reliance General Insurance

<ul><li>About 83% of the traders believe that the new tax has deterred their trading frequency.</li><li>About 23 % of the traders want to move their holdings to an international exchange to avail a more favorable tax climate.</li><li>The government of India has imposed a 30% tax on all profit coming from <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> trading and an additional 1% TDS on all transactions.</li></ul>Four in five traders have slowed down their investments in <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> since the implementation of a new tax, a recent survey by Indian crypto exchange WazirX has revealed. The company’s survey — involving 9,500 respondents — highlighted that 83% of the traders believe that the new tax has deterred their trading frequency. Another 24% — or a quarter of the traders — are considering shifting their trading activities to international exchanges. The report also indicates that 28% of the respondents aged between 18 and 35 years had sold more than 50% of their holdings before 1st April 2022, when the new tax came into effect. About 23% wished to move their holdings to an international exchange to avail a more favorable tax climate. Coinbase, Binance and Crypto.com are some of the international crypto exchanges that are likely to gain in case of a switch. Indian crypto exchanges like CoinSwitch Kuber, CoinDCX and WazirX could be at the losing end. “In the current scenario, revenue from tax collections for the government will decline as 27% of customers (34% traders and 23% holders) said they will trade less than earlier owing to the current taxation policy,” WazirX said in a press note. <cmsannotation type="cmsannotation" annotationid="₹600 tax for a ₹2000 profit" comment="subhead" text="₹600 tax for a ₹2000 profit">₹600 tax for a ₹2000 profit</cmsannotation> India’s finance minister Nirmala Sitharaman, in her budget speech in February, announced that all profits from crypto would be taxed at <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">a flat 30% rate</a>, which is the highest tax bracket and the same rate as lottery winnings. The government also mandated a 1% tax deducted at source (TDS) on all crypto transaction redemptions, even the ones that make a loss. So, for example, a person who buys a crypto asset at ₹10,000 and sells it at ₹12,000 would show a profit of ₹ 2,000 and pay 30% tax, which is ₹600. In terms of TDS, if you had bought Bitcoin worth ₹10,000 and sold it at the same price without any profit, you would get back only ₹9,900. The new tax was implemented on <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms#:~:text=Firstly%2C%20all%20crypto%20profits%20gained,tax%2C%20which%20is%20%E2%82%B9600.">April 1, 2022</a>. Rajagopal Menon, vice president at WazirX noted it is important that the regulations support the “inclusive growth” of all stakeholders involved. “The survey results stipulate the need to reform certain conditions to aid the growth of crypto investors in the country, which will result in economic prosperity. The tax regime needs to be balanced to encourage participation and revive trading volumes,” he said. Meanwhile, the cryptocurrency market is plunging to a new low everyday. Bitcoin, the world’s largest cryptocurrency, is at an 18-month-low of $19,864. The currency reached an all-time high of $68,000 in November 2021. SEE ALSO <a href="https://www.businessinsider.in/business/news/no-service-charge-on-restaurant-bill-will-impact-waiters-servers-kitchen-staff/articleshow/92668785.cms">Remember to tip your waiter, there is no more service charge on your bill</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/tata-motors-kotak-mahindra-bank-indusind-bank-among-stocks-to-watch-out-for-on-july-5/slidelist/92665853.cms">Tata Motors, Kotak Mahindra Bank, IndusInd Bank among stocks to watch out for on July 5</a> <a href="https://www.businessinsider.in/india/news/indianoil-delivers-cooing-gas-via-boats-in-flood-hit-assam/articleshow/92667303.cms">IndianOil delivers cooking gas via boats in flood-hit Assam</a>

4 out of 5 traders go slow on cryptocurrency investments after new crypto tax – WazirX

New Delhi, Jun 25 () A USD 11 billion business empire spread over 38 countries that includes banks, India's second-largest truck maker and lubricant making firms is at the heart of a legal dispute in the Hinduja family that is now playing out in a London court. Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016. Hinduja Group has presence in auto, financial services, IT, media, infrastructure, energy and chemicals and healthcare sectors. Differences among the brothers, who shot into prominence in the 1980s when they were accused of taking a commission from Swedish firm Bofors to secure a defence contract of procuring heavy artillery for India, cropped up over control of a bank the group has in Switzerland. The four brothers have been inseparable, putting up joint appearances in the Bofors case investigation and court hearings. However, the charges against them could not be proven in court. Gopichand, Prakash and Ashok tried to use the 2014 letter to take control of Hinduja Bank -- an asset that was in Srichand's sole name, resulting in the legal battle. Vinoo and Srichand Hinduja now want the court to agree that the document has no legal standing and can be revoked. Hinduja Bank has Shanu Hinduja, the other daughter of Srichand, as chairperson, and her son Karam was appointed CEO just last week. It was not immediately known if the 2014 document, which is at the centre of the dispute, is an informal agreement, a will or the basis of a family constitution. Ashok Leyland, India's second largest truck and bus manufacturer, is the flagship firm of the Hinduja Group. Lubricant maker Gulf Oil Lubricants India Ltd is the other listed firm of the group, while Hindujas hold 14.34 per cent in IndusInd Bank Ltd that has a market-cap of over Rs 33,000 crore. According to the company website, Hinduja Group was started by Parmanand Deepchand Hinduja with an office in Iran. "Merchant Banking and Trade were the twin pillars of the Group's business. The Group remained headquartered in Iran till 1979. It then moved to Europe," it said. The group also has a BPO, the Bengaluru-headquartered Hinduja global Solutions (HGS). It had through Gulf Oil Corp Ltd acquired lube and industrial oil maker Houghton International in December 2012. Besides IndusInd Bank, the group in 1994 set up Hinduja Bank (Switzerland) Ltd. Making its foray into the power sector, Hinduja National Power Corp Ltd set up a 1,040 MW coal-based merchant power plant at Visakhapatnam in Andhra Pradesh. The group's NXTDigital offers cable and DTH services. Hinduja Realty Ventures (HRVL) is flagship real estate development arm of the Hinduja group which also runs a hospital in Mumbai. Eldest of the four brothers, Srichand is the chairman of the Hinduja Group, Hinduja Bank of Switzerland and Hinduja Foundations. He has two daughters -- Shanu and Vinoo. Gopichand, 79, is the co-chairman of Hinduja Group and chairman of Hinduja Automotive Ltd, UK, while Prakash, 75, is the chairman of Hinduja Group (Europe). Gopichand has two sons, Sanjay and Dheeraj and a daughter, Rita. Prakash has two sons, Ajay and Ramkrishan, and a daughter Renuka. Youngest of the siblings, Ashok, 69, is the chairman of Hinduja Group of Companies (India). He has two daughters, Ambika and Satya, and one son, Shom. Ashok Leyland, Gulf Oil and IndusInd Bank, the three BSE-listed firms, do not have any individual shareholding of the family, as per data provided by the companies to the exchange. These companies have promoter group entities holding stakes. Hinduja Global Solutions, the BPO service provider, is the only group company that has members of the Hinduja family directly holding shares. The promoter stake of Hinduja flagship firm Ashok Leyland is split into four entities -- Hinduja Bank (Switzerland), Hinduja Automotive, Hinduja Foundries Holding and CitiBank NA -- making up nearly 52 per cent stake. No Hinduja family member holds any direct stake in Ashok Leyland, as per the BSE data. It is not known how much each brother holds in these companies. The brothers have been ranked together in rich lists. Among the third generation of the family Vinoo, Sanjay, Dheeraj, Ajay, Ramkrishan (Remi) and Shom Hinduja are involved with the group, while Shanu, Ritu, Ambika and Satya Hinduja are not engaged in the business. Dheeraj Hinduja, son of Gopichand Hinduja, is the chairman of Ashok Leyland. Dheeraj's brother Sanjay Hinduja chairs Gulf Oil. Their cousins Vinoo, Shom, Ambika and Shanoo are listed under the promoter group of Hinduja Solutions. ANZ ABM ABM

Hinduja family feud: $11 bn empire of truck making, lubricants, banks at stake

<ul><li>The 30-share BSE index was trading 309 points higher, and the broader NSE Nifty was trading 0.65% higher on Monday at 9:40 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indices surged in early trade on Monday, tracking gains in index-heavyweights Reliance Industries, HDFC Bank and Infosys amid largely positive cues from global markets and sustained foreign fund inflow. The 30-share BSE index was trading 309 points higher, and the broader NSE Nifty was trading 0.65% higher on Monday at 9:40 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Lab </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td></tr></tbody></table>*as of November 23, 9:57 am These are the top stocks in news today. Ujjivan Small Finance Bank leaps over 10% The shares of Ujjivan Small Finance Bank gained over 10% after the central bank’s Internal Working Group (IWG) <a href="https://www.businessinsider.in/finance/banks/news/rbi-panel-proposes-raising-promoter-stake-cap-allowing-nbfcs-to-become-banks-and-large-corporation-can-own-banks/articleshow/79323107.cms">has proposed 12 changes to ownership</a> guidelines and corporate structure for Indian private sector banks. The panel recommends that banks currently under NOHFC (non-operative financial holding company) structure may be allowed to exit from such parameters. Reliance Industries and Future Retail gain after CCI approval The shares of Mukesh Ambani-owned Reliance Industries gained over 2% after The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. The ₹24,713 crore deal will boost Reliance Industries' fast-growing retail business. The shares of Kishore Biyani-led Future Retail were also locked in a 10% upper circuit during the morning trade. Pfizer shares gain over a percent The shares of COVID vaccine manufacturer Pfizer gained over a percent after <a href="https://www.telegraph.co.uk/news/2020/11/22/pfizer-covid-vaccine-could-get-green-light-end-week/">news reports</a> hinted that the UK could give regulatory approval to Pfizer-BioNTech’s COVID-19 vaccine this week, even before the United States authorises it. CG Power locked in 5% upper circuit The shares of CG Power were locked in a 5% upper circuit after lenders agreed to a one-time loan restructuring to pave way for the Chennai-based Murugappa Group taking over the scam-hit equipment maker. CG Power’s total debt stands at ₹2,161 crore, of which a consortium of 14 banks have taken a haircut of ₹1,100 crore and restructured the remaining. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-pharmacy-is-going-to-be-the-first-big-test-of-public-trust-in-prime-and-will-expose-the-company-to-more-scrutiny/articleshow/79353327.cms">Amazon Pharmacy is going to be the first big test of public trust in Prime and will expose the company to more scrutiny</a> <a href="https://www.businessinsider.in/india/news/moderna-covid-19-vaccine-to-cost-govts-25-37-per-dose-ceo/articleshow/79353606.cms" data-type="tilCustomLink">Moderna Covid-19 vaccine to cost govts $25-$37 per dose: CEO</a>

Top stock movers — RIL, Future Retail, Ujjivan SFB, Pfizer, CG Power, and others

Mumbai, May 11 () Benchmarks Sensex and Nifty erased early gains to settle in the red on Monday, dragged by an intense selloff in financial counters amid concerns that lenders beefing up provisioning against COVID-19 may escalate slippages. The BSE gauge Sensex tumbled over 800 points from the day's high to end at 31,561.22, down 81.48 points or 0.26 per cent. Likewise, the NSE barometer Nifty fell over 220 points from its day's peak to close at 9,239.20, dropping 12.30 points or 0.13 per cent. Analysts said that overall domestic market sentiment also remained subdued due to spiking coronavirus cases in the country and tepid cues from global markets. On the Sensex chart, ICICI Bank was the top laggard, cracking over 5 per cent, followed by Kotak Bank, HUL, HDFC, IndusInd Bank, HDFC Bank and Nestle India. On the other hand, Hero MotoCorp, Bajaj Auto, Maruti, TCS and HCL Tech were among the gainers. Sectorally, BSE bankex, finance, power, FMCG and healthcare indices ended up to 2.31 per cent lower. While auto index rallied 4.23 per cent. Telecom, teck, metal and IT indices too ended with gains. In the broader market, BSE midcap jumped 0.65 per cent, while smallcap index closed in the red. Joining peers, ICICI Bank made COVID-19 related provisions of Rs 2,725 crore to further strengthen the balance sheet - a concern on fiscal slippage front. The private sector lender reported a 6.91 per cent growth in March quarter net profit at Rs 1,251 crore on a consolidated basis, after setting aside provisions for potential impact of the COVID-19 pandemic over and above RBI's requirements. Almost all the private sector lenders who have reported their earnings for the March quarter have set aside additional money as provisions, including HDFC Bank, Axis Bank, Indusind Bank and also RBL Bank, reflecting the impact of the crisis that the banking system is bracing for. "Indian markets opened on a positive note following global cues as trade-war fears receded and more countries announced plans to ease their lockdown restrictions amid hopes of global economies reopening as social distancing measures are eased," Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, said. However, the market couldn't hold the strength during the day as selling pressure was witnessed in heavy index, erasing majority of gains in afternoon session as COVID-19 related one-time provisioning was seen undercutting the earnings on the financial companies, he added. The traders also took note of Prime Minister Narendra Modi's meeting with chief ministers of all states today which is expected to discuss the plan for exit from the ongoing nationwide lockdown to prevent the spread of coronavirus. Globally, bourses in Hong Kong and Tokyo ended on a positive note, while this in Shanghai and Seoul closed with losses. Stock exchanges in Europe were trading significantly lower in early deals. International oil benchmark Brent crude futures were trading 2.39 per cent lower at USD 30.23 per barrel. On the currency front, the rupee slipped 19 paise to close at 75.73 against the US dollar. In India, the death toll due to COVID-19 rose to 2,206 and the number of cases climbed to 67,152, according to the health ministry. Globally, the number of cases linked to the disease has crossed 41 lakh and the death toll has topped 2.82 lakh. ANS MKJ

Indices reverse gains; financials topple on COVID provisioning concerns

Mumbai, Jun 1 () Equity benchmark Sensex surged 879 points on Monday, driven by gains in Reliance Industries, HDFC twins and TCS as investor optimism heightened after the government began the process of unlocking the economy. Positive cues from global markets too buoyed investor sentiment here. After skyrocketing 1,250 points during the day, the 30-share index settled 879.42 points or 2.57 per cent higher at 33,303.52. Similarly, NSE Nifty surged 245.85 points or 2.57 per cent to finish at 9,826.15. Bajaj Finance was the top gainer in the Sensex pack, rising around 11 per cent, followed by Titan, Tata Steel, SBI, M&amp;M, HDFC, IndusInd Bank and Reliance Industries. On the other hand, Sun Pharma, Nestle India and UltraTech Cement were among the laggards. According to Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, Indian markets started the week on a positive note following upbeat Asian market peers and the sentimental positive news of 'Unlock-1' and hopes of economy gradually opening up took hold. "The market further rallied in the afternoon session with much broad-based buying seen in both large and mid cap stocks tracked by respective indices," he added. The home ministry on Saturday said 'Unlock-1' will be initiated in India from June 8 under which the nationwide lockdown effectuated on March 25 will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places. The number of coronavirus cases in India crossed 1.90 lakh and the death toll climbed to 5,394, as per the health ministry data. Globally, the number of cases linked to the disease has crossed 61.66 lakh and the deceased tally stood around 3.72 lakh. Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul settled up to 3 per cent higher, and those in Europe opened with significant gains. International oil benchmark Brent crude futures were trading 0.21 per cent higher at USD 37.91 per barrel. On the currency front, the rupee appreciated 8 paise to provisionally close at 75.54 against the US dollar. ANS BAL

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