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<ul class="summary-list"><li>Berkshire Hathaway reduced its Apple stake again in the third quarter of 2024.</li><li>Warren Buffett's company has now cut its shares in Apple by two-thirds over the last year.</li></ul><a target="_blank" href="https://www.businessinsider.com/i-work-with-warren-buffett-berkshire-hathaway-borsheims-ceo-2024-9">Warren Buffett's</a> Berkshire Hathaway has cut its stake in Apple — again.<a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-website-homepage-culture-values-billionaires-links-2024-10">Berkshire Hathaway</a> reduced its holdings in the iPhone maker to just under $70 billion, according to its third-quarter earnings report, which was published Saturday.The Omaha-based holdings company has been slowly cutting its shares in Apple since 2023. It had about $174.3 billion invested in the company at the end of 2023 — which means it has cut its stake by about two-thirds over the past year.Berkshire Hathaway has consistently sold shares and grown its stockpile of cash over the last year. Buffett also <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-bank-of-america-stock-sales-apple-portfolio-berkshire-2024-10">sold about $10 billion of his Bank of America</a> holdings, another one of his biggest stakes, earlier this year. The company is now sitting on over $325 billion and did not report any buybacks in quarter three of 2024.Berkshire Hathaway has not said why it is selling off shares of <a target="_blank" href="https://www.businessinsider.com/history-of-apple-in-photos-2015-8">Apple</a>. At a Berkshire annual meeting in May, Buffett hinted that he was selling shares for tax reasons, anticipating that the US government could raise the tax on capital gains, which is profit earned on the sale of an asset, <a target="_blank" href="https://www.cnbc.com/2024/11/02/berkshire-hathaway-brk-earnings-q3-2024.html">CNBC reported</a>.

Warren Buffett's Berkshire Hathaway has reduced its big stake in Apple by two-thirds in the last year

<ul class="summary-list"><li>The Federal Reserve will make its next interest rate decision at the end of July.</li><li>Some economists said the economy is ready for the Fed to cut interest rates.</li></ul>After years of high interest rates to combat soaring inflation, some economists think the time has finally come for the nation's central bank to give Americans financial relief by cutting those rates.Lower rates would allow Americans to take out cheaper loans, helping out businesses and consumers.Mark Zandi, chief economist at Moody's Analytics, said that when cuts do come, he expects them to "provide immediate relief" to small businesses, consumers, and lower- and middle-income households. Business owners may find it easier to take out bank loans and consumers who rely on credit cards could end up with cheaper borrowing costs.But those cuts may not be here just yet. At the end of July, the Federal Open Market Committee will announce its <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-should-happen-in-july-not-september-2024-7">next decision on interest rates</a>. <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch</a>, which estimates interest rate probabilities based on market trades, forecasts a 93% chance the Fed will hold rates steady — and Fed Chair Jerome Powell has emphasized that the Committee needs to feel confident inflation is cooling enough before the Fed starts to cut.It's a delicate balancing act between risking a recession and renewed price spikes. "If we loosen policy too late or too little, we could hurt economic activity," Powell <a target="_blank" href="https://www.youtube.com/watch?v=vv6n0oTJMRU">said</a> before the Senate Committee on Banking, Housing, and Urban Affairs on July 9. "If we loosen policy too much or too soon, then we could undermine the progress on inflation."But many long-time Fed watchers and macroeconomists think the war on inflation has been won, and it's time to cut.Zandi thinks the Fed has "achieved their objective of full employment and inflation at target."Claudia Sahm, founder of Sahm Consulting and former Fed economist, agrees. "Frankly, it's been time for a while," Sahm told Business Insider. "We have seen the US economy has been getting back on track, normalizing, rebalancing, all of the Fed's catchwords for some time now."The consumer price index, which measures inflation, <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">rose 3.0%</a> year over year in June — a decrease from May's 3.3% reading — showing that inflation is inching toward the Fed's 2% target. Real US GDP has already been growing at a cooler rate. It increased 1.4% at an annualized rate in the first quarter of 2024 after a 3.4% increase in the fourth quarter of 2023. The <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">labor market</a> has seen the unemployment rate climb to above 4%, and job gains have cooled, though the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-recession-unemployment-inflation-gdp-2024-5">US remains far from a recession</a>.As Powell has consistently said, cutting interest rates too early could end up hurting Americans if it requires the Fed to hike again at a later time. But keeping interest rates high for too long also has consequences — it's keeping <a target="_blank" href="https://www.businessinsider.com/how-do-interest-rate-hikes-impact-housing-market-rent-mortgages-2024-3">housing costs high</a>, businesses are struggling to invest, and Americans are finding it more expensive to take out loans and different forms of credit.While economists who talked to BI described the current economy as good, they also noted that cutting interest rates could give Americans financial relief and help the economy thrive."Right now, the Federal Reserve with keeping interest rates high is putting pressure on the economy, is making it harder for consumers to buy," Sahm said. "They have to take out credit. It's making it harder for businesses to invest."<h2 id="fa2a601e-28f1-43b0-846d-f43eee7bd384">Why economists say it's time to cut interest rates</h2>For months, some Democratic lawmakers have been urging Powell to cut interest rates sooner rather than later to give Americans financial relief. Sen. Elizabeth Warren joined three of her Democratic colleagues in <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-elizabeth-warren-powell-rent-2024-1">writing a letter</a> in January to Powell saying that "interest rates are still too high for many American families, who already cannot afford to pay rent or buy their first homes."Some economists have recently been pointing to similar concerns with the Fed keeping interest rates high. "We got inflation under control, but we could end up in a recession, or we could just end up in a much weaker economy than was necessary because it just waited too long," Sahm said.As Sahm pointed out, it would take time for reduced interest rates to "flow through to the economy.""You want to begin a process of taking the pressure off of the economy," Sahm said. "The best way to do this would be gradually."Waiting longer to start this gradual process of cuts could mean being up against unwelcome scenarios, such as the labor market taking "a turn for the worst," Sahm said. In that case, that could mean the Fed may have to make cuts more quickly.Brian Rose, senior US economist at UBS, told BI that if the Fed doesn't cut rates soon, there could be a "more serious slowdown in the labor market, undesirable rise in the unemployment rate, or more layoffs, and things like that.""The economy seems like it's already growing below trend, and if you leave rates at this level, which is quite restrictive, you can only expect the economy to slow further," Rose said.True to form, Powell has not given any indication as to when interest rate cuts might happen, but when they do, it could provide relief to businesses and consumers alike.Zandi said interest rates on credit cards and Buy Now, Pay Later rates could come down, along with a decline in auto lending rates and mortgage rates."Right now, we're at a 7% fixed mortgage rate, and that's just unaffordable for almost everyone," he said. "But if it gets closer to six, then I think that would make a big difference for people. And we see more home sales and transactions."Even Fed officials are pointing at recent economic data as proof relief will soon be warranted. Chicago Federal Reserve President Austan Goolsbee <a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-bank-earnings-07-15-2024/card/interest-rate-cuts-will-soon-be-warranted-chicago-fed-s-goolsbee-says-MnwqFjEttmPMZIf9OvTc">told</a> The Wall Street Journal that the US economy has proven it's ready to ease up on tight monetary policy."You only want to stay this restrictive for as long as you have to, and this doesn't look like an overheating economy to me," Goolsbee said.

Lower interest rates could be coming soon. Here's what's at stake if they aren't.

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

<ul><li>With the stake sale, Ambit will gain access to Daiwa’s global network and be able to take its products and services to global markets.</li><li>On the other hand, Daiwa will also get an opportunity to utilise Ambit’s networks and expand its operations in India.</li><li>Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets, leveraging the Indo-Japan corridor. </li></ul>Japanese investment bank <keyword id="273776" type="General" weightage="20" keywordseo="Daiwa-Securities-Group" source="Orion">Daiwa Securities Group</keyword> on Monday said it will acquire a minority stake in Mumbai-based investment bank <keyword id="6583393" type="General" weightage="20" keywordseo="Ambit-Private" source="Orion">Ambit Private</keyword> that is led by <keyword id="113609" type="General" weightage="20" keywordseo="Ashok-Wadhwa" source="Orion">Ashok Wadhwa</keyword>. The financial details of the deal were not disclosed. With the stake sale, Ambit will gain access to Daiwa’s global network, which is one of the largest regional broking houses in the Asia-Pacific region, and will be able to further take its products and services to the global markets, according to a press release. Ambit will also leverage Daiwa’s institutional broking expertise. On the other hand, Daiwa will get an opportunity to utilise Ambit’s networks and expand its operations in India. “Similarly, Daiwa’s enhanced presence in India with Ambit as its local partner, will allow for clients to access deep domain knowledge, showcase focused India equity research, and therefore build a strong India franchise through the Ambit network,” the release said. Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets (IPO, public fund-raising and other related business), leveraging the Indo-Japan corridor. The deal, which was signed on April 26, 2023, will be carried out subject to completion of customary conditions precedent and obtaining regulatory approvals, as may be required. Seiji Nakata, president and chief executive officer of Daiwa, said that the company sees India as a strategically important country, which is expected to grow in the long run. “I’m pleased that Daiwa will be able to offer more investment opportunities to our clients with Ambit Group, thanks to this renewed business partnership,” he said. And considering that Ambit Group has dealt with securities businesses and non-banking finance company (NBFC) businesses, it enables them to provide the most proper solution to various client segments, he added. “We are delighted to partner with Daiwa in this new avatar. Having built a strong and mutually beneficial foundation with Daiwa over the years, I am confident that this continued relationship will be fruitful, not only to our clients, but also to both firms. We see India’s growth story blossoming and with Daiwa on board, investment avenues for clients, further open up. This is certainly a milestone in our journey that we will celebrate,” said Wadhwa, group CEO of Ambit. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-fashion-and-tcns-clothing-merger-as-per-analysts-merger-was-not-necessary/articleshow/100074154.cms">Aditya Birla Fashion, TCNS Clothing’s shares tank on merger news; analysts say merger was not necessary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a>

Japanese investment bank Daiwa to buy minority stake in Ashok Wadhwa’s Ambit

<ul><li><keyword id="4625198" type="General" weightage="50" keywordseo="faiz-shakir" source="Orion">Faiz Shakir</keyword>, MD - Sales, <keyword id="14674089" type="General" weightage="20" keywordseo="nutanix-india-saarc" source="Orion">Nutanix India &amp; SAARC</keyword>, <keyword id="2436665" type="General" weightage="80" keywordseo="nutanix" source="Orion">Nutanix</keyword> speaks to Business Insider <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> on why a ‘public-cloud only’ approach is not the way forward for banks and large enterprises. </li><li>Long-term cost implications of public cloud have emerged as a predominant discussion in the industry.</li></ul> The banking sector recognises the need to be digitalized so it can achieve sustained growth in a market where the consumer demands everything-as-a-service. Cloud adoption is a critical factor enabling the transformation for banks. However, regulatory constraints, increasing costs and management complexities are compelling banks to reassess their cloud strategies. Faiz Shakir, MD - Sales, <keyword id="5055928" type="General" weightage="20" keywordseo="india-saarc" source="Orion">India &amp; SAARC</keyword> at Nutanix, a cloud software and hyperconverged infrastructure solutions provider, talks to Business Insider India in detail about emerging cloud models. Tell us how regulated industries, especially the banking sector players, are taking a relook at their cloud journeys? Banks are certainly evolving in their cloud adoption journey. More specifically, cloud adoption today among banks is truly a hybrid multi-cloud model, where they are trying to get the best out of both worlds. Banks realise the need to be extremely agile, as fintechs and NBFCs ensure that the banks cater to the Gen- Z requirements. A recent <a href="https://www.nutanix.com/enterprise-cloud-index">Enterprise Cloud Index (ECI)</a> report has revealed that 84% of enterprises in India prefer hybrid multi cloud as their ideal operating model, and that 58% are expecting to implement such environments within three years. From a Nutanix perspective, this is one market we have done particularly well in. Eight out of 10 banks in India use Nutanix for their hybrid cloud journey. In the last 12 months, our partnership with players like AWS, Azure and Redhat has made us an integral part of organisations’ cloud adoption journey. In addition to addressing regulatory requirements, how are hybrid cloud models enabling banks with agility? Elasticity is a key outcome that banks are certainly expecting, especially to address big variations in resource demands. Many banks that we work with now have the capacity and the ability to move applications and resources to the public cloud in case of an elastic need and pull it back in when they don’t need that elasticity. This enables banks with agility and ease of operations. This level of agility is something banks could not have achieved if they were operating on legacy infra. For example, a bank that runs a home loan mela for a couple of weeks will observe a massive shoot up in resource and workload demand. We work with banks to help them dynamically move certain workloads to a public cloud during these peaks in demand and bring them back to their data centers when elasticity is not required – all of this in a seamless manner. Could you talk more about some of the Indian banks that Nutanix works with and how they are leveraging hybrid multi cloud for digital transformation? Our work with <keyword id="2179992" type="General" weightage="50" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword>, one of the fastest growing banks in India, is an apt case in point. RBL, being a new age bank, caters to the Gen-Z crowd with a rapidly growing credit card base. They also need to ensure that business continuity is in place at all times. But their legacy systems were not built to address the growing digital needs. As part of their IT transformation program, the bank partnered with Nutanix in 2018 to leverage hybrid cloud models. At the end of the program, the bank was able to reduce its time to market to a few hours from a few days. It also saw a significant increase in credit card sales and call center efficiency. The bank’s IT downtime is virtually eliminated while ensuring that costs are under tight control. You brought out the key aspect of controlling cost, which in a way is the elephant in the room. How are banks relooking at the public cloud from a cost point of view? Are organisations unable to achieve economic benefits as they mature in their public cloud adoption journey? Cloud repatriation – shifting away from public cloud to on-premise infrastructure - is a reality. Nutanix has been talking about it at a very early stage – that cloud repatriation is going to happen. In the last few years, the largest companies were made to believe that they could only be agile if they were ‘public cloud-first’ or ‘public cloud-only’. So, a lot of companies moved in that direction and a lot of those companies have come back and rethought through that journey. I am not implying that public cloud is not the way forward. I think public clouds are fantastic. But “public cloud only” is certainly not the way forward. Several of the banks that we work with have gone the repatriation route after having moved lock, stock and barrel to the public cloud initially. Cost is the biggest driver of cloud repatriation and hybrid cloud is becoming the de-facto choice for organisations in that context. Repatriation across verticals, and more so in banks, is massive. At Nutanix, we deal with these queries on a daily basis. Even the new-age, digital-native companies – for example, the fintechs, NBFCs etc – who are ‘born in the cloud’ are going to move to hybrid cloud. With the mounting costs and the prevailing economic conditions globally, they would be compelled to re-look at these factors. It's such an anomaly if you look at it. What is going so terribly wrong with public cloud costing? Long-term cost implications of public cloud have emerged as a predominant discussion in the industry. As organisations scale their cloud adoption and advance to matured usage, the initial benefits start to fade. As companies start consuming more public cloud services, it starts to have a major impact on their cost of revenue, according to studies. Unfortunately, there is no way to regulate this. Then there is also a massive reality of shadow IT. Cloud usage is typically not controlled by the CIO’s (chief information officer) office. So managing and controlling the entire thing is a challenge. Public cloud is great as long as you have those guardrails, you can manage it well and you know exactly what you need. But leveraging public cloud for a longer duration, particularly for predictable applications, does not seem to be cost effective. For example, organisations on the public cloud end up paying the same cost for their test and dev (development) applications as they do for their highly-critical production applications. Nutanix have had customers who have saved up to 2.7X over three years by choosing a hybrid cloud model as opposed to a public cloud model only. How has Nutanix evolved from being an <keyword id="12375218" type="General" weightage="50" keywordseo="hci" source="Orion">HCI</keyword> (hyper-converged infrastructure) company to a hybrid multi-cloud enabler. We pioneered the concept of HCI and have been steadily evolving over the years to stay relevant in a hybrid multi-cloud world – which to me is the ‘hyperconvergence of clouds’. Today, we provide the bridge to enable organisations to seamlessly leverage any cloud, any applications, any hardware, any hypervisor and on any platform. Our partnership with players like AWS, <keyword id="10387" type="General" weightage="50" keywordseo="microsoft" source="Orion">Microsoft</keyword> and Red Hat has been a massive driving force for Nutanix adoption. Today we are using the ecosystem to be that much more critical to our customers as opposed to being a one-trick pony in HCI a few years ago. While HCI is still a critical factor for our business, I would say we are equally relevant in the cloud space with our alliance partnerships. Our subscription model, for example, has seen significant uptake and we believe it is the way forward. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binance-ceases-off-chain-fund-transfer-with-wazirx-after-ed-raids/articleshow/93445472.cms">Binance ceases off-chain fund transfer with WazirX after ED raids</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/how-russia-ukraine-war-helped-this-thane-based-company-become-a-multibagger/articleshow/93439898.cms">How Russia-Ukraine war helped this Thane-based company become a multibagger</a>

Mounting public cloud cost is driving cloud repatriation in the industry

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! You can rest easy knowing Costco's beloved $1.50 hot dog combo is "safe," <a target="_blank" href="https://www.businessinsider.com/costcos-hot-dog-combo-price-safe-cfo-2024-6">according to its new CFO</a>.<a target="_blank" href="https://www.businessinsider.com/trump-guilty-verdict-what-it-means-hush-money-felon-sentencing-2024-05">In Friday's newsletter</a>, I asked whether your opinion of former President Donald Trump had changed in light of his recent felony conviction. More than 78% said it hadn't.In today's big story, we're examining <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">Skydance's acquisition of Paramount</a> and what it means for the streaming race.What's on deck:<ul><li>Markets: Tech's run as the stock market's golden child <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stock-outlook-ai-earnings-sp500-growth-vs-value-stocks-2024-6">could be coming to an end</a>.</li><li>Tech: Layoffs hit <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">Microsoft's cloud business</a>.</li><li>Business: Inside a tight-knit circle of judges and attorneys that fueled a <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">spectacular rise, and fall, of a Texas bankruptcy court</a>.</li></ul>But first, cut to black.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Paramount's happy ending</h2><div type="image" title="An illustration of two TVs overlapping." height="1440" width="1920" msid="110709401" hostid="261" sizebytes="43130"></div>In a town known for storylines, Paramount's sale didn't disappoint.The media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. And just like its movies and television shows, Paramount's sale included twists, turns, and a slew of characters.In the end, media company Skydance, with help from RedBird Capital Partners and KKR, secured the goods. The deal is expected to be announced in the coming days and <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">values Paramount at $8 billion</a>.Paramount had no shortage of high-profile suitors. Warner Bros. Discovery chief David Zaslav, media entrepreneur Byron Allen, and private-equity giant Apollo, in collaboration with Sony, were among those who considered buying the company.Skydance might not be as recognizable a name, but the company's owner and CEO David Ellison is. As the son of <a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-larry-ellison-tech-2024-4">billionaire Oracle founder Larry Ellison</a>, he's basically tech royalty.But all the interest in Paramount this year didn't equate to smooth sailing. The day after broadcasting the Super Bowl <a target="_blank" href="https://www.businessinsider.com/paramount-global-sale-media-trouble-digital-streaming-redstone-viacom-2024-2">it announced companywide layoffs</a>. A few months later its CEO <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">was shown the door</a>. At least one high-profile investor <a target="_blank" href="https://www.businessinsider.com/warren-buffett-paramount-billion-dollar-loss-2024-5">headed for the exits as well</a>.All the while, Paramount's stock suffered. Even with a nice bump from reports of the deal, shares in Paramount are still down more than 11% on the year.<div type="image" title="David Ellison in front of the Hollywood sign." height="1440" width="1920" msid="110709403" hostid="261" sizebytes="108366"></div>To make sense of the deal, I turned to one of Business Insider's media experts: <a target="_blank" href="https://www.businessinsider.com/author/peter-kafka">Peter Kafka</a>.Talks of Paramount's sale have been brewing for a while. What are your initial thoughts on Skydance being the one to seal the deal?Well, it's not sealed yet. This thing may still get derailed by a lawsuit from cranky investors. But if it does go through: It's the least-bad version for Hollywood, since owner-to-be David Ellison wants to keep Paramount making movies and TV shows, and that isn't a foregone conclusion with any other buyer.Paramount has fallen pretty far behind its peers in streaming. What is its biggest pain point that Skydance will look to address?Paramount loses money on streaming, like many of its peers. That's fixable. It has a subscale audience, and I don't know how a new owner fixes that.The deal means one of the richest people in the world is tangentially connected to Paramount. How could that play a factor?<a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-larry-ellison-tech-2024-4">As I've written</a>, the most important thing about David Ellison being Larry Ellison's son is that his dad is helping to finance the deal (what a dad!). But suggestions that Larry Ellison's tech background will help his son run a Hollywood studio make no sense.As for other streamers, are any happy, or upset, by the outcome of this deal?The most important question for Paramount isn't "who owns Paramount?" It's "is Paramount big enough to survive on its own?" And that question remains unanswered and unchanged by this deal.<h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A cellphone open to a trading app. There are $100 bills floating around the illustration." height="600" width="1200" msid="110709405" hostid="261" sizebytes="124004"></div><ol><li>The tech industry's crown as the stock-market king could be slipping. Tech stocks have had an incredible run in the market over the past decade. But Bank of America equity strategist Savita Subramanian sees a shift by year-end that favors other sectors <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stock-outlook-ai-earnings-sp500-growth-vs-value-stocks-2024-6">due to several factors</a>, including higher-for-longer interest rates.</li><li>How to hedge your portfolio against market volatility. Wall Street legend Gary Shilling offered investment rules to follow <a target="_blank" href="https://markets.businessinsider.com/news/stocks/recession-stock-market-crash-investing-strategy-economy-downturn-gary-shilling-2024-6">to avoid getting blindsided by the markets' sudden movements</a>. That includes pivoting out of China and into India and betting on the US dollar.</li><li>Roaring Kitty is at risk. Trader Keith Gill, known as Roaring Kitty on social media, <a target="_blank" href="https://www.businessinsider.com/e-trade-may-ban-roaring-kitty-gamestop-stock-surge-2024-6">could get barred from E*Trade</a>, sources told The Wall Street Journal. It comes after he posted a screenshot that appeared to show he had a $116 million stake in GameStop, causing the stock to surge.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A three-headed dog guarding a data center" height="1000" width="2000" msid="110709406" hostid="261" sizebytes="172356"></div><ol><li>The future of AI is in the hands of three tech giants. About <a target="_blank" href="https://www.businessinsider.com/amazon-google-microsoft-ai-future-data-centers-monopoly-tech-industry-2024-6">65% of global data centers' capacity is owned by three companies</a>: Amazon, Google, and Microsoft. The rush to corner the market on data centers is a move by Big Tech to secure the keys to the coming AI kingdom.</li><li>Layoffs are hitting Microsoft. The company is <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">cutting hundreds of jobs</a> in its Azure cloud business, sources say. In a <a target="_blank" href="https://www.businessinsider.com/microsoft-exec-blames-azure-layoffs-on-ai-wave-leaked-memo-2024-6">leaked memo</a> viewed by BI, Microsoft exec Jason Zander blamed layoffs on the 'AI wave' and said they'll be doubling down on quantum computing.</li><li>Apple's big event is almost here. Apple's highly anticipated Worldwide Developers Conference kicks off next week, and it's gearing up to deliver some big announcements. <a target="_blank" href="https://www.businessinsider.com/apples-wwdc-2024-expect-ai-news-siri-updates-new-homes-screen-more-2024-6">Here's what we're expecting</a>, from more on its AI strategy to iOS 18 and Siri updates.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="An illustration of David Jones, Marvin Isgur, and Elizabeth Freeman" height="1200" width="2400" msid="110709407" hostid="261" sizebytes="246528"></div><ol><li>In a Texas bankruptcy court, conflicts of interest ran deep. New details have emerged about the tight-knit circle of attorneys and judges that fueled the rise — <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">and spectacular fall</a> — of one of the most influential bankruptcy courts.</li><li>Are we seeing a BuzzFeed-ification of the Washington Post? The struggling newsroom <a target="_blank" href="https://www.businessinsider.com/washington-post-pivot-social-media-buzzfeed-2024-6/">is launching a new news site focused on social media</a>, for a broad audience. Creating another newsroom, while still operating the original one, is going to be hard to pull off.</li><li>'Promised land' jobs are falling apart. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people. One survey found 21% of companies at large <a target="_blank" href="https://www.businessinsider.com/landing-dream-jobs-tech-consulting-banking-are-harder-than-ever-2024-5">expect to decrease hiring</a> this academic year, up from 6% in 2023 — and that's just the tip of the iceberg.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">India's election is turning out far closer than expected, with Modi unlikely to win by a landslide</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ai-software-code-should-you-still-study-computer-science-2024-5">With AI writing so much code, should you still study computer science? This new data point provides an answer</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/us-state-economies-ranking-best-worst-wallethub-washington-utah-massachusetts-2024-6">Washington and Utah are the states with the best economies in 2024, while many in the South are struggling</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-comments-about-creators-content-costs-2024-6">Spotify CEO does damage control after his 'reductive' comments about creators spark backlash</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today's earnings: Hewlett Packard Enterprise and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/annie-smith">Annie Smith</a>, associate producer, in London.

With Paramount's long and winding sales process coming to an end, here's what comes next for the media giant

<ul class="summary-list"><li>Canada's largest pension fund sold a stake in a New York building for $1.</li><li>Crashing office values have led investors to turn cautious on the sector. </li></ul>The Canada Pension Plan Investment Board, the biggest pension in Canada, has completed a string of recent deals at discounted prices, including a sale of its stake in a New York building for $1, <a href="https://www.bloomberg.com/news/articles/2024-02-27/office-tower-deal-for-1-reveals-anxiety-among-longtime-buyers" target="_blank" rel="noopener">Bloomberg</a> reported Tuesday.Commercial real estate concerns have escalated thanks to the pandemic's work-from-home boom and high interest rates in the wake of the Federal Reserve's inflation fight, and the gravest fears center on what some described as the office apocalypse.<a href="https://www.businessinsider.com/real-estate-outlook-office-buildings-vacancies-commerical-markets-investors-remote-2024-1">Office vacancies hit an all-time high</a> in January and remote work looks like it's here to stay, darkening the outlook for investors in the space. The Canada Pension Plan Investment Board did not immediately respond to Business Insider's request for comment.At the end of 2023, the group offloaded its 29% stake in 360 Park Avenue South for a buck, selling to one of its partners, Boston Properties, who also took on the pension's share of debt on the building, per Bloomberg. The plan at the time of purchase had been to redevelop the 20-story office building. The pension also sold a 45% stake in Santa Monica Business Park, the report said, for $38 million at the end of last year. That represents about a 75% discount to what was paid at the time of purchase in 2018. The Canada Pension Plan Investment Board operates a $436.9 billion fund, with a global real estate portfolio worth roughly $30.6 billion. According to the Bloomberg report, the pension isn't backing out entirely from the office real estate sector, but it's also limiting its holdings in the space. Concerns have risen in the past year over banks and other large firms' holdings of commercial real estate investments, with spasms of volatility hitting the regional bank sector since the collapse of Silicon Valley Bank a year ago. Most recently, <a href="https://www.businessinsider.com/nycb-regional-bank-fears-commercial-real-estate-turmoil-fears-2024-2">investors sparked a steep sell-off</a> in shares of New York Community Bank, partly over its exposure to commercial mortgage debt. Some forecasters have floated the idea of <a href="https://www.businessinsider.com/housing-market-outlook-commerical-residential-offices-resiclub-real-estate-mortgage-2024-2">office-to-residential conversions</a> as a way to mitigate the office collapse while also boosting inventory for the supply-starved housing market, but that would require financing and logistics that aren't always favorable for property owners. Goldman Sachs said it expects office vacancies to rise from 13.5% this year to 18% in the next decade. The bank's analysts wrote in a Monday note that <a href="https://www.businessinsider.com/housing-market-outlook-office-inventory-prices-pandemic-shortage-prices-goldman-2024-2">office conversions won't be the solution for the housing shortag</a>e.Meanwhile, Capital Economics forecasts that prices on office buildings could <a href="https://www.businessinsider.com/commercial-real-estate-crash-work-from-home-us-offices-outlook-2023-12">plunge 20% peak-to-tough</a>, and the sector may not recover for decades. Economists at Moody's, too, expect more pain ahead for commercial real estate."Despite the increasingly optimistic consensus on the likelihood of a macroeconomic soft landing along with positive news from the labor market, the permanence of dynamic hybrid models has effectively muted office demand, making the year of 2023 the most downbeat since the Great Financial Crisis," Moody's wrote in a recent note.

The office market is so bleak that Canada's largest pension fund sold its stake in an NYC building for $1

<ul class="summary-list"><li> Long-time Credit Suisse shareholder Harris Associates has exited its entire stake in the bank, per the FT.</li><li>The US investment firm was formerly the Swiss bank's biggest shareholder, and owned 10% of its stock as of August last year. </li></ul>Long-time Credit Suisse shareholder Harris Associates, once its No. 1 investor, has exited its entire stake in the embattled Swiss bank over the past few months, according to a report by the <a href="https://www.ft.com/content/9eaa4394-3647-4ac3-adbf-3bc73a4413a3" target="_blank" rel="noopener">Financial Times. </a>The Chicago-based investment management firm owned about 10% of the Swiss bank's stock as of August last year, but slashed its exposure to 5% in January, per <a href="https://www.reuters.com/article/creditsuisse-shareholder/former-top-credit-suisse-shareholder-sells-full-stake-in-bank-ft-idUKL4N35D0M7" target="_blank" rel="noopener">Reuters</a>. Now, Harris has cut its holdings in the lender to zero, the FT reported on Sunday. The investment manager began paring its stake in October 2022, the FT report said, after Credit Suisse raised more than $4 billion in capital to fund a <a href="https://www.credit-suisse.com/media/assets/corporate/docs/about-us/media/media-release/2022/10/strategy-update-press-release-en.pdf" target="_blank" rel="noopener">restructuring program</a> aimed at cutting costs and headcount and reshaping its investment bank unit.That's when the Saudi National Bank replaced Harris Associates as Credit Suisse's biggest shareholder, the FT said. "There is a question about the future of the franchise. There have been large outflows from wealth management," David Herro, Harris Associates' deputy chairman and chief investment officer, told the FT. "We have lots of other options to invest," added Herro, who was an avid supporter of the Swiss bank for years. "Rising interest rates mean lots of European financials are headed in the other direction. Why go for something that is burning capital when the rest of the sector is now generating it?"Herro was referring to Credit Suisse clients pulling out as much as 111 billion Swiss francs (about $118 billion) from the bank in the final quarter of 2022, according to the FT. The outflows came as the lender fended off<a href="https://markets.businessinsider.com/news/stocks/credit-suisse-lehman-brothers-stock-price-cds-banks-financial-system-2022-10?utm_medium=ingest&amp;utm_source=markets"> viral concerns about its financial health</a> and suggestions that it was facing a Lehman-Brothers style collapse."We feel the plan to restructure the investment bank, while a noble cause, is cumbersome and far more costly in terms of cash burn than we expected," Herro said, per the FT. "We were also not satisfied with what we were getting in terms of proceeds . . . from the sale of securitised products," he added. Harris's pullout is more bad news for <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-regulator-review-swiss-bank-client-outflows-finma-reuters-2023-2?_gl=1*1dveyc8*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY3NzE2NDMyMy4xNTIuMC4xNjc3MTY0MzIzLjAuMC4w">the beleaguered Credit Suisse</a>, whose stock dropped 1.8% to $2.98 in US-listed premarket trading on Monday after falling to a record low last week when the bank reported its biggest loss since the 2008 financial crisis. The stock has plunged 56% in the past year."We are ahead of our plan and have clear strategic objectives. We are laser-focused on successfully executing our plan and on progressing toward our targets to ensure new Credit Suisse delivers sustainable value for all our stakeholders," Credit Suisse said in a statement to Insider.

Long-time Credit Suisse shareholder Harris Associates reportedly sold its entire stake in the embattled bank

<ul><li>Even though <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> missed the market rally, analysts still believe that India’s second-largest lender will come out on top by the end of year. </li><li>ICICI Bank’s share price has lost 28% of its value since January but could be back up by as much as 34% as per brokerage firm Edelweiss.</li><li>Analysts believe that ICICI Bank remains the best placed to weather the bad loans storm </li></ul>India’s financial sector may look shrouded in gloom-and-doom, but India’s second-largest private lender, ICICI Bank, remains the world’s favourite banking stock. <a href="https://www.bloombergquint.com/business/bank-stock-most-favored-by-world-s-analysts-has-lagged-behind">Bloomberg</a> data indicates that ICICI Bank has 56 ‘buy’ recommendations with a consensus rating of 4.95 out of 5, ranking it the highest among the top 50 global banks. Even though it missed the market rebound rally, analysts are still positive that things will turn around for the $32 billion lender despite it having a higher percentage of loans under moratorium in comparison to peers. Its share price has lost 28% of its value since January. Yet, analysts expect the stock to revive in the coming year. Edelweiss is most optimistic with a target price of ₹525 — a 34% jump from yesterday’s closing price of ₹389.75. <div type="image" title="icici (1)" msid="77776402" hostid="261" caption="&amp;lt;p&amp;gt;ICICI Bank&amp;#39;s share price since January&amp;lt;/p&amp;gt;"></div> Today, ICICI Bank’s share value rallied by nearly 1% as markets opened after its board of directors approved the sale of over 6.4 million equity shares in ICICI Securities at a face value of ₹5 each. <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;">Brokerage on ICICI 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;">Target Price </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;">% growth from closing 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;">Edelweiss </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;">₹ 525 </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;">34.7% </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;">Nirmal Bang Institutional </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;">₹ 520 </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;">33.4% </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;">YES Securities </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;">₹ 500 </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;">28.3% </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;">Axis Direct </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;">₹ 480 </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;">23.2% </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;">Motilal Oswal Securities </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;">₹ 475 </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;">21.9% </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;">Arihant Capital </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;">₹ 425 </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;">9% </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;">Geojit BNP Paribas </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;">₹ 415 </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;">6.5% </td></tr></tbody></table>*Growth calculated using closing price as of Aug 26 While the moratorium risks remain high, the bank has created ample buffers against bad loans and profit growth despite adding provisions.ICICI bank looks best placed to weather this storm as the moratorium on loan repayments expires on August 31. <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;">Top private sector banks </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;">% of loans under moratorium </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;">ICICI 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;">18% </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;">16% </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;">Axis 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;">10% </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;">10% </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;">HDFC 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;">9% </td></tr></tbody></table>Source: Jefferies <div type="Article" hostid="261" msid="77758597" title="Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived" mstype="2" mssubtype="0"></div> Bad loans or not, ICICI Bank has it covered Being a large private sector bank, JM Financial forecasts that ICICI Bank is likely to see limited impact from the moratorium even with 17.5% of loans opting to delay their interest payments. Even though margins dropped and there is a slowdown in credit demand, ICICI Bank still managed to post 36% yearly growth in profit at the end of the first quarter. Supported by core earnings, HDFC Securities estimates that ICICI Bank’s profit is likely to register a sharp 52% growth by the end of the year despite the volatility of 2020. <div type="Article" hostid="261" msid="77167522" title="ICICI Bank's gross bad loans drop to the lowest in 5 years" mstype="2" mssubtype="0"></div> The bank was lauded for ‘prudently’ using its gains from the treasury and stake sale in insurance arms by Motilal Oswal Securities. At the end of June, ICICI Bank’s COVID-19 related buffers amounted to ₹82.8 billion — covering 1.3% of loans. Merrill Lynch picks up ₹341 crore worth of ICICI Bank shares Betting on the bank's growth, Merrill Lynch Markets Singapore picked shares worth ₹341 crore from Societe Generale. Data with the Bombay Stock Exchange (BSE) shows that the block deal was more 90 lakh shares were sold at ₹378.6 apiece. This is the second time that Merrill Lynch has bought into ICICI Bank within the last six months. Earlier this month, the bank confirmed that it will be raising funds through a qualified institutional placement (QIP) of its equity shares at a floor price of ₹351.36 per share. It has since closed its QIP and raised ₹15,000 crore. <div type="Article" hostid="261" msid="77140214" title="Just like SBI, ICICI Bank has created a cash cushion in case bad loans rise" mstype="2" mssubtype="0"></div> <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;">Stake sale </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;">Value </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;">ICICI Prudential Life </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;">₹ 840 crore </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;">ICICI Lombard </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;">₹ 2250 crore </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms">China fires two missiles into the South China Sea and Asian markets feel the blow</a> <a href="https://www.businessinsider.in/defense/news/ladakh-will-be-the-front-to-hold-for-india-and-china-for-at-least-a-year-if-not-longer-as-per-experts/articleshow/77779668.cms">Ladakh will be the 'front to hold' for India and China for at least a year if not longer as per experts</a> <a href="https://www.businessinsider.in/science/space/news/mars-spotted-first-time-by-uae-hope-probe-on-its-maiden-voyage-in-space/articleshow/77775267.cms">UAE’s Hope probe spots Mars for the very first time on its maiden voyage through space</a>

ICICI Bank's share price is expected to surge as much as 34% in the coming year — despite having more loans under moratorium than other lenders

<ul><li>With three months left until the end of the current financial year, the government has so far met only 5% of its <keyword id="787167" type="General" weightage="20" keywordseo="divestment-target" source="Orion">divestment target</keyword>.</li><li>Till now, it has raised ₹9,329 crore out of ₹1.75 lakh crore divestment target of FY22.</li><li><keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is expected to fetch somewhere between ₹75,000 crore to ₹1.50 lakh crore to the government depending on how much stake it decides to sell.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>The union government might miss the divestment target for financial year 2022, which will be the third consecutive year where it fails to meet its ambitious numbers. Every year, the government sets a target amount it hopes to earn by selling stake in public sector enterprises, receiving dividends from owned companies, amount realised from exchange traded funds and so on. So far the government has only met merely 5% of its divestment target of ₹1.75 lakh crore and is short of ₹1.65 lakh crore more. The government has huge hopes of meeting its huge disinvestment target from the LIC IPO where it is reportedly expected to sell 5-10% of its stake. However, even after selling stake in the IPO, it would still not meet its divestment target, here’s how. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">How much will govt get from LIC IPO </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;">Funds govt would receive </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;">Short of divestment target by… </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;">If it sells 5% stake </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;">₹75,000 crore </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;">₹90,671 crore </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;">If it sells 10% stake </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;">₹1.50 lakh crore </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;">₹15,671 crore </td></tr></tbody></table><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lic-ipo-could-make-the-psu-indias-second-largest-company-after-reliance/articleshow/88850447.cms">Reportedly</a>, the government is pushing for a valuation of ₹15 lakh crore for the state-owned insurer that will soon file for the country’s biggest IPO before March 2022. So far the divestment proceeds of ₹9,329 crore came from the offer-for-sale of NMDC and the sale of some government-owned shares in Axis Bank. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Government divestment so far from trimming stake in below companies </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;">Approximately ₹9,329 crore </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;">Axis Bank through Sutti </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;">₹3,994 crore </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;">NMDC </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;">₹3,654 crore </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;">Hudco </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;">₹726 crore </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;">HCL </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;">₹742 crore </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;">IPCL </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;">₹219 crore </td></tr></tbody></table>In FY21, the government met 16% of its ambitious divestment target of ₹2.10 lakh crore due to unexpected pandemic that hit the country In the last 10 years, only twice has the government been able to meet and even exceed its divestment target. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Year </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;">Divestment target </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;">% of target met </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;">FY11 </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;">₹40,000 crore </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;">57% </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;">FY12 </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;">₹40,000 crore </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;">45% </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;">FY13 </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;">₹30,000 crore </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;">86% </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;">FY14 </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;">₹54,000 crore </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;">54% </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;">FY15 </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;">₹58,425 crore </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;">65^ </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;">FY16 </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;">₹69,500 crore </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;">61% </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;">FY17 </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;">₹56,500 crore </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;">85% </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;">FY18 </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;">₹72,500 crore </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;">138% </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;">FY19 </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;">₹80,000 crore </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;">118% </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;">FY20 </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;">₹1.05 lakh crore </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;">48% </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;">FY21 </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;">₹2.10 lakh crore </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;">16% </td></tr></tbody></table>In the February 2021 budget, Finance Minister Nirmala Sitharaman said the government would sell stake in Shipping Corp of India, Air India, Neelachal Ispat Nigam Ltd, Container Corp of India, IDBI Bank, BEML Ltd and Pawan Hans, among others. Adding to it, the government was to privatise two state owned banks and sell stake in one insurance firm. The government is yet to sell stake in these public sector companies, and they seem unlikely before March 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/tax-rates-and-rules-change-expected-from-budget-2022/articleshow/88899801.cms">Anomalies that need to be fixed in India’s startup regulations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a>

You Searched For "RBL bank stake sale" and got 10 results

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