MONEY THIS MONTH

Tata Technologies debut propels Tata Group’s market cap to Rs 26.20 lakh crore

Tata Technologies' debut on Dalal Street boosted the conglomerate's market capitalization to Rs 26.20 lakh crore. Tata Motors' engineering unit saw a 180% rally, marking a significant gain for a public offering. All Tata Group companies, except Rallis India, have seen positive returns in 2023, with Benares Hotels, Automotive Stampings & Assemblies, and Trent doubling their stock values since January. Tata Motors is the top gainer on the Nifty 50 for the year.

WeWork, once valued at $47 billion, ended up filing for bankruptcy on November 6, 2023

WeWork, a SoftBank Group-backed startup, has filed for bankruptcy in the US after entering into a restructuring agreement with key stakeholders to reduce its existing funded debt. The company, which has been in dire financial straits for years, has listed assets of .06 billion and liabilities of .66 billion as of June 30, according to a filing with the New Jersey bankruptcy court. WeWork CEO David Tolley emphasized the need to address legacy leases and improve its balance sheet.

RBI slaps penalties totaling ₹10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for non-compliance

The Reserve Bank of India (RBI) has imposed penalties totaling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for non-compliance with regulatory norms.

The RBI stated that the actions are based on deficiencies in regulatory compliance and not to determine the validity of any transactions or agreements with customers. Citibank was fined Rs 5 crore for non-compliance with operational guidelines, managing risks, and code of conduct in outsourcing financial services. Bank of Baroda was fined Rs 4.34 crore for non-compliance with loan and advances restrictions. 

TV ad rates up 15% for World Cup 2023 semi-finals

The excitement surrounding the Men in Blue and Black Caps semi-finals in Mumbai is causing a 15% increase in television advertising rates for last-minute spot buys. Ad rates hovered at Rs 30 lakh per 10 seconds during the league stage, double the rate charged in 2019. India made it to the final stage of the tournament, spot ad rates increased significantly with more than Rs 35 lakh per 10 seconds.

H&M and DBS to collaborate on a green loan program to facilitate supply chain decarbonization

H&M Group and DBS have launched a unique green loan program to support supply chain decarbonization in the apparel sector. The program provides suppliers with financing from DBS and technical support from sustainability consultant Guidehouse to make factory upgrades to reduce their climate impact. The aim was to help reduce the company's carbon footprint. A manufacturer in India completed a transaction using a collaborative finance tool to fund capex to reduce greenhouse gas emissions, demonstrating the potential of this program to support green activities directly.

PE firm True North forays into Pvt credit raises Rs 1000 cr in funding

True North, a private equity fund, has announced its foray into private credit, joining other entities in the space. The fund, set up in 2022, has raised over Rs 1,000 crore and plans to close by the end of the year. The "True North Private Credit" business will invest Rs 75 crore in companies and Rs 200 crore in co-investment pools, targeting an internal rate of returns between 15-18 percent.