Economy Updates

The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco Varroc Engineering has signed a Securities Purchase Agreement (SPA) with Compagnie Plastic Omnium SE of France to divest its four-wheeler lighting systems operations in the Americas and Europe, the Aurangabad-based company said in a statement. The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco. The move is part of the larger strategy to transform Varroc into... read more

Paytm has clarified stating the RBI ban does not impact on the services provided in partnership with other financial institutions. Shares of One97 Communications, the parent company of digital payments major Paytm, tanked nearly 14 per cent to hit a new low of Rs 672 on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of certain supervisory concerns. The stock feel below its previous low of Rs 728.50 touched on March 8, 2022. The stock has now declined 69 per cent when compared with its issue price of Rs 2,150. The company made its market debut on... read more

Gopinath's comments come at a time when the government is looking to bring a Bill on cryptocurrency regulation International Monetary Fund (IMF) chief economist Gita Gopinath said on Wednesday that cryptocurrencies were proving to be a challenge for emerging markets and that strong regulation was needed for the sector. She, however, said there were practical obstacles to banning cryptocurrencies, given their decentralised nature. Gopinath’s comments come at a time when the government is looking to bring a Bill on cryptocurrency regulation. It is learnt however, that the Union Cabinet on Wednesday did not take up the Bill for consideration. With the current Winter Session ending on December 23, the chances of it being tabled in Parliament seem remote. Speaking at an event organised by National Council of Applied Economic Research (NCAER), Gopinath also said that India’s fiscal and monetary policies will both need to be accommodative for the next few quarters, given the continuing un...