Latest Business, Finance, and Share Market News as of 10:00 am on May 23, 2024

In a surprising turn of events, the RBI’s Central Board of Directors approved a record dividend transfer of Rs 2.10 trillion for the fiscal year 2023-2024, more than double the budgeted amount. This unexpected windfall will significantly boost fiscal revenues for the government, which had initially expected to receive Rs 1.02 trillion in dividends from the RBI and state-controlled banks. The RBI’s annual payout to the government is derived from surplus income earned on investments, valuation changes on dollar holdings, and currency printing fees.

On the other hand, the Adani Group faced allegations from the Organized Crime and Corruption Reporting Project for passing off low-quality coal as cleaner fuel in transactions with an Indian state power utility. The report suggested that the group may have fraudulently obtained profits at the expense of air quality by using low-grade coal for power generation.

Additionally, Paytm parent One97 Communications reported a widening net loss of Rs 550 crore in the January-March quarter due to a decline in revenue from operations. The fintech firm also warned of potential job cuts and asset trimming as it navigates through temporary disruptions in business operations.

In the stock market, companies like Airtel, Tata Communications, Nykaa, and Jubilant Foodworks are in focus, with Airtel Payments Bank targeting a 50% year-on-year growth in FY25. Overall, the unexpected dividend transfer from the RBI and the various developments in the business world are set to have a significant impact on the economy and financial markets.