Latest Business, Finance, and Share Market News as of 10:00 am on May 8, 2024

In a recent business news update, the Hinduja Group has sought to change the holding structure of the firms through which it intends to take over the debt-laden Reliance Capital. This move could potentially further delay the insolvency process, as the deadline set by the NCLT is approaching. The Hinduja Group’s arm, IndusInd International Holdings, has proposed four new firms as part of the transaction, seeking approvals from the RBI for the new corporate structure.

On the corporate bond front, Icra has projected a rise in corporate bond issuances to Rs 10.6 trillion in FY25, with the overall corporate bond outstanding expected to increase to Rs 50.3 trillion by March 2025. This growth is attributed to higher competitive funding conditions in domestic markets compared to developed markets, leading big corporates to tap more domestic funding sources.

Marico, a consumer goods company, plans to invest Rs 80-100 crore over the next three years to increase its direct distribution in the country through ‘Project Setu’. This initiative aims to improve direct outlet reach and expand distribution channels amid a resurgence in the FMCG sector.

Additionally, the apparel export sector has seen positive impacts from FTAs, with exports to Australia and Mauritius showing growth despite an overall decline. The automobile sector in India is also focusing on indigenisation of key components to support the ‘Make in India’ initiative.

Startups benefiting from the Digital Communication Innovation Square scheme have urged the government to continue supporting the scheme, highlighting the importance of R&D funding for long-term success. Lastly, GIFT Nifty indicates a lacklustre opening for Indian equity indices on Wednesday, following a mixed performance in US stocks.