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During the reporting week, the rise in forex reserves was due to an increase in the Foreign Currency Assets (FCA) and the gold reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday. FCA increased by USD 3.61 billion to USD 536.988 billion in the week ended May 27.

Banks led by IDBI Bank will soon sell 71% equity stake of thermal power company Lanco Anpara Power to Hyderabad-based Megha Engineering and Infrastructures for ₹855 crore, said two people aware of the development. Although Lanco Anpara Power, a special purpose vehicle (SPV) of bankrupt Lanco Infratech, is a performing asset, lenders decided to monetise 71% equity stake that defaulter Lanco Infratech had pledged as security against ₹12,000-crore loans.

On the basis of these alerts, Sebi conducted a probe and issued an ex-parte order on September 15, 2021 wherein 8 entities, including Bhutada, were restrained from accessing capital markets. The regulator concluded the probe and issued an order on March 28, 2022 confirming the directions issued in September.

The office tower, which is part of Mindspace business park’s first phase, is currently under development and is expected to be completed in the next 3-4 months when the bank will start its fit-out work.

The government has pegged the disinvestment target for the ongoing fiscal year (FY23) at ₹65,000 crore. So far, it has raised about ₹23,575 crore through disinvestment in FY23. Of this, ₹20,560 crore was from the LIC IPO, and ₹3,000 crore came from the sale of a 1.5% stake in state-run explorer Oil and Natural Gas Corporation.

The government has budgeted ₹7.5 lakh crore capital expenditure in FY23, up from ₹ 6.02 lakh crore in FY22, in order to drive economic revival.

These ultra-high net worth individuals are using a non-banking finance company - preferably an existing local entity - to sponsor an overseas investment company, a wholly-owned subsidiary, in a financial centre like Dubai.

The broader S&P 500 index ended around flat for May, with the Nasdaq index down 2%. However, during the month the S&P fell so far it nearly hit bear market territory. For the year to date, the S&P is down 12% and the Nasdaq down 21%

Foreign investor selling has been a key hurdle for the market for many months now. The selling that began in October last year and continues unabated till now. In May, too, the heavy selling in equity continued, particularly in financials and IT.

The regulator had passed an interim order in the matter in June 2021. It had conducted an investigation to check whether there had been front running in the trades of various funds of Fidelity Group during the period from February 1, 2019, to November 30, 2019.