Here are the top stories this afternoon:
Reliance Industries aims to raise $ 1.5 billion and Jio $ 2.5 billion in foreign loans
Reliance Industries Ltd (RIL) and Reliance Jio are in talks with lenders to raise up to $ 1.5 and $ 2.5 billion, respectively, in foreign loans. RIL is looking to raise the funds to support its capital expenditure plan and is in talks with a group of lenders including Barclays, HSBC, and MUFG Bank.
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Rupee weakens to a record low of 82.70 against the dollar on emerging market losses, Fed fears
The rupee weakened further to a fresh record low of 82.70 against the dollar on October 10, tracking losses in emerging markets in anticipation of aggressive tightening by the US Federal Reserve. At 9.10 am, the home currency was trading at 82.70 against the dollar, down 0.47 percent from its previous close of 82.33.
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Paytm gains as loan disbursement spikes
Shares of Paytm parent One 97 Communications opened a percent higher on October 10 after the company said it disbursed 9.2 million loans during the September quarter, recording a 224 percent year-on-year growth. This translates to loan disbursements worth Rs 7,313 crore, a growth of 482 percent YoY.
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Oil takes a breather, eases off 5-week highs
Oil prices slipped on October 10, easing off five-week highs, as the market took profits following strong gains in the previous week on expectations of tighter supplies following OPEC+ cuts and ahead of the European Union embargo on Russian oil. Brent crude futures fell 81 cents, or 0.8 percent, to $ 97.11 a barrel.
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Adani group looks to raise $ 10 billion to fund expansion
Adani group is in talks with Singapore state investor Temasek, Singapore’s sovereign wealth fund GIC, and other wealth and private equity funds to raise at least $ 10 billion for expanding cement, ports, green energy, and fast-moving consumer goods businesses, said reports.
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The e? is on the way as RBI gears up for a pilot launch of its own digital currency
The Reserve Bank of India (RBI) has said it will soon start pilot launches of the digital rupee for specific use cases. The RBI said this in a concept note on central bank digital currency (CBDC) aimed to create awareness about such currencies in general and the planned features of the Digital Rupee, in particular, according to a release. India’s CBDC will be called ‘e?’.
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