Top Headlines: IDBI might merge with pvt bank, Sensex valuation & more

The conditions for the strategic divestment of IDBI Bank could facilitate its merger with other financial entities, including commercial banks, said an official. Read more in our top headlines

The conditions for the strategic divestment of IDBI Bank could facilitate its merger with other financial entities, including commercial banks, said an official. Amid a rise in Covid cases, the the precautionary shot or the third dose has gone up nearly 20 per cent in the past 10-12 days. Read more on these in our top headlines.

IDBI may be allowed to merge with pvt bank after stake sale by Centre, LIC

The conditions for the strategic divestment of IDBI Bank could facilitate its merger with other financial entities, including commercial banks, which might be looking to lap up a stake in the lender, said an official. The Centre is yet to come out with the preliminary information memorandum that would include eligibility conditions for the sale of IDBI Bank. Read more

Sensex valuation falls to nearly 5-year low with exception of Mar-Jun 2020

The valuation of the Sensex has declined to its lowest level in nearly five years with the exception of March-June 2020. The benchmark index is trading at a trailing P/E (price/earnings) of 22.74X, down from nearly 31.3X at end of May 2021 and a five-year average P/E multiple of 26X. Analysts say the “low valuation” explains the resilience in the broader market despite a challenging domestic and global macroeconomic environment. Read more

By simplifying address-proof function, Aadhaar seeks to expand access

Aadhaar made news three times last week. Of them, two got noticed but the most consequential one was largely overlooked. First, on June 1, the United Payments Interface or UPI, the platform on which all digital payments run in the country, reported processing Rs 10 trillion worth of transactions, for May. In just two months of this financial year, it has almost reached one-fourth of the total transactions of FY22. UPI’s backbone is mostly Aadhaar. Read more
 

Shot in the arm for boosters: Demand jumps 20% as Covid cases spike

Amid forecasts of a spike in the number of Covid cases with new strains of Omicron - BA.4 and BA.5 - spreading rapidly and the impending threat of an elusive fourth wave, there is renewed interest in the booster shot for those already vaccinated. Demand for the precautionary shot or the third dose has gone up nearly 20 per cent in the past 10-12 days, reveals data. Read more

Govt looks to restructure export promotion councils, aims to boost growth

The Union government is working towards a restructuring of export promotion councils that will focus on achieving high export growth set for the next five years. The government has delegated PwC India the responsibility of preparing the primary report. Once the report is prepared, the department of commerce and NITI Aayog will look into the recommendations of the consulting firm for implementation. Read more