Merger-bound North East Small Finance Bank (NESFB) is looking to sell its over Rs 600 crore of stressed loans, about one-third of its loan portfolio, to Asset Reconstruction Companies (ARCs) as a step to clean up its books.

Rating agency CRISIL placed ratings for NESFB's Tier-II bonds “under watch with developing implications”. The sale of the distressed legacy portfolio, along with highly calibrated growth in the loan book until the merger, is expected to result in some stability in asset quality over the near term, CRISIL added.

A record 1.4 billion customers visited Flipkart’s platform during its flagship festival sales event “The Big Billion Days' (TBBD) 2023”.

The event, which started on October 8 (with early access for VIP and Plus customers from October 7) and ended on October 15, “received a great response from both customers and extensive network of sellers across the country”, said Kalyan Krishnamurthy, chief executive officer of Flipkart Group.

The Adani group is planning to invest up to Rs 20,000 crore in expanding its cargo capacity at ports four times to 1 billion tonnes by 2030 to emerge as the world’s largest company in this field.

In this regard, the group may look at acquisition globally if it gets a good local partner in a country with economic and political stability, Karan Adani, scion of the Adani group and chief executive officer of Adani Ports & SEZ (AP&SEZ), said in an interaction on Sunday.

Israel Defence Forces (IDF) have struck the Hezbollah "military infrastructure" in Lebanon as a retaliatory move to Sunday's fire, The Times of Israel reported.

The attacks were in reaction to Sunday's fire from Lebanon that was directed against Israel.

Notably, on Sunday morning, six anti-tank guided missiles were fired towards an Israeli town and military outposts near the Lebanon border, killing at least one civilian, according to The Times of Israel.

Six months of war between Sudan's military and a powerful paramilitary group has killed up to 9,000 people and created "one of the worst humanitarian nightmares in recent history," the United Nations humanitarian chief said Sunday.

Sudan has been engulfed in chaos since mid-April, when simmering tensions between military chief Gen. Abdel-Fattah Burhan and the commander of the paramilitary Rapid Support Forces, Gen. Mohamed Hamdan Dagalo, exploded into open warfare.

The Central Board of Direct Taxes (CBDT) has issued directives to tax officials that may prevent them from scrutinising funds raised by recognised start-ups under the new angel tax regime.

In a recent communiqué to senior officials, the direct tax administration said that no verification would be done by any assessing officer if a start-up has been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) and the case is selected under scrutiny for pending angel tax assessment.

The International Olympic Committee (IOC) executive board has accepted a proposal to include T20I Cricket along with squash, lacrosse, flag football and baseball / softball in the 2028 Los Angeles Olympics.

It will now go for a final vote in the 141st IOC session starting Sunday.

The Adani Group's $1.1 billion greenfield copper facility in Gujarat's Mundra will start operations in March 2024 and mark the group's entry into the industry, the company said in a statement today.

Kutch Copper is a greenfield refinery project with an annual capacity of 1 million tonnes.

The Madhya Pradesh Industrial Development Corporation (MPIDC) has canceled the allotment of several plots that were done between 2016 and 2018 in the Bagroda Industrial Area near Bhopal. The move came after industrialists failed to set up plants in the allotted plots even after five to seven years. According to the rules, they had to start operations within two years.

However, industrialists in the region say that the state should give some extra time to set up plants since the government takes years to develop industrial areas.

The launch of passenger ferry service between Tamil Nadu's Nagapattinam and Sri Lanka's Kankesanthurai is "truly a big step" for people-to-people contacts between India and Sri Lanka, External Affairs Minister S Jaishankar said on Saturday.

Jaishankar virtually joined the launch of the ferry services that was flagged off today by Union Minister of Ports, Shipping and Waterways and Ayush Sarbananda Sonowal at Nagapattinam.

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