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Nvidia insiders sold over $1 billion in stock amid market surge: Report
More than $500 million of the share sales took place this month as the California-based chips designer's share price climbed to an all-time high, the report said
Reuters
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Economic Times
26 minutes ago
- Economic Times
Slice SFB aiming to close FY26 in the black; not looking to raise any capital
Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said. The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI. The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years. Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses. "We have turned profitable post-tax on a monthly basis and will close the year in profits," Bajaj said. The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to USD 300 million in capital. It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI's repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers. The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said. On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system. Aiming for a big increase in its borrowers and loan portfolio, the bank launched a UPI-based credit card on Saturday, Bajaj said, pointing out that over 30 crore of UPI users can be the potential target audience for such an offering. The bank stands to make an interchange of up to 1 per cent depending on where the credit facility is availed, and will also make revenues from rollovers and fees, he said. Bajaj said its personal credit vertical has been able to deliver credit at a cost which is a tenth of the industry courtesy digital inputs, and added that the credit costs are also 30 per cent lower than the industry average because of the analytics engine which is used for diligence. The bank also launched a 'UPI-powered bank branch' in Bengaluru, which can be used by any bank's customers for a slew of transactions, including cash deposits into any account using cash accepting machine, and then remitting the money to any mobile number, Bajaj said.
Time of India
35 minutes ago
- Time of India
After failed listing attempts in the US and UK, China's Shein to file confidentially for Hong Kong IPO: What makes this a rare move for Chinese company
Shein, the China-founded fast-fashion giant, is reportedly set to file a draft prospectus confidentially for an initial public offering (IPO) in Hong Kong, potentially as early as this week, according to a report in Reuters that quotes three sources familiar with the matter. The move, as per Reuters exclusive report, could make Shein one of the largest IPOs in Hong Kong this year. The IPO also reportedly marks a rare departure from the city's norm of public IPO filings and follows Shein's failed listing attempts in the U.S. and London. What is confidential IPO filing The confidential filing, expected by Monday (June 30), would allow Shein to shield sensitive financial and operational details during the regulatory review process, a practice more common in the U.S. than in Hong Kong. This approach requires a waiver from the Hong Kong stock exchange's standard listing rules, which typically mandate public disclosure of IPO documents. The exchange may grant such exemptions for secondary listings or spinoffs from companies listed on recognized overseas exchanges like the NYSE or Nasdaq. Shein, however, is pursuing a primary listing, making the confidential approach unusual for the city, where high-profile IPOs like Xiaomi and Meituan involved public filings. Shein, valued at $66 billion in its 2023 pre-IPO fundraising round, must secure approval from the China Securities Regulatory Commission (CSRC) before proceeding with the Hong Kong IPO . The company will need to file with the CSRC within three days of submitting its Hong Kong application, in line with Chinese regulations for offshore listings. It remains unclear whether Shein has received preliminary approval from the CSRC. The Hong Kong stock exchange and Shein declined to comment, and the CSRC did not respond to inquiries. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo How Shein has been impacted by the US-China trade war The filing comes as Shein navigates challenges from the U.S.-China trade war, with new U.S. tariffs on Chinese goods and the end of duty-free treatment for e-commerce parcels impacting its largest market. Shein, which sells low-cost apparel like $5 dresses and $10 jeans in 150 countries, shifted its headquarters to Singapore in 2022 but relies on a network of 7,000 Chinese suppliers, subjecting it to Beijing's IPO oversight. The company has also faced allegations of forced labor in its supply chain, which it denies, stating it prohibits suppliers from using Chinese cotton in U.S.-bound products. When Shein's attempt to list in the New York exchange failed Shein's pivot to Hong Kong follows an unsuccessful bid to list in the U.S. in late 2023. The company filed for a New York IPO but failed to secure CSRC approval, Reuters previously reported. The attempt was further complicated by U.S. regulatory scrutiny and trade tensions, including accusations from lawmakers and activists that Shein's supply chain involves forced labor in Xinjiang, a claim the company has rejected. The U.S. ban on imports linked to forced labor added pressure, and Shein's valuation dropped by a third from 2022 to 2023 amid these challenges. After the U.S. listing stalled, Shein explored a London IPO but was unable to gain Chinese regulatory approval, prompting the shift to Hong Kong as a more viable listing venue. A successful Hong Kong IPO could bolster the city's status as a global fundraising hub, which saw $12.8 billion in IPOs and secondary listings in the first half of 2025. Shein's listing, however, hinges on navigating regulatory hurdles and addressing concerns about its supply chain and the impact of U.S. tariffs, which could influence its final valuation. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
an hour ago
- Business Standard
Amul becomes top Indian food brand, Mother Dairy second: Check full list
Gujarat's dairy cooperative Amul has retained its position as India's top food brand with a brand value of $4.1 billion, according to the latest Brand Finance report. Delhi-based Mother Dairy followed in second place, with a brand value of $1.15 billion. The ranking by UK-based consultancy Brand Finance places Britannia at third, Karnataka's Nandini dairy cooperative at fourth, and FMCG major Dabur at fifth in the list of India's top food brands. Amul, marketed by the Gujarat Cooperative Milk Marketing Federation (GCMMF), also improved its standing in Brand Finance's list of top 100 Indian brands across all industries, securing the 17th rank. Mother Dairy climbed six places to reach the 35th position, up from 41st in the previous edition. Jayen Mehta, Managing Director of GCMMF, attributed the achievement to collective farmer efforts and consumer trust. 'It reflects the collective efforts of millions of dairy farmers and our unwavering commitment to providing high-quality, affordable food and dairy products to consumers,' he said. 'As Amul continues to grow and expand its footprint, both in India and internationally, this achievement reinforces our responsibility to uphold the trust placed in us by generations of Indian households,' Mehta added. Manish Bandlish, Managing Director of Mother Dairy, called the recognition 'a testament to our collective efforts,' and dedicated it to the company's consumers, farmers, partners, and employees. 'Our rise among top five Indian food brands and also in India's top 100 brands across industries reflects more than numbers — it reflects the trust earned, relevance sustained, and the resilience of a brand that continues to evolve,' he said. Earlier, in an interview with Business Standard, Bandlish had talked about the expansion plan of the company, saying, 'The board has already approved around ₹1,500 crore of investment combined in terms of Safal and dairy.' In FY25, Mother Dairy has seen FY25 close at revenues of ₹17,400 crore with a 16 per cent growth. Here's the full list of Top 100 Indian Brands: 1 Tata Group 2 Infosys 3 HDFC Group 4 LIC Group 5 Reliance Group 6 SBI Group 7 HCLTech 8 Airtel 9 Larsen & Toubro Group 10 Mahindra Group 11 Wipro Group 12 Jio Group 13 Adani Group 14 ICICI Group 15 Bajaj Group 16 Indian Oil 17 Amul 18 Axis Bank 19 Tanishq 20 Hindustan Petroleum 21 Bharat Petroleum 22 Maruti Suzuki 23 Bank Of Baroda 24 Kotak Mahindra 25 ITC Group 26 Punjab National Bank Group 27 Union Bank of India 28 Hero 29 Asian Paints 30 Canara Bank 31 Indigo 32 JSW Group 33 ONGC 34 Dmart 35 Mother Dairy 36 Britannia 37 TVS 38 Nandini 39 Zomato 40 Godrej Group 41 Motherson 42 Vedanta 43 Indian Bank 44 IndusInd Bank 45 Royal Enfield 46 Hexaware Technologies 47 Bank of India 48 Persistent Systems 49 HMEL 50 GAIL 51 MRF 52 Ashok Leyland 53 Taj 54 Coal India 55 Dabur 56 Westside 57 IDBI Bank 58 SAIL 59 National Stock Exchange India 60 Apollo Tyres 61 Sun Pharma 62 Pidilite 63 Mphasis 64 UPL 65 Federal Bank 66 Indus Towers 67 Berger Paints 68 Air India 69 Bandhan Bank 70 Zetwerk 71 Croma 72 MRPL 73 Havells 74 Dixon Technologies 75 Coforge 76 BSNL 77 Zee 78 Bharat Heavy Electricals 79 Voltas 80 Raymond 81 Max Life Insurance 82 Shree Cement 83 Nerolac 84 Zensar 85 Ceat 86 Cipla 87 Indian Overseas Bank 88 Sonata Software 89 JK Tyres 90 Yes Bank 91 Patanjali 92 Suzlon Energy 93 BKT 94 RBL Bank 95 Central Bank of India 96 Sun Tv 97 Mastek 98 Birlasoft 99 Biocon 100 Lupin
