In a press release, Reserve Bank of India has said, "In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs):

"As such, the above companies shall not transact the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934," RBI added in the statement.

The open offers for the shareholders of Ambuja Cements and ACC will begin from July 6 and close on July 19, as per a tentative schedule published by the Adani family today. With an investment of $4 billion (Rs 31,139 crore), together these two open offers might constitute the biggest open offer in corporate Indian history.

The mandatory open offer for the companies was made by a Mauritius based company owned by the Adani family after they acquired a 63 per cent stake in Ambuja and 4.5 per cent in ACC from Swiss cement major, Holcim for $6.5 billion. Ambuja owns a 50 per cent stake in ACC. The entire acquisition will cost the Adani family around $10.5 billion (Rs 81,000 crore). The entire open offer exercise will be over by the first week of August, as per notices issued by both companies.

The rupee rose against the US dollar in early trade on Monday. This is a positive sign after the rupee had slipped 7 paise to close at an all-time low of 77.63 against the American currency on Friday, weighed down by unabated foreign fund outflows and elevated crude oil prices.

On the interbank forex market on Monday, the rupee opened at 77.66 against the US dollar, marking a rise of 4 paise in early trade.

On Friday, the rupee closed at 77.63, down 7 paise over its previous close of 77.56 on Thursday.

Last week, the dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level.

A day after announcing a hefty fuel tax cut, Union finance minister Nirmala Sitharaman on Sunday said the two rounds of duty reductions—the last one being in November—will cost the exchequer Rs 2.2 lakh crore annually and the states’ share from the tax pool will not be affected as the Centre had opted to cut cess on petrol and diesel, which are outside the divisible pool.

The non-BJP-governed states, however, held out against matching the Centre’s move by cutting VAT. Most of them argued that since VAT is usually charged as a proportion of the price (ad valorem) after adding central levies and other costs, the sharp reduction in excise duty has automatically brought down the tax in most states.

State-owned power giant NTPC on Friday reported a rise of 25.5 per cent in its standalone net profit at Rs 5,622 crore for the fourth quarter ended 31 March, 2022. The company had reported a profit of Rs 4,479 crore in the year-ago period.

NTPC March quarter revenue from operations increased 23.8 per cent to Rs 32,905 crore as against Rs 26,567 crore a year ago.

NTPC's earnings before interest, taxes, depreciation, and amortization or EBITDA  stood at Rs 11,426 crore in the Q4 FY22, which was Rs 7,773 in the year-ago period. Margins jumped to 31 per cent in the quarter under review as against 26 per cent in same quarter last fiscal.