Large Indian banks are preparing for a $5 billion forex swap maturing next week by accumulating dollars, with the trading pattern suggesting that lenders do not expect the swap to be rolled over, traders said on Wednesday.

The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system, fuelling a potential dollar shortage.

In the Union Cabinet meeting held on Wednesday, the Centre has approved a hike in dearness allowance (DA) to 46 per cent for central government staff, effective July 2023.

The hike, effective from July 1, 2023, will lead to enhanced salaries for the month of November, along with arrears for the period from July to October. It is likely to benefit 4.7 million employees and 6.8 million pensioners.

Union Home Minister Amit Shah asked voters in Chhattisgarh to remove the Congress from office in the Assembly elections in order to prevent communal violence in the state.

Shah blamed the Congress for "appeasement politics" for the lynching of a young man in Chhattisgarh's Biranpur village in April.

Mumbai's air quality has further deteriorated for the second consecutive day on Wednesday. Mumbai's air quality index (AQI) stood at 119 (moderate) in comparison to Delhi's 83 (Satisfactory), making it worse than the air quality in the capital city, according to the System of Air Quality and Weather Forecasting And Research (Safar). This has also impacted local trains, delaying them by 15 minutes beyond Kalyan in Mumbai suburban network due to foggy weather.

Shares of Biocon slipped over 4 per cent to a low of Rs 243.50 in Wednesday's intra-day trades after the company informed that the US Food and Drug Administration (USFDA) had asked for corrective measures at its Malaysia-based subsidiary post inspection.

At 10:20 AM, Biocon was down 3.5 per cent at Rs 245.50. The counter had seen trades of around 1.1 lakh shares as against the two-week average volume of around 71,000 shares on the BSE. Meanwhile, the S&P BSE Sensex quoted flat around 66,440 level.

Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Authority has filed an appeal with the Bombay High Court against the Income Tax Appellate Tribunal's decision to give the insurer relief in two tax disputes amounting to Rs 4,993 crore.

Pursuant to the proviso to Regulation 30(4)(i)(d) read with Para B of Part A of Schedule III of the Listing Regulations, we wish to submit the details of litigation(s) with Income Tax Authority for which the Income Tax department has filed an appeal before the Bombay High Court against the decision of the Income Tax Appellate Tribunal.

The board of Maruti Suzuki India (MSIL) on Tuesday approved a proposal to issue shares worth Rs 12,841 crore to parent company Suzuki Motor Corporation (SMC) for acquiring Suzuki Motor Gujarat (SMG).

A Gujarat manufacturing plant – with an annual capacity of 750,000 units – is owned by SMG, a wholly-owned subsidiary of SMC. The shares issued to SMC will raise its ownership in MSIL from 56.48 per cent to 58.19 per cent, India's largest carmaker stated in a notice to BSE.

Leading political parties collected Rs 2,077.81 crore as funds during the Himachal Pradesh and Gujarat Assembly elections held in November-December 2022 and spent Rs 288.35 crore on election-related activities, according to an analysis by the Association of Democratic Reforms (ADR).

The ADR analysis is based on the election expenditure statements that political parties are required to submit to the Election Commission within 75 days of the completion of Assembly elections.

The top US general overseeing American forces in the Middle East made an unannounced trip to Israel on Tuesday, saying he hoped to ensure its military has what it needs as it fights a deepening war against Palestinian militant group Hamas.

The trip by Army General Michael "Erik" Kurilla, head of US Central Command, is the latest by a senior US official to Israel ahead of an expected ground assault by Israel's military in Gaza. It comes a day before a planned visit by US President Joe Biden to the country.

India's Aditya Birla Group-owned Grasim Industries said, on Monday, it will raise up to Rs 4,000 crore through a rights issue of shares at face value of Rs 2 each.

The fund raise comes a month after of the textile-to-chemicals maker announced plans to enter the paint business under the brand name 'Birla Opus' in the fourth-quarter of fiscal 2024.

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