RBI lifts curbs on Amex

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⭐ RBI lifts curbs on Amex

The Reserve Bank of India has lifted restrictions imposed on American Express after almost 1.5 years. American Express can now issue cards to new customers in India. The ban was imposed in May 2021 due to non-compliance with storage of payment system data. 

⭐ TVS to acquire stake in two-wheeler startup

TVS Motor announced it will acquire a 48% stake in Narain Karthikeyan's pre-owned two-wheeler startup ‘DriveX’. The deal is worth ₹85 crore. DriveX is into leasing of two-wheeler motorcycles and scooters. It also sells, trades, and distributes pre-owned two-wheeler motorcycles and scooters. 

⭐ Parag Milk Foods raises funds 

Dairy products manufacturer Parag Milk Foods said it has raised ₹131 crore from marquee investors and promoters via preferential allotment. The company said investors have invested ₹113 crore and promoters about ₹18.75 crore. The company will use the funds raised for its long-term capital requirements and to enhance its working capital needs.

Global markets (at 7:30 AM today)

Fact of the day

The handset used by Steve Jobs during the 2007 launch of the iPhone was sold for $35,000 (₹28 lakh) in an auction in the US. 

Source: TOI