The government is considering to put stock limit on chana (gram) considering the increase in its prices in recent weeks. So far, stock limits have been imposed on wheat, tur and urad. The government may also scrap the tender for import of masur considering that the importers are quoting exorbitant prices.
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Thursday, August 31, 2023
Services sector pushes 1st quarter GDP growth to 7.8%, highest in a year
The country’s economic growth in the April-June quarter of the current fiscal year touched a four-quarter high on the back of robust performances by services, farm, manufacturing and mining sectors and a favourable base, but patchy monsoon rains and a global slowdown could hurt expansion in the months ahead.
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Defer import licence rule by a year: Laptop companies
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Adani junks report, calls it 'recycled allegations'
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Wednesday, August 30, 2023
'Adani family's partners used 'opaque' funds to invest in its stocks'
A recent report by the Organised Crime and Corruption Reporting Project (OCCRP) has uncovered large investments in the publicly traded stocks of Adani Group through opaque funds in Mauritius. The investments were found to be connected to alleged business associates of the Adani family. This follows accusations made earlier this year by Hindenburg Research, which claimed improper business dealings by the Adani Group.
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Next in Kalyani saga: Bro's Rs 1,300 crore Bharat Forge stake under spotlight
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LPG cut: Rs 18,500 crore relief to buyers
The government is likely to put LPG (cooking gas supplied to households in cylinders) price on freeze for the rest of the year, after announcing a cut of Rs 200 per cylinder on Tuesday, providing a relief of over Rs 18,500 crore to consumers during the remaining seven months of the fiscal.
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Tuesday, August 29, 2023
Wall Street: S&P 500 ends sharply higher after surprise fall in job openings
Wall Street ended on a high note, driven by strong performances from Tesla, Nvidia, and other megacap growth stocks. The increase came after a drop in job openings, indicating a potential pause in interest rate hikes by the US Federal Reserve. The S&P 500 and Nasdaq both recorded their strongest gains in weeks, with all 11 S&P 500 sectors seeing growth.
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Space tech startup funding picks up pace
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Govt to extend Rs 26,000 crore auto incentive scheme by a year
The government on Tuesday promised relaxations in the Rs 26,000-crore production-linked incentive (PLI) scheme for the auto sector, and said that it will extend the tenure of the zero-emission technology programme by one more year on demands made by the industry.
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Rishabh Instruments IPO opens for subscription today
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Monday, August 28, 2023
'Expanding eco to fuel growth of Reliance Retail’
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Ambani succession plan picks up pace, children appointed to RIL board
Reliance Industries, India’s largest company in terms of market value, has appointed chairman and managing director Mukesh Ambani’s three children — Isha, Akash and Anant — to the board, an indication that they will eventually helm the oil-to-telecom conglomerate.
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Sunday, August 27, 2023
FDI inflows fall 34% to $11 billion in June quarter as MNCs go slow
Foreign direct investment (FDI) equity inflows dropped 34% to $10.9 billion during the June quarter from the year-ago period, government data showed. Amid an aggressive investment pitch by India, government officials said companies are holding back on fresh funding due to the slowdown in Europe and the US, which have been aggravated by geopolitical tensions.
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India's real estate sector to grow multifold to about $6 trillion by 2047: Report
The report released by real estate consultant Knight Frank India in association with the National Real Estate Development Council (NAREDCO) stated this estimated real estate output value will contribute 15.5 per cent to the total economic output in 2047 from existing 7.3 per cent. Private equity investments in the Indian real estate sector have consistently grown over the past two decades.
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Seeing green shoots of pickup on volumes as inflation moderates: ITC CMD
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Govt decides not to allow basmati rice exports below $1,200/tonne
The Indian govt has taken a decisive step to curb the export of basmati rice priced below $1,200 per tonne. This measure is intended to counter the illicit practice of disguising non-basmati rice as premium basmati rice for unlawful shipment.
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FDI equity inflows dip 34% to $10.94 billion in April-June 2023
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Saturday, August 26, 2023
FPIs invest Rs 10,689 crore in August
Foreign investors have slowed down their inflows into Indian equities in August due to higher crude oil prices, resurfacing inflation risks, and rising US bond yields. FPIs invested a net amount of Rs 10,689 crore in Indian equities this month, compared to over Rs 40,000 crore in each of the past three months.
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Govt to take up with RBI penal charges imposed by bank
The government is expected to take up the issue of penal charges levied by banks for non-maintenance of minimum balance with the Reserve Bank of India, as these yielded Rs 21,000 for state-run and private lenders over the last five years. While a government official insisted that state-run banks such as SBI do not adopt such practices, he acknowledged the problem and said the issue will be taken up with RBI.
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Govt imposes 20% export duty on parboiled rice; MEP on basmati coming
The government is initiating fresh measures to ensure that rice prices remain under control and overall inflation comes down. On Friday, the Centre imposed 20% export duty on parboiled rice (rice partially boiled with husk), barely a week after imposing 40% duty on exports of onion. Besides, it is expected to notify a minimum export price (MEP) for basmati rice, pegged at $1,200 (Rs 99,000) a tonne.
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Friday, August 25, 2023
Creating parking slots at IGI Airport to hit 1,000 flights
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IOC unveils Rs 4 lakh crore plan for expansion, transition
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RBI asks NBFCs to look beyond banks for funds
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Q1 GDP numbers should be good, taming inflation key: Sitharaman
Finance minister Nirmala Sitharaman said on Friday that taming inflation is a key priority for sustaining economic growth and asserted that the first quarter GDP numbers, which would be released in a few days, should be good. Addressing the B20 India summit in the national capital, the FM also said that green shoots of private capital expenditure were visible and the Centre’s massive push on capital expenditure was crowding the private sector.
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Quick commerce startup Zepto 1st unicorn in 2023
After a hiatus of almost a year, India has finally added a new unicorn. Mumbai-based quick commerce startup Zepto, founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, has bagged afresh $200 million (around Rs 1,653 crore) in funding led by new investor StepStoneGroup at a valuation of $1.4 billion, becoming the first unicorn of 2023.
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Thursday, August 24, 2023
EU seeks special courts for investors
EU has proposed establishment of special courts to deal with cases involving violation of investment protection agreement, as it will provide comfort to investors and boost investment in India, EU trade commissioner Valdis Dombrovskis said.
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NMDC creates history as Nagarnar steel plant churns out hot rolled coil in 9 days flat
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Setting eyes on market, IOCL to move into new offices in AP
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Wednesday, August 23, 2023
Jio Fin shares fall 5%, hit lower circuit for 3rd day
Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, fell by 5% on Wednesday to hit its lower circuit limit for the third day running. The stock declined 5% to hit its lower circuit limit of Rs 227 on the BSE.
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Tuesday, August 22, 2023
FTX founder Sam Bankman-Fried subsisting on 'bread and water' in jail
Sam Bankman-Fried, the embattled crypto mogul, has allegedly been denied vegan meals and access to prescription medication in jail, according to his lawyers. They argue that they need better access to Bankman-Fried to build his defense case ahead of his October fraud trial.
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Jio Financial hits circuit breaker for third day
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Inflation may remain elevated on global uncertainties: Finmin
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Govt sets target for rice purchase at 521 lakh tonnes
Union food secretary Sanjeev Chopra told reporters on Wednesday that the target for procurement of rice was set after holding a meeting with food secretaries of all states. During the current kharif marketing season, which ends on September 30, the government agencies have procured 495 lakh tonnes of rice.
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Monday, August 21, 2023
US stocks: Nasdaq rallies with Nvidia, tech shares
The Nasdaq and S&P 500 both rose on Monday, with Nvidia leading the gains in the technology sector. Investors are optimistic ahead of Nvidia's earnings report and have raised their price target on the stock. The Dow Jones ended slightly lower.
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India, Asean to review 13-year-old trade pact
The move follows repeated attempts from New Delhi, which believes the agreement is not benefiting Indian exporters with commerce minister Piyush Goyal calling it "most ill-conceived".
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Nashik onion traders call strike over export duty
The Indian tech sector has seen a significant increase in the number of women employed in the past decade. In 2012-13, there were 9 lakh women employed in the sector, making up 30% of the workforce. Today, that number has doubled to over 2 million, accounting for 36% of the total workforce.
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Aeroflex Industries IPO opens today: All you need to know
The IPO of stainless steel flexible hose manufacturer Aeroflex Industries Limited (AIL) will open on August 22 and close on August 24. The company has already raised Rs 104 crore from anchor investors. The IPO includes a fresh issue of equity shares worth up to Rs 162 crore and an offer for sale of up to 1.75 crore equity shares by promoter body Sat Industries.
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Sunday, August 20, 2023
EPFO adds 17.89 lakh net members in June
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Govt raises onion buffer stock limit by 2 lakh tonnes
The consumer affairs ministry also announced to sell onions at Rs 25 a kg in areas where the retail price is above the national average price. The government-owned cooperative, National Cooperative Consumers' Federation (NCCF), will start providing onion at this subsidised rate from Monday. Around 10 mobile vans will be deployed in Delhi and more areas will be covered gradually.
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Lanka IOC expands network as turf war with Sinopec looms
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FPIs infuse Rs 8,400 crore in equities this month on global uncertainty
Foreign Portfolio Investors have invested about Rs 8,400 crore in Indian equities due to global market uncertainty, economic problems in China, and the stability of the Indian economy. However, if there is any weakness in global equities due to slack in Chinese demand, it might lead to choppy fund inflows for FPIs.
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Punjab & Sind Bank aims for 4,000 branches, ATMs by March 2026
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Saturday, August 19, 2023
Mcap of seven of top 10 firms declines by Rs 80,200 crore
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Jan Dhan accounts reaching 50-cr mark a milestone: PM
"This is a significant milestone. It is heartening to see that more than half of these accounts belong to our 'nari Shakti. With 67% of accounts opened in rural and semi-urban areas, we are also ensuring that the benefits of financial inclusion reach every corner of our nation," the PM said on microblogging site X, formerly Twitter.
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Titan buys 27% Caratlane stock for Rs 4.6k crore
CaratLane recorded a turnover of Rs 2,177 crore for FY 2022-23, and the current transaction thus values the company at almost eight times its FY23 revenue. The deal is expected to be concluded on October 31, subject to approvals.
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Centre puts 40% export duty on onions to boost supplies, tame prices
The latest step comes after official data showed retail inflation, as measured by the consumer price index, soared to a 15-month high of 7.4% in July, up from the previous month's 4.9%. PM Modi, in his I-Day speech, promised to control inflation and minimise the burden on citizens.
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Friday, August 18, 2023
Infra sector sees highest capex: RBI paper
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Penalty can only take the form of charges, not interest: RBI.
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Moody's affirms India rating, says dissent being curtailed
Global ratings agency Moody's Investor Service on Friday affirmed India's sovereign rating at Baa3 and retained the outlook as stable citing the country's strong growth and strengthening financial sector. Moody's said the Baa3 rating and stable outlook take into account a curtailment of civil society and political dissent, compounded by rising domestic political risk. It said the eruption of unrest in Manipur illustrated these trends.
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I-T returns growth signals prosperity, compliance: PM
PM Narendra Modi on Friday cited two independent reports on income taxpayers to argue that income levels have increased in the country and there is better compliance due to the trust shown by the government.
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Dow soars over 1,300 pts, Sensex 900 pts
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The Delhi High Court on Thursday dismissed the pleas of TTV Dhinakaran and VK Sasikala challenging the Election Commission's order grant...