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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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".
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.
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.
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.
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.
"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.
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.
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.
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.
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.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/mfhEV9X
