Paytm's 'inability to take action' forced RBI's hand

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Sensex up 21% since last Budget

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Fed holds rates steady, says more 'confidence' needed in inflation slowdown before cuts

The Federal Reserve left interest rates unchanged in its latest policy statement, signaling a shift away from a bias towards rate hikes. While not indicating an imminent rate cut, the Fed acknowledged concerns about both inflation and employment, suggesting a more balanced approach. The statement disappointed investors expecting rate cuts soon, emphasizing the need for greater confidence in achieving the 2% inflation target before considering reductions.

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NTPC to acquire Rs 5,000 crore KSK Mahanadi power project

NTPC is set to acquire the KSK Mahanadi power station in Chattisgarh, a large greenfield project with a proposed capacity of 3,600 MW, marking the state-run utility's second acquisition of a stressed asset. The project came under corporate insolvency resolution process in April 2022 after defaulting on loans. NTPC's investment in the project is valued at Rs 5,000 crore.

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Sebi to review norms for penalty disclosure

Sebi, is reviewing a requirement for listed companies to disclose all penalties imposed by authorities, regardless of the amount, which has increased compliance burden. Previously, companies had discretion in disclosing fines. Critics argue that reporting even insignificant penalties, such as those representing a tiny fraction of a company's market capitalization, leads to unnecessary compliance burden and obscures truly significant disclosures.

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Companies gear up for litigation on GST anti-profiteering clause

Companies challenge NAA's methodology, seek remedy in GST Appellate Tribunal. Complexity arises due to lack of clear methodology for individual calculations. FMCG argues increased costs during GST introduction. Furniture companies cite higher import costs. Auto companies mention minimal cost reduction. Court's order poses challenge for GST Council. Slab merger and rate reduction may lead to similar disputes.

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Give women top jobs & pay parity, says govt advisory to companies

The Indian government has released a set of measures to enhance women's participation in the workforce, including gender-neutral recruitment ads, creche breaks, promoting women in management, and providing maternity benefits to highway and construction workers. The government also encourages companies to review procurement practices, address gender pay gaps, and set up hostels for working women.

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'India to lead global smartphone growth'

TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics, is determined to regain global smartphone leadership lost to Apple in 2023. Despite a 5% decline in global smartphone sales in the previous year, Roh anticipates a turnaround in 2024, driven by the integration of AI in smartphones, particularly the Galaxy S24 series.

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Sensex soars over 1,200 pts with RIL surging nearly 7%

On Monday, the Sensex surged by 1,241 points, marking the highest single-day gain since December 4, 2023, and closing at 71,942. Reliance Industries led the rally with nearly a 7% surge, contributing to its best daily gain in about three years. The Nifty gained 385 points or 1.8%, closing at 21,738 points.

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Gold firms on Middle East flare-up ahead of Fed meeting

Gold strengthened on Monday due to increased tensions in the Middle East, which bolstered demand for the safe-haven asset. Additionally, market participants awaited the Federal Reserve policy decision later in the week for further insight into the timing of the first US interest rate cut of the year. Spot gold rose by 0.4% to $2,027.00 an ounce by 12:02 pm ET (1702 GMT).

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Reddit eyes $5bn IPO valuation

Reddit is weighing feedback from early meetings with potential investors in its initial public offering that it should consider a valuation of at least $5 billion, according to people familiar with the matter, even as it is estimated below that figure in the volatile market for shares of private companies.

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Government likely to stick to fiscal discipline, may bolster NPS

If there is one word to describe the Budget team, it's stability. Not only has finance minister Nirmala Sitharaman stayed her full term and will present her sixth straight Budget, but there are at least two secretaries who would be there for their fifth Budget - a rarity in bureaucracy.Finance secretary T V Somanathan and department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey have been part of the Budget team since they took over top positions and could well have two full Budgets to deal with in July and Feb 2025.

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Budget: Elderly want counselling services, accessible infra & minimal GST on products used by seniors

The analysis of budget expectations for senior citizens, based on a survey by the Agewell Foundation, reveals significant concerns among the elderly. Key points include the demand for GST exemptions or lower rates on essential products like adult diapers and wheelchairs, a call for more realistic old age pension schemes, and a desire for tax-free investment options.

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GMR raises stake in Hyderabad airport from 63% to 74%

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Rana Talwar, first Indian to head a global bank, dies

Rana Talwar, the first Indian and Asian to lead a global bank, passed away at the age of 76. He had been unwell for some time. Talwar began his career with Citibank in India in 1969 and played a crucial role in establishing Citi's consumer banking as a leading franchise in the nineties.

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Yes Bank Q3 net profit increases 4.5x to 231 cr

Yes Bank reports fourfold increase in net profit to Rs 231 crore, driven by lower provisions. The bank's operating profits declined due to modest growth in net interest income and increased operating expenses. Supreme Court to hear petition against stayed Bombay high court order on Yes Bank's write-down of Additional Tier 1 bonds.

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IGL eyes villages in south-west Delhi to expand PNG service

Indraprastha Gas Ltd plans to expand its piped natural gas service to 57 villages in Delhi's south-west region. As urban areas near saturation and electric vehicles threaten CNG sales, the company aims to reach rural areas. This initiative is part of the government's goal to increase the share of gas in India's energy basket to 15% by 2030.

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Government must keep up capital expenditure momentum, says India Inc

India Inc urges government to boost demand through public spending and disinvestment. Ficci recommends major thrust on public capex in forthcoming Budget. CII suggests 20% increase in capital expenditure to Rs 12 lakh crore, urban employment guarantee program, and focus on labor-intensive sectors. Finance minister to present interim Budget on Feb 1.

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JetBlue casts doubt on its merger deal with Spirit Airlines

JPMorgan analysts state that JetBlue avoids a costly merger. The market value of Spirit's equity has dropped significantly. It is believed that JetBlue's management and board were no longer committed to the merger.

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LIC gets nod to buy 9.99% in HDFC Bank

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Airbus nears helicopter-assembly deal during Macron’s India visit

Airbus is set to sign an accord to establish an assembly line in India for the production of H125 civil helicopters. The line will be overseen by Tata Advanced Systems Limited. This agreement is expected to be announced during French President Emmanuel Macron's visit to India.

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SBI Q3 profit rises 8 per cent to Rs 549 crore

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Hedge fund stars who got China wrong are paying a big price

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Microsoft hits $3 trillion market value

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Azim Premji gifts 10 million shares worth nearly Rs 500 crore to his sons

Wipro founder Azim Premji gifted 10.2 million shares worth nearly Rs 500 crore to his sons, Rishad and Tariq. The transaction does not alter the overall promoter and promoter group shareholding in the company, which remains the same. As of December, Wipro promoters and the promoter group held 72.9% in the company.

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India replaces Hong Kong as 4th-largest stock market

According to Suman Bannerjee, CIO of Hedonova, India's ascent to the fourth position in the global stock market rankings, surpassing Hong Kong, signifies India's economic fortitude and promises a promising trajectory for investors. This achievement underscores the resilience and dynamism of India's economic landscape, establishing India as a key player in the international financial arena.

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Crude now below $80/barrel, government may offer pre-poll relief

Consumers can expect a reduction in fuel prices as oil prices have dropped, giving the government room to bring down the cost of living. The decline in oil prices has increased marketing margins for state-run fuel retailers, allowing them to turn a profit. This is the best time for the government to cut fuel prices economically and politically.

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Sony moves Singapore Court, Zee mulls counter action

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Foreign funds take out over Rs 25,000 crore in 7 sessions

Foreign funds continued to sell off in the Indian market, with a net outflow of Rs 3,115 crore. In the past seven trading sessions, foreign portfolio investors have withdrawn over Rs 25,000 crore. This is one of the largest outflows in recent months, comparable to the outflows during the early days of the Covid pandemic.

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Most big IT companies are not strict about work from office rule

IT services companies are mandating remote work, but enforcement varies. Infosys, HCL, and Cognizant are not strict about it, focusing on deliverables and upskilling instead. Some employees are allowed to work from different locations, while others come to the office only when their managers ask. TCS deducts the salary of those not following the return to office guidelines.

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Outward remittances by Indians in November fall to lowest level since February 2022

Outward remittances by Indians dropped to $1.9 billion in Nov last year, the lowest since Feb 2022. The decline continued due to increased tax collection at source (TCS) in October. Remittances for studies abroad dropped to $208 million in Nov compared to $269 million in Oct, and the average remittance before the TCS was $306 million.

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Stress in some retail loans, lenders alerted: RBI report

RBI report highlights weakness in unsecured retail loans and credit card outstanding, urging lenders to closely monitor these segments. Personal loans now constitute the largest category of bank credit, while credit cards show a rise in stress. The study emphasizes the need for pre-emptive macroprudential measures and assessing the credit flow to avoid risk buildup.

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Domestic output rises, coal imports dip 40% in April-December

Despite a 10% increase in thermal power output, coal import for blending at power plants decreased by over 40% in April-December 2023 compared to the same period last year. Domestic coal production and supply rose sharply, resulting in a decline in imports. The government aims to completely stop importing thermal coal by the next financial year.

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Zee asks Sony to push merger deadline again

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Singapore fund to invest $750 million in health business

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Budget 2024 income tax: Top 10 things FM Sitharaman should do for taxpayers

Budget 2024 income tax: It is recommended that some changes be made to the new income tax regime to make it more attractive to the taxpayers such as availability of certain deductions like interest on housing loan for self-occupied property, retiral contributions (PF, PPF, NPS).

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Union, IDBI, ICICI & IDFC stocks rise on strong Q3 FY24 profits

Union Bank of India and IDBI Bank reported the highest increase in Q3FY24 net profit at 60% and 57%, respectively. ICICI Bank's net profit rose 23.6% to Rs 10,272 crore, while IDFC First Bank saw an 18% rise in net profit to Rs 716 crore.

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States out of NPS: Corpus will keep getting returns

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RIL's profit rises 10% to Rs 19.6k crore in Q3 powered by oil & gas, Jio

RIL's Q3FY24 profit grew 10% to Rs 19,641 crore, driven by its digital services (Jio) and retail businesses. Jio's ARPU was at Rs 182, with a subscriber base of 471 million. RIL's retail business had an impressive financial performance, and the oil & gas segment showed resilient performance. RIL's gross debt was Rs 3.11 lakh crore.

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Sebi spots inflating of IPO bids to lure buyers

Sebi has found evidence of merchant bankers inflating IPO subscription numbers to attract investors. The regulator is scrutinizing IPO-related data and will take measures to end such practices. Changes to policies related to public offers may be implemented.

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IIL rolls out India’s 1st indigenous Hepatitis-A vax Havisure

Indian Immunologicals Ltd rolls out Havisure, India's first indigenous Hepatitis-A vaccine. The two-dose inactivated virus vaccine, developed over eight years, is priced at Rs 2,150 per dose. Extensive clinical trials have shown that Havisure is safe and efficacious for pediatric, adolescent, and adult use.

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Rate cuts not on table: RBI governor Shaktikanta Das

RBI governor Shaktikanta Das hints that rates will stay high until 4% inflation goal is met; rate cuts are not being considered. RBI is focused on achieving the target of 4% inflation and strengthening balance sheets of financial institutions. Food price volatility is also a factor affecting inflation.

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Tata Steel to cut 3,000 jobs in Wales: Source

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Foxconn ties up with HCL grp for chip packaging

Foxconn teams up with HCL Group to start a chip packaging and testing venture in India. Foxconn will invest $37.2 million for a 40% ownership in the joint venture. HCL Group is moving ahead with a partnership with Foxconn for an OSAT facility.

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With 5.6L crore market capitalisation, LIC pips SBI as most valued PSU

The government divested 3.5% of LIC for Rs 21,009 crore through its IPO, making it the biggest maiden offer in India. LIC's stock has not crossed its IPO price since listing in mid-May 2022. Recent reports suggest multiple tailwinds that could help sustain LIC's stock price.

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India eyes $100bn annual FDI in coming years: IT minister Ashwini Vaishnaw

India aims for $100 billion annual FDI, says Telecom and IT minister Ashwini Vaishnaw. India has gained trust as a reliable partner globally. The country has collaborations with US, Europe, Japan, South Korea. India's growth strategy includes investment in infrastructure, uplifting the bottom pyramid, boosting manufacturing, and simplifying business processes.

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Car insurance against falling coconuts, jumbos!

In a series of peculiar motor accident claims in India during 2023, insurers faced challenges, along with perhaps a few moments of amusement. Unusual incidents included coconuts unexpectedly landing on cars, stray dogs causing damage, angry peacocks pecking at their reflections, and stressed elephants venting their frustration on vehicles. These incidents, while unique to the Indian market, could easily fit into a funny-fail video. One standout claim involved a buyer unintentionally driving a car right through a showroom window, adding a touch of unexpected humor to the list of insurance headaches.

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Gujarat, Karnataka, Kerala & Tamil Nadu best for startups

Gujarat, Karnataka, Kerala, and Tamil Nadu are the best states for startups, according to the latest rankings. Himachal Pradesh topped among Union territories and smaller states. Bihar and Haryana are considered "aspiring leaders". The rankings are based on various factors including institutional support and funding.

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India's growth prospects are very good, says RBI chief

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Jio Financial profit drops 56% to 294 crore in December quarter

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