‘One Vehicle One Fastag’ norm kicks in today

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RBI likely to hold rates as GDP grows at steady pace

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PM Modi to speak at a ceremony in Mumbai on April 1 commemorating 90 years of RBI

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RBI mulls to set up Digital India Trust Agency to check illegal lending apps

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Exporters seek exemption from 45-day payment rule for supplies from MSEs

Indian exporters have urged the government to exempt them from the 45-day payment rule for goods bought from micro and small enterprises (MSEs) as it will impact their businesses. In a letter to PM Modi, chiefs of major export promotion councils and federation of Indian export organisations have appealed to waive the export companies from section 43B(h) of the Income Tax law.

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BoI raises lending rate by 10 basis points

State-owned Bank of India (BoI) has announced a hike in lending rate by 10 basis points, a move which will make loans, including retail, expensive. The lending rate increase comes ahead of the monetary policy announcement by the Reserve Bank of India on April 5. The new rate would be effective from April 1, BoI said in a regulatory filing on Saturday

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Need to remain alert about financial service innovations: RBI

RBI deputy governor M Rajeshwar Rao highlights the evolving financial landscape, challenges with new trends, and the importance of balanced regulations for niche players, emphasizing the need for responsible innovation in the market.

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Shapoorji co Afcons plans Rs 7,000 crore IPO

Afcons Infrastructure plans Rs 19,000 crore IPO, acquired from ICICI Bank. Includes companies like Forbes & Company, Gokak Textiles from Tata Group. SP Group's IPO aims to raise Rs 7,000 crore.

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Tax department detects HRA fraud with illegal usage of PANs

Income tax department uncovered a PAN fraud scheme where individuals misused PANs for house rent allowance claims, leading to the detection of numerous high-value cases. The misuse may entail legal repercussions, including penal interest and tax payments.

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Foreign fraudsters swipe Axis cards

Axis Bank customers faced fraudulent transactions with international merchants due to 'BIN attack'. No breach detected. Cybercriminals use BIN attacks to generate valid credit card numbers. Customers have chargeback rights for e-commerce transactions.

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Investor wealth surges $1.6 trillion in FY24, biggest rise in a year

Indian investors saw a significant rise in wealth in FY 2024, with BSE market cap soaring. Despite global challenges, India's market showed resilience, attracting foreign investments and outperforming expectations.

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Kalyani Group to sue Baba's nephew, niece

Kalyani Group plans to sue Sameer Hiremath and Pallavi Swadi for defaming Baba Kalyani over false allegations regarding family asset division, including Bharat Forge. Sameer and Pallavi face a defamation suit involving media disclosure, malicious intent, and an ownership dispute with their mother over Hikal.

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Rs 1 lakh UG tech internships ticket to full-time roles

At IIT Mandi, 27 students have received Rs 1-lakh-or-more stipends this year. In Bengaluru, RV College of Engineering has seen 39 students earning over Rs 1 lakh in monthly stipends compared to 8 last year. Vellore Institute of Technology also reports approximately 30 students with Rs 1-lakh stipends, with companies like Couchbase and Amazon offering Rs 1.2 lakh and Rs 1.1 lakh, respectively. The internship window is yet to close this year for the final count.

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Baba Kalyani's niece, nephew move court over family assets

Sameer Hiremath and Pallavi Swadi - grandchildren of forging industry pioneer Neelkanth Kalyani - have moved Pune civil court against their uncle and Bharat Forge chairman Baba Kalyani, seeking division of family assets. They have demanded one-ninth of the family estate including stakes in Bharat Forge and Kalyani Steel as their share.

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SP Group to sell port to Adani co for Rs 3.3,000 crore

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In a 1st, Mumbai tops Asia in billionaires list, is No. 3 globally

There are now more billionaires in Mumbai's 603 sq km than there are in Beijing's over 16,000 sq km. By overtaking the Chinese megalopolis, Mumbai has become Asia's billionaire capital for the first time. While China has 814 billionaires compared to India's 271, Mumbai hosts 92 billionaires against 91 in Beijing, Hurun Research's 2024 Global Rich List showed. Mumbai now ranks third globally in terms of billionaires after New York, which regained its top status after seven years with 119 billionaires, followed by London with 97.

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No withholding tax on discount on prepaid SIM cards, recharge vouchers: Supreme Court

Supreme Court ruled discounts on SIM cards won't trigger withholding tax. Telecom operators not liable without commission payments. CBDT should issue clear instructions to avoid future disputes.

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FY25 to greet car buyers with discounts as demand shrinks

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French envoy inaugurates Phase II of Cryolor's Tamil Nadu plant

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IMF chief urges China to boost growth with 'pro-market reforms'

Head of International Monetary Fund on Sunday called on China to implement "a comprehensive package of pro-market reforms" to boost a sluggish economy beset by a housing market crisis, low domestic demand and persistently high youth unemployment. Chinese policymakers have so far resisted calls to juice the economy through massive government stimulus, instead stressing the need to pivot towards "high-quality" growth.

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Miners urge govt not to impose export duty on low grade iron ore

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IRDAI gives approval to set up insurance e-marketplace

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Pakistan to tap China for $300 million debut Panda bonds

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Gold crosses Rs 66,000/10gm as Fed hints at rate cuts

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Stop accepting inflows in overseas ETFs: Sebi to MFs

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Reddit jumps 55 per cent in Wall Street debut

Reddit's successful IPO valued close to USD 9 billion on the New York Stock Exchange, priced at USD 34/share, debuting at USD 47. The price climber higher and soared over 55 per cent around 1: 20 pm ET. Supported by prominent figures like Sam Altman, Peter Thiel, and Snoop Dogg. Potential volatility expected.

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JSW MG Motor India plans to recreate ‘Maruti movement’

Indian and Chinese companies have teamed up for a significant joint venture in the automotive sector. SAIC, a leading Chinese automaker that owns MG Motor, has partnered with Indian steel giant JSW to produce cars for both domestic and global markets. The new entity, JSW MG Motor India, will have 51% ownership by Indian firms. Initial investment for the venture is set at Rs 5,000 crore, as confirmed by Sajjan Jindal, chairman of JSW group.

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Federal Reserve plans three rate cut this year; lending rate remains unchanged for 5th time

Federal Reserve officials plan to reduce key interest rates three times in 2024 despite higher inflation. Forecasts suggest continued growth, inflation, and job market strength. Rate cuts could lower borrowing costs and support Biden's re-election prospects. Fed's cautious approach aims to balance economic growth and inflation concerns.

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Sensex slips again on global cues, down 2,ooo points from peak

The sensex took a dip on Tuesday due to various global and local factors. Japan's first interest rate hike in 17 years and concerns about overvaluation in certain stock market segments contributed to the decline. Despite foreign and domestic funds being net buyers, both the sensex and Nifty started the day in the red and continued to slide, closing near their intraday lows.

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McDonald's names its CEO as new board chairman, taps Kimberly-Clark exec as independent director

Chris Kempczinski will become chairman of McDonald’s, succeeding Enrique Hernandez Jr. Jim Skinner, a previous CEO, also held the chairman position. Kempczinski, earlier, was named as the burger chain's President and CEO in 2019. Mike Hsu is nominated as an independent director. McDonald's noted that Hsu would help maintain a corporate goal of having 50% or more of its board members represent diverse backgrounds.

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HDFC Bank’s home loan business head to lead Poonawalla Fincorp

HDFC Bank’s Arvind Kapil, with 25 years at the bank, is set to become MD & CEO of Poonawalla Fincorp. Last year, he took over HDFC's housing finance business post-merger. Poonawalla Fincorp, in a statement to stock exchanges, said that Kapil will join the company on June 24, subject to approvals. Shares of Poonawalla Fincorp rose 1.5% after the announcement.

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Tata Sons looks to sell Rs 9,000 crore TCS shares to reduce debt

Tata Sons is aiming to raise around Rs 9,362 crore ($1.1 billion) by selling shares of its lucrative unit Tata Consultancy Services (TCS) on Tuesday. This move is part of Tata Sons' efforts to lower its debt burden. The company is restructuring its balance sheet to avoid mandatory public listing under RBI's 'upper layer' NBFC regulations. These regulations require companies to adhere to strict guidelines, including a mandatory listing within three years of notification.

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Jumbotail raises Rs 151 crore to expand food and grocery marketplace

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All eyes on US, Japan central banks

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Dalal Street gears up for election volatility

Stock markets are expected to be volatile during India's 78-day general election. Analysts predict auto, banking, and infrastructure sectors to show promise this year. Motilal Oswal Financial Services underscores that equity markets will keep a watch on the outcome of this election, as it will have a significant bearing on short-term market behaviour. Siddharth Khemka head (retail research), Motilal Oswal Financial Services said.

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India's economic growth resembles 2003-07: Morgan Stanley report

India's current economic growth, reminiscent of 2003-07, is driven by increased investments shifting towards capital expenditure. Urban consumers lead consumption growth, with rising rural demand. Market share in global exports grows, while managing macroeconomic stability risks effectively. Investment-to-GDP ratio rising, expected to reach 36% by 2027. Public capex drives growth, private capex catching up.

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Fly91 set to begin commercial ops on Mar 18; aims to achieve break-even in 2yrs

Goa-based regional airline FLY91, led by MD and CEO Manoj Chacko, is launching commercial flights on March 18 with a team of 350 staff. The airline aims to achieve break-even in two years, expanding its fleet and receiving Viability Gap Funding under UDAN. FLY91 focuses on profitability and sustainability in its operations.

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Banks asked to check mis-selling, safeguard account holders' interest: DFS secretary

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US Fed to provide new insights on rate cut after rise in inflation

The US Federal Reserve is expected to maintain its key lending rate unchanged while considering potential rate cuts to combat inflation. Market experts predict a June rate cut, aligning with the Fed's cautious approach towards achieving inflation goals.

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Sop for Tesla, others: Duty to be cut to 15% if co invests $500m in local production

Government policy overhaul reduces import duty for high-end foreign electric cars with a $500 million investment requirement. Key players like Tesla, VinFast, and Foxconn are considering the scheme, aiming to boost EV manufacturing in India. The policy, crafted by the heavy industries ministry and the department for promotion of industry and internal trade, marks a major shift as govt shed its reluctance to cut customs duty for automobiles, a sector that has traditionally been protected by high tariffs.

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US probing Gautam Adani and his group over potential bribery

US prosecutors are investigating Adani Group for potential bribery, focusing on founder Gautam Adani. The probe includes scrutiny of Adani entities and individuals linked to the company for alleged misconduct in India and involves the US Attorney’s Office in New York. The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., is being handled by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, said people familiar with the matter.

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Rashmi Govil 2nd woman on IOC board, takes charge as director HR

Rashmi Govil, the new HR director at IndianOil, brings 30 years of experience, leading innovative initiatives like 'Srijan' and handling challenges at Mathura refinery. She is known for her collaborative style and focus on employee well-being.

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Cut in fuel prices will boost consumer spending: Oil minister

Govt-run fuel retailers on Thursday slashed prices of petrol and diesel by Rs 2 per litre. In a separate post on X, the oil ministry said the latest reduction will "boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers".

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Startups have the potential to contribute $1 trillion to India’s GDP by FY30: CII Report

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Petrol, diesel to be cheaper by Rs 2 per litre in first price cut since May 2022

Fuel retailers cut petrol and diesel prices by Rs 2, aiming to benefit consumers and boost spending. Govt influence seen in past duty and VAT reductions. Impact on transportation sector profitability highlighted.

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Adani stocks lose over Rs 1 lakh crore in a day

On a day when the sensex recorded the second biggest loss in market capitalisation, Adani stocks witnessed the group's biggest single-session wealth erosion of Rs 1.1 lakh crore last seen on Feb 2, 2023, a week after the US-based short-seller Hindenburg published its report on the conglomerate.

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Sensex plunges, investors lose Rs 14 lakh crore

Wednesday was the worst day for Dalal Street investors since Covid in terms of wealth erosion. The day's selloff erased Rs 13.9 lakh crore worth of investors' wealth in terms of loss in BSE's market capitalisation that was just a tad lower than the Rs 14.2 lakh crore, the biggest loss ever.

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EVs cheaper to own in long run than ICE cars in India but bumps ahead: BNEF

EVs cheaper to own than internal combustion engine (ICE) models in India, but concerns over resale value, charging stations, financing remain. CNG vehicles pose competition. Two- and three-wheelers adopt EVs faster. Electric buses economically favorable. Battery-driven heavy trucks reach TCO parity after 2030. Infrastructure and financing important for EV adoption.

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ITC's top shareholder BAT to sell 3.5% stake for $2bn

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More checks on Big Tech for anti-competitive acts

A govt-appointed panel has recommended enactment of a new law - Digital Competition Act - to allow the Competition Commission to monitor large digital enterprises and intervene before instances of anti-competitive conduct transpire. The move is meant to deal with entities such as Google, Facebook and Amazon that use data ("the defining feature of digital markets") and supplement the Competition Act.

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Wheat stock with FCI lowest since 2018, but higher than buffer norm

Wheat stock with Food Corporation of India (FCI) has dropped below 100 lakh tonne for the first time since 2018, falling to 97 lakh tonne this month, due to low procurement during past two years and record sale of the cereal in open market to keep prices under check. In case of rice stocks, FCI is currently holding more than four times.

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