Benchmark indices sensex and Nifty closed lower on Tuesday because there was a selloff in banking and IT shares in the last hour of the session amidst a mixed trend in global markets. The Sensex dropped by 189 points to reach a closing value of 74,483. The index started with an increase and continued to rise by 440 points, reaching a peak of 75,111 during the day's trading.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1Nqg6hx
KYC registration entities, known as KRAs in the market, stated on Tuesday that out of approximately 11 crore investors under Sebi’s regulatory oversight, around 1.3 crore accounts are currently ‘on hold’ (indicating that these investors are unable to carry out transactions in stocks, MFs, and commodities using these KYCs) due to non-compliance with Sebi regulations for various reasons.
The escalating geopolitical tension may have implications for the country's exports in the first quarter of 2024-25 as it is likely to impact global demand, apex exporters body Fieo said. The global uncertainties caused by the continuing war between Russia and Ukraine have impacted India’s outbound shipments in 2023-24, which recorded a decline of 3.1% to $437 billion. Imports too dipped by over 8% to $677.2 billion.
Srini Pallia, Wipro's newly-appointed CEO, is set to receive an annual compensation package ranging from $4.5 million to $7 million, as disclosed in the shareholders' notice posted on the BSE on Monday. Pallia, a 32-year veteran of the company, assumed the role of CEO and MD on April 7 for a five-year term. He succeeds Thierry Delaporte, who departed before his tenure was scheduled to conclude in 2025.
On a surprise visit to Beijing amid speculation that he may unveil Tesla's autonomous driving technology in the burgeoning electric vehicle (EV) market in China, billionaire Elon Musk on Sunday met Chinese Premier Li Qiang and discussed future expansion plans for his automobile. Li told Musk that China's huge market will always be open to foreign-funded enterprises.
Indian Railways is gearing up to commence trial runs of short-distance Vande Metro trains in July, alongside the launch of the sleeper version of Vande Bharat next month. The Vande Metro trains are slated to operate on routes spanning 100-250 kilometers, while the Vande Bharat Sleeper trains will be designated for routes exceeding 1,000 kilometers. Officials indicate that the Vande Metro trains will establish connections across approximately 124 cities.
ICICI Bank, the second-largest private lender, has reported a net profit of Rs 10,708 crore for the quarter ended March 2024, marking an increase of 17.4%, surpassing analyst forecasts. The bank’s board has recommended a dividend of Rs 10 per share. At the end of the quarter, the bank’s deposits stood at Rs 14,12,825 crore, up by 19.6% from March 2023.
The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency resolution proceedings against Essel Homes and Primcomm Media Distribution Ventures after Gnex Realtech defaulted on repayment of loans of nearly Rs 261 crore to Indiabulls Housing Finance. Essel Homes and Primcomm were the co-borrowers, and NCLT has appointed Ravi Prakash Ganti as the interim resolution professional (IRP).
India is headed to bag investments for the country’s first display fab semiconductor unit – used for making televisions and other digital screens – with Japanese Sharp approaching the Central govt for setting up a 1,000-acres facility that will be used to cater not just to the domestic demand but also exports.
The lessors of 54 aircraft to grounded-since-last May GoAir finally got relief on several counts from the Delhi high court on Friday which directed the Directorate General of Civil Aviation (DGCA) to de-register these planes within a maximum of five working days. The revival of GoAir under IBC is now an even tougher task as the lessors are learnt to be wooed by both Tata’s Air India and cash-rich IndiGo to get around 15 of the Airbus A320 family planes which could fairly quickly be made airworthy.
Axis Bank overtook Kotak Mahindra Bank on Thursday to become India's third most valued private lender after a rout in the latter's stock. Kotak Bank's stock opened deep in the red on Thursday a day after RBI restricted the lender from onboarding customers digitally and issuing credit cards, citing repeated failures to fix "serious deficiencies" in its IT system.
Aditya Birla Group chairman Kumar Mangalam Birla said the Rs 18,000-crore fund-raise has given Vodafone Idea a "fresh lease of life", and set the stage for a "smart turnaround". "Vi is not just a telecom company, it's a national asset with 215 million users and about 8,000 MHz spectrum," said Birla. Investors in Vodafone Idea made a 26% return within a week as the shares of the telecom services company, which were offered at Rs 11 apiece in an FPO, closed at Rs 13.9 on the BSE.
According to Tuesday's state of the economy report by the RBI, extreme weather events and persistent geopolitical tensions may contribute to inflation risks, while also potentially causing fluctuations in crude oil prices. The report highlighted a positive trend in real GDP growth, supported by robust investment demand and optimistic sentiments among businesses and consumers.
Reliance Industries reported a nearly unchanged quarterly profit, while its revenue increased by 11% to Rs 2.4 lakh crore. This growth was driven by the robust performance of its oil & gas and oil-to-chemical (O2C) segments, as well as the rapid expansion of its retail and digital services (Jio) divisions. The company recorded a profit of Rs 21,243 crore in the fourth quarter of FY24.
HDFC Bank CEO Sashidhar Jagdishan has urged investors to exercise patience during the bank's transition, likening it to the construction of Mumbai's coastal road. He assured that benefits would emerge in due course following this phase of transition. In an investor call following the bank's results, Jagdishan emphasized the bank's objective of securing the sustainability of its deposit franchise.
Indians are embracing travel and spending with unprecedented enthusiasm. Post-Covid, there's a 25% surge in those taking over three trips annually. Advance international bookings are back, replacing spontaneous travels of 2020-2021. These insights stem from MakeMyTrip's "India Travel Trends Report," drawing from the travel habits of over 100 million active users.
In February, the Employees Provident Fund Organisation (EPFO), responsible for retirement funds, saw an increase of 1.55 million net members, with nearly 780,000 being new additions, according to recently released data. An important observation from the data is the prominence of the 18-25 age bracket, comprising a substantial 56.4% of the total new members in February. This suggests that the bulk of those entering the organized workforce are young individuals, mostly first-time job seekers, as stated in an official announcement.
Bitcoin undergoes a process known as "halving," which gradually reduces the rate at which new bitcoins are generated, thereby limiting the overall supply. This method has systematically decreased the mining reward over time, aligning with the creator Satoshi Nakamoto's vision to cap the total number of bitcoins at 21 million.
The bitcoin market on Friday engineered the "halving" of the reward for operating the cryptocurrency, a much-anticipated step designed to limit production and boost the digital money. However, since the digital currency's launch in 2009, the reward has been halved for every 210,000 blocks in a process called halving.
Tata Sons seeks RBI exemption post TCS stake sale to avoid IPO. Assets meet CIC criteria. Aims to deregister as CIC, sidestep RBI rules amid Cyrus Mistry battle.
West Asia oil shipments remain stable amidst Israel-Iran tensions. Speculators influence Benchmark Brent prices. Opec's Hai Tham al-Ghais engages with India on oil imports. Potential disruption if Hormuz Strait blocked."}
Infosys returned Rs 1.1 lakh crore to shareholders in 5 years, equals $12.8B. Unchanged 85% distribution policy. 15 payouts made, Rs 80,000 crore through dividends. Investor receipt by FY24: Rs 377.5/share. Rs 26,800 crore returned via buybacks.
Apple invests in India production while focusing on green initiatives like rooftop solar projects. They advance water security, restore ecosystems, and provide clean drinking water through water kiosks in collaboration with local entrepreneurs.
Vodafone Idea seeks govt aid for Rs 2.3 lakh crore dues, requesting payout conversion for efficient operations and investor confidence. CEO Moondra highlights the need for govt support to ensure sustainability and healthy competition, with equity installment conversion option available.
Rupee closed at 83.54 against the dollar, Asian currencies weakened. Dollar index rose. Geopolitical tensions impact currency markets. Analysts predict RBI rate cuts delayed due to rupee fall.
The recent escalation in tensions, particularly following Iran’s drone offensive, is causing concern among finance ministers and central bank chiefs. The primary impact is expected on oil prices, which surged to $92.2 a barrel, posing risks to global economic stability. In India, while pump prices may not immediately rise due to elections, increased oil prices could strain government subsidies and impact inflation and deficits.
Fujifilm sees India as a high-potential market, considering R&D outsourcing and sustainability initiatives. The company discusses advanced commercial printing, multifunction printers, and cloud data management services, aligning with India's strategic importance for future growth.
Salaried individuals must carefully choose between old and new tax regimes for TDS on salary. Providing proofs for deductions is crucial, and genuine deductions are necessary for smooth ITR processing. Consistency between Form 16 and ITR is advised for seamless filing.
Government advises ecommerce platforms to remove Bournvita from health drinks category due to health concerns following a probe by the National Commission for Protection of Child Rights, impacting Mondelez brands like 5-Star, Cadbury, and Oreo.
The International Monetary Fund on Saturday said it had validated a fresh tranche of aid of $360 million for Ghana as the country seeks to exit an economic crisis. The country has, along with other African states, also been hard hit by economic fallout from the coronavirus pandemic as well as the Russia-Ukraine war.
