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Saturday, November 30, 2024

Commercial LPG hike by Rs 16.5, jet fuel 1.45% up; household cooking gas remains unchanged

Commercial LPG and aviation fuel prices in New Delhi surge following the monthly revision to align with international oil price trends. Commercial LPG rates now stand at Rs 1818.50 per 19 kg cylinder, while ATF prices in Delhi increased by Rs 1,318.12 per kl, reaching Rs 91,856.84 per kl.

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US: Black Friday sees 14.6% surge in online sales, in-store sales up 0.7%

US retail sales saw an annual growth of 3.4% on Black Friday, with e-commerce increasing by 14.6% and in-store sales by 0.7%, according to Mastercard. Key drivers included online purchases on mobile devices. Facteus data indicated flat sales for Best Buy and Target, while Adobe reported a 10.2% increase in online spending to $10.8 billion on Friday.

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More than 600 linked to terror financing identified this year: Eurasian Group

The Eurasian Group identified over 600 people linked to global terrorist financing networks in 2023. The group discussed challenges in detecting and tracking these financiers, emphasizing risks across regions, including Afghanistan. They also addressed the complexities of regulating cryptocurrency in preventing terrorism funding.

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Friday, November 29, 2024

GDP growth slumps to 7-quarter low of 5.4%



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Q2 GDP data disappointing, but see bright spots: Govt



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Thursday, November 28, 2024

New-age cos look to reassess IPO timing



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Sensex tumbles 1,190 points, investors lose Rs 1.4 lakh crore

Foreign investors aggressively sold Indian stocks, causing the sensex to plummet by 1,190 points to 79,044. All sensex constituents except SBI closed in the red, with investors losing Rs 1.4 lakh crore. Foreign funds were net sellers at Rs 11,756 crore. Market volatility was heightened by the expiry of derivative contracts.

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Ahead of IPO, Suraksha Diagnostic collects Rs 254 crore from anchor investors

Integrated diagnostic chain Suraksha Diagnostic Ltd raised Rs 254 crore from anchor investors before its IPO opening. The company plans to begin its Rs 846-crore public share-sale on November 29. The offering, solely an Offer for Sale, aims for a market capitalization of around Rs 2,300 crore.

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Wednesday, November 27, 2024

Vedanta to invest $2 billion in Saudi copper projects



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No FCPA violation charge on Gautam, Sagar Adani: Group co



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Waaree Renewable Technologies bags solar project worth Rs 1,233 crore

Waaree Renewable Technologies secured a ₹1,233.47 crore order to build a 2,012.47 MWp DC ground-mount solar PV project from a domestic renewable energy developer. The project is a significant step for Waaree in expanding its presence in the renewable energy sector.

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Tuesday, November 26, 2024

No need to apply, you will get e-version of PAN in mail ID



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Adani Green says it's not looking for fresh funds from investor Total

Adani Green Energy stated it isn't seeking new funds from TotalEnergies after the French company paused further investments due to corruption allegations against Adani executives. TotalEnergies, a significant stakeholder in Adani Green, clarified its stance following a US indictment, emphasizing its commitment to ethical practices and awaiting clarification on the accusations.

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Meesho launches voicebot to cut customer support costs by one-fourth

Meesho launched a multilingual AI voice bot for customer service, initially supporting Hindi and English, with plans to expand to six more regional languages. This move aims to reduce costs and personalize support for its diverse user base. The bot currently handles 60,000 calls daily, resolving 95% of issues and cutting average handling time by half.

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Monday, November 25, 2024

Adani may find it tough to tap foreign funding: Investor GQG

GQG Partners, a major investor in Adani Group, warns that US bribery allegations against Gautam Adani could hinder the conglomerate's access to international funding. While Indian banks continue lending, GQG notes any negative government action could significantly impact the group. The US indictment alleges Adani Green employees, including Gautam Adani, bribed Indian officials for solar contracts, impacting subsequent fundraising efforts.

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Cabinet's Rs 30,000 crore bank guarantee relief for telecom industry

The Indian government has provided significant financial relief to telecom companies by removing the requirement for bank guarantees on past spectrum purchases. This move, exceeding Rs 30,000 crore in relief, will particularly benefit Vodafone Idea, which faced a substantial financial burden. While aiding the industry's financial health, certain conditions ensure protection against potential payment defaults.

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French energy giant Total puts Adani Group investments on hold

French energy giant TotalEnergies has paused further investments in Adani Group following US bribery allegations against its founder. TotalEnergies, holding stakes in Adani's renewable energy and gas ventures, stated it was unaware of the US investigation. The company emphasized its zero-tolerance policy on corruption and clarified it wasn't directly implicated.

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Total pauses fresh investments in Adani group till air cleared

TotalEnergies has halted further investments in the Adani Group following bribery allegations against top officials. The French energy giant stated it wasn't aware of the US investigation and will protect its interests as a minority shareholder in Adani Green Energy. TotalEnergies emphasized its existing investments were made in compliance with all laws.

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Sunday, November 24, 2024

Adani US indictment: 'US regulator SEC has no jurisdiction to summon a foreign national'



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At Rs 27k crore, FPI selloff continues in November



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FMCG sector boosts hiring of freshers amid rapid growth in India's food processing industry: Report

India's food processing industry is booming, projected to double in size by 2025-26. This growth is fueling a surge in hiring within the FMCG sector, with a particular focus on fresh graduates. Companies are seeking talent to support their expansion into rural and semi-urban markets, creating opportunities in areas like supply chain management and market research.

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Saturday, November 23, 2024

India invested $14 trillion since independence, over 50% in the last decade: Report

India has experienced significant investment growth, reaching $14 trillion since independence, with $8 trillion invested in the last decade alone. This surge, driven by post-COVID economic measures and government spending, has boosted the investment-to-GDP ratio. Despite occasional short-term market fluctuations, India's stock market demonstrates resilience, yielding positive returns in 26 out of the past 33 years.

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Adani US indictment: SEC issues summons to Adani Group, nephew Sagar in bribery case



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Friday, November 22, 2024

Thursday, November 21, 2024

Report: 93% Indian executives see rise in cyber budget next year



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Equity investors lose Rs 5.27 lakh crore as domestic markets slump

Indian stock markets experienced a significant downturn, mirroring the decline in Adani Group stocks following accusations of fraud and bribery in the US. The BSE Sensex plummeted over 422 points, wiping out ₹5.27 lakh crore of investor wealth. Adani Ports suffered the most, hitting the lower circuit limit. Other Adani Group stocks also witnessed substantial losses.

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Wednesday, November 20, 2024

Asia's local fuel imports at multi-year high in Nov



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Bitcoin surges to record high near $95,000

Bitcoin soared to a new all-time high near $95,000, fueled by reports of a potential acquisition of crypto trading platform Bakkt by Trump's social media company. This news, coupled with Trump's pro-crypto stance, has boosted investor confidence in a less regulated crypto environment.

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Ford, facing economic headwinds and weak EV sales, to cut 4,000 jobs in Europe

Ford Motor Co. is slashing 4,000 jobs across Europe, primarily in Germany, by 2027. The automaker cites economic challenges, intensified competition, and lower-than-anticipated electric vehicle sales as reasons for the workforce reduction. Ford's European sales have declined significantly this year, mirroring the industry's struggles with shrinking markets and pressure from Chinese EV manufacturers.

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Tuesday, November 19, 2024

RBI flags governor's deepfake videos



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Sebi moots tighter SME IPO rules to lower investor risks

To safeguard investors and enhance transparency, India's market regulator, Sebi, has put forth proposals to revamp the SME IPO framework. These include raising the minimum IPO size, increasing the application amount for investors, and mandating stricter compliance measures for listed SMEs.

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NTPC Green Energy IPO subscribed 33% on Day 1 of offer; retail portion oversubscribed

NTPC Green Energy Ltd's IPO received bids for a third of the shares on its first day, with the retail portion oversubscribed. The company aims to raise Rs 10,000 crore to repay debt and fund growth. It plans to expand its renewable energy capacity significantly in the coming years, including pumped hydro projects.

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Monday, November 18, 2024

Sunday, November 17, 2024

Govt plans 100% FDI, eased rules for agents in insurance bill tweak

Government is preparing to permit complete foreign ownership of insurance businesses, potentially attracting major international players. The proposed legislation also empowers individual insurance agents to offer policies from multiple companies, removing the current restriction of representing only one life and one general insurer.

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India calls out developed nations for climate inaction at COP29 conference

At COP29, India criticized developed nations for delaying climate action and failing to provide adequate financial support to developing countries. They emphasized the need for substantial financial and technological assistance to address climate change effectively, highlighting the disproportionate impact on developing nations despite their minimal contribution to greenhouse gas emissions.

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Municipal corporations need to impose adequate user charges to provide better facilities: RBI report

The Reserve Bank of India suggests that municipal corporations can improve their financial health by charging appropriate user fees for services like water and waste management. This, along with transparent governance, can lead to better public services and improved urban infrastructure.

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Tomato prices drop by more than 22% as supply improves

Tomato prices in India have plummeted by over 22% to ₹52.35 per kg as of November 14, 2024, driven by a surge in supply. This follows a significant drop in wholesale prices at major agricultural markets like Azadpur. The price decline is attributed to increased arrivals from various regions and favorable weather conditions ensuring smooth supply chain operations.

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Sirius India Airlines looks to raise $100 million for expansion

Sirius India Airlines is looking to raise USD 100 million to expand its fleet and services. The company plans to have 50 private jets by FY27 and expand into new markets such as the Far East, Southeast Asia, and East Africa. The funds are expected to be secured by March of next year.

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Saturday, November 16, 2024

McDonald's invests $100 million to recover from E. coli outbreak

McDonald's is investing \$100 million to regain customer trust after an E. coli outbreak linked to onions in its Quarter Pounders sickened over 100 people. The outbreak, traced back to contaminated onions from a California supplier, led to the temporary removal of Quarter Pounders from some McDonald's menus.

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Friday, November 15, 2024

Boeing appoints former Vanguard CEO Tim Buckley as new board member

Boeing has appointed former Vanguard CEO Tim Buckley to its board, effective January 1st. Buckley, with over 30 years of experience at Vanguard, will join as the 12th director. This announcement coincides with Boeing's plan to lay off 17,000 employees by January as part of a company-wide restructuring effort to cut costs and streamline priorities.

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Thursday, November 14, 2024

Bringing Vistara's best to merger with AI: Chandra

Tata Sons chairman N Chandrasekaran assures the public that Air India is on track to becoming a leading global airline, despite some initial challenges merging with Vistara. The merger, part of a larger consolidation strategy, aims to combine the best of both airlines while creating a unified and enhanced passenger experience.

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Wednesday, November 13, 2024

‘Tech helped bridge Rs 52 lakh crore funding gap for MSMEs’

The trade receivables discounting system (TReDS) is helping Indian MSMEs address delayed payments by allowing them to sell unpaid invoices to financiers at a discounted rate. This has provided much-needed cash flow and reduced financing costs, bridging the credit gap and enabling reinvestment and growth.

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Tuesday, November 12, 2024

May ease tariffs if domestic companies not hurt: Finance minister

India's Finance Minister, Nirmala Sitharaman, hinted at the possibility of reducing certain import tariffs to support domestic industries reliant on imported materials. While acknowledging the concerns of global organizations like the IMF and World Bank regarding India's tariff rates, Sitharaman emphasized the government's commitment to safeguarding domestic production.

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Hyundai Motor India's Q2 profit drops 17% as sales decline

Hyundai Motor India reported a 16.5% decrease in quarterly profits, marking its first earnings report since going public. The decline was attributed to reduced domestic sales and exports. The company's overall sales volume, including exports, experienced a 9% drop, resulting in a 7.5% decline in revenue, reaching 169.61 billion rupees.

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Monday, November 11, 2024

‘FPI can be reclassified as FDI if stake exceeds 10%’

The Reserve Bank of India (RBI) has introduced a new framework that allows foreign portfolio investments (FPIs) to be reclassified as foreign direct investments (FDI) if they exceed a 10% ownership threshold in an Indian company. This move aims to simplify investment procedures for foreign investors and encourage long-term engagement in the Indian market.

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State-owned MTNL defaults on Rs 1,000 crore loan to Bank of India

MTNL has defaulted on a Rs 1,000 crore loan from Bank of India, leading the bank to set aside Rs 200 crore to cover potential losses. This comes after SBI categorized its loans to MTNL as sub-standard. Despite the default, lenders are optimistic about recovery as MTNL is government-owned and some loans are backed by government guarantees.

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Bitcoin surges past $84,000, up $16,000 after Trump win

Bitcoin soared past $84,000, fueled by President-elect Trump's victory and his pro-crypto stance. The digital asset market celebrated Trump's win, having invested heavily in crypto-friendly candidates. Smaller cryptocurrencies like Dogecoin also surged, driven by optimism surrounding Trump's presidency. Meanwhile, FTX sued Binance and its former CEO, alleging fraudulent fund transfers.

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India’s direct tax collection surges 15.4% to Rs 12.1 lakh crore by November

India's direct tax collection witnessed a significant surge, reaching Rs 12.1 lakh crore between April 1 and November 10, reflecting a 15.41 percent increase. This growth was fueled by robust corporate and individual tax payments. Despite a substantial rise in refunds issued, net direct tax collection remained strong. The government aims to collect Rs 22.

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Sunday, November 10, 2024

Coal import up 8% to 140.6 MT in April-Sept

India's coal imports saw a 7.8% increase, reaching 140.60 million tonnes between April and September of this financial year. This rise comes despite a 10.09% dip in September's imports. The surge is attributed to robust stock positions and competitive domestic e-auctions, contributing to an anticipated moderation in overall import demand.

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Saturday, November 9, 2024

Foreign investors withdraw approximately Rs 20,000 crore in last 5 trading sessions

Foreign investors are pulling out of Indian equity markets due to high valuations and shifting focus towards China. Despite this, new FPI registrations are on the rise thanks to relaxed regulations. The future of FPI investment hinges on upcoming earnings reports and the performance of the Chinese market.

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Market capitalisation of six of top-10 most-valued firms decline Rs 1.55 lakh crore last week

India's stock market witnessed a mixed performance last week, with six of the top ten companies experiencing a combined market value decline of ₹1.56 lakh crore. Reliance Industries took the biggest hit, while TCS and Infosys emerged as gainers. Despite the fluctuations, Reliance Industries retained its top position, followed by TCS and HDFC Bank.

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Sri Lanka central bank fines Indian Bank

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