India

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On the bourses, shares of the bank jumped over 5 per cent to an intra-day high of Rs 162.3 per share State-owned Bank of Baroda, on Friday, reported its highest-ever quarterly net profit of Rs 3,853 crore for the October-December quarter (Q3) of financial year 2023 (FY23), registering a staggering growth of 75.4 per cent year-on-year (YoY)....


Fitch Ratings said on Friday that there is no immediate impact on the Fitch-rated Adani entities and their securities, and that it expects no material changes to its forecast cash flow. The clarification comes after the damning Hindenburg report that alleged the Adani Group of stock manipulation, accounting fraud and other malpractices....


The ongoing upswing in commercial vehicle sales is likely to stretch beyond the usual three to four years, given the continued government focus on capital expenditure in the infrastructure sector, said Shenu Aggarwal, the newly appointed managing director and chief executive officer of Ashok Leyland Ltd....


Markets will now have to recalibrate and find the best fit, says Revenue Secretary Sanjay Malhotra In paving the way for a new tax regime, the government intends to give more freedom to individual taxpayers to invest in the way they want to — in mutual funds, in equity, or in debt. Tax is not the only way through which an individual gets returns on savings and investment, but that pushed it higher. Markets will now have to recalibrate and f…


The domestic equities witnessed yet another volatile session on February 2 as the selling in Adani group, oil & gas, metal & select financial services stocks impacted sentiment. However, buying in FMCG, IT and select banking stocks along with positive global cues provided good support. The BSE Sensex gained 224 points to 59,932, while the Nifty50 traded within the previous day's trading range and fell 6 points to 17,610, forming a bullish…


For online games, it is proposed to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year: Budget Document Gaming was recognized as one of the potential sectors for job creation. Furthermore, the ministry of broadcasting announced the AVCG Centre of Excellence in 2020 in an attempt to cement the gaming sector as a major wealth generator for the country. The ministry of broadcasting was alloca…


Travel industry expressed mixed feelings about the budget as some of the demands for tax concessions or industry status for the sector too were not addressed in the budget The domestic tourism sector, which suffered a major setback during the pandemic, got a push from the Union Budget, with Finance Minister Nirmala Sitharaman proposing integrated development of 50 destinations. Overseas trips, though, are set to get dearer with the government hik…


Prices of mobile phones and large-screen televisions may become cheaper following a set of measures in the Union budget in a boost to the electronics and information technology sector. Finance minister Nirmala Sitharaman proposed to halve the customs duty on open cells from 5% to 2.5%, while completely exempting duty on mobile phone camera lenses from 2.5% and on specific chemicals such as pre-calcined ferrite powder and palladium tetra amine sul…


Among various initiatives announced, the most far-reaching is the proposal to provide new-age technology and digital platforms for farmers and rural entrepreneurs Budget 2023-24 is a bold step towards envisioning a prosperous and inclusive India. One of the key pillars of the Indian economy remains agriculture. And the budget has provided a much-needed boost to agriculture and allied sectors. The proposed unique and innovative approaches will inc…


Gautam Adani said "The market has been unprecedented, and our stock price has fluctuated over the course of the day... Given these extraordinary circumstances, the Company's board felt that going ahead with the issue will not be morally correct" Adani Enterprises Ltd has called off its ₹ 20,000-crore share sale, saying it would not be "morally correct" in the current market condition. Adani Enterprises chief Gautam Adani has said alth…


The equity market witnessed extreme volatility on February 1, when Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament. The Budget proposals pushed benchmark indices sharply higher by 1.75 percent intraday, but the steep correction in Adani group stocks, life insurance and select banks stocks weighed on sentiment in the later part of the session. As a result, the BSE Sensex closed with just 158 points (0.27 p…


With regards to direct tax amendments, FM Nirmala Sitharaman made two key announcements to bring relief to startups The Indian startup ecosystem found many a mention in finance minister presentation during the Union Budget 2023 session. "Entrepreneurship is vital for a country's economic development. We have taken a number of measures for startups and they have borne results," she said, noting India's ascendance to the third position among the wo…


Union Budget 2023: वित्त मंत्री निर्मला सीतारमण (Finance Minister Nirmala Sitharaman) ने बुधवार को देश का आम बजट पेश कर दिया. आइए जानते हैं कॉरपोरेट वर्ल्ड को कैसा लगा ये बजट. Union Budget 2023: वित्त मंत्री निर्मला सीता…


FM Nirmala Sitharaman has announced 2.4 lakh crores for the Indian Railways. FM Nirmala Sitharaman has announced 2.4 lakh crores for the Indian Railways. This is the highest-ever capital outlay for railways to date.  There will also be a large focus on freight with an investment of Rs 75,000 crore under the National Rail Plan (NRP).....


Union Budget 2023 : The announcement was made by the FM during the Union Budget 2023-24. Finance Minister Nirmala Sitharaman announced during the 2023-24 Union Budget that fifty (50) new airports, helipads, aerodromes, etc will be built to improve connectivity across the country. The FM said, "50 additional airports, aerodromes, helipads, water routes to be built to enhance connectivity."....


Finance Minister Nirmala Sitharaman said that government has increased its capital investment by 33 per cent; She also said the Indian economy is on the right track and India's GDP growth rate is among the fastest in global economies.....


Tata group hospitality firm Indian Hotels Company Ltd on Tuesday reported an over four-fold rise in consolidated net profit at ₹403.56 crore December 2022 quarter. This is against a consolidated net profit of ₹95.96 crore in the year-ago period   The consolidated revenue from operations rose by 51.6 per cent to ₹1,685.8 crore as against ₹1,111.22 crore in the corresponding period previous fiscal, it added....…


About 6 crore SMEs employ close to 12 crore workers across sectors and industries contributing nearly 35% to the country's GDP The recovery of India's micro, small and medium enterprises is advancing swiftly, with the Emergency Credit Linked Guarantee Scheme offsetting the impact of the Covid shock on the units through robust credit disbursement, as per the Economic Survey 2022-23 tabled in Parliament on Tuesday......


After trading in a narrow range, the market ended the volatile session on a flat note with a positive bias on January 31, as the participants await Union Budget on February 1 to take cues for further direction of equities. The BSE Sensex rose 50 points to 59,550, while the Nifty50 gained 13 points at 17,662 and formed a bearish candle with a long lower shadow on the daily charts indicating the buying at lower levels. The index has taken support a…


India collected Rs 1.56 lakh crore as Goods and Services Tax (GST) in January, the finance ministry said on January 31. At Rs 1.56 lakh crore, the GST collections for January are second only to the record Rs 1.68 lakh crore collected in April 2022. It is up 10.6 percent from the first month of 2022 and 4.3 percent higher from December 2022.


2023-01-31

Indian magnate Gautam Adani plans to increase his investment in Israel "in a big way," Israeli Prime Minister Benjamin Netanyahu said on Tuesday at a ceremony marking Adani's purchase of Haifa port.... More https://bit.ly/3HTpWtz Source jpost.com


Abu Dhabi's IHC, one of the anchor investors, poured in another $400 million in the FPO The Adani Group company plans to raise Rs 20,000 crore via the FPO, the largest ever FPO in the Indian capital markets history The Follow-On Public Offering (FPO) of Adani Enterprises had got bids for 50.85 million shares against an offer size of 45.5 million shares, representing a 1.12 times subscription on January 31, the third and final …


India forecast remains unchanged for FY24 The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia’s third-largest economy for 2023-24 (FY24)....


Around 8.33 lakh shares changed hands on BSE today, which was higher than the company's two-week average volume of 7.76 lakh shares. Turnover on the counter stood at Rs 50.38 crore, commanding a market capitalisation (m-cap) of Rs 1,32,351.71 crore. Shares of Adani Ports and Special Economic Zone rebounded over 4 per cent in Tuesday's trade, halting their losing run of seven straight sessions. The stock rose 4.17 per cent to hit a day h…


Food giant Wilmar International Ltd. will continue to support its joint venture with India’s under-fire Adani Group, saying a report from short-seller Hindenburg Research had not raised any issues specific to the unit. The day-to-day operations of Adani Wilmar Ltd. are managed by an independent team of professional managers and the board is chaired by an independent director, Singapore-based Wilmar said in an emailed response to questions f…


While India used to depend on others to solve its problems, it is now working to solve global problems, Murmu said. President Droupadi Murmu on Tuesday urged people to put in their best to build in the next 25 years a developed India connected to its past glory and containing every golden chapter of modernity. In her first address to the joint sitting of Parliament as the Budget session began, she said 'Amrit Kaal', described by the government as…


The market ended a volatile session on a positive note on January 30 after a day of carnage, backed by technology and select banking & financial services stocks. Overall the market remains cautious ahead of Union Budget and FOMC meeting outcome later this week. The BSE Sensex climbed 170 points to 59,500, while the Nifty50 rose 45 points to 17,649 and formed a bullish candle on the daily charts with upper and lower shadows indicatin…


On Friday, the Indian stock market completed the shift to a “T+1” settlement system, where every transaction will be completed within one working day post-trade. That is, if a stock is traded on Monday, the cash will be credited into the seller’s account by Tuesday and the stock will also be transferred to the buyer’s account by then. This move from the earlier T+2 settlement system was initiated in a phased manner from Fe…


Hindenburg report on Adani Group: The conglomerate's CFO said that even the “bogus report based on lies and misrepresentation” could not find anything to misrepresent in the group’s businesses. The Adani Group has accused Hindenburg Research of not doing proper research, and “copy-pasting” from the company disclosures. It also said that they either did not do proper research or did proper research but misled the publ…


Defence, the market darling in 2022, is likely to be the dominant theme of Budget 2023 One theme that usually sees a lot of action in days preceding and following the Union Budget is Railways — specifically, the stocks of companies that derive business from Indian Railways. The reason, of course, is that any major proposals or announcements for Indian Railways are generally unveiled as part of the Budget. However, of late, the ‘Defenc…


The market plunged to more than a three-month low on January 27, the first day of the February series, on widespread selling, with banks and metal hammered especially hard. Relentless selling by foreign investors worsened the carnage. The 30-pack Sensex closed 874 points, or 1.45 percent, down at 59,331, while the broad-based Nifty declined 288 points, or 1.6 percent, to 17,604.


External Affairs Minister S Jaishankar on Saturday said some people deliberately spread wrong news about the China issue knowing it is not true for politics and by talking about some land, which was taken by China in 1962, they give the impression this happened recently, the remarks viewed as a dig at Congress leader Rahul Gandhi....


Consumer electronics company Samsung India on Saturday inaugurated its largest experience store in North India in New Delhi’s Connaught Place. The new experience store showcases Samsung’s complete product ecosystem through different zones such as connected living, smartphones, audio, gaming, lifestyle screens and wearables, among others, showcasing its multi-device connectivity with smart-things.....


Adani Enterprises Ltd stood its ground on Saturday saying that its ₹20,000-crore follow-on public offering was on schedule with no changes in the price band, the issue price and was confident of its success. “All our stakeholders including bankers and investors have full faith in the FPO. We are extremely confident about the success of the FPO,” a statement from Adani Enterprises said, amidst intense speculation that the company may…


Russian Foreign Minister Sergei Lavrov spoke at length on the development of new centres of economic power, and financial and political influence Russian Foreign Minister Sergei Lavrov spoke at length on the development of new centres of economic power, and financial and political influence and stated that China and India are already ahead of the United States and EU members in a number of ways when it comes to it......


Sona BLW Precision Forgings , Tata Motors and Bajaj Auto rose the most in a trading week that saw lot of stocks bleed As many as 90 stocks in the BSE 500 index managed to keep their neck above water last week despite heavy selling in the domestic equity markets. The BSE barometer Sensex tanked 1,290.87 points, or 2.10 per cent, to 59,330.90 on January 27 from 60,621.77 on January 20, 2023. Likewise, the 50-share NSE Nifty index retreated 423.30 p…


A year after being acquired by the Tata Group, the number of operating aircraft at Air India has increased 27% to 100, the airline said in an anniversary update. With more capacity available, the airline has been able to increase average daily flights by 30% and weekly international flights by 63%....


HR firms in India are getting resumes from experienced talent in the US As the massive layoff spree continues in the US, India could look forward to some talent gains. “Back to Bharat” is slowly gaining momentum among expatriates hit by job losses who are looking for a safe haven at home.  IBM is the latest to announce cuts, laying off 3,900 employees as it missed its annual cash target. In the last few days, Amazon, Google, Meta…


2023-01-28

Dr. Singh addresses two-day Orientation Workshop for the Members of Central Administrative Tribunal at Indian Institute of Public Administration (IIPA) in New Delhi today Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said that under Prime Minister Shri Narendra Modi&rsquo…


HDFC Bank, which has emerged as the Best Large Indian Bank, has a huge opportunity to grab more market share after the merger of parent HDFC Ltd with it. But the journey ahead is not going to be a cakewalk How can we grow at 20 per cent year after year?” That’s what HDFC Bank’s Sashidhar Jagdishan (also called Sashi) asked the then MD & CEO Aditya Puri a few years ago when they were on the road from Mangaluru to Manipal. As …


Air India will on Friday seal half of an order worth billions of dollars for some 495 jets with Boeing and engine suppliers General Electric and CFM International, two industry sources said, as its new owner seeks to revive the airline and compete with much larger rivals....


CLSA assessed that the exposure of public sector banks has not increased in the past three years Amid the dust raised by Hindenburg Research’s report on the Adani Group, CLSA said the Indian banking sector’s exposure to the group is less than 40 per cent of total group debt....


Experts said volatility is expected to remain high in the coming days given the global concerns but investors should not get bogged down by short-term worries and pick quality stocks for the long term. ....Cont


Noida-based Trezi provides a virtual reality platform for the architecture, engineering and construction (AEC) industry Noida-based Trezi provides a virtual reality platform for the architecture, engineering and construction (AEC) industry. Its founders, Gautam and Tithi Tewari, built the startup using their personal experiences of struggling with gaps in design communication, mismatch of expectations with clients and product selection issues in …


2023-01-26

Hosted jointly by Dubai Chambers and IBLF Celebrating the special economic relations between India and the UAE, Dubai Chambers today hosts the India-UAE Partnership Summit at its headquarters in Dubai. Hon. Piyush Goyal, Minister of Commerce & Industry, Government of India, inaugurated the Summit with an opening keynote where he highlighted that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) has given a natural boost to key…


TVS Motor Company stock climbed 5.16% to Rs 1037.10 against the previous close of Rs 986.20 on BSE. The stock has been gaining for three sessions. Shares of TVS Motor Company rose over 5% after the auto firm reported a 22 per cent rise in its net profit for the quarter ended December 2022. TVS Motor Company stock climbed 5.16% to Rs 1037.10 against the previous close of Rs 986.20 on BSE. The stock has been gaining for three sessions. TVS Motor Co…


The Adani Group is exploring legal options under both US and Indian laws against Hindenburg Research, which in a report called out debt and governance issues at the conglomerate, leading to stocks of group companies losing ₹85,000 crore in value in Wednesday's trade....


Raises ₹6,000 crore from anchor investors; Adani Enterprises will be raising ₹20,000 crore through the FPO On a day when an investment research firm with a focus on activist short-selling alleged serious financial risks at Adani group, the anchor investor book of the follow-on public offer ofAdani Enterprises (AEL) was subscribed by 1.5 times by 33 funds and investors....