India Financial News

ISSDA) on Tuesday signed an MoU to promote exports by MSME members. The two organisations will collaborate to identify potential export products and organise trade exhibitions, buyer-seller meets, and economic summits, an EEPC statement said. The agreement also aims to facilitate the exchange of trade information and encourage international investment through joint ventures and technical collaborations. The MoU was signed by EEPC India's Executive Director Adhip Mitra and ISSDA's Executive Director Rohit Kumar. ISSDA President Rajamani Krishnamurti and other EEPC India's senior officials were also present.

Sensex and Nifty opened marginally higher on Wednesday, tracking global peers, after softer U.S. producer prices data reinforced bets of an interest rate cut by the Federal Reserve in September. The BSE Sensex was trading 88 points, or 0.11%, higher at 79,042. The Nifty50 was up 27 points, or 0.11%, trading at 24,166 around 9:12 am.

It also formed a bearish candle on the daily chart with a long upper shadow, indicating that the sell-on-rise trend may continue.

The CBI has also arrived with a specialised medical and forensic team from Delhi. On Tuesday, the Calcutta High Court ordered a CBI investigation into the sexual assault and murder of a woman post-graduate trainee (PGT) doctor on August 9.

mutual funds (MFs) and foreign institutional investors (FIIs) were seen pulling out money from at least 13 PSU stocks in the June quarter. Interestingly, small retail investors ended up buying all of them. Q1 shareholding pattern reveals that MFs sold stakes in 28 PSU stocks and FIIs were bearish on 30 such counters. Altogether there were 13 'sarkari' stocks sold by both the big boys of Dalal Street.

Hindalco and Apollo Hospitals while Goldman Sachs has a sell rating on Hero Motocorp. Jefferies and Investec have a buy rating on Max Financial and Nykaa respectively. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Central Pollution Control Board (CPCB) will audit a range of companies in the next month and a half to ensure they follow standard operating procedures and recycle electronic goods, and impose penalties on those found lacking, two government officials said. The penalties collected as environmental compensation (EC) will be used to finance environment protection efforts, the officials cited above said on the condition of anonymity. The E-waste (Management) Rules, 2024 issued in March empower the CPCB to monitor and fine violators.

₹7,050 crore to ₹26,363 crore in the year through July, reflecting a significant increase in investor interest, said Feroze Azeez, deputy chief executive officer at Anand Rathi Wealth. “The best-performing fund in this category delivered around 80%, while the worst-performing fund achieved about 25%." “The rise in inflows and the launch of new funds—49 in total, with 9 introduced this year—indicates that this investment style has picked up considerable traction," said Azeez. Factor-based investing has been globally recognized since the 1960s as stock-pickers looked for traits that could deliver better risk-adjusted returns than traditional strategies.

Narendra Modi will be the chief guest at The Economic Times World Leaders Forum, which will take place on August 31 in New Delhi. Bringing together global investors, policy makers, business leaders and entrepreneurs from across the globe, the inaugural edition of ET World Leaders Forum, with its theme of 'Leadership for Global Prosperity,' offers a platform for intersectional dialogue on the opportunities that arise from India's rapid economic progress. That progress has come even as the global economy overall is stagnating, with geopolitical and climate crises adding to concerns. India's economy grew 8.2% in FY24, as the macroeconomic stability and policy support catalysed investments.

listing gains snagged by SoftBank’s India portfolio firms Ola Electric, FirstCry and Unicommerce are the result of sensible initial public offering (IPO) pricing, favourable macroeconomic conditions and the growing acceptance of technology firms by the capital markets, said Sumer Juneja, managing partner for India and EMEA at SoftBank. In an interview to ET on Tuesday, he said that the active participation of domestic mutual funds has helped shore up demand for these public offerings. It’s not true that these new-age IPO are gaining only because of the continuing bull run in the stock markets, he added. The Masayoshi Son-led Japanese group’s cumulative holdings across the three recently listed companies stand at about $2 billion following their market debut. SoftBank had pumped $400 million into FirstCry, which listed at a premium of 40% to its issue price of Rs 465 per share.

iPhone manufacturing and domestic sales of MacBooks, iMacs, iPads, Watches and AirPods lifted the value of Apple’s India operations to over Rs 2 lakh crore ($23.5 billion) in FY24, top officials said, up from Rs 1.15 lakh crore in the year before. They told ET that Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically. Apple is also the first GVC in India that is rapidly shifting in part of its supply chain from China. According to the recent Economic Survey, India contributes around 14% to the US tech giant’s overall production, emerging as a key hub for its global exports. In FY23, India’s contribution was about 7%. iPhones dominate the numbers. Of the Rs 2-lakh crore valuation, iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) were exported last fiscal year, show calculations based on official data.

Google announced at its annual hardware launch event on Tuesday.The Pixel 9 series headlined the event, with four distinct models catering to a variety of preferences and needs.The base model, Pixel 9, arrives with a 6.3-inch Actua display offering a crisp 1080 x 2424 OLED resolution. It delivers a smooth user experience with a 120Hz refresh rate and impressive peak brightness of 2700 nits. Encased in Corning Gorilla Glass Victus 2, the Pixel 9 is both durable and sleek, boasting an IP68 rating for dust and water resistance.

Google Pixel Watch 3 was officially revealed, offering significant upgrades while maintaining the classic circular design that fans have come to appreciate. This time, Google has utilized recycled aluminum in the construction.

Michelle Gass, chief executive of Levi Strauss & Co, said the denim maker's global operations should take a cue from the Indian business in terms of keeping speed, agility and execution of its retail strategy in a market, crucial to achieving its $10-billion annual revenue target, up from about $6 billion currently. «Speed, decisiveness, agility, risk taking and making decisions, India does it really well. Every market has their own local product engine, but the bigger opportunity is operating like this speedy, agile retailer, and taking this culture of the Indian team and bringing that throughout the company is a great opportunity,» Gass told ET in an interview, adding that the Indian team is amongst the strongest it has globally. «This is one of the most dynamic, exciting markets I have been to, and there's so much happening. We have had strength in the market for some time, but they are constantly challenging themselves to be better and evolve and that's what's accelerating our growth here,» she said.

RG Kar Medical College students' protest turned into a mass movement on Tuesday with actors, singers, intellectuals, senior doctors, political leaders and students of other universities joining the protest while demanding justice for the rape and murder of a second year Post-Graduate student last Friday. The huge protests were a reminder of the anti-Nandigram movement days. The medical students continued to protest across West Bengal and other parts of the country. Earlier today, doctors and medical students held protests at AIIMS Delhi and other hospitals after the Federation of All India Medical Association called for a nationwide shutdown of OPD services from Tuesday, showing solidarity against the doctor. They raised slogans and demanded justice for the murdered student.

Border Security Force committee has held 83 flag meetings with Border Guard Bangladesh (BGB) over the last three days. The two sides have conducted nearly 241 'simultaneous coordinating' patrolling in vulnerable areas, BSF said. The panel, constituted by the home ministry on Friday, was mandated to maintain communication channels with its Bangladesh counterpart to ensure safety and security of Indian nationals and minorities living there. According to BSF, the first meeting was held on Saturday. «In order to reach out to counterparts up to border outpost and company levels, both the border guarding forces have held around 83 flag meetings at various levels in the last three days,» BSF said. While appreciating BGB's role in preventing Bangladeshis from coming close to borders, BSF impressed upon BGB to protect Indians and minorities in Bangladesh.

Ashwini Ponnappa on Tuesday said she received little to no individual financial assistance from the sports ministry in the build up to Paris Olympics and even her request for a coach was turned down ahead of the just-concluded Games. The Sports Authority of India (SAI) had come out with a document, detailing the financial support provided to the Paris-bound Indian athletes. It mentions that Ashwini was provided Rs 4,50,000 under TOPS and Rs 1,48,04,080 under Annual calender for Training and Competition (ACTC), which included the procurement of Game Ready recovery equipment, international competitions and sparring partner in the Tokyo cycle. «I'm absolutely shocked… I don't mind not getting money but telling the nation that I got money is ridiculous. I haven't received it. Like if you're talking about national camp, then that 1.5 Crore is spent on all the campers,» Ashwini told PTI.

Life Insurance Corporation of India is preparing for a second legal battle over trading in insurance policies, something the insurance behemoth says is illegal, arguing that such transactions threaten to hit at the root of the industry and expose policy buyers to losses. India's biggest insurer is seeking to challenge legally the campaign by ACESO, a company that claims to be an asset monetiser and focused on buying up LIC policies, said officials aware of the plans. It is luring policyholders to transfer their rights to it for a consideration instead of surrendering them. ACESO, founded by two chartered accountants — Ketan Mehta and Himanshu Ashar — is offering ALIP or Assign Your Life Insurance Policy. This it says is based on a legal contract which is permissible under the law. It brings double benefits to those involved in the insurance policy — the agents and the policyholder. When assigned, ACESO is said to be paying more than what LIC would have paid and the continuity of commissions for agents.

₹1,72,999 for the sole 16GB RAM/256GB storage variant. The premium Google offering will be available in two finishes: Obsidian and Porcelain.Google hasn't announced a sale date for the phone yet but it is confirmed to be available via Flipkart, Reliance Digital and Croma.

inflation gauge declined below the mandated 4% target for the first time in five years, with economists attributing the fall to a statistical base effect and might not indicate a durable victory against sticky prices just yet. Most of the experts that ET spoke with said rate cuts could be pushed to the next fiscal year. In the recently concluded monetary policy review, central bank governor Shaktikanta Das maintained that future interest rate decisions will depend on food price movements and that it cannot overlook inflation pressures.

Enforcement Directorate (ED) recently summoned Dabur India chairman Mohit Burman as part of its investigation into an alleged money laundering case related to the open offer made by the Burman family to the shareholders of Religare Enterprises (REL). Also summoned were three independent directors of REL subsidiary Care Health Insurance and the manager of the open offer, said people aware of the development. Most didn't appear in person but sent their representatives. The first round of questions by the federal probe agency is to take their statements and understand and evaluate them. «The probe has commenced and since there are allegations and counter-allegations, those related to the case were summoned,» said one of the persons cited. «Their statements are being studied to evaluate if there is a case of money laundering and if the allegations levelled by the complainant in the predicate offence is indeed true.»