India Financial News

The Economic Survey of 2023-24 has a distinct tone of defensiveness. While it has done well in identifying the multitude of challenges facing the country, it has not fully addressed the deep underlying causes that have led to India’s vulnerability, especially in the face of growing nationalism and climate change.

revenue collection from BCCI during 2022-23 and 2023-24 fiscal years was Rs 2,038.55 crore, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said BCCI, which is the apex body for the promotion of cricket in India, is an autonomous body registered under the Tamil Nadu Societies Registration Act, 1975. «Services by way of admission to sporting events like Indian Premier League attract GST @ 28 per cent. During Financial Years 2022-23 and 2023-24, Gross GST revenue collection from BCCI was Rs 2,038.55 crore,» Chaudhary said in a written reply in the Rajya Sabha. He said the Income Tax department has denied tax exemption to BCCI under Section 11 of the I-T Act, and the matter is now sub judice. Section 11 of the I-T Act deals with charitable institutions.

Yui Susaki of Japan, Indian wrestler Vinesh Phogat, was seen crying after winning the match. She is all set to advance to the quarterfinals of the Olympic Games. Competing in the 50kg category, Phogat's victory over Susaki marks a significant achievement in her wrestling career. Susaki, a reigning Olympic champion and four-time World Champion, has never lost an international match until now, making Vinesh's victory that much sweeter. Trailing 0-2 after conceding penalty points for passivity, Phogat made a brilliant comeback in the last five seconds to clinch three points, winning the match 3-2.

«So, while there are technical factors like the yen carry trade or the lack of confidence in the AI theme with the returns not commensurate with the investments that are being made in AI, etc, those are probably technical issues related to the market which is triggering some foreign selling,» says Rajesh Bhatia, CIO, ITI MF. The one question that everybody wants to have an answer for is how much should one be having the confidence that it is the kind of uptick that we are seeing on Nifty 50 today, the kind of gains that we are seeing today, how much is that giving you the confidence that yes, we are over the global selloff or do you believe that in the near term there are some more risks that could be there in the room? Rajesh Bhatia: Well, look at it this way. Among the strongest markets in the world today has been the Indian market.

Bangladesh is currently hogging headlines everywhere for all the wrong reasons. Its long-time leader Sheikh Hasina has just been overthrown, causing her to flee the country. The nation is not new to such violent political events. It has seen it all — assassinations, army rule, copious political bloodletting — at various points in its short history. Here follows a recap:

Toyota Kirloskar Motor (TKM), the Indian arm of the Japanese auto giant Toyota, would want to use such technologies that align with its commitment to reducing carbon footprint as well as cutting down on the use of fossil fuels, Deputy Managing Director Swapnesh Maru said, while adding that they are cognizant of India’s energy scarcity and security situation. The TKM veteran, in a chat with ET, said his company had been adopting technologies that help cut down on emission. The company always pursued pathways that led to the best results, and adoption of a single technology would not achieve that, he said. “In a country as diverse as India, there is no one single best technology to achieve our objectives,” the Dy MD said, adding that they would continue to work on a multi-pronged approach for the Indian market. Hybrid vehicles and blended fuels came close to meeting these goals. “Today, energy scarcity and security are one of the biggest challenges. Any technology that will bring down carbon footprint or use of fossil fuel would be our priority.”

highways authority said on Tuesday it plans to monetise up to $2.4 billion worth of road projects in the current fiscal year ending March through an infrastructure investment trust route as it looks for ways to reduce its massive debt. The state-owned National Highways Authority of India (NHAI) has an outstanding debt of 3.2 trillion rupees ($38 billion) and is betting on leveraging assets through infrastructure investment trusts to repay its loans. «With this, the overall debt liability of NHAI is expected to further reduce to around 3 trillion rupees at the end of fiscal 2025,» it said in a statement.

bulk holdings of large institutional investors indicate about a stock? When large institutional investors, such as mutual funds, pension funds, or hedge funds, hold substantial portions of a company's stock, it often signals confidence in the company's stability and growth potential. These investors conduct thorough research and analysis before making large investments, indicating strong fundamentals or promising growth prospects. Additionally, significant institutional holdings can attract more attention to the stock, potentially leading to increased market liquidity and investor interest.

Global crypto exchange behemoth Binance is reportedly facing goods and service tax (GST) issues in India, according to sources.

MUMBAI : A profit of ₹1,878 turned into a penalty of ₹1 lakh. This harsh reality encapsulates the high-stakes world of insider trading. Sudhir Bapusaheb Devkar, an IT department employee at Mindtree, found himself on the wrong side of the law when a seemingly harmless trade in his employer’s stock spiralled into a financial nightmare.

Also Read: In charts: Big shifts in India’s jobs market in last 40 years Since the youth prefer the stability of salaried employment, and also show a desire to find such opportunities in or around their village, it’s important to bring the economy to the people and create opportunities for aspirational migration, the report said. India’s rural labour market is still dominated by agriculture, employing 49% of male workers and 76% of the female workers, according to the government’s 2022-23 Periodic Labour Force Survey.

Sheikh Hasina arriving in India, a video of popular YouTuber Dhruv Rathee, shared by BJP spokesperson Shehzad Poonawalla, went viral on social media. In the video, Rathee praised Bangladesh for its development and happiness index. Poonawalla shared the video on X with the caption “Joker of the century!”

Mint explains the rationale for these moves and what it entails for the future of IndiGo and the Indian aviation ecosystem. After covid-related restrictions were eased in May 2020, India’s aviation ecosystem recovered strongly. The visible signs of an expanding economy, a growing middle class, and higher disposable income were credited with for boosting travel across metros and smaller cities.

Jalpaiguri: Secretary of the North Bengal Exporters Association, Brij Kishore Prasad, stated on Tuesday that the ongoing protests in Bangladesh have led to significant losses for Indian exporters. According to Prasad, the closure of the border has resulted in vehicles being stranded and shipments already dispatched being unable to be unloaded. He added that with a curfew in place and banks closed, payments for shipped goods are not being received.

Indian consumers prefer human customer service support when shopping online, according to an EY report. While 61% consumers find AI driven product recommendations extremely beneficial, data breaches are the primary cause for concern among Indian online shoppers. 84% consumers have made purchases based solely on the recommendations or promotions of influencers as per the recent EY Future Consumer Index (FCI), which included responses from 1,000 Indian participants within a worldwide poll.

Orient Green Power Company Ltd.(up 4.96%), Neueon Towers Ltd.(up 4.77%), Transformers & Rectifiers(India)Ltd.(up 2.92%), Indowind Energy Ltd.(up 2.88%), CESC Ltd.(up 2.32%), PTC India Ltd.(up 2.04%), Karma Energy Ltd.(up 2.03%), Power and Instrumentation(Gujarat)Ltd.(up 2.00%), Gujarat Industries Power Company Ltd.(up 1.97%) and Torrent Power Ltd.(up 1.95%) were among the top gainers.

Havells India Ltd. traded 0.87 per cent higher in Tuesday's session at 01:19PM (IST). The stock opened at Rs 1761.25 and has touched an intraday high and low of Rs 1810.75 and Rs 1761.25, respectively, during the session so far. The stock quoted a 52-week high of Rs 1986.55 and a 52-week low of 1233.1. About 7,677 shares changed hands on the counter so far.

Cummins India Ltd. traded at Rs 3529.9 on BSE at 01:04PM (IST) on Tuesday, up 0.92 per cent. The stock quoted a 52-week low price of Rs 1590.3 and a high of Rs 4169.5. Earlier in the day, the stock saw a gap up opening.

GST Intelligence (DGGI) has issued a show-cause notice to a prominent cryptocurrency exchange, demanding a Goods and Services Tax (GST) payment of Rs 722 crore, ToI reported on August 6. This unprecedented action marks the first time the DGGI has targeted a cryptocurrency firm, setting a significant precedent in India’s regulation of the burgeoning virtual currency market, said the report (by Niyati Parikh). The notice was issued for fees collected from Indian customers trading in virtual digital assets (VDAs) on the platform, categorized under online information database access or retrieval (OIDAR) services. Earlier this year, the cryptocurrency exchange had received approval from India's financial intelligence unit (FIU) to register as a virtual asset service provider (VASP). However, the company was recently penalized Rs 18 crore by the FIU for failing to comply with anti-money laundering (AML) regulations. Despite being a major global player with a substantial market share and operations in multiple countries, the company had not registered under the Indian GST framework, leading to scrutiny from Indian tax authorities. It was revealed that the company earned at least Rs 4,000 crore from transaction fees charged to Indian customers, with these earnings credited to an account of a group company based abroad. The company has a global user base of 90 million, including a significant number of Indian customers.

Starting 1 October, 2024, high-risk individuals leaving India will need to obtain a tax clearance certificate under the Black Money Act before their departure.

Ajay Bagga, Market Expert, says Prepare for the worst scenario, do not panic, that is the mantra. I do not think the worst is happening. Re-look at your asset allocation. Do not sell. There is no need to sell India in a scenario like this. Bagga says he has invested in the entire market and bought the indices. There will be a rotation out of sectors and into sectors. He knows the India story and so he bought the 500 indices, and smallcap and midcaps despite the 4% cuts. Bagga also says that this is not 2000, this is still not 2008, there is no contagion yet even though markets across the world are falling but it is not carried positions and contagion that is causing it. Are the markets reacting to yesterday's story or not? After a sell-off of this magnitude, concerns remain over what is happening in global markets and you wonder how insulated India is going to be. What is your view? Ajay Bagga: Definitely, the sentiment has turned quite negative and volatility has increased a lot.