India Financial News

Congress president Mallikarjun Kharge hit out at Prime Minister Narendra Modi on Friday over his remark that eight crore new jobs have been created, and accused him of «rubbing salt into the wounds» of the youth by «telling one lie after another». His attack comes after Prime Minister Modi emphasised last week that the creation of eight crore new jobs in the last three to four years has «silenced» those spreading fake narratives about unemployment. Quoting a recent report of the Reserve Bank of India on employment, the prime minister had asserted that the National Democratic Alliance (NDA) government prioritised stability and growth, and added that small and big investors welcomed the NDA's third term with enthusiasm. In a post on 'X', Kharge said, «Narendra Modi ji, By telling one lie after another on jobs, you are rubbing salt into the wounds of the youth!»

Wipro, India’s fourth largest IT major, bucked its headcount reduction trend with a marginal increase in its employee count by 337 during the first quarter ending June in the ongoing fiscal year 2025. The total employees at the end of June stood at 234,391 as compared to 234,054 employees at the end of March, during which the headcount had dropped by 6,180 employees, down for the sixth straight quarter.

work-related stress and poor work-life balance, as per a report by digital healthcare platform MediBuddy and CII. The report, which was released on Friday, also highlighted that a massive number of job seekers consider employee wellness programmes crucial in their decision-making process. The report 'Mapping India's Corporate Health and Wellness Landscape' emphasised the importance of customised wellness programmes based on employee demographics and personalised prevention strategies. As per the report, 71 per cent of employees spend an average of 5 per cent of their annual income on out-of-pocket healthcare expenses.

Indo Tech Transformers Ltd.(up 4.90%), GE Power India Ltd.(up 4.62%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), Kalpataru Projects International Ltd.(up 1.49%), PTC India Ltd.(up 0.71%) and Adani Energy Solutions Ltd.(up 0.03%) stood among the top gainers.

income tax bracket, there is hardly any scope for you to save a higher amount as income tax in the new tax regime. However, the old income tax regime still allows you to claim more deductions to bring down your net taxable income and pay much lower income tax. Among these, the deductions on home loan interest and house rent allowance (HRA) are the two prominent avenues to save taxes. However, very few salaried taxpayers claim both these deductions together despite being eligible to do so. We tell you how to claim both these deductions together and save a significant amount of income tax. Here is how these two deductions work:

Paytm on Friday reported a 35% fall in its operational revenue for the quarter ended June at Rs 1,501 crore, down from Rs 2,341 crore a year back. Its net loss more than doubled to Rs 840 crore from around Rs 358 crore a year back.

Finance Minister Nirmala Sitharaman. Among the many sectors eagerly awaiting the announcements, the cryptocurrency industry has high hopes for favorable reforms that could significantly impact its growth and regulatory landscape. Industry experts have outlined a clear wishlist ahead of the Budget, focusing on critical issues such as the high transaction tax and the inability to offset losses against gains. These concerns have been significant deterrents for investors and innovators in the crypto space. Meanwhile, the crypto community is optimistic that the government will address these challenges to create a more conducive environment for the sector.

Union Budget 2024: India, under PM Narendra Modi’s tenure, has seen a steady increase in healthcare allocation and spending. Even before the Covid-19 pandemic shut down the world, the government had highlighted healthcare as a priority sector. The allocation for health in the recently presented Interim Budget for 2024-25 was especially crucial as India approached the 2025 deadline set by the National Health Policy (NHP) 2017 to increase health expenditure to 2.5% of GDP.

Donald Trump, he has got a clear lead over his rival President Joe Biden for the November presidential elections. While Trump's re-election will be seen as favourable for India given his chemistry with Prime Minister Narendra Modi and his stance on Russia and China, there are concerns that a Trump presidency might be challenging for India on trade and tariffs.

«Gross taxes last year were much more stronger than was envisaged in the interim budget. They actually grew at a very healthy pace of 13.5%. So, even if you make conservative assumptions for this year, the government is likely to have more tax revenues than was envisaged back in February and then of course the RBI dividend that the government got was more than double of what had been budgeted back then,» says Sajjid Chinoy, India Chief Economist, JPMorgan. I understand that you have been part of certain meetings also with the finance minister, etc, and the ministry. Talk to me about what are the big focus areas and what they are talking or concerned about right now. Sajjid Chinoy: I think there are two issues to look for in next week's budget. The first is to look closer at the fiscal math and here the government enters next week's budget with significantly increased degrees of fiscal freedom. And what do I mean by that? If you look at compare next week's budget with one in February, I think the government over kind of delivered on fiscal consolidation last year, the budget deficit for last year was 5.8%, the actual number was 5.6 and the target for this year was set at 5.1.

Union Budget Expectations: The Modi government, in its first Budget of the third term, is expected to stick to the disinvestment target set for this fiscal year in the interim Budget. Finance minister Nirmala Sitharaman set the target for 2024-25 at Rs 50,000 crore. However, in the Interim Budget tabled in February, the 2023-24 disinvestment estimate was revised downward to Rs 30,000 crore from the previously budgeted Rs 51,000 crore. Ahead of the full Budget for 2024-25, scheduled for July 23, SBI Research has suggested that the government may take a clear stance on the disinvestment of public sector banks (PSBs). The report, led by Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, emphasised the need for a concrete roadmap to attract capital and boost confidence in financial institutions. A recent CareEdge Ratings report noted a total disinvestment potential of approximately Rs 11.5 trillion at current market capitalization, assuming the government retains at least a 51 per cent stake in these public enterprises. Public sector enterprises could contribute around Rs 5 trillion, while public sector banks and insurance firms could potentially add another Rs 6.5 trillion.

MUMBAI: Many dream of working or studying abroad, but what happens when they decide to return home? Navigating the financial maze of starting afresh can be challenging.

Infosys’ financial services vertical clocked growth in Q1 after six quarters. What stands out is Infosys revising its FY25 constant currency (CC) revenue growth guidance higher to 3-4% year-on-year from 1-3% earlier. “(The) guidance implies CQGR of 0.9-1.6% in the next three quarters (organic growth of 2.2% in Q2 and flat revenues in Q3 and Q4 will take Infosys to 4% growth in FY2025E)," said Kotak Institutional Equities report.

Tube Investments of India Ltd. dropped 2.07 per cent to Rs 4002.55 at 01:19PM (IST) in Friday's trade. The counter hit a high of Rs 4149.95 and low of Rs 3983.0 so far during the session. The stock had closed at Rs 4087.5 in the previous session. The counter had a total traded volume of 01:19PM shares so far with a turnover of Rs 0.98 crore on BSE. The stock traded at a price-to-earnings multiple of 64.47 and a price-to-book ratio of 14.15.

fiscal deficit target to 5.0% for FY25 from 5.1% in the interim Budget thus reinforcing the inclination to stick to fiscal consolidation; ii) make higher transfers to states for capex spend iii) increase transfer under PM KISAN from Rs.6,000 p.a. to Rs.7,500 p.a. iv) provide incentive to income tax payers to shift to the new tax regime by providing higher standard and other deductions/higher exemption limit/changes in tax slabs. Measures to bring down the interest rates in the system could trigger higher business activity, new capex announcements, reduce the interest outgo for businesses and expand valuation of stocks. For this, sticking to the fiscal consolidation path and desisting the tendency to turn populist will be appreciated. The government is likely to avoid being populist through handouts and could stick to the path of fiscal prudence although it may make extra efforts to win over a larger population of rural and urban poor by incurring targeted social welfare spending.

IndiGo, Akasa and SpiceJet’s check ins have been affected due to an outage in systems which operate on Microsoft’s software. “Our systems across the network are impacted by an ongoing issue with Microsoft Azure, which has resulted in increased wait times at our contact centres and airports. You may experience slower check-ins and longer queues. We are all hands-on deck and are working relentlessly to restore stability and normalcy. Our digital team is also coordinating closely with Microsoft Azure to resolve these issues swiftly,” IndiGo took to Twitter to inform it's passengers. “State of Indigo Airlines check in counter at Sri Lanka airport. Complete mess! @IndiGo6E People standing for checkin since the past two hours, no queue management and fired up tempers,” a user on Twitter said.

viral photo from an Air India Dreamliner flight to Singapore has sparked widespread criticism of passengers' civic sense. The image, shared by X user Manisha Singhal, depicts a cluttered cabin with a plastic bottle in a poly bag and other scattered trash. «Kuch bhi kar lo, hum nahi sudhrenge!!! (No matter what you do, we won't change!) And nope, not a domestic flight—this is an international, Air India flight—new or old aircraft, we shower equal love on all! This is the @airindia Dreamliner to Singapore—rather a nightmare! When. Will. We. Be. Civil,» Singhal wrote in her post, which quickly went viral, amassing 184.9K views and sparking a deluge of reactions.

Microsoft users worldwide, including banks, reported widespread outages on Friday, hours after the technology company said it was gradually fixing an issue affecting access to Microsoft 365 apps and services. News outlets in Australia reported that bank services were disrupted as they lost access to computer systems. Some New Zealand banks said they were also offline. Australia's largest bank, Commonwealth Bank said some customers had been unable to transfer money due to the service outage.

Indian Oil Corporation Ltd. rose 2.03 per cent to Rs 166.15 in Friday's trade. It hit an intraday high of Rs 171.0 and low of Rs 165.4, respectively, during the day. The stock quoted a 52-week high price of Rs 196.8 and low of Rs 85.51.

Ambuja Cements Ltd. fell 2.1 per cent to Rs 675.9 in Friday's session as of 12:27PM (IST) even as the equity benchmark Sensex traded 424.64 points lower at 80918.82. Earlier in the day, the stock witnessed a gap down start to the session. The stock quoted a 52-week high price of Rs 706.85 and a 52-week low of Rs 404.0 on NSE. Around 115725 shares changed hands on the counter till 12:27PM (IST).