India Financial News

One of India’s largest crypto exchanges WazirX suffered a security breach that drained $234 million of users funds yesterday. The incident, which targeted the exchange’s multisig wallet on the Ethereum network, saw the theft of over 200 different crypto assets, including Shiba Inu, Ethereum, Polygon, and PEPE memecoin.

Indian Hotels Company Ltd. rose 1.55 per cent to Rs 573.1 in Friday's trade. It hit an intraday high of Rs 583.4 and low of Rs 571.15, respectively, during the day. The stock quoted a 52-week high price of Rs 663.4 and low of Rs 371.45.

At 12:12 p.m., the public issue was subscribed 1.55 times. The retail category was subscribed 1.94 times, while the NII portion garnered 2.7 times bids. There were no bids from qualified institutional buyers so far.

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Colgate-Palmolive (India) Ltd. slipped 0.57 per cent to Rs 3104.1 in Friday's trade. It hit a high of Rs 3145.0 and low of Rs 3082.85 during the session. On the technical charts, the 200-DMA of the stock stood at Rs 2535.66, while the 50-DMA was at Rs 2856.13. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

mutual funds have offered up to 99% return in the last one year. These funds gave an average return of 95.68% in the similar time horizon. SBI PSU Fund, the topper in the category, offered 99.87% return in the last one year. Invesco India PSU Equity Fund offered 97.70% return in the said period. The scheme is the oldest scheme in the category.

The NSE Nifty index was trading 139.2 points down at 24661.65, while BSE Sensex was down 317.09 points at 81026.37 at the time of writing this report.

Aries Agro Ltd.(up 2.22%) and Sikko Industries Ltd.(up 1.04%) were among the top gainers.

Currently, income above Rs 15 lakh attracts a tax rate of 30% under both regimes. This, coupled with the removal of most exemptions and deductions in the new regime, results in a higher effective tax burden for this segment of taxpayers. As such, there is a growing consensus among taxpayers in this bracket that the current tax rates do not adequately reflect the complexities and expenses associated with inflation and higher incomes. Consequently, taxpayers have the following expectations from the coming budget 2024 on July 23, 2024.

JHS Svendgaard Laboratories Ltd.(up 1.76%), Zydus Wellness Ltd.(up 0.54%), Britannia Industries Ltd.(up 0.54%), Jyothy Labs Ltd.(up 0.28%), Euro India Fresh Foods Ltd.(up 0.06%) and Prataap Snacks Ltd.(up 0.04%) were among the top gainers.

green energy has become a pivotal area of focus. India, with its vast population and burgeoning economy, stands at a critical juncture as our energy consumption patterns evolve, with a noticeable shift towards renewable sources. Today, India's green energy sector is at a nascent stage but poised for exponential growth. The expectation from the upcoming Budget is high as stakeholders anticipate strategic initiatives from the Indian government to accelerate this transition. India's commitment to green energy sector is evident from its ambitious target of achieving 175 GW of renewable energy capacity by 2022, and the more recent goal of achieving 500 GW by 2030. Renewable energy accounts for over 42% of the country's installed power capacity at present with solar and wind energy with the largest share in the green energy mix. However, to sustain this momentum and meet future requirements, a robust policy framework and financial support are imperative. India is the third-largest energy consumer globally and the fourth-largest in renewable energy installed capacity. Many countries are taking aggressive steps to promote green energy. For instance, the US offers tax credits for renewable energy investments, and China has a comprehensive system of subsidies and quotas. In comparison, India's green energy incentives are modest. However, the country's vast market potential and strategic initiatives like the International Solar Alliance (ISA) position it as a significant player in the global arena.

Anand Mahindra, the Chairman of the Mahindra Group, recently lauded the creative ingenuity of Sudhir Bhave, an elderly engineer from Gujarat known for his unique cycle designs. In a heartfelt post on X, Mahindra not only praised Bhave's «irrepressible creativity and energy» but also offered him access to the Mahindra workshop in Vadodara for his experiments.

But the global woes may not impact the government’s plans, says Shirish S Garud, Consultant, T.E.R.I (The Energy and Research Institute). In an interaction with ET Digital, he explains how the wind energy industry has gradually evolved in the country and the trajectory it is taking now. Edited excerpt: ET: How has wind energy development evolved over the years? SG: The wind energy development in India started in the early 1980s when the government asked PSUs like BHEL to invest in these projects. In 1993, the government came out with a policy on the tariff of wind power plants that are to be connected to the grid. This was a proactive one that gave some fixed tariff and annual increment in this tariff.

manufacturing hub providing resilient supply chain options for leading manufacturers across industry sectors. Technology enablement is critical to enable efficient and reliable supply chain operations and it is imperative for the government of India to strengthen nation’s digital backbone.

HDFC Bank Ltd.(up 0.18 per cent) were among the top gainers.

Infosys. UBS has issued a sell call on Dalmia Bharat. Jefferies maintained a hold call on Havells while increasing its target price. Additionally, Citi has issued a buy call on ONGC with an increased target price. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Big Brother (UK), and it was quite risqué. “I looked at it and thought, oh my god, what have I just signed up to make," says Dhar, now the group chief executive officer of Banijay Asia and EndemolShine India. “In those days, people hadn’t thought of 100 cameras, 24x7, unfiltered, reality voyeurism at its best," says 50-year-old Dhar.

Happy Forgings and Exide Industries, among other companies, have declared dividends for their eligible shareholders, with the record date set as July 22. This means that today is the last day to buy the shares of these companies' shares to qualify for the dividends announced.

Nothing Phone (2a) Plus was earlier spotted on the UAE's TDRA certification website, along with the Bureau of Indian Standards (BIS) and Jio's list of 5G-compatible devices. The TDRA listing had suggested that the Phone (2a) Plus would come with the model number A142P.With Nothing CEO Carl Pei already pushing plans for the Phone (3) to next year, it will be interesting to see what Nothing has to offer with the Phone (2a) Plus.

Air India plane flying from Delhi to San Francisco made a precautionary landing in the Russian region of Siberia after crew detected a potential issue in the cargo hold area, the Indian airline said on Friday. It was the second time in a little over a year that an Air India flight on the same route had made an unscheduled landing in Russia. Many carriers, including U.S. and European Union airlines, do not fly over Russian airspace following the war in Ukraine, but Air India does, giving it a flying time and cost advantage on U.S. routes.

investors looking for a single product that has a mix of large, mid and small-cap stocks can consider an allocation to the new fund offer (NFO) of Franklin India Multicap Fund. Investors who already own mid- and small-cap schemes in their portfolio can skip the offer. The NFO is open till July 22. The minimum investment amount is ₹5,000 and in multiples of ₹1,000. The scheme will be benchmarked to Nifty 500 Multicap 50:25:25 index. It will have an exit load of 1% for redemptions for investors who redeem in less than a year. The fund will be managed by R Janakiraman, Akhil Kalluri and Kiran Sebastian. The scheme will invest a minimum of 25% each in large, mid and small-cap stocks with the balance 25% blended optimally in line with an internal framework. The fund manager will apply its bottom-up QGSV stock picking framework emphasising quality, growth, sustainability and valuations to find the right ideas within these themes and sectors.