India Financial News

Bank of India has raised ₹5,000 crore through the issuance of infrastructure bonds, with the state-owned lender receiving bids far in excess of the notified amount for the debt sale. On Thursday, Bank of India sold 10-year infrastructure bonds for a total of ₹5,000 crore at a rate of interest of 7.54%, the lender informed exchanges.

Sandip Sabharwal, asksandipsabharwal.com, says tax relief for reviving consumption is essential because consumption is one part of the entire growth basket which has been deeply lagging. Consumption growth has been half the GDP growth. Ultimately GDP growth cannot be sustained unless consumption revives, so that is something we need to see. Markets have been rising almost every day. This kind of frenzied rise did not last. So, people who have a short-term orientation need to be very careful right now. The market rally continues to build. One is just waiting for a dip to buy. Do you see that imminent? Maybe after Budget a sell-off is expected or do you think just deploy, do not wait for that dip at all? Sandip Sabharwal: It makes sense to wait; you cannot buy stocks at all prices. You need to buy and wait for the right opportunity. Now the opportunity will come. We are entering into a phase where the markets are going into a frenzied kind of up move and eventually, we will see a sell-off come in. Now whether that happens next week or next month, it is very tough to break the exact timelines, but it could also be correlated to a correction in the global markets and that could also have a rub-off in India.

Bandhan Bank, GMR Airports Infrastructure, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Hindustan Aeronautics Limited (HAL), Hindustan Copper, The India Cements, Piramal Enterprises (PEL), RBL Bank, Steel Authority of India (SAIL) and Vedanta. Chambal Fertilizers & Chemicals has moved out of the ban.

Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. interest rates in September lifted appeal for non-yielding bullion. FUNDAMENTALS

Indian edtech startups have been acquired in the past year, underscoring a challenging funding scenario for smaller firms and fuelling a wave of consolidation across the stressed industry. Google-backed edtech startup Adda247 acquired test prep firm Ekagrata Eduserv, Noida-based Schoolnet bought out Housing.com cofounder Advitiya Sharma's startup Genius Teacher, Allen Career Institute picked up Peak XV-backed Doubtnut, while mid-tier IT services firm Happiest Minds took over Macmillan Learning India, adding to the list of recently-closed deals.

NEW DELHI : Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. Smaller firms accounted for a bigger share in overall profits in 2023-24, while international agencies have become more optimistic about India’s 2024-25 growth projections after its stellar show in 2023-24. India’s corporate profit has always been driven by the biggest firms, with the top 10% commanding 95% of the profit share.

₹7000-10,000. Local jams and a handful of pan-India events, by private organisers, keep the breakers going but they still don’t have enough avenues to test and tweak, learn and grow. Unlike other performance sports like gymnastics at the Olympics, where participants can practice and perfect their routines, a breaker has to improvise and jam in sync with the beats provided by the DJ.

Tata Communications’ overseas revenues have continued to outgrow its India revenues for three consecutive quarters and hold a 58:42 ratio as of end-June 24, chief executive AS Lakshminarayanan told ET. “In the US and European markets, we are a challenger, so there is a much bigger white space for us to chase and that's why two years ago we started making all these investments in sales and marketing and our products. All of that has started to pay dividends, and we are happy to see the results,” the executive said in a virtual conversation after the company declared its first quarter FY25 earnings.

Mint gives you a rundown of how the different types of trading incomes are reported in tax returns. Trading in stocks derivatives counts as business income for income tax filing. It is to be reported in ITR-3, or ITR-4 when you opt for a presumptive income scheme.

New Delhi: The regulatory scrutiny on beneficial ownership of companies is increasing with the Registrars of Companies (RoCs) issuing adjudicatory orders on as many as 20 companies since the beginning of May, suggesting that the authorities are getting stricter about disclosures of who is controlling corporate operations. If the orders issued since beginning of the year are taken into account, the figure goes up to 27. In all but three cases, penalties were imposed and in these three cases, the submissions made by the companies were accepted, showed the regulatory orders available from the ministry of corporate affairs.

Mint. “It is tethered to reality. It is tethered to the fundamentals, and that is where the market is deriving its energy from." India’s stock market is finally at a vantage point and will be vastly superior in the coming decade, Shah added.

India ranked second in terms of paid net subscriber additions globally for video streaming giant Netflix in the June quarter, and third by revenue percentage growth, backed by a strong content lineup headlined by ‘Heeramandi: The Diamond Bazaar’ web series. Netflix's paid net additions stood at 8 million in Q2 compared to 5.9 million in the same period last year. Its global paid subscriber base stood at 278 million. Revenue for the quarter grew 17% to $9.5 billion, while net income rose 45% to $2.1 billion.

ONDC) has shown that the ecommerce initiative has cornered about 3% of Swiggy and Zomato’s food-order volumes, according to people in the know. «Nationwide, ONDC now facilitates 60,000 orders per day in the food domain, capturing 3% of the total order volumes managed by Swiggy and Zomato across India individually, which receive 20 lakh orders each,» they said, adding that its total order volume touched 400,000 in a day, which included mobility bookings.

Mint explains: Byju Raveendran, the maverick founder who held a tight grip on Byju’s, will lose control of the firm to an interim resolution professional (IRP). The IRP will begin the process of forming a committee of Byju’s financial creditors, and subsequently hand over control to them. Raveendran now stares at a tight deadline to settle with the Board of Control for Cricket in India (BCCI), India’s powerful cricket board, out of court.

Mint. These reforms are being considered with the prime aim of bringing more foreign capital to the sector as only a few investors have taken advantage of the government’s decision in 2021 to increase the foreign direct investment limit in insurance companies from 49% to 74%. Earlier this year, Switzerland-based Zurich Insurance Group Ltd announcing plans to acquire a 70% stake in Kotak Mahindra General Insurance Co.

New Delhi: Gym-goers and fitness freaks chasing protein pills may need to tread with care, with their potential for serious organ damage prompting the Centre to caution the public about them. The Directorate General of Health Services (DGHS) under the health ministry will shortly issue an advisory on protein supplements after multiple instances of kidney and cardiac problems in many people who consume them to build a muscular body, an official aware of the matter said. “Youngsters and gym trainers are consuming these protein supplements without any guidance.

5G-based fixed wireless access (FWA) services is pushing wired broadband growth in India, with Reliance Jio outpacing its closest rival Bharti Airtel. Between May 2023 and May 2024, Jio's wired broadband user base jumped 34.5% versus Bharti Airtel's 24.2%, latest telco subscriber data collated by the regulator showed. As of end of May, Jio's wired broadband user base stood at 12 million compared to Airtel's 8 million. Analysts say 5G-based FWA services may be seeing traction, which could break the monetisation logjam and open new revenue streams for India's telcos. A key reason for this is monthly average revenue per user (ARPU) from the 5G-based FWA business is seen to be at least three-times higher (at ₹600) than 5G mobile ARPUs.

WGC) has made presentations to the Union finance ministry and Reserve Bank of India to come out with appropriate guidelines and regulatory framework for digital gold business in India. The council has asked the authorities to introduce checks and balances to ensure that the gold bought digitally by the customers is protected. It has also asked to put in place a transparent way to buy and hold gold digitally.

Nokia's sales in India continued to plunge in the second quarter of the 2024 calendar year, in line with rival Ericsson reporting a similar fall a few days back, with their big telco clients Reliance Jio and Bharti Airtel cutting down on network capex spends having concluded their pan-India 5G rollouts. Industry executives and analysts say Finland's Nokia and Sweden's Ericsson will now have to rely on fresh 4G and 5G gear supply deals with Vodafone Idea (Vi) to revive their plunging sales in India, and support global growth. On Thursday, Nokia posted a steep 68% Year-on-Year (YoY) fall in India net sales to ₹3,007.3 crore in Q2, 2024, while Sweden's Ericsson reported a 44% YoY slide in sales in its Southeast Asia, Oceania and India market to ₹6,093 crore approx) in Q2, 2024. Ericsson does not reveal India-specific sales numbers.

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