India Financial News

₹12.2 trillion stuck in various tax squabbles, experts said. “Over the past seven years, India's tax framework has undergone significant reforms, yet a persistent challenge remains—the substantial amount of money entangled in litigation," said Saurabh Agarwal, a tax partner at EY, referring to the ₹12.2 trillion, as per data from previous budget documents. “This issue causes financial strain for both taxpayers, who must bear interest on pending liabilities, and the government, which is deprived of these funds for developmental purposes.

Indian embassy on Thursday issued an advisory for its citizens in Bangladesh after the students' protest intensified over the government jobs quota. Student protesters in Bangladesh have been demanding an end to quotas for government jobs and have called for a nationwide shutdown following deadly clashes this week that resulted in six deaths and hundreds of injuries. Angered by high youth unemployment, with nearly 32 million out of work or education among a population of 170 million, the students have pressed for the abolition of a quota of 30% reservations for the families of freedom fighters.

Indian Army troops opened fire on Thursday after suspicious movement near the Line of Control in the Sunderbarea of Rajouri district in Jammu and Kashmir, Army officials said. Further details are awaited. Earlier, two Indian Army soldiers were injured in an encounter with terrorists in the Kastigarh area of Doda district in Jammu and Kashmir.

Collective Artists Network, India’s leading new media entity centred around pop culture, has acquired Galleri5, an AI-powered influencer marketing analytics and content management platform for brand and influencers. Collective Artists Network has been undertaking strategic acquisitions to scale the creator and content ecosystem. Earlier this month, Collective Artists Network acquired Terribly Tiny Tales, a text-first flash fiction platform.

homebuyers across the National Capital Region (NCR), ruled that no coercive action can be taken against those who have booked flats under subvention schemes but are yet to receive possession due to delays by developers. This ruling applies to actions by both banks and builders concerning EMI payments, and cheque bounce cases. Under a subvention scheme, banks disburse loan amounts directly to builders, who are responsible for paying the EMIs until the buyers take possession of their flats. However, many builders have defaulted on these payments, prompting banks to seek repayment from the buyers. This situation has led to homebuyers approaching the Delhi High Court, which did not grant them relief, which led them to appeal to India's apex court. A two-judge bench of the Supreme Court heard the case, ordering an interim stay on all coercive actions, including complaints under Section 138 of the Negotiable Instruments Act, 1881.

India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. The world's biggest rice exporter imposed various curbs on exports in 2023 and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May. New Delhi is expected to lower the basmati rice's minimum export price (MEP) to $800-$850 a metric ton, down from $950 a ton, to boost shipments, said the sources, who didn't wish to be identified as they are not authorised to talk to media.

Usha Chilukuri Vance, the wife of Donald Trump’s vice presidential pick, will step into a glaring spotlight when she introduces Sen. JD Vance on stage at the Republican National Convention on Wednesday night. The Southern California native brings a résumé studded with elite legal credentials to a campaign defined by the former president’s fiery populism.

Data tracked by PMSBazaar.com showed that 55 AIF funds across categories have risen more than 6.6% in June 2024 compared to 6.5% rally seen in the Nifty50 in the same period.

The corporate tax landscape is undergoing a seismic shift, globally, with the advent of the Global Minimum Tax, also known as Pillar Two. By 2024, this initiative had been adopted by 30-plus countries, signalling the most significant reform of international tax regulations in a century. Prepared under the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework, which encompasses over 140 countries, Pillar Two is poised to redefine the fiscal obligations of multinational enterprises (MNEs).

The objective of the scheme is to achieve long-term capital growth by investing in securities of the Nifty India Defence Index in the same proportion/weightage, aiming to replicate the total return of the index before expenses, subject to tracking errors. The scheme will be benchmarked against the Nifty India Defence Index- Total Return Index and will be managed by Abhishek Jain.

Indian Hotels Company Ltd. fell 0.69 per cent to Rs 582.55 in Thursday's session as of 12:18PM (IST) even as the equity benchmark Sensex traded 60.91 points higher at 80777.46. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 663.4 and a 52-week low of Rs 371.45 on NSE. Around 40261 shares changed hands on the counter till 12:18PM (IST).

Vikram Misri will pay a two-day visit to Bhutan beginning Friday, in his first trip abroad after assuming charge of the top post. In Bhutanese capital Thimphu, Misri will meet Prime Minister Tshering Tobgay, Foreign Minister DN Dhungyel and Foreign Secretary Pema Choden among others. The foreign secretary's visit underscores the «highest priority» the government of India attaches to its 'Neighbourhood First' policy, the Ministry of External Affairs (MEA) said announcing the visit. «Foreign Secretary Vikram Misri will pay an official visit to Bhutan from July 19-20, which will be his first visit abroad after taking over as the foreign secretary,» it said.

Havells India Ltd. traded at Rs 1865.7 on BSE at 12:23PM (IST) on Thursday, down 0.47 per cent. The stock quoted a 52-week low price of Rs 1233.1 and a high of Rs 1986.55. Earlier in the day, the stock saw a gap up opening.

Nilesh Shah, MD & CEO, Envision Capital, says the first budget of any government's five-year term is the most important. So, to that extent, this Budget is going to be important from a couple of perspectives. One is essentially the agenda and the vision for the next five years. Second, whether the Budget continue to demonstrate continuity in terms of what it has been doing in the past, in terms of the focus being more on investment-led growth with some support coming from consumption. This is the first Budget from Modi 3.0. Could it appear in a new avatar because normally the first Budget of a new government is about fixing the short term, mending the medium term, and kickstarting the long-term? What could be the playbook for this year's Budget? Nilesh Shah: It has several kinds of implications and it is going to be probably the most important document in recent times because this Budget is probably going to unveil more like the vision for the next five years in terms of what direction India and the Indian economy take. It will surely have several measures that will not just sustain but also boost growth. We are an economy growing at 7- 8% and we need to sustain that growth rate and maybe higher for the next 5, 10, 15, 20 years. This Budget is going to be keenly watched from the medium to long-term perspective and will probably unveil several growth-boosting measures.

landslide occurred in a ghat section of Goa in the wee hours of Thursday following incessant rains, disrupting vehicular traffic movement from the state to neighbouring Karnataka, police said. The India Meteorological Department (IMD) has issued an 'orange alert' for Goa, predicting heavy rains in the next 24 hours. In the last one day, both North Goa and South Goa districts received heavy showers. Ponda taluka in South Goa received the highest 190 mm rainfall, according to the IMD. The landslide occurred near Dudhsagar Temple at Anmod Ghat, located on the southern boundary of Goa, leading to Karnataka, a police official said.

KEC International shares climbed 6% to Rs 940 in Thursday's trade on BSE after the firm secured new orders of Rs 1,100 crore for transmission & distribution (T&D) projects in India, Middle East, Australia and the America. The projects include 765 kV Transmission line and 765 kV GIS substation orders in India, from Power Grid Corporation of India Limited (PGCIL). The company also secured orders for a 132 kV transmission line in the United Arab Emirates (UAE), the supply of towers in Australia and the Americas, and the supply of Hardware and Poles in America.

Airbus is set to expand its Safety Promotion Centres (SPC) to China, the USA, Germany, and the United Kingdom, added Nicolas Bardou, the product safety communications and aircraft accident crisis response advisor, during a discussion with ANI. The Safety Promotion Centre is a specialized facility focused on enhancing safety within the aviation industry. The SPC was introduced in 2023 as a strategic initiative to disseminate safety controls. Notably, in India, Airbus operates a satellite SPC located in Bangalore, furthering its global safety outreach.

Tube Investments of India Ltd. slipped 1.0 per cent to Rs 4059.5 in Thursday's trade. It hit a high of Rs 4157.95 and low of Rs 4052.0 during the session. On the technical charts, the 200-DMA of the stock stood at Rs 3632.16, while the 50-DMA was at Rs 4026.31. 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.

Budget 2024 Expectations Live Updates: India, currently the world’s fifth-largest economy, is anticipated to climb to the third rank in the coming years. FM Sitharaman’s Budget 2024 is expected to outline a roadmap for sustained economic growth.

NEW DELHI : The full Union Budget 2024-25 is to be presented by the re-elected government on 23 July. The taxpayers’ expectations from the Union finance minister Nirmala Sitharaman are well known. The overarching expectation is that the government will announce measures to increase personal disposable income.

New Delhi: Chief Justice of Jammu and Kashmir High Court, Justice N Kotiswar Singh on Thursday took oath of office and became the first judge to have been elevated to the Supreme Court from Manipur. Acting Chief Justice of Madras High Court R Mahadevan was also sworn in as judge of the apex court. Chief Justice of India D Y Chandrachud administered the oath of office to both judges at a function in the apex court premises here. With the swearing-in, the top court has attained its full strength of 34 judges, including the Chief Justice of India. The Supreme Court will function with 34 judges until Justice Hima Kohli retires on September 1, 2024, followed by CJI Chandrachud, who superannuates on November 10 this year.