India Financial News

jazz LPs that my father played — but when I started hanging out with fellows a little older than me, the compact music cassettes that they played in their dens. It was a transactional thing. I was still in school. They were already in college. As the youngest in the group, I had a price to pay for being allowed to be around. It was a task, really. I was given a pencil and a bunch of cassettes and my task was simple: I had to spin each cassette like a Buddhist prayer wheel till they got fully rewound and ready to play. No one wanted to waste their sessions rewinding cassettes on the tape deck. Hence, the deployment of a slave.

“Given the recent election results fell short of expectations for the NDA, there might be a renewed focus on social expenditure, particularly in rural areas, to boost consumption, and drive economic activity,” says CA Arun Kumar Poddar, CEO & Executive Director, Choice International Ltd. In an interview with ETMarkets, Poddar said: “For the next six months, the trajectory of earnings for India Inc. appears promising, underpinned by recent trends indicating a robust performance in key sectors,” Edited excerpts: June has been a volatile month for the Indian market, but bulls managed to keep the momentum going and pushed benchmark indices to fresh record highs. What is fuelling optimism? Today (28th June, 2024) marked a historic milestone for our markets as we crossed the 79,000 threshold. Despite significant volatility to come in the first week of July, many market players anticipated this turbulence would create resistance to reaching new heights.

Domestic markets faced selling pressure for a second straight day on Thursday. However, a recovery in the last hour helped the indices to close flat. «Overall strength is seen in the market as every dip is being bought, supported by strong domestic flows aided by FIIs buying in the last few days,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal

Rohit Sharma's announcement to retire from T20Is after winning the ICC T20 World Cup, all-rounder Hardik Pandya is likely to lead the Men in Blue in the shortest format of the game. Meanwhile, wicketkeeper-batter KL Rahul will lead the team in ODIs, as per the sources. «Hardik Pandya is all set to lead the Indian team in the T20, Rohit Sharma's announced his retirement. Hardik is also unlikely to be rested for the upcoming series vs Sri Lanka,» BCCI Sources told ANI. In the T20 WC, Pandya scored 144 runs in six innings at an average of 48.00 and a strike rate of 151.57, with a half-century and best score of 50*. He also took 11 wickets in eight games at an average of 17.36 and an economy rate of 7.64, with the best figures of 3/20.

electric vehicle (EV) policy to incentivise automakers that have already made investments in the country, people in the know told ET. This comes as US electric carmaker Tesla Inc is still to make any firm commitment on building a factory in India. The policy, which aims to accelerate the local manufacturing of high-end electric cars, currently supports only fresh investments. Consultations are also on with stakeholders on another key issue troubling carmakers. Govt Preparing SOPs The government may potentially consider investments in plants producing both internal combustion engine and electric vehicles as eligible for incentives to add scale and make large investments viable for automakers, the people said. About half a dozen carmakers such as Volkswagen-Skoda, Hyundai-Kia and VinFast have expressed interest in the new policy, the Scheme for Manufacturing of Electric Cars (SMEC), the people said.

“You must pay for everything in this world one way and another. There is nothing free except the Grace of God." – Charles Portis

Reuters on Wednesday reported that India plans to increase state subsidies on rural housing in the upcoming federal budget by as much as 50% from the previous year to more than $6.5 billion. “The rural development ministry has proposed to aid construction of another 20 million houses under Awas Yojana (rural) in the next five years.

Congress is a «parasite» that feeds off its allies and mocked Leader of Opposition Rahul Gandhi for his «juvenile behaviour». Replying to motion of thanks on the President's address in Lok Sabha, Modi said, «After 2024 elections, Congress will be termed a parasite. It won 99 seats by living off the vote share of its allies. A parasite feeds on the body it inhabits and, similarly, Congress consumes the votes of its allies. It flourishes at the expense of its partners.» He said 2024 was the third consecutive defeat of Congress when it failed to breach the 100 mark. «But they are busy doing 'Sheershasana' (headstand) and trying to establish in the minds of people that they have defeated us… This is like trying to pacify a child.»

The counter has had a total traded volume of 112335 shares so far with a value of Rs 11.68 crore on the NSE. It traded at a price-to-earnings multiple of 75.2 and a price-to-book ratio of 23.03.

an election year’. Investors looking for stability shifted their focus to strong fundamentals and a few promising sectors rather than betting on the overall market. With the economy battling inflation and high interest rates, companies had to find a way to take advantage of the country's economic growth.

NEW DELHI : Private companies spending lakhs of rupees on training their employees may receive an additional boost in the upcoming budget to ensure their workers are skilled enough to be among the world's best. The finance ministry is evaluating a proposal to incentivise private companies to train and upgrade the skills of their workers, two officials aware of the development told Mint.

Lexus Granito(India)Ltd.(up 10.16%), Sandur Manganese & Iron Ores Ltd.(up 5.24%), Gujarat Mineral Development Corporation Ltd.(up 5.09%), KIOCL Ltd.(up 3.46%), Oriental Trimex Ltd.(up 2.90%), MOIL Ltd.(up 2.64%), Ashapura Minechem Ltd.(up 1.29%), Aro Granite Industries Ltd.(up 1.08%), Madhav Marbles & Granites Ltd.(up 0.53%) and Coal India Ltd.(up 0.37%) stood among the top gainers.

Narendra Modi landed in Russia for a visit on Monday and Tuesday — the first time in five years. He’s expected to hold talks with President Vladimir Putin to help re-energize relations between the two countries and likely deliver strategic deals. Russia and India are likely to agree on a long-term uranium supply pact for a nuclear power plant coming online in Tamil Nadu, said senior officials with knowledge of the matter. During the visit, India and Russia are also expected to sign an agreement allowing the military to use each other’s facilities for training, port calls and humanitarian assistance and disaster relief operations, said the officials who asked not to be named due to the sensitivity of the matter.

Mint. To capture the growing opportunities in pre-IPO and late-stage companies, Sharma is also evaluating a secondaries fund. “While it’s too early to comment on this, we are definitely looking at these options as there is a lot of demand for secondaries now," he said.

LIC on Thursday announced the launch of 'Jeevan Samarth', an initiative aimed at transforming the agency ecosystem. To achieve this, Life Insurance Corporation (LIC) has partnered with a global consulting firm, which will undertake this agency transformation project by reviewing its existing agency framework on an end-to-end basis. It will also entail revamping the agency operations at the branch, division and zonal level directed towards establishing global best practices in the wake of the fast-changing industry and regulatory landscape of the insurance sector, LIC said in a statement. LIC Chief Executive Officer and Managing Director Siddhartha Mohanty said, «Through the 'Jeevan Samarth' project, we aim to transform our agency ecosystem to align with the rapidly evolving needs of millions of Indian families and provide them suitable long-term savings, protection, health insurance, ULIP and pension solutions».

Uttar Pradesh government will speak to anyone required for its inquiry into the July 2 Hathras stampede, a probe panel member said on Sunday when asked if self-styled godman Bhole Baba will also be questioned. The commission will also issue a public notice soon, asking local people and witnesses of the tragic incident to share any evidence related to the stampede, along with their statement, another member and chairperson of the panel retired Allahabad High Court judge Brijesh Kumar Shrivastava told reporters in Hathras. «The commission will speak to anyone required for the Hathras stampede probe,» former Indian Police Service (IPS) officer Bhavesh Kumar said when asked if the judicial panel will question the 'godman' as well.

Dalai Lama's next move. Their top-of-the-mind question is whether the Tibetan leader will be announcing his successor. Supporters of the 14th Dalai Lama, which include US lawmakers, are worried that China will try to beat him in the race and declare its own 15th Dalai Lama. 'They have even attempted to insert themselves into the succession of the Dalai Lama. We will not let that happen,' said Republican chair of the US House Foreign Affairs Committee Michael McCaul. For Tibetans living in China and spread across several countries, the Dalai Lama is a 'living Buddha' and represents the symbol of Tibetan identity and Chinese repression. He escaped from Tibet to India in 1959 after Chinese troops took over Tibet and indulged in a bloodbath.

In a game-changer for frequent travellers and students studying abroad, the Reserve Bank has allowed resident Indians to open foreign currency accounts in Gujarat International Finance Tec-City, or Gift City.

Virat Kohli has thanked Prime Minister Narendra Modi for a congratulatory call following the team's T20 World Cup triumph on Saturday. Kohli, who received the Player of the Match award for his crucial innings of 76 runs against South Africa in the final, responded to PM Modi on X, appreciating his kind words and encouragement. «Dear @narendramodi sir, thank you so much for your very kind words and unwavering support. It has been an honor to be part of this team that has brought the trophy home. We are deeply touched and overwhelmed by the joy it has brought to the entire nation,» Kohli wrote.

T20 World Cup 2024 in Barbados.In the video, Virat Kohli and other players were seen kissing the World Cup trophy, clicking pictures with the prize, and lauding each other for the T20 victory, ending the 13-year wait.Take a look at the video below,Soon after the World Cup victory, BCCI Secretary Jay Shah on Sunday announced a grand prize of ₹125 crore for Team India. “I am pleased to announce prize money of INR 125 Crores for Team India for winning the ICC Men’s T20 World Cup 2024."“The team has showcased exceptional talent, determination, and sportsmanship throughout the tournament.

Mint spoke with industry experts for their recommendations on what Sitharaman, in her second term as India's finance minister, could include in her full-year budget for FY25 next month.The Union government in its interim budget allocated ₹90,171 crore to the health sector for the financial year 2024-25, up from ₹79,221 crore in FY24. But the industry still feels this is low.“The National Health Policy has proposed an increase in public expenditure on healthcare to 2.5% of GDP by 2025.