India Financial News

MUMBAI : Mumbai: The Reserve Bank of India’s decision to curtail trading in exchange-traded currency derivatives has surfaced an unintended beneficiary some 4,000 km away—the Singapore Exchange, or SGX. Volumes of rupee-dollar futures on the Singapore Exchange have surged since RBI’s restriction—which came into effect on 3 May—crimped volumes on India’s National Stock Exchange. NSE had enjoyed a 94% share in India’s exchange-traded currency derivatives segment.

Times of India.This is being considered despite the attractive returns for those who remain invested for 25-30 years, especially for those recruited after 2004, said the report.The NDA government’s move is likely to address the concerns of central government employees about the pension.A panel led by Finance Secretary TV Somanathan has gauged the impact of providing an assured return. The committee, which was formed following an announcement by Finance Minister Nirmala Sitharaman, has also reviewed global practices and the adjustments implemented by the Andhra Pradesh government, according to the report.“There is growing acknowledgement within the govt of offering a 50 per cent guarantee" and in case of any shortfall, the government will fill the gap, the report added.The Somanathan panel’s recommendations came amid concerns over the pension system for central government employees.The government pension system operates without funding as the Centre does not have a retirement fund.In the Budget 2024, it is anticipated that the NDA government will create a retirement fund.The National Pension System is a voluntary, long-term retirement savings scheme.

UPI to pay in Paris' Galeries Lafayette. India's Unified Payments Interface (UPI) has marked a significant expansion with its launch at the Galeries Lafayette flagship store on Haussmann Boulevard in Paris. Following a successful introduction at the iconic Eiffel Tower earlier this year, this move aligns with Prime Minister Narendra Modi's vision to internationalize UPI, an instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. The Indian Embassy in France announced on Thursday, «On July 3, 2024, UPI became operational at the flagship store of the world-renowned Galeries Lafayette in Haussmann, Paris. This extends the acceptance of UPI in Paris following its successful debut at the iconic Eiffel Tower.»

«Global markets are quite solid. India VIX is relaxed. Momentum, participation, smallcaps coming back yesterday. So, it is a kind of an environment where one should participate, just stick to quality and have risk management in place,» says Gautam Shah, Goldilocks Premium Research. 24,200 on the screen, are you guys riding the rally or are you asking your clients to keep taking profits wherever it is getting way beyond your expectations? Gautam Shah: Well, I think that is the beauty of having some experience, having seen the 2003-2007 bull market and I think with what is happening currently, something similar happened in 2007, which was also a rally of disbelief and the market just carried on to a point where everybody just gave up and felt that the market cannot fall. We are in some sense in that period. But domestic liquidity has really changed the game, the point that I keep making and it has changed the way we look at technical analysis. Honestly, we have been riding the rally right from 5th of June because post the political mandate, it was very clear that the bulls will be back, liquidity will keep pumping in and will keep taking this market higher.

IPO activity post the general election in June, the primary market will take a breather next week with no new issues in the mainboard segment. However, there is an SME IPO of Sahaj Solar, the only one, set to open on June 11. Despite a brief pause, analysts said India's robust economic foundation and bright growth prospects made it an excellent time for the country's thriving IPO market.

HSBC FLEXI CAP BASIC FACTS DATE OF LAUNCH 24 FEBRUARY 2004

hiring prospects in the space by around 15% when recruitment in general continues to remain soft in India’s $250 billion IT services industry. According to data from staffing firms, technology services providers are poised to ramp up ER&D recruitments to sustain and enhance their global competitive edge.

Indian Pharmacopoeia Commission (IPC) has issued a drug safety alert on commonly used drugs amlodipine and acetazolamide, saying both these medicines cause adverse reactions. Amlodipine — used for treatment of fatal coronary heart disease and non-fatal myocardial infarction and to reduce the risk of stroke — causes lichenoid keratosis, an inflammatory reaction, IPC said. According to IPC, amlodipine is also used to reduce the risk of coronary revascularisation procedures and need for hospitalisation due to angina in patients with coronary artery disease. The medicine is used alone or in combination with other medications.

food services sector is expected to be worth Rs 7.76 lakh crore by 2028 up from Rs 5.7 lakh crore currently, as per a new food services report released Tuesday by the National Restaurant Association of India (NRAI). As per the India Food Services Report 2024 released by NRAI, the growth of the sector at a CAGR of 8.1% over the next four years will beat the overall GDP growth estimates forecast by RBI. RBI estimates real GDP growth of India at 6.7% in 2024-2025 and 6.5% in 2025-2026. The size of the sector was Rs 4.23 lakh crore in 2019 as per the report and will grow to Rs 6.12 lakh crore in 2025. It is the third largest industry after retail and insurance and will employ about one crore people in the next four years, up from 85.5 lakh currently.

income below Rs 50 lakh then you might be eligible to file, the simpler ITR-1 form abbreviated as Sahaj. This form does not require much information to be filled in as compared to other income tax return (ITR) forms like 2, 3, etc. You can file it conveniently if you have a basic understanding of the various types of income sources. However, not all salaried individuals can file their tax returns using the ITR-1 form. If you had conducted certain transactions in FY 2023-24 (AY 2024-25), then you might be ineligible to use ITR-1.

The counter had a total traded volume of 02:05PM shares so far with a turnover of Rs 11.48 crore on BSE. The stock traded at a price-to-earnings multiple of 72.2 and a price-to-book ratio of 23.03.

Experts are optimistic about the sector’s long-term prospects, given the substantial investment and demand anticipated in the coming years. “The focus on modernising and upgrading defence systems, along with geopolitical tensions with neighbouring countries like China and Pakistan, means that the defence expenditure will continue to grow,” says Abhinav Kapadia, Research Analyst, Asit C. Mehta Investment Intermediates. “The growth is not just momentary. The sector has significant potential for future growth. The large order books of companies and the government favouring import substitution provide a strong foundation for sustained growth,” says Nirav Karkera,Head of Research, Fisdom. According to the Nomura report, the sector is expected to present an ordering opportunity worth $138 billion over the fiscal years 2024 and 2032. The report also classifies Hindustan Aeronautics Limited and Bharat Electronics as strong buys with an upside potential of 28% and 32%, respectively.

Daily Mirror, quoted the Lankan civil aviation minister T D Abeysuriya as saying there were no “suitable suitors" for the country’s national carrier SriLankan Airlines.  The minister hinted that the government may shelve its plans to sell the airline, and instead take on some of its debt and restructure it. SriLankan and Sri Lanka find themselves in a position that Air India and the government of India were in not too long ago. For years the Sri Lankan government has been bailing out its national carrier, which has a huge debt burden.

Mint, Pawan Kumar Goenka, chairman of Centre-affiliated space activity body Indian National Space Promotion and Authorization Centre (In-Space), said that the body has, as per the norm with government agencies, submitted its demand from the industry with the finance ministry. While In-Space or Goenka did not comment on what demands have been put forth, industry stakeholders said that the upcoming Union Budget is likely to include “strategic incentives that boost domestic demand generation—including funds to incubate new ventures, and direct government agencies to be customers to the industry," a senior government official with direct knowledge of the matter said.

Kriti Sanon has acquired 2,000 sq ft land at realty firm The House of Abhinandan Lodha's premium project at Alibaug in Maharashtra. In a statement, The House of Abhinandan Lodha on Thursday said Sanon has acquired 2,000 sq ft of land in its premium project, Sol de Alibaug, about 60 minutes from South Mumbai by sea. The recently inaugurated MTHL connectivity further enhances convenience, making this project an even more attractive choice for those seeking a sophisticated retreat in Alibaug's real estate landscape. Speaking on her first investment with HoABL, Kriti Sanon said, «Buying land on my own has been quite an empowering journey and I have had my eyes on Alibaug, for a while.»

economy ended the first quarter on a strong note with manufacturing sector activity rebounding in June after two months of deceleration while goods and services tax (GST) collections came in strong. Passenger car sales rose further in the month from last year's high base. However, the intense heatwave may have adversely impacted some sectors in the quarter. GST collections rose 8% in June to Rs 1.74 lakh crore from Rs 1.61 lakh crore a year earlier, people aware of the numbers told ET. As per industry estimates, 340,784 cars, sedans and utility vehicles were sold last month compared with 328,710 units in the same month the preceding year. A little over half of these volumes, 53%, came from the sale of sports utility vehicles (SUVs).

Ancestor (2022) looms high. This mother figure with heads of 23 children emerging from her body puts the female form front and centre. The artist had been commissioned to make this 18ft-tall painted bronze work, to be placed at the southeast entrance of New York’s Central Park—it was displayed therefrom 8 September 2022 to 27 August 2023—after she had been recovering from long covid.

Sports Tak on 6 July, the Men in Blue will not travel to Pakistan for the ICC Champions Trophy that will begin from 19 February to 9 March.“While the details of the tournament have not yet been discussed, it is highly unlikely that the Indian team will travel to Pakistan. Ultimately, the decision rests with the Indian government.

Colgate-Palmolive (India) Ltd. gained 0.26 per cent to Rs 2887.25 in Thursday's session as of 12:23PM (IST) even as the equity benchmark Sensex traded 151.47 points higher at 80138.27. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 3068.95 and a 52-week low of Rs 1675.95 on NSE. Around 4206 shares changed hands on the counter till 12:23PM (IST).

New Delhi, July 3, 2024: SabPaisa (SRS Live Technologies Private Limited), a leading payment solutions provider, announced that it has received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007. This approval solidifies SabPaisa's position as a leading player in the Indian fintech industry, enabling it to offer comprehensive payment aggregation services to merchants across the country.

Mint had reported in May this year. Temasek Holdings, TPG, Bain Capital and VPS Healthcare (now Burjeel Holdings) are in the fray for CVC's 60.4% stake. “Amit Soni is likely to leave by the end of the year," the second person cited above added.