India Financial News

Amara Raja Energy surged 20% to its new all-time high of Rs 1,655.20 after the company announced a strategic technological collaboration with Gotion High-Tech’s subsidiary, GIB EnergyX Slovakia, for the licensing of its LFP technology for lithium-ion cells. This agreement will enable Amara Raja to manufacture world class LFP cells in both cylindrical and prismatic form factors, according to the company’s filing to the stock exchanges.

GAIL (India) Ltd. traded at Rs 212.75 on BSE at 10:45AM (IST) on Tuesday, up 0.09 per cent from previous close. The stock quoted a 52-week low price of Rs 103.55 and a high of Rs 233.0.

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Axis Bank Ltd.(up 1.78 per cent), Au Small Finance Bank Ltd.(up 1.45 per cent), HDFC Bank Ltd.(up 1.44 per cent), Federal Bank Ltd.(up 0.69 per cent) and State Bank of India(up 0.62 per cent) were among the top gainers.

Alkem Laboratories Ltd.(up 1.49 per cent), Granules India Ltd.(up 1.32 per cent), Divi's Laboratories Ltd.(up 1.24 per cent), J B Chemicals & Pharmaceuticals Ltd.(up 0.75 per cent) and Sun Pharmaceutical Industries Ltd.(up 0.24 per cent) were among the top gainers.

mutual funds gave an average return of around 17.67% in the first half of 2024, an analysis of performance showed. There were around 263 equity mutual funds in the said period. The top four schemes were from the mid cap category. These four schemes gave more than 30% return in the same time period. Quant Mid Cap Fund, the topper in the list, gave 31.64% return in the first half of 2024.

fintech sector in India has been facing a decline in funding since last year, majorly owing to tighter regulations by the government. Scaling up is now coming at a cost for many firms in this segment. However, industry leaders and experts believe that it’s important for the regulator to do its job and the tightening of regulations is for the greater good. These regulations should be looked at as an enabling tool over obstacles. As per reports by Tracxn, the fintech sector saw a decline of 63% in 2023 in terms of funding. It received $2 billion in funding in 2023, compared to $5.4 billion in 2022 and $8.4 billion in 2021. This year, the sector raised $551 million from the January-March period in 2024, a decline of 50% a year earlier. Register here for the ET MSME Day 2024 here

AFG vs Ban T20 World Cup: In a setback to Australia, Afghanistan qualified for the semi-finals of the T20 world cup by beating Bangladesh. In the crucial Super Eights T20 World Cup match against Afghanistan, Bangladesh lost by 8 runs while chasing a target of 116 before rain halted play. Bangladesh's run chase was hit by an early setback as Afghan pacers Naveen Ul Haq and Fazalhaq Farooqi dismissed the top three Bangladesh batsmen at 31/3 in 3.3 overs. Earlier, Bangladesh's bowlers held Afghanistan to 115/5. Leg-spinner Rishad Hossain spearheaded the Bangladeshi bowling attack with impressive figures of three for 26. The Afghan top order struggled to gain momentum, unable to effectively counter Bangladesh's varied bowling strategies after opting to bat first. Despite a promising opening partnership of 59 runs in 10.4 overs, Afghanistan's progress stalled. Rahmanullah Gurbaz top-scored with 43 runs off 55 balls, reflecting the team's difficulty in accelerating the scoring rate.

For non-resident Indians (NRIs), managing real estate in India can be a maze of unexpected challenges and hidden tax complexities. Imagine selling your property in India, only to realise that a hefty 20% tax is deducted at source, and the key to reducing this tax burden lies in past tax returns, you never knew you were required to file. 

Quant Mutual Fund is currently under investigation by the Securities and Exchange Board of India (SEBI) for suspected front-running. This illegal practice involves fund managers placing their own orders before executing large trades to profit from the anticipated price movement.

—Name withheld on request  From your query, I assume that you had made investment in equity shares of an unlisted company which you sold in April 2023. Notwithstanding the determination of whether TDS provisions would have been applicable upon sale of equity shares of the company, capital gains derived from the sale would have been taxable at 20% (plus applicable surcharge and cess) along with indexation benefit.

Tax season might seem complex! In India, you aren’t required to file a return if your income is below the basic exemption limit, which varies based on your age and chosen tax regime.

In recent years, with the steady growth of financial literacy and access to financial markets, mutual funds (MFs) have become an incredibly popular option for Indian investors. They often serve as the preferred avenue of investment for individuals seeking to grow their wealth. In fact, according to the Association of Mutual Funds in India, on April 30, 2024, the Assets Under Management (AUM) of the Indian Mutual Fund Industry stood at a monumental ₹57.26 trillion. With the AUM only standing at ₹9.45 trillion on the same date in 2014, we can see that growth during the past decade has been extraordinary.

Also Read: Dee Development Engineers IPO gets fully subscribed on day one. GMP, review, subscription status, apply or not?Investors can find out if and how many shares they have been assigned by utilising the basis of allocation.

₹25,000-27,500 crore in pumped-storage hydropower (PSH) dams over the next five odd years, with PSH capacity of 5 gigawatts as its initial goal. Having already invested heavily in wind and solar projects, Adani expects to move fast on this, aiming to scale up its PSH capacity to 25GW eventually. Players like Tata Power, JSW and the state-run NTPC also plan pump dams.

Sensex gained 131.18 points to close at 77,341.08, while the Nifty 50 settled 36.75 points, or 0.16%, higher at 23,537.85.Nifty 50 formed a reasonable bullish candle on the daily chart from near the support of 23,300 levels on Monday, that closed beside the long bear candle of Friday.Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, Nvidia share price to India CAD“Technically, this pattern indicates a formation of bullish Piercing line type candle pattern. But having formed this pattern within a broader range bound movement the predictive value could be less," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.He believes the short-term trend of Nifty remains positive amidst range movement.

Stock market today: After a weak opening, the Indian stock market remained volatile but ended marginally higher on Monday. The Nifty 50 index added 36 points and closed at 23,537, whereas the BSE Sensex finished 131 points higher at 77,341. The Bank Nifty index went up 42 points and ended at 51,703.

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Flipkart explored a potential stake purchase in Swiggy about eight to ten months ago as two of India’s largest consumer internet firms sought to ally amid disruption set off by the rise of quick commerce, investors aware of the matter said. Once the talks fizzled out due to a valuation mismatch, Swiggy filed a confidential draft application in April to list on the public markets, they added. Also present at the negotiations was Prosus—the largest investor in Swiggy with a 33% stake—which was keen to divest some of its holding, the sources said.

Lxme, a financial platform exclusively for women, has secured $1.2 million in seed funding, in a round led by Kalaari Capital through its CXXO initiative, which supports ventures led by women entrepreneurs. Notable investors participating in the round include Yash Kela, founder and chief investment officer of Singularity Ventures; Amaya Ventures; Capri Holdings; and Aditi Kothari, vice chairperson of DSP Asset Managers, among others.

Beckn-ONIX (Open Network in a Box), an open-source stack that enables rapid deployment and configuration of Beckn-enabled networks through a virtual appliance, can now allow anyone to build an open network in minutes, ensuring faster rollouts of networks, be it in agriculture, energy, healthcare or ecommerce, said a company executive. Created by the Bengaluru-based non-profit Foundation for Interoperability in Digital Economy, the Beckn protocol powers e-commerce networks like the Open Network for Digital Commerce (ONDC). Launching a basic open network involves setting up a registry, gateway, consumer app, and provider app, and can typically take a month to a few weeks.