India Financial News

Bank of India has appointed Arun Kumar Singh as additional director on the board of Bandhan Bank for a term of one year, the bank said late Monday evening.

Cloudphysician, an online healthcare and technology solutions provider, has raised $10.5 million (about Rs 87.7 crore) in a funding round led by Peak XV Partners. The round also saw participation from Elevar Equity and venture debt firm Panthera Peak.

F&O ban list: The National Stock Exchange (NSE) has banned trading ineight stocks on Tuesday, June25, 2024, in the futures and options (F&O) segment due to their exceeding 95% of the market-wide position limit (MWPL).However, these stocks will be available for trading in the cash market.The NSE updates the list of securities in the F&O ban for trade every day.F&O ban list todayBalrampur Chini Mills,Chambal Fertilisers and Chemicals,GNFC,Granules India, Indus Towers, Piramal Enterprises, PNB, and SAIL are the8stocks on the NSE's F&O ban list for June25.The National Stock Exchange (NSE) said the derivative contracts in the mentioned securities have crossed 95% of the market-wide position limit and have been placed in the stock exchange's ban period.“It is hereby informed that all clients/members shall trade in the derivative contracts of said security only to decrease their positions through offsetting positions. Any increase in open positions shall attract appropriate penal and disciplinary action," the NSE statement said.No new positions are allowed when the stock exchanges place F&O contracts in a particular stock during the F&O ban period.On June 24, equity benchmarks Sensex and Nifty closed higher on Monday as buying in power, auto and industrial stocks helped the indices rebound from early lows amid a bearish trend in global equity markets.The 30-share BSE Sensex ended 131.18 points, or 0.17 per cent, higher at 77,341.08.

Mint looks at how trade between the two Asian giants has evolved and why it is proving to be so difficult for India to decouple itself from its neighbour. In FY24, bilateral trade grew 4% to $118.4 billion from $113.8 billion in FY23. India-US trade in the same period declined by 8.6% to $118.3 billion.

Mumbai/New Delhi: Millions of students vying for coveted colleges and courses makes India's vast education sector a prime target for cybercrime, experts said, at a time authorities have pointed to leaked question papers appearing in the so-called dark net. Besides, data of innumerable students may also be vulnerable to unauthorized access and misuse. Amid widespread student protests over the past two weeks, the government has raced to withdraw grace marks in the pre-medical entrance exam for MBBS and related courses, cancelled an exam for junior research fellowships at universities, and postponed another exam to admit students to post-graduate medical courses.

Akhila Chaganti is an Associate in the Product Management team for Securities Services in the Corporate Bank at Deutsche Bank Singapore. She graduated from the National University of Singapore with a major in Economics in 2020 and joined Deutsche Bank’s Graduate Programme a few months later. This is what a typical day looks like for her.

Quant Mutual Fund Sebi news: India's fastest-growing mutual fund is currently under investigation by the Securities and Exchange Board of India (Sebi) for suspected front-running, an illegal practice wherein fund managers place their own orders before executing large trades to profit from the anticipated price movement. 

MOIL Ltd.(up 4.36%), Lexus Granito(India)Ltd.(up 3.27%), 20 Microns Ltd.(up 3.09%), KIOCL Ltd.(up 2.00%), Sandur Manganese & Iron Ores Ltd.(up 1.94%) and The Orissa Minerals Development Company Ltd.(up 1.66%) stood among the top gainers.

Lithium block, Katghora, and Rare Earth Element (REE) Block of Chhattisgarh with an FPO of 76.05% to Maiki South Mining Private Limited. India relies heavily on imports to meet its requirement for critical minerals like Lithium, Niobium and Rare Earth Elements (REE). These minerals find application in new-age technologies like electric vehicles, pharmaceuticals, and defence manufacturing.

Domestic benchmark index NSE Nifty ended 36.75 points up at 23537.85, while the BSE Sensex closed 131.18 points up at 77341.08.

ETFs now constitute close to 13% of the total Mutual Fund Industry AUM indicating the remarkable adoption of ETFs by retail investors in India, according to a study by Zerodha Fund House. The study reveals that the substantial share of Rs 6.95 lakh crore out of the total Rs 53.40 lakh crore signifies a shift towards more investors choosing ETFs as a preferred mode of investment.

Redmi Note 14 Series According to a report from XiaomiTime, the Redmi Note 14 series is projected to launch in September. Initially, the series will be unveiled in China before expanding to other global markets, including India.

Benchmark NSE Nifty closed 36.75 points up at 23537.85 amid buying in frontline bluechip counters.

Quant Mutual Fund, which finds itself in the thick of a controversy regarding alleged front-running, is one of India's fastest growing asset managers and has seen its assets under management (AUM) grow by 251% over the last one year versus industry growth of 53%. The schemes of this fund house have not just outperformed their benchmarks but have also given superior returns over their peers in different categories. Quant Mutual Funds’ total assets under management from all schemes at the end of May 2024 stood at Rs 84,030 crore, up from Rs 23,956 crore as on May 31, 2023. It was at just Rs 225 crore in May 2019. This is a staggering 37,246% jump in five years. Meanwhile, the net AUM of equity oriented schemes as on May 31, 2024 for the industry stood at Rs 25.39 lakh crore this May versus Rs 16.56 lakh crore in the same month of the previous year. It was at Rs 7.24 lakh crore as on May 31, 2019. The industry AUM growth has been 250% in the said period.

India is set to host the International Sugar Organization (ISO) Council Meeting from June 25-27, in the national capital, bringing together delegates from over 30 countries to discuss critical issues in the sugar and biofuel sectors. As the world's largest consumer and second-largest producer of sugar, India has been nominated to chair the ISO for 2024, an official statement said. The event kicked off with an industrial tour to a grain-based distillery in Muzaffarnagar, Uttar Pradesh, on June 24, demonstrating India's adoption of cutting-edge technology in biofuel production. The main proceedings begin on June 25 with a workshop titled «Sugar and Biofuels — Emerging Vistas» at Bharat Mandapam, to be inaugurated by Union Minister for Food as well as New & Renewable Energy Pralhad Joshi.

gold reserves parked overseas dropped to the lowest in six years at the end of March--47% of the total—since it started accumulating the precious metal in December 2017. Data show that the RBI started bringing the gold to India in March 2022, coinciding with the start of the Russia-Ukraine war. This is in line with the trend of central banks globally that have turned cautious after the US government froze Russian foreign currency assets as the conflict began in February 2022. News that the RBI had brought back 100 tonnes of gold from the UK to India emerged at the end of last month. Governor Shaktikanta Das said this was because there is enough domestic storage capacity and nothing more should be read into it. At the end of March, the RBI’s total gold holdings amounted to 822.1 tons. A December 2023 survey by global investment manager Invesco of 57 central banks and other asset managers showed that they had increased exposure to gold 8-10 years ago, keeping it London and using it for swaps and to enhance yields, but that they were now moving the reserves back to their own countries, underscoring its role as a safe-haven asset. From 50% in 2020, the share of gold reserves held in their own countries is estimated to have gone up to 68% by December 2023 and will likely rise to 74% within the next five years, according to the survey.

trade deficit, the Reserve Bank of India said on Monday. Foreign portfolio investment saw a net inflow of $44.1 billion in FY24 after recording an outflow of $5.2 billion in FY23. Meanwhile, net FDI inflow reduced to $9.8 billion in FY24, down from $28 billion seen in FY23. India's foreign exchange reserves saw an accretion of $63.7 billion in FY24 on a Balance of Payment basis, the RBI said in its statement.

State Bank of India plans to raise up to Rs 10,000 crore through the issuance of 15-year infrastructure bonds as the country’s largest lender looks to garner long-term capital at a time when demand for loans continues to outstrip growth in deposits. SBI is aiming to issue infrastructure bonds on Wednesday with a base size of Rs 5,000 crore and a greenshoe option of Rs 5,000 crore, market sources said. The maturity date of the bonds is June 27, 2039, sources said. Bidding will take place from 10:30-11:30 am IST on Wednesday.

Yogi Adityanath on Monday congratulated Prime Minister Narendra Modi for taking oath as Lok Sabha member and said his third consecutive term would help fulfil the aspirations of 140 crore countrymen and achieve all the resolutions of 'Amrit Kaal'. «Hearty congratulations to you on being sworn in as Lok Sabha MP for the third consecutive time! Under your successful leadership, the vision of 'Aatmanirbhar Bharat-Viksit Bharat' (self-reliant, developed India) is becoming a reality,» Adityanath wrote on X. «Undoubtedly, this third term will prove to be the fulfilment of the aspirations of 140 crore countrymen and all the resolutions of Amritkaal,» he added. The prime minister took oath as a Member of Parliament on Monday, the first day of the 18th Lok Sabha's first session. This is his third term as a member of the Lok Sabha.

The Supreme Court agreed on Monday to consider reviving a critical approval for a railroad project that would carry crude oil and boost fossil fuel production in rural eastern Utah. The justices will review an appeals court ruling that overturned the approval issued by the Surface Transportation Board for the Uinta Basin Railway, an 88-mile (142-kilometer) railroad line. Arguments will take place in the fall.

India Bullion Jewellers Association (IBJA) has Aksha Mohit Kamboj as its Vice President, effective from June 22. Kamboj brings with her years of experience and expertise in the field of bullion and jewellery, and her appointment is poised to further strengthen IBJA’s leadership in the industry. Aksha Mohit Kamboj is the Executive Chairman of Aspect Global Ventures Pvt Ltd and is also the co-owner of Cricket ISPL team Tiigers of Kolkata. She is the first and the only woman appointed to such a prestigious post in the gold and jewellery sector. Commenting on her appointment, Kamboj said «I am looking forward to working closely with the leadership team and our esteemed members to uphold the highest standards of integrity and excellence in our industry»