India Financial News

Salvadoran officials refused to connect the jet bridge to allow the roughly 300 passengers, all Indian nationals, to disembark, according to three former crew members on the flight who spoke to Reuters on condition of anonymity. Several passengers told the cabin crew they planned to travel onward to Mexico and cross the border there illegally into the U.S., one crew member said. Others said they were going on vacation to the Mexican border city of Tijuana, another crew member said.

lower taxes for individuals to generate demand and spur consumption besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as electricity for retailers ahead of Union Budget FY25. Retailing in India accounts for about 10 per cent of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger. «To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes,» RAI said. It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the «tax benefits and relief to individual taxpayers will increase the monthly disposable income and support consumption».

Triveni Engineering & Industries Ltd has acquired an additional 36.34 per cent stake in sugar firm Sir Shadi Lal Enterprises Ltd for Rs 45 crore. The company is one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high-speed gears & gearboxes, and water and wastewater management business. In a regulatory filing on Thursday, Triveni said it has acquired an additional 36.34 per cent stake in Sir Shadi Lal Enterprises Ltd.

Anu Dhankad’s involvement in the Burger King shooting is just one instance of this disturbing trend. As per a report by The Times of India, gang leaders are leveraging social media to recruit women fascinated by crime, drawing them into their syndicates. These women aren't mere accomplices but play multifaceted roles from honey-trapping targets to executing reconnaissance and even participating in lethal operations, recent cases reveal, the report stated.

GRM Overseas, an FMCG and basmati rice exporting company, has announced that the board has approved the fund-raise of Rs 136.5 crore through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors. The board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs. 150 including a premium of Rs 148 per warrant. The funds raised will also expand India's “10X” brand, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities. These activities may be undertaken directly by the Company or through its subsidiaries or joint ventures. The investors include Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund and Nikhil Vora HUF, among others, will be issued share warrants.

Nuvama initiated coverage on Bikaji Foods, with a target price of Rs 885, as the company has emerged as a heavyweight in the rapidly expanding Indian savoury snacks market. “With capex largely incurred, rising asset utilisation shall propel its RoCE to 32% by FY27E. Insatiable scope for savoury snacks, brand equity, favourable trends and expansion make it covetable,” said Abneesh Roy, Analyst at Nuvama.

Indian opposition leader and New Delhi chief minister Arvind Kejriwal has been granted bail by a court in the capital after he was arrested in a bribery case in March

India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, a letter showed. The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke, also known as met coke, at 2.85 million metric tons for a year. The April proposal, which came after growing shipments caused «serious injury» to domestic producers, also recommended setting quotas on met coke for exporting nations.

Revenue Deficit: When the government has a shortage of enough funds to maintain its day-to-day affairs is known as revenue deficit. This happens when total revenue expenditure surpasses total revenue receipts, leading to a revenue deficit. To work through the revenue deficit, the government often resorts to borrowings and divestments to make up for this gap in revenue, alongside the introduction of new or increasing taxes. Fiscal Deficit The fiscal deficit is the negative balance that happens when the Centre spends more money than it receives. The number is one of the most important figure that is observed during the Budget. The size of the deficit may affect growth, price stability, cost of production, and inflation. Additionally, in case of high fiscal deficit, a country's rating is also impacted.

Colgate-Palmolive (India) Ltd. fell 0.63 per cent to Rs 2836.8 in Friday's session as of 12:52PM (IST) even as the equity benchmark Sensex traded 408.0 points lower at 77070.93. 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 1625.0 on NSE. Around 1794 shares changed hands on the counter till 12:52PM (IST).

Union Budget 2024: Any political party that forms the government, with majority or in coalition, in India has a set of responsibilities towards society, politics, and the economy. It is especially essential to relocate with resources in a way that allows a country that is as diverse as India, with its rich cultural, religious, and economic tapestry to move ahead in the right direction. Uplifting underprivileged sections of society, ensuring financial inclusion, reducing regional disparities, strengthening defense capabilities, providing quality education, and much more are part of the government’s long list of work that is voted for. Thus, a well-planned budget is of utmost importance for any government to achieve economic stability and growth.

Budget 2024: Every year, the Department of Economic Affairs in the Ministry of Finance prepares the Union Budget, which is then presented by the Finance Minister. The Budget which is tabled annually serves as a financial plan for the country and lays out the estimated earnings and expenditures of the government for the upcoming fiscal year. Here are the five essential steps involved in the formation of the Union Budget: Initial Processes: The process begins around six months before the Budget is presented. The Finance Ministry issues Budget Circulars to relevant ministries and departments with necessary instructions and guidelines. These circulars are then distributed among disbursing and field officers, who share details about their department's financial expenditures and receipts for the current and past fiscal year, as well as their financial requirements for the upcoming fiscal year.

UGC-NET and NEET-UG, the two important national-level examinations, have triggered a political row with opposition leaders including Rahul Gandhi launching a scathing attack on Prime Minister Narendra Modi accusing him of being more concerned about Lok Sabha Speaker's election scheduled next week.The Union Education Ministry on June 19 cancelled the University Grants Commission–National Eligibility Test (NET) after concerns were raised about the exam's integrity. The UGC-NET 2024 was conducted on June 18 across 317 cities.Also Read: ‘Millions of dreams…,’ ABVP, other RSS affiliates express unease over NTA role amid NEET, UGC-NET 2024 row: ReportThe cancellation of UGC-NET came amid ongoing controversy over alleged irregularities in the medical entrance exam - NEET.

Ketan Mehta is a patient man. After establishing a business for buying and selling life insurance policies in 2002, the chartered accountant (CA) spent a decade (2005-2015) embroiled in litigation. LIC, India’s largest insurance company, opposed the idea of a 'secondary market' in insurance and did not cooperate with Mehta. 

Sania Mirza and cricketer Mohammed Shami getting married. Both Sania and Shami are prominent figures in their respective sports. Sania, who has recently retired from professional tennis, is India's most successful women's tennis player. Shami, on the other hand, is a key pace bowler who played a crucial role in India's journey to the ODI World Cup 2023 final. These rumors emerged in the wake of Sania’s separation from Pakistani cricketer Shoaib Malik earlier this year and Shami’s ongoing separation from his wife Hasin Jahan. Despite the buzz, Sania’s father, Imran Mirza, has firmly dismissed these wedding rumors. «This is all rubbish. She has not even met him,» Imran told NDTV.

Benchmark NSE Nifty index fell 33.05 points to 23533.95 amid selling in frontline bluechip stocks.

basic exemption limit. Suresh Surana, practising chartered accountant, says, «Section 139 mandates that ITR filing is mandatory (for individuals) in certain situations even if their total income in a financial year is below the basic exemption limit. If the ITR is not filed by the deadline of July 31, then a penalty will apply to these taxpayers.» Also Read: Last date to file ITR for different taxpayers

Accenture had a few positive elements such as strong bookings growth and acceleration in growth rates. Shares of Persistent Systems was the top gainer as it rallied over 4% to day's high of Rs 4,065 on BSE. Other IT stocks like Coforge, LTIMindtree, Infosys, TCS and LTTS were also trading around 2% higher during the day. As a result, the Nifty IT index was also trading around 2% higher.

Lupin Ltd. gained 0.63 per cent to Rs 1565.05 at 11:11AM (IST) in Friday's trade. The counter hit a high of Rs 1578.35 and low of Rs 1531.15 so far during the session. The stock had closed at Rs 1555.1 in the previous session. The counter had a total traded volume of 11:11AM shares so far with a turnover of Rs 1.14 crore on BSE. The stock traded at a price-to-earnings multiple of 37.09 and a price-to-book ratio of 5.16.

Indian Hotels Company, EIH Ltd, Lemon Tree Hotels , Chalet Hotels share price have risen sharp 54-112% in a year benefitting from rising occupancy , average room rates leading to better revenue per available room (RevPar). The tailwinds have remained strong post easing of COVID-19 pandemic, and there has been a sustained increase in travel demand, with India continuing to be a popular destination.

Bharatiya Janata Party (BJP) and other RSS affiliates, including its student wing, the Akhil Bharatiya Vidyarthi Parishad (ABVP), The Indian Express reported.The Union Education Ministry on June 19 cancelled the University Grants Commission–National Eligibility Test (NET) after concerns were raised about the exam's integrity. The UGC-NET 2024 was conducted on June 18 across 317 cities. Also Read: NEET, UGC-NET 2024 row: 10 year jail term, ₹1 Cr fine as punishments in new ‘anti-paper leak’ law.