India Financial News

rupee weakened to a record low versus the US dollar Thursday as broad gains in the American currency globally and corporate outflows hurt the local unit, traders said. The Indian currency shed 0.2% against the dollar to settle at 83.6525/$1, a new closing low, LSEG data showed. During trade, the rupee weakened to a lifetime intraday low of 83.6650/$1.

HDFC Bank is discussing with investors and the regulator a plan through which the country's most-valued lender would buy back some of the bonds issued by the erstwhile HDFC, and replace these instruments with new infrastructure bonds to be sold to the same set of investors holding the securities. This exercise, if approved, would help HDFC Bank cut interest costs as bank infrastructure bonds have the advantage of exemptions from regulatory reserve requirements like Statutory Liquidity Ratio and Cash Reserve Ratio.

«An expectation of a growth-focused budget is aiding sentiments and is likely to lead to sector-specific action,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

Vande Bharat train is in the news again, but this time for the wrong reasons. According to reports, a couple traveling on the Vande Bharat train found a cockroach in their meal on June 18. The nephew of the couple, who were traveling from Bhopal to Agra, shared pictures of the dal in which the bug was found on social media. Following this, the Indian Railways Catering and Tourism Corporation (IRCTC) took action and imposed a fine on the service provider. The issue was raised by a user named Vidit Varshney on social media. He complained about the poor quality of food served to his uncle and aunt on the train. «On 18-06-24, my Uncle and Aunt were traveling from Bhopal to Agra in Vande Bharat. They got 'COCKROACH' in their food from IRCTC. Please take strict action against the vendor and make sure this does not happen again,» Varshney posted.

United States has said it supports direct discussions between India and Pakistan but the pace, scope and character of talks should be determined by the two neighbouring countries. Responding to a question at his daily news conference on Thursday, State Department Spokesperson Matthew Miller said the US values its important relationships with both India and Pakistan. «As we have said, we support direct discussions between India and Pakistan, but the pace, scope and character should be determined by those two countries, not by us,» he said. Responding to another question, Miller said the US and Pakistan have a shared interest in combating threats to regional security.

mid-cap and small-cap companies in India's total market value hit the highest level in May, boosted by the unabated appetite for these shares among domestic investors. This, however, warrants caution, said fund managers, who warned that the sharp run-up in these shares may be excessive for now. According to a study by ICICI Prudential Mutual Fund, the share of mid- and small-cap stocks to the country's total market capitalisation was at 36.3% in May, compared to 25% in Dec 2020 and 19.6% in Dec 2013. Meanwhile, the contribution of the large caps declined to 63.7% in May, compared to 74.2% in December 2020 and 80.3% in December 2013.

₹1.74 trillion in fiscal 2022 and projected to reach ₹2.4 trillion by fiscal 2025.The company is “actively" looking to partner global liquor companies to bring more international brands to India as it expands its portfolio of premium spirits. Currently, it has no such tie-up.“We are at a significant advanced level of discussions.

₹55,000 crore, have evoked disparate reactions from bankers. While lenders are salivating at Bharat Petroleum Corporation Ltd’s (BPCL’s) ₹32,000 crore loan proposal, they are circumspect on lending to Vodafone Idea, which is looking to raise ₹23,000 crore through loans to strengthen and expand its network. Combined, the two loans equate to about 2% of the outstanding loans to large industries.

Sensex rose 141.34 points to close at 77,478.93, while the Nifty 50 settled 51.00 points, or 0.22%, higher at 23,567.00.Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, BoE policy to Accenture Q3 resultsNifty 50 formed a small negative candle on the daily chart that placed beside the long negative candle of Wednesday. “Technically, this pattern indicates a doji type candle pattern, which doesn't have any significant predictive value, as the market is presently showing a broader sideways range movement.

Reserve Bank of India (RBI) governor Shaktikanta Das has raised a cautionary flag over banks engaging in a “mindless pursuit of bottom lines". Speaking at an event of the College of Supervisors on Thursday, Das said that profitability must not be pursued by taking unacceptable risks and that RBI tries to sniff out a crisis before one builds up. He further noted how its timely action has helped mitigate vulnerabilities caused by unsecured loans.

Rohit Sharma won the toss and elected to bat first in Barbados. The Men in Blue lost their first wicket in the form of skipper Rohit Sharma, who decided to take the aggressive route against Fazalhaq Farooqi, only for the ball to fall straight into the hands of Rashid Khan.Rishabh Pant and Virat Kohli stabilised the Indian innings for a while, but the left-hander soon lost his way in the powerplay and was sent back to the pavilion by Rashid Khan for 20.

Mint in the week gone by. The government has announced hikes in minimum support prices of kharif crops, while the Life Insurance Corporation of India (LIC) plans to raise money from the sale of its plots and commercial buildings. As many as 55 companies are expected to go public in the coming months.

Sensex gained 141.34 points, or 0.18%, to close at 77,478.93, while the Nifty 50 settled 51.00 points, or 0.22%, higher at 23,567.00.“The market is consolidating with a positive bias amid strong FII flows and healthy macros. Also, an expectation of a growth-focused budget is aiding sentiments and is likely to lead to sector-specific action.

quick commerce companies to poach these executives from one another, signalling a likely rise in the executives' wages. Gig workers are getting poached by staffing firms, and larger companies are in turn hunting them out to bring them onto their payrolls. All this is resulting in high attrition.

₹1,757.50 hit on 3 July last year, following the merger of mortgage lender HDFC with the bank. The anticipation among domestic investors is of the so-called foreign room of the stock widening to 25% from March quarter’s 24.94%.Foreign room refers to the proportion of shares still available to foreign investors relative to the foreign ownership limit, which is 74%.

Leo Burnett Mumbai win a silver Lion for their Oreo #BringBack2011 campaign in the 'creative effectiveness' Lions category while Ogilvy Mumbai won a bronze in the 'creative strategy' Lions category for their work on Vi's 'Human Network Testing Network' campaign. The total tally of metals won by the Indian contingent now stands at 14 at the time of going to press. Among the 59 shortlisted entries this year, Indian agencies have, so far, won two gold, five silver and seven bronze Lions. «We couldn't be prouder to take home a silver for our Mondelez Oreo #BringBack2011 campaign. This campaign is a powerful example of how creativity can play an effective role in driving business, fostering a deeper connection with the audiences and building the brand,» said Rajdeepak Das, CCO Publicis Groupe-South Asia and chairman, Leo Burnett-South Asia.

Union Budget 2024: Prime Minister Narendra Modi led-government will present first full Budget in their third term after the 18th Lok Sabha polls in 2024 in the coming month, laying the roadmap for the next five years. The last budget presented by the Finance Minister Nirmala Sitharaman was a vote on account due to the General Elections that were scheduled from April to May. Here are some interesting Budget trivia that you should know:

India has been grappling with the issue of manufacturing and marketing of different drugs with the same brand name for long, a person in the know told ET. For example, the brand name, 'Olvance' for the antihypertensive drug, Olmesartan, and 'Oleanz', a brand of the antipsychotic drug, Olanzapine. Likewise, the brand, IMOX for amoxicillin tablets for humans, and INIMOX for a combination of amoxicillin and cloxacillin10 as an injection for veterinary use.

Prabhas says he has been a fan of Amitabh Bachchan, his co-star on "Kalki 2898 AD", since childhood and remembers one of his uncles sporting a hairstyle that the megastar made popular in the 70s. The actor thanked producer Aswini Dutt and director Nag Ashwin for giving him the opportunity to work with «greatest legends» like Bachchan and Kamal Haasan on the futuristic drama that also stars Deepika Padukone in the lead role. «It's like a dream,» the "Baahubali" star said, recalling how he wanted to touch Bachchan's feet in their first meeting. «First time, when I went to meet Amitabh sir, I was going to touch his feet and he said, 'Don't do it, if you do it, I'll also do it'. I was like, 'Sir please, I can't even think,» Prabhas said at a promotional event of «Kalki 2898 AD» here last night, which was hosted by his actor friend Rana Daggubati.

Investors may want to consider hedging their emerging market plays, according to one exchange-traded fund expert.

₹19,499 for the sole variant featuring 8GB of RAM and 128GB of internal storage, and aims to offer high-end specifications at a budget-friendly price. The smartphone can be purchased through Flipkart, Vivo's online store, and various other retail channels.