India Financial News

Reserve Bank of India has approved the appointment of a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement to oversee its operations and administration in the absence of a regular managing director.

KKR IPL team mentor Gautam Gambhir today said that there is no bigger honour than coaching the national team and that he would love to do the job.

NEW DELHI:Food Safety and Standards Authority of India (FSSAI), in consultation with the Union Ayush ministry, has drafted licensing and logistics norms for businesses that can manufacture and sell food products under the Ayurveda Aahara category, and will shortly release the guidelines, two topofficials said.Ayurveda Aahara (diet) food products don't contain drugs or medicinal products, but have ingredients that are believed to promote health. Ayurveda Aahara was notified in 2022 and includes five categories and around 800 ayurvedic recipes, and the norms governing their manufacture will be launched post elections, one of the officials said.The regulations define “Ayurveda Aahara" as food prepared in accordance with the recipes or ingredients or processes as per methods described in the authoritative books of Ayurveda, and listed under ‘Schedule A’ of the FSSAI regulations.“Ayurveda is now a global matter and there’s huge value to it. We must look at it from the commerce perspective.

₹5,000-crore package is being worked out through a new VGF scheme to incentivise construction of inland vessels, with plans to later extend the support for entities manufacturing sea-bound vessels including cruise ships.One of the two persons said that under SBFA, the incentives in the form of 20% capital support may be reinstated for all kinds of shipbuilding, with the period of incentives being extended by four years from present sunset period of 2026 to align it with Maritime India Vision 2030. Under the Maritime India Vision, India aims to develop world-class mega ports, transhipment hubs and infrastructure modernization of ports.The SBFA scheme may be considered for further extension by another six years till 2036, in line with new targets set under the recently formulated The Amrit Kaal Vision 2047, the person quoted above said.Also Read: What an ‘Indian Club’ means for the country's shipping industryIn addition, a new VGF scheme may be launched to encourage the construction of inland vessels and ships with plan to extend this support in addition to any other incentive programmes for manufacturing commercial blue water ships.Under SBFA, financial assistance is provided to domestic shipyards for shipbuilding contracts signed between 1 April 2016 and 31 March 2026 with the rate of financial assistance starting at 20% in 2016 and diminishing to 11% in 2026.

Also Read- Elections 2024: Diversify portfolios to mitigate risk, focus on defensivesNervousness ahead of elections, approaching end of Q4 corporate results and diversion of funds to other relative cheap markets have resulted in this sell-off ahead of the election results outcome, said Deepak Jasani, Head of Retail Research, HDFC SecuritiesNifty quotes at ~21.5 times FY25estimated earnings per share and going by historical trends is currently at the top end of the valuation. Also going by the Market-cap to GDP ratio, Indian markets are at 1.4 times.

₹15.57 trillion. The chart below shows retail credit growth (in year-on-year terms, for banks only) growing at over 30% as of December last year. Throughout most of the last decade, corporate borrowing was sluggish at best, with banks souring on lending to the sector in the aftermath of the 2008 financial crisis.

Stock Market News: The domestic benchmark indices, bonds and the rupee are expected to rise during Monday's trading session following exit polls that projected Prime Minister Narendra Modi's party had won fairly in the general elections that ended on Saturday.The majority of polls estimate the Bharatiya Janata Party (BJP)-led alliance will win between 350 and 400 seats overall, which is far more than the 272 seats needed for a majority in the 543-seat lower house of parliament. The alliance took home 352 in 2019.

(This story originally appeared in on May 31, 2024)

election verdict on June 4, exit polls already have a resounding majority for the Modi government, bringing much-needed cheer to market participants. NDA is forecasted to win 370 seats, according to the average of all exit polls and the markets are likely to react positively to pollsters' predictions.

Southwest Monsoon to progress further into several regions, including Karnataka, over the next two to three days. These areas include the central Arabian Sea, Karnataka, Rayalaseema, Coastal Andhra Pradesh, and both the Westcentral and Northwest Bay of Bengal, according to India Meteorological Department. Recently, the Southwest Monsoon has moved deeper into the central Arabian Sea, covering additional parts of Lakshadweep, Kerala, and Tamil Nadu.

Why did FPIs dump ₹25,586 crore worth of Indian shares in May—Explained with 4 key reasonsArora further added that the FII category does not get squeezed generally. “FII as a category does not get squeezed- except some individual fund here or there (which happens all the time)," he said.The sentiments of foreign investors have been impacted by the volatility stemming from the Lok Sabha elections in 2024, a more aggressive stance taken by global central banks, the strong performance of Chinese markets, and various other global indicators.FPIs divested Indian equities valued at ₹25,586 crore, with a total outflow reaching ₹12,911 crore by May 31, encompassing debt, hybrid, debt-VRR, and equities, as per data from the National Securities Depository Ltd (NSDL).

ALSO READ: India's forex reserves jump for third week to hit fresh record high of $648.7 bnIndia’s forex reserves’ last all-time high was in October 2021.During the reporting week ended May 24, the foreign currency assets (FCA), the biggest component of the forex reserves, in the country fell by USD 1.510 billion to USD 567.499 billion, showed the RBI data.Gold reserves stood at USD 56.713 billion, down by by USD 482 million. So far this year, the forex reserves have grown about USD 28 billion on a cumulative basis.As per a RBI report, the foreign exchange reserves are sufficient to cover around 11 months of projected imports of the country.In 2023, the central bank had added about USD 58 billion to its foreign exchange kitty.

₹2,08,207.93 crore last week, with bellwether Reliance Industries, TCS and Infosys taking the biggest hit, reported news agency PTI on 2 May.Along with RIL, TCS and Infosys, other firms whose m-cap declined include ITC, Life Insurance Corporation (LIC), Hindustan Unilever Ltd, Bharti Airtel and ICICI Bank.ALSO READ: Day trading stocks to buy: BEL to REC— Anand Rathi expert recommends three shares to buy on June 3On the contrary, HDFC Bank and State Bank of India (SBI) emerged as gainers.Snapping a five-day losing streak, the 30-share BSE Sensex tanked 1,449 points or 1.92 per cent. However, it surged by 75.71 points, or 0.10 per cent, to settle at 73,961.31 on Friday.Reliance Industries' market capitalisation decreased substantially, plunging by ₹67,792.23 crore to ₹19,34,717.12 crore.

fixed deposits (FDs) partly for wealth creation and partly for keeping their money safe & secure. Those who want to double their investment need to earn a high interest so that the absolute return, over time, increases by 100 percent.Fixed deposits (FDs) offer varied interest rates for different tenures.

Kamal Hasan said in a post on X in Tamil.Social media platforms remained flooded with influential people across industries wishing Ilaiyaraaja and Mani Ratnam sweet wishes on their birthdays. The users highlighted their crucial contribution to the Indian film industry and cherished their rich legacy.

Narendra Modi on Sunday thanked the people of Arunachal Pradesh for reposing their faith in the BJP yet again and said the party will keep working with even greater vigour for the state's growth. The BJP on Sunday returned to power in Arunachal Pradesh for the third time in a row, as the party won 46 seats in the 60-member assembly and secured a majority, the Election Commission officials said.

Sikkim BJP president Dilli Ram Thapa lost to SKM nominee Kala Rai in the Upper Burtuk assembly constituency, officials said on Sunday. Thapa, a sitting MLA and a former minister lost to Rai by 2,968 votes.

Nifty ended the month in red, declining by 74 points to close at 22,530. However, since December, the index has been touching new peaks every month. High volatility was experienced due to the election season, the results of which will be declared on Tuesday, June 4. The week also witnessed high fluctuations as the index closed 2.5% lower on Friday from its all-time high of 23,110 on Monday. Currently, India VIX stands above the 24 mark.

Athawale on Sunday said the ruling National Democratic Alliance (NDA) will get more number of Lok Sabha seats than predicted by the exit polls. Addressing a press conference here, Athawale expressed confidence that the BJP-led NDA will get more than 400 seats in the 543-member Lok Sabha.

Tihar jail, Delhi Chief Minister Arvind Kejriwal decried the incumbent Narendra Modi government's alleged dictatorship, and said that like Bhagat Singh, he is ready to die for the country.

geopolitical events, currency fluctuations, and trade agreements can have profound effects on profit-booking behaviour in Indian gold, silver, and rupee markets, shaping subsequent reinvestment strategies for investors.