India Financial News

Rail India Technical and Economic Service (RITES), shares of which have grown 185% in the last 2 years, today declared a dividend of Rs 5 per share along with its Q4 results. “This is to inform that the Board of Directors of the Company at its meeting held today i.e. 28th May, 2024 has inter alia, considered and recommended a Dividend of Rs. 5.00/- per share (i.e. 50%) on 24,03,01,887 equity shares of face value of Rs. 10 /- each of the Company for the financial year 2023-24, subject to the approval of the same by the Shareholders in the ensuing 50th Annual General Meeting of the Company,” said RITES in a filing to the exchanges.

Noida and Ghaziabad are struggling to secure sufficient water supply. Many have turned to purchasing water from private tankers or rationing their usage, despite assurances from the Noida Authority that the city receives an adequate daily supply of 480 million liters per day (MLD), against a requirement of 407 MLD, a TOI report stated. While in Ghaziabad, the city faces a worsening water crisis, particularly during the summer, due to both a shortage of potable water and poor water quality. According to the civic body, there is a daily shortfall of 25 million liters per day (MLD). The city’s growing population has further strained its infrastructure. A 2019 NITI Aayog report warned that 21 Indian cities, including Ghaziabad, could exhaust their groundwater supplies within a few years, potentially impacting 100 million people.

Dubai, 28 May 2024 – FanTV, a leading SocialFi platform empowering the Creator economy, announced today a major milestone of onboarding over 1 million new user accounts on Sui, the Layer 1 blockchain and smart contract platform. This achievement accounts for 48% of the 2.6 million wallet growth on Sui over the last week. This significant growth highlights the successful impact of integrating blockchain technology with social media platforms, enhancing user engagement and expanding the reach of decentralized networks. FanTV’s integration of Sui marks a pivotal step in the mainstream adoption of blockchain solutions in the content streaming landscape.

₹35,000 crore in May so far. This move is attributed to multiple factors, including high valuations in the Indian market, a shift in investment focus towards China and Hong Kong due to their comparatively lower valuations, delays in anticipated interest rate cuts by the US Federal Reserve, rising US bond yields, heightened tensions in the Middle East, and the strength of the US dollar.Despite these significant outflows, the Indian stock market has displayed remarkable strength and resilience.

Papua New Guinea in the wake of a devastating landslide on the Pacific island nation, as per a release from the Ministry of External Affairs on May 28.This comes after a massive landslide occurred on May 24 in Enga Province, Papua New Guinea, which buried hundreds of people and caused major destruction and loss of life.Also Read | South Africa following up with India after Gupta brothers arrests — Why are they in jail and what are the cases?"​As a close friend and partner under the Forum for India-Pacific Islands Cooperation (FIPIC) and as a gesture of solidarity with the friendly people of Papua New Guinea, the Government of India extends an immediate relief assistance of $1 million to support relief, rehabilitation and reconstruction efforts," the statement read."India has firmly stood by Papua New Guinea during times of difficulty and devastation caused by natural disasters, as in the wake of the earthquake in 2018 and volcanic eruptions in 2019 and 2023.

Apollo Hospitals' arm to raise ₹2,475 crore from Advent InternationalModenik Lifestyle is the merged entity of Advent International's portfolio companies Dixcy Textiles Pvt Ltd and Gokaldas Intimatewear Pvt Ltd, the parent firm of the Enamor brand. The company is headquartered in Bengaluru.Advent International acquired a 60% stake in Dixcy Textiles in 2017, and bought the remaining 40% in 2019.

₹17 crore, which the company aims to clear by the end-of-season sale in the September quarter (Q2FY25). Metro is optimistic about realizing higher-than-carrying value from this inventory. As such, Metro has been trimming the fat, shutting down many Fila stores with just three exclusive brand outlets (EBOs) operational as on March-end.

economic policy trajectory whether Prime Minister Narendra Modi wins a third term in office or not, former central bank Governor Raghuram Rajan said. “There is a lot of continuity built into Indian policy," Rajan said in an interview Tuesday with Bloomberg TV’s David Ingles.

BENGALURU:Construction materials platform Infra.Market has raised an additional $50 million from Mars Unicorn Fund, a joint venture of global asset manager Liquidity Group and Japanese bank MUFG.The fund had previously invested $50 million in Infra.Market in 2022. The latest investment is in the Singapore entity of Infra.Market.

Gulzar Natarajan and I wrote that nations may be ill-advised to rely on private capital for the investments they need to make to deal with climate change. However, Brett Christophers takes this argument further in his book, The Price is Wrong: Why Capitalism Won’t Save the Planet. He delves into why private capital, despite its potential, will not invest enough in renewable-energy generation capacity for the planet to achieve its goal of limiting temperature increase to 1.5° Celsius above pre-industrial levels.

India may cut its borrowings this year as the ongoing national elections narrow the government’s spending window by about three months, according to Mirae Asset Investment Managers India Pvt. “We have nine months of spending this fiscal year because of elections,” and “there could be a slight cut,” Kruti Chheta, a fixed-income fund manager at Mirae, said on Bloomberg Television. “These borrowings could be added to the next fiscal year.” India’s seven-phase election that started in April is nearing an end, with results due on June 4. The government is barred from making any new spending plans once the elections are announced, according to regulations. India plans to borrow Rs 14.1 lakh crore ($170 billion) in the current fiscal year.

AbleCredit, a credit underwriting company, has raised $1.25 million in the seed round led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings. The investment from Merak Ventures will enable the startup to scale its operations, along with business growth and expansion, it said.

Mygate has entered the insurance distribution business, having received the aggregator licence from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute insurance policies. The Bengaluru-based company has partnered with insurtech startup Acko General Insurance to distribute its insurance products. It is integrating Acko General Insurance’s services into its platform to provide access to insurance for four million households on the Mygate app.

India Accelerator has announced the launch of RUMS (Robotics, Unmanned & Space), a new vertical aimed at fostering innovation and growth in the robotics and unmanned industry. Recognised as India’s only dedicated accelerator vertical to propel the Robotics and Unmanned ecosystem growth, IA will be focused on providing strategic support to Unmanned Aerial Systems (UAS), Counterdrone System, Ground Robots and Space Startups. In the initial stage of inception, the accelerator projects to inject a 10-15 Mn capital in early-stage startups exhibiting potential in this space through its partner entity Finvolve. IA will lean on a number of experts to help select and grow the startups, with Lt. Gen Anil Chait, a former Indian Army veteran, who will be leading RUMS with his strategic guidance and support. His 40 years of experience encompassing armoured corps operations, counter-insurgency warfare, and disaster relief missions makes him an invaluable asset for defence startups.

₹2.11 lakh crore dividend to the government for the financial year 2023-2024, which was more than double the market had expected. A higher dividend amount provides a great deal of flexibility to the central government on the fiscal side and this positive surprise enthused all the markets with lower bond yields, rupee appreciating and the stock markets hitting new highs.Also Read: RBI dividend boost to help in improving budget math“The maximum impact of the higher dividend was seen at the longer end of the curve with bond markets feeling optimistic about a cut in government borrowing when the full Budget is presented in July," said Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund.Yields at the shorter end of the curve also came down as a result of lower borrowing in T-bills as announced last week to reduce the government surplus which may go up to ₹6 lakh crore after the transfer of the RBI dividend.

BSE at 01:32PM (IST) on Tuesday, down 1.4 per cent from previous close. The scrip quoted a 52-week low price of Rs 614.45 and a high of Rs 1148.3.

«But for me, it is largecaps the way forward and I am pretty clear that this is also a choice based on one's own, pardon my saying so, but age and stage in life if you will. I am not one who would go gung-ho on smallcaps, at least not at this point in time,» says N Jayakumar, MD, Prime Securities. And given that the markets are also leaning on the high possibility of continuity and that is perhaps what is giving a lot of comfort, what would be the allocation when it comes to large, mid and smallcaps? I think at this point in time the greatest comfort is in largecaps. They may give lower returns than some of the midcaps and certainly less than some of the smallcaps but I think at 23,000 preservation of capital is far more important than return on capital and this is especially true I would say for this year which is 24-25 at least for the first half.

Exide Industries, Tata Motors DVR and Bharat Forge skyrocketing about 100-140 per cent.Out of 16 components in the index, as many as nine stocks have surged over 75 per cent in the last one year, according to Trendlyne data.Expectations of robust sales in FY25 are among the biggest factors boosting automobile stocks. A revival in the rural market has driven this surge, as forecasts of a normal monsoon and stable raw material prices promise healthy margins.Experts believe the two-wheeler market may outshine the passenger and commercial vehicle segments in volume growth.Also Read: Lok Sabha elections 2024 trading: Kripashankar Maurya of Choice Broking recommends buying these 7 stocks for short termAtul Parakh, the CEO of Bigul pointed out that automobile stocks have surged due to strong demand fueled by economic reopening, consumer spending shifts post-pandemic, and the transition to electric vehicles (EVs).

NEW DELHI : As the tax filing season kicks off again, many individuals are questioning whether they need to file their income tax return (ITR) for financial year 2024 (FY24). This uncertainty often arises because employers have already deducted tax on salaries or banks have deducted tax at source (TDS) on interest or pensions. Others may believe their income is too low to require filing.

Pune city, police said on Tuesday.“The driver of the truck, after hitting the motorbike on Monday night, did not stop and tried to run away but was caught some distance away and arrested," they said.PTI reported that the incident occurred at approximately 10:30 pm on Monday in the Chandan Nagar area along the Pune-Ahmednagar road. Three students, all in their early 20s and enrolled at an engineering college in the area, were en route to the Pune railway station, as stated by the police.

retirees prefer to receive regular guaranteed income which does not fluctuate. Knowing the cash-flows helps them to plan their lifestyle better. Let us understand this better with the help of an example.Mr.