India Financial News

Stock market today: After making fresh highs in early morning trade, the Indian stock market settled flat on Friday last week. The Nifty 50 index settled at 22,957 after climbing to a new peak of 23,026. The BSE Sensex went off 7 points and ended at 75,410, while the Bank Nifty index finished 203 points higher at 48,971.

Severe Cyclonic Storm 'Remal' has been moving northwards after making landfall over the coastal areas of West Bengal and Bangladesh. According to the India Meteorological Department (IMD), the cyclone is expected to gradually weaken into a Cyclonic Storm today as it continues its north-northeastward trajectory. «The Severe Cyclonic Storm 'Remal' over the North Bay of Bengal moved nearly northwards, with a speed of 13 kmph during past 06 hours, crossed Bangladesh and adjoining West Bengal Coasts between Sagar Islands and Khepupara close to southwest of Mongla near Latitude 21.75°N and Longitude 89.2°E between 22:30 hrs IST of 26th May to 00:30 hrs IST of 27th May 2024 as a Severe Cyclonic Storm with wind speed of 110 to 120 Kmph gusting to 135 Kmph,» said IMD in a post on X. «It lay centered at 01:30 hrs IST of today, the 27th May, 2024 over Coastal Bangladesh and adjoining Coastal West Bengal, near latitude 21.9°N and longitude 89,2°E about 115 km east of Sagar Islands (West Bengal), 105 km west-southwest of Khepupara (Bangladesh), 70 km southeast of Canning (West Bengal) and SO km south-southwest of Mongla (Bangladesh), The system would continue to move nearly northwards for some more time and then north-northeastwards and weaken gradually into a Cyclonic Storm by morning of 27,» added the post.

Modi — then chief minister of business-friendly Gujarat state — rode an electoral wave to the prime ministership in New Delhi, many expected that he would be far more supportive of the private sector than previous Indian leaders. As a candidate, Modi was quoted as saying: “I believe government has no business to do business,” and one of the many slogans of that 2014 campaign was “minimum government, maximum governance.” That seemed as close to laissez-faire Thatcherism as one could reasonably expect in India. Nobody who looked closely at Modi’s tenure in Gujarat, however, believed this easy narrative. His proudest achievement there was turning around the state government’s own public-sector companies, particularly in the energy sector. And that’s been his focus in national office as well. In one recent interview, when asked to cite an example of how the markets should react to his expected re-election, he pointed specifically and solely to how he had revived the stock prices of public-sector companies. Modi wasn’t wrong. State firms have done better than India’s benchmark Sensex index for three years straight, and look likely to do so again this year. They have regularly traded at a premium to their private peers.

India's six-week long national election, the world's largest, has entered its final stage with votes scheduled to be counted on June 4, and investors are gearing up for Prime Minister Narendra Modi's widely expected third term in office. However, the margin of victory may be smaller than earlier expected, analysts and informal betting markets are speculating.

Kolkata Knight Riders to their third IPL title on Sunday, captain Shreyas Iyer said his side «played like invincibles» the whole season. The Knight Riders lorded over Sunrisers Hyderabad in the IPL final, winning the lopsided title clash by eight wickets here at the MA Chidambaram Stadium. KKR vs SRH: The highlights «Absolutely comprehensive (the win). We played like invincibles throughout the season. There's so much to cherish right now. This is what we demanded from the team and every individual,» Shreyas said during the post-match presentation.

traded sideways throughout the session to close with a loss of 17 points at 22951 levels on Friday. «We expect the market to witness a gradual up-move and see some volatility next week as both election and earning season are nearing the end,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

To add to these harrowing odds, last year was particularly harsh for this merry brigade of rainbow chasers. After a surge in 2021-22, the funding winter in 2023 saw a 72% decline in funding, with only two startups (InCred Finance, Zepto) achieving the unicorn status, compared to 21 and 45 in the previous two years. Yet, many see it as a blip in the overall startup scape. A recent KPMG report claims that venture capital investment in India doubled sequentially in the March 2024 quarter, to reach $3.2 billion across 354 deals, surpassing the global market. India also has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. 80% of startups fail in first 5 years Reasons for failure Why do startups fail?

Kolkata Knight Riders (KKR) hard-hitting batter Venkatesh Iyer highlighted the crucial role of mentor Gautam Gambhir and assistant coach Abhishek Nayar for shaping the team into an Indian Premier League (IPL) 2024 champions and expressed gratitude to the fans for always cheer and support the team throughout the tournament. KKR clinched the IPL 2024 title with a dominating all-round performance against SRH in the final at the MA Chidambaram Stadium in Chennai. KKR vs SRH: The highlights

Prudential Authority of the South African Reserve Bank has imposed a financial penalty of 10 million rand (₹4.5 crore) on the State Bank of India's South Africa branch, the bank said in a notice to the exchange. The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.

Sauce VC, which has backed new-age luggage brand Mokobara, healthy foods startup The Whole Truth and petcare firm Supertails, has launched its third fund with a target to raise Rs 250 crore, founder and managing partner Manu Chandra told ET. The New Delhi-based investment firm received clearance from the Securities and Exchange Board of India (Sebi) a few weeks ago for the new fund, Chandra said, adding that it aims to back 15-16 consumer brands in their early stages.

Project Gameface, an open source, hands-free, on-device, AI-powered ‘mouse’ developed by Google, was designed through feedback from Incluzza, a social enterprise in Bengaluru that supports people with disabilities. Gameface allows users to control a cursor on a phone, computer or tablet with head movements and facial expressions via a webcam. Users can for example raise their eyebrows to click and drag or open their mouth to move the cursor. “We collaborated with Incluzza to learn how Project Gameface can be expanded to educational, work, and other settings, like being able to type messages to family or searching for new jobs,” said Avneet Singh, product manager, Google Partner Innovation, at an international press briefing and demo on May 14 on the sidelines of Google I/O in Mountain View, California.

Diversified funds dynamically adjust allocations to capitalise on emerging trends and opportunities. Such funds not only mitigate the risks associated with high valuations in any single sector but also position investors that could benefit from the broader economic growth, Rahul Singh, chief investment officer, Equities, Tata Asset Management, tells Saikat Neogi.

In India, the real estate sector is witnessing rapid growth, and retail is emerging as a critical component of this expansion. Among various retail formats, high street retail is gaining significant traction, reshaping city landscapes and enhancing local economies. High street retail refers to premium shopping areas typically located in the heart of cities. These bustling streets are characterized by a mix of luxury boutiques, flagship stores of renowned brands, restaurants, cafes, and entertainment venues. Unlike enclosed malls, high street retail spaces offer an open-air shopping experience, often integrated with the city’s cultural and historical fabric.

By R Gopalan and MC Singhi,

Payal Kapadia etched her name into the history of Indian cinema when she won the Grand Prix at the Cannes Film Festival. Her Malayalam-Marathi-Hindi language film, ‘All We Imagine As Light’, beat stiff competition from such legendary directors as Francis Ford Coppola, Andrea Arnold, Mohammad Rasoulof, David Cronenberg and Jia Zhang-ke to land the coveted prize.

banks and stressed asset firms last week adopted a 'model agreement' for selling loans, but were unable to reach a meeting point on the tricky issue of 'indemnity' which banks typically refuse to give once sticky assets move out of their books. Lenders, according to documents reviewed by ET, would also have the right to declare an account as 'fraud' and make asset reconstruction companies (ARCs) that acquired the stressed loan responsible for dealing with the investigative agencies looking into the offence. Even though a model template settles several differences arising in the course of loan sales, the two issues, pertaining to indemnity and fraud, place selling banks at a comparatively advantageous position.

India sweated through a deadly heat wave that tested power grids and disaster preparedness of states on Sunday while Maharashtra's Akola imposed Section 144 until May 31, prohibiting public gatherings. A 'red' warning has been issued for Rajasthan, Punjab, Haryana, Chandigarh, Delhi, west Uttar Pradesh, and Gujarat, indicating a «very high likelihood» of heat illness and heat stroke for all age groups. Rajasthan's Phalodi was the hottest place in the country for the second consecutive day, recording a maximum temperature of 49.8 degrees Celsius. A day ago, the city hit 50 degrees Celsius — the highest temperature recorded in the country since June 1, 2019. The state has reported multiple heat-related deaths in the last three days.

IPL) final between Kolkata Knight Riders and Sunrisers Hyderabad fired up bookings at bars, pubs and cafes across India by 30-50%, compared to a regular weekend, executives said, with the heatwave adding to demand for cooler leisure options. “Alcohol sales saw a big spike, as average time spent per consumer at outlets was more,” said Vikrant Batra, founder of Cafe Delhi Heights. “Malls also did phenomenally well because of the heatwave. That’s another reason we saw spike in sales at our mall outlets.” During an otherwise lean season for pubs, bars and restaurants because of people being away on summer vacations, the IPL final in Chennai triggered a dramatic spike in footfall and sales across the cricket-crazy nation, executives said.

Stressed Assets Stabilisation Fund (SASF) of IDBI Bank, which is targeting a recovery of 11.59% by selling non-performing loans worth ₹6,151 crore, has received 18 expressions of interest (EoIs) from asset reconstruction companies (ARCs). The reserve price for the auction is set at ₹713 crore and the sale has drawn interest from large ARCs including Arcil, JC Flowers ARC, Edelweiss ARC, JM Financial ARC and ACRE. Others include Kotak-backed Phoenix ARC, UV ARC, Prudent ARC, Omkara ARC and CFM ARC. The last day for submitting EOIs was May 22. The auction date will be announced after the entities that submitted EoIs complete due diligence on the accounts. The sale will be 100% cash-based, with EY as the process advisor. The portfolio up for assignment and sale comprises 239 cases, with 81 backed by tangible securities and guarantees, having a gross principal outstanding of ₹2,179.51 crore. The remaining 158 cases are supported by guarantees and claims, with an outstanding of ₹3,971.65 crore.

artificial intelligence and its impact on competition, and has extended the deadline for submission of bids till June 18. Earlier, the deadline for the bids was June 3. In a set of clarifications, the Competition Commission of India (CCI) said bids cannot be submitted through a consortium or a joint venture. Among other eligibility requirements, the minimum annual turnover of ₹50 crore has been retained for the bidders.

Real estate developer Sameera Group has earmarked ₹500 crore as investments over the next five years to set up 1,000 senior living homes across South India, the company said. For developing the senior living homes, city-based Sameera Group has signed a memorandum of understanding with Vedaanta Senior Living that aims to create high-quality senior living communities, a company release said on Sunday. «This strategic partnership brings together Sameera Group's extensive experience in land development and Vedaanta's deep understanding of the senior care industry,» the release said.