India Financial News

Axis Bank and Canara Bank appear to be relative stragglers in a comparative statistical study on the reasonableness of service charges, with several new-age and small-finance lenders populating the upper quartiles on this 25-strong list of financiers. IDFC First Bank, Bandhan Bank and AU Small Finance Bank are better placed on this metric, according to a study by a statistics expert from IIT Bombay.

Sensex and Nifty closed at lifetime high levels on Thursday following a record dividend payout by the RBI to the government. In today's trade, Honasa Consumer, ITC, IndiGo, Vodafone Idea, ZEE among others will be in focus due to various developments and quarterly earnings. NTPC, Hindalco, United Spirits, Ashok Leyland Shares of NTPC, Hindalco, United Spirits and Ashok Leyland will be in focus as the companies will announce their fourth quarter results today.

India's electronics, pharma, engineering goods exports beat global trade slowdown during FY24 Meanwhile, RTE imports have grown marginally, from $304.96 million in FY2019 to $360.37 million in FY24. The FY24 figure marks a fall in imports of 13.6% from the previous fiscal year. “Reduction in imports indicates changing domestic consumption patterns, and increased local production," Srivastava said.

NEW DELHI : India's top eight auditors will be inspected and the financial statements of up to 60 of their clients vetted this year, as the national audit watchdog widens efforts to enhance audit quality countrywide. The National Financial Reporting Authority (NFRA) which last year inspected five auditors, involving audit reports of 24 clients, is planning to expand the exercise, a person informed about the development said. “This year, inspections would be done on eight audit firms and in the case of audit firms inspected last year, audit documentation of a different set of audit clients will be examined.

₹90,000-mark, fuelled by a parallel rise in gold and copper prices, but market watchers warn of a pullback. India Inc's corporate results have been a mixed bag so far with banking and financial services firms dominating much of the topline growth and profits. The price of silver on India's commodity exchange, MCX, has surged past ₹90,000 per kg.

Top Events on May 24: India is all set to witness various political, legal, sports, and entertainment events including PM Modi's elections rallies in Punjab and Himachal Pradesh, Mayawati's poll campaign in Punjab, voter numbers case hearing in Supreme Court, Pune Porsche crash case, cyclone Remal alert, and others today, Friday. Take a look at the top events of the day below, - Prime Minister Narendra Modi will address Lok Sabha election rallies in Punjab's Gurdaspur and Jalandhar constituencies today.

₹4.28 lakh crore as a result of the continuing upward trend in stocks, which saw the benchmark Sensex reach a lifetime high.Also Read: Stock market today: Sensex, Nifty 50 hit record highs; why did Indian stock market rise?- explained with 5 key factorsDuring the day, the NSE Nifty edged closer to the milestone 23,000 level. At 22,967.65, the 50-issue index rose by 369.85 points, or 1.64%.

F&O ban list: Eleven stocks have been banned for trade on Friday, May 24, 2024, under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they crossed 95% of the market-wide position limit (MWPL), according to the NSE.However, these stocks will be available for trading in the cash market.ALSO READ: Multibagger: HBL Power Systems stock soared 1254% in 3 years, jumped over 5360% in a decadeF&O ban list todayAditya Birla Capital, Balrampur Chini Mills, Bandhan Bank, Hindustan Copper, IEX, India Cements, Metropolis Healthcare, National Aluminium, Piramal Enterprises, PNB, and ZEEL are the 11 stocks in the NSE's F&O ban list for May 24.The NSE updates the list of securities in the F&O ban for trade every day.The National Stock Exchange (NSE) said the derivative contracts in the mentioned securities have crossed 95% of the market-wide position limit and have been currently placed in the ban period by the stock exchange.ALSO READ: IT Sector Q4 Review: Axis recommends buying Persistent, KPIT after March quarter results“It is hereby informed that all clients/members shall trade in the derivative contracts of said security only to decrease their positions through offsetting positions.

Divi's Laboratories, one of the leading pharmaceutical companies in India, has purchased two properties worth Rs 80 crore in Hyderabad. The first property is spread over 12,000 sq ft with a built-up area of 200 sq ft. It changed hands from Srinivas Prasad, Surya Kamal Prasad and Satya Chandra Prasad for Rs 40 crore in Jubilee Hills and the second 12,000 sq ft plot from Moturi Surya Kamal Prasad for a similar amount, according to the sale deed documents shared by Zapkey. Properties across significant markets such as Mumbai, Bengaluru, Hyderabad, and Delhi-NCR that only the super-rich can afford have seen huge demand in the last two years.

Nestle India plans to hire tasters and connoisseurs of premium foods for its soon-to-be-launched super-premium Nespresso coffee and boutiques. «The marketing thinking is very different. For example, the investment in a boutique would run into at least a couple of crores. So, the marketing of the brand, its positioning, advertising support and events have to be very different,» said Suresh Narayanan, chairman of Nestle India. He said the company's premiumisation will «build a new dimension; add to the strengths of the company; in coffee, in chocolates and milk.» ITC, on the other hand, is turning to artificial intelligence (AI) and machine learning (ML) to predict demand and consumer trends in retail stores and supply chains, and recommendations for packs best suited for a particular store, for its premium portfolio which includes Fabelle chocolates, skincare, and deodorants. «AI and ML models are being leveraged to position our premium portfolio across stores,» said Sandeep Sule, divisional chief executive, trade marketing and distribution, ITC, which makes Fiama body washes, Engage fragrances and Fabelle chocolates.

₹46,90,000.The 220i M Sport Shadow Edition is offered in two striking colours: Alpine White (non-metallic) and Skyscraper Grey (metallic), with upholstery options in Black and Oyster. Enhanced with a distinctive Blacked-Out Kidney Grille and All-Black Rear Spoiler, the car boasts a sporty, low, and broad-set stance.

India's private sector activity picked up in May, recording the third strongest increase since July 2010 and contributing to optimism about the future, according to the preliminary results of a private survey released Thursday. The survey also showed the sharpest upturn in employment in nearly 18 years. The HSBC Flash India Composite Output Index rose to 61.7 in May compared with 61.5 in the previous month, as export demand strengthened further and the services sector accelerated. «The latest data showed strength in new export orders for both sectors, which rose at the fastest pace since the series started in September 2014,» said Pranjul Bhandari, chief India economist, HSBC.

disinvestment of state-run Shipping Corporation of India (SCI) and NMDC Steel will gather traction once the general election concludes in early June, a person close to the development said. The government is in the process of finalising the composition of the board of Shipping Corporation of India Land and Assets Ltd (SCILAL), created by hiving off the non-core real estate assets of SCI, to comply with regulatory requirements for the entity's listing. The Centre will invite financial bids for its entire 63.75% stake in SCI soon after the demerged entity, SCILAL, is listed. While SCILAL will remain with the government, SCI, with its core assets, will be privatised. Last year, the Maharashtra government waived off the stamp duty pertaining to the demerger of SCILAL, acceding to the Centre's request. The stamp duty, according to industry estimates, was in excess of ₹250 crore. With this, the government had crossed a key stage in its bid to get SCILAL listed. «These (privatisation of SCI and NMDC Steel) will be pursued vigorously after the election,» said the person quoted above.

elaborate arrangements to ensure peaceful polling in Anantnag-Rajouri Lok Sabha constituency, which is going to polls in the sixth phase on May 25. The officials held separate meetings on enhancing coordination and ensuring robust security measures across the region. The administration has deployed additional companies of police, Army, CRPF, BSF and other paramilitary forces to reinforce the security in sensitive areas. Checkpoints have been erected on all major roads of the constituency. Recently, there were two separate attacks in this constituency in which a former Sarpanch associated with BJP was killed in Shopian and a couple from Rajasthan was injured in another attack near Pahalgam area in Anantnag.

goods and services tax (GST), said people familiar with the matter. Foreign airlines with offices in India have received GST notices over the past few months for non-payment of tax on import of services by Indian entities from their head offices. The issue has been referred to the fitment committee under the GST Council and the overall view is veering around to exempting the tax and giving relief to airlines, the people said. A final call on the clarification would be taken after the examination of the issue by the fitment committee, they said. «There is a grey area on the services from head office to branch office which is unique to both airlines industry and the shipping industry as it is difficult to determine place of service in case of maintenance and rental from one office to other,» a senior official told ET on condition of anonymity. The Directorate General of GST Intelligence (DGGI) last year issued notices to 12 foreign airlines on account of levy of GST on import of services by Indian branch offices.

travel agreement being worked out between India and Russia should boost the tourist numbers to Moscow from India by at least 30%, said Evgeny Kozlov, first deputy head of the office of the mayor and the government of Moscow, in an interview to ET. Kozlov, who is also the chairman of Moscow City Tourism Committee, said Russian federal officials are also working on a project to enable virtual cards for Indian travellers while they are in India before coming to Russia. Kozlov said the virtual cards for Indian travellers should be enabled at the end of this year.

Election Commission of India issued a notice to BJP chief JP Nadda directing him to restrain the party's star campaigners from making communal statements, Prime Minister Narendra Modi on Thursday alleged that for Congress and its allies, their vote bank is more important than the nation. «For Congress and Indi Alliance, more important than the country is their vote bank. They divided the nation for their vote bank… Created Bharat and two Muslim nations. Now, the Indi Alliance is saying the first right to the remaining resources of Bharat is of Muslims,» he alleged at an election rally in Bhiwani, Haryana. Modi also addressed a rally in Patiala where Preneet Kaur is the BJP candidate.

LinkedIn said it's reviewing the order of the ministry of corporate affairs (MCA) to determine its next move after the ministry slapped penalties totalling ₹27.1 lakh on the Microsoft-owned professional networking platform and top executives, citing violation of the significant beneficial owner (SBO) norms under the Companies Act, 2013. In an email reply to ET, a LinkedIn spokesperson said: «We comply with the laws of the countries we operate in.

human trafficking racket being busted in Andhra's Visakhapatnam recently. Andhra Pradesh police said on Tuesday that around 300 Indians 'revolted' against their handlers in Cambodia on May 20, leading to most of them being arrested in the foreign country."As many as 150 youth from the port city and its vicinity have been stuck in Cambodia for a year already, where they are being coerced to carry out cyber crime and ponzi scams by Chinese handlers," police were quoted by news agency PTI as saying.Meanwhile, Visakhapatnam Police Commissioner A Ravi Shankar said many people called up Visakha city police whatsapp numbers and sent videos.

Yadav said, "Mahaul tana-tan tana-tan tana-tan, BJP safa-chat, safa-chat safa-chat, INDIA alliance ko vote mil raha hai thaka-thak, thaka-thak, thaka-thak."By this, he meant the atmosphere is absolutely stunning, the BJP will be ousted from power at the Centre and citizens are voting for the INDIA bloc in the Lok Sabha Elections 2024.Yadav's reaction was a response to a question about PM Modi and Amit coming to Bihar to campaign for the Lok Sabha elections. Amit Shah is scheduled address rallies in Bihar's Ara at 11:30 am on Friday.

Dehradun, was found dead in his hostel room on May 17, days after facing rejection of his thesis by a professor, India Today reported.According to an India Today report, Divesh Garg's family has pointed fingers at the relentless harassment by his professors, accusing them of driving him to take his own life. The father also alleged that the professor even demanded ₹5 lakh to pass Divesh Garg.Garg's father stated that around 10:40 pm on May 17, they received a call informing them that their son's body was in the mortuary, barely twelve hours after the latter had called his parents asking for help to be 'taken away'.