India Financial News

BSE Sensex declined nearly 53 points in a volatile trade on Tuesday amid weak trends from Asian and European markets and fresh foreign fund outflows. The 30-share Sensex declined 0.07% to settle at 73,953.31 as 18 of its constituents declined while 12 ended with gains. The index gyrated around 426 between a high of 74,189.19 and a low of 73,762.37 in day trade. The broader Nifty of NSE, however, closed higher by 27.05 points or 0.12% to 22,529.05, driven by gains in metal shares. As many as 27 Nifty shares declined while 23 closed with gains.

Plant Based Foods Industry Association (PBFIA) on Tuesday urged the Food Safety and Standards Authority of India (FSSAI) to ease restrictions on the use of the term «milk» on packaging. Speaking at a summit here, PBFIA Executive Director Sanjay Sethi requested the FSSAI to allow uniform nomenclature, despite the current «this is not dairy» disclaimer on cartons, a statement said. Sethi called for FSSAI's chief executive officer (CEO) to engage with the industry, exchange ideas and foster collaboration to support startups and product innovation against bigger players. He proposed setting up "Plant Protein Clusters" across states to facilitate collaboration between institutes, startups and the government.

pet care industry is also riding on them to expand its market. The industry, current valued around Rs 5,000 crore is set to cross Rs 10,000 crore by 2028. Nuclear families in India are already uping their monthly average expenditure to Rs 5,000 or more on pets, reported ToI. In Bengaluru, the average spend is estimated at Rs 3,000 per month, said Shashank Sinha, CEO at Drools Pet Food. “One key trend is the recognition of pets as companions who can help combat loneliness and anxiety. Smaller families and busy schedules create a desire for emotional support and loyalty that pets offer,” Sinha said to ToI. India has over 31 million pet dogs and 2.44 million pet cats, the fifth highest pet population in the world, however the packaged food penetration is small catering to only 5% of the calorie intake of the pets, while it is as high as over 90% in Europe.

government has issued mandatory quality norms for asbestos or fibre cement-based products to curb the import of sub-standard goods and boost domestic manufacturing. A notification 'Asbestos or Fibre Cement based Products (Quality Control) Order, 2024 ' was issued in this regard by the Department for Promotion of Industry and Internal Trade (DPIIT) on March 6 this year. Under these orders, items cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. «It shall come into force on the expiry of six months from the date of publication of this notification in the Official Gazette,» the DPIIT notification said.

Delhi court on Tuesday framed charges of sexual harassment, intimidation and outraging the modesty of women against ex-Wrestling Federation of India (WFI) chief and six-time Lok Sabha MP Brij Bhushan Sharan Singh in a criminal case filed by female wrestlers. Singh pleaded not guilty to the charges and claimed trial. «Why will I plead guilty when I am not guilty?» Singh told Additional Chief Metropolitan Magistrate (ACMM) Priyanka Rajpoot. The court also framed the charge of criminal intimidation against co-accused and former WFI assistant secretary Vinod Tomar in the case.

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₹8,600 crore and its loan book stands at around ₹59,698 crore. In FY24, the company disbursed around ₹25,089 crore, higher from ₹21,639 crore in FY23. The CMD said that in FY25, the loan disbursement would be over ₹30,000 crore.

Congress leader Rahul Gandhi on Tuesday said Prime Minister Narendra Modi is creating two Indias, where even justice is dependent on wealth. «If bus, truck drivers, Uber, auto drivers accidentally kill someone, they are punished with 10 years of imprisonment. But if a 16-17 year old son of a rich family drives a Porsche and kills two people, he is asked to write an essay. Why don't you ask truck or a bus driver to write essay?» said Rahul Gandhi in a video on social media platform X.

suspension order on mining operations at Vedanta's iron ore plant at Chitradurga in Karnataka has been revoked, the company said on Tuesday. Vedanta Ltd in April informed the BSE about the temporary suspension of mining operations at the iron ore mine due to non-compliance with the approved mining plan. «The Office of the Regional Controller of Mines, vide order dated May 21, 2024, has revoked the earlier order of suspension of mining operations under Rule 11(2) of the Mineral Conservation and Development Rules, 2017 in respect of our A. Narrain Iron Ore Mine,» the company said in a filing to the BSE. The suspension in mining operations was ordered by the Office of Regional Controller of Mines in Bengaluru.

commodity prices, the 15 constituent Nifty Metal index crossed the 10,000 mark for the first time ever in Tuesday’s session, before closing nearly 4% higher at 9,981. The Nifty Metal index has been on a rising spree, making new highs since the second half of 2023. The index also made new all-time highs in 5 consecutive trading sessions.

Reserve Bank of India providing a new selection of securities for government bond buybacks, such operations continued to face hurdles for the third straight time as the central bank rejected most bids. The RBI likely did so due to high prices, or low yields sought by banks for selling bonds back to the government, debt market executives said. The RBI is the manager of the government’s debt.

T20 World Cup builds up, the Afghanistan Cricket Board (ACB) on Tuesday announced the appointment of former West Indian and T20 World Cup winner Dwayne Bravo as the Bowling Consultant for the tournament. Bravo is set to join the team during the preparation camp ahead of the marquee event in the Caribbean. «AfghanAtalan have already arrived in St. Kitts and Nevis and are expected to begin a 10-day long training camp, as part of their preparations for the ICC Men’s T20 World Cup 2024, which will be overseen by the coaching staff, including DJ Bravo,» said the official statement. «The 40-year-old Dwayne John Bravo was a former right-arm medium-fast bowling all-rounder for West Indies, having played 295 international matches, scoring 6423 runs and picking up 363 wickets. He has also 100 FC, 227 List A and a mammoth 573 T20 caps to his name. DJ Bravo is currently the leading wicket-taker in T20 cricket with 625 scalps to his name in the format. In addition, he has scored almost 7000 runs in the format, making him one of the most successful fast-bowling all-rounders in T20 cricket,» said the statement further.

corporate actions like the dividend declaration, bonus shares, and stock split for companies like Vedanta, Tata Consumer, SBI, and Inox Wind. Here is a list of corporate actions lined up for the rest of the week:

Easing of rates by the Reserve Bank of India might still have to wait going by the hawkish tone in an assessment of the economy published by the RBI economists in its latest monthly bulletin. “A modest easing of headline inflation in the reading for April 2024 confirms the expectation that an uneven and lagged pace of alignment with the target is underway” wrote the Reserve Bank of India deputy governor Michael Patra and his team in their assessment of the economy published in the latest monthly Bulletin. Significantly the statement seems to suggest that full alignment with the target may still have to wait. Hence easing of rates. The views expressed are not that of the Reserve Bank of India.

Our post-pandemic slump in household savings should disappoint but not alarm us A current account deficit occurs when the total value of goods and services a country imports exceeds the total value of goods and services it exports. "Bank deposits, which constitute the largest chunk of gross financial savings, grew 13.5% in fiscal year 2024, compared with 9.6% in the previous year. Bank deposits also grew faster than the 9.1% nominal GDP growth in fiscal 2024," the report said.

IRCON International, which is the Indian engineering & construction corporation under the Railways Ministry, announced its financial results on Tuesday for the quarter ending on March 31, 2024. The engineering and construction company posted a marginal 3.8 per cent decline in its consolidated net profit to ₹246.8 crore for the March quarter from ₹256.49 crore same period a year ago. Also read: BHEL Q4 Results: Net profit drops 25% to ₹489 crore, revenue up marginally; dividend declared Whereas, the company reported an overall 19 per cent increase in net profit to ₹929 crore for the year-ended FY24.

ALSO READ: Mumbai most expensive city for expats in India; see full list here According to the report, Delhi fared better than Mumbai in several parameters, including Economics, Human Capital, and Quality of Life. Delhi was worse in the Environment ranking, while all the Indian cities ranked 380 on Governance.

Also read | For international travellers, India remains a distant destinationAccording to the report, a big dampener for India has been the steady reduction in government funding for overseas tourism promotions over the years, from ₹524 crore in 2021-22 to ₹341 crore in FY23, and further down to ₹167 crore for FY24. In contrast, substantial funds have been directed towards the development of pilgrimage destinations, with an increase of 66%, from ₹150 crore in FY23 to ₹250 crore in FY24. Despite these shifts, the overall budget for the tourism sector remains unchanged at ₹2,400 crore, the same as in FY23.

₹999, was a tad cheaper when compared to the other online stores. While speed wasn’t a top priority, the swift delivery didn’t hurt. “Within minutes, I had the hair dryer in hand, along with some savings," said Sanjith.

₹8,200) It is important to know that the Schengen area covers 29 countries, including 25 European countries. The countries that are part of the Schengen area are Germany, France, Italy, Spain, Norway, Switzerland, Poland, Portugal, Romania, Luxembourg, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Greece, Latvia, Lithuania, Hungary, Malta, Netherlands, Austria, Slovenia, Slovakia, Finland, Sweden, Iceland, and Liechtenstein.

Also Read: SEBI may allow mutual funds to invest in overseas funds with exposure to Indian markets ‘’The unaffected price shall be considered for transactions on which pricing norms specified by SEBI or the stock exchanges are applicable, provided that the rumor pertaining to such transaction has been confirmed within 24 hours from the trigger of material price movement,'' said the market regulator. The unaffected price will be considered by excluding the effect on the price of the equity shares of the listed entity due to the material price movement and confirmation of the rumor.