India Financial News

Zerodha Co-Founder Nikhil Kamath has alerted investors about not being part of any WhatsApp group that gives stock recommendations. The Indian entrepreneur shared a picture on his official X handle saying that it was not him and called it a "Scam".

GmbH's global chief of sales and services Rudolf Klotscher said India is the company's second largest emerging market alongside Turkey and is a «huge focus» country. The Euro 14.8-billion company, which sells Bosch and Siemens brands of refrigerators, dishwashers and kitchen appliances, has reported a double-digit growth in India in several categories such as built-in appliances and dishwashers when the Indian market is growing at 7-8%. Klotscher did not share the overall revenue numbers or company's revenue growth in India “The potential for the future in India is very big. There are 1.4 billion potential customers in India," Klotscher told ET on the sidelines of BSH’s annual global press meet held virtually on Thursday.

«There used to be the provisions like general anti avoidance rules like GAAR, which required the investors like FPIs who are based in Mauritius need to have substance in Mauritius in order to claim the benefit of India-Mauritius tax treaty,» says Punit Shah, Partner, Dhruva Advisors. Let us talk about this treaty and this change that we are making. What is the impact that one should actually expect from this? Is it too much of a worry for investors from Mauritius? Essentially what it says is that India-Mauritius tax treaty was there for several years now. It provides capital gains tax exemption on the equity shares, on derivatives, on debt instruments. The treaty was amended in 2017 where the capital gains exemption on equity shares was taken away and the capital gains exemption on the derivatives and debt instruments did continue.

Nifty also shed nearly 1% with foreign investors believed to have offloaded stakes in bluechips as those investing from Mauritius may now face greater scrutiny. Smallcaps and midcap indices were largely unaffected in today’s sell-off. Within the Nifty family of 50 stocks, Sun Pharma fell around 4% while Maruti Suzuki, Titan, Cipla, JSW Steel, Power Grid and ONGC were trading around 2% lower. Pharma stocks with the biggest loser with Nifty Pharma retreating by around 1.5%. All sectoral indices were trading in the red.

tech companies in the US added an estimated 6,000 workers last month. Indian IT giants have established a robust presence in the US, with Tata Consultancy Services (TCS) employing 50,000 people, Infosys 35,000, HCL Technologies 24,000, Wipro 20,000, and LTI Mindtree 6,500. Together, these companies contribute around 2% to the US tech industry workforce, as per an HDFC Securities report. The widespread presence of these firms across various US locations positions them advantageously for the ongoing demand recovery. The surge in job growth has been primarily driven by hiring in technology services, software development, and cloud infrastructure. In March, US employers posted 191,000 new job openings for tech positions, marking an increase of 8,000 from the previous month and the highest volume since August 2023.

Two decades ago, India stood on the brink of the mobile phone revolution, and today, it has permeated every corner of the nation, with 90% of the population owning mobile phones. This surge in mobile phone adoption has not only transformed various industries but also catalysed the Digital India campaign launched in 2015, which significantly enhanced broadband connectivity even in remote regions of the country.

TCS) in the global consulting practice, has taken legal action against the tech giant, alleging discriminatory employment practices. In a lawsuit filed in a US court, Devorin claims that TCS exhibits bias towards H-1B visa-holder employees of Indian/South Asian origin while targeting older American workers for termination to make room for Indian nationals and «freshers». Devorin has demanded a jury trial to address these allegations of discrimination. According to the complaint, Devorin was informed in July last year that his team was disbanded, and he was required to apply for a consultant role directly on an engagement. Despite his persistent efforts through emails and applications, Devorin's attempts did not progress beyond the initial stage. He believes that the resource management group intentionally hindered his applications. In contrast, a younger Indian employee swiftly secured a role and was offered multiple positions, none of which were extended to Devorin.

Air India has operationalised five new contact centres, including in Cairo and Kuala Lumpur, to provide assistance to its customers worldwide. The Tata Group-owned airline has partnered with Concentrix, a California-headquartered customer engagement firm, to manage premium services from centres in Mumbai, Cairo, and Kuala Lumpur. Besides, the carrier has signed up iEnergizer to operate contact centres in Noida and Bengaluru, focusing on domestic inquiries, a release said on Friday. Recently, Air India introduced a premium desk for its premium frequent flyer members as well as business and first-class guests.

«Modi thinks far ahead. So what has happened so far is just the trailer. I have to get busy in creating a new and wonderful picture of the new Jammu and Kashmir. The time is not far when Assembly Elections will be held in Jammu and Kashmir. Jammu and Kashmir will get the status of statehood. You will be able to share your dreams with your MLA and your ministers...» said PM Modi while addressing a public rally in Udhampur. The PM added that the people of Kashmir will be able to share their dreams with MLAs, ministers. Addressing a public rally in the northern most state of India, PM Modi said, «For the sake of power, they had built a wall of 370 in Jammu and Kashmir...Due to your blessings, Modi demolished the wall of Article 370. I have also buried the debris of that wall in the ground. I challenge any political party in India, especially Congress, to announce that they will bring back Article 370. This country won't even look at them.»

Computer Age Management Services (CAMS) shares jumped 6% to Rs 3,220 in Friday's trade on BSE after the Reserve Bank of India (RBI) granted authorisation to the company to operate as an online payment aggregator. CAMS got an in-principle authorisation from RBI back in February 2023, the company said, adding that the certificate of authorisation bearing No 183/2024 was received on April 10, 2024 by the company.

Action dates for all family-sponsored Green Card applications from India have shown progress. Noteworthy changes include the Final Action Date for the F2A visa, a Family Based Green Card tailored for spouses and unmarried children of US permanent residents/Green card holders. This date has moved from September 2020 to June 2021, indicating a slight advancement. The F2B visa, reserved for unmarried sons and daughters (21 years of age or older) of permanent residents are allotted 23% of the overall second preference limitation. The Final Action Dates for these applicants have moved up from November, 2015 to April, 2016.

Havells India Ltd. traded at Rs 1536.0 on BSE at 11:52AM (IST) on Friday, up 2.28 per cent. The stock quoted a 52-week low price of Rs 1158.5 and a high of Rs 1590.9. Earlier in the day, the stock saw a gap up opening.

mutual funds have underperformed their respective benchmarks in 2024 so far. There were around 27 smallcap mutual fund schemes in the market. Out of 27 smallcap schemes, 22 schemes have underperformed their respective benchmarks. In other words, only five smallcap schemes managed to outperform their respective benchmarks in 2024 so far. UTI Small Cap Fund, the worst performer in the category, gave 0.54% in 2024 so far against 9.06% by its benchmark (Nifty Smallcap 250 — TRI). Union Small Cap Fund gave 1.64% in 2024 so far.

MLA Raaj Kumar Anand resigned from his office and from the Aam Aadmi Party, saying he could not «tolerate injustice.» However, the Patel Nagar MLA can't leave his post just yet. The legislator's resignation — which he sent to Delhi Chief Minister Arvind Kejriwal on Wednesday — is stuck in limbo, with the man responsible for accepting it in custody. Under normal circumstances, Kejriwal would have accepted the resignation and sent it onward to the Lieutenant Governor, who would have then forwarded it to the President for approval.

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MUFG) is buying a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank at a $9-10 billion valuation, ahead of its proposed IPO, said people aware. The final decision is likely to take place next week at the HDFC Bank board meeting, said people in the know. Once announced this will be among the largest deal in the shadow banking space in India. HDFC Bank owns around 95% of the shadow bank and employees own 5% as ESOPs. The discussions have been ongoing for years but gathered momentum in the last few weeks. The deal is being done at 5 times book value.

JM Financial initiated coverage on Bharti Hexacom Ltd (BHL), which listed at a premium of 32.5% today, with a buy recommendation and a price target of Rs 790. Shares of the company were trading on BSE at Rs 767 on Day 1. “We expect BHL’s ARPU to grow at 10% CAGR, consisting of two elements: 6-7% ARPU CAGR due to regular tariff hikes; and 3-4% ARPU CAGR due to Bharti Airtel’s premiumisation strategy.” read the report by JM Financial.

With a population of IT capital exceeding 1.5 crore, water shortages have intensified in recent decades due to uncontrolled growth. Despite sporadic government initiatives, the city’s growth has outpaced its infrastructure development, leading to a failure to adequately address the looming crisis. Furthermore, the destruction of lakes has exacerbated the challenges faced by the tech capital of the country. A prominent resident welfare association (RWA) of south Bengaluru said successive govts since independence were aware that Bengaluru would eventually face a water crisis. “None took up the responsibility to prepare the city for such a catastrophe,” the RWA lamented.

India VIX, a measure of volatility in Nifty, was reported at 11.36, up 2.29% over Wednesday's closing. Indian equity markets were closed on Thursday on account of Eid-Ul-Fitr (Ramzan Id).

Lexus Granito(India)Ltd.(up 13.15%), Sandur Manganese & Iron Ores Ltd.(up 4.99%), Pokarna Ltd.(up 3.13%), Aro Granite Industries Ltd.(up 2.81%), Coal India Ltd.(up 0.89%) and MOIL Ltd.(up 0.63%) were among the top gainers.

The NSE Nifty index traded 92.0 points down at 22661.8, while BSE Sensex was down 351.9 points at 74686.25 as of 11:05AM(IST)on April 12.