India Financial News

Buy or sell stocks for today: Following positive global market sentiments, the Indian stock market ended higher on Monday. Two out of three frontline indices hit a new lifetime high and the market cap of the BSE-listed stocks crossed ₹400 lakh crore. The Nifty 50 index touched a new lifetime high of the 22,697 mark and finished 152 points higher at the 22,666 level.

Gudi Padwa 2024 Sales and Offers: Gudi Padwa, the harvest festival, signals the start of the new year in various Indian states such as Maharashtra and Goa. It is celebrated as Ugadi in states including Karnataka, Andhra Pradesh, and Telangana. Falling in March or April of the Gregorian calendar, Gudi Padwa marks the first day of the Hindu calendar month of Chaitra.

Sensex surged 494.28 points, or 0.67%, to end at 74,742.50, while the Nifty 50 settled 152.60 points, or 0.68%, higher at 22,666.30. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 9 “After a stellar FY24, Indian equity markets continue to march higher into new territory. Hopes of a favourable outcome from the ensuing general elections and the subsequent policy thrust are keeping sentiments upbeat.

Indian stock market today: A total of three stocks have been banned for trade on Tuesday, April 09, 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, the stocks will be available for trading in the cash market.

Top Events of the Day: India is all set to witness a series of important political, judicial, and technological events today. These include PM Modi's Lok Sabha election campaigns in Madhya Pradesh, Uttar Pradesh, and Tamil Nadu, Amit Shah and Rajnath Singh's public rallies, farmers protest, Arvind Kejriwal's bail plea in Delhi HC, etc. Besides this, the nation will also celebrate Navratri and Ugadi on April 9.

global capability centres (GCCs) in India slowed in the year to March based on a dipstick survey of 80 companies by specialist staffing firm Xpheno for ET. While India remains a hotspot for GCCs, with the number of such centres growing, the segment added a net 50,000-80,000 people in FY24, down from 150,000 in FY23.

Pegatron is in advanced talks to sell a majority stake in its iPhone manufacturing unit near Chennai to Tata group, people aware of the matter told ET. «The deal is expected to be completed in the coming two to three months, or, (at the) latest, by the second quarter of the fiscal year,» said one of the persons. «However, as of now, it's unclear if this will be a Wistron-type buyout or a joint venture.» Both options are said to be on the table. Wistron, like Pegatron and Foxconn, is a Taiwan-based contract manufacturer for Apple. Tata group acquired its local operations for $125 million (₹1,000 crore) in November last year, becoming the first Indian company to manufacture iPhones.

Union IT minister Ashwini Vaishnaw had told ET last week that the government is looking at introducing such an AI law.

IoT) devices, mobile device security, and digital education, a senior official told ET. These working groups, set up under the ministry of electronics and information technology, will look to develop and adopt guidelines and frameworks for “effective and efficient implementation of e-governance projects” of ministries and government departments, according to sources.

derivatives and work to ensure that smaller retail players do not pay more for access to foreign exchange products, central bank governor Shaktikanta Das said Wednesday, underscoring the need for local banks to reflect the country's rising economic status and emerge as market makers. «Participation of domestic banks in derivative markets remains limited with only a small set of active market-makers… Domestic banks are dealing with market-makers in global markets rather than with end clients and are yet to emerge as market makers of note globally,» Das said at a conference of fixed income market participants in Barcelona.

India's southern Andhra Pradesh state has become a positive example of the benefits of natural farming, a process of using organic matter as fertilizers and pesticides that makes crops more resilient to bad weather, and advocates say active government ...

HUDCO) is looking to tap East Asian countries such as Singapore and Taiwan to raise funds this fiscal year after a similar successful exercise in Japan, chairman and managing director Sanjay Kulshrestha told ET. «Japan was the maiden attempt to raise funds via external commercial borrowing, and we have been received very well. There is a good arbitrage; we are getting funds at 6.5%-80-100 bps lesser than the domestic funds,» said Kulshreshta, noting that the company's fundraising may surpass its original aim. HUDCO was planning to raise $100 million from Japan but is confident of landing nearly double that amount. Kulshreshta, who took charge of HUDCO last year, said the company may even tap the US market after the Fed initiates rate cuts.

Price of the yellow metal rose 1.72% or Rs 1,198 per 10 gm from last Friday. Rising prices of precious metals come ahead of Gudi Padwa and Ugadi, the auspicious day on the Hindu calendar marking the beginning of New Year in certain parts of the country. The price surge has dampened mood among potential customers who prefer to buy gold to celebrate this auspicious day, which will fall on April 9 this year.

Gujarat International Finance Tec-City may soon enjoy a five-day work week, months after the government eased alcohol consumption rules in GIFT City to make it more attractive to global financial institutions. A working group set up by the International Financial Services Centres Authority (IFSCA) on uniform working hours and a holiday list for IBUs has recommended a five-day work week and a decision in this regard may be announced soon, according to two officials aware of the matter. «The recommendations are being examined, and we expect a nod for a five-day work week within the first quarter of 2024-25,» said one of the officials, who did not wish to be identified, adding that IBUs will also adopt the Mumbai holiday calendar. «This is required because most of the IBUs are involved in treasury operations, which, for Indian lenders, are mostly done through Mumbai, and also because overseas units of Indian banks follow the Mumbai holiday calendar.» The working group said in its recommendations that a five-day work week will align with practices adopted in international financial centres and offshore units of Indian banks. «The government wants to position GIFT City as a major financial hub. All these steps are very important benchmarks for an aspiring international financial centre like GIFT IFSC,» said another official.

Russia captured a larger share of India's crude imports in the just-ended fiscal year despite narrowing discounts on its oil and sanctions imposed by G7 nations due its invasion of Ukraine. The share of Russian oil in India's total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa. During the year, all other key suppliers, including Iraq, Saudi Arabia, UAE, and the US lost share in the Indian market. Iraq's share fell to 20% (from 21%). Similar drops were noted for Saudi Arabia (15% from 17.5%), UAE (6% from 9%), and the US (3.5% from 5.5%). Russia supplied 1.57 million barrels a day (mb/d) in FY24, up from 1mb/d in the previous year. Iraq's supply of 0.89 mb/d in 2023-24 was lower than 0.95 mb/d in the previous year. Saudi's supply fell to 0.69 mb/d from 0.78 mb/d.

Srinagar: National Conference president Farooq Abdullah on Monday said the manifesto of Congress was to strengthen the country and keep it secular and those thinking otherwise were already dividing the nation. Reacting to PM Modi's remarks that the «Congress manifesto is a Muslim League manifesto aimed to break the country», Abdullah told media persons, «I don't think the (Congress) manifesto is to break the country. I think the manifesto is to make the country strong and keep it secular, that is what it is. If anybody thinks otherwise, they are already dividing the nation in their own ways.» The National Conference has formed an alliance with Congress, also its INDIA bloc partner, for J&K and Ladakh ahead of the Lok Sabha elections.

Recently, two international organizations published their assessment of India’s labour market and employment situation. Two weeks ago, the International Labour Organization (ILO), in collaboration with the Institute for Human Development (IHD), released the India Employment Report 2024, focusing on youth employment. Shortly thereafter, the World Bank released its South Asia Development Update (SADU), with a focus on jobs.

ALSO READ: Musk Claims ‘Storm Has Passed’ as Tesla Sweden Strike Drags On In the past, Elon Musk had said that Tesla will make a car that did not have human controls. He had also said that Tesla cars, which will have full self-driving capability will through software, gradually become better and better at driving, CNN reported.

The global labour market is in the midst of a gradual but significant transformation. Driven by a dramatic collapse in birth rates, impeded globalization, changes in the capital intensity of growth, a preference shift towards fewer work hours, initial use cases of artificial intelligence (AI) and societal angst over immigration, labour market dislocations have already begun and are only about to go further out-of-whack with time. The manifestations and initial responses are different, country by country, but the meta phenomenon is a major upheaval in labour markets that will necessitate responses.

The World Inequality Lab (WIL) recently published a report, Income and Wealth Inequality in India 1922-2023: Rise of the Billionaire Raj. The subtitle is a nod to the name of a 2018 book by James Crabtree, then a Financial Times correspondent and considered an avid India watcher. The book described itself as a journey through India’s new gilded age and had the imprint of a journalist’s keen eye for detail and drama.

New Delhi: Taking on opposition parties for making personal attacks against PM Narendra Modi, defence minister Rajnath Singh on Monday said that more the mus they throw, more the lotus will bloom. Speaking at rallies in Tamil Nadu, Singh took on the INDIA bloc, saying that debates on the government's policies are welcome but its intentions cannot be questioned.