India Financial News

Buy or sell stocks: Following positive global cues on US Fed rate cut buzz, the Indian stock market ended higher for the third straight session on Monday. The Nifty 50 index gained 135 points and closed at the 22,462 level, and the BSE Sensex shot up 363 points and regained the 74,000 level. After regaining the psychological 74,000 levels, the 30-stock index went on to touch a new lifetime high of 74,254.62 mark.

BENGALURU : Non-banking finance company Namdev Finvest Private Ltd (Namdev) on Tuesday said it has raised $20 million in an equity round in its pre-series-C funding. The investment round was led by Maj Invest Financial Inclusion Fund III K/S who has put in $16 million, with participation from Promoters Group & Employees who have put in about $3 million. Founded in 2013 by Jitendra Tanwar, Namdev provides financial solutions to underserved populations in rural areas and has a presence across seven north-western Indian states.

IMD forecasted ‘extreme heat’ for several Indian states in the coming months. It said that above-normal heatwave days are likely over most parts of the plains during this time with 10 to 20 heatwave days expected in different parts of the country against a normal of four to eight days.

fund houses to set up a sub-exchange which could be along the lines of the Shanghai Stock Exchange STAR Market. The SSE STAR Market has been touted as Shanghai's Nasdaq which allows Chinese companies in high-tech and strategically emerging sectors with greater access to capital markets. The move to set up such an exchange in India comes at a time when the government harbours ambitions of touching $1 trillion in electronics production in the next five years. The discussions are being led by Electronics industry body ICEA (India Cellular & Electronics Association).

jewellers at Mumbai’s Zaveri Bazaar, who said the rise in prices is keeping customers away. Demand crashed 70% in the March quarter, according to them. However, they’re optimistic about a recovery in sales with Akshay Tritiya, an auspicious occasion for buying gold, coming up early next month. Zaveri Bazaar is Asia’s biggest gold market and has a daily turnover of `. 450- 500 crore. “The constant rise in prices has dented demand in a big way in this quarter,” said Surendra Mehta, national secretary of the India Bullion & Jewellers Association (IBJA). “According to our estimate, demand for gold jewellery at Zaveri Bazaar has fallen by 70%” in the March quarter, compared with October-December 2023.

Reserve Bank of India (RBI) to seek a bigger global role for the rupee through the next decade to match New Delhi’s world-beating rates of economic expansion, fixing a significant milestone target in what would be the local currency’s long journey toward capital account convertibility. “Today, India is becoming an engine of global growth with a 15% share of the total,” Modi said at the 90 th Foundation Day of the RBI. “Efforts should be made to make the rupee more accessible and acceptable all over the world.” The RBI has lately pioneered the digitisation of payments through the Unified Payments Interface (UPI), a platform many developing and developed nations are keen to use. It has also helped improve the asset quality of Indian lenders through a determined clean-up drive, aided by a revamped bankruptcy law.

Reliance Industries campus in Chennai, several people aware of the matter told ET. This will help the American company process user generated content locally across its flagship apps such as Facebook, Instagram and WhatsApp. The Mark Zuckerberg-led company inked a deal with RIL following discussions at the recently concluded pre-wedding celebrations of Ambani scion Anant at Jamnagar in early March, the sources added.

India is drawing up near, medium and longterm goals in line with its target to become a developed economy by 2047, with a focus on electric mobility, digitisation of payments infrastructure and high-speed expressways, officials said. All central ministries will soon firm up plans indicating five-year budgetary requirements for better financial management, they said. Extended producer responsibilities for goods such as cars, recycling centres for electronic waste like cell phones, comprehensive soil surveys, measures to raise farm output, holistic skilling of the country’s youth, speedier production from auctioned mines and extensive assessment of Indian geology, and increased manufacturing output with lower emission intensity are some of the other key areas in focus.

Upgrades continued to exceed downgrades during the October-March rating reviews of Indian companies despite a rise in borrowing costs and supply constraints caused by the war in West Asia and the Red Sea crisis. Domestic consumption, demand across several sectors, government spending on public infrastructure, and healthy balance sheets helped in improving credit profiles, rating agencies said. Major rating companies have recorded more upgrades than downgrades, although the pace moderated sequentially.

RBI) is reverting to the multiple price method for all auctions of government bonds, three years after the Centre's money manager had moved to the uniform price method to curb volatility in the sovereign bond market amid the Covid crisis. «On a review of the prevailing and evolving market conditions, the RBI, in consultation with the Government of India, has decided that all securities under the market borrowing programme of Government of India shall, henceforth, be auctioned using multiple price auction method,» the RBI said on Monday.

fundraising in FY24 despite equities witnessing a record-breaking run. Fund mobilisation through privately placed corporate bonds touched a record high of Rs9.77 lakh crore in FY24 — a 15% increase over the previous year’s record of Rs 8.52 lakh crore.

₹4.63 trillion. The latest step in this direction, taken in February 2024, has been an enhancement of the authorized working capital of FCI from ₹10,000 crore to ₹21,000 crore. Traditionally, these operations have been financed through food credit.

All seems good when the parents are around. After their passing, human greed and jealousy seem to strain relations in many business families. The distribution of wealth and power within a family to everyone’s satisfaction is a universal challenge.

Reserve Bank of India's (RBI) latest guidelines on penal charges on loan accounts have come into effect from April 1. The norms prohibit commercial banks and finance companies from charging borrowers penal rates on loan defaults or any other non-compliance event. Sangita Mehta explains the rationale behind such an action and the rights of the borrower and the lender after the latest guidelines. What do the new penal interest guidelines say? RBI has barred banks and finance companies from charging penal interest, often levied on customers for delays in payment of equated monthly instalments (EMI). Also, lenders cannot introduce additional components to the rate of interest as a substitute. RBI has allowed a lender to levy penal charges; however, banks must ensure that there is no capitalisation of the penal charges and no further interest computed on such charges.

Election Commission of India has «strongly condemned» and censured the BJP's Dilip Ghosh and Congress' Supriya Shrinate for their offensive comments against women and has warned them against any such public utterances during the general election campaign. The EC has written to BJP president JP Nadda and Congress president Mallikarjun Kharge, asking them to issue a specific advisory to all party functionaries involved in election campaign to guard against such types of violation amid the model code of conduct code period. EC has underlined that it considers the whole process of conduct of election as a major enhancer of status of women in lndia and that it is committed not to allow any erosion of this status in any manner during the election period under its own aegis. The poll panel had last week issued a notice to the BJP's Bardhaman Durgapur candidate Dilip Ghosh for his «offensive» and «insulting» remarks on West Bengal CM Mamata Banerjee which were found violative of the model code of conduct

In the IT services industry, Accenture doesn’t just make waves—it can create storms that either lift the boats of competitors or send them into a whirlpool. This past week, JPMorgan and other equity analysts have been mulling the fact that Accenture has issued a weaker than expected forecast. There has been a meaningful cut by the firm of its constant currency revenue growth guidance from 2–5% to an anaemic 1–3%.

At the time Egypt’s pyramids were being constructed, one of the cradles of global civilization emerged the Indus Valley around the borders of Pakistan and India. Its grid-planned cities produced sewerage networks, delicate artworks and an undeciphered writing system. Then, a 900-year drought [is thought to have] emptied its urban areas and sent its population back to a simpler, poorer village life on the plains of the River Ganga.

₹5000 crores on the purchase of 24 lakh VVPATs, but VVPAT slips of only 20,000 VVPATs are verified (approx) "Given that many questions are being raised by experts with regard to VVPATs and EVMs and the fact that large number of discrepancies between EVM and VVPAT vote count have been reported in the past, it is imperative that all VVPATs slips are counted and the voter is given an opportunity to properly verify that his vote as cast in the ballot is also counted by allowing him to physically drop his/her VVPAT slip on the ballot box," the plea added.Milestone Alert! Livemint tops charts as the fastest growing news website in the world

The general take on India’s rapid economic growth is that it’s powered by the government’s capex push. But a recent report questions this narrative, saying it underestimates the role of consumption. Mint unpacks the investment versus consumption debate.

₹139.8 a share at the end of the December quarter. The Nifty Midcap index saw its EPS rise a whopping 87% y-o-y to ₹171.8 over the same period. Prabhu expects earnings growth in smids to be in healthy double digits.

NEW DELHI : Rural India emerged as the driving force behind the record-breaking sales of passenger vehicles in FY24, which crossed the 4-million-mark for the first time in a year, despite the demand for hatchbacks that have typically dominated car purchases in the countryside continuing to slide. In FY24, a total 4.23 million passenger vehicles were sold in India, rising 8.7% from 3.89 million units the previous year, which was also a record. One in every two of these vehicles sold last fiscal year was a sports utility vehicle, or an SUV, a segment that saw the sharpest growth of 28% in FY24, while sales of hatchbacks, or small, mini or compact cars, accounted for 28% of the industry’s total sales, declining 12% from the year before.