India Financial News

Income Tax Department's notice of ₹1,700 crore to the grand old party, saying the officials are being used as the ‘gundas’ of the ruling party. AICC general secretary in-charge KC Venugopal accused the Narendra Modi-led government of trying to “financially strangulate" the opposition parties during the election time. “The Narendra Modi government is doing this with the specific purpose of bankrupting the Congress party at a time when we are facing elections," the Congress leader told media persons as quoted by PTI. He pointed out that the political parties are usually exempted from paying taxes, but this penalty is in the name of delay in filing returns.

Bollywood Life, “will name the bungalow", a ₹250 crore property, in their daughter Raha Kapoor's name, making her the youngest and wealthiest child in Bollywood. Late veteran actor Raj Kapoor and his wife Krishna Raj owned the bungalow. Ranbir Kapoor will inherit this ancestral property being the only grandson in the Kapoor family.

Best Agrolife Ltd (BAL) on Friday announced the acquisition of a 100 per cent stake in Sudarshan Farm Chemicals India Pvt Ltd (SFCL) for Rs 139 crores. The acquisition will enable BAL to leverage SFCL's proficiency in developing cost-effective and distinctive manufacturing routes for off-patent molecules, it said. «This acquisition involves obtaining a 100 per cent stake through cash consideration, with an estimated enterprise value of Rs 139 crores based on the valuation,» the Delhi-based BAL said in a statement. The cash outflow for BAL will be to the tune of Rs 9.5 crore after considering the net working capital and liabilities, it said.

Emerging markets such as India, Middle East, and Africa are regions expected to drive the road to recovery in global smartphone shipment volumes in 2024, on the back of increasing shipments of budget phones with the premium segment remaining stable, according to a new report. A Counterpoint Research report released Thursday forecast a modest 3% on-year increase in shipments, reaching 1.2 billion units globally, driven by the budget ($150-$249) segment which saw a dip last year due to macroeconomic headwinds especially in emerging markets. The research firm, though, said it expects low single-digit growth in global smartphone shipments, as the market has seemingly bottomed out.

INDIA block is finally going to announce the seat sharing formula on Friday in Patna. Sources tell ET that as per the agreement, RJD will contest 26 seats, Congress will contest on nine seats and Left parties will contest on remaining five seats. Among Left parties, CPI (ML) will contest three seats and CPI and CPM will contest one seat each. However, meeting went on till late evening in Delhi between Congress and RJD over the specific Lok Sabha seat. Congress wants Purnia Lok Sabha seat for Pappu Yadav. But RJD has already fielded Bima Bharti from the seat. Congress has been given the Supaul seat. Sources tell ET that there is possibility that RJD can exchange Supaul giving Madhepura to Congress from where Pappu Yadav can fight the election. Pappu Yadav on the other hand is still adamant on Purnia seat. Congress will get Sasaram, Katihar, Patna Sahib, Bettiah, Valmiki Nagar, Maharajganj among others. Congress is also likely to get one seat between Muzaffarpur and Bhagalpur.

INDIA Bloc on Friday announced seat sharing in Bihar for the forthcoming Lok Sabha polls starting April 19, 2024. The RJD has been given 26 seats. Meanwhile, Congress and the left bloc received nine and five seats respectively. The INDIA bloc had called a joint press conference in RJD headquarters where Tejashwi Yadav, who is also the Leader of the Opposition in the Assembly, officially announced the number and the names of candidates for all 40 Lok Sabha seats.

Congress will reserve 50 per cent of government jobs for women if it is voted to power, former party chief Rahul Gandhi said on Friday, asserting that powerful women will change the destiny of India. Gandhi asked why even today only one in three women is employed and why is there only one woman in 10 government jobs. «Isn't the population of women in India 50%? Is the presence of women in higher secondary and higher education not 50%? If so, then why is their share in the system so less?» the former Congress chief said. «Congress wants — 'Aadhi Abaadi Poora Haq', we understand that women's potential will be fully utilized only when women have equal contribution in the government running the country,» he said in a post in Hindi on X.

Quant Value Fund, the topper in the list, offered 69.40% CAGR on a lumpsum investment made in this fund on April 1, 2023. A lumpsum investment of Rs 1 lakh in this fund would have been Rs 1.69 lakh now.

Mutual Fund’s Retirement Readiness Survey 2023, two observations significantly struck my attention. One — that people plan for happy outcomes and disregard the importance of negative ones. Perhaps it's because we've witnessed our elders grappling with health issues, boredom, loneliness, and financial dependency on their children.

Narendra Modi, at his widely-reported meeting with Microsoft co-founder Bill Gates, broached the idea of green gross domestic product parameters, saying that the tools currently used to quantify economic growth are bad for the climate. Modi also said that climate action has picked up pace since the G20 Summit in India, held in September 2023. When asked about making green solutions more affordable, Modi stressed on the importance of a dual strategy: promoting nature- and climate-friendly innovation, and encouraging environmentally conscious lifestyles. He underlined the need to shift the current perspective on progress, noting that traditional markers like steel consumption and energy use can lead to increased carbon emissions.

CJI) Justice Dhananjaya Y Chandrachud, expressing serious concerns against the actions of a specific interest group aiming to undermine the judiciary's integrity, Bharatiya Janata Party MP Ravi Shankar Prasad alleged that some people, including those who are close to the Congress establishment, have always taken a very grim view at times about the judiciary. Prasad said that the Indian judiciary is an extraordinary institution and has got every right to decide any issue in the way it wants. "...It is indeed saddening that some people, including those who are close to the Congress establishment, have always taken a very grim view at times about judiciary, depending upon what kind of judgments have come. These are the people who at one time talked of committed judiciary. These are people who at one time hailed the supersession of judges by the Congress government in the 1970s...Indian judiciary is an extraordinary institution. We are very proud of it," the BJP MP said.

As April heralds the beginning of the new financial year 2024-25, a number of significant changes in money-related matters are set to take place. These changes, ranging from new NPS rules to credit cards, are good to be aware of while you want to keep your finances under control. 

wicket-taker in the Indian Premier League (IPL), every season. Let’s look at the Top 10 contenders after the Rajasthan Royals (RR) vs Delhi Capitals (MI) match on 28 March. The bowler leading on the list has so far taken six wickets.

cricket itself takes a backseat with players finding it hard to juggle between training and advertising shoots, PTI reported. Speaking about the meteoric rise of the IPL since its inception in 2008 on the Club Prairie Fire podcast, R Ashwin said, “As a youngster coming into the IPL, I was only looking to learn from the big stars, I did not think about how the IPL would look 10 years down the line." “I can say that having been in the IPL for so many seasons, the IPL is huge. Sometimes I wonder if IPL is even cricket because the sport takes a backstage (during IPL)," the premier spinner said.

Buy or sell stocks: Despite a strong rally in PSU bank stocks, shares of State Bank of India (SBI) remained a laggard. However, the SBI share price has delivered strong upside movement in the last two months. SBI share price has risen from around ₹605 to ₹753 apiece level, logging around 25 percent rise in this time.

PM Modi says, ‘Women are more open to adopt new technology in India!’ "I used AI during the G20 Summit for language interpretation," PM Modi. During the G20 Summit, all my drivers downloaded an AI app through which they communicated with various foreign guests who came to India to attend the Summit, the prime minister said. 'India a key country for us': Bill Gates hails country's role in global progress PM Modi demonstrated the use of AI on his Namo app to Bill Gates.

1. Chennai Super Kings (CSK): After back-to-back wins under captain Ruturaj Gaikwad's leadership, CSK is currently sitting at the top of the IPL 2024 points table with 4 points and a net run rate of 1.979. Till now, CSK has played two matches, the first against RCB and the second against the Mumbai Indians.

Piyush Goyal, Commerce & Industry Minister, in conversation with Navika Kumar of ET Now at the Times Now Summit 2024. Goyal says: “This is an election where national issues and India's future assume the centrestage and not the local issues of the MLAs or of the corporators. It is that recognition that you have to get amongst the voters and I think then you are home and through.” You have moved from Cabinet to candidate. You are set to make a poll debut and will be fighting from Mumbai North in the general elections. How much has life changed for you? Piyush Goyal: What do you mean by “from cabinet to candidate”? I continue to be in the cabinet.

Nirav Sheth, CEO-Institutional Equities, Emkay Global Financial Services, says: “We are in a very fortunate situation in terms of the earnings trajectory. My earnings have almost doubled in the last three years and I am talking about the largecap sector. The macros are solid in terms of the outlook on the current account deficit, rupee, interest rates, earnings. And when you have got all the cylinders firing, you generally do not expect valuations to come cheap. You will have to take some level of risk. So sitting where I am today in terms of what we can see, I would go out and say that India could end up in bubble territory in the next three, four, five years in the emerging market universe. At the start of March, there was talk in the market that seasonally March turns out to be volatile because of a lot of adjustment happening in advance tax numbers, then a lot of leverage guys do reshuffling and usually it is a bit volatile. But the big factor that came out is that in net-net, people made a lot of gains this fiscal. This is the eighth year in a row that we are seeing positive returns from the market. Do you see the construct of the market being easy in the new fiscal year or should investors’ return expectations be moderated this year? Nirav Sheth: To answer your first question, I am very constructive on the economy; maybe constructive is not the right word. I am terribly bullish on the trajectory of the economy for the next several years, as we can see today.

UN Secretary-General Antonio Guterres has said we very much «hope» that in India and any country that is having elections, people's «political and civil rights» are «protected» and everyone is able to vote in a «free and fair» atmosphere. Spokesperson for the Secretary-General Stephane Dujarric made these remarks on Thursday while he was responding to a question on the «political unrest» in India ahead of the upcoming national elections in the wake of the arrest of Delhi Chief Minister Arvind Kejriwal and the freezing of the opposition Congress Party's bank accounts. «What we very much hope that in India, as in any country that is having elections, that everyone's rights are protected, including political and civil rights, and everyone is able to vote in an atmosphere that is free and fair,» Dujarric said at the daily press briefing Thursday.

Tata Trusts and Tata Sons are said to be closely monitoring the Shapoorji Pallonji (SP) Group's bid to raise ₹20,000 crore from state-run institutions to refinance debt taken against stakes in the Tata Group holding company. The Mistry family-promoted SP Group holds an 18.37% stake in Tata Sons, all of which is pledged against loans. The Tata Trusts own a controlling 66% of the holding company. The Tata Trusts and Tata Sons have been discussing the question of whether the institutions are aware that the Tata Sons Articles of Association, 57-61, regulate the transfer of shares in the event of a shareholder default, said people with knowledge of the matter. There can be no transfer of shares without board approvals, they said.