India Financial News

Bloomberg on Wednesday moved the Delhi High Court challenging the trial court's order directing it take down an article on Zee Entertainment claiming that SEBI has found accounting irregularities of nearly US $240 million at the company. The High Court allowed the urgent listing of the matter for March 7, 2024. On March 1, 2024, a city court directed Bloomberg Television Production Services India Pvt. Ltd. (Bloomberg) to remove a news article published against media major ZEE Entertainment Enterprises Ltd (ZEEL) from its online platform.

Nakoda Group Of Industries Ltd.(up 11.97%), Bikaji Foods International Ltd.(up 1.50%), Varun Beverages Ltd.(up 1.43%), ADF Foods Ltd.(up 0.88%), Hatsun Agro Products Ltd.(up 0.81%), Tasty Bite Eatables Ltd.(up 0.31%) and Tata Consumer Products Ltd.(up 0.15%) were among the top gainers.

Investing.com-- Most Asian currencies moved little on Wednesday, while the dollar steadied from recent losses as markets hunkered down in anticipation of more key cues on U.S. monetary policy. 

Torrent Power Ltd.(up 1.77%), KKV Agro Powers Ltd.(up 0.16%) and Kalpataru Projects International Ltd.(up 0.06%) were among the top gainers.

UltraTech Cement but downgraded MGL to sell. Jefferies downgraded IIFL Finance to hold and JPMorgan maintained an overweight rating on RIL.

The NSE Nifty index traded 53.46 points down at 22302.85, while BSE Sensex was down 67.68 points at 73609.45 as of 10:24AM(IST)on March 06.

IIFL Finance tanked 20% on Wednesday to fresh 52-week low of Rs 382.20 on the NSE following a downgrade by global brokjerage Jefferies. The US brokerage has slashed its target price to Rs 435 from an earlier target of Rs 765 while recommending a ‘hold’ rating versus 'buy' it held earlier. The downgrade comes after the Reserve Bank of India (RBI) directed the company to cease and desist from sanctioning or disbursing gold loans or assigning/securitising/selling any of its gold loans.

Eurobank is looking to establish a presence in India and is in the process of consulting with advisors and the Reserve Bank of India to open a representative office in Mumbai, said people close to the bank. With 80.5 billion euros of assets and 540 branches across Greece, Cyprus, Bulgaria, Luxembourg and UK, the bank, which has a robust corporate client-focused business in these countries, aims to serve the needs of Indian businessmen looking for a commercial presence in Europe. “Trade relations between Europe and India are on the cusp of taking off. We aim for Eurobank to become a key facilitator and the banking partner of choice for Indian businesses considering establishing a local hub in Greece or Cyprus to gain a footing in the EU market,” said Fokion Karavias, chief executive officer, Eurobank.

Natco Pharma Ltd.(up 1.15 per cent), Torrent Pharmaceuticals Ltd.(up 0.59 per cent) and Alkem Laboratories Ltd.(up 0.44 per cent) were among the top gainers.

Krishana Phoschem Ltd.(up 0.18%) were among the top gainers.

Info Edge (India) Ltd. traded 0.65 per cent up at Rs 5052.0 at 10:05AM (IST) on Wednesday, even as BSE benchmark Sensex dropped 176.24 points to 73500.89. The stock had settled at Rs 5019.35 in the previous session. The stock quoted a 52-week high price of Rs 5536.8 and 52-week low of Rs 3310.0, respectively. As per BSE data, total traded volume on the counter till 10:05AM (IST) stood at 6100 shares with a turnover of Rs 3.11 crore.

OTT sector. He said, "CSpace is essentially a response to the growing imbalances and multifarious challenges in the OTT sector in terms of content selection and propagation," reported HT.

₹3,000 making it an even more appealing option under the ₹40,000 price bracket. The Chinese smartphone maker had launched OnePlus 11R last year at a price of ₹39,999 for the 8GB RAM/128GB storage variant and ₹44,999 for the 16GB RAM/256GB storage variant. The 8GB RAM variant of the OnePlus 11R has got a ₹2,000 price and is now available at a price of ₹37,999.

Zee Entertainment Enterprises is under the F&O trade ban on Wednesday. For Zee, MWPL stood at 92.3% on Tuesday with OI reported by Trendlyne at 122.6 million. It was down 1.2% from the previous session. The stock had entered the ban on Saturday as stock exchanges BSE and NSE had decided to keep the market open despite the weekend holiday as part of its strategy to assess the system's preparation in the event of an unanticipated tragedy.

Ritesh Jain, Global Macro Trader, says India had leapfrogged manufacturing and directly went into services because of digital infra and English-speaking population. Data show services create 20% of the jobs created by manufacturing. That is why we have a jobless recovery and wealth concentrated in metros. Now, India is going back to the drawing board and manufacturing will start pulling its weight because of government focus, PLI schemes, China plus one, etc. This will lead to broad-based prosperity due to job creation and real estate prices in tier II, tier III cities will outpace those of metros. What kind of structural changes are you witnessing in the Indian economy right now? Ritesh Jain: I believe the structure of the Indian economy is changing.

India's first under-river metro tunnel built in Kolkata on Wednesday. In a monumental development set to transform urban transportation, PM Modi is slated to inaugurate several key metro and rapid transit projects across countries, marking a significant stride towards enhancing urban mobility and connectivity. The Kolkata Metro extension, featuring the Howrah Maidan-Esplanade Metro section, includes the first transportation tunnel in India to pass under a major river, representing a critical milestone in the country's infrastructure development.

₹100 of assets under management of these companies, a little over ₹11 came from Ulips. As of March 2022, this figure was close to ₹12. Ulips are basically investment plans that come with a dash of life insurance.

Bollywood directorial, Laaptaa Ladies, earned ₹50 lakh net on Tuesday after having earned the same amount on Monday in the domestic market. Before that, numbers for Laapataa Ladies grew over the weekend. It earned ₹75 lakh on its release day, March 1.

Congress government in Karnataka government to step in to regulate supply. The shortage hasn’t just affected the drinking water supply, but it has also had an impact on irrigation. Of the 14,700 borewells in Bengaluru, 6,997 have dried up, as per reports.

Indian Navy is set to commission Naval Detachment Minicoy as INS Jatayu today – March 6. The move aims to bolster security infrastructure at the strategically crucial Lakshadweep Islands, officials told PTI. Established in the early 1980s, Naval Detachment Minicoy operates under the command of the Naval Officer-in-Charge (Lakshadweep).

Also Read | Bengaluru water crisis: Housing society in Whitefield introduces ₹5,000 fine for misuse, deploys guard Bengaluru's water woes have intensified as borewells across the city have run dry, prompting residential societies to advise residents to be cautious with their daily water usage. Amid the crisis, private water tankers have been charging exorbitant rates, with some demanding up to ₹3,000 for delivering water, as per the report. Also Read | Bengaluru Prison Radicalisation case: NIA conducting searches in 17 places across 7 states Addressing this issue, Shivakumar stated, "Some of the tankers are supplying water for ₹600, while others are charging up to ₹3,000.