India Financial News

Sensex gained 195.42 points, or 0.27%, to close at 72,500.30, while the Nifty 50 settled 31.65 points, or 0.14%, higher at 21,982.80. “Recent global economic data releases pushed investors back after a rally that was seen recently. Further, the US Fed’s preferred inflation gauge, personal consumption expenditures (PCE), holds key importance from an interest rate perspective.

Sensex gained 195.42 points, or 0.27%, to close at 72,500.30, while the Nifty 50 settled 31.65 points, or 0.14%, higher at 21,982.80. Nifty formed a small positive candle on the daily chart with upper and lower shadow.

Remember Priyasha Saluja of Shark Tank fame who tried to impress the judges/ sharks by pointing out her high credit score? Not only her claim evoked laughter and appreciation, one of the judges Aman Gupta attributed his final offer to her high score i.e., 838. 

₹9.5 trillion as their tax share, which was 31.1% of the reported gross tax revenue of the Centre, well below the adjusted target of 40.8 %. The reason for that shortfall is that Central cesses and surcharges (education, health, familiar to all taxpayers), superimposed on the basic tax structure are excluded from the shareable revenue base because they are supposedly temporary add-ons. States accuse the Centre of using them as a stratagem to reduce the statutory payment to states.

It should go without saying that fighting wars is a nasty business. The political, economic and moral corrosion that wars bring with their onslaught is often difficult for distant onlookers to decipher from the outside.

Last week, the European Union (EU) witnessed a surge in digital policy activity that could impact trade ties with India. On 17 February, the Digital Services Act (DSA), which mandates increased safety compliance for online platforms, took effect. Also, on 21 February, the EU brought out a white-paper on ‘How to master Europe’s digital infrastructure needs’ advocating economic protection for its communication industry.

By Emma Farge

By Munsif Vengattil and M. Sriram

MUMBAI : For a sure sign that domestic dealmaking is picking up in India, as is the economy, turn to the recruitment scene at the country’s premier management schools. Investment banks and private equity firms are handing out more domestic postings than international gigs to graduating students of the Indian Institutes of Management, in a sign that the persistent funding winter perhaps is finally thawing. Large domestic as well as global firms including DE Shaw, Goldman Sachs and Premji Invest are hiring graduates for functions across wealth management, institutional equities, asset management and investment banking profiles.

Mint, India’s fifth-largest IT services company said that employees were yearning for “spontaneous interactions, collaborative environments", and a deeper “desire for human connection" that was echoing across industries. “With this in mind, I am pleased to announce that Tech Mahindra is preparing to welcome you back to office. We recognize the value of face-to-face interaction and the benefits it brings to our team dynamics.

Odisha joined the BJP on Thursday itself. Let's take a look Former Congress leader Kaustav Bagchi, who had resigned from the party a day before, joined the BJP on Thursday and vowed to fight against the TMC regime in the state. "Today, we are happy to welcome Kaustav Bagchi in the BJP," party leader Suvendu Adhikari said at a programme here.

BSE. Advent entities shall own around 66.7% stake and the public shareholders will hold around 33% stake in the merged entity. This ratio is pre-ESOP dilution," the firms clarified in the release.

₹4,600 a metric ton from ₹3,300 with effect from March 1, according to a government order released on Thursday, February 29. The government also cut the windfall tax on diesel to zero from 1.50 per litre effective March 1, the order showed. The tax on petrol and aviation turbine fuel will continue to be zero.

NLC India, apart from Ola Electric, Jindal Power and Dalmia Group, are among bidders for 20 blocks in the first tranche of auction for critical mineral blocks in the country. The Union mines ministry on Thursday said it has received more than 50 bids for the 20 critical and strategic mineral blocks in the first tranche, which was launched on 29 November. These blocks consisted of minerals like lithium, glauconite, nickel, PGE, potash, graphite, molybdenum, phosphorite and rare earth elements (REE).

FSSAI on Thursday said it has awarded 'Eat Right Station' certification to 150 railway stations so far for ensuring safe, hygienic and nutritious food options for passengers. In a statement, the health ministry said, «The Food Safety and Standards Authority of India (FSSAI)'s Eat Right Station initiative is making significant strides in ensuring access to safe and healthy food within these bustling hubs.» Till date, 150 railway stations across the country have been certified as 'Eat Right Stations', ensuring safe, hygienic, and nutritious food options for millions of passengers. The 'Eat Right Station' certification process involves rigorous audits of food vendors, training of food handlers, adherence to strict hygiene and sanitation protocols and efforts to raise awareness among individuals to make informed food choices.

13th ministerial conference (MC13) of the World Trade Organization (WTO) got extended and entered into the fifth day as the 166-members couldn’t reach a consensus on key issues of agriculture, fisheries subsidies, ending the moratorium on imposing customs duties on e-commerce transmissions and dispute resolution reform. Moreover, talks on elements on trade inclusiveness, women’s participation in trade, industrial policy and environment, in the draft Abu Dhabi package also remained unresolved. “Members are indicating that additional time will be needed to iron out some of the outstanding issues,” said an official, adding that, for this reason, the informal meeting of heads of delegation and the formal closing session were postponed to Friday.

Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and FY28, industry body Automotive Component Manufacturers Association (ACMA) said. These firms have already undertaken more than 500 localisation projects across 11 key component categories including drive transmissions and steering, engines, electricals and body chassis at an investment of over Rs 3,000 crore to reduce net imports by 5.8% (double the target of about 3%), or by Rs 7,018 crore, in the two years to FY22, as per the latest assessment on localisation programmes jointly conducted by ACMA and Society of Indian Automobile Manufacturers (SIAM).

NEW DELHI : India’s foodgrain production is estimated to be 6.1% lower in the 2023-24 crop year (July-June) because of poor monsoon caused by the El Nino weather phenomenon, potentially adding to inflationary pressures ahead of the general election. Total foodgrain production in 2023-24 is estimated to be 309 million tonnes (mt), according to the second advance estimates issued by the agriculture and farmers’ welfare ministry on Thursday. Foodgrain production in the 2022-23 crop year was pegged at 329.6 mt, as per the government’s final estimates.

NEW DELHI : Indians spent liberally on dining at hotels and restaurants and on alcohol in 2022-23 while going easy on clothing, food and non-alcoholic beverages, clearly marking out their preferences emerging from two years of pandemic lockdowns. Growth in private final consumption expenditure on food and non-alcoholic beverages slowed to 6.2% in FY23 from 6.6% in the year before, show the government’s PFCE data released on Thursday. Private final consumption expenditure is defined as the expenditure incurred by households on final consumption of goods and services, and is reflective of the broader household demand in the country.

Mint poll by 17 economists had projected GDP growth at 6.6%. Not only is the growth in October-December high, but the figures for July-September and April-June have also been revised upwards—mainly due to a downward revision in the previous year's figures, thus making a low base. The GDP numbers for April-June and July-September have been revised upwards to 8.2% and 8.1% respectively, up from the earlier figures of 7.8% and 7.6%.

Hybrid sales overshadowed electric cars in India in 2023. This is in spite of the fact that hybrids do not get tax concessions or incentives—unlike battery-operated cars. Is this just a blip or a definitive shift in consumer preference? What is driving it? Mint explains: In 2023, sale of hybrid cars touched an all-time high of 82,607 units.