India Financial News

Waaree Energies shares rallied 4% to Rs 3,303 in Thursday's intraday trade on the BSE after the company’s arm, Waaree Forever Energies, received a Letter of Award (LoA) for the development of a 170 MW solar power plant in Madhya Pradesh. «Waaree Forever Energies Private Limited, a wholly owned subsidiary of the company, has today received a Letter of Award (LoA) for the development of a 170 MW solar power plant in Madhya Pradesh from Rewa Ultra Mega Solar Limited (RUMSL),» the company said in an exchange filing.

DLF’s record-breaking Rs 190 crore apartment at The Camellias has drawn comparisons with various investment benchmarks, including Bitcoin. At a current Bitcoin price of approximately Rs 82 lakh (or $97,000 as of 10th December 2024), purchasing this ultra-luxurious property would require nearly 231 Bitcoins. The deal, which saw the purchase of a stunning 16,290-square-foot penthouse by Rishi Parti, founder and Managing Director of Info-x Software Technology, marks one of the largest real estate deals in Delhi-NCR. The property, located in the exclusive Golf Course Road area of Gurugram, underscores the growing demand for high-end real estate in the city.

Indian Hotels Company Ltd. traded 0.01 per cent in Thursday's session at 11:05AM (IST). The stock opened at Rs 836.75 and has touched an intraday high and low of Rs 843.50 and Rs 834.35, respectively, during the session so far. The stock quoted a 52-week high of Rs 846.00 and a 52-week low of 416.15. About 30,850 shares changed hands on the counter so far.

Supreme Court ruling that sought to address an issue that has been lingering for 35-years is now threatening to cripple India’s mining sector. According to the judgement, states now have the right to tax mineral lands and tax mining companies retrospectively. Stakeholders say this will put a heavy financial burden on the industry, affecting investment plans and overall economic stability of the segment. How the case started and progressed The issue has its roots in the Mines and Minerals (Development and Regulation) Act, 1957, which gave the Union government the power to regulate mines and minerals and the power to collect royalties from mining leaseholders. In 1963, the Tamil Nadu government gave a mining lease to India Cements. Later, it imposed a cess on the royalty, which the company challenged in the high court later in the Supreme Court. In 1989, a seven-judge bench of the apex court ruled in favour of India Cements. “… we are of the opinion that royalty is a tax, and as such a cess on royalty being a tax on royalty, is beyond the competence of the State Legislature…,” said the verdict.

In her first job, according to her, she said that faced an abusive boss, prompting her to leave within six months. The second job demanded excessively long hours, with workdays stretching to 17-18 hours. Unable to cope with the mental and physical strain, she resigned after just three months. The third job proved no better, as the organization’s head blatantly discouraged hiring women, citing biases related to family responsibilities. After nine months, she chose to leave. Her fourth job appeared promising, offering a work-from-home arrangement. However, once she joined, the company reneged on this promise, requiring her to commute over 100 kilometers daily. Disheartened by this breach of trust, she left within two months. Adding to her frustration, she frequently encountered invasive interview questions about her personal life and family plans, making her job search even more daunting.

Apollo Tyres Ltd.(up 0.03 per cent) were among the top gainers.

IndusInd Bank Ltd.(up 1.32 per cent), Au Small Finance Bank Ltd.(up 0.67 per cent), ICICI Bank Ltd.(up 0.65 per cent), Axis Bank Ltd.(up 0.39 per cent) and Federal Bank Ltd.(up 0.08 per cent) were among the top gainers.

Subscribe to enjoy similar stories. Two key pieces of economic data released last month have rung alarm bells on the state of India’s economy. The first was on retail inflation, which breached the 6% upper tolerance limit in October, climbing to 6.21%, the highest since August 2023.

EID Parry(India)Ltd.(up 1.31%), Simbhaoli Sugars Ltd.(up 0.80%), Ponni Sugars(Erode)Ltd.(up 0.40%) and Magadh Sugar & Energy Ltd.(up 0.37%) were among the top gainers.

Indian rupee declined to its all-time low on Thursday, pressured by dollar bids in the non-deliverable forwards (NDF) market and from importers while intervention by the central bank kept a lid on losses, traders said. The rupee weakened to a low of 84.88 to the U.S. dollar, down 0.04% on the day. The currency was quoted at 84.8750 at 10:00 a.m. IST.

Stocks that rallied over 10% included, Abans Enterprises (12.99%), Wagend Infra(12.73%), DIC India Ltd(12.08%), Star Cement(11.89%), MTNL(11.40%), Deepak Builders & En(11.15%), SoftTech Engineers(11.03%), Zinka Logistics Solu(10.98%), Umang Dairies(10.89%) and Pyramid Technoplast(10.74%).

Info Edge (India) Ltd. traded 2.72 per cent in Thursday's session at 09:59AM (IST). The stock opened at Rs 8600.00 and has touched an intraday high and low of Rs 8776.00 and Rs 8600.00, respectively, during the session so far. The stock quoted a 52-week high of Rs 8776.00 and a 52-week low of 4703.30. About 1,620 shares changed hands on the counter so far.

mutual fund inflows fell 14% last month, midcap and smallcap funds registered a growth of 4% and 9%, respectively, in November. Both the categories are now outperforming largecaps this month. The mid cap funds in November received an inflow of Rs 4,883 crore and contributed around 13% to the total inflows of Rs 35,943 crore in equity mutual funds. The category received an inflow of Rs 4,682 crore in October. In FY25 so far, the mid cap funds have received an inflow of Rs 24,322 crore. Also Read | Debt MFs inflows decline 92% in November. Will it regain attraction?

Madhav Marbles & Granites Ltd.(up 1.09%) and 20 Microns Ltd.(up 0.86%) were among the top gainers.

Energy Development Company Ltd.(up 5.00%), Reliance Power Ltd.(up 4.34%), Transformers & Rectifiers(India)Ltd.(up 2.74%), Ravindra Energy Ltd.(up 2.34%), KEC International Ltd.(up 1.30%), ACME Solar Holdings Ltd.(up 1.25%), Indowind Energy Ltd.(up 1.07%), Hitachi Energy India Ltd.(up 0.94%), Voltamp Transformers Ltd.(up 0.85%) and NLC India Ltd.(up 0.78%) were among the top gainers.

RLNG gas supply agreement with GAIL for 7 years. “We would like inform you Our Company has entered into an agreement with GAIL (India) Limited (GAIL) and exchanged the document at Raipur on 10.12.2024 for supply of RLNG Gas for Company's upcoming pellet plant in the ordinary course of business for a period of 7 years,” said the company in a filing to the exchanges.

Tamil Nadu BJP President K Annamalai on Wednesday defended meeting industrialist Gautam Adani, calling it «not a sin» and accusing Congress and DMK of misleading the public with their protests over Adani's ties to the party. «He is a businessman in our country. Every single state government wants to roll a red carpet for inviting big industrialists to their global investor summit. It is the Congress and DMK MPs that started this bogus protest outside the Parliament saying that 'Adani-BJP Ek Hai.' Since CM (MK Stalin) said he has not met Adani, we are making a charge against him. Don't hoodwink Tamil Nadu people… You should acknowledge that Adhas done business in Tamil Nadu,» Annamalai said. Meanwhile, Congress on Tuesday denied BJP's allegations of links to billionaire George Soros. Congress spokesperson Supriya Shrinate called the claims «baseless» and said they were a diversion from the Adani controversy.

Supreme Court is set to hear a series of Public Interest Litigations (PILs) today, challenging the validity of specific sections of the Places of Worship (Special Provisions) Act, 1991. This law prohibits filing lawsuits to reclaim or alter the character of places of worship as they stood on August 15, 1947. The matter will be taken up by a three-judge bench comprising Chief Justice Sanjiv Khanna and Justices Sanjay Kumar and K V Viswanathan.

Rebel Foods, a startup that specializes in online-only restaurants, unveiled a $210 million funding round, ahead of an initial public offering the company is seeking to pull off by 2026. Singapore’s Temasek Holdings Pte led the fundraising, while Evolvence, an existing investor, will also participate, the company said in a statement. The Series G round includes the sale of new and existing stock, allowing current shareholders to sell some of their holdings. The Mumbai-based company is now valued at $1.4 billion.

Pakistan-occupied Kashmir (PoK) was apprehended after he illegally crossed over into the Indian territory along the Line of Control (LoC) in Poonch district of Jammu and Kashmir, officials said on Thursday. «One PoK national Saliiq son of Khalid resident of Bandi Abbaspur deliberately crossed over into Indian Territory. Alert troops of the Indian Army deployed on the Line of Control in the Gulpur sector apprehended the PoK national while he was illegally crossing into Indian Territory,» the Poonch Police said. Further investigation is underway and more details are awaited.