India Financial News

Diwali celebrations at the US Embassy in New Delhi, US Ambassador to India Eric Garcetti embraced the festive spirit by dancing to the popular Hindi song «Tauba, Tauba». The embassy was beautifully decorated for the occasion, reflecting the cultural exchange between India and the United States. Garcetti’s dance, captured in a video shared by the embassy, quickly garnered attention online, with netizens appreciating his lighthearted engagement with Indian culture. The Ambassador looked dapper dressed in a fawn-coloured kurta, which he teamed up with a crimson scraf. Meanwhile, the White House also hosted its Diwali celebration, recognizing the contributions of Indian Americans to the strengthening of the US-India relationship. Eric Garcetti praised the event and emphasized the importance of Diwali and the role of Indian Americans in deepening bilateral ties. In a post on X, he expressed gratitude for the festival, stating that it symbolizes light, peace, and prosperity spreading across the world.

Indian equity markets will remain open for trading on Thursday, October 31, despite many celebrating the festival of lights, Diwali, on that day. However, the markets will observe a holiday on November 1, Friday, although they will briefly open for Muhurat Trading. According to Hindu Calendar and Panchang, Deepawali is celebrated on Amavasya Tithi of Krishna Paksha in the month of Kartik and media reports suggest that the Amavasya Tithi will prevail on October 31, 2024.

Subscribe to enjoy similar stories. As World Savings Day is celebrated, a pressing concern comes to the forefront—household savings rates in India are declining amid tough economic realities. According to the National Account Statistics 2024 from the Ministry of Statistics and Programme Implementation (MoSPI), net household savings dropped a massive ₹9 trillion over the three years leading to FY23, now standing at ₹14.16 trillion.

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Colgate-Palmolive (India) Ltd. rose 0.88 per cent to Rs 3123.00 in Wednesday's trade. It hit an intraday high of Rs 3138.00 and low of Rs 3068.85, respectively, during the day. The stock quoted a 52-week high price of Rs 3893.00 and low of Rs 2031.05.

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The IPO will consist entirely of an offer-for-sale of 70.22 crore shares by the promoter, Sagility B.V., with no fresh issue component. All proceeds, excluding expenses, will go to the selling shareholder, and Sagility India will not receive funds from the issue.

Stressed assets that are going through liquidation under the insolvency law will now be listed and auctioned through a centralised electronic platform owned by a consortium of a dozen state-run banks to maximise recovery for creditors. The Insolvency and Bankruptcy Board of India (IBBI) has tied up with the Indian Banks’ Association to facilitate the auction of stressed assets through the eBKray platform run by PSB Alliance, the regulator said in a circular. eBKray has been conducting auctions for assets, mortgaged to state-run banks, under the SARFAESI Act for the past five years.

NSE said in a release. On a state-wise basis, Maharashtra led with the highest number of accounts at 3.6 crore, followed by Uttar Pradesh with 2.2 crore accounts, Gujarat with 1.8 crore, and both Rajasthan and West Bengal at 1.2 crore each.

FMCG companies are shifting focus toward “designing for India,” investing in products that cater to varied local tastes and preferences. This has spurred Hindustan Unilever (HUL) and its counterparts to fine-tune both product development and production processes to meet regional demands. An example is in HUL’s tea offerings. «In the South, the Red Label tea we sell is a finer blend. In the North, it’s more grainy. The way we process the tea is also quite different,» Vibhav Sanzgiri, HUL’s Executive Director for R&D, told TOI's Asmita Dey. HUL's strategy underscores the complexity of catering to India’s different regional tastes, climates, and lifestyles. Sanzgiri, who leads a team of over 800 scientists across HUL’s three R&D centers, noted that consumer expectations now extend beyond taste to include health benefits, wellness, fragrance, and even packaging. Beyond HUL, Colgate-Palmolive is also responding to India's unique consumer profile. To cater to consumers’ fondness for snacking, the company introduced arginine-based toothpaste to address oral health concerns. “When designing for Indian consumers, we need to incorporate local taste nuances and focus on the target demographic,” explained Swati Agarwal, Executive Vice-President at Colgate-Palmolive India. The brand has also incorporated localized scents into its shower gel products, recognizing that consumer preference varies across regions.

external assets grew faster than its liabilities between June 2023 and June 2024, according to the latest report from the Reserve Bank of India (RBI). The report, which provides details on India's International Investment Position (IIP) as of the end of June 2024, revealed that India's external assets increased by USD 108.4 billion over the year, while external liabilities rose by USD 97.7 billion. It said «During the period between end-June 2023 and end-June 2024, the external assets increased by USD 108.4 billion and external liabilities increased by USD 97.7 billion».

White House hosted a Diwali celebration, honouring Indian Americans' contributions to the «US-India bond.» US Ambassador to India Eric Garcetti praised the event and highlighted the significance of Diwali and Indian Americans' invaluable contributions. Garcett shared a post on X and wrote, «What a beautiful celebration of Diwali at the @WhiteHouse! As we celebrate the journey of light, we also honor the invaluable contributions of Indian Americans who deepen the #USIndia bond.» «From New Delhi to D.C., may the light of Diwali illuminate every corner of the world and spread the message of peace and prosperity #CelebrateWithUS #HappyDiwali.» the post added.

gold demand in 2024 is likely to fall to its lowest in four years as a rally in prices to a record high is seen denting purchases during the peak festival season in the December quarter, the World Gold Council (WGC) said on Wednesday. Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons, Sachin Jain, CEO of WGC's Indian operations, told Reuters. Demand for the precious metal usually spikes towards the end of the year in India, as buying gold for weddings and major festivals such as Diwali and Dussehra is considered auspicious.

MG Motor India’s proposal to avail benefits of production-linked incentive (PLI) scheme is under scrutiny, according to a report by the Times of India. Quoting sources, TOI claimed the company’s foreign investment scrutiny towards availing of PLI benefits had been “held back” by an inter-ministerial panel led by the Union Home Secretary. The report cited MG Motor's China connection as the reason for the review. The panel is primarily tasked with checking if FDI proposals are in line with the government’s Press Note 3 prescription.

Tejas Mark-1A jets for the Indian Air Force (IAF) has been delayed due to issues in the supply of engines by General Electric (GE), giving another blow to its already depleted operational capabilities, TOI reported. The delivery of the jets, initially scheduled for 2024-25, will now see only two to three jets instead of the promised 16, according to TOI sources. Hindustan Aeronautics (HAL) faces a delay of around two years as GE has promised to supply the engines by March 2025. The deal for these 83 single-engine jets was signed in February 2021 and amounted to Rs 46,898 crore.

equity mutual funds have offered over 30% CAGR in the last three years, based on daily rolling returns. ET Mutual Funds examined the daily rolling returns of 221 equity schemes that have been in the market for the past three years. The top two schemes on the list were from the small-cap category. Quant Small Cap Fund and Nippon India Small Cap Fund delivered 43.87% and 35.43% CAGR, respectively, based on daily rolling returns over the last three years.

According to RBI’s latest foreign exchange reserves report, the central bank held 855 tonnes of gold as of the end of September, with over half, or 510.5 tonnes, now stored domestically. This development reflects a broader, ongoing effort by RBI and the Indian government to protect the nation’s gold reserves from potential risks abroad. Since September 2022, RBI has quietly brought back 214 tonnes of gold, driven by the need to safeguard holdings amid growing geopolitical uncertainties. Many officials within the government believe that housing gold in India is a safer approach during these uncertain times. In a carefully planned secret mission involving special flights and heightened security to move gold, RBI and government officials worked to ensure that information about the gold transfers did not leak out. The shipments required exemption from certain tax levies to facilitate the smooth movement of gold. Though the government is open to future shipments, officials indicate that no additional large-scale repatriations are planned for this year, ToI reported.

Elcid Investments has gone down in the annals of Dalal Street as a rare exception, with a mind-boggling 66,92,535% jump in share prices, leaving both old and young investors dumbfounded. The little-known stock, which was traded only once in 2024, saw just 500 shares change hands at Rs 3.53 apiece on June 21. On Tuesday, its share price suddenly jumped to Rs 2,36,250, with a small trading volume of 241 shares.

Diwali 2024, an auspicious celebration for Hindus worldwide, will be observed with great enthusiasm both in India and in communities around the globe, including the United States. This festival of lights will be marked by gatherings in community centers, temples, and homes, where families and friends come together to celebrate with traditional sweets, music, and cultural performances. Observed on the 15th day of the month of Kartik in the Hindu lunisolar calendar, Diwali typically falls in October or November. This year, Diwali will be celebrated on Thursday, October 31, 2024. This day commemorates the return of Lord Rama and Mata Sita to Ayodhya after vanquishing the demon king Ravana, symbolizing the triumph of good over evil and marking the end of their 14-year exile.

Cummins India Ltd. 1.29 per cent to Rs 3517.60 at 10:35AM (IST) in Wednesday's trade. The stock hit a high of Rs 3524.95 and low of Rs 3454.20 so far during the session. The stock had closed at Rs 3472.60 in the previous session. The counter had a total traded volume of 10:35AM shares so far with a turnover of Rs 0.97 crore on BSE. The stock traded at a price-to-earnings multiple of 53.27 and a price-to-book ratio of 12.61.

Khaitan Chemicals & Fertilizers Ltd.(up 4.53%), National Fertilizers Ltd.(up 4.37%), Chambal Fertilisers & Chemicals Ltd.(up 4.22%), Madras Fertilizers Ltd.(up 4.02%), Nagarjuna Fertilizers and Chemicals Ltd.(up 3.74%), The Fertilisers and Chemicals Travancore Ltd.(up 3.57%), Paradeep Phosphates Ltd.(up 3.52%), Rashtriya Chemicals & Fertilizers Ltd.(up 3.26%), Gujarat State Fertilizer & Chemicals Ltd.(up 2.85%) and Rama Phosphates Ltd.(up 2.84%) were among the top gainers.