India Financial News

real estate developers Shriram Properties today zoomed 6.8% to their intraday high of Rs 111.4 on the BSE after signing a joint development agreement for a 6-acres prime land in Pune. “Shriram Properties Limited (“SPL”), one of the leading residential real estate developers in South India, has signed a Joint Development Agreement for a 6-acres prime land, nestled in the upcoming micro markets of Undri in Pune,” said the company in a filing to the exchanges.

Indo-Canadians and Ottawa, this time involving not Prime Minister Justin Trudeau but the Leader of the Opposition, Pierre Poilievre. The office of Canada’s opposition leader has cancelled a Diwali celebration event scheduled to take place at Parliament Hill amid the ongoing diplomatic standoff with India without 'giving any explanation whatsoever', as claimed by the Overseas Friends of India Canada (OFIC). This comes following an going standoff between Ottawa and New Delhi. Canada in mid-October expelled Indian diplomats, linking them to the 2023 murder of Sikh separatist leader Hardeep Singh Nijjar on Canadian soil, post which India also ordered the expulsion of Canadian diplomats.

Subscribe to enjoy similar stories. A synchronous improvement in the fiscal health of the Centre and states in the aftermath of the covid pandemic appears to have given way to divergence already. Staring at sizeable fiscal deficits, all had embarked on strict regimens to cut the flab from their budgets.

Line of Actual Control (LAC), the US State Department welcomed the 'reduction in tensions' at the border, ANI reported early Wednesday. Matthew Miller, spokesperson of the US State Department, said that Washington is 'closely monitoring the situation and has held discussions with the Indian side on the matter. However, he clarified that the US has not played any role in the India-China resolution.

Swiggy announced the price band for its upcoming Rs 11,327.43 crore IPO as Rs 371-390 apiece. The issue comprises a fresh issue of shares amounting to Rs 4,499 crore with an offer for sale (OFS) for 17,50,87,963 equity shares. At the upper end of the price band, the OFS component stands worth Rs 6,828.43 crore.

Energy transition, Select Financials and broader domestic consumption themes,” says Rakesh Parekh, MD & Co-head, Portfolio Management Services, JM Financial Ltd. In an interview with ETMarkets, Parekh said: “We are also very positive on the Healthcare & Pharma space, especially high quality CDMO & Speciality API Mfg companies” Edited excerpts:

Cipla's shares will be in focus during Wednesday's trading after the company posted a 15% growth in its consolidated net profit, reaching Rs 1,303 crore for the quarter ended September 2024, compared to Rs 1,131 crore in the year-ago period. The profit exceeded the ET Now poll estimates of Rs 1,218 crore. Revenue from operations rose 6% year-on-year (YoY) to Rs 7,051 crore in the July-September 2024 period, compared to Rs 6,678 crore in the same period last year. The company reported an EBITDA growth of 12% YoY, reaching Rs 1,886 crore in the second quarter.

Inflation unexpectedly spiked to 5.49% in September, but was forecast to cool to an average 4.9% this quarter and drop to 4.6% in January-March, giving the Reserve Bank of India (RBI) room to ease policy. The central bank has held interest rates at their highest since early 2019 for the past 10 meetings.

Subscribe to enjoy similar stories. The Union government is reportedly planning to conduct India’s much-delayed decadal census exercise in 2025 and complete it the year after.

Subscribe to enjoy similar stories. The “Diwali stamp" was practically an annual ritual in the United States. While working in the San Francisco Bay Area in the 2000s I remember every year someone or the other would forward an email with a petition to the United States Postmaster General, asking them to issue a Diwali stamp.

ICAI CA Foundation, Inter Results 2024 LIVE Updates: The Institute of Chartered Accountants of India (ICAI) is expected to announce the results of the CA Foundation and Intermediate exams which were held in September 2024.As per the official statement by the ICAI, the results are likely to be released on October 30. Once the results are out candidate can check their Intermediate, Foundation scores on the ICAI official website i.e.

Subscribe to enjoy similar stories. A day after the finance ministry flagged weakness in urban demand, Maruti Suzuki’s quarterly results seemed to confirm that concern.

Stating that financials as a sector and banks specifically offer better risk reward opportunity, Chandraprakash Padiyar, Senior Fund Manager, Tata Asset Management, says given the positive regulatory environment for banks in terms of early warning, asset quality will remain strong over cycle enabling higher growth in credit and ROE, leading to better valuations. «We see ingredients in place for a positive next few years for the market with the largecap segment doing better than midcap and smallcaps,» he says. Edited excerpts from a chat:

Subscribe to enjoy similar stories. Serum Institute of India CEO Adar Poonawalla's decision to buy a 50% stake in Karan Johar’s Dharma Productions and Dharmatic Entertainment for ₹1,000 crore could prompt more non-film conglomerates to invest in movie production houses at a time when they are struggling with dwindling revenues from theatrical, satellite and digital sales, industry experts said.

Subscribe to enjoy similar stories. MUMBAI : Diwali is one of India's most significant festivals, marked by various spiritual and religious rites. A key tradition is Muhurat trading, where traders and investors perform Laxmi Puja for prosperity and strategically accumulate valuable stocks to diversify their portfolios.

Nippon Life India Asset Management, including CEO Sundeep Sikka, head of fixed income Amit Tripathi, and Milind Nesarikar, have applied for a settlement with market regulator Securities and Exchange Board of India (Sebi) in the ongoing Yes Bank AT1 bond case, in order to avoid formal proceedings, according to sources familiar with the matter. A legal expert said that if Sebi accepts the settlement, formal proceedings may not be pursued further.

Amit Shah was behind the plots to target Sikh separatists on Canadian soil. The Indian government has dismissed Canada's prior accusations as baseless, denying any involvement. According to The Washington Post newspaper, Canadian officials alleged Shah was behind a campaign of violence and intimidation targeting Sikh separatists in Canada.

Indian markets have had a stellar run in the past year with the Nifty returning 25% since last Diwali — the second-best performance in these 12 months in the past 10 years. The broader Nifty 500 index surged 31% during this period, while the Nifty Midcap 100 and Nifty Smallcap 100 indices gained 37% and 35%, respectively. Strong corporate earnings growth and increased retail investor participation helped local equities post strong returns despite concerns over rich valuations.

Systematic Investment Plan (SIP) is a popular tool for investing in mutual funds and building a long-term corpus. Data from the Association of Mutual Funds in India (AMFI) show that investors register SIPs of Rs 25,000 crore every month, reflecting rising interest in mutual funds. WHAT IS A SIP? SIP is an investment option offered by all mutual fund houses, which enables an investor to put in a fixed amount of money at predefined intervals in a chosen mutual fund scheme. SIPs are offered in all fund categories — equity, hybrid, gold, international fund of funds or a debt fund. Many fund houses accept amounts as low as Rs 500. SIPs automate investing and help deploy money regularly into equities and debt without worrying about the ups and downs of the market. In the long run, investors stand to benefit due to rupee cost averaging and the power of compounding.

Dalal Street presented a study in sharp contrasts — and lofty records. First, foreign investors pulled Rs 1 lakh crore out of Indian equities in October, beating the record in the Covid-ravaged March of 2020 with consummate ease. Yet, the fall in equity gauges was nowhere as devastating as in that month, with domestic funds more than matching the sales momentum through record purchases. In the bargain, domestic institutional investors (DII) may have, for the first time this millennium, pulled ahead of overseas funds in owning locally listed firms — another record that points to the shifting centre of gravity in the ownership of Indian risk assets. To be sure, detailed ownership data for October-December will be published in January. Yet, by September end itself, the ownership gap between foreign institutional investors (FII) and DIIs had narrowed to a record low of 109 bps, underscoring the growing influence of domestic capital in Indian equities. “There has been a dramatic shift in ownership in Indian capital markets over past few quarters, with local investors taking the lead and FIIs losing influence,” said Pranav Haldea, MD, Prime Database Group.

Indian IT firms leveraged their partnerships with top clients to put up a strong show. From generating revenue from additional demands of existing clients, and restarting clients’ backlog projects to harvesting top clients, IT firms lapped up these incremental works with finesse. Top IT firms saw their top clients’ contribution to their total revenue jumping in the second quarter. HCLTech’s top 20 clients that contributed 27.3% of its revenue in Q2 of last fiscal, are now contributing 350 bps (100 basis points is 1%) more currently (at 30.8%). Infosys’ top 10 clients are contributing 100 bps more today than what they were contributing to the corresponding period of last year. Similarly, Wipro’s top 10 clients are contributing 230 bps more today (at 22.9%) than what they were contributing (20.6%) in the corresponding period of last year.