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deep depression over east-central Bay of Bengal intensified into cyclonic storm 'Dana' on Wednesday morning, the India Meteorological Department (IMD) said. The storm is likely to move in a northwestward direction, intensify further into a severe cyclonic storm over northwest Bay of Bengal and cross the Odisha-West Bengal coasts between Puri and Sagar Island in the early hours of October 25 with wind speeds of up to 120 kmph, the IMD added. The system lay 560 km southeast of Paradip and 630 km south-southeast of Sagar Island at 5.30 am, it said. Advising fishermen not to venture into the sea from October 23 to 25, the Met warned that wind speed is likely to reach 60 kilometres per hour (kmph) along and off Odisha-West Bengal coasts from October 23 and gradually increase to 100-110 kmph, gusting to 120 kmph, from October 24 night till October 25 morning.

Kunal Bahl shared his journey to success at the NDTV World Summit 2024, highlighting how setbacks led him to greater opportunities. Bahl, co-founder of Snapdeal and Titan Capital, revealed that not getting into IIT, a prestigious Indian institute, and having his H-1B visa application rejected, were key turning points in his life. Entrepreneur Kunal Bahl shared his journey of overcoming setbacks at the NDTV World Summit 2024. Despite not getting into IIT, a school his parents hoped for, he found success through different paths. Bahl emphasized that failures can lead to opportunities. He also discussed how a rejected H-1B visa application set the stage for his entrepreneurial career.

FIIs) ended up increasing stakes in 8 out of top 10 tech companies in India apparently to play the interest rate cut cycle in the US. September quarter shareholding pattern analysis shows that FII ownership in Infosys rose 54 basis points to 33.28%, TCS 31 bps to 12.66%, Tech Mahindra 40 bps to 23.67%, HCL Tech 22 bps to 18.67% and by 15 bps to 7.27% in case of Wipro.

Nirmala Sitharaman highlighted that more than USD 450 billion has been transferred through Direct Benefit Transfers (DBT) to the people in last 8 years. The minister shared these key insights on India's achievements with Direct Benefit Transfers (DBT) while speaking at the Wharton Business School at the University of Pennsylvania in Philadelphia, USA on Tuesday. «Over 51 ministries and departments in the central government deal with Direct Benefit Transfers (DBT). More than USD 450 billion have been transferred cumulatively in the last 8 years» the minister said.

stocks whose retail holdings exceed institutional stake in them, have turned multibaggers in the last one year period. In this, nine are scrips of state-run companies. An ETMarkets analysis finds over 600 stocks with market capitalisation of Rs 500 crore or more where retail holdings (shares worth up to Rs 2 lakh) are above institutional holdings i.e. stakes held by foreign institutional investors (FIIs), domestic institutional investors (DIIs) and mutual funds.

corporate bond funds in October 2024. These schemes invest at least 80% of their corpus in the papers of the highest-rated companies. This makes them relatively safer than other debt schemes such as credit risk funds. They are also safer than gilt funds and long term debt funds that are highly sensitive to interest rate changes in the economy. You should pay attention to these two factors: safety and interest rates. Safety became a crucial factor for debt fund investors after a series of defaults and downgrades in the debt space almost three years ago. The shutting down of six schemes by Franklin Templeton Mutual Fund shook conservative investors in debt schemes. Though the environment is different now, you should still proceed cautiously.

Indus Towers are likely to be in focus on Wednesday after the Competition Commission of India (CCI) approved Bharti Airtel's plan to increase its stake in Indus Towers, following the telecom infrastructure company's share buyback. «The Commission approves an increase in the percentage shareholding of Bharti Airtel Ltd (Bharti Airtel) in Indus Towers Ltd (Indus Towers) to 50.005% pursuant to buyback of shares by Indus Towers,» CCI said in a release.

Goldman Sachs Group Inc. tactically lowered Indian equities to neutral from overweight as slowing economic growth dents the outlook for corporate earnings. “While we believe the structural positive case for India remains intact, economic growth is cyclically slowing down across many pockets,” strategists including Sunil Koul wrote in a note on Tuesday. Worsening earnings sentiment, an accelerating pace of earnings-per-share cuts and a weak start to the September-quarter results season indicate an impact on profits, they added.

Paytm (One 97 Communications) shares will be in focus on Wednesday after the National Payments Corporation of India (NPCI) granted the company approval to onboard new UPI users, subject to adherence to all procedural guidelines and circulars. «We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the company to onboard new UPI users, with adherence to all NPCI procedural guidelines and circulars,» the company stated in a stock exchange filing.

Karur Vysya Bank has given a good set of numbers. City Union Bank yesterday has given a good set of numbers and a few of the PSU banks have given a good set of numbers as well," says Mayuresh Joshi, Head Equity, Marketsmith India. Broader markets is where the pain is pretty sharp but one of the stock that is holding out in this sort of a market is ICICI Bank. While one end of the market, you have ICICI Bank that is holding onto the positive territory. You have IndusInd Bank that has hit a 52-week low on an intraday basis today. What is your take when you talk about the banking space as a whole then? Mayuresh Joshi: So, two things, one, the numbers for most banks, specifically the larger ones have been pretty good. Axis Bank gave a good set of numbers. HDFC Bank, good set of numbers and the commentary was equally encouraging. Kotak had their one misses in the numbers itself, so quite a few one-offs in the numbers. Expectations that as rate cut cycle starts in India as well, some element of positivity expected to come through.

Indian nationals in the Russian Army during his bilateral meeting on Tuesday with Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit in Kazan. Addressing a media briefing, Foreign Secretary Vikram Misri said the two leaders also shared perspectives on the ongoing conflict in Ukraine. Prime Minister reiterated that dialogue and diplomacy was the way forward to achieve resolution of the conflict. He briefed President Putin about his engagements with the Ukrainian leadership and noted that India stood ready to contribute in bringing peace to the region. «An important issue that came up was the issue of early discharge of the remaining Indian nationals in the Russian army. This figured from both sides in the discussion and with the support of the Russian side, a number of Indian nationals have, in recent months, been able to return to India. We understand that currently the embassy is pursuing around 20 cases with the Russian side and we very much hope that all of these individuals can be released at an early date and be repatriated to India very soon,» he said.

Kazan [Russia], October 23 (ANI): Prime Minister Narendra Modi held a meeting with Russian President Vladimir Putin on the sidelines of 16th BRICS Summit in Kazan on Tuesday. PM Modi invited Putin to visit India next year for 23rd India-Russia Annual Summit. The two leaders reviewed bilateral cooperation in various sectors, including political, economic, defence, energy, and people-to-people ties, Prime Minister's Office said in a press release. This was their second meeting this year as the two leaders had earlier met in Moscow for the 22nd India-Russia Annual Summit in July 2024.

Sebi's whole-time member Ashwani Bhatia said on Tuesday, while cautioning investors about the risk associated with complex financial instruments. «F&Os cannot be and should not be a national pastime which actually means that savings of retail participants move into the pockets of institutional hands,» Bhatia said while speaking at an event here.

Mumbai: India’s stock market slumped on Tuesday as continued selling by foreign investors, amid concerns over slowing earnings growth, heightened risk-off sentiment. The selloff was broad-based with mid-cap and small-cap stocks bearing the brunt of the souring mood among investors, resulting in flight of money to safe-haven assets such as gold, which extended its record-breaking streak. The NSE Nifty fell 309 points, or 1.25%, to close at 24,472.10. The BSE Sensex declined 930.55 points, or 1.15%, to end at 80,220.72. Out of the 50 shares on the Nifty, 47 ended lower, while three notched up gains.

«The outlook suggests further downside, particularly in the midcap and smallcap spaces. On the index front, the next major support is around 24,000, with potential resistance between 24,700 and 25,000 in case of a rebound. We recommend adjusting trades accordingly and advise against adding to losing positions,» said Ajit Mishra – SVP, Research, Religare Broking.

certificates of deposits (CDs) jumped 69% on-year to ₹5.58 lakh crore in FY25 up to October 4, as lenders turned to short-term debt instruments for their funding needs instead of raising deposit rates and facing pressure on net interest margins. In its October bulletin, the Reserve Bank of India (RBI) said primary market issuances of CDs by banks were at ₹5.58 lakh crore from April 1 to October 4. The RBI noted that banks preferred to bridge a funding gap through short-term debt instruments «rather than raising deposit rates.» Banks have faced pressure to mobilise funds through various avenues over the past couple of years as credit growth has outpaced deposit growth, although the extent of the wedge between the two has narrowed over the last couple of months. As on October 4, bank credit growth was at 14.1% year-on-year, while deposit growth was at 12.2% over the same period, RBI data showed.

Adani Energy Solutions Tuesday said it received a show cause notice (SCN) from the Securities and Exchange Board of India (Sebi) during the September quarter for wrongful categorisation of shareholders. Without disclosing further details, the company mentioned the receipt of the SCN in its exchange filing for the September quarter results.

small-cap stocks have tumbled by 25-70% from their yearly highs. The slump in nearly one-third of the stocks has been as severe as the Covid-led sell-off in March 2020. Among 1,472 stocks with a market capitalisation of over Rs 1,000 crore, 29 have plunged between 50% and 70% from their yearly highs, while 533 have fallen between 25% and 50%.

Europe was a bright spot for the Indian IT industry's growth when its chips were down. But as North America has started gaining traction for the IT services industry, the other side of the pond has begun to show signs of softness for many of the top IT companies. Experts also say Europe is facing a decelerating economy which is unlikely to improve in the near future and, hence, clients are pulling back hard on discretionary spends and looking to delay large projects. While IT leaders' commentaries on Europe didn't reflect on their Q2 numbers, analysts say they are largely reflective of deal pipelines and will show in coming quarters. Infosys in its Q2 earnings call said that in Europe, the automotive sector was challenged recently while discretionary spend remains under pressure.

weak debut on the bourses with the stock opening at ₹1,931 on Tuesday, over 1% below its Initial Public Offer (IPO) price of ₹1,960. The stock ended at ₹1,820.40, 7.1% below the issue price, continuing the first-day weak show trend among large IPOs. Hyundai's ₹27,870 crore IPO last week was the largest ever in India's primary market.