India Financial News

PN Gadgil Jewellers has seen a remarkable rise in its share value since its initial public offering (IPO) this September. The IPO came just ahead of India’s festive and wedding season, a peak period for jewelry sales. This surge in market performance has propelled Saurabh Gadgil, the company’s MD and CEO, to a net worth of nearly $1 billion, according to Bloomberg. Founded in 1832, PNG Jewellers started as a small jewelry shop in Sangli, Maharashtra, and has grown into a renowned brand recognized for its traditional designs and fine craftsmanship. The business has been built and sustained by six generations of the Gadgil family, becoming a household name in the jewelry industry.

critical minerals to the United States, upgrading the bilateral memorandum of understanding (MoU), commerce and industry minister Piyush Goyal said on Saturday. “We suggested that critical mineral MoU be converted to a critical mineral partnership and become a starting point to become an FTA (free trade agreement),” Goyal told media persons. Earlier this month, the two sides inked an MoU to strengthen supply chains for critical minerals in electric vehicles (EVs) and other clean energy applications, including cobalt and lithium, during Goyal’s visit to the US. Officials said that the conversion of the MoU into a partnership agreement would give it the status of an FTA that would enable India to benefit from the EV tax credit that the US gives under its Inflation Reduction Act. The tax credit depends on critical minerals’ origins, requiring that a percentage of materials in EV batteries come from the US or countries with which the US has an FTA. The access to the US EV tax credit of up to $7,500 per vehicle would attract substantial foreign investment and make large-scale manufacturing of components in India commercially viable. The MoU between India and US falls short of a full critical minerals trade deal that would allow India to explore the $7,500 US EV tax credit.

DGCA chief Vikram Dev Dutt has been appointed as coal secretary, as part of a top-level bureaucratic reshuffle effected by the Centre on Saturday. Dutt is a 1993 batch Indian Administrative Service (IAS) officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre. The Appointments Committee of the Cabinet (ACC) has approved the appointment of Dutt, Director General of the Directorate General of Civil Aviation (DGCA) as secretary, Ministry of Coal, according to a Personnel Ministry order.

Hockey India League (HIL), resurrected after seven years in cold storage, held its auctions in New Delhi last week with franchises – eight men and four women – snapping up players from across the globe. Harmanpreet Singh and Udita Duhan, current national team stars, emerged as the costliest buys at Rs 78 lakh and Rs 32 lakh in men’s and women’s leagues respectively. “It is not about the money. We are all in this for the development of the sport,” said Rahul Todi of Shrachi, owner of the Bengal Rarh Tigers franchise. While the auction was a success, there are still some lingering questions. Is the league sustainable? Can franchises make money in the long run? How will the league help the future of Indian hockey? There was already a minor setback for the organisers, Hockey India (HI); they had to reduce the number of women’s teams from six to four. However, the organisers said that the number will go back to six teams in 2026. “A lot of the current stars including Harmanpreet emerged into prominence from the Hockey India League. With back-to-back Olympic medals, there could be no better time to restart the league,” said PR Sreejesh, former India goalkeeper and Delhi SG Pipers team director, who was present for the two days of the auction before donning the hat of junior team head coach and leaving for Malaysia.

Narendra Modi asked civil servants on Saturday to keep themselves abreast with latest technological developments so as to meet the rising standards and stressed the need for following a citizen-centric approach. Addressing an event here, the prime minister also suggested seeking help from startups, research agencies and youngsters for getting new ideas. With artificial intelligence, information processing is also becoming equally easy, making the citizenry informed and empowering them to keep a tab on all the activities of the government, he said. «So the civil servants need to keep themselves abreast with latest technological developments so as to meet the rising standards, wherein Mission Karmayogi can prove to be of help,» Modi said after launching the «Karmayogi Saptah» — National Learning Week — at the Dr Ambedkar International Centre here.

heavy rainfall expected to continue until October 24. According to the IMD, «residents in Bengaluru will wake up to a generally cloudy sky, accompanied by rain and thunderstorms» for the next seven days.

Piyush Goyal, declared that the H1B visa issue is now «a thing of the past» during a meeting at Vanijya Bhavan, New Delhi. He emphasized that the topic would no longer be a point of discussion in international dialogues, marking a shift in focus towards other areas of economic and strategic partnerships. Minister Goyal's recent visit to the United States included a two-day stay in New York, where he met with CEOs of major companies to discuss reforms initiated by the Modi government aimed at boosting foreign investments in India, particularly in the pharmaceutical and diamond sectors.

Hindu side said here. The advocates of the Muslim side and the Waqf Board, who are opposing the survey, completed their arguments before Civil Judge Senior Division Jugal Kishore Shambhu, Madan Mohan Yadav, who represents the Hindu said, said. After hearing the arguments, the court has fixed October 25 as the date of the next hearing, when it may give its order on this matter, Yadav said. On October 16, the Hindu side had referred to the expertise of the Archaeological Survey of India (ASI) in excavations to buttress its plea to carry out excavations in the Gyanvapi complex.

Kotak Mahindra Bank reported a 5% year-on-year rise in standalone profit to Rs 3,344 crore in the quarter ended September 2024 from Rs 3,191 crore a year ago led by a 11% rise in net interest income even as margins fell and provisions for non-performing assets increased. The bank's profit was lower than the Rs 3424 crore expected by a Bloomberg poll of analysts. Profit was helped by a 11% growth in net interest income (NII), or the difference between the interest earned on loans and that paid for deposits, led by a 17% growth in advances to Rs 4.19 lakh crore as at September 2024.

BJP) on Saturday fielded Navya Haridas against Priyanka Gandhi Vadra for Wayanad by-elections to Lok Sabha. The party has also released the list of candidates for assembly by-elections from Assam, Bihar, Chhattisgarh, Karnataka, Kerala, Madhya Pradesh, Rajasthan and West Bengal. Navya Haridas serves as a councillor in the Kozhikode Corporation and currently holds the position of Mahila Morcha State General Secretary in the BJP, according to her Twitter profile.

Karwa Chauth, a Hindu festival, will be observed on October 20. This festival is celebrated on the fourth day of Krishna Paksha in the Kartik month, which falls in October and November in the Gregorian calendar. The name «Kartik» derives from the Krittika Nakshatra. Karwa Chauth is mainly observed by married Hindu women, especially in northern India.

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Nifty remained largely on a declining trajectory, except for the last trading day where it saw some relief rally from the lower levels. Following a strong weekly decline of 1167 points two weeks ago, the Nifty has thereafter traded relatively in a lesser range but has by and large exhibited a weak bias. The trading range this time remained similar to that of the previous week; the Nifty oscillated in 644 points over the past five days. The volatility remained stagnant; the India VIX came off by 1.38% to 13.04 on a weekly basis. While continuing to find short-term pattern support, the headline index closed with a net weekly loss of 110.20 points (-0.44%). Many important levels have been tested over the past week; a few important levels need to be watched as well. The Nifty tested the 20-week MA, which currently stands at 24657. The 100-Day MA is currently at 24507. This makes the 24500-24650 a very important support zone for the index. On the other hand, the derivatives data show a maximum accumulation of Call OI in the 25000-25100 range, making these levels an immediate resistance area for the markets. This is likely to keep the markets in a capped range; if the technical rebound extends itself, it is likely to find resistance in the 25000-25100 zone. In the same breadth, markets would get weaker if the 24650-24500 zone is violated on the downside. So long as either of these ranges are not violated, expect the Nifty to oscillate back and forth in a defined range.

DBS Bank's Senior Investment Strategist Joanne Goh says they have a neutral stance on India but on a risk-adjusted basis, the preference is for small and midcaps where high growth potential offers opportunities for significant returns.

Karwa Chauth is one of the most popular festivals among married women across the country, especially in North India. The festival is celebrated northern states including Uttrakhand, Himanchal Pradesh, Uttar Pradesh, Haryana, Chattisgarh, Gujarat and Madhya Pradesh. Karwa Chauth is celebrated the fourth day after the full moon of the Kartik month. This year karwa Chauth will fall on 20th October.

BJP how much «donations» did it receive to «engineer» the collapse of the Maha Vikas Aghadi (MVA) government in Maharashtra in 2022 through open horse-trading. In a post on X, Congress General Secretary (Communication) Jairam Ramesh alleged that the BJP «purchased» MLAs of undivided Shiv Sena and NCP, leading to the collapse of the MVA government of which Congress was a part. «The Mahayuti has destroyed Maharashtra's political culture and democratic institutions. We now know that the Electoral Bonds Scam cost Indian citizens Rs 4 lakh crore. We know that it cost Maharashtra's exchequer at least Rs 10,000 crore. The question is how much 'chanda' did it (BJP) take to engineer the collapse of the Maha Vikas Aghadi Sarkar,» Ramesh asked in the post. «Yesterday, it emerged that the Mahayuti cost the exchequer at least Rs 10,000 crore in inflated tenders in return for 'chanda' for its campaign. The Mahayuti's formation and ascent to government is a testament to its greed for power and disregard for democratic values. The open horse-trading and purchase of Shiv Sena and NCP MLAs was made possible by such 'ill-gotten' Electoral Bonds 'chanda',» he alleged.

On Friday, the 30-share BSE Sensex rose 218 points, or 0.27%, to settle at 81,224, while the broader NSE Nifty climbed 104 points, or 0.42%, to close at 24,854.

Bollywood Wives’ premiered on Netflix this Friday. The reality TV show, which explores the glam and glitzy life of the wives of Bollywood bigwigs, introduced Riddhima Kapoor Sahni, Shalini Passi, and Kalyani Saha to the audience. Among the three newcomers, Shalini Passi stood out the most, captivating viewers with her impressive art collection, fashion sense, and unique personality.

Abhyuday Jindal has been named president of Indian Chamber of Commerce (ICC) an industry body founded in 1925, that has its headquarters in Kolkata, as per a press release. Jindal who graduated from Boston University with a degree in Economics and Business Management is the managing director of Jindal Stainless, a stainless steel manufacturer with annual turnover of Rs. 38,000 crore. “It is my vision to strengthen ICC’s role as a catalyst for economic growth and innovation. Drawing from my experience across sectors, I aim to promote sustainable business practices, foster inclusive growth, and advocate for policies that empower Indian industries globally”, said Abhyuday Jindal.

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