India Financial News

India vs New Zealand Test match at the M. Chinnaswamy Stadium from October 16 to October 20, 2024, the Bengaluru City traffic authorities have announced special traffic arrangements. To ensure smooth vehicular movement around the stadium, traffic restrictions will be in effect from 7:00 AM to 6:00 PM during the match days.

This order includes the engineering procurement (EP) scope, covering design, engineering, supply, installation, testing, and commissioning of the 100 MLD desalination plant.

Justin Trudeau faces declining approval ratings, his recent stance toward India appears to be a strategic move aimed at rallying support from the influential Sikh community ahead of the upcoming federal elections. With rising concerns over the cost of living, a struggling healthcare system, and increasing crime rates, Trudeau’s political calculations have become more urgent. An Ipsos poll reveals that only 26% of Canadians consider Trudeau the best candidate for prime minister, a stark 19 points behind Conservative leader Pierre Poilievre.

rupee witnessed range-bound trade and depreciated 2 paise to 84.07 against the US dollar in initial deals on Tuesday, weighed down by significant foreign fund outflows, elevated crude oil prices and the strength of the American currency in the overseas market. Forex traders said the rupee is trading in a narrow range as the support from positive domestic equities is being negated by foreign fund outflows. Moreover, crude oil prices have also surged by 10 per cent, ballooning India's already worrisome trade deficit. At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range. In the initial trade, it touched 84.07, registering a fall of 7 paise over its previous close.

Jharkhand Assembly elections, the Jharkhand Mukti Morcha (JMM) on Tuesday alleged that the Election Commission is not acting independently and is under pressure from the BJP. In Ranchi, JMM leader Manoj Pandey expressed his worries, said, «The election is to be announced today, but BJP leaders got information about it yesterday. This is a very serious matter. Does the commission work at the behest of BJP leaders? It is a serious matter to keep the commission as a puppet.» The Jharkhand Mukti Morcha tweeted via its official X handle, «The boss has set everything up. What a scene! @ECISVEEP, will you say something?»

oil marketing companies (OMCs) Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Indian Oil Corporation (IOC) on Tuesday jumped up to 5% on the BSE as Brent crude prices fell to $75 per barrel, falling 3% today. Shares of HPCL gained 5% to their day’s high of Rs 426.30 while BPCL shares went up 3.3% to Rs 351.45. Meanwhile, the shares of IOC jumped 2.5% to Rs 169.60.

Lexus Granito(India)Ltd.(up 2.64%), 20 Microns Ltd.(up 0.51%), The Orissa Minerals Development Company Ltd.(up 0.44%) and Aro Granite Industries Ltd.(up 0.08%) were among the top gainers.

J B Chemicals & Pharmaceuticals Ltd.(up 1.96 per cent), Lupin Ltd.(up 0.64 per cent), Abbott India Ltd.(up 0.61 per cent), Biocon Ltd.(up 0.58 per cent) and Ipca Laboratories Ltd.(up 0.42 per cent) were among the top gainers.

The BSE Sensex was trading 237 points, or 0.29%, higher at 82,210. The Nifty50 was up 65 points, or 0.26%, trading at 25,193 around 9:20 am.

For several years, the country has fallen well short of the rosy visions proclaimed by its leaders. India should become the first major economy to industrialize without carbonizing, to paraphrase its Group of 20 sherpa Amitabh Kant. Prime Minister Narendra Modi promised to connect 500 gigawatts of clean energy by 2030, equivalent to all the generators in France, Germany and Italy put together. The picture on the ground has, until recently, been very different. A previous aspiration to hit 175 GW by 2022 came in 40% below target, and had to be fudged to avoid embarrassment. Ill-advised tariffs on solar panels, combined with contractual and political support for fossil fuels and constant changes to the rules of renewable power auctions, made matters worse.

Jagmeet Singh, an alliance partner of Canadian Prime Minister Trudeau, has urged the Canadian government to take action against India, focusing on diplomatic sanctions. The diplomatic relationship between India and Canada was already strained for some time in the wake of recent developments related to the murder of Hardeep Singh Nijjar. On Monday, Singh expressed support for the Canadian government's decision to expel Indian diplomats. ANI quoted him as saying, «We support today's decision to expel India's diplomats and we're calling on the Government of Canada yet again to put diplomat sanctions against India in place, ban the Rashtriya Swayamsevak Sangh Network (RSS) in Canada, and commit to pursuing the most severe consequences for anyone found to have participated in organized criminal activity on Canadian soil.»

ANSR, a consultancy that helps multinational companies set up global capability centres (GCCs) in India, has acquired a majority stake in Bengaluru-based Summit Consulting Services for Rs 45-65 crore ($5-8 million) in a cash and stock deal. The acquisition will help ANSR expand its solutions to mid-sized GCCs as they scale operations, ANSR cofounder Vikram Ahuja said. Summit Consulting will continue to maintain independent operations and serve its customers with its 45-50 employees in the company, according to people associated with the firm. Sandeep Sharma, founder and chief executive of Summit Consulting, will join the leadership team of ANSR.

Garuda Construction will debut on the exchanges on Tuesday. Going by the grey market trends, the stock is expected to see a negative to flat listing. The IPO received a decent subscription of 7.5 times amid strong demand from retail investors. The company's financial performance was robust in FY23, however the election year in FY24 led to a slowdown in revenue and profit growth.

Election Commission of India is set to announce Jharkhand and Maharashtra election schedule on Tuesday at 3:30pm, following the conclusion of polls in Jammu and Kashmir and Haryana. The current term for the Maharashtra assembly ends on November 26, while the Jharkhand assembly will complete its term on January 5, 2025. In the 2019 elections, Jharkhand conducted polling in five phases, whereas Maharashtra had just one phase. Given the successful conduct of recent elections in Jammu and Kashmir, the commission may implement a quicker polling process in Jharkhand this time around.

US State Department has announced that an Indian investigation team would travel to Washington DC on October 15 to investigate a plot to kill a US citizen in New York. An Indian enquiry committee is set to visit the United States on Tuesday to investigate the involvement of an Indian government official in a foiled plot to assassinate a US national, the US Department of State said. According to the State Department statement, an Indian enquiry committee «is actively investigating the individual» and that India had informed the US it was looking in to «other linkages of the former government employee.»

Mayuresh Joshi, Head Equity, Marketsmith India, says in the second half, Reliance’s retail-oriented businesses should see a strong comeback. The new-age businesses are something to be seen as well. They are having a very calibrated approach in terms of their new-age businesses. So, the kind of timelines we are looking at for these new-age businesses without minimal burden on the balance sheet is going to be critical. These two segments might offset the weakness in upstream and the O2C business. In realty stocks, Joshi says if somebody is holding Oberoi, Godrej, and DLF, they can continue holding on. Among real estate ancillaries, Greenply, Century may work out. What are the expectations from Reliance Industries? More than earnings, what are the next set of triggers to watch out for because it has been fairly sideways since it is down to Rs 2,700 from Rs 3,200 all-time high level. What will provide a fillip to Reliance from here on? Do you believe in the tie-ups that the Street has been talking about? Mayuresh Joshi: Coming to triggers going forward, there are two things. One, if there is a genuine recovery in terms of China per se in the next few quarters, the downstream business, which defines how the petchem business will move for Reliance and the spreads thereof should show signs of stability and improvement and that can have a telling say in terms of the petchem performance itself.

₹1,865 to ₹1,960, with a minimum investment of ₹13,055 for a lot of 7 shares. The projected issue size stands at ₹27,870.16 crore, making it one of the largest IPOs of the year.

Subscribe to enjoy similar stories. Reserve Bank of India (RBI) governor Shaktikanta Das has consistently underlined the policy pursuit of low inflation on a durable basis. Government data released on Monday shows just how challenging that task is.

Pashupati Advani, Founder, Global Foray, says long-term, Avenue Supermarts is a good place to be in and a well-run company and the promoter and the CEO have done very well and have made fantastic things that are making it happen. It is unfortunate that temporary blips have meant that brokerage houses have lowered their weights, but it is just a matter of time before it does well again. Advani also says that Avenue Supermarts is making a large amount of net profit now from non-food items in the sense of making money on garments and underwears and socks and all the other things, kind of like Costco and Walmart in the US. The financialisation theme is not a short-term theme, it is not a matter of a few months or even a few years at that. Definitely a long-term theme for India. With respect to that and the fact that the NSE IPO is expected to be around the corner, which are the names from the financial ancillary setup that you would recommend? Pashupati Advani: Obviously, because the NSE IPO is coming, then CDSL and BSE obviously would be participating because the NSE IPO is coming currently at a higher PE than the BSE one. People would look at BSE as a cheaper alternative and go for a convergence to mean. The bank index is doing well, and is being pulled up by HDFC Bank, which is a very large part of it.

HCL Technologies are expected to remain in focus on Tuesday after India's third largest IT company by way of market capitalisation reported strong Q2FY25 earnings on Monday and declared an interim dividend of Rs 12 per share. HCL Technologies reported a 10.5% jump in its September quarter consolidated net profit to Rs 4,235 crore, up from Rs 3,832 reported by the company in the year-ago period.

earnings season is underway and as many as 25 companies will announce their earnings on Tuesday. Some of key earnings to watch out include that of HDFC Life, HDFC AMC, PVR Inox among others. Apart from the above, some of the other companies like KEI Industries, Lactose (India), Premium Capital, Bank of Maharashtra, Rallis India, Stylam Industries, Sita Enterprises, Sybly Industries, Teamo Productions, Transchem will declare results for the September quarter.