India Financial News

Harsh Goenka was quick to weigh in on Zerodha CEO Nithin Kamath’s recent remarks about why Indians seem to dislike wealthy individuals. During an event in Bangalore, Kamath had responded to this question. Goenka, the billionaire chairman of RPG Enterprises, offered his perspective, stating that Indians do, in fact, celebrate “good billionaires” like Ratan Tata, Azim Premji, and Anand Mahindra. These figures, Goenka emphasized, are admired for their humility, philanthropy, and the values they represent. Goenka further elaborated that the issue isn’t wealth itself but how it is used. Those who flaunt their riches, engage in corruption, or prioritize personal gain over societal good are the ones who face public resentment, he said. According to him, wealth should be seen as a tool for positive societal impact, and those who use it for good are celebrated, while others are disliked for their ostentatious displays and unethical practices.

Mayuresh Joshi, Head Equity, Marketsmith India, says the markets are fearing a possible escalation in the Middle East conflict. In the Indian context, earnings might be a tad bit soft going into this quarter's numbers as well. But with good monsoon, expectations of rural recovery, second half should be relatively better as far as India Inc is concerned. So, Joshi is not looking at a structural downside. Liquidity remains strong and for any fall in the market that comes through, liquidity might come back and cushion them. It is getting bad in the market, could it get ugly? Mayuresh Joshi: There are two-three angles. One, obviously, in terms of how global macros are shaping up. The expectations in terms of the China stimulus has clearly buoyed sentiments in terms of foreign flows towards China. Again, undervalued, under-owned and therefore, the kind of move that we saw on the Chinese markets because of the stimulus was something to be watched out for.

Sandip Sabharwal, asksandipsabharwal.com, says the first level of buying could be looked at on the largecap side. If Reliance falls 5-7% from current levels, it could be a decent stock to buy for a 15-20% upside over a year's time. If markets correct, typically banks have a higher beta. If they correct more than 10% from current levels, they can be considered. If L&T it falls near Rs 3,200-3,300, then we could have a look at it among the largecaps. These could be the opportunities. Markets were due for a fall. The selling has come. Could this accelerate further? Is it time to put money to work now? Sandip Sabharwal: It is too early to put money to work because of the fact that, one, there could be global factors at play and globally markets could correct and that could lead to some sort of fall coming in India also. Secondly, if you look at economic data which has been coming out starting right from the core industrial data, information where core output was actually down last month and some impact was there of heavy rains, etc, which was down.

Subscribe to enjoy similar stories. Investment banks reaped a record harvest in terms of underwriting fees in the first nine months of 2024, a year that saw companies such as Ola Electric, FirstCry, Awfis and Ixigo march to the market. Thanks to a flurry of initial public offerings, block deals and private placements, underwriting fees in the equity capital markets (ECM) rose 110% from a year earlier to touch $471 million, data from the London Stock Exchange Group (LSEG) showed, the biggest nine-month haul since records started in 2000.

Subscribe to enjoy similar stories. Japan's Mitsubishi UFJ Financial Group (MUFG) has emerged as the favourite to acquire a majority stake in Yes Bank as it is agreeable to the regulatory cap on voting rights in private banks, three people aware of the matter said. Meanwhile, other potential bidders Sumitomo Mitsui Banking Corp.

Subscribe to enjoy similar stories. Binny Bansal-backed PlanetSpark is expanding its focus beyond school students to include white-collar workers, as upskilling for officegoers remains a bright spot in the otherwise struggling edtech sector.

classical language. «I am very happy that the great Bengali language has been conferred the status of a Classical Language, especially during the auspicious time of Durga Puja. Bengali literature has inspired countless people for years. I congratulate all the Bengali speakers all over the world on this,» Modi posted in his X Handle. Taking to her X Handle, Banerjee posted, «Most happy to share that Bengali/ Bangla has been finally accorded the status of a classical language by the Government of India. We had been trying to snatch this recognition from Ministry of Culture, GOI and we had submitted three volumes of research findings in favour of our contention. Union government has accepted our well-researched claim today evening and we finally reach the cultural apex in the body of languages in India.»

Paradox Museum, an Athens-based interactive entertainment company, plans to invest €5 to 10 million in opening experiential centres in four to five locations across India over the next four to five years, according to a top company executive. Satish Yadav, managing director of Paradox Museum India, said each location will require an investment of €1 to 2 million. The museum offers an immersive experience through optical illusions, featuring 55 paradox-themed exhibits and 15 immersive rooms.

United Kingdom has agreed to sovereignty of Mauritius over the Chagos archipelago, which includes the largest US military base in the Indian Ocean at Diego Garcia and has remained a colonial legacy in the region. In a joint statement, the UK and Mauritius said that the 'historic political agreement' has been reached with the full support and assistance of the United States of America and India. The two nations reached an agreement after two years of negotiations, following increasing concern about the Chagos archipelago being used as a route for illegal migration. The agreement will not mark any change to the significant US military presence at Diego Garcia as it includes a 99 year clause that ensures continuation of the base.

PM-RKVY) and Krishonnati Yojana-to improve farmers' income and food security, allocating ₹1,01,321 crore. It has also approved the National Mission on Edible Oils-Oilseeds (NMEO-Oilseeds) to make India self-reliant in oilseed production, allocating Rs 10,103 crore. Under PM-RKVY, the focus will be on enhancing farm productivity through various measures such as soil health and fertility, rained area development, per drop more crop, crop diversification and agricultural mechanisation, said union minister Ashwini Vaishnaw.

Monetary Policy Committee (MPC) has three new external members, and they are starting at a time when RBI and central banks of advanced economies are singing different tunes on interest rates and growth. Ram Singh, Saugata Bhattacharya and Nagesh Kumar, with a mix of academic, public policy and markets, are succeeding J R Varma, Ashima Goyal and Shashanka Bhide. Among the three outgoing members, two — Varma and Goyal — were dissenting in favour of an interest rate reduction and shifting of monetary stance from withdrawal of accommodation.

Joe Biden said the US would not support disproportionate Israeli retaliation against Iran's missile attacks. Separately, US Federal Reserve chair Jerome Powell indicated subsequent interest rate cuts would not be as steep as the half-a-percentage-point initial drop. The US is not only keeping capital markets reasonably calm through its geopolitical stand and monetary policy, but it has also capped a spike in oil prices by adding impressive inventory.

Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

India is one of the world’s largest producers and consumers of wheat and rice, but extreme weather is taking a toll on these vital crops

The International Olympic Committee’s three major Japanese sponsors — Toyota, Panasonic and Bridgestone — are terminating their contracts

India Ratings has said. The agency is seeing continuing pressure on cash flows in certain end-borrower segments, on-field attrition, lower-than-expected recoveries leading to higher write-offs and overleveraging of borrowers in the unsecured business loan portfolio. “While the denominator effect was playing out over most of FY24, the need to recognise the rising delinquencies, provide for them and write-off the same has increased the credit cost pain since 4QFY24,” the agency said.

Reserve Bank of India research paper has suggested reforms in agricultural marketing, including increase of private mandis to help farmers realize better value for their produce. The paper on vegetable inflation studying Tomato, Onion and Potato (TOP) prices noted that onion farmers get only 36 pc of consumers' spends, for tomato it stood at 33 per cent and for potato it was 37 per cent. «As vegetables are perishable commodities, private mandis may be increased to improve transparency in marketing of TOP vegetables,» the paper said, adding that the competition may also help improve the local-level agricultural produce market committee infrastructure. The research suggested that there is «a significant negative relationship» between monthly availability/availability to usage ratio and consumer price inflation of the three vegetables, while controlling for other factors like input costs, rainfall and wages.

ceasefire with Pakistan along the LoC in Jammu and Kashmir has sustained and exceptions to any activity taken by the other side is brought to notice through various means, a top Army officer said on Thursday. Speaking at a press conference, General Officer Commanding (GoC) of the Army's strategic Srinagar-based Chinar Corps, Lt Gen Rajiv Ghai, said when the ceasefire understanding with Pakistan came into effect at the beginning of the year 2021, the situation was tenuous on the northern borders with China. «At that point in time, the two countries (India and Pakistan) felt that it was the most apt thing to do so that tensions could be kept under the threshold as far as the LoC (Line of Control) and the western borders are concerned,» he said. Lt Gen Ghai, who is relinquishing the command of Chinar Corps, said the ceasefire understanding has sustained.

railway unions launched a social media campaign on Thursday demanding productivity-linked bonuses based on the Seventh Pay Commission instead of the sixth. IREF had written to Railway Minister Ashwini Vaishnaw a fortnight ago in support of its demand, but its office-bearers said they didn't receive any response from the government. Hence to press for their demand, the railway unions launched a social media campaign on X from Thursday. During the countrywide lockdown forced by the COVID-19 pandemic, people were afraid to step out of their homes but the railway employees successfully operated trains and registered a sharp increase in earnings as is evident in the quarterly bulletin of Indian Railways, they said.

deposit growth in the banking system has narrowed by more than half a percentage point toward the end of September, mirroring the impact of the regulatory nudge to boost deposits and de-risk the broader financial system where demand for loans remains undiminished. The gap narrowed to 162 basis points in the fortnight ended September 20, the latest Reserve Bank of India (RBI) data showed, from 220 basis points two weeks ago. One basis point is a hundredth of a percentage point. As on September 20, year-on-year credit growth print was at 13.02% against 13.3% a fortnight ago, while the latest deposit growth was higher — at 11.4% versus 11.1%.

stock broking startup Upstox has bought back 5% of Ratan Tata's shareholding in the company. In a statement, the company said that Tata got a 23,000% return on his initial investment. Tata continues to hold 95% of his original stake in the company. Back in 2016, he had acquired a 1.33% stake in the Tiger Global-backed startup. According to data from Tracxn, after an equity round that Upstox undertook in September 2022, Tata was left with 0.9% stake in the company. This share buyback happened at a $3.5 billion valuation which the startup had achieved back in 2022.