India Financial News

ADF Foods Ltd.(up 5.67%), Dabur India Ltd.(up 1.86%), Hindustan Unilever Ltd.(up 1.69%), Varun Beverages Ltd.(up 1.52%), Zydus Wellness Ltd.(up 1.40%), Heritage Foods Ltd.(up 1.39%), Sheetal Cool Products Ltd.(up 1.16%), Godrej Consumer Products Ltd.(up 1.00%), Colgate-Palmolive(India)Ltd.(up 1.00%) and Adani Wilmar Ltd.(up 0.90%) stood among the top gainers.

Mint. Mauritius Finance is the government-backed body that represents the country’s financial services sector. Last month, the Delhi High Court overturned an order of the Authority of Advance Rulings denying Tiger Global Management the benefits of the pre-2017 India-Mauritius Double Tax Avoidance Agreement (DTAA) on the capital gains made from selling its investments in Flipkart in 2018.

Rahul Dravid appeared relaxed and engaging during his on-stage interaction at the CEAT awards ceremony. Reflecting on his cricketing journey and taking questions from the audience, Dravid entertained guests with his witty remarks and asked for career advice via email. «The beauty of functions like this and the beauty of awards like this is that when they put up these videos, they show just the lovely things that you have done on the cricket field,» said Dravid, emphasizing the thrill and challenges of the game. «The honest fact, and that is the truth, is that you are failing a lot more than you are succeeding in this game. But that's what makes it so much more fun, so much more enjoyable.»

Renewable Energy Minister Pralhad Joshi on Wednesday stressed on the need to bring startups into the green hydrogen sector to bring new ideas and involve youth. Addressing a curtain raiser of the second International Conference on Green Hydrogen India 2024, Joshi said that there will be over 120 exhibitors in the event which is scheduled on September 11-13, 2024 in Delhi. He said for pushing green hydrogen mission, we need to bring startups as it needs young blood and new ideas. The event is to further green hydrogen mission for which government had allocated Rs 19,744 crore.

Olympic Council of Asia (OCA) is set to elect their new leadership at the upcoming 44th OCA General Assembly set to take place at the Bharat Mandapam, Convention Centre, in New Delhi on September 8. Acting President of the Olympic Council of Asia, Randhir Singh, Minister of Youth Affairs and Sports, Mansukh Mandaviya, and top sports leaders from all 45 countries of Asia will be present on the occasion. The key event will officially announce the former international shooter and veteran sports administrator, Randhir Singh as the first Indian president of the OCA after he emerged as the sole candidate for the top post earlier this year.

Sarvapalli Radhakrishnan, a renowned teacher and former President of India, holds special significance for both teachers and students. Dr. Radhakrishnan believed in the noble virtues of teaching, famously stating, «A true teacher is one who helps us think for ourselves.»

conglomarate CapitalLand is preparing to double down on its investments in India by more than $14.8 billion. The Singapore envoy to India Simon Won took to social media platofrm X to make the announcement, appreciating the move. «Singapore's CapitaLand, one of Asia's largest diversified real estate groups, plans to more than double its funds under management in India to more than S$14.8 billion (>INR 90,280 Cr) by 2028,»

GTPL Hathway, India’s largest Multi-System Operator (MSO), has launched its entertainment app, GTPL Buzz, which offers cloud gaming, live TV streaming, and international content channels. GTPL Buzz marks the first commercial launch of Blacknut Cloud Gaming in India. The subscription-based service offers over 500 premium AAA games, allowing users to enjoy high-quality gaming without the need for expensive consoles. The service supports up to five profiles, enabling family members to play simultaneously across various devices, including mobiles, tablets, PCs, Android Set-Top Boxes, and smart TVs. The app enables GTPL customers with active cable TV or broadband connections to stream live TV content on their mobile devices, providing the flexibility to watch TV anytime and anywhere. Branded as GTPL Live TV, this service allows streaming on two additional devices simultaneously, complementing the content available on traditional set-top boxes.

Assam police while trying to enter Karimganj from neighbouring Tripura. «Our @assampolice personnel are maintaining constant vigil along the Indo-Bangladesh border and alert to thwart infiltration attempts,» the chief minister posted on 'X'. «The following Bangladeshi nationals were apprehended and pushed back in the wee hours- Afroja Jahirul Sardar, Tumpa Haque, Ridoy Sk, Akhi Sk and Lakhipur Akhtar,» he added.

PDRL on Wednesday launched BhuMeet, an advanced SaaS (Software as a Service) platform to help bridge the gap between drone service providers and farmers. BhuMeet will enable users to find and hire drone service providers based on their service records and proximity, ensuring efficient and localised service delivery, a company statement said. «By bridging the gap between farmers and reliable service providers, BhuMeet not only enhances operational efficiency but also empowers the agricultural community to harness the full potential of drone technology,» PDRL founder and CEO Anil Chandaliya said. BhuMeet--India's first SaaS platform for connecting drone service with farmers--will play a vital role in modernising agriculture across the nation, he added.

Hartalika Teej, a significant festival for women in various parts of India, will be observed on Friday, September 6, 2024. This day is marked by dedicated rituals and prayers to Lord Shiva and Goddess Parvati, with women seeking blessings for marital happiness and the well-being of their spouses.

HSBC Mutual Fund has announced the launch of HSBC India Export Opportunities Fund, an open-ended equity scheme following the export theme. The new fund offer or NFO of this new scheme will open for subscription on September 5 and will close on September 19. HSBC India Export Opportunities Fund aims to generate long-term capital growth from an actively managed portfolio of equity and equity-related securities of companies engaged in or expected to benefit from export of goods or services. The scheme has the flexibility to invest in companies that are part of the exports theme across market capitalization – large cap, mid cap and small cap companies, according to a press release by the fund house.

Coal India (CIL) fell by 4% to a low of Rs 500.70 on the BSE on Wednesday after the company posted sales volumes of 52.1mt on Monday, down 12% YoY. Domestic brokerages like Nuvama and JM Financial are still optimistic about the stock because a few dips do not change the future. CIL reported sales volumes of 52.1mt in August 2024, down 12% YoY, owing to a weak power demand amid heavy rainfall. However, volumes clocked a decline of 5.7% YoY during Jul-Aug '24 negating the impact of only monsoon for the decrease, implying that CIL’s volume was under pressure owing to weak demand.

ONGC, Oil India, Chennai Petroleum Corporation, and GAIL dropped up to 5% on the BSE on Wednesday as crude oil prices continued to decline, reaching their lowest close since December and erasing all gains for the year. Shares of ONGC declined to the day’s low of Rs 309.2, with a fall of 4.2% while Chennai Petroleum Corporation shares dropped 5% to a low of Rs 933.3.

India is leading in technology advancements for the first time, rather than just playing catch-up, said a top executive from American chip major Nvidia on Wednesday. «Why India now? What is it for India now? Will India really succeed? I strongly believe India will succeed. For the simple reason that, for the first time in technology advancements, we're not following; we're leading. We're not just creating; we're innovating on top of it. We are the cradle in which AI will be applied,» said Vishal Dhupar, managing director of Nvidia South Asia. He was speaking at the India Innovation Summit, the flagship national event of the Confederation of Indian Industry (CII), held annually in Bengaluru.

GAIL (India) Ltd. traded 1.44 per cent up at Rs 229.25 at around 01:07PM (IST) on Wednesday. The stock had closed at Rs 232.6 in the previous session. Equity benchmark Sensex traded 383.81 points lower at 82171.63 around the same time.

Shares of ECOS (India) Mobility and Hospitality surged 16.5% to Rs 456 on the BSE following a decent debut on Wednesday. The stock was listed at Rs 391.2 on the BSE, posting a 17.1% premium over the IPO price of Rs 334. However, the listing was slightly below expectations, as the shares were trading at a grey market premium (GMP) of 48% above the issue price before the debut.

Ganesh Chaturthi, one of the most significant Hindu festivals, will be observed on Saturday, September 7, 2024. The festival, celebrated with great fervor across India, marks the birthday of Lord Ganesha, the deity of wisdom and prosperity. Devotees engage in various rituals, including Puja and offering Bhog, to seek the blessings of Lord Ganesha for a prosperous and obstacle-free life.

Rajasthan's Education Minister, Madan Dilawar, made headlines by announcing that the bicycles distributed to schoolgirls will switch from black to saffron. Dilawar explained that there’s no special reason behind changing the colour of the bicycles. However, he pointed out that during the previous BJP government in Rajasthan, the bicycles were saffron. When the Congress came to power, they changed the colour to black. Dilawar emphasised that saffron is a symbol of valour and bravery, recalling that patriots wore this colour during India’s independence movement. «With this thought in mind, we have decided to change the colour to saffron,» he said. The free bicycle scheme in Rajasthan started in 2009 to help girls stay in school, as many drop out in Class 9 due to transportation issues. Over 7 lakh girls are eligible for these bicycles, and the government also provides a travel allowance to those living within three to five kilometres of their school.

Tube Investments of India Ltd. gained 0.18 per cent to Rs 4095.95 in Wednesday's trade. It hit a high of Rs 4112.05 and low of Rs 4051.95 during the session. On the technical charts, the 200-DMA of the stock stood at Rs 3798.4, while the 50-DMA was at Rs 4114.4. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.

This translates to a premium of nearly 80% over the issue price, indicating strong demand for the IPO.