India Financial News

Nifty's performance in this month over the last 10 years reveal trends which are skewed in favour of the bears. The 50-stock index has managed positive closing on just four occasions with highest gains recorded in 2019. The largely bearish trends have been on the back of selling by Foreign Institutional Investors (FIIs) who have offloaded Indian equities on six out of 10 occasions. Meanwhile, domestic institutional investors (DIIs) have been net sellers, just ones holding their ground.

Aadhaar free update, new credit card rules, special FDs, Rupay cards: 9 rule changes and deadlines in September 2024 After the revision, the bank will offer FD interest rates between 3% and 7.25% for tenures between 7 days to 10 years for deposits of less than Rs 3 crore for general citizens.

Vijay Kedia’s portfolio stock Patel Engineering surged 13% in 2 days to a high of Rs 60.71 on BSE today after the company on Thursday had announced that its signed a Memorandum of Understanding (MoU) with RVNL to collaborate on Hydro and other infrastructure projects. “The agreement outlines a framework for collaboration between the Company and RVNL to leverage each other’s strengths and capabilities in pursuing hydro and other infrastructure projects. Under this MOU, both parties will explore opportunities to work together in various capacities,” said the company in a filing to the exchanges.

₹8.4 lakh for the Yogeshwar Dutt Wrestling Academy and the Mary Kom Regional Boxing Academy. FairPlay India, another betting platform with over 115,000 followers on Instagram, features actor Jacqueline Fernandez as its brand ambassador. In a video from May, Fernandez states that FairPlay is "India’s most trusted platform" for various sports, including cricket and tennis.

short seller and the Indian market regulator, a completely different controversy is brewing. It involves the country’s second-most-valuable bank, and its plan to swallow up its securities affiliate. Some shareholders of the brokerage firm, upset over the terms of the buyout, want to know how the Securities and Exchange Board of India allowed the delisting of ICICI Securities Ltd., waiving the regulator’s own rules for compensating minority investors. A company-law tribunal in Mumbai quashed their challenge on Aug. 21 and allowed the deal to proceed. But that isn’t the end of the matter. There is a separate class-action suit before another tribunal in New Delhi. This dispute is also being heard by a higher court in Mumbai, the country’s commercial capital. The Indian regulator is battling bigger trouble elsewhere. In an Aug. 10 note, Hindenburg Research drew attention to SEBI chief Madhabi Puri Buch’s past personal investments, and her ownership of a consulting outfit, to question the watchdog’s objectivity in probing the Adani Group, the target of the short seller’s original January 2023 report. The infrastructure conglomerate, which suffered a $150 billion drop in its market value in the aftermath of the publication, has strenuously denied the short seller’s claims of stock-price manipulation. The group’s shares have recouped most of their losses. Buch described the allegation of potential conflict as “character assassination” and said that she made all the appropriate disclosures and recusals.

Breakout stocks to buy or sell: Following strong global markets, the Indian stock market ended higher for the twelfth straight session on Friday last week. The Nifty 50 index registered its best winning streak since its launch in 1996 by rising on the 12th day in a row. The 50-stock index finished 83 points higher at the 25,235 mark, the BSE Sensex shot up 231 points and closed at 82,365, whereas the Nifty Bank index ended 198 points higher at 51,351.

President Draupadi Murmu heaped praise on Indian para-sprinter Preeti Pal following her second medal in the ongoing Paris Paralympics 2024. Preeti Pal clinched the bronze medal in the 200m T-35 race on Sunday. With this medal, Preeti created history as she became the first-ever Indian woman athlete to win 2 medals in the track & field event at the Paralympics, or Olympics. In this event, Preeti registered her personal best as she finished the race in 30.01 seconds.

Thulasimathi Murugesan assured India of one more medal as she reached the finals of Women's Singles SU5 on Monday in the ongoing Paris Paralympics 2024. Murugesan defeated her compatriot Manisha Ramadass 23-21, 21-17 and went on to finish the match in just 40 minutes. Following this loss, Ramadass will now compete in the bronze medal match.

«Although the market has been on a steady upward trend, momentum has been somewhat lacking, largely due to the underperformance of major banking stocks, which carry substantial weight in the benchmark. And, if we see improved participation from the banking sector, Nifty could break past the 25,500 mark and move toward a new milestone of 26,000,» said Ajit Mishra – SVP, Research, Religare Broking.

Over 2.3 million central government employees are expected to be delighted by the recently announced Unified Pension Scheme (UPS), which, for 25 years of service or more, offers an assured pension of half an employee’s average basic pay over the last 12 months before retirement. “The UPS is an attempt to improve the existing National Pension System (NPS)," in the words of finance minister Nirmala Sitharaman.

MUFG), Japan's largest mega bank with close to $3 trillion in assets, last week placed its biggest bet in India: It doubled an existing investment with a further commitment of ₹4,712 crore on DMI Finance. Masakazu Osawa, Asia Pacific CEO for the bank, tells Joel Rebello the group has only started its investment journey in India and would increase exposure in the economy tipped to be the world's third biggest soon. Edited excerpts: You doubled down on your investment in DMI Finance last week. What is the strategy for investments in India?

₹51,261.63 crore in FY24, primarily caters to food and FMCG customers in the western, central and northern India. "The group is planning to acquire a company from southern India engaged in the spices and ready-to-cook food business. Another company the group plans to take over is from eastern India.

₹5 lakh, up from the present limit of ₹2 lakh, under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the people said on the condition of anonymity. It is one of the largest life insurance programmes from the government, with more than 200 million subscribers. The plan also involves increasing the cover to ₹5 lakh from the current ₹2 lakh under Pradhan Mantri Suraksha Bima Yojana (PMSBY) in case of death or disability caused by accident.

Buy or sell stocks today: The Indian stock market index, Nifty 50, hit new record highs on Friday, August 30, continuing its path to the 12th successive day of closing in the green. After Friday's trading session, Nifty 50 closed 0.33 per cent higher at 25,235.90 points, compared to 25,151.95 points in the previous market close. The Bombay Stock Exchange (BSE) Sensex closed 0.28 per cent higher at 82,365.77 points, compared to 82,134.61 points in the previous market close.

Mutual funds plan to request the Securities and Exchange Board of India to relax maturity norms for additional tier-1 bonds to encourage fund houses to invest in these relatively high-yielding debt instruments that banks issue to shore up equity capital. «The Securities and Exchange Board of India (Sebi) has provided some leeway when it comes to the valuation norms for AT-1 bonds but the maturity requirement of 100 years for such instruments continues to be a hurdle for mutual fund investments. Talks have been ongoing between mutual funds and the regulator and a committee from the Association of Mutual Funds in India (AMFI) will suggest bringing down the maturity from 100 years to closer to the call option,» a source aware of the developments said.

retail investors are now buying big into the initial share sales of high-risk small and medium enterprises (SME), an exclusive HNI bailiwick until recently, seeking to benefit from the stellar listing gains these issuances have lately been generating. What was seemingly a very shallow and restricted market of less than 500 interested parties for each share sale on average four years ago now draws applications that run into six figures. Statistics show from just 408 applicants on average in FY20 and 511 in FY21, these SME IPOs drew a staggering 2,19,000 applications so far in FY25.

Burman family of Dabur and promoters of Jubilant Group, the Bhartias, are separately closing in on a 40% stake in Hindustan Coca-Cola Beverages (HCCB) for Rs 10,800-12,000 crore ($1.3-1.4 billion), said executives aware of the development. This values Coca-Cola India’s wholly owned bottling subsidiary at Rs 27,000-30,000 crore ($3.21-3.61 billion). The two sides submitted bids over the weekend, said the people cited.

India will be one of the «great global superpowers» in the next few decades but it must stay the course on structural reforms to raise its economic growth rate to 8% from 6-7% now, said Nouriel Roubini, professor emeritus at Stern School of Business, New York University. In a conversation with Kotak AMC MD Nilesh Shah, Roubini shrugged off concerns about coalition politics derailing the country's reforms momentum. «I think there is some cohesive view that certain types of reforms have to be done, regardless of who is in power,» he said. China is slowing and external headwinds are gathering force, so India needs to get the reforms direction right and keep going even if the momentum may at times falter, he said. «Whether it's land reform or labour market reform or bankruptcy reform or more financial inclusion, more investment in skills and human capital, more reform of the bureaucracy and provision of public services-the list is very long,» said Roubini, making a strong case for building on the reforms already undertaken.

India has the potential to power the global artificial intelligence (AI) innovations, Microsoft Asia president Ahmed Mazhari said on Saturday. «We feel confident that India will power the AI innovation of the world because we have the skill base, the expertise and the desire to innovate at scale, and Microsoft is committed to that acceleration,» he said. Years ago, India became synonymous with creating patents and as the knowledge services capital of the world, he said, and with AI, there are going to be immense opportunities for the country. Mazhari spoke about various initiatives of Microsoft in AI that are currently operational in India.

youth employability, promoting healthy lifestyles and reducing carbon emissions are key measures for India to «power a billion dreams», prominent business leaders from the consumer sectors said on Saturday. At a panel discussion on 'The India opportunity: Empowering a billion dreams', moderated by Kaushika Madhavan, Asia Pacific leader at AT Kearney, leaders from diverse businesses spotlighted rapid growth in the world's fifth largest economy and stressed on the need for inclusive growth and development at a time when economic recovery is showing sharply divergent trends. «We have got to take India with us… India is a country of opportunities, a country of dreams… we need to have inclusive growth as a lot of India is poor,» said Raymond Ltd chairman and managing director Gautam Hari Singhania.

artificial intelligence (AI), GitHub chief executive Thomas Dohmke said. Dohmke told the ET World Leaders Forum that tens of millions of developers in India are creating the digital public infrastructure of the future, fueling economic growth. GitHub is a developer platform that allows developers to create, store, manage and share their code. The company was acquired by Microsoft in 2018. «Developers drive GDP growth and technological progress to the tune of trillions of US dollars. And the opportunity goes further because software developers are adopting AI faster than any other sector of the global workforce,» Dohmke said.