Mauritius Financial News

Another major concern is the surcharged geopolitical situation in the Middle East with heightened tensions between Iran and Israel. These will keep the markets on tenterhooks in the near-term, he added.

Nifty 50 ended with weekly gains of 0.4% amid significant volatility and a sell-off in bluechip stocks on Friday after concerns of greater scrutiny on investments done from Mauritius soured D-Street sentiments. When markets resume trading on Monday, a host of important domestic and global events lined up during the holiday-truncated week are likely to impact them. Commenting on last week's action, Santosh Meena, Head of Research, at Swastika Investmart, said that Nifty surrendered most of its gains on Friday dragged by US inflation concerns, geopolitical tensions, and selling by Foreign Institutional Investors (FIIs).

₹13,347 crore worth of Indian equities and the total inflow stands at ₹15,706 crore as of April 12, taking into account debt, hybrid, debt-VRR, and equities, according to National Securities Depository Ltd (NSDL) data. The total debt inflows stand at ₹1,522 crore so far this month. "There is slight deceleration in debt flows which stood at ₹1,521 crore.

foreign portfolio investors’ (FPIs’) investment in Indian equities jumped to Rs 13,347 crore in April taking the total tally to Rs 24,240 in 2024 so far. After remaining net buyers in March and February, FPIs continued their buying activity in April, too. The net purchases in March stood at Rs 35,098 crore while it was Rs 1,539 crore in the previous month.

Income Tax Department on April 12 said that the amended India-Mauritius protocol on the double taxation avoidance agreement (DTAA) is awaiting ratification and notification by the department, as per a PTI report. On March 7, 2024, India and Mauritius signed an amendment to the DTAA, introducing a principal purpose test (PPT) aimed at curtailing tax avoidance. The PPT ensures that treaty benefits are granted only for transactions with a genuine purpose, addressing concerns over tax avoidance.

₹2.54 trillion on the NSE. While some experts said investors were spooked by concerns over escalation of the Middle East crisis, a delay in rate cuts by the US, and an amendment to the India-Mauritius tax treaty, others pooh-poohed these concerns and said the correction was expected and healthy. The sectors that saw the highest profit booking were banking, IT, infra, oil and gas, and pharma.

Income Tax department on Friday issued clarifications regarding the recent amendments to the India Mauritius Double Taxation Avoidance Agreement (DTAA) that have sparked concerns among stakeholders. The department said that the Protocol pertaining to the amendment is yet to be ratified and notified under Section 90 of the Income-tax Act, 1961.

BENGALURU : Elara India Opportunities Fund (EIOF), an entity registered out of the island country of Mauritius, was once big on Adani stocks. At the end of December 2022, it owned 1.6% in Adani Enterprises Ltd, 3.62% in Adani Energy Solutions, and 1.62% in Adani Total Gas Ltd. Elara has since pared its ownership in the Adani companies, but has been busy betting big on Indian small-cap stocks.

«There used to be the provisions like general anti avoidance rules like GAAR, which required the investors like FPIs who are based in Mauritius need to have substance in Mauritius in order to claim the benefit of India-Mauritius tax treaty,» says Punit Shah, Partner, Dhruva Advisors. Let us talk about this treaty and this change that we are making. What is the impact that one should actually expect from this? Is it too much of a worry for investors from Mauritius? Essentially what it says is that India-Mauritius tax treaty was there for several years now. It provides capital gains tax exemption on the equity shares, on derivatives, on debt instruments. The treaty was amended in 2017 where the capital gains exemption on equity shares was taken away and the capital gains exemption on the derivatives and debt instruments did continue.

Nifty also shed nearly 1% with foreign investors believed to have offloaded stakes in bluechips as those investing from Mauritius may now face greater scrutiny. Smallcaps and midcap indices were largely unaffected in today’s sell-off. Within the Nifty family of 50 stocks, Sun Pharma fell around 4% while Maruti Suzuki, Titan, Cipla, JSW Steel, Power Grid and ONGC were trading around 2% lower. Pharma stocks with the biggest loser with Nifty Pharma retreating by around 1.5%. All sectoral indices were trading in the red.

IIFL Finance, a prominent non-banking financial company (NBFC) specialising in retail credit, have recently witnessed a notable resurgence. This rebound follows a significant sell-off observed in the first three weeks of March, triggered by RBI restrictions on its gold loan disbursements. Over the past four trading sessions, the stock has surged by 23%, showcasing a remarkable recovery.

Mauritius are set to face greater scrutiny of their investments, with the two countries inking a protocol to amend their double-taxation avoidance agreement. This could also open exits of past investments to questioning, with no grandfathering provisions likely to insulate them from the amended rules, experts said. The stock market ignored the development, rallying past the 75,000 mark on Wednesday.

Invesco, which oversees investments of about Rs 86,000 crore in India, has signed an option deal to sell its remaining 40% stake in the local mutual fund business to Hinduja Group-owned IndusInd International Holdings (IIHL) as part of a broader plan to exit an increasingly competitive geography for foreign players, two people familiar with the deal said. On Tuesday, it announced the sale of a 60% stake in Invesco Asset Management India to IIHL. Invesco AMC Valuation at Rs 2,500 cr

Mint, Sinha said the company is shifting its focus to round-the-clock (RTC) renewable energy projects, and highlighted its preference for battery energy storage systems due to their shorter setup times for grid-scale implementation. ReNew has a joint venture with US-based Fluence to offer energy storage solutions in India.

MUMBAI : To capitalize on the country’s rising equity investment trend, especially through mutual funds, IndusInd International Holdings Ltd. (IIHL), a Mauritius-based investment firm led by the Hinduja brothers, said on Tuesday it has entered into an asset management joint venture with Atlanta-based fund management group Invesco Ltd.

MUMBAI : IndusInd International Holdings Ltd, a Mauritius-based investment firm led by the Hinduja brothers, has agreed to acquire a 60% stake in Invesco Asset Management India Ltd to form an asset management joint venture. Other deal terms weren’t disclosed.

₹2,230.78 crore. Sanlam Emerging Markets Mauritius Ltd said in a statement that it will increase holding in Shriram General Insurance Co. Ltd by 10.74% and in Shriram Life Insurance Co.

India's defence exports have witnessed a significant surge in 2023-24 with a growth of ₹21,083 crore. In fact, the last few financial years have witnessed steady and methodical increase in India's defence exports to countries including the Seychelles, the Maldives, Mauritius and Ecuador. These y-o-y increases started primarily in 2017-18, with the trajectory of defence exports hitting ₹4,682 crore, followed by a significant jump to ₹10,745 crore, which represented an increase of an impressive 129.49% in 2018-19. Then, a dip of 15.16% in defence export performance in 2019-20 to ₹9,115 crore was induced by the pandemic. A further decrease ensued in 2020-21, due to the continuation of Covid, by 7.47% to ₹8,434 crore. The decrease in 2019-20 and 2020-21 was not as precipitous as the surge in defence export growth in the pre-pandemic phase. In the post-pandemic phase, defence exports regained their footing with an increase to ₹12,814 crore in 2022-23, which was higher than in the pre-pandemic year of 2018-19 when exports actually experienced a significant rise.

Mumbai: Homegrown Care Ratings Ltd plans to start its sovereign debt ratings service with countries in Asia and Africa, followed by Europe in the long term, a top executive said. The agency, which is creating a subsidiary in GIFT City for the purpose, will start with countries where it already has some presence, such as Nepal, Mauritius and South Africa. The board of Care Ratings last month approved setting up CareEdge Global IFSC Ltd for the purpose, managing director and group chief executive of CareEdge—a group level brand identity—Mehul Pandya said in an interview.

government Tuesday allowed exports of Kala Namak rice up to an aggregate quantity of 1,000 metric tonnes through six specified customs stations. Their exports were prohibited till now. “Authorized signatory for certification of Kala Namak rice and its quantity will be Director, Agriculture Marketing & Foreign Trade, Lucknow,” the Directorate General of Foreign Trade said in a notification. Kala Namak is a premium non-basmati rice variety grown in Uttar Pradesh.

Nilam Resources has signed a letter of intent with Xyberdata to buy $1.70 billion worth of bitcoin amid the ongoing crypto market rally.