Country Financial News

CarTrade Tech share price rallied more than 6% on Tuesday, with the stock hitting an intraday high of ₹518.00 apiece on the BSE. The gains in CarTrade Tech shares came after analysts maintained their positive view on the company’s acquisition of Sobek Auto India Private Limited, which includes OLX classifieds platform as well as OLX Autos C2B transactions business.

Also read: Russia's Luna 25 crashes on moon's surface ahead of Chandrayaan-3's landing This mission was Russia's first lunar attempt since 1976 when it was part of the Soviet Union. The United States, the Soviet Union, and China are the only countries to have achieved successful moon landings. Borisov attributed the mission's failure to the interruption of Russia's lunar program for nearly 50 years.

rise of English has made that less necessary. But most people—at least seven of the world’s eight billion—still do not speak English. That leaves options like pantomime, a willingness to be surprised by what arrives at dinner—or, increasingly, technology.

₹900 crore from the primary market and has filed preliminary papers for its maiden public issue. The Vadodara-based Shiva Pharmachem has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Securities & Exchange Board of India (SEBI) for an initial public offering (IPO). Shiva Pharmachem IPO is entirely an offer for sale (OFS) of up to ₹900 crore by the promoter and promoter group shareholders.

«I think it is an interesting trend, as you rightly put it, whenever the interest rates go up to significantly higher level, generally the assumption that all of us make is the cost of capital for companies will rise, therefore it will have an impact on the expansion and for the future growth and therefore the market generally tends to correct,» says A Balasubramanian, MD & CEO, ABSL AMC.So far so good, no one is complaining, I just want to bring your attention to what is happening in the world in terms of the global macro positioning, bond yields are at 15 year high, crude is on a boil again, US economy is doing well, dollar index is rising. When these factors come together, markets historically has gone down but so far both global markets and local markets have resisted the fall.I think it is an interesting trend, as you rightly put it, whenever the interest rates go up to significantly higher level, generally the assumption that all of us make is the cost of capital for companies will rise, therefore it will have an impact on the expansion and for the future growth and therefore the market generally tends to correct.

textile sector which has conventionally served as the bedrock for most of its industrial labour is staring at a gloomy future. Once a thriving sector of Pakistan's economy, the industry now struggles with low exports amid a deepening crisis. The past two years have seen the country’s finances struggling including forex reserves, inflation, debt to GDP ratio, fiscal and current account deficit.

Union Minister Nitin Gadkari is all set to launch the Bharat New Car Assessment Programme today at New Delhi. The intiative aims to highlight the government's commitment towards improving road safety by increasing the awareness around safety standards of motor vehicles of up to 3.5 tonnes.

In France, global warming has been wreaking havoc on this ancient equation for some time. Wine-growing regions across the country have seen seasons truncated—the harvest date in the Châteauneuf-de-Pape appellation, one of the most prized, has moved up almost three weeks since 1960.

EcoSoul Home aims to accelerate the movement towards a sustainable lifestyle by tapping Earth’s most renewable sources. With a diverse range of products in kitchenware, dinnerware and cutlery, the brand claims to drive the 3As of sustainability — awareness, availability and affordability.

BRICS economic alliance, comprising Brazil, Russia, India, China and South Africa, are gathering in Johannesburg's financial district of Sandton for a three-day summit. The meeting is anticipated to witness discussions on ways to consolidate political and economic influence in the developing world, marking a pivotal moment in international diplomacy. China's President Xi Jinping's participation in the summit underscores the nation's continued investment in the BRICS alliance as a vehicle for its strategic aspirations.

Aeroflex Industries Ltd on Monday said it has collected close to Rs 104 crore from anchor investors ahead of its initial public offering (IPO). The company has decided to allocate 95.99 lakh equity shares to 15 funds at Rs 108 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. Societe Generale, Winro Commercial India Fund Ltd, Universal Sompo General Insurance Company Ltd, Nippon India Mutual Fund, WhiteOak Mutual Fund, Bank of India Mutual Fund and Invesco Mutual Fund are among the anchor investors. The IPO consists of a fresh issue of equity shares worth up to Rs 162 crore and an Offer for Sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries. At present, promoter and promoter group members own over 91 per cent stake in the company. The maiden public issue, a price band of Rs 102-108 a share, will open for subscription on August 22 and conclude on August 24.

Uzbekistan – has been maintaining stable economic growth and the re-election of President Shavkat Mirziyoyev has provided tremendous opportunities for prospective Indian investors in the resource rich country. Several sectors in Uzbekistan are open to foreign investments and India is one of the sought after partners. Regular flights between Delhi and Tashkent could further contribute to growth momentum of the Uzbek economy.

It warned, however, that clerical work would likely be the hardest hit, potentially hitting female employment harder, given women's over-representation in this sector, especially in wealthier countries. An explosion of interest in generative AI and its chatbot applications has sparked fears over job destruction, similar to those that emerged when the moving assembly line was introduced in the early 1900s and after mainframe computers in the 1950s. However, the study produced by the International Labour Organization concludes that: «Most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI.» This means that «the most important impact of the technology is likely to be of augmenting work», it adds. The occupation likely to be most affected by GenAI — capable of generating text, images, sounds, animation, 3D models and other data — is clerical work, where about a quarter of tasks are highly exposed to potential automation, the study says. But most other professions, like managers and sales workers, are only marginally exposed, it said. Still, the U.N.

US Federal Reserve has been raising rates since March 2022, lifting the Federal Funds Rate to a 22-year high. However, this has not cooled the US economy down significantly. Most economists believe the US economy will not see a recession in the near future.

BRICS Summit: Prime Minister Narendra Modi will leave for South Africa on Tuesday to participate in the 15th BRICS summit, a grouping of the world economies of Brazil, Russia, India, China, and South Africa. The summit will take place from August 22 to August 24.

Also read: Wildfire spreads on Spain's Tenerife island, forces thousands to flee homes "Some records could be broken, notably on Tuesday in the Rhone valley with 40-42C expected," said the national weather service Meteo France. The heatwave is described as "intense and long-lasting" and arriving "particularly late in the season." This weather phenomenon results from a period of high pressure that has created a "heat dome" over the country. In 2022, following a suffocating summer of record temperatures and forest fires, France, for the most part, experienced a typical holiday period this year, avoiding the intense heat that scorched southern Europe in July.

Xi Jinping has arrived in South Africa, Chinese state media reported Tuesday, where he will attend the BRICS summit in Johannesburg. The state visit will be Xi's second of 2023, after making an official trip to Russia in March. «Chinese President Xi Jinping arrived in Johannesburg on Monday to attend the 15th BRICS Summit to be held here, and pay a state visit to South Africa,» Xinhua news agency said, adding he had been «warmly welcomed» by South African President Cyril Ramaphosa. «Xi said that he is very glad to visit South Africa again and looks forward to having in-depth exchanges of views with Ramaphosa on deepening China-South Africa relations and issues of common interest,» Xinhua said. The heads of Brazil, China, India and South Africa plus Russia's top diplomat will gather from Tuesday to Thursday this week under the theme «BRICS and Africa», South Africa's Foreign Minister Naledi Pandor said this month. Russian President Vladimir Putin — who is sought by the International Criminal Court (ICC) for his role in the Ukraine war — will not attend this year's BRICS conference in South Africa, which is a signatory of the ICC. The Chinese leader previously visited South Africa in 2018 as he sought to enhance his country's diplomatic and economic ties with the continent. On the agenda at this year's summit will be the possible future expansion of BRICS membership, which the bloc has previously indicated it is open to. Several African countries have previously expressed a desire to join the bloc, including Algeria, Egypt and Ethiopia. A total of 69 countries have been invited to the summit, including all African states. BRICS, a loosely-defined group that sees itself as a counterweight to Western economic domination,

Prime Minister Narendra Modi will leave for South Africa on Tuesday to participate in the 15th BRICS summit. It is a grouping of the world economies of Brazil, Russia, India, China, and South Africa. The BRICS summit will be held from August 22-24.

Ecuadorians voted against drilling for oil in a protected area of the Amazon, an important decision that will require the state oil company to end its operations in a region that’s home to two isolated tribes and is a hotspot of biodiversity

DRHP) with capital market regulator Sebi to raise funds through an initial public offering (IPO). The IPO with a face value of ₹2 each is entirely an offer for sale (OFS) of up to ₹900 crore by the promoter and promoter group shareholders. The OFS comprises of sale of shares of up to ₹383 crore by Vishal Rakesh Agrawal, up to ₹383 crore by Rahul Rakesh Agrawal, and up to ₹134 crore by Geetganga Investment Private Limited. The offer is being made through the book building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, 15% for allocation to non-institutional bidders and 35% shall be available for allocation to retail individual bidders. Founded in 1999, Shiva Pharmachem, is led by its founders Rakesh Agrawal, non-executive chairman, Vishal Agrawal, MD, and Rahul Agrawal, non-executive director. As of FY23, it serves over 181 multinational and domestic companies across 22 countries. Its prominent markets include Germany, the US, Switzerland, Italy, and Mexico.JM Financial and Kotak Mahindra Capital are the book running lead managers and Link Intime India is the registrar to the offer.

companies (MNCs) or firms with high foreign holdings have been doling out liberal dividends since the removal of the dividend distribution tax (DDT) in April 2020. Tax experts and market participants said the scrapping of DDT, which results in dividend income getting taxed in the hands of the recipient or the shareholder, has made such payouts a more tax-friendly way of distributing cash for the MNCs. In FY23, the dividend earned by foreign promoters and other overseas investors was nearly ₹1.24 lakh crore compared to ₹53,600 crore in FY20 or ₹53,500 crore in FY19. Till FY20, companies were required to pay Dividend Distribution Tax at an effective rate of 20.56%.