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Siddaramaiah on Thursday urged the 16th Finance Commission to cap cess and surcharge at 5% of gross tax revenue and move collections above that into the divisible pool for sharing with the states. Cess and surcharge are not part of the divisible pool. Over the years the union government has increased its reliance on cess and surcharge. This has caused substantial loss to all the states. The loss to Karnataka on account of the non-sharing of cess and surcharge was Rs. 53,359 crore during the five-year period from 2017, the CM said, addressing Chairman Arvind Panagariya and other visiting members of the Commission. The CM pressed for vertical devolution to states to be at least half of the divisible pool. All non-tax revenues of the Centre too should be included in the divisible pool. “Economically advanced states are committed to supporting poorer states, but this should not come at the expense of their own residents or economic efficiency. A larger proportion of resources generated by the states should be shared with them.”

billionaire every five days in the last one year and took the total count of US dollar billionaires to cross the triple-century mark for the first time. The 2024 Hurun India Rich List shows that India now has 334 billionaires by adding 75 compared to the last year.

REC rallied 2% to Rs 552.35 and 3% to Rs 636.15, respectively, as global brokerage UBS initiated coverage on the stocks, viewing them as key financiers for high-growth renewable power generation and infrastructure capex. UBS has given both stocks a buy rating, with a target price of Rs 670 for PFC and Rs 720 for REC.

MUMBAI: Raj went through a divorce five years ago and is now remarried to Anita (who is also divorced from her husband). Raj has two children from his previous marriage and one from his new marriage. Anita has one child from her previous marriage as well. Raj hasn’t formally adopted the child of Anita’s previous marriage. 

Breakout stocks to buy or sell: Following a rally in the US stock market, the Indian stock market ended higher for the tenth straight session on Wednesday. The Nifty 50 index climbed to a new peak of 25,129.60, finished 34 points, and closed at 25,052. The BSE Sensex added 73 points and closed at 81,785, whereas the Bank Nifty index ended 134 points lower at 51,143.

Anshul Saigal, Founder, Saigal Capital, says putting new money in spaces that have done well recently and where you are chasing returns is a fool's paradise. It is that space where an investor can burn his fingers and then be out of the market for the next four to five years and come back again when the markets are at peak. That is not the space to look at now. It is really the Nifty 50 and the large-caps which have relative value. If you want to put new money to use, it is there that you should be investing. Do you think the underperformance in banks is finally coming of age because while the Nifty is still at a fresh all-time high, so are a lot of other individual indexes, which is not quite the case with Nifty Bank? Anshul Saigal: Yes, banks have been a rank underperformer in the last six-eight months. While other segments of the market have rallied as they have, banks have done nothing. Some of that is because banks have been in over-owned space in the last so many years. Because they are about 30% to 35% of the index as a constituent, banks are highly owned by the Street and at this time even though valuations look reasonable because of certain headwinds on their operations, banks are not the favoured space.

Abhishek Basumallick, Founder & Chief Equity Adviser, Intelsense Capital, says IT looks to be picking up. Chemicals, look interesting, as are pharma, auto, and auto ancillaries. Basu mallick says he is fairly bullish on the Indian manufacturing theme, not only for the near future but at least for the next three to five years. India is focusing on manufacturing and we are seeing changes happening slowly. This is a definite theme. It is not going to happen overnight. The results are going to take five years, maybe even a decade to play out. Markets are again hitting fresh highs, at least the Nifty. But given the current scenario and the valuations in the market, is it advisable to go all in? Abhishek Basumallick: The markets have been slightly on the expensive side for a while now. Globally, other than the US, we are the only market where we are seeing strong GDP growth and strong business performance. I doubt if the Indian markets are going to get cheap anytime soon. We might see intermediate corrections once in a while and that is par for the course in a bull market. But I do not see that valuations are going to be very cheap anytime soon.

«And if the crude oil prices remain low, then in such situation, derivatives of crude oil prices including the energy cost and which is a raw material for metals, I would think that this is going to be directionally very positive,» says Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd. Is that a challenge at all for Trent you believe, sitting at life-high levels? What would be your recommendation for people on Trent? Deven Choksey: Well, my understanding of the subject is that currently most of the aspects about the business are fully factored into the price. When you look at the valuations, it expresses all. So, from a valuations perspective, the stock is adequately covered on every aspect. However, having said that, important point to observe here that majority of the funds who have been holding on this stock for the want of second company available in their portfolio of a size, probably they stay limited with likes of DMart, likes of Trent in the portfolio.

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Voters in Ecuador last year approved a referendum to keep some 700 million barrels of crude oil in the ground in Yasuni National Park

Car-buying mistakes are easy to make, especially if you’re in a hurry or have fallen in love with a particular vehicle

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

yaar," she replied. “Oh, get up and smell the coffee." Mairaa took a few seconds to register the smell of freshly brewed coffee and then woke up: “That’s nice," she said, taking a sip. “And why are you glued to your phone at 7am?" “I was reading this very interesting piece on livemint.com," said Vivaan, an engineer working with a software company.

The move comes as part of creating a new fund management structure for the company, especially for its venture capital trusts. Court has been the lead fund manager for the Apollo VCT for five years. In the new role, he will be responsible for overseeing all investments into unquoted companies from Octopus VCTs. Octopus Ventures partner Paul Davidson will succeed Court as lead manager of Apollo VCT, while Simon King will remain as lead fund manager of the Octopus Future Generations VCT. Octopus Investments reshuffles senior leadership team in business restructure As part of the r...

Aam Aadmi Party leader and Rajya Sabha member Sanjay Singh surrendered before a special court here on Wednesday in connection with a 2001 street-protest case and was granted bail. «Sanjay Singh surrendered in the MP-MLA court here. The court granted him bail on a surety bond of Rs 50,000,» his advocate Madan Singh said. The surety was deposited on the directions of the Allahabad High court which had on August 22 stayed the execution of the sentence awarded by the Sultanpur court. The special court had on January 11 last year sentenced the AAP leader to three months of rigorous imprisonment and slapped a fine for obstructing traffic and inciting violence during a protest in Uttar Pradesh's Sultanpur district.

Uttarakhand's Om Parvat last week, sparking concerns among visitors and experts alike. The phenomenon, attributed to scanty rainfall and snowfall in the upper Himalayan region over the past five years, rising vehicular pollution, and global warming, left the iconic peak bare. However, a snowfall on Monday night brought back snow to the revered site.

Also Read: Here is what to keep in mind when investing with a new fund house “For an investor looking for a passive approach to investing in stock markets, with a well-diversified portfolio across market caps, this can be an alternative," said Arun Sundaresan, head, exchange traded funds, Nippon Life India Mutual Fund. The Nifty 500 equal-weight index has delivered annualized returns of 30% over the last five years, vis-a-vis 22% returns delivered by the regular Nifty 500 index. Over a three-year period, the equal-weight index has delivered 25.9% annualized returns against 21% delivered by Nifty 500 index.

A friend from an NGO urged me to name the NGOs that were high on fakeness. Many others expressed similar sentiments after reading my last two columns on how funders have made the world of NGOs more fake and flaky. All put most of the onus of these trends on funders, not on the NGOs—big or small—that are pushed along the dimensions of fakeness and flakiness by individual funders and the dangerous momentum in this sector.

Both funds closed on 8 August, and had become too small to be commercially viable, the firm told shareholders in two respective letters. Regarding the China A Share Equity fund, abrdn said the vehicle had experienced outflows and a «gradual decline» in its net asset value down to around £8.2m as of 29 February. This had fallen further to £5.7m as at 31 July, according to the fund's factsheet.  Fidelity closes UK-domiciled Sustainable Water & Waste fund after less than five years «Small funds face a number of operating difficulties as they are unable to benefit from economies of ...

GDP data for the first quarter of the current financial year is scheduled to be released on 30 August. If these projections hold, it would mark the lowest GDP growth in five quarters. Economists have projected GDP growth in the range of 6.0-7.3% for the quarter.