FIVE Financial News

₹5,000 in 1985 to a staggering ₹35,000 crore by 2022, the life journey of India's Big Bull, the late Rakesh Jhunjhunwala, stands as an investment masterclass. He was often referred to as India's Warren Buffett though he would humbly say that Buffett was ‘far ahead of him’. “It’s not a fitting comparison (with Warren Buffett)," he had once told news agency Reuters in an interview in 2012.

Himachal Pradesh, said Deputy Commissioner Aditya Negi on Monday, adding that the rescue operation is still underway to take out people trapped under the debris. “15 to 20 people feared buried in two incidents of landslide in Shimla, rescue operations underway," Negi said as quoted by the news agency PTI. In Solan, a cloudburst in Jadon village left seven members of a family dead, according to police officials.

Croma is presenting an array of bundled deals through exchange and payment options, in addition to the markdowns. Customers with ICICI Bank credit cards have the opportunity to acquire a 10 per cent discount (capped at ₹750) for a minimum transaction worth Rs. 10,000.

While SCSS is undoubtedly one of the safest investment avenues for senior citizens, those who want to take some risks may explore mutual fund investments for higher returns. However, any such step should be taken only after consulting a professional financial advisor.

Gurgaon’s real estate market has witnessed the highest growth in demand among India’s top cities during the second quarter of 2023. The growing demand for housing, coupled with a significant drop in supply, has set the stage for an intriguing market landscape, prompting an increase in average rates and reshaping the region’s real estate dynamics.

(Reuters) -As the world's central banks near the end of what has felt like a relentless string of interest rate rises, investors are taking a close look at how consumers and businesses are dealing with some of the tightest credit conditions in over a decade.

Landslides triggered by incessant rains have blocked traffic on various roads, including national highways, affecting the movement of people in Uttarakhand.

ISRO) is expected to conduct another orbit reduction maneuver of the Chandrayaan-3 spacecraft to take it closer to the surface of Moon, on August 14. The action is likely to take place between 11:30-12:30 pm today. The spacecraft had moved closer to the Moon's surface on August 9 after it underwent another orbit reduction maneuver.

Around 43 schemes from contra, ELSS, flexi cap, focused, large & mid cap, mid cap, multi cap, and small cap categories offered more than 20% returns in three years. Large cap fund and value categories failed to offer more than 20% returns in the three-year horizon. There were 26 large cap and 14 value funds that have completed three years in the market. The top performing schemes offered more than 35% in three years. Bank of India Small Cap Fund topped the return chart with 37.11% returns, followed by Canara Robeco Small Cap Fund (37.08%) and Quant Small Cap Fund (36.15%). Around eight schemes offered more than 30% in three-years.

El Nino's dry weather threatens to further dent coffee production in Indonesia, the world's fourth largest grower, after excessive rains dragged down output to its lowest in more than a decade, driving global prices to all-time highs. Lower coffee output in Indonesia, which mainly produces robusta beans — having a bolder and more bitter flavour than the arabica variety — could trigger more gains in prices which have climbed more than 40% in 2023 and hit a record high in June.

Russian shelling killed seven people, including a 22-day-old infant, and wounded at least 22 in Ukraine's southern region of Kherson on Sunday, prompting local officials to declare Monday a day of mourning and President Volodymyr Zelenskiy to promise justice.Kyiv reclaimed part of Kherson from Russian occupation last November but Kremlin troops have continued shelling the regional capital and areas around it from across the Dnipro River. Five people were killed in the village of Shyroka Balka, including a 22-day-old girl, her 12-year-old brother who died from serious injuries in hospital, and their 39-year-old mother, Olesia, Zelenskiy said. «The terrorists will never willingly stop killing civilians,» Interior Minister Ihor Klymenko wrote in a Telegram post.

The economic transformation that climate change is forcing on the economy will “reshape the balance sheets of the Australian banks” and “some will fare better than others”, former National Australia Bank chairman Ken Henry says.

Netflix's August 2023 line-up brings an array of new content, including movies, series, specials, and games, both Originals and licensed titles. Below is a summary of the incoming offerings.

IDBI Bank was at the heart of Indian industrialization pre-2000 but collapsed under its own weight. After a turbulent phase, it is being readied for privatisation as a turnaround story. The bank's chief executive Rakesh Sharma tells Joel Rebello and MC Govardhana Rangan that the transformation journey has burnished the allure of the lender that, at one point in time, had the highest bad-loan ratio relative to the funds advanced.

banks to the government-backed bad debt aggregator National Asset Reconstruction Co (NARCL) have stalled once again due to differences over specific wordings of the agreement between the entities, people familiar with the matter said. «NARCL has insisted on banks signing an agreement which absolves NARCL from any future liabilities arising from the assets sold like fraud cases or investigations from government agencies. Banks have refused to do this, resulting in a stalemate,» said a person aware of the matter.

Vanna White has held the co-host position on Wheel of Fortune, setting a record as the longest-serving game show hostess in American TV history. Renowned for her elegant presence and adept wheel-spinning finesse, she has become an iconic figure on the show. Yet, her recent absence has ignited speculations about her departure from the show she has graciously hosted for over forty years.

European Union has raised data privacy concerns at the meta information portal that India has proposed for the micro, small and medium enterprises (MSME) of the G20 countries. The portal is sought to have details of MSMEs of every G20 member including the sectors and products they deal with. Establishing an online digital portal is crucial as it would offer integrated research, trade and business information for market research by the MSMEs. «Some members, including the EU, have raised data privacy concerns. They have asked how will the portal and data be managed,» said an official. Officials said that setting up the MSME portal is one of the three high-ambition goals, an outcome on which is being seen at the upcoming G20 Trade and Investment Ministerial meeting in Jaipur from August 24 to 25.

NEW DELHI : The Union government is likely to disburse up to ₹600 crore to South Korea’s Samsung Electronics Co. Ltd for the first year under the production-linked incentive (PLI) scheme for mobile phone manufacturing, three people aware of the development said. This would be the largest payout ever under the scheme, the first in a series of similar schemes rolled out to incentivize domestic manufacturing.

ICICI Prudential Life Insurance Company Anup Bagchi has got his task cut out and given his banking background, his focus is on simplifying Life Insurance products. In an interview, Bagchi said just like the Indian Premier League (IPL) changed the way people watched cricket, consumers need simpler life insurance products, and insurers need to design a simpler process of onboarding customers for complex products. Earlier an executive director at ICICI Bank, he was named CEO for five years starting 19 June.

₹1.75 trillion Gautam Adani-led company’s resistance to conduct an independent external evaluation. As a “material weakness" identified as at 31 March, Deloitte said, “The company (Adani Ports) did not have an appropriate internal control system in respect of conducting an external examination of allegations made on the company." Deloitte said Adani Ports did not have adequate internal control system to even examine veracity of allegations ( made by Hindenburg) on related party relationships, which could potentially result in possible adjustments or disclosures of related party relationships, balances and transactions in the standalone financial statements.

We are a family of four, including my parents and my elder brother. My father is planning to sell fives acres of ancestral agricultural land in our native place, a village that is around 2-5km from the nearest municipality and share the proceeds equally among all four of us. What are the tax implications of above sale? In what proportion should the proceeds be divided? My father intends to transfer the proceeds to each of our bank accounts. Are any documents necessary for such bank transfers so that all family members have proper proof to explain the source of this income if this is raised by the income tax department? —Name withheld on request Agricultural land in India does not qualify as a capital asset (Section 2(14)), unless it is situated as follows: a) In any area within the jurisdiction of a municipality/ cantonment board, with a population* of 10,000 or more; or b) In any area (distance measured aerially): • Within 2km of the local limits of any municipality/ cantonment board with a population of more than 10,000 but within 100,000; • Within 6km of the local limits of any municipality/ cantonment board with a population of more than 100,000 but within 10,00,000; • Within 8km of the local limits of any municipality/ cantonment board with a population of more than 10,00,000.