Indian Financial News

PharmEasy is planning to raise around Rs 2,400 crore ($291.5 million) through a rights issue, at a 90% discount to its peak stock price, to repay a loan from Goldman Sachs. The Mumbai-based epharmacy, which also owns diagnostics firm Thyrocare, is expected to be valued at $500-600 million — down from the high of $5.6 billion two years ago.

Is it mandatory for an Indian resident studying overseas to convert bank savings account in India to non-resident ordinary (NRO) or non-resident external (NRE) account? Also, what conditions will determine one’s residency status for tax purposes?

MS Dhoni has compared his CSK teammate Deepak Chahar with a ‘drug’ while explaining his bond with the pacer. Dhoni and Chahar share a healthy bond with each other having played for CSK together for a number of years. In fact, Chahar is amongst the list of players who got into the limelight in the tutelage of the Indian legend and later got selected in the Indian team.

R Balki's directorial venture 'Ghoomer', starring Abhishek Bachchan and Saiyami Kher, will lift the curtain on the 2023 Indian Film Festival of Melbourne (IFFM) on August 12. According to the makers, the film narrates «a triumphant story of a paraplegic sportsperson (Kher), who excels as a cricketer under the guidance of her coach (Bachchan).» The story is co-written by Balki, known for 'Cheeni Kum' and 'Ki and Ka', with Rahul Sengupta and Rishi Virmani. In a joint statement on Monday, Balki and Bachchan said they are honoured to open the IFFM with 'Ghoomer'. «It's indeed an honour and pleasure for us that 'Ghoomer' will be the opening film at the IFFM. Ghoomer is a story of turning adversity into advantage. A story of innovation when faced with extermination. »'Ghoomer' is a tribute to sport and the reservoir of human resilience. It's only fitting for a film that believes that 'Sport makes life worth living' to be launched in the sport capital of the world, Australia, land of the MCG. Welcome to the first preview of 'Ghoomer'," they said.

Binance, the world's largest cryptocurrency exchange, is drawing traders in India to buy and sell cryptos on its platform while letting them cut deals in rupees — by either online fund transfers from domestic bank accounts, or using services like G-pay, or even physical delivery of cash. Here's a case where an overseas exchange is offering an 'escrow service' that virtually matches a local buyer and seller in an offshore marketplace though the payment is settled here in INR. The transactions are learnt to have attracted the attention of regulators in India. Technically, Binance may not be breaking any law here as it is not running a rupee bank account but simply acting as a neutral third-party, providing an 'escrow facility' for transfer of cryptocurrencies which are anyway not recognised as legal tender. However, chances are that the local traders, putting in 'advertisements' for buying or selling cryptos on the Binance site, which is replete with Indian log-in names, may be overstepping rules on exchange control and anti-money laundering.

US Federal Reserve to increase interest rates by 25 basis points this month. Meanwhile, several Fed officials said additional interest rate hikes are needed to bring down inflation that is still too high, but the end to the US central bank's current monetary policy tightening cycle is getting close, Reuters reported. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 11th July In Japan, Nikkei 225 gained 0.6% and the Topix rose 0.3%.

Spain's Navantia and Larsen & Toubro on Monday signed a Teaming Agreement (TA) in the premises of the Spanish Embassy here, with the purpose of submission of a techno-commercial bid for the Indian Navy's prestigious P75 (India) submarine program. The agreement was signed in the presence of SN Subrahmanyan, L&T CEO & MD and Augustin Alvarez Blanco, Naval Construction Vice President, and Member of the Board- Navantia. Larsen & Toubro and Navantia, Spain signed a Teaming Agreement (TA) for the purpose of submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

By Mayank Bhardwaj and Sumit Khanna

₹25 crore compensation from the company in the United Kingdom, after her bullying claim was upheld. The compensation settlements is being dubbed as one of the largest made till date.  The employee Kam Jhuti, had claimed that she had been intimidated and harassed by her boss after she raised concerns that a colleague had secured their bonus illegitimately. The claim made dates back to an incident eight years ago.

Jayshree Ullal and Indra Nooyi are among four Indian-origin women who have made it to the Forbes list of America's 100 most successful self-made women, with a combined net worth of a $4.06 billion. Diane Hendricks, Cofounder, ABC Supply--one of the largest wholesale distributors of roofing, siding and windows in America-- with a $15 billion net worth, retained the top slot followed by musician Rihanna, having a net worth of $1.4 billion. This year's list has eight entrants, including television producer Shonda Rhimes and Insitro CEO Daphne Koller.

New Delhi: Engineering behemoth Larsen & Toubro (L&T) has signed a teaming agreement with Spanish building company Navantia for the P75 (India) submarine programme to deliver six submarines. Valued at over 4.8 billion euros, the P75 (India) submarine programme is the country's largest defence acquisition.

₹288 crore in markets on July 10. Global sentiment was cautious ahead of key macro data and corporate earnings in the week ahead. As per the NSE data, FIIs cumulatively bought ₹8,128.05 crore of Indian equities, while they sold ₹7,539.57 crore --- resulting in an inflow of ₹588.48 crore.

Ease of Doing Business for MSMEs: The Indian government held discussions, on Saturday, bringing together key domestic and international players in the toy industry in India to promote and explore opportunities in the Indian toy sector, as reported by the Press Trust of India.

rupee ended higher on Monday, snapping a four-session losing streak, as weaker-than-expected U.S. jobs data lowered expectations that the Federal Reserve would be more hawkish than previously anticipated. The rupee ended up 0.2% at 82.5650 to the dollar, compared with 82.74 and recorded its best session since June 16.

New Delhi: Domestic pharmaceutical industry will likely hit $57 billion by FY25, along with expansion in operating margins by 100-150 basis points (bps), according to a report by CareEdge Ratings. During FY18 to FY23, the Indian pharmaceutical industry has logged a a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. In FY23, the Indian pharma market saw a year-on-year growth of nearly 5%, reaching $49.78 billion.

nonfarm payrolls witnessed the smallest monthly gain in over two years as it increased by 209,000 jobs in June, below the expectations of 225,000. The unemployment rate also slipped to 3.6% from 3.7% in May, indicating a tight labour market. The report comes after the minutes of the US Federal Reserve’s June meeting reiterated that more rate hikes are coming.  “The US 10 year bond yield surged to 4.09% on hopes of aggressive Fed rate hikes especially after the US ADP private sector jobs data surged to the biggest monthly increase since July 2022.

Indian Oil Corporation Ltd. fell 1.26 per cent to Rs 98.0 in Monday's trade as of 01:13PM (IST) even as the benchmark Nifty ruled at 19381.8, up 50.0 points. The scrip had closed at Rs 99.25 in the previous session.

Also read: Vande Bharat's new look REVEALED, to soon look like this. . .

inflation data this week, including the US consumer price index, and the start of another corporate earnings season. Bond markets were volatile after a recent sell-off drove yields to multi-year highs in the US, making equities less attractive in comparison. In the US, the June CPI report is scheduled to be released on Wednesday, which is forecast to show headline inflation slowed to its lowest level since early 2021 at 3.1%, with the core easing to 5.0%, Reuters reported.

According to Schengen Statistics, Algerian nationals were refused Schengen visa applications the most in 2022, with a total of 179,409 visas not being issued with the total rate of not issued uniform visas reaching 45.8 per cent. The list of top ten countries with the highest Schengen visa rejection rates for 2022 also included countries like Turkey, Morocco and Russia, which had 120,876, 119,346 and 68,753 visa applications rejected, respectively.

NEW DELHI : Indian companies are expected to deliver their strongest earnings growth in seven quarters, as declining input costs bolster profitability. While banks and automobile sectors are seen to be leading drivers of overall profits in the June quarter, several more sectors are expected to contribute to the earnings momentum. “Softer commodity and fuel prices could lead to an expansion of margins for fast-moving consumer goods (FMCG), auto, and allied sectors," said Deepak Jasani, head of retail research at HDFC Securities Ltd.