International Financial News

Afcons Infrastructure surged 8.4% to Rs 461.7 on the NSE after their weak debut on the exchanges on Monday. The stock debuted at Rs 426 on the NSE, reflecting a discount of Rs 37 or 8% over the IPO price of Rs 463. Meanwhile, the stock debuted 7% lower at Rs 430 on BSE.

Government of India has invited applications for the post of RBI deputy governor by November 30 to replace incumbent Michael Patra at the Reserve Bank of India (RBI). Applicants need to have at least 25 years of work experience in public administration or similar years of experience in an Indian or international public financial institution. The government will also consider persons of exceptional merit and track record at the national or international level in the relevant fields. However, the Financial Sector Regulatory Appointments Search Committee (FSRASC) is free to identify and recommend any other person also, based on merit, who has not applied for the post, an advertisement in newspapers and also on the RBI website said.

Subscribe to enjoy similar stories. Before Larsen & Toubro Ltd’s (L&T) September quarter (Q2FY25) earnings were out on Wednesday, its shares had fallen by 7% over the previous month. Weak government spending in the first half of FY25 due to the general elections and global geopolitical tensions were anticipated to mar L&T’s order inflows last quarter.

BSE 500 index has gained 34.5% during this period, partly riding on the continued strength exhibited by the domestic economy and a healthy earnings footprint of India Inc. The market has powered on amid intermittent hiccups, including rising geopolitical tensions, concerns over global recession and a slowdown in China. Mid and small caps, as well as PSU stocks, have put on a show, as Indian stocks have continued to outperform global peers. Stocks fund managers are betting on Domestic equity fund managers, leaning on wisdom gained from previous market cycles, have tempered their excitement. These market mavens have raised vigilance, pulling various risk levers to build portfolios capable of showing better resilience in preparation for tougher roads lying ahead. In this eleventh edition of Most Wanted Stocks, we have zeroed in on a basket of stocks that have been consistently favoured by mutual fund managers. These six stocks have seen a gradual rise in mutual fund holding for four consecutive quarters since September 2023.

Stocks continued with last year’s chosen six. The 2023 basket of fund managers’ favourites clocked 31.5% versus 30.8% gain in the BSE 500 index. Sharp gains in Muthoot Finance, Coromandel International and ICICI Lombard contributed to the overall outperformance. After 10 editions of the Most Wanted Stocks, we can proudly say that seven out of 10 portfolios have beaten the index. The most outsized gains have come from our 2022, 2019 and 2018 portfolios. The 2015 and 2016 baskets also fared well, while excess return in the 2014 portfolio— first edition of the Most Wanted Stocks—was modest. As is typical in investing, returns from most baskets have been powered by outsized return from 2-3 positions. The year 2019 is the only exception, where all bets have delivered a healthy return. The 2020 portfolio also fetched healthy return with all bets in the green but still lagged the broader index. The portfolios of 2017 and 2021 have let us down badly, running into losses. While the 2017 basket was crippled by two NBFC bets, the 2021 basket was tainted after seeing red in four out of seven bets.

Reserve Bank of India (RBI) seeking integration with its Centralised Information Management System (CIMS) platform, aiming for real-time verification of limit utilisation under the Liberal Remittance Scheme (LRS), said people familiar with the development. Under the LRS, Indian citizens are allowed to remit up to $250,000 per financial year for various permissible transactions. The move can also fast-track the inclusion of international credit card spending under LRS regulations, according to the people.

Insolvency and Bankruptcy Code (IBC) to address future challenges in corporate recast effectively. In an internal communication dated October 30, the ministry said: «The Code's adaptability to evolving business landscapes ensures that it remains dynamic and responsive, while its continuous refinement will be essential for effectively addressing future challenges in insolvency management and corporate restructuring». The communication to stakeholders comes ahead of the government's plan to introduce a raft of amendments to the IBC in the winter session of Parliament, likely in December.

India players will be decided after the tour of Australia as the BCCI evaluates the shocking 0-3 drubbing against New Zealand at home while rolling out a structured phaseout policy before the start of the next WTC cycle. There is a high possibility that the five-match Test series against Australia could be the final one for at least two of the four seniors among Rohit Sharma, Virat Kohli, Ravindra Jadeja and Ravichandran Ashwin, who are in the last leg of their international careers. «Look, I don't think we can look that far ahead. It's important to focus on the next series, which is Australia,» Rohit said when asked for his thoughts on India's Test future given there is limited time left in his captaincy. «I'm not going to look beyond Australia series. Australia series, for us is now very, very important. We will try and focus on that rather than thinking what happens after,» he said.

Subscribe to enjoy similar stories. ZURICH—Sneaker brand On first grabbed attention with a sole full of holes. Now it is betting on a shoe that is made with a spray and feels more like a sock.

Pakistan International Airlines (PIA), the Punjab government, led by Chief Minister Maryam Nawaz, has also expressed interest in either purchasing the national carrier or establishing a new provincial airline, tentatively named "Air Punjab." On Saturday, Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif confirmed that his daughter and Punjab Chief Minister Maryam Nawaz had sought his advice on whether the provincial government should pursue the acquisition of PIA or launch a new airline, Dawn reported. «Maryam proposed that the Punjab government launch a new airline, Air Punjab, and I advised her to proceed with further consultations on the potential acquisition of the PIA,» Sharif shared from New York.

Subscribe to enjoy similar stories. India’s 2020-21 Economic Survey had observed, “Never in the history of sovereign credit ratings has the fifth largest economy in the world been rated as the lowest rung of the investment grade (BBB-/Baa3). Reflecting the economic size and thereby the ability to repay debt, the fifth largest economy has been predominantly rated AAA.

The ad has sparked a wave of excitement on social media, with fans celebrating this unexpected collaboration. “2024 unexpected collab,” wrote one fan, while another expressed admiration, saying, “Mega superstar SRK!” Another enthusiastic fan added, “King for a reason.” Shah Rukh’s presence in this high-profile ad has reaffirmed his reputation as an international icon, and the collaboration has been seen as a recognition of his influence far beyond Bollywood.

Reasons to buyReasons to avoidAlso read: Travel in style with exclusive Amazon Great Indian Festival deals on luggage: Over 80% offThe Scarto Small Cabin Check-In Suitcase is perfect for those who prefer a smaller, more compact option. Despite its size, this suitcase offers ample storage space, durable construction, and smooth-rolling wheels.

Islamic Cultural Centre located on Riverside Drive in New York City, hundreds of Muslims from in and around the neighbourhood join the Friday prayers. One of the main 'dua' made after the prayer is for the people of Gaza. Ali, a corporate professional, is a regular worshipper here, particularly on Fridays. He says the international issues are overshadowing the domestic concerns of the community in November 5 presidential elections. «There are plenty of issues, but I don't think anything comes close to what we are seeing in Gaza. There is a large part of the Muslim community that isn't feeling comfortable with the words and the actions of the candidates,» he said.

Ammunition cartridges were found in the pocket of a seat on an Air India flight AI916 flying from Dubai to New Delhi after it landed at New Delhi airport, an Air India spokesperson said on Saturday. The flight landed at New Delhi Airport on October 27 and all the passengers were safely disembarked from the flight. Following this, a complaint was lodged with the Airport Police by Air India strictly adhering to the laid down security protocols.

P K Mishra has affirmed India's commitment to the Sendai Framework for disaster risk reduction and called for increased international collaboration on knowledge sharing, technology transfer and sustainable development to enhance disaster resilience globally. Mishra said this while participating in the G-20 Disaster Risk Reduction Working Group (DRRWG) ministerial meeting in Belem, Brazil, according to an official release. He led a high-level Indian delegation which took part in the meeting held from October 30 to November 1. With the active participation of the Indian delegation, a consensus was arrived at on finalising the first ministerial declaration on Disaster Risk Reduction (DRR), the release issued by the Union Ministry of Home Affairs said.

ICICI Bank has changed its pricing structure and lowered incentives on various credit cards, affecting services like as insurance and food purchases, airport lounge access, fuel surcharge waiver, and even late payment fines. ICICI Bank notified its credit card customers through SMS about the changes. Here's a look at what changes for ICICI Bank credit card clients, according to an SMS received by the bank.

Daylight saving time ends in the US at 2 am local time on Sunday, giving residents an extra hour of sleep. Clocks should be set back an hour before going to bed. This change will last until March 9, when daylight saving time resumes. Adjusting to the spring forward change can be harder on the body, with studies indicating an increase in heart attacks and strokes immediately after the change due to disruptions in the internal body clock. The fall back change is generally easier, but still requires some adjustment in sleep habits. The transition to shorter days can be challenging for people with seasonal affective disorder, a type of depression linked to reduced sunlight in fall and winter. Health groups, such as the American Medical Association and the American Academy of Sleep Medicine, suggest eliminating time switches and maintaining standard time for better alignment with human biology.

An airline passenger is sitting in jail in Virginia after being accused of an unprovoked attack on a fellow passenger who was sleeping

Basel Adra, a Palestinian, and Yuval Abraham, an Israeli, spent five years making a movie that depicts daily life in Adra’s village under Israeli occupation