NOT Financial News

Mamata Banerjee of «spreading falsehood» on the issue of notification of CAA, senior BJP leader Suvendu Adhikari on Wednesday said that bonafide citizens need not worry as they will continue to live without any fear. Addressing a public meeting at Ranaghat in Nadia district, the Leader of Opposition in the state assembly asserted that Muslims living in the country for centuries are bonafide citizens and urged them not to be «misled by false claims of Banerjee» as «they will continue to live without any fear or hassle». Claiming that the CAA was a precursor to implementing the National Register of Citizens (NRC) across the country, TMC supremo Mamata Banerjee had on Tuesday said, «I apprehend that existing citizens would automatically be first designated as illegal immigrants and then left at the mercy of the committee to grant them citizenship afresh.» Adhikari also asserted that the law would enable three crore Bengali Hindus, who were forced to emigrate from erstwhile East Pakistan, to get their citizenship rights affirmed once and for all.

Treasury Secretary Janet Yellen weighs in on the state of the economy in a FOX Business exclusive interview.

internet firms Zomato, Swiggy, Flipkart and Oyo have opposed the new regulations on digital competition proposed by a government-appointed committee to pre-emptively regulate abuse of antitrust laws. In a report submitted late Tuesday, the committee proposed a new digital competition law with an «ex-ante» framework to address potential abuse of dominance involving big tech companies. Prior to submitting the report, the Committee on Digital Competition Law had sought stakeholder comments.

Uday Kotak on Wednesday said Indian markets are not in a bubble. There may be some «early froth», and it may be a «little bubbly» but the markets are not out of control, Kotak said, speaking in the presence of top officials from Sebi in a conference organised by the capital markets watchdog. The statement from Kotak, the founder and non-executive director of private sector lender Kotak Mahindra Bank, comes two days after Sebi chairperson Madhabi Puri Buch had said that there are pockets of froth in the small and mid-cap stocks and the regulator is looking into the same to come out with a possible consultation paper.

Axis Bank on Wednesday opposed before the Delhi High Court BJP leader Subramanian Swamy's public interest litigation (PIL) seeking a probe into an alleged fraud committed by the bank to make «undue profits» through sale and purchase of shares in Max Life Insurance. Senior counsel for Axis Bank as well as Max Life told a bench headed by Acting Chief Justice Manmohan that the PIL by the former BJP MP was not maintainable as the issue squarely fell in the realm of a commercial transaction between private entities. Senior advocate Mukul Rohatgi, appearing for Axis Bank and its related companies, argued that the PIL does not state the «class» of individuals for whose benefit it has been filed when the aggrieved shareholders, if any, were capable of coming to court. Senior advocate Neeraj Kishan Kaul, who appeared for Max companies, asserted that the transaction, which was a purely commercial arrangement, has been looked into by the sector regulator.

By Lewis Krauskopf

Read here: February inflation remains steady at 5.1% but food inflation up The marginal fall in India’s headline retail inflation last month was in line with the expectations of most economists and they expect the RBI’s Monetary Policy Committee (MPC) to stay put in the next meeting but may look to cut the repo rate in the second half of calendar year 2024. Madhavi Arora, Lead Economist at Emkay Global Financial Services expects higher food prices to pull headline inflation upwards in March, however, core inflation to ease further, and continue to significantly undershoot headline inflation in FY25 as well. “We see FY25E inflation at 4.8% (FY24: 5.4%), with core at 4.0% (FY24: 4.4%).

New Delhi/Mumbai: Europe’s proposed carbon tax has split the Indian steel industry down the middle, with some companies in favour and others against, even as lobbying to waive or delay the levy continues. The tax, under the carbon border adjustment mechanism (CBAM), would increase costs for Indian steelmakers exporting to Europe, a key destination that is critical for their businesses. The tax has been supported by companies with major operations in Europe, such as Tata Steel.

Also Read: Here are ‘key issues’ that the Citizenship Law may solve To allay fears of discrimination against Muslims in India, the MHA released a statement saying 18 crore Indian Muslims have equal rights like their Hindu counterparts and no citizen would be asked to produce any documents to prove his citizenship. "Indian Muslims need not worry as CAA has not made any provision to impact their citizenship and has nothing to do with the present 18 crore Indian Muslims, who have equal rights like their Hindu counterparts.

Gold prices soared to historic highs this month, and it looks like the bulls may not be done rallying yet.

CA Rudramurthy BV, MD, Vachana Investments, says “for me it is very clear one has to be in largecaps and use this dip to buy only quality stocks, stay away from mid and smallcaps for some more time. Let this leverage effect and all the unsecured loan book issues which are all happening fundamentally, correct for some time and then look into quality mid and smallcap or else do to avoid them very much.” Rudramurthy further says: “ Pick up stocks like Tata Chemicals, Tata Power, HDFC Bank, IndiGo and avoid mid and smallcap and I see some more correction possible in mid and smallcap and only someone who can understand shorting well can even look at opportunity to short this market.” Looking at the markets in the last couple of days just not understanding what trend one should watch out for because in the morning, we saw a bit of a redness, then the Nifty again managed to jump up to the green 22,450 levels. We saw a fall, trading flattish and a jump again.. What is the view on the markets? What is it looking like? CA Rudramurthy BV: I am very clear that both in terms of Nifty and Bank Nifty, we have to see some more consolidation time-wise and also we will see some price-wise correction.

Europe is facing growing climate risks and is unprepared

Popular Vehicles IPO: The initial public offering (IPO) of Popular Vehicles & Services Limited has opened today and will remain open for subscribers till 14th March 2024 i.e. till Thursday this week. This means Popular Vehicles IPO subscription will remain open from Tuesday to Thursday this week.

MicroStrategy CEO Michael Saylor – whose company now owns 205,000 Bitcoin (BTC) – says people should buy and HODL their coins 100 years.

Republican presidential frontrunner Donald Trump took to CNBC on Monday to reveal he was unsure whether he would want to get rid of Bitcoin despite criticizing it in the past, going so far as to say he has “fun” with the cryptocurrency.

India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years — USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.

NEW DELHI : In the first week of March, a Vijay Sales store in Noida, Uttar Pradesh, buzzed with shoppers crowding the place. Holi, the festival of colours, is around the corner; it announces the onset of the long and gruelling Indian summer. Expectedly, around this time, the demand for room air conditioners (ACs) shoots up.

Madras High Court ruling as «atrocious,» the Supreme Court has agreed to examine a plea challenging the judgment related to watch and downloading child pornographic content privately. The Madras High Court had asserted that simply downloading and watching child pornography does not constitute an offense under the Protection of Children from Sexual Offences (POCSO) Act and the Information Technology law. The High Court's decision, which was delivered on January 11, garnered widespread attention as it quashed criminal proceedings against a 28-year-old individual accused of downloading pornographic material involving children on his mobile phone. According to the High Court, the existing laws do not consider mere viewing of child pornography as an offense under the Information Technology Act, 2000. Expressing concern over the prevalence of pornography consumption among today's youth, the High Court suggested a more nuanced approach to address the issue. It emphasized the importance of education and counseling rather than punitive measures. The ruling highlighted the necessity of guiding and advising young individuals who may be grappling with the consequences of exposure to adult content.

Nirmal Bang Equities sees "further downside risk to earnings for the Indian IT services industry for both FY25 and FY26 as current revenue assumptions seem aggressive in the context of industry commentary, the timing of turnaround in growth, prospects of US interest rate trajectory and uncertainty around US economic policies consequent to the presidential elections." "We expect 4-7 per cent constant currency (CC) revenue growth guidance by both Infosys and HCL Tech. Even this may be at risk if the Fed funds rate is not cut materially or if enterprise customers freeze up due to US election uncertainty.

Congress on Monday launched a scathing attack on Prime Minister Narendra Modi, saying his «relentless campaign» on 'Modi ki Guarantee' cannot change the truth that he will say whatever he needs to in order to win an election and his «warranty» is now over. Congress general secretary Jairam Ramesh said the prime minister is going around the country proclaiming the virtues of his «guarantees» and since he has already been in power for a decade, one must do a status update of 10 guarantees he has given during his tenure. He said Prime Minister Modi promised to create two crore jobs for India's youth every year but unemployment reached a 45-year peak in India under «anyay-kaal (period of injustice)».

Michael Polsky is getting into fights all over the country. The Chicago billionaire, a Ukrainian immigrant who made his fortune through wind, solar and other renewable-energy projects, wants to build a lot more. And he also wants to build natural-gas-fired power plants.