Trade Financial News

India-Russia annual summit in Moscow on Tuesday between Prime Minister Narendra Modi and President Vladmir Putin will be on devising mechanisms for the easy and quick transfer of money between the two countries. This has gained significance in the backdrop of the ban on the use of SWIFT by Russia and the unprecedented surge in bilateral trade since the Ukraine war. The two leaders are also expected to initiate a process to allow the use of national currencies by tourists and students, ET has learnt. This will include the use of RuPay cards in Russia and MiR cards in India, according to persons familiar with the matter. While 60% of India-Russia trade is currently in national currencies, the need for real-time and faster payment in the absence of SWIFT has been felt. It is in this context that Modi and Putin are expected to focus on creating a special mechanism, said the people cited above.

Budget 2024 later this month, the Department for Promotion of Industry and Internal Trade (DPIIT) has recommended the removal of the contentious Angel Tax for startups ecretary Rajesh Kumar Singh said Thursday. He also said the department has proposed phasing out of the inverted duty structure and high tariff on inputs in sectors such as electronics. Section 56(2) VII B of the Income Tax Act, also known as angel tax, which was introduced in 2012, as an anti-abuse measure aimed at tax avoidance. It’s levied above a rate of 30%. “Based on consultations with the startup ecosystem we had, we have recommended that in the past as well, we have recommended this time also,” Singh said.

Pratibha Singh said, claiming this to be a reason behind her party's win in the Dehra and Nalagarh bypolls on Saturday. «We were confident of winning by-elections as anger among the electorate against the Independent MLAs was discernible after they resigned and joined the BJP. The general public was asking why they resigned when voters had elected them, defeating both the Congress and the BJP,» Singh said. Fielding of good candidates for the seats also played a big role in the party's victory, she added.

«So, the way broader market is participating, sectorial rotation is happening, now the IT is on the front seat for this rally, so the way market is doing the sector rotation that is clearly giving us confidence that ahead of budget maybe we can see further higher level towards 25,000 level also,» says Rajesh Palviya, Axis Securities. Nifty at 24,500, over the beginning of the week these levels seemed difficult to reach but now see where we have closed for the week. So, first question to you is do you think this rally that we have seen is sustainable going before the budget, do you think we could see these kind of moves leading all the way to the budget and second I also want to get your view on what Nifty IT is doing because it is at a four-month high this week, so what are your levels that you are watching out for both Nifty as well as Nifty IT. Rajesh Palviya: Yes, we believe that this momentum can extend further towards the budget, the way short covering action has been there in most of the call writers for 24,500, 24,550, even 24,600 strike so that is clearly showing us that this rally can extend further and possibly we may see a target towards 24,800 to 25,000 also ahead of budget because whatever minor dip which we have witnessed in this week that was again the fresh buying action has been there in the market and only we have seen a 200 point kind of dip in the market and then again now we are back to all-time high trajectory for the Nifty.

Carbon Border Adjustment Mechanism aims to treat imported goods the same as EU-produced goods to help global decarbonisation, the Director-General of the European Commission has said following a visit to India to discuss tax and custom issues. Carbon Border Adjustment Mechanism (CBAM) is the European Union's planned tax on the carbon emitted while making goods imported from countries like India and China. The move has sparked a debate at multilateral forums, including the United Nations climate conferences, as the poorer countries fear such tariffs will harm livelihoods and economic growth. Director-General of the European Commission, Gerassimos Thomas, led a group of officials to New Delhi to discuss tax and customs issues, with a focus on CBAM, on July 1 and 2. He met the Indian government officials and business leaders to explore the manner in which it might affect the Indian industries and explain CBAM's goals and timeline. Thomas welcomed India's plans to decarbonise its economy, underlining the shared commitment to collaborate with India in their decarbonisation efforts, the European Commission said in a statement.

Sellers are streaming back into the housing market, inflating inventories in Canada’s biggest cities and handing more bargaining power to potential buyers.

market likely to consolidate on Friday tracking muted global cues. The Nifty future closed positive with gains of 0.10% at 24375 levels on Thursday. India VIX was down by 2.90% from 13.20 to 12.82 levels.

As one of the fastest growing cryptos Solana (SOL) has got everyone’s attention. The Solana price has seen significant growth since its inception. The current price and market cap fluctuate based on various factors, including trading volume, network upgrades, and broader market trends.

Paytm) on Monday surged a little over 9% to the day’s high of Rs 477, rising closer to the Rs 500 level after it hit a 52-week low of Rs 310 in May. The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.

Nifty 50 and Bank Nifty indices ended in the green. The Nifty 50 gained 1.3% to close at 24,323, while the Bank Nifty rallied 0.61% to settle at 52,660. Overall, the Indian equity market is likely to remain positive in the coming week as well, supported by strong Q1 updates.

HSBC Holdings Plc won the dismissal of most claims brought by First Citizens Bank & Trust Co. over the hiring of dozens of Silicon Valley Bank employees following the lender’s collapse last year.

pre-Budget rally that has seen Sensex and Nifty touch unclaimed peaks this week may not sustain in the run-up to the D-Day, according to historical market trends ahead of the Budget. “If history were to repeat, we should see a dip prior to the Budget announcement. So history advises traders not to chase prices higher this week,” says Anand James, Chief Market Strategist, Geojit Financial Services.

Dogecoin, Avalanche, and Shiba Inu which were down by up to 2.5%. Altcoins that were trading in the green around this time included Solana, XRP, Toncoin, Cardano, and Tron which gained up to 2%.

Robinhood Markets is reportedly exploring the introduction of cryptocurrency futures trading in the US and Europe.

Stocks that are trading heavily or have substantial price changes on Tuesday: Assured Guaranty, Kymera rise; BP, Helen of Troy fall

Bitcoin (BTC) traded above $56,000 Monday afternoon, sliding amid movements of funds on the blockchain by addresses connected to failed bitcoin exchange Mt. Gox.

Bitcoin's price has been stuck.

UnTrade recently had the honor of participating in Mempool Reload, an exclusive event organized by our esteemed accelerator partner, Applicature. Held on May 30th and 31st, 2024, at the luxurious Atlantis, The Royal in Dubai, this premier gathering was designed to foster connections, share groundbreaking insights, and explore the future of blockchain and cryptocurrency. Ideated by Ian Arden and masterfully orchestrated by Gordon Einstein as the master of ceremony, Mempool Reload brought together prominent investors, family offices, entrepreneurs, and experts from around the globe.

Deepak Shenoy, Founder of Capital Mind, says that in the case of options trading, we need to increase regulatory oversight, create a mechanism so that the systemic risk is addressed, and allow for such highly leveraged traders to either bring in more capital to the table either by a margin increase or by an increase in lot size. The Indian options market is currently clocking volumes that on days are higher than India's GDP. The option market has seen activity like never before and we have seen historically when the options market is dominated by a lot of retail activity, it ends up very badly. What is the best way to protect the investor and also ensure that the market liquidity is not compromised? Deepak Shenoy: I would question the second part whether options market retail participation being very high has harmed the market because we have always had a retail run market for the longest time, both in cash and we know the biggest traders in the market on an intraday basis are retail traders, not institutions. And even in options, that has been the case. There is a large amount of them. So, I do not think there is necessarily a need to say that there are too many of them playing this market and therefore we should stop it.

DLF Ltd. traded 0.54 per cent down at Rs 834.35 at 01:19PM (IST) on Friday, even as BSE benchmark Sensex dropped 304.89 points to 79744.78. The scrip had settled at Rs 838.95 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 967.0 and Rs 461.55, respectively.

Siemens Ltd. traded at Rs 7751.1 on BSE at 12:02PM (IST) on Wednesday, down 0.08 per cent from previous close. The stock quoted a 52-week low price of Rs 3248.0 and a high of Rs 7964.0.