UPS Financial News

Indian equity markets scaled new highs in the month of September on the back of 50 bps rate cut by the US Federal Reserve, boosting the sentiments of investors that the easing cycle is here to stay. The markets clocked gains in three out of four weeks during the month. Benchmark Sensex rose 1.22% in September, as many as 62 stocks on BSE 500 clocked double-digit gains of up to 35%. Among these, about seven of them offered over 25% returns to investors during the month.

Uttarakhand is set to introduce “«stringent land purchase law» in the next budget session of assembly to keep a check on large-scale land purchase in hilly areas from other parts of the country. The upcoming move was disclosed by Chief Minister Pushkar Singh Dhami on Friday, reported TOI. Further, the government is planning to identify non-residents who have violated existing norms, which allow only 250 sqm of land to be bought for personal use in non-municipal areas. By doing this, it will reclaim land that is illegally acquired. There have been seveal allegations where buyers have flouted norms by acquiring land in the names of relatives or failed to meet the commitments they made when purchasing land for commercial use, and instead «increased their personal land bank.»

Mumbai Police has called in the CEO and technical head of BookMyShow's parent company to probe allegations of black-market ticket sales for the upcoming Coldplay concerts in Mumbai. CEO Ashish Hemrajani of Big Tree Entertainment Private Limited and the technical head are to appear before the Economic Offences Wing (EOW) on Saturday. The summons follows a complaint by advocate Amit Vyas, who alleged that tickets for the Coldplay concerts, scheduled for January 18, 19, and 21, were being resold at excessive prices shortly after their official release on September 22. Tickets, originally priced at Rs 2,500, were reportedly being resold for up to Rs 3 lakh. All tickets for the initial shows sold out quickly, prompting Coldplay to add a third show on January 21, which also sold out. BookMyShow, the authorized ticketing partner for the concerts, stated that unauthorized reselling and scalping are illegal and punishable by law in India.

Hardeep Singh Puri on Friday called to build consensus over bringing petrol, diesel under the Goods and Services Tax. While delivering a lecture on «Strategy and Measures for Enhancing India's Energy Security in the Coming Decade» at the Pune International Centre's (PIC) 14th Foundation Day lecture, he said, «I have heard a suggestion to bring petrol and diesel under GST, now petrol and diesel under GST is something that I have been advocating for a long period of time. Now I am very sure that my senior colleague, the finance minister, has also spoken about bringing fuel under GST on several occasions.» To enhance its energy security, India needs to focus on strategic petroleum reserves and prioritise exploration and production to reduce its heavy reliance on imported fuel.

Carlyle investee companies Sequent Scientific and Viyash Life Sciences announced a merger that will create a platform with leadership in animal pharmaceuticals and expanded capabilities across the larger global pharmaceutical market, including in research and development. ET in its online edition on Thursday afternoon reported first about talks between Sequent Scientific and Viyash Life Sciences for a ₹7,000 crore-₹8,000 crore merger.

Subscribe to enjoy similar stories. New Delhi: For two decades, Ashok Mehta has been exporting textiles from his Suchi Industries Ltd. in Surat, Gujarat, generating a revenue of about ₹30 crore in FY23.

Subscribe to enjoy similar stories. The Adani Group has put on fast-forward a $4-billion plan to expand its data centre business, according to two persons with direct knowledge of the matter. The objective is to capitalize on a surge in demand for data centre services from technology giants, and also give its power business a boost by capturing the immense power demand for these services.

Accenture raised its revenue guidance for FY25. Early gains, however, fizzled out at close as investors cut their bets on expectation that the upside could be capped in the near-term. HCL Tech and Coforge gained 1.4% and 1.2%, respectively. Mphasis, Persistent Systems, Infosys and Tata Consultancy Services closed between 0.3% and 0.5% higher. Most of these shares traded 2-4% higher earlier in the day.

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festive season will be crucial for India's top two two-wheeler makers as the duo, accounting for more than half of the market, plan to intensify their slugfest and go all out to chase volumes and market share with aggressive promotional schemes in the world's largest market. Hero MotoCorp aims to retail 1.5 million two-wheelers, up 10% year-on-year (YoY) during the 32-day period which begins with Navratri on 3 October. This is equivalent to nearly three months of sales. Honda Motorcycle and Scooter India (HMSI) plans to sell 15-20% more than in 2023 — a year that was marked by supply shortages. To be sure, the priorities for each are different but the goalposts remain the same. For Honda, which overtook Hero in wholesale volumes in the first five months of this fiscal, it would be about covering more ground and cementing its leadership position; for Hero, it would be about clawing back market share it ceded reclaiming the numero uno position.

Stablecoin issuers could be looking at lower income as the Federal Reserve (Fed) kicked off its first rate cut cycle since 2020.

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