UPS Financial News

Madhapur, a village on the outskirts of Bhuj in Gujarat, is dubbed 'Asia's richest village.' With a population of around 32,000, up from 17,000 in 2011, its residents hold fixed deposits worth Rs 7,000 crore. The village's prosperity is attributed to its NRI (non-resident Indian) families who deposit crores every year in local banks and post offices. Madhapur is home to the Patel community and boasts 17 banks, including major public and private banks like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank. This is unusual for a single village, but more banks are interested in opening branches here. The significant deposits are primarily from families who live abroad, particularly in African countries where Gujaratis dominate the construction business. Many residents also reside in the UK, Australia, America, and New Zealand.

Monetary Policy Committee (MPC) meeting on Friday, highlighting that the headline inflation has seen upward movement in June to 5.1 per cent, as food inflation pressures increased and offset the impact of subdued core (CPI excluding food and fuel) inflation and deflation in the fuel group. On future indicators, the central bank said in its statement that headline inflation in July and Q2 of the current financial year are expected to be lower, given their base effect advantage; but with food inflation pressures showing little signs of abatement in the near-term, and household inflation expectations picking up, monetary policy has to remain vigilant to potential spillovers of food price pressures to the core components. «This is critical for the ‘last mile of disinflation’ and anchoring of inflation expectations. Food inflation may soften due to good monsoon, steady improvement in kharif sowing, rising reservoir levels and a likely favourable rabi season output. Uncertainty, however, comes from frequent recurrence of adverse weather events, resurgence of geo-political tensions and financial market volatility. Further, core inflation might just have bottomed out,» the statement read further.

Domestic benchmark index NSE Nifty ended 41.3 points up at 24811.5, while the BSE Sensex closed 147.89 points up at 81053.19.

From sleek digital displays with advanced features to traditional mechanical models, here are the top 11 kitchen scales that promise to enhance your culinary precision and elevate your cooking experience. Whether you're perfecting a delicate pastry or measuring out spices for a savoury dish, the right scale can make all the difference.

Shiba Shootout ($SHIBASHOOT) isn’t cooling its peacemaker barrel anytime soon, as its presale hits the bullseye with $1 million raised and counting.

On the BSE, Polymac Thermoformers(down 11.50 per cent), Trivikrama Ind(down 10.00 per cent), Raghuvansh Agrofarm(down 9.98 per cent), Sahara Maritime(down 9.93 per cent) and G V Films(down 9.89 per cent) stood among the top losers in today's trade.

Binance Holdings Ltd. is hiring 1,000 people this year with many earmarked for compliance roles as the crypto exchange’s annual spending to meet regulatory requirements, including US oversight under a plea deal, tops $200 million.

upgradation of industrial training institutes (ITIs). Official sources told ET that the ministry of skill development and entrepreneurship (MSDE) will soon kickstart consultations with states and industry associations across potential sectors to firm up the new scheme which envisages a total investment of Rs 60,000 crore over five years to impart skills training in new-age courses to two million youth through 1000 revamped ITIs. The identified sectors include construction sector, green energy, textiles and garments, advanced manufacturing, heavy engineering, automobiles, process industry, electronics, and telecom where rigorous skills training will be imparted to create a pool of skilled workforce.

PayPal founder Peter Thiel has described restaurants as some of the worst businesses to invest in, citing high competition, slow growth, and low wages as major drawbacks. Despite these warnings, one Indian immigrant's venture into the restaurant industry in the US has proved to be a lucrative endeavor.

Audi India Head Balbir Singh Dhillon. He noted that hybrid cars are not currently part of the company's strategy for the country and the focus firmly remains on petrol and electric models. Dhillon said subsidies are needed for the growth of the EV segment, «till the time we reach a decent penetration level». «There is no science behind this, it's just a gut feeling that maybe by the time we reach 50 per cent penetration in the luxury (electric) space, we need that support (lower GST) and thereafter it is driven by itself,» he added.

chartered accountant from Vikhroli, Mumbai, after his car inadvertently splashed water on them from a deep pothole near Jan Seva Bank in Keshavnagar, Mundhwa, in Pune around 5.45 PM on Monday. The victim, Yash Manwani, sustained injuries and later lodged a complaint with the Mundhwa police. The incident took place when Yash Manwani, 29, was driving to Keshavnagar to pick up his siblings for Rakshabandhan. Manwani, who hails from Bhopal and lives in Vikhroli, works with a private firm. «I was going to Keshavnagar to pick up my brother and sister on the occasion of Rakshabandhan,» he told TOI. Near Janaseva Bank, his car drove through a deep pothole filled with water, splashing the duo on the bike and two passing pedestrians. The biker chased Manwani's car and kicked its driver's side, prompting him to stop and roll down his window to explain the situation. However, the biker and his pillion rider forced Manwani out of the car and started a quarrel. «I advised them to visit the nearby Keshavnagar police chowkey, but they refused,» said Manwani. The two pedestrians reached the scene, and the four men started to abuse and physically attack him.

Rakesh Jhunjhunwala to launch a new airline. Jhunjhunwala made a risky bet and invested $35 million for a nearly 40 per cent stake in the airline under his wife’s name. Later, Jhunjhunwala is said to have increased stake with his family now holding around 46 per cent. Many called Jhunjhunwala the Warren Buffett of India for his legendary success in equity markets. If Jhunjhunwala had heeded to an observation once made by Buffett, he wouldn't have put his money into an airline, especially in a new airline in India which is known as the graveyard of airlines for so many of them going bust in initial years. “The worst sort of business is one that grows rapidly, requires significant capital to engender growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers," Buffett had said in a letter to the shareholders of his company. The risky bet of Jhunjhunwala, who died soon after the launch of the airline in August 2022, has now grown nearly fourfold in value, if a funding proposal is considered which values Akasa at over $350 million, more than four times the valuation at which the initial investment was made by the family of late Jhunjhunwala. ET has reported based on information from sources that a consortium of Premji Invest and Claypond Capital, the family offices of Wipro’s Azim Premji and the Manipal Group’s Ranjan Pai, respectively, are in talks to invest about $125 million for a significant minority stake in Akasa.

«Yes, LPG losses which have gone up, which spoiled the Q1 results remains an uncertainty in terms of how they will be compensated for,» says Probal Sen, ICICI Securities. Well, the crude prices have seen quite a bit of dip and has come a bit suddenly from $80 per barrel mark, now down to 76. How much would have marketing margins increased? Is this something which is going to have a bit more structural impact you think in terms of the earnings? Probal Sen: Yes, absolutely. I think if we look at the last week itself, blended retail margins have actually gone up to the levels of around Rs 7 odd, if our calculations are correct, which is almost Rs 2.5 to Rs 3 higher compared to the 1Q average levels that we saw.

ACC Ltd. rose 1.25 per cent to Rs 2354.05 in Thursday's trade as of 12:59PM (IST) even as the benchmark Nifty ruled at 24826.95, up 56.75 points. The scrip had closed at Rs 2324.8 in the previous session. The stock quoted a 52-week low of Rs 1803.8 and a high of Rs 2843.0. The company quoted a market-cap of Rs 44295.26 crore on the BSE.

Rahul Gandhi criticized the difficulty victims face in filing FIRs through a post on micro social media platform X. Referring to the recent crimes against women in Maharashtra, he questioned the direction in which society is heading. Writing in Hindi, the Leader of Opposition in Lok Sabha highlighted that after the assault on two children in Badlapur, justice only began to take shape when the public protested. He asked why it has become so challenging for victims to even approach the police to register an FIR.

HDFC Asset Management Company Ltd. gained 1.07 per cent to Rs 4436.6 at 12:48PM (IST) in Thursday's trade. The stock has hit a high of Rs 4438.7 and low of Rs 4365.0 so far during the session. The stock had closed at Rs 4389.45 in the previous session. The counter has had a total traded volume of 28450 shares so far with a value of Rs 12.59 crore on the NSE. It traded at a price-to-earnings multiple of 45.71 and a price-to-book ratio of 11.32.

A flood of Chinese products into Indonesia has hit local manufacturers hard, prompting the government to look for ways to placate domestic producers while avoiding angering the country's biggest trading partner

Amit Khurana, Head of Equities, Dolat Capital, says a serious outperformance by India from here in the near term, looks a little bit of a challenge. But India remains the best emerging market to play over the next few years. But near term, some normalisation is required to get to healthy market levels and price levels that one can enter.

Donald Trump's nearly USD 500 million civil fraud judgment, arguing there's «overwhelming evidence» to support a judge's finding that the former president lied for years about his wealth as he built his real estate empire. In paperwork filed ahead of oral arguments next month, New York Attorney General Letitia James' office said the current Republican nominee's appeal is awash in «meritless legal arguments» and ignores volumes of trial evidence showing that he and his co-defendants engaged in «fraud and illegality on an immense scale.» «On appeal, defendants tellingly ignore almost all their deceptions,» Assistant Solicitor General Daniel S Magy wrote in a 168-page submission to the state's mid-level appeals court known as the Appellate Division. Trump, his company and top executives including his sons Eric and Donald Trump Jr «created and used financial statements rife with blatant misrepresentations and omissions to maintain loans worth more than half a billion dollars and to generate over USD 360 million in ill-gotten profits,» Magy wrote.

United Spirits Ltd. gained 1.7 per cent to Rs 1456.5 in Thursday's trade as of 10:55AM (IST). It hit a high of Rs 1457.85 and low of Rs 1436.0 during the session. The stock quoted a 52-week high price of Rs 1480.0 and a low of Rs 981.25. The return on equity for the stock stood at 19.77 per cent. About 10,915 shares have changed hands on the counter so far.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.