UPS Financial News

In a surprise move, the Uttar Pradesh government has reportedly waived registration fee on hybrid vehicles in an attempt to incentivize cleaner transport. This is expected to help Maruti Suzuki, Toyota and Honda Cars India the most, given their bet on hybrids, which combine conventional fossil fuel-burning engines with electric-power for motion.

electric vehicle maker VinFast will enter the Indian market with locally assembled models, marking a shift from its earlier strategy of initially selling only imported EVs in the world's third-largest automobile market, said a person with knowledge of the plans. The revised approach follows a fast-tracked opening of the company's new factory in Tamil Nadu. The plant is likely to become operational by March 2025, 3 months ahead of schedule, the person said, asking not to be named. VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ?25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres. VinFast's move to enter the Indian market through the completely knocked down (CKD) route will help the maker of VFe-34, VF6, VF7 car models save on high import duties and offer its products at competitive prices. India levies an import duty of 100% on imported car models having a CIF (cost, insurance, freight) value of more than $40,000 and 70% on imported models with a CIF value of less than $40,000. CKD kits attract 15% duty.

There were a number of reports last week about the prime minister and finance minister meeting with a government-funded think tank to discuss a variety of issues involving “generational fairness,” one of which was the introduction of a home equity tax.

Latvia’s financial crimes unit has fined the crypto pay service provider Payeer a “record” $10 million for violating EU sanctions on Russia.

Building a new factory? Budget may extend concessional tax rate for a year The plan is to encourage more value addition in segments where local production is predominantly in the nature of assembling imported components, the person said. Improving ease of doing business and cutting red tape in claiming tax refunds are also high on the government’s priority. Experts said that an amnesty scheme under customs is the need of the hour.

Anvita Group, a Hyderabad based real estate developer will invest Rs 2,000 crore for a residential project at Kollur near Hyderabad. Spread over 12.9 acres, the project will be developed in two phases. The first phase, which will come up in 3.5 acres, will have two towers of 15 floors each and will have 450 units in total. “In the second phase, four towers of 36 floors each will come up in 9.25 acres. We will hand over all 1,400 units of the 2nd phase to customers in 2027,” said Atchuta Rao Boppana, chairman and managing director, Anvita Group.

Nvidia, Gamestop, AMD, and Tesla were among the most traded equities by investors with Schwab trading accounts, the firm has revealed.

Oil And Natural Gas Corporation with a target price of Rs 325. The current market price of Oil And Natural Gas Corporation Ltd. is Rs 288.2. Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 361745.93 Crore) operating in Gas & Petroleum sector.

Bharat Forge Ltd. traded 0.39 per cent lower in Tuesday's session at 12:07PM (IST). The stock opened at Rs 1671.45 and has touched an intraday high and low of Rs 1681.9 and Rs 1652.8, respectively, during the session so far. The stock quoted a 52-week high of Rs 1826.2 and a 52-week low of 832.85. About 124,617 shares changed hands on the counter so far.

The Adani group will spend $9 billion to build manufacturing and transportation infrastructure for the first phase of its ambitious green hydrogen venture, pivotal to the conglomerate’s business aspirations and crucial to the world’s third most polluted country’s net-zero transition. Once production gets under way, Adani group will hire specialized ships to export what will be the world’s cheapest green hydrogen and its derivatives to Europe and some Asian countries, three people directly aware of the conglomerate’s plans said on condition of anonymity. "This is the most decisive entry into green hydrogen being planned by any group in the country," one of the three people said.

President Joe Biden had ample time to prepare for the first presidential debate. According to the New York Times, the preparations were not taken seriously by the President who did not begin before 11am. He also had time for an afternoon nap. This was different from the strategy followed by his predecessor Barack Obama in 2012. Many observers noticed certain shortcomings during the president’s debate and were curious to know about his preparations for this important event. It has been reported that the preparations were cut short by two days after the president was exhausted. He had a hectic travel schedule to France and Italy before the debate.

Reasons to BuyReasons to AvoidThe Apple iPad 10th generation features a powerful A14 Bionic chip, a vibrant 10.9 inch Liquid Retina display, and a 64GB storage capacity. It supports Wi-Fi 6 for fast connectivity and boasts a 12MP front and back camera.

scammers are winning. Sophisticated overseas criminals are stealing tens of billions of dollars from Americans every year, a crime wave projected to get worse as the U.S. population ages and technology like AI makes it easier than ever to perpetrate fraud and get away with it. Internet and telephone scams have grown «exponentially,» overwhelming police and prosecutors who catch and convict relatively few of the perpetrators, said Kathy Stokes, director of fraud prevention at AARP's Fraud Watch Network.

A recent survey by global search firm Executive Access, commissioned by TOI, highlights this trend. The study, which analyzed over 300 new CEO hires in 2023-24, found that only 45% of C-suite leaders now come from a sales and marketing background, a significant drop from the 80% observed a decade ago. Instead, streams like strategy and operations are gaining prominence, with around 20% of new CEOs coming from a strategic background. «A lesser percentage of CEOs come from the function of sales and marketing, which was not the case earlier. The survey also found a higher number of CEOs are now from strategy and operations. Strategy has become very important as complexity and uncertainty of any business has increased significantly,» said Ronesh Puri, MD of Executive Access India. «Businesses are looking to survive and grow as businesses are becoming extinct much faster today. Therefore, it has become imperative for companies to look at both survival and growth, which a strategist can do well.»

Uttar Pradesh Police conducted a search operation at Ram Kutir Charitable Trust in Mainpuri on Thursday for 'Bhole Baba', a self-styled godman who conducted a satsang in Hathras where a stampede took place killing 123 people. An FIR has been registered on the incident naming organizers of the prayer meeting but 'Bhole Baba' has not been named yet. Earlier in the day, Deputy Superintendent of Police (DSP), Mainpuri Sunil Kumar said «Baba has not been found inside the ashram.»

trade imbalance with Russia and securing the discharge of Indians misled into fighting in the Ukraine war will be among Prime Minister Narendra Modi's priorities during talks in Moscow next week, a top official said on Friday. Modi will visit Russia on July 8-9 for talks with President Vladimir Putin as part of annual summits between New Delhi and Moscow, launched in 2000. Modi's visit coincides with the July 9-11 NATO summit in Washington at which the Ukraine war will hold centre stage, and the timing has raised questions about the signal India could be sending.

Rishi Sunak as Britain's first Prime Minister of Indian origin and the leader of the Conservative Party — fighting anti-incumbency of 14 years — hangs in the balance as millions of voters cast their ballots in a historic general election on Thursday. The British Indian leader and the man who wants his job — Labour leader Keir Starmer were among the early voters from an estimated 46 million registered voters as around 40,000 polling booths opened across the country at 7 am local time. Sunak and his wife Akshata Murty walked hand-in-hand to their local polling booth on a sunny day in his constituency of Richmond and Northallerton in Yorkshire, northern England. A little later, Starmer and wife Victoria were at their polling station in Camden, north London, sporting Labour red colours.

Tesla not moving forward on deal with the government, Ola CEO Bhavesh Aggrawal claimed that this loss would be for Elon Musk-owned company, not for India. «If true, this is Tesla’s loss, not India’s. While the Indian EV and Lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years,» said the Ola CEO in a post on X. The government has not heard from Tesla since the election results, on its plans to participate in the recently launched Scheme to Promote the Manufacturing of Electric Passenger Cars in India, said Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh.

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Joe Biden's dismal performance in the June 27 presidential debate and the damage has been done. Republican contender Donald Trump is gaining ground in key swing states and may threaten to take states once considered to be safe for Democrats, despite Biden's resolve to stay in the contest and beat the former president once again. According to 'Cook Political Report', Biden's base has further eroded and he is losing the survey polls post-debate. Its Editor-in-Chief Amy Walter wrote in an article that the post-debate polling would further move Minnesota, New Hampshire and Nebraska’s 2nd Congressional District from “Likely Democratic” to “Lean Democratic.” It also moved Nevada, Arizona and Georgia from “Tossup” to “Lean Republican.”

Keir Starmer finally has the mandate and credentials to shake off the historical burden which has dogged ties between India and Britain’s Labour Party since the 1930s, a long arc that began with the jaundiced view taken of Mahatma Gandhi by Ramsay MacDonald, Labour’s first elected prime minister, and terminated in former Labour leader Jeremy Corbyn’s apparent positions on Indian policy. Starmer, who took his Labour Party to a historic landslide win in Britain’s Parliamentary elections, now has the tailwind to re-imagine London’s ties with India, which is the world’s fastest growing major economy and gaining heft.