UPS Financial News

Domestic benchmark index NSE Nifty ended 36.75 points up at 23537.85, while the BSE Sensex closed 131.18 points up at 77341.08.

tax rebate for salaried class and restoration of the old pension scheme are some of the key demands made by trade union leaders during a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday. The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS). «The ceiling limit for the income tax rebate for the salaried class on their salary and gratuity must be substantially raised. Government-sponsored social security fund for the unorganised workers and agricultural workers has to be set up to provide them with defined universal social security schemes including minimum pension of Rs 9,000 per month and other medical, educational benefits,» the CTUs said in their memorandum.

Mamata Banerjee on Monday wrote to Prime Minister Narendra Modi, expressing «strong reservation» over the Centre excluding the state government from discussions with Bangladesh regarding Teesta water sharing and the Farakka Treaty. Banerjee also urged the PM to not hold any such discussion with the neighbouring country without involving the West Bengal government. «I am writing this letter in context of the recent visit of Prime Minister of Bangladesh. It seems that water sharing issues relating to the Ganges and Teesta rivers may have been discussed during the meeting. Such unilateral deliberations and discussions without consultation and the opinion of the state government is neither acceptable nor desirable,» she said in a three-page letter to Modi. Bengal has a very close relationship with Bangladesh — geographically, culturally and economically, she noted.

Benchmark NSE Nifty closed 36.75 points up at 23537.85 amid buying in frontline bluechip counters.

demerger of existing automotive businesses into two listed entities will help in securing synergies across its PV and JLR verticals in areas of EVs and autonomous vehicles, Tata Motors Chairman N Chandrasekaran said on Monday. Speaking at the auto major's 79th AGM, he noted that the initiative will lead each company to deliver a superior experience for customers, better growth prospects for employees and enhanced value for shareholders. «This (demerger) will also help secure the considerable synergies across PV, EV and JLR particularly in the areas of EVs, autonomous vehicles, and vehicle software,» Chandrasekaran said. In March this year, Tata Motors announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities.

Yogi Adityanath on Monday said there is a need for changes in building byelaws in the state. While talking about the development of the hotel industry at a meeting with senior officials of the housing department, Adityanath said it is the result of efforts to encourage the tourism potential that today the state has emerged as the first choice of tourists. The maximum number of tourists from the country come to Uttar Pradesh. Such positive circumstances have given rise to immense possibilities for the hotel industry, the chief minister said according to a statement issued here. «To encourage the hotel industry, we need to make changes in our building byelaws,» he added.

Quant Mutual Fund, which finds itself in the thick of a controversy regarding alleged front-running, is one of India's fastest growing asset managers and has seen its assets under management (AUM) grow by 251% over the last one year versus industry growth of 53%. The schemes of this fund house have not just outperformed their benchmarks but have also given superior returns over their peers in different categories. Quant Mutual Funds’ total assets under management from all schemes at the end of May 2024 stood at Rs 84,030 crore, up from Rs 23,956 crore as on May 31, 2023. It was at just Rs 225 crore in May 2019. This is a staggering 37,246% jump in five years. Meanwhile, the net AUM of equity oriented schemes as on May 31, 2024 for the industry stood at Rs 25.39 lakh crore this May versus Rs 16.56 lakh crore in the same month of the previous year. It was at Rs 7.24 lakh crore as on May 31, 2019. The industry AUM growth has been 250% in the said period.

gold reserves parked overseas dropped to the lowest in six years at the end of March--47% of the total—since it started accumulating the precious metal in December 2017. Data show that the RBI started bringing the gold to India in March 2022, coinciding with the start of the Russia-Ukraine war. This is in line with the trend of central banks globally that have turned cautious after the US government froze Russian foreign currency assets as the conflict began in February 2022. News that the RBI had brought back 100 tonnes of gold from the UK to India emerged at the end of last month. Governor Shaktikanta Das said this was because there is enough domestic storage capacity and nothing more should be read into it. At the end of March, the RBI’s total gold holdings amounted to 822.1 tons. A December 2023 survey by global investment manager Invesco of 57 central banks and other asset managers showed that they had increased exposure to gold 8-10 years ago, keeping it London and using it for swaps and to enhance yields, but that they were now moving the reserves back to their own countries, underscoring its role as a safe-haven asset. From 50% in 2020, the share of gold reserves held in their own countries is estimated to have gone up to 68% by December 2023 and will likely rise to 74% within the next five years, according to the survey.

trade deficit, the Reserve Bank of India said on Monday. Foreign portfolio investment saw a net inflow of $44.1 billion in FY24 after recording an outflow of $5.2 billion in FY23. Meanwhile, net FDI inflow reduced to $9.8 billion in FY24, down from $28 billion seen in FY23. India's foreign exchange reserves saw an accretion of $63.7 billion in FY24 on a Balance of Payment basis, the RBI said in its statement.

State Bank of India plans to raise up to Rs 10,000 crore through the issuance of 15-year infrastructure bonds as the country’s largest lender looks to garner long-term capital at a time when demand for loans continues to outstrip growth in deposits. SBI is aiming to issue infrastructure bonds on Wednesday with a base size of Rs 5,000 crore and a greenshoe option of Rs 5,000 crore, market sources said. The maturity date of the bonds is June 27, 2039, sources said. Bidding will take place from 10:30-11:30 am IST on Wednesday.

The Supreme Court agreed on Monday to consider reviving a critical approval for a railroad project that would carry crude oil and boost fossil fuel production in rural eastern Utah. The justices will review an appeals court ruling that overturned the approval issued by the Surface Transportation Board for the Uinta Basin Railway, an 88-mile (142-kilometer) railroad line. Arguments will take place in the fall.

Shoppers Stop aims to capitalise on mass premium opportunities, disrupting India's value fashion landscape, according to the latest annual report of the K Raheja Corp group firm. Shoppers Stop, which competes with similar value formats as Trent's Zudio and Landmark of Max Fashion, is leveraging real-time insights, enabling frequent product drops and assortment refinements to stay ahead, it added. «We are targeting 60 new stores in FY2024-25 backed by strategic investments in merchandising, store operations, and customer analytics capabilities,» the company said.

Bannari Amman Sugars Ltd.(up 8.38%) stood among the top gainers.

commerce ministry's investigation arm DGTR has recommended the continuation of countervailing or anti-subsidy duty on welded stainless steel pipes and tubes from China and Vietnam to guard domestic players. In a notification, the Directorate General of Trade Remedies (DGTR) has said that there is a likelihood of injury to the domestic industry in the event of cessation of present countervailing duty on the imports from these two nations. «The authority has reached a conclusion that the duty imposed on subject goods is required to be extended further...The authority recommends extension of countervailing duties on imports of the product under consideration,» the DGTR has said. The directorate has recommended a duty of up to 29.88 per cent on the product.

What’s the best way to pay for your SIPs – UPI Autopay or eNACH? Your choice matters as the two methods have different functionality and register your SIPs in different ways. 

Just as optimism is growing among investors that a rally in US Treasuries is about to take off, one key indicator in the bond market is flashing a worrying sign for anyone thinking about piling in.

Darshan Thoogudeepa is Prisoner No. 6106. Darshan’s descent from one of the titans of Sandalwood to becoming a criminal who engineered the cold-blooded murder of a fan. The Majestic star, also known as ‘D Boss’ in Sandalwood, is now behind bars for murdering a 33-year-old youth named Renuka Swamy. Through detailed interrogation, the police uncovered the involvement of Darshan, leading to his arrest on June 11, along with 14 others, including his girlfriend Pavithra Gowda. As the investigation continues, Darshan now finds himself living as prisoner number 6106, marking a dramatic descent from superstardom to imprisonment. Here’s a timeline of the case.

Shares of Persistent Systems Ltd.(up 0.6 per cent), Tata Consultancy Services Ltd.(up 0.16 per cent) and Tech Mahindra Ltd.(up 0.14 per cent) ended the day as top gainers in the pack.

Shares of Au Small Finance Bank Ltd.(up 1.79 per cent), ICICI Bank Ltd.(up 0.99 per cent), Bank of Baroda(up 0.45 per cent) and HDFC Bank Ltd.(up 0.4 per cent) ended the day as top gainers in the pack.

Tanushree Dutta has strongly responded to Nana Patekar's recent comments dismissing the MeToo allegations she made against him. In a recent interview with Times Now, Dutta accused Patekar of being a «pathological liar» and claimed he is fearful because his support base in Bollywood is declining.

Adani group capitalize on upcoming opportunities, especially with its expertise in executing complex, large-scale projects, chairman Gautam Adani said. The core infrastructure group which has businesses ranging across ports, green energy, cement, airports, power and transmission will be setting up the largest energy installation, redeveloping the largest slum and making the largest single location copper smelter of the world in the country over the next few years.