Retail investors surged on Dalal Street, with 15 crore demat accounts. Mutual fund folios reached 11 crore, while equity assets grew. SIPs rose to Rs 19,000 crore amidst foreign fund selloffs, supported by financialisation of savings and digitisation.
Hyundai and Kia collaborate with Exide Energy to localize EV batteries in India, focusing on lithium-iron-phosphate cells. The strategic move aims to pioneer domestic battery use in upcoming Indian EV models for market expansion.
TASL & Satellogic launched TSAT-1A, India's first private sub-metre res earth observation satellite. It offers high-res images to Indian armed forces, surpassing Isro's resolution. The satellite, in an inclined orbit, received support from Indian authorities for permissions.
Elon Musk has said, “The natural progression is to provide Tesla electric vehicles in India.” Musk’s statement is being seen as a big sign of interest in Indian markets. Reports suggest that Tesla hopes to establish a state-of-the-art manufacturing plant in India with investments of $2-3 billion.
RBI emphasized that recurrent inflation shocks caused by climate change can undermine policy transmission and need stricter monetary policies. According to RBI's monetary policy report, climate change has potential to increase inflation and impede GDP. It said global average temperatures are rising, with an accompanying increase in extreme weather events, and the economic and social impact is becoming increasingly evident.
India plans to establish Integrated Transport Planning Agency (ITPA) to coordinate transportation strategies across surface, railways, shipping, civil aviation. The agency aims to improve efficiency, reduce logistics cost, and enhance freight and truck speed targets by 2030.
Vistara's 98% pilots agree to new pay deal amidst merger with Air India. CEO Vinod Kannan addresses concerns, aims to enhance operational stability. Challenges include reduced pay, flight disruptions, and rostering issues. Efforts underway to improve operations and accommodate more passengers.
Thierry Delaporte resigns as Wipro CEO, succeeded by Srini Pallia. Pallia, based in New Jersey, set to lead major accounts. Industry expert Phil Fersht comments on the leadership change at Wipro.
RBI deputy governor M Rajeshwar Rao highlights the evolving financial landscape, challenges with new trends, and the importance of balanced regulations for niche players, emphasizing the need for responsible innovation in the market.
Income tax department uncovered a PAN fraud scheme where individuals misused PANs for house rent allowance claims, leading to the detection of numerous high-value cases. The misuse may entail legal repercussions, including penal interest and tax payments.
There are now more billionaires in Mumbai's 603 sq km than there are in Beijing's over 16,000 sq km. By overtaking the Chinese megalopolis, Mumbai has become Asia's billionaire capital for the first time. While China has 814 billionaires compared to India's 271, Mumbai hosts 92 billionaires against 91 in Beijing, Hurun Research's 2024 Global Rich List showed. Mumbai now ranks third globally in terms of billionaires after New York, which regained its top status after seven years with 119 billionaires, followed by London with 97.
Supreme Court ruled discounts on SIM cards won't trigger withholding tax. Telecom operators not liable without commission payments. CBDT should issue clear instructions to avoid future disputes.
Reddit's successful IPO valued close to USD 9 billion on the New York Stock Exchange, priced at USD 34/share, debuting at USD 47. The price climber higher and soared over 55 per cent around 1: 20 pm ET. Supported by prominent figures like Sam Altman, Peter Thiel, and Snoop Dogg. Potential volatility expected.
Indian and Chinese companies have teamed up for a significant joint venture in the automotive sector. SAIC, a leading Chinese automaker that owns MG Motor, has partnered with Indian steel giant JSW to produce cars for both domestic and global markets. The new entity, JSW MG Motor India, will have 51% ownership by Indian firms. Initial investment for the venture is set at Rs 5,000 crore, as confirmed by Sajjan Jindal, chairman of JSW group.
Federal Reserve officials plan to reduce key interest rates three times in 2024 despite higher inflation. Forecasts suggest continued growth, inflation, and job market strength. Rate cuts could lower borrowing costs and support Biden's re-election prospects. Fed's cautious approach aims to balance economic growth and inflation concerns.
The sensex took a dip on Tuesday due to various global and local factors. Japan's first interest rate hike in 17 years and concerns about overvaluation in certain stock market segments contributed to the decline. Despite foreign and domestic funds being net buyers, both the sensex and Nifty started the day in the red and continued to slide, closing near their intraday lows.
Chris Kempczinski will become chairman of McDonald’s, succeeding Enrique Hernandez Jr. Jim Skinner, a previous CEO, also held the chairman position. Kempczinski, earlier, was named as the burger chain's President and CEO in 2019. Mike Hsu is nominated as an independent director. McDonald's noted that Hsu would help maintain a corporate goal of having 50% or more of its board members represent diverse backgrounds.
Tata Sons is aiming to raise around Rs 9,362 crore ($1.1 billion) by selling shares of its lucrative unit Tata Consultancy Services (TCS) on Tuesday. This move is part of Tata Sons' efforts to lower its debt burden. The company is restructuring its balance sheet to avoid mandatory public listing under RBI's 'upper layer' NBFC regulations. These regulations require companies to adhere to strict guidelines, including a mandatory listing within three years of notification.
Stock markets are expected to be volatile during India's 78-day general election. Analysts predict auto, banking, and infrastructure sectors to show promise this year. Motilal Oswal Financial Services underscores that equity markets will keep a watch on the outcome of this election, as it will have a significant bearing on short-term market behaviour. Siddharth Khemka head (retail research), Motilal Oswal Financial Services said.
The US Federal Reserve is expected to maintain its key lending rate unchanged while considering potential rate cuts to combat inflation. Market experts predict a June rate cut, aligning with the Fed's cautious approach towards achieving inflation goals.
US prosecutors are investigating Adani Group for potential bribery, focusing on founder Gautam Adani. The probe includes scrutiny of Adani entities and individuals linked to the company for alleged misconduct in India and involves the US Attorney’s Office in New York. The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., is being handled by the US Attorney’s Office for the Eastern District of New York and the Justice Department’s fraud unit in Washington, said people familiar with the matter.
Rashmi Govil, the new HR director at IndianOil, brings 30 years of experience, leading innovative initiatives like 'Srijan' and handling challenges at Mathura refinery. She is known for her collaborative style and focus on employee well-being.
Fuel retailers cut petrol and diesel prices by Rs 2, aiming to benefit consumers and boost spending. Govt influence seen in past duty and VAT reductions. Impact on transportation sector profitability highlighted.
Wednesday was the worst day for Dalal Street investors since Covid in terms of wealth erosion. The day's selloff erased Rs 13.9 lakh crore worth of investors' wealth in terms of loss in BSE's market capitalisation that was just a tad lower than the Rs 14.2 lakh crore, the biggest loss ever.
EVs cheaper to own than internal combustion engine (ICE) models in India, but concerns over resale value, charging stations, financing remain. CNG vehicles pose competition. Two- and three-wheelers adopt EVs faster. Electric buses economically favorable. Battery-driven heavy trucks reach TCO parity after 2030. Infrastructure and financing important for EV adoption.
Wheat stock with Food Corporation of India (FCI) has dropped below 100 lakh tonne for the first time since 2018, falling to 97 lakh tonne this month, due to low procurement during past two years and record sale of the cereal in open market to keep prices under check. In case of rice stocks, FCI is currently holding more than four times.
The United States is considering sanctions on Chinese tech companies, including ChangXin Memory Technologies, to restrict China's development of advanced semiconductors. ChangXin Memory Technologies complies with USexport regulations. The United States aims to prevent Beijing from acquiring advanced AI chips that could strengthen its military.
US and European stock markets surged on Wednesday, while gold reached a record high of $2,150. The Federal Reserve's indication of potential rate cuts and the British government's pro-growth budget contributed to the positive market sentiment. The dollar weakened due to expectations of lower interest rates. Earlier in the week, US stocks had experienced a slight decline as investors secured profits ahead of Federal Reserve Chief Jerome Powell's congressional testimony.
The combined market valuation of seven of the top 10 most valued firms in India increased by Rs 65,302.5 crore last week. TCS and ICICI Bank were the biggest gainers. Sensex climbed 663.35 points or 0.90%, and Nifty jumped 165.7 points or 0.74%. TCS, HDFC Bank, ICICI Bank, SBI, Bharti Airtel, Hindustan Unilever, and ITC experienced gains in their market capitalization. Reliance Industries, Infosys, and LIC saw a decline.
India criticizes the US for blocking WTO appellate body appointments, resulting in loss of credibility. Talks on investment facilitation and the Doha Development Agenda have deadlocked. WTO officials downplay the impact of a collapse. US Trade Representative rejects a deal on dispute settlement.
Vijay Shekhar Sharma, the founder of Paytm Payments Bank, has resigned as the non-executive chairman of the bank's board, following the Reserve Bank of India's restrictions on the bank's operations. Bhavesh Gupta, the nominee director of the bank's parent company, One97 Communications, has also stepped down. However, Sharma will continue to lead One97 Communications, and Paytm app will function as a third-party application provider for UPI transactions. The bank has appointed Srinivasan Sridhar, the former chairman of Central Bank of India, along with three others, as new board members.
Investors in Think & Learn, the parent company of Byju's, are seeking to remove founder Byju Raveendran as CEO and restructure the board. This comes after a group of investors requested the National Company Law Tribunal to declare the founders unfit to run the company due to alleged oppression and mismanagement. They are also seeking the appointment of a new CEO, board, and the voiding of a $200 million rights issue. A battle for control between Byju's management and the investors is now imminent.
Aditya Birla Group is investing in Birla Opus, its paints venture, with the aim to disrupt the industry and become the number two player. They plan to achieve a revenue of Rs 10,000 crore and cover the entire country by FY25.