Giri world

Sensex and Nifty reached new highs on Friday, driven by positive feedback from global ratings firms about the Indian economy. Buying by India-focused funds after MSCI updated the weights for some Indian stocks also boosted sentiment. Nifty closed at 25,236, marking its 12th straight session of gains, the longest run since the index was launched. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/aZHkDXe >

In the April-June quarter, India's GDP growth slowed to 6.7%, the lowest in five quarters. The farm and services sectors remained sluggish, while manufacturing and construction were resilient. Despite the slowdown, strong domestic demand and government spending kept India as the fastest-growing major economy. The finance ministry expects sustained growth of over 7% in the medium term. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/h5EgP4O >

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The finance ministry has adjusted the minimum public float requirement from 25% to 10% to attract companies to list on stock exchanges at IFSC, Gandhinagar. This policy change is intended to match global standards, easing the listing requirements for Indian companies seeking to list on international exchanges within IFSCs, based on an official statement. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Xm6qI3z >

The Competition Commission of India has approved the merger of Reliance Industries and Walt Disney India's media assets, with specific modifications. This merger aims to establish an $8.5-billion entertainment powerhouse to compete with Amazon, Netflix, and Sony Pictures Networks. The companies will divest several TV channels and cap advertisement prices for streamed cricket matches for approval. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/NJwLfsk >

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Finance Minister Nirmala Sitharaman stated that the GST Council plans to address rate rationalisation, with states cautious about revenue concerns. The council aims to keep existing tax slabs intact while reconsidering other rates, starting discussions on Sept 9. States seek to balance revenue needs without excessively burdening the public. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YJOSZA0 >

Major car manufacturers such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hyundai, Kia Motors, and others are offering a 1.5% discount or up to Rs 20,000 on new vehicle purchases against old car scrapping for the next year. The initiative aims to advance circular economy efforts, ensuring cleaner, safer, and more efficient vehicles on roads. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ftF2ng7 >

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The GoM on GST rate rationalisation deferred reworking slabs but reviewed rates in the 12% and 18% categories. Focus areas include health insurance, restaurants, and some food products. Despite strong lobbying, no changes were made to the 28% levy on online gaming. Further rate changes are expected after discussions at the GST Council meeting on Sept 9. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/PjpGgAT >

Anil Ambani, banned by Sebi for five years over fund diversion charges, is reviewing legal options. He plans to appeal Sebi’s August 22 order relating to Reliance Home Finance, now owned by Authum Investment. Ambani stepped down from Reliance Infrastructure and Reliance Power boards following a February 2022 interim order. A fine of Rs 25 crore was also imposed. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/w5Hqbjv >

India's leading oil companies, including Indian Oil and BPCL, were fined for a fifth quarter for not meeting listing regulations requiring independent and women directors on their boards. The companies cited that director appointments are government-controlled and requested waivers for the fines imposed by BSE and NSE for the June 2024 quarter. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8q1cUrH >

IndiGo, holding a 62% share of the domestic market, took steps towards inclusivity by introducing the gender-neutral honorific 'Mx' for passengers. This initiative complemented existing benefits and recruitment programs aimed at the LGBTQ+ community. The airline, as of March 2024, had over 36,860 permanent employees, including over 240 individuals with disabilities in customer-facing roles. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kJO7jsN >

GQG Partners, a prominent shareholder in the Adani Group, increased its stake in Ambuja Cements to 3.1% with a Rs 2,750 crore investment. This investment raises GQG's exposure across six Adani companies to about Rs 62,000 crore. The firm had first invested in the Adani Group following allegations of corporate malfeasance by Hindenburg Research in early 2023. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/qB0Luzh >

An analysis revealed that 15% of insolvency cases, which exceed Rs 1,000 crore, represent 90% of the recoverable value. With delays increasing in resolution times, companies propose dedicated tribunals for high-value cases. The finance minister plans reforms and additional tribunals to expedite insolvency resolutions and prevent asset value loss. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Fp4YuL9 >

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RBI's monetary policy committee, chaired by Shaktikanta Das, maintained a hawkish stance against interest rate cuts, diverging from the US Federal Reserve. Despite differing views from some external members, concerns about persistent food inflation and the need to anchor inflation expectations prevailed. New external members joining the next meeting may influence future decisions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7CPpQwF >

Nestlé CEO Mark Schneider will step down after eight years, to be succeeded by Laurent Freixe, head of the Latin America division, from September 1. Schneider expressed gratitude for his tenure, while Freixe's extensive in-market experience was praised. Nestlé recently adjusted its 2024 sales growth outlook amidst pricing strategy changes and controversies. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/lqSUK69 >

Decathlon announced a new investment of 100 million euros in India, increasing their total commitment to over 200 million euros. The company plans to ramp up local manufacturing to reduce dependence on imports. Currently, 8% of Decathlon's global range is produced in India, with an aim to increase this to over 10% in three years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/DGr4hIa >

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India increased its holdings of US government securities to a record $241.9 billion in June, up from $235.4 billion the previous year. Ranking 12th globally, India's exposure showed consistent growth over recent months. The US economy saw a 2.8% growth in the June quarter amid global uncertainties. Japan, China, and the UK held the top positions in ownership. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Q1txAS0 >

Foreign investors sold Rs 21,201 crore worth of shares in Indian equity markets in August, following continuous inflows in June and July. The selling was driven by global factors such as the unwinding of the yen carry trade and recession fears in the US. Domestically, high valuations and mixed earnings contributed to the outflows. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/neAbU9t >

Bharat Petroleum Corporation announced plans to invest Rs 1.7 lakh crore over five years to expand its oil refining and fuel marketing businesses, along with ventures into petrochemicals and green energy. The company aims for net zero emissions by 2040 and is targeting 2 gigawatts of renewable energy capacity by 2025. These initiatives are part of its 'Project Aspire.' from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bFn3H72 >

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India's trade deficit grew to $23.5 billion in July as exports declined 1.4% to $34 billion, mainly due to a drop in petrol, diesel, and gems exports. Imports increased 7.5% to $57.5 billion, with crude oil imports rising 17% to $13.9 billion. Commerce Secretary Sunil Barthwal cited domestic oil demand and global crude prices as factors. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/szeNqJB >

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On Tuesday, global market weakness and geopolitical tensions led to a strong selloff in Mumbai markets, with the Sensex dropping nearly 700 points and Nifty down by 208 points. Foreign funds aggressively sold off, leading to a net loss. Major sectors like banking and IT saw significant declines, although two companies had strong listings amid the broader market downturn. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/RjFQzkt >

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In July, retail inflation in India fell to a near 5-year low of 3.5%, led by a drop in prices of vegetables, fruits, and spices. Industrial output growth also slowed to 4.2% in June. The easing inflation has sparked hopes for interest rate cuts in the second half of the fiscal year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KCbpJ3j >

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The Indian government explored a new plan to blend 5% ethanol with diesel (ED-5) as it neared its target of 20% ethanol-blended petrol within two years. A meeting at the PMO was held to discuss this, with trials on older buses showing promising results. Further trials on heavy-duty vehicles are anticipated. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/kzgBlDm >

Hindenburg Research responded to Madhabi Puri Buch and Dhaval Buch's release, which called their previous report character assassination. Hindenburg highlighted critical questions and admissions, including an email Buch sent in 2018 on behalf of her husband. They questioned Buch's investments through her husband while serving as a SEBI member and noted Buch's connection to a fund linked to Vinod Adani. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2qzXDmd >

Madhabi Puri Buch, SEBI chairperson, and her husband, Dhaval Buch, denied allegations by Hindenburg Research regarding their involvement in offshore entities tied to the Adani Group scandal. The couple also expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures. They emphasized that their life and finances are transparent and that they have consistently provided all necessary disclosures to SEBI over the years. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wKr1UGN >

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HDFC Bank MD & CEO Sashidhar Jagdishan acknowledged that the merger with HDFC faced unforeseen challenges due to a tightened global economic situation. Changes included RBI's rate hikes and a shift in consumer preferences. Emphasizing branch expansion, Jagdishan highlighted the importance of greater deposit growth over credit growth to navigate the tough economic landscape. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/VzLxUJG >

BSNL launched a 4G and 5G compatible OTA and USIM platform, developed with Pyro Holdings, allowing subscribers to choose mobile numbers and replace SIMs without geographical limitations. The rollout began in Chandigarh, with a disaster recovery site in Trichy, supporting BSNL's ongoing network upgrades to 4G and 5G and bridging the digital divide in rural areas. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/J8uPmZ6 >

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The RBI decided to keep policy rates unchanged for the ninth time, emphasizing the need to monitor inflation and support growth. The repo rate remains at 6.5%. Growth projections for FY25 are retained at 7.2%, but Q1FY25 has been revised to 7.1%. Banks have been advised to boost deposit mobilization. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Ipq0WBM >

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Tata Motors criticized Maruti Suzuki and Toyota's push for hybrid vehicle incentives, calling it a 'regressive' move that could slow EV adoption and waste government funds. Tata unveiled the Curvv EV and remarked that EVs are essential for meeting net zero emission targets, arguing hybrids do not achieve true zero emissions. Tata on Wednesday drove in the Curvv EV with an entry price of Rs 17.5 lakh (ex-showroom), and will also launch petrol and diesel versions of the vehicle soon. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/nD9L5N8 >

The Indian government revised its long-term capital gains tax proposal for real estate, offering taxpayers the choice of a 20% tax with indexation benefits or a 12.5% tax without indexation. This amendment aims to address concerns from middle-class property owners and will apply to properties acquired before July 23, 2024. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0lq2dz3 >

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​​Over the past three decades, the Indian market has gone through several bouts of sharp selling, some influenced by external factors while others by local issues. Yet, over the last 30 years, the sensex has moved up by nearly 22.5 times with a compounded annual growth rate of 11 per cent. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/UgJzuhb >

Gadkari's suggestion for removal of the levy is unimplementable, since it will break the GST chain, denying refunds to those who sell goods or services to insurers. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/gF0pUNB >

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The net profit of the country's largest bank is higher than that of Reliance Industries which totalled Rs 15138 crore. This marks the second consecutive quarter in which SBI has outperformed RIL, a company that has long held the title of the most profitable in the country. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ImYgajK >

While Infosys will respond to the pre-show cause notice from Directorate General of GST Intelligence (DGGI), it is unlikely to rush to court until fresh action is initiated by the agency, sources familiar with the plan told TOI. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HvGVA5R >

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The day's session started on a high note with the sensex rallying to an intraday high at 82,129 points while Nifty recorded its all-time high at 25,078 points. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/t0zDs3d >

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Over 200 cooperative and regional rural banks faced outages due to a ransomware attack on their core banking provider, C-Edge Technologies. NPCI temporarily isolated C-Edge from its payment system to mitigate the impact. Restoration efforts are ongoing, with security reviews and forensic audits being conducted to ensure a swift resolution. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Cyv0LM2 >

Infosys faced scrutiny from the Directorate General of GST Intelligence (DGGI) for allegedly evading Rs 32,400 crore in GST on services imported from its overseas branches between July 2017 and March 2022. DGGI argued that these expenses should attract Integrated GST under the reverse charge mechanism. Infosys contested the allegations citing compliance with current regulations and recent guidelines. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/aBkezGd >

The Federal Reserve indicated progress towards its 2% inflation target and hinted at a potential rate cut. Despite the rise in unemployment and moderated job gains, the benchmark interest rate was kept unchanged. This decision came amid pressure from various quarters, including political figures. Financial markets had anticipated a rate cut announcement next month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/jnUZiLT >