In this issue

July 31, 2024

Wealth creators 'driving force' in India's growth story: Modi

Terming Indian industry and wealth creators the \"primary driving force\" in the country's growth story, Prime Minister Narendra Modi on Tuesday said domestic industry must compete with the central government and \"leave it behind\" in the work to achieve the goal of Viksit Bharat (developed nation).

2 mins

Broader mkt rally takes India's mcap past $5.5trn

India's market capitalisation surpassed $5.5 trillion for the first time on Tuesday, just over two months after crossing $5 trillion.

1 min

Longer-tenure bond yields edge higher after FAR curbs

Flows into shorter-term bonds may pick up pace

1 min

Behind The Scenes: Race For Tesla Unit Still On

Amid reports that Tesla's investment plans in India have been put on the backburner, sources close to the development indicate that three states -Maharashtra, Tamil Nadu, and Gujarat are frontrunners for the global major's manufacturing unit in India.

2 mins

Hindujas' RCap purchase hangs fire as deadline looms with payment on hold

Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of ₹2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount.

2 mins

Sebi moots seven measures to stem F&O excesses

Fewer options strike prices, reducing weekly expiries among steps proposed

2 mins

WazirX knocks on FIU door to trace $230 mn

The top leadership of WazirX, the cryptocurrency exchange platform that lost $230 million to a cyberattack on July 19, is in touch with the financial intelligence unit-India (FIU-IND) as well as the United States Federal Bureau of Investigation to trace the money lost.

2 mins

India's $35 trn economy goal provides Airtel vast growth potential: Mittal

India's strides towards the ambitious goal of being a $35 trillion economy by 2047, will provide Airtel tremendous growth opportunities and new avenues of business, Chairman Sunil Mittal wrote in the company's annual report released on Tuesday.

1 min

Expect rural markets to do well going forward'

Adani Wilmar expects volume growth to be in the range of 8-10 per cent over the next three quarters. After announcing the June quarter (Q1FY25) results, Managing Director and Chief Executive Officer ANGSHU MALLICK and Chief Financial Officer SHRIKANT KANHERE spoke to Sharleen D'Souza in a telephonic interview about. Edited excerpts:

1 min

Fans turn creators in changing video landscape

Sukumar's, Pushpa 2: The Rule, sequel to the 2021 Allu Arjun hit Pushpa: The rise is one of the most awaited movies of 2024.

2 mins

Qualcomm hots up low-cost 5G chip battle

Qualcomm launched an affordable, Indiadesigned chipset, the Snapdragon 4s Gen 2, on Tuesday.

1 min

Matter with BCCI 'almost resolved': Byju's to NCLAT

Appellate body to hear case today

1 min

FM: 'India not safe for investors' a conspiracy

Sitharaman says Budget tried to balance growth, jobs, welfare spend, capex

2 mins

'Industry demand for protection may derail FTA discussions'

Commerce and Industry Minister Piyush Goyal on Tuesday cautioned the Indian industry against their reluctance to import duty concessions, saying this might adversely impact the proposed free-trade agreements (FTA) with the United Kingdom (UK) and the European Union (EU).

1 min

'Industry demand for protection may derail FTA discussions'

India is not \"rethinking\" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024.

1 min

State-run non-life insurers returned to black in FY24

State-owned non-life insurers reported a combined net profit of ₹7,558 crore in 2023-24 (FY24), compared to a loss of nearly ₹3,529 crore in FY23, Minister of State for Finance Pankaj Chaudhary said in a written response to a question in the Lok Sabha.

1 min

Hunger in India down: UN food body report

In what could come as a piece of good news, hunger in India - as measured by the Prevalence of Undernourishment (POU) by the United Nation's Food and Agriculture Organisation (FAO) has come down from 16.6 per cent of the population in the 2020-2022 to 13.7 per cent in 202123, the latest report on the State of Food Security and Nutrition in the World (SOFI 2024) showed.

2 mins

I-T dept begins scrutiny in reassessment cases for AY19

The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 201819 to determine which of them need to be reopened, a process that might result in a raft of tax notices.

1 min

Life insurers to move Irdai for extension on implementing surrender value norms

Life insurers are planning to seek a three-month deadline extension from the regulator on the implementation of surrender value norms, said multiple people aware of the development.

2 mins

123 dead, many trapped in Wayanad landslides

Teams from Army, Navy, NDRF look for survivors amid rough weather

2 mins

No compensation paid from Environment Relief Fund in 5 yrs

No compensation has been paid from the Environment Relief Fund (ERF) since 2019, Union Minister of State for Environment, Forest and Climate Change Kirti Vardhan Singh informed the Rajya Sabha last week.

2 mins

Israeli protesters storm bases over soldiers' arrests

Protesters and far-right lawmakers from Prime Minister Netanyahu's stormed two army bases as tensions soared in Israel over the coalition demonstrators targeting a military site particularly during wartime - is a striking development because the army has long been one of Israel's most trusted institutions.

1 min

Microsoft reports outage of Office, Cloud services

Microsoft said it's investigating outages of some Office applications and cloud services.

1 min

Google, Anthropic tie-up under UK investigation

Concern over multiple deals between smaller startups and tech giants

1 min

Luxury retail empire Hermès'heir alleges his fortune has vanished

An octogenarian heir to the Hermès luxury fortune, who sparked controversy last year over a plan to leave his money to his gardener, may not have much to give away after all.

2 mins

Big firms don't connect with the masses

The zeitgeist has definitely changed for the better and the more authentic, moving from macro numbers of all kinds and world rankings of the economy as a whole to looking inwards at what's happening to People India and acknowledging that the core muscles of the economy need urgent strengthening.

3 mins

Global Trade Trends And Budget Initiatives

The Budget signals a move towards a more open trade policy, but further broadening and deepening are essential

4 mins

Climate adaptation

India must invest in agricultural research

2 mins

Boosting trade

Lower tariffs will improve export competitiveness

2 mins

STEELING A MARCH

The Big Boys of steel are pushing the pedal to drive the future of mobility

5 mins

With Bronze, shooting stars over the moon

With Manu Bhaker and Sarabjot Singh winning the second shooting medal for India at the Paris Olympics, the country has already matched its best-ever medal tally in the sport in a single edition of the Games, equalling the two medals it won in the 2012 edition in London.

1 min

Les Hindous leads the way

The allure of India's rich heritage shone brightly Saffronart's \"Passages to India Auction 2024\".

1 min

Amfi seeks rollback of equity MF taxation

The mutual fund (MF) industry on Tuesday called upon the government to rollback the hike in equity MF taxation.

1 min

Easing additional disclosure norms for FPIs on cards

The Securities and Exchange Board of India (Sebi) is mulling changes in regulations for foreign portfolio investors (FPIs) belonging to landbordering countries (LBCs).

1 min

Don't want Paytm-like contamination in stock markets, says Sebichief

Decision on mandatory ASBA for secondary market expected soon

2 mins

No stopping mid, smallcap bulls

The Budget's proposals for higher rates on long-term I and short-term capital gains tax (LTCG, STCG) and valuation concerns about mid and smallcap stocks have not deterred bulls in the two segments.

2 mins

Investors pin hopes on govt support amid under-recoveries in BPCL, HPCL

The market responded positively to the Q1 results of oil marketing companies (OMCs), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) despite numbers being weaker than consensus.

2 mins

Sensex, Nifty close flat as profit-booking continues

Benchmark equity indices Sensex and Nifty ended flat on Tuesday following a volatile trading session.

1 min

Adani Energy Solutions QIP overbooked 3x, $1bn raised

Adani Energy Solutions, the conglomerate's transmission and distribution entity, on Tuesday said it has launched a qualified institutional placement (QIP).

1 min

Gold loses lustre, Q2 demand drops 5%

India's duty cut to revive demand after weak June quarter: WGC

2 mins

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