India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Mumbai: Sumitomo Mitsui Banking Corp (SMBC) has already applied to India's banking regulator to buy up to a 25% stake in Yes Bank, giving the Japanese lender sufficient headroom to immediately increase its ownership, one person directly aware of the details told ET. In May SMBC had said it will buy 20% from a clutch of local banks for which it had signed an agreement. "The SMBC application pending with the Reserve Bank of India seeks to buy up to a 25% stake in Yes Bank. That is different from the binding agreement it had signed in May to buy a 20% stake from the State Bank of India (SBI) and others," said this person, on the condition of anonymity. "It means that if the RBI approval comes through, SMBC can go up to 25% after buying stakes from other investors in the bank," this person said on the condition of anonymity. Emails sent to Yes Bank, SMBC and the RBI did not elicit any response until the publication of this report. Yes Bank shares rose 2.40% to ₹20 apiece on the BSE on Tuesday. Earlier on Tuesday, news outlets citing unnamed sources had said that SMBC sought RBI approval to acquire an additional 4.9% stake in Yes Bank to take its total ownership in the bank to just under 25%. SMBC is exploring an additional investment of $1.1 billion in Yes Bank, media reports said. The person cited above told ET that SMBC always had plans to buy 25% in the Indian lender. In May, SMBC had entered into a binding agreement to take 20% ownership in Yes Bank from SBI (13.19%), and Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank (together, 6.81%).
NewsVoir New Delhi [India], December 4: OPPO India's latest flagship smartphone series, the OPPO Find X8 Pro and OPPO Find X8, is on sale starting - 3rd December 2024 across the OPPO e-store, Flipkart, and mainline retail outlets. The Find X8 series is a blend of cutting-edge performance, premium design, and innovative camera technology, complemented by exciting launch offers. Pricing & Launch Offers * OPPO Find X8 Pro (16GB + 512GB) is priced at INR 99,999 and can be got for as low as INR 82,000* with offers. * OPPO Find X8 (12GB + 256GB), priced at INR 69,999, is available for as low as ...Read More >
nion Minister of State for Labour and Employment Shobha Karandlaje cited statistics in the Lok Sabha on Monday to show that youth unemployment rates in India were lower than global levels. The minister cited a report by the International Labour Organisation's (ILO) Institute for Human Development (IHD) which states that the worldwide youth unemployment rate was 15.6 per cent in 2021. Further, as per World Employment and Social Outlook Trends, 2024 by ILO, globally, in 2023, the youth unemployment rate was 13.3 per cent. On the other hand, the latest annual Periodic Labour Force Survey (PLFS ...Read More >
Small-cap Stock: Krystal Integrated Services Limited (Krystal) share price rose 5 per cent to ₹779.3 on Tuesday, November 26 after the company announced receiving a ₹106.3 crore contract from the Brihanmumbai Municipal Corporation (BMC). The contract, valued at ₹1,062.99 million ( ₹106.3 crore), covers three years and involves providing comprehensive attendant manpower services to BMC's Education and Security Departments. This initiative is aimed at improving public sector operational efficiency in Mumbai. Small-cap stock Krystal Integrated Services share was trading in the green, up 3.07 pe ...Read More >
Adani Group's listed stocks, which at one point saw as much as $34 billion wiped off their market value, meanwhile recovered ground as some partners and investors rallied behind it. State Bank of India will not stop lending to ongoing Adani projects that are nearing completion, two sources told Reuters, but will exercise caution when disbursing loans to ensure all terms and conditions are being met. Bank of India, Union Bank, ICICI Bank, Canara Bank, IDBI Bank and RBL Bank, which have relatively smaller exposures to the Adani Group, are undertaking similar exercises, sources said. A regulat ...Read More >
Air India launched a Black Friday Sale with discounts up to 20% on domestic flights and up to 12% on international flights to various destinations. The sale is available through the airline's website and mobile apps. Additional savings are possible with waived convenience fees and specific payment methods. The airline continues offering student and senior citizen discounts.Air India on Friday launched a limited-time Black Friday Sale offering discounts of up to 20 per cent off base fares for domestic flights within India. The Tata-owned airlines will also offer up to 12 per cent off base fares ...Read More >
Oppo recently announced its latest flagship smartphones, the Find X8 and Find X8 Pro, in India. Starting today, both handsets are available for purchase via online and offline platforms. In addition to this, Oppo is also offering additional bank discounts, easy no-cost EMI options and other benefits on the purchase. Oppo Find X8 and Find X8 Pro: Price and availability Oppo Find X8 is available in two variants. The 12GB + 256GB variant costs Rs 69,999, and the 16GB + 512GB variant costs Rs 79,999. The Oppo Find X8 Pro, on the other hand, is available in a single 16GB + 512GB variant and it ...Read More >
The Reserve Bank of India raised the interest rate caps on Foreign Currency Non-Resident Bank (FCNR-B) deposits to attract more capital inflows, amid pressures on the rupee. Starting December 6, banks can offer higher rates -- up to 400 basis points for 1-3 year deposits and 500 basis points for 3-5 year deposits -- until March 31, 2025. This move comes as the rupee faces volatility.The Reserve Bank of India on Friday announced a raise in the interest rate caps on the Indian diaspora's foreign cu ...Read More >
NEW DELHI: Government is all set to allow 100% foreign direct investment in insurance business, paving the way for large companies to enter the market on their own, while allowing individual insurance agents to hawk policies of multiple companies, lifting the cap on being associated with only one life and general insurer. The twin measures are part of the Insurance Amendment Bill that is proposed to be introduced during the winter session of Parliament that kicks off later this month. On August 19, TOI was the first to report about the proposed increase in the FDI ceiling, a suggestion which ...Read More >
Mumbai, December 4: The domestic benchmark equity indices closed in green on Wednesday as buying was seen in PSU bank and realty sectors. The investors are keenly watching the Reserve Bank of India's (RBI) monetary policy committee (MPC) meeting which will announce its decision around the repo rate on Friday. Banking stocks rose amid volatile sessions in the market due to the possibility of Cash Reserve Ratio (CRR) cut by the central bank. Sensex settled at 80,956.3, higher by 110.58 points, or 0.14 per cent, while the Nifty ended at 24,467.45, up by 10.30 points, or 0.04 per cent. Stock Mark ...Read More >
India's growth in gross domestic product (GDP) of 5.4% in the three months ended 30 September, or the second quarter of 2024-25, was a shocker. It undershot even the most pessimistic forecasts. It's the lowest level seen since the third quarter of 2022-23 and a sharp drop from 8.1% growth in the same period last year and also from 6.7% in the first quarter of 2024-25. The consensus expectation stood at about 6.5% and the Reserve Bank of India (RBI) was expecting around 7% growth till its October policy, only to pare it to 6.8%. Growth in gross value added (GVA), which is the preferred measure ...Read More >
Mumbai, Dec 10 (VOICE) The Indian stock market closed on a muted note on Tuesday after range-bound trading during the session. At closing, Sensex was up 1.59 points at 81,510.05, and Nifty was down 8.95 points at 24,610.05. Meanwhile, the broader market closed on a positive note. On the Bombay Stock Exchange (BSE), 2,025 stocks closed in the green, 1,938 stocks settled in the red, and 130 without change. During the session, midcap and smallcap stocks outperformed largecap. Nifty midcap 100 index was up 136.65 points, or 0.23 per cent, at 59,135, and Nifty smallcap 100 index was up 54.60 poin ...Read More >
New Delhi: The Reserve Bank has approved the open offer of Burman family -- the promoters of FMCG major Dabur -- to acquire an additional 26 per cent stake in NBFC firm Religare Enterprises Ltd (REL). The central bank also directed maintaining of the current board/management structure of REL. The Reserve Bank of India (RBI) said it has granted its "approval for the proposed increase in shareholding of existing shareholders" -- four Burman family entities Puran Associates, VIC Enterprises, M B Finmart, and Milky Investment & Trading Company -- in Religare Enterprises Ltd (REL). "The acquirers ...Read More >
Mumbai, November 26: The final allotment for the NTPC Green Energy IPO has been confirmed, and investors can now check their status through bank debit messages or online platforms such as the BSE, NSE, and Kfin Technologies. The shares of NTPC Green Energy, which opened for subscription on November 19 and closed on November 22, are set to be listed on the stock exchanges on Wednesday, November 27, 2024. The public offering received strong investor interest, with the issue oversubscribed by 2.42 times, according to the National Stock Exchange (NSE). Analysts maintain a positive long-term outlo ...Read More >
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Mumbai: A resident of Amboli, Andheri, was duped of Rs 1.59 crore on the pretext of "lapsing HDFC policy" by a person posing as an official of the finance department (Integrated Grievance Management System). About The Case The complainant, Sudip Kumar Ghosh, 57, received a message on WhatsApp from someone named Rajiv Sharma, the purported finance department official, who said that the former's policy was lapsing soon. Sharma claimed that if the premium and penalty were not paid, Ghosh would lose Rs 3 crore in policy benefits. Acting on his instructions, Ghosh transferred Rs 1.59 crore under ...Read More >
At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers. Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close. On ...Read More >
As per Moneycontrol's calculations, a 7 per cent growth in the remaining two quarters will put India's GDP at 6.5 per cent. The Indian economy would find it challenging to achieve over 7 per cent growth for the fourth consecutive year, economists said. They pointed out that the second-quarter (Q2) Gross Domestic Product (GDP) data, which was announced on November 29, has made the task even more daunting for the government. "A sharper than expected growth slowdown in Q2 has tilted risks to our outlook of 6.8 per cent for the current fiscal downwards," said DK Joshi, chief economist, Crisil. ...Read More >
HDFC bank's m-cap last breached the Rs 14 lakh crore mark on November 28 during intraday trade, before the stock settled below Rs 1,800 In a significant block deal on Tuesday, 21.7 lakh shares of HDFC Bank were sold, according to Bloomberg. This transaction led to a rise in the bank's market capitalization, surpassing Rs 14 lakh crore during morning trading, with shares increasing by as much as 2% to Rs 1,837 on the BSE. Although the identities of the buyers and sellers remain undisclosed, the deal is valued at approximately Rs 392 crore, based on the previous day's closing price of Rs 1,804 ...Read More >
The Supreme Court on Monday stayed further recovery of an outstanding tax demand from news portal NewsClick, directing the company's banker not to release any more money to the tax department based on a 2023 notice, and allowing the portal to use its two bank accounts for daily operations. The order was passed by a bench headed by justice BV Nagarathna on an application moved by PPK Newsclick Studio Limited, which alleged that ICICI Bank was not allowing the company to use its accounts despite a top court order to this effect passed on August 9. The tax department had raised the demand again ...Read More >
So, we believe the seasonality flavour should work out in the month of December. Apart from that market breadth that is more important to look out for where only if you look in the current corrective phase only 12% of the stocks were trading above the day moving average of total CNX 500 and that is coming to now improving to around 33%."We expect Nifty to find the support in the range of around 23,500 to 23,700 and we should be gradually heading towards the target of 24,500," says Dharmesh Shah, ICICI Direct. How is the new series looking to you? Do you think we are all awaiting that Santa ra ...Read More >
Trump warns BRICS nations against replacing US dollar Dec 2 (Reuters) - A gauge of emerging market stocks rose on Monday, driven by positive manufacturing data from China and expectations of continued policy support from Beijing, while India's rupee hit a record low because of weaker-than-expected economic data. As of 0932 GMT, the MSCI's index for emerging market stocks had risen by 0.7%, on track for its biggest percentage gain in over three weeks. China's blue-chip CSI 300 climbed 0.8%, and the Shanghai Composite index jumped 1.1% after a private survey indicated that Chinese factory act ...Read More >
New Delhi [India], December 4 (ANI): The Enforcement Directorate (ED) seized cryptocurrency worth Rs 1.36 crore (USDT) from private wallets, along with unexplained cash amounting to Rs 47 lakh, during an investigation into a major money laundering case. The case pertains to cyber fraud involving illegal proceeds of approximately Rs 640 crore, generated through betting, gambling, part-time job scams, and phishing operations. The ED also recovered various incriminating documents linked to the fraud during its crackdown. Also Read | Banking Laws (Amendment) Bill, 2024 Set To Boost Consumer Expe ...Read More >
SynopsisOn the technical charts, the RSI of the stock stood at 49.49.Shares of Bajaj Holdings & Investment Ltd. traded 1.41 per cent at Rs 10447.00 at 01:30PM (IST) on Tuesday, even as BSE benchmark Sensex 227.01 points to 79882.84. The stock had closed at Rs 10596.80 in the previous session. The stock quoted a 52-week high price of Rs 11348.50 and 52-week low of Rs 7212.00, respectively. As per BSE data, total traded volume on the counter till 01:30PM (IST) stood at 638 shares with a turnover of Rs 0.68 crore. At the prevailing price, shares of the company traded at 15.71 times its trailing ...Read More >
TIPS Music, one of India's leading music labels, has received a 'Buy' rating from YES Securities as it initiated coverage on the firm, with a target price of Rs 1,050, indicating a potential upside of 18% from the current market price of Rs 888.65. Shares of TIPS Music climbed as much as 1.7% on Tuesday to Rs 888.65 on BSE. Yes Securities has valued TIPS Music at a Price-to-Earnings (P/E) ratio of 47 times based on projected earnings per share (EPS) for September 2026, reinforcing its bullish recommendation. The bullish stance comes as TIPS Music leverages industry tailwinds, such as the rapi ...Read More >
Benchmark indices Sensex and Nifty rallied for the third straight session on Tuesday (December 3, 2024) amid buying in blue-chip stocks like HDFC Bank, Reliance Industries and firm trends in global markets. The BSE benchmark Sensex jumped 597.67 points or 0.74% to settle at 80,845.75. During the day, it surged 701.02 points or 0.87% to 80,949.10. The NSE Nifty went up by 181.10 points or 0.75% to 24,457.15. From the 30-share Sensex pack, Adani Ports surged nearly 6%. NTPC, Axis Bank, State Bank of India, Larsen & Toubro, UltraTech Cement, Tata Motors, HDFC Bank and Reliance Industries were ...Read More >
New Delhi, December 4: In a significant move to enhance customer experience and protect citizens, the Lok Sabha on Wednesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. The higher number of nominees aims to reduce unclaimed deposits in banks. Finance Minister Nirmala Sitharaman said that depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nominations. Another sweeping change relates to redefining 'substantial interest' for directors ...Read More >
Markets opened on a cautiously optimistic note on Wednesday, with the Sensex and Nifty showing marginal gains, while investors closely monitored global economic indicators and upcoming domestic policy decisions. The Sensex opened higher at 81,036.22 from its previous close of 80,845.75 and is currently trading at 81,168.92 as of 9.45 am, up by 323.17 points or 0.40 per cent. Similarly, the Nifty opened at 24,488.75 compared to its previous close of 24,457.15 and is now at 24,558.20, rising by 101 ...Read More >
(Bloomberg) -- Indian bonds are poised to gain while the rupee is set to weaken as analysts bet on a softer monetary policy after the government named career bureaucrat Sanjay Malhotra as the new Reserve Bank of India governor. Most Read from Bloomberg Malhotra, a surprise pick, will take charge from Shaktikanta Das under whom the RBI kept borrowing costs unchanged for almost two years. While Malhotra's views on monetary policy are largely unknown, he recently urged revenue officials to prioritize economic growth, and the markets may read his appointment as dovish. The central bank is expec ...Read More >
During Tuesday's trading session, the shares of a global leader in glass-lined equipment surged nearly 3 percent to Rs. 1,247.5 on BSE, after a foreign portfolio investor (FPI) bought shares worth a total of around Rs. 167.4 crores in the company via a bulk deal. With a market capitalisation of Rs. 5,524 crores, at 02:19 p.m., the shares of GMM Pfaudler Limited were trading in the green at Rs. 1,228.7, up by nearly 1.4 percent, as compared to its previous closing price of Rs. 1,211.3. As per the latest block deal available with the NSE, foreign portfolio investor Amansa Holdings Private Limi ...Read More >
Around 16 equity mutual funds have offered more than 30% CAGR in the last three years, based on the daily rolling returns. There were around 222 equity mutual funds that have completed three years of existence in the market. These 16 schemes were from six different categories. 10 small cap funds, two mid cap funds, a multi cap, flexi cap, contra fund, and an ELSS fund offered over 30% CAGR in the mentioned period. The first four toppers in the list were from the small cap category. Quant Small Cap Fund offered the highest CAGR of around 43.60% in the last three years based on daily rolling r ...Read More >