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: India's top gold jewellery and bullion trading lobby has demanded regulatory intervention to make the country's largest commodity exchange and mutual funds accept Indian-refined gold and silver bars. Making Indian-refined bullion bars (India Good Delivery) acceptable by Multi-Commodity Exchange of India (MCX) and exchange-traded funds would be in line with Prime Minister Narendra Modi's "vocal for local" exhortation and would save precious foreign exchange, the India Bullion & Jewellers Association (IBJA) said in a letter to finance minister Nirmala Sitharaman on Friday. Mint has reviewed a copy. MCX bullion contracts and ETF units are backed by underlying gold and silver. Currently, exchanges like MCX and gold and silver ETFs use imported gold and silver bars approved by the London Bullion Market Association (LBMA). While MCX allows the delivery of 100 g Indian-made gold bars on its platform, it does not allow India Good Delivery for its benchmark 1 kg gold or silver bar contracts. Indian gold ETFs use LBMA-approved bars for backing their gold and silver units, according to Surendra Mehta, national secretary of the IBJA, whose gold rates are used by the Reserve Bank of India (RBI) to price sovereign gold bonds. "Though the intent of the Prime Minister and the government is right and for the benefit of the country, it seems that the regulator Securities and Exchange Board of India (Sebi), the mutual fund body Association of Mutual Funds in India (Amfi), and commodity derivatives exchanges are turning a blind eye to the use of domestic goods relevant to the industry," said Mehta. Mehta said his letter was also sent to SEBI, the RBI, and AMFI. Queries to the regulators, the mutual fund body and MCX remained unanswered. However, Rajesh Khosla, former managing director of MMTC-PAMP, a joint venture between Swiss-based PAMP SA and MMTC Ltd, said that while the quality of Indian Good Delivery bars was "on a par" with LBMA bars, the "lacuna" lay in "not integrating the pedigree of gold with the end products". Since commencing operations in 2003, the highest quantity of gold delivered on MCX stands at 4.9 tonnes in the contract expiring in October 2009. The largest quantity of silver delivery stands at 208 tonnes in March of last year. So far this calendar year, 778 kg is the highest quantity of gold delivered through the June 5 expiry contract, while the corresponding figure for silver is 150 tonnes in March. Gold ETF average net assets under management stood at ₹69,918.72 crore as of August, according to AMFI data. The self-regulator has not disclosed silver ETF assets.
Mumbai (Maharashtra) [India], December 4 (ANI): BJP leader Devendra Fadnavis, Shiv Sena chief Eknath Shinde and NCP chief Ajit Pawar on Wednesday met Governor CP Radhakrishnan to stake claim to form the Mahayuti government. BJP's Central Observers for the state, Union Minister Nirmala Sitharaman and Vijay Rupani were also present at the meet. Also Read | Stock Market Today: Indian Stock Market Ends in Green, All Eyes on RBI's MPC Decision on Repo Rate. Fadnavis is scheduled to take oath as the Chief Minister on December 5 after being unanimously chosen as Leader of Maharashtra BJP Legislati ...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 >
Inflows into corporate bond funds have risen to multi-year highs in recent months with the risk-reward dynamics of AAA-rated corporate bonds improving significantly vis-a-vis government securities (g-secs), especially in the near term. The inflows into corporate bond funds jumped sharply in September 2024 to a multi-year high of Rs 5,039 crore. Investors poured in another Rs 4,644 crore in October. Including around Rs 2,200 crore estimated inflows in November, the three month tally rises to Rs 1 ...Read More >
NEW DELHI (Reuters) - India's retail inflation eased in November as soaring vegetable prices moderated, boosting expectations of an interest rate cut by the central bank at its next policy review amid concerns around slowing growth. Retail inflation eased in November to 5.48%, lower than 6.21% in the previous month and below a 5.53% forecast by economists in a Reuters poll. Food inflation slowed down to 9.04% from 10.87% a month earlier. Food accounts for nearly half of the consumption basket. Vegetable prices rose 29.33% in November from a year earlier after rising 42.18% in October. Indi ...Read More >
Bengaluru -- Gold prices rose for a second session on Tuesday as the dollar weakened, with markets evaluating the possible consequences of US President Donald Trump's policies in his second term after his inauguration. Spot gold gained 0.6% to $2,724.74/oz by 2.40am GMT. US gold futures was 0.2% lower at $2,742.50. The dollar was down about 1% after reports suggested any new taxes would be imposed in a "measured" way. A weaker dollar makes gold more attractive to foreign buyers. "There is a sense of relief in risk sentiment to know that tariffs have not been an immediate focus. The unwindin ...Read More >
Mumbai, Feb 10: The rupee on Monday plunged 45 paise and moved closer to the 88 per US dollar-level, weighed down by the strength of the American currency tariff concerns, but eventually settled at 87.45, up 5 paise, following RBI intervention. The American currency gained in the overseas market after US President Donald Trump's plans to impose 25 per cent tariffs on steel and aluminum imports, along with reciprocal tariffs targeting countries taxing US exports. The move has added jitters over the global trade war with China's reciprocal duties coming into effect, they said. At the interban ...Read More >
MUMBAI (Reuters) -Billionaire Mukesh Ambani-led Reliance Group and U.S.-based BlackRock have received approval from India's markets regulator to start operations for their mutual fund business, the Indian company said on Tuesday. Jio Financial Services, a part of the Reliance Group, had in July 2023 announced the formation of a 50:50 joint venture with the world's largest asset manager to launch asset management services in India. The JV, Jio BlackRock Asset Management, plans to launch a range of investment products in the coming months based on a "digital first" approach for retail and inst ...Read More >
Noting that the evolution of Quad has been a "notable development," External Affairs Minister S. Jaishankar has said the Indo-Pacific is experiencing "significant changes" including new convergences and partnerships. "In an era of collaborative endeavours, the Indo-Pacific will require practical solutions, nimble diplomacy, greater adjustment and more open conversations. The G7 can be one such partner," Mr. Jaishankar said as he attended the G7 FMM Outreach Session with Indo-Pacific partners in the Italian city of Fiuggi on Tuesday. G7 ministers throw support behind Israel-Hezbollah ceasefir ...Read More >
Chennai, May 19 (SocialNews.XYZ) Three men have been arrested in connection with the brutal murder of an elderly couple in Tamil Nadu's Erode district on April 28, said police on Monday. The accused also allegedly confessed to their involvement in a triple murder that occurred in Tiruppur district in November 2024, currently under investigation by the CB-CID. The arrested have been identified as P. Aachiappan (48), N. Madeswaran (52), and R. Ramesh (54), all residents of Arachalur in Erode district. The victims, Ramasamy (72) and his wife Bakkiyam (63) of Megaraiyan Thottam, Uchimedu near S ...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 >
New Delhi, Dec 4 (PTI) The Congress Wednesday said a "cover-up" is in the making after reports claimed entities connected to the Adani Group have approached the SEBI seeking settlement in a case that alleges violations of public shareholding norms through unfair practices. It asserted the "scam" requires serious punitive action, including arrests and raids by investigative agencies. Congress general secretary in-charge communications Jairam Ramesh said a token settlement would make Indian institutions a laughing stock whose reputation has already been tarnished by the actions of Prime Minist ...Read More >
Mumbai, (UNI) The Directorate of Revenue Intelligence (DRI), Mumbai Zonal Unit (MZU), has successfully busted a major gold extraction and refining facility involved in the illegal melting of smuggled gold, officials said here on Tuesday. Acting on a specific intelligence, DRI officers conducted searches at three related locations, leading to the recovery of substantial quantities of smuggled gold, silver, and cash. The operation resulted in the seizure of 23.92 kilograms of gold bars and melted form, including foreign-marked gold, along with 37 kilograms of silver. Additionally, cash amount ...Read More >
Guwahati (Assam) [India], December 13 (ANI): AIUDF MLA and Party General Secretary Dr Rafiqul Islam responded to the Union Cabinet's approval of the 'One Nation, One Election' and labelled the bill "very difficult and almost impossible" to implement effectively, questioning its sustainability given the country's vast and diverse political landscape. The AIUDF MLA claimed that the BJP lacks the majority to pass the bill in Parliament and suggested it might be referred to a Joint Parliamentary Committee (JPC). Also Read | Atul Subhash Suicide Case: Wife Nikita Singhania Absconds, Karnataka Pol ...Read More >
Mumbai, Jan 22 (PTI) The rupee appreciated 23 paise to close at 86.35 against the US dollar on Wednesday, supported by positive domestic equities and soft American currency index. Forex traders said the rupee is likely to witness high volatility with a negative bias ahead of key events in the global and domestic economic landscape. Moreover, the overall uncertainty about the global economy continued to weigh on both currencies and commodities, keeping investors on edge. At the interbank foreign exchange, the rupee opened at 86.56 against the greenback. During the day, the local unit touche ...Read More >
In the financial sector, the rise of generalist lenders is gaining traction as market dynamics shift. Once overlooked, lenders offering a broad spectrum of services are now favored over specialists like microfinance or affordable housing lenders. Post-COVID, regulatory pressures and emerging risks in niche sectors have driven many lenders to diversify their portfolios, appealing to investors seeking stability. From gold loans to SME lending, diversification mitigates risk and strengthens customer relationships. As the financial landscape evolves, the demand for generalist lenders is expected t ...Read More >
New Delhi, Dec 18 (PTI) Gold prices fell Rs 200 to Rs 79,100 per 10 grams in the national capital on Wednesday amid a firm trend in international markets, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity settled at Rs 79,300 per 10 grams in the previous session. Snapping a three-day losing run, silver climbed Rs 500 to Rs 92,000 per kg on Wednesday. It closed at Rs 91,500 per kg on Tuesday. In the last three sessions, the white metal plunged Rs 5,500 per kg. The price of gold of 99.5 per cent purity slipped Rs 200 to Rs 78,700 per 10 grams from the ...Read More >
Mumbai: The rupee declined 14 paise and touched the crucial 86.00-mark (provisional) for the first time against the US dollar Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds. Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency, forex traders said. Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump takes over as president January 20. At the interbank foreign exchange, the ...Read More >
Anuj Kumar, Director & CEO of CAMS, highlights that despite recent market corrections, the company expects FY25 to be one of its strongest years. CAMS continues to dominate by winning 70-80% of new bids, focusing on execution and margin expansion, and anticipates significant revenue and profit growth driven by mutual funds and associated business lines.Anuj Kumar, Director & CEO, CAMS, says there has been some market correction and some flattening of the mood in the last two months. But as things come back, we should be holding our projections and FY25 should be one of the strongest years in t ...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 >
(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 >
New Delhi, Dec 12 (PTI) Gold prices climbed Rs 500 to Rs 80,900 per 10 grams in the national capital on Thursday due to persistent buying by retailers and jewellers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity finished at Rs 80,400 per 10 grams in the previous trading session. The yellow metal has jumped nearly Rs 2,000 in the past three sessions. Silver also rallied Rs 700 to Rs 97,000 per kg on Thursday. The white metal settled at Rs 96,300 per kg in the previous session. The price of gold of 99.5 per cent purity also surged Rs 500 to Rs 80,5 ...Read More >
New Delhi, Dec 13 (PTI) The Supreme Court on Friday granted conditional future bail to former West Bengal minister Partha Chatterjee in a money laundering case related to the cash-for-job scam. A bench of Justices Surya Kant and Ujjal Bhuyan said that Chatterjee shall be released on February 1, 2025 subject to the trial court framing charges before the winter vacation and examination of vulnerable witnesses by the second and third week of January 2025. The top court said upon his release Chatterjee shall not hold any public office but can continue as MLA. The bench said that a suspect canno ...Read More >
Dehradun/Haldwani, Jan 31 (PTI) Karnataka's 14-year-old swimming sensation Dhinidhi Desinghu clinched her fourth gold, while weightlifters continued to impress with Manipur's Bindyarani Devi smashing a national record on a day when the tiny northeastern state jumped to the top of medal tally at the National Games on Friday. A sporting powerhouse despite its small size, Manipur moved up two rungs after winning eight medals, including a gold each from weightlifting and wushu, for a total of 19 (9 gold, 7 silver, 3 bronze). Services, though, were close on the heels of Manipur with just one less ...Read More >
Cybercrime is quickly increasing in India, with reports surfacing daily about victims losing large sums of money to scammers. These scammers often use tactics like threatening a "digital arrest" to instill fear and pressure individuals into transferring money. They typically operate from foreign countries to evade capture by law enforcement. The Indian government, including Prime Minister Modi, is actively raising awareness about these scams. Recently, the Department of Telecommunications (DoT) issued a warning to the public regarding international fraud calls. They advised people to be caut ...Read More >
Mumbai, Dec 3 (PTI) Maharashtra's caretaker Chief Minister Eknath Shinde on Tuesday visited a private hospital in Thane for a "check-up," two days before a new CM is sworn in at an open ground ceremony in south Mumbai. Even as it is not known yet who would take oath as chief minister at Azad Maidan on the evening of December 5, preparations are in full swing for the ceremony, to be attended by Prime Minister Narendra Modi, about 2,000 VVIPs and some 40,000 supporters. Shinde, who had been staying at his private residence in Thane for the last few days, visited the hospital in the morning. "I ...Read More >
Bengaluru: Ex-Karnataka Chief Minister and former External Affairs Minister SM Krishna died here early on Tuesday, leaving behind a rich legacy of statesmanship and public service that saw the 92-year-old leader scale all heights of political achievements. Suave, sophisticated and a man with enviable academic credentials, Somanahalli Mallaiah Krishna started off his political innings as an independent MLA from Maddur in 1962, stunning a then Congress veteran in the elections, and went on to become the state's CM and later the country's External Affairs Minister. Tributes poured in for the fo ...Read More >
New Delhi, Dec 13 (PTI) The Supreme Court on Friday granted conditional future bail to former West Bengal minister Partha Chatterjee in a money laundering case related to the cash-for-job scam. A bench of Justices Surya Kant and Ujjal Bhuyan said that Chatterjee shall be released on February 1, 2025 subject to the trial court framing charges before the winter vacation and examination of vulnerable witnesses by the second and third week of January 2025. Also Read | Atul Subhash Suicide Case: Wife Nikita Singhania Absconds, Karnataka Police Arrest Her Mother, Brother From Uttar Pradesh's Jaunp ...Read More >
Mumbai, Dec 17 (PTI) The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 84.90 (provisional) against the US dollar on Tuesday, weighed down by disappointing trade balance data and weak domestic markets. Forex traders said the rupee is likely to remain under pressure due to concerns over slowdown in the economy and dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.89 and touched an all-time low of 84.93 against the greenback during intra-day trade. The unit finally ended the session marginally higher by ...Read More >
From user-friendly interfaces to competitive profit margins, several platforms have emerged as favorites among traders in 2024. As binary options trading continues to gain traction in India, many investors are eager to identify the platforms that deliver the best results. With a growing number of options available, traders need to understand the features and benefits of each platform to find one that suits their needs. From user-friendly interfaces to competitive profit margins, several platforms have emerged as favorites among traders in 2024. Are you ready to discover which platforms are wi ...Read More >
New Delhi: Gold prices slipped below Rs 79,000 per 10 kg in the national capital on Wednesday due to poor offtake by stockists and retailers amid weak global trends, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity fell by Rs 150 to Rs 78,850 per 10 grams. It had closed at Rs 79,000 per 10 grams in the previous session. Price of gold of 99.5 per cent purity extended the losses for the third straight day, declining by Rs 150 to Rs 78,450 per 10 grams from the previous close of Rs 78,600 per 10 grams. However, silver rose Rs 100 to Rs 92,500 per kg. On ...Read More >