Indian Overseas Bank unveils savings account portability facility
Indian Overseas Bank introduces savings account portability online for customers, making account transfer more efficient and easier. Customers can initiate the transfer by logging into the bank's website and providing their account number. A one-time password is sent to the registered mobile number for verification. Customers can specify the desired branch for the transfer of funds. The successful transfer is confirmed with the account number and destination branch code.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3TYmOVe
While Reliance Industries, HDFC Bank, ICICI Bank, Hindustan Unilever, Bharti Airtel, ITC, State Bank of India and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS) and Infosys were the laggards. The market valuation of HDFC Bank jumped Rs 29,828.84 crore to Rs 12,97,972.04 crore. Reliance Industries continued to retain the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Bharti Airtel, ITC, State Bank of India and LIC.
Mumbai recorded the best property sale registrations in 11 years, with total registrations of 127,139 real estate properties in 2023. The total value of stamp duty collected was Rs 10,889 crore, a 10-year high recording and a year-on-year growth of 22%. Residential units constituted 80% of the registered properties. Central and Western suburbs together constituted over 75% of the registrations. There was a 57% increase in high-value property registrations, and properties valued at Rs 1 crore and above were less impacted by increasing prices and policy repo rate.
India's foreign exchange reserves reached a 21-month high of $620.441 billion in the week ending December 22, 2023, with the Reserve Bank of India adding about $58 billion to its foreign exchange kitty in 2023. The country's foreign currency assets rose to $549.747 billion, while gold reserves declined to $474.74 billion. The decline in forex reserves since October 2021 can be attributed to a rise in imported goods' cost in 2022 and RBI's intervention to defend the rupee against the US dollar's surge.
Spacetech startup Dhruva Space is set to launch its Leap-TD mission onboard ISRO's PSLV-C58 Sriharikota on January 1, 2024. The mission aims to validate the functionality of Dhruva Space's P-30 nanosatellite platform and its sub-systems. Dhruva Space's P-30 platform is designed for low earth orbit operations and will enable future satellite missions. The startup will collaborate with the Indian Institute of Space Science & Technology for TT&C activities. This launch signifies Dhruva Space's commitment to delivering full-stack and hosted payload solutions to customers.
Small Savings Scheme Interest Rates 2024: The government has declared the interest rates for small savings schemes for the January-March 2024 quarter. Certain schemes will experience an increase in their interest rates, while the interest rate for the Public Provident Fund (PPF) will remain unchanged.
The Indian steel sector has enjoyed a multi-year demand surge which will continue in the current FY'24 but it is expected to moderate in the coming fiscal, global analytics company Crisil said. The sector has witnessed double digit demand growth rate of 11 to 13 per cent during three consecutive years and is likely to moderate to 3 to 5 per cent in FY'25, Miren Lodha, director research, Crisil market intelligence and analytics said on Friday. "We are clearly in the midst of a demand supercycle," Lodha told PTI.
Italy's 10-year bond yield, impacted by euro zone inflation and the European Central Bank's rate cuts, is set for its biggest monthly fall since 2013. Germany's 10-year yield, the euro zone benchmark, has risen as investors take profits before the new year. The German 2-year bond yield, sensitive to ECB rate expectations, is on track for its best month since 2008. Investors anticipate significant rate cuts in 2024 and a high probability of the first cut in March. However, concerns over increased debt issuance and pressure on yields exist.
Chinese and Hong Kong stocks, the world's worst-performing equity markets in 2023, witnessed losses exceeding 10%. Despite this, they recorded their best week in five months. China's CSI 300 Index, facing its third consecutive year of declines, presents opportunities in the battered shares due to Beijing's economic stimulus, rebounding yuan currency, and trough valuation. Hong Kong's Hang Seng Index ended the session flat but registered a 4.3% weekly gain. Both indexes sit at the bottom of the global performance rankings, with Hang Seng slumping 14% and CSI 300 falling 11% in 2023.
Zomato's stock declined by 5% on the BSE due to a show-cause notice from GST authorities, which cited a Rs 402-crore tax liability.
Addressing employees on Reliance Family Day - the birthday of the group#39;s founder Dhirubhai Ambani, he said Reliance is now aiming to consolidate a place among global leaders in digital data platforms and AI adoption.
IT majors fight it out! IT companies in India are taking strong actions, including legal measures, to prevent their top talent from being poached by competitors.
Toyota Kirloskar Motor expects to continue strong momentum in 2024, driven by rising demand from tier II and III markets. The company aims to achieve record sales in 2023, with sales already surpassing the previous highest yearly sales. Toyota Kirloskar Motor is focused on enhancing the customer experience and promoting sustainable offerings in the mass electrification space. Vice President of Sales and Strategic Marketing, Atul Sood said TKM is "confident of closing CY 2023 with the highest ever sales numbers".
The company is set for a record year in terms of sales in 2023. It has already clocked a total of 2,10,479 units in the January-November period of 2023, beating the previous highest yearly sales of 1.72 lakh units in 2012.
Adani Energy Solutions forms a joint venture with Esyasoft Holdings for smart metering projects. Adani Energy Solutions acquires a 49% stake in Esyasoft's smart metering solutions arm. The joint venture will bid for global orders and serve Indian discoms, Scottish Gas, and UAE-based utilities. Adani Energy Solutions has an order book of about two crore smart meters.
The Indian government, through the Ministry of External Affairs, has released a statement addressing the exploitation of overseas job seekers by unregistered recruitment agents. These agents often charge excessive fees and provide fake job offers, particularly in East European countries, some Gulf countries, Central Asian countries, Israel, Canada, Myanmar, and the Lao People's Democratic Republic.
The development comes at a time when Kalyani, the Chairman and Managing Director of Bharat Forge, is locked in a legal battle with his sister Sugandha Hiremath for the ownership of Hikal.
The government launched the MedTech Mitra platform to empower India's MedTech innovators and reduce dependence on imported medical devices. Health Minister Mansukh Mandaviya stated that MedTech Mitra will help young talents in shaping their research and obtaining regulatory approval. This collaborative initiative aims to develop affordable, quality MedTech devices and diagnostics, reducing import dependence. The minister emphasized the growth potential of the Indian medical devices industry, which has the power to become a leader in innovation. MedTech Mitra will facilitate clinical evaluations, regulatory compliance, and ease of innovation, research, and development.
Daihatsu Motor, a small car unit of Toyota Motor, will compensate 423 domestic suppliers due to a safety scandal. Production in Japan is halted until the end of next month. Compensation will be based on past business volumes. Daihatsu will work with main suppliers to address the scandal fallout and may help smaller subcontractors access support funds. Overseas operations in Southeast Asia have resumed production after regulatory clearance.
India's new system of authorization for the import of personal computers, laptops, and other IT hardware products will be discussed at TPF.
AIK Pipes and Polymers sets IPO price at Rs 89 per share; public subscription to open from December 26-28.
Green shoots in the investment cycle are becoming visible due to government spending in the infrastructure sector, according to Shanti Ekambaram, the whole-time director of Kotak Mahindra Bank. The government's focus on infrastructure development has created opportunities for private sector capital expenditure. The RBI has tightened norms for unsecured consumer credit, urging caution in the financial sector. Last month, the RBI revised norms for risk weights on certain consumer loans, increasing the capital buffer required for unsecured personal loans and potentially impacting banks' capital adequacy ratio.
On September 14, 2023, Infosys announced a pact with a global company to offer enhanced digital experiences alongside modernisation and business operations services leveraging Infosys platforms and AI (Artificial Intelligence) solutions. In a BSE filing on Saturday, Infosys said the global company has now elected to terminate the MoU and the parties will not be pursuing the master agreement." The deal loss comes at a time when global uncertainties and macro headwinds have challenged IT and tech companies worldwide.
Saturday saw the advent of the much-awaited new era of back-in-Tata-Group Air India when the Maharaja's first Airbus A350 flew into Delhi. Part of the record 470-aircraft order placed this February, the wide body aircraft will in about a month start flying domestic routes and then by late next year embark on international routes. The plane's registration is VT-JRA - with the JR series being a homage to the father of Indian aviation, J R D Tata, - and it is the first bird to be sporting the new AI livery.
Air India’s Airbus A350-900 will begin commercial operations in January 2024. Initially, it will serve domestically for crew training before venturing into international flights spanning various continents.
ITR-1, ITR-4 FY24: The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms ITR-1 and ITR-4 for the fiscal year 2023-24 (assessment year 2024-25).
MF nominee addition: If you are wondering how you can add nominee details to your mutual fund, demat account, then listed below are the steps to add nominee to demat account:
Nike's shares fell 11% after the company cut its revenue forecast and announced a $2 billion cost-saving plan. The sportswear giant is shifting its strategy to prioritize profit over sales due to weak consumer spending. Nike plans to manage costs by reducing supplies of key product lines. The forecast also affected the shares of Adidas, Puma, and Foot Locker. The company aims to simplify its product assortment, increase automation, and launch fresh styles to attract consumers. Several retailers, including Walmart and Target, share Nike's concerns about weak consumer spending.
Jewellery consumption is expected to grow by 10-12% this year due to the increase in gold prices, according to a report by Icra. The rating agency has revised its forecast for YoY domestic jewellery consumption growth in FY24 to 10-12% from the earlier estimates of 8-10%. Jewellery consumption rose over 15% YoY in the first half of FY24, supported by stable demand during the festival of Akshaya Tritiya and higher gold prices. However, Icra projects a moderation of the growth rate to 6-8% in the second half of the year due to tepid rural demand and inflation.
yundai Motor said on Thursday it plans to stop operations at two parts forging plants in South Korea next year as the automaker accelerates a shift away from petrol-powered cars. The plants in Ulsan, South Korea, which have been in operation since 1991 making engine parts, are expected to be closed in January and October, respectively. Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia Corp, is gradually reducing the proportion of internal combustion engines in its finished cars in favour of electrified vehicles.
Telefonica's shares soared after the Spanish government announced it would buy a stake of up to 10% in the company to counterbalance Saudi Arabia's STC. State holding company SEPI will acquire the shares gradually over two months. The move is in response to STC's acquisition of a 9.9% stake in Telefonica. The government's presence in Telefonica will reinforce ownership stability, similar to other large telecom companies in neighboring countries.
Mufti Menswear IPO: BCCL has sold 25.36 lakh equity shares to ACM Global Fund VCC and 3.6 lakh equity shares to Negen Capital Services at the upper price band
Paytm announces discounts on flight tickets for Dubai Shopping Festival attendees. Users can avail an exclusive flat 8% discount by booking through the app using the promo code 'PTMDUBAI.' Paytm also offers a Free Cancellation feature and assures best prices for one-way or round-trip tickets. The company aims to provide a seamless ticket booking experience for shopaholics and travelers, from payments to ticket bookings.
The US company had a turnover of $10.7 million in 2022.
Goldman Sachs faces a costly exit from its partnership with Apple, as the credit card venture is considered too risky and unprofitable. The expected unwinding of the partnership is a setback for CEO David Solomon's consumer strategy. Prospective bidders may pressure Apple to change the terms of the deal and seek access to Apple's credit card data. Credit card issuers like Synchrony Financial, Citigroup, and Capital One could be potential partners. Apple recently proposed a contract exit for Goldman in the next 12 to 15 months.
In a display of resilience and economic fortitude, India is charting a path of accelerated growth, outpacing global uncertainties. According to Asian Development Outlook, recent data reveals that India's GDP expanded at a robust rate of 7.1 per cent in the first three quarters of the calendar year, propelled by strong industrial production and substantial investment. India's industrial sector, including manufacturing, mining, construction, and utilities, experienced double-digit growth, contributing significantly to the overall economic expansion.
The Indian government is exploring the use of Amazon's Johari technology to reduce wastage of fruits and vegetables in its warehouses and retail outlets. Johari utilizes computer vision and IoT cameras to identify defects in produce, ensuring continuous monitoring of quality.
India can potentially save Rs 1.28 lakh crore annually in diesel costs by 2031 by transporting an additional 1500 million tonnes of cargo through Indian Railways trains, Railway Minister Ashwini Vaishnaw has said.
Bharat Mart, a proposed warehousing facility in the UAE, aims to provide a platform for Indian exporters to showcase their products under one roof. Set to be operational by 2025, the facility will cover an area of over 100,000 square meters and offer a combination of warehouse, retail, and hospitality units.
The Confederation of Indian Alcoholic Beverage Companies has urged the European Union (EU) to improve market access for Indian products by removing non-tariff barriers. CIABC has emphasized that the trade deal with the EU should be similar to the ongoing negotiations with the UK. They have also called for parity regarding tax-free trade and transportation costs between the EU and UK. Additionally, CIABC has highlighted the importance of maintaining most favored nation status in trade agreements.
Facebook-owner Meta and China's TikTok restricted a record number of social media posts and accounts in Malaysia in the first six months of 2023, data published by the firms showed, amid a jump in government requests to remove content. Malaysia PM Anwar Ibrahim's administration, which came to power in November 2022 on a reformist platform, has faced accusations of backpedalling on its promises to protect freedom of speech amid increased scrutiny of online content in recent months.
India's ambition to march into `Amrit Kaal’ by 2047 is an important one but the current pace of growth is not enough to get us there as we will still remain a lower middle-income economy by then, former RBI governor Raghuram Rajan said here on Saturday. Speaking at an interactive session organised by Manthan, Rajan mooted a focus on high-value added services instead of manufacturing to productively harness the country’s demographic dividend and propel the country into 'Amrit Kaal' because if India does not grow faster, it would grow older demographically before it gets richer.
Former RBI governor warns that India will remain a lower middle-income country by 2047 if the growth rate remains at 6% annually without population rise. The country will reach the end of its demographic dividend and face the burden of an aging population. The per capita income will only quadruple to $10,000 if the current growth rate continues. Some southern states are experiencing a decline in fertility rate, leading to a slower population growth. The current pace of growth is insufficient to employ new labor force entrants and make the country richer before it gets older.
Andhra Pradesh, Karnataka, Tamil Nadu, Chandigarh, and Gujarat are among the 13 states and Union Territories categorized as "achievers" in the logistics index chart 2023. Sikkim and Tripura have moved up to the "achievers" category from "fast movers" in 2022. The report also ranks Delhi, Assam, Haryana, Punjab, Telangana, and Uttar Pradesh as "achievers". Kerala, Maharashtra, Madhya Pradesh, Rajasthan, Uttarakhand, Arunachal Pradesh, Nagaland, Andaman and Nicobar, Lakshadweep, and Puducherry have been categorised as "fast movers" in the report.
The newly approved product will be manufactured at Lupin#39;s facility in Pithampur, India
Domestic air passenger traffic in November grew by 9% compared to the previous year, with over 1.27 crore passengers flown. IndiGo remained the largest domestic carrier with a market share of 61.8%, although it decreased slightly from the previous month. None of the scheduled carriers achieved an On-Time Performance (OTP) score of more than 80% in November. SpiceJet's market share increased to 6.2%, while Air India and Vistara maintained their market shares at 10.5% and 9.4% respectively. Akasa Air had the highest OTP at 78.2%, followed by IndiGo at 77.5% and Vistara at 72.8%.
Vodafone Idea has been identified as the biggest wealth destroyer on Dalal Street, with investors losing approximately Rs 1.39 lakh crore. The study reveals that a total of Rs 17 trillion was destroyed during the 2018-2023 period, accounting for 25% of the total wealth created by the top 100 companies.
Does it go ahead with the deal and wait for the legal challenges to play out, is the question
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