BPL founder TPG Nambiar passes away, PM Modi condoles industrialist's death
T P Gopalan Nambiar, founder of Indian electronics company BPL Group, passed away on Thursday. Prime Minister Narendra Modi and former Chief Minister B S Yediyurappa expressed their condolences, acknowledging Nambiar's role as a pioneering innovator and industrialist. Nambiar, known for promoting economic strength in India, was also the father-in-law of BJP leader Rajeev Chandrasekhar.from Business News: Latest News Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sktxmZQ
HDB Financial Services, a subsidiary of HDFC Bank, has filed draft documents with Sebi to raise Rs 12,500 crore via an IPO, comprising Rs 2,500 crore in fresh shares and Rs 10,000 crore through an OFS by HDFC Bank. The funds will bolster its Tier-I capital and support business expansion.
Goldman Sachs estimates India needs to create 10 million jobs annually to sustain 6.5% GVA growth. Key policy recommendations include incentivizing affordable social housing, diversifying IT hubs to smaller cities, and reallocating fiscal incentives towards labour-intensive manufacturing sectors to boost employment.
The US economy grew at an annual rate of 2.8% from July to September, driven by strong consumer spending despite high interest rates. The Federal Reserve's favored inflation gauge dropped to its lowest in four years. The GDP data signals a resilient economy with moderating inflation, benefiting the central bank's policies.
Adani Enterprises reported a substantial rise in Q2 profits, driven by the renewable energy sector's growth despite a slowdown in coal trading. The company's revenue increased by 15.7%, reaching Rs 226.08 billion. Solar and wind energy segments significantly boosted overall profit, while coal segment profits declined due to above-average rainfall.
Lodha Group is transferring a substantial shareholding in Macrotech Developers to Lodha Philanthropy Foundation with an initial Rs 20,000 crore. This move will support national and social upliftment, including female workforce participation, mathematical research, and scholarships for Indian students. Abhishek Lodha cites Tata Trusts' legacy as inspiration for this initiative.
Uttar Pradesh CM Yogi Adityanath highlighted transformative progress with investment proposals worth Rs 40 lakh crore from last year's Global Investors Summit. He explained the state's shift from a troubled past to attracting global investors, creating jobs, and promoting safety. Significant projects worth Rs 12 lakh crore have begun, aligning with the vision of a $1 trillion economy by 2029.
Dhanteras marks the onset of Diwali, with jewelers anticipating an increase in customer flow and sales despite high gold prices. Sales are expected to rise from afternoon to late evening. Anticipated sales volume remains around 20 tonnes, similar to last year, although higher gold prices may slightly impact the overall sales figures.
Swiggy Ltd., an Indian food-delivery platform, plans to raise $1.35 billion through an IPO at 390 rupees per share. Opening on November 6, this move follows a surge in India's IPO market, highlighted by Hyundai Motor India's recent $3.3 billion IPO. Swiggy partners with over 200,000 restaurants across India.
Indian stock markets broke a five-day losing streak on Monday, with the BSE Sensex rising 0.76% to close at 80,005.04 and Nifty50 up 0.65% to 24,339.15. Gains were driven by strong quarterly results from ICICI Bank and other lenders. The rupee remained stable at 84.0775 against the US dollar.
Reliance's Campa Cola challenges beverage giants PepsiCo and Coca-Cola with its aggressive pricing strategy, offering 200 ml bottles at Rs 10. To counter this, Coca-Cola and PepsiCo are employing tactics such as better retailer margins and potential lower-priced packs, particularly in markets like Kerala and West Bengal.
Foreign fund trading activities and quarterly earnings from major companies are expected to drive the market. Investors will assess crude oil prices due to West Asian geopolitical tensions and the rupee's performance. Waaree Energies' listing also plays a crucial role, amid US election uncertainty and significant OCT market losses.
Facing a significant industry slowdown, car manufacturers like Maruti Suzuki, Honda, Mahindra, and luxury brands such as Audi and BMW are offering deep discounts, sometimes up to Rs 12 lakh, across various models from entry-level to high-end luxury. Analysts predict even deeper discounts post-Diwali to clear excess inventories.
RBI governor Shaktikanta Das anticipates inflation will moderate after October, despite recent highs. Speaking at an IMF-World Bank event, Das emphasized efforts to align inflation with the 4% target and highlighted economic strength. He also warned of cryptocurrency risks and stressed international consensus on regulation.
CBDT extended the Income Tax Return deadline for the assessment year 2024-25 for corporates to November 15, 2024, addressing difficulties in electronic audit report submissions. This move aims to provide more time for compliance and reduce pressure. Additionally, a committee reviews the Income Tax Act, 1961, to simplify the law and reduce disputes.
India continues implementing economic reforms and liberalization, urging global investors to explore the nation’s demographic dividend and skilled workforce. Finance Minister Nirmala Sitharaman, during the IMF-World Bank meetings, underlines notable FDI inflows and improving infrastructure like water and electricity supply.
ICICI Bank reported a 14.5% standalone net profit growth to Rs 11,746 crore for Q2 of the current financial year, compared to Rs 10,261 crore a year ago. Total income rose to Rs 47,714 crore, with interest income at Rs 40,537 crore. Gross NPAs improved to 1.97%, while net NPAs eased to 0.42%.
On Friday, the Sensex and Nifty fell nearly 1% each due to poor quarterly earnings and substantial foreign fund selling, with the Sensex dropping 663 points to 79,402. BSE’s market capitalization fell by over Rs 7 lakh crore. Foreign portfolio investors recorded a net outflow of nearly Rs 90,000 crore in October, while domestic funds provided some support.
India's pursuit of a 'Viksit Bharat' by 2047 gets a boost with the signing of a $10 billion agreement between ILACC and VPVV Techno Construction Pvt. Ltd. The partnership will drive investments in infrastructure, defence, industrial development, and technology, creating jobs and enhancing economic ties with Latin America and global economies.
IndiGo, India's largest airline, reported a net loss of Rs 986.7 crore for the September quarter, its first quarterly loss in two years. This was attributed to higher fuel costs and increased aircraft rental expenses. Despite this, revenue grew by 14.6% year-on-year to Rs 17,800 crore.
Nvidia's AI summit in Mumbai saw CEO Jensen Huang praise India's tech capabilities while Reliance chairman Mukesh Ambani announced an AI infrastructure partnership. Indian companies like TCS, Tata Communications, and Infosys launched new AI initiatives, as Huang highlighted India's key role in language model innovation.
The Union Cabinet, led by PM Narendra Modi, has sanctioned several projects including a Rs 1,000 crore Venture Capital Fund aimed at fostering startups in the space sector. Additionally, two railway projects worth Rs 6,798 crore have been approved, enhancing connectivity across Andhra Pradesh, Telangana, and Bihar while promoting economic growth and environmental sustainability.
PM Narendra Modi-led Cabinet has approved two major railway projects: the 87 km Amaravati Railway Line in Andhra Pradesh at Rs 2,245 crore, connecting major cities and ports; and a 256 km double line railway in North Bihar to the Northeastern states at Rs 4,553 crore, improving connectivity and infrastructure for essential goods transport.
Prem Watsa, CEO of Fairfax Financial Holdings, has expressed confidence in India's potential to achieve double-digit economic growth under Prime Minister Narendra Modi. Praising initiatives like Make in India and StartUp India, Watsa believes that India, with its smart and hardworking populace, can sustainably reach 10% annual growth, transforming it into a developed nation by 2047.
Stock market today: The 30-share BSE Sensex, which opened lower but later traded with gains on sporadic buying by investors, erased its earlier gains and closed lower by 138.74 points or 0.17 per cent at 80,081.98, with 22 of its constituents ending in the red. The index briefly dipped below the 80,000 mark to 79,891.68 due to increased selling in the second half of the trading session.
Hindustan Unilever Ltd (HUL) reported a 2.33% decrease in consolidated net profit for Q2 FY25, totalling Rs 2,595 crore. Despite this, revenue from product sales rose by 2.36% to Rs 15,703 crore. CEO Rohit Jawa highlighted moderating urban FMCG demand and gradual rural recovery, with underlying sales and volume growth at 2% and 3%, respectively.
Boeing reports a $6.2 billion third-quarter loss due to labor disputes and expenses. New CEO Kelly Ortberg acknowledges challenges and plans layoffs and funding strategies to avoid bankruptcy. A crucial machinists' strike vote on Boeing's proposed pay increases and pension demands is awaited, potentially resuming 737 production if resolved.
TVS Motor Company, based in Chennai, reported a 41.4% rise in consolidated net profit to Rs 588.13 crore for the second quarter ending September 30, 2024. This growth was driven by record sales of 12.28 lakh units of two and three-wheelers. Revenue from operations increased to Rs 11,301.68 crore, while expenses rose to Rs 10,427.64 crore. Notable increases were seen in motorcycle, scooter, and electric vehicle sales.
The IMF projects India's GDP growth to moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025 as post-pandemic demand depletes. Headline inflation is expected to fall to 3.5% by end of 2025. Finance minister Nirmala Sitharaman remains optimistic, stating India is on track to become the third largest economy by 2027.
The Indian equity benchmark indices, BSE Sensex and Nifty50, experienced notable declines on Tuesday, driven largely by major stocks like Reliance Industries and HDFC Bank. The Sensex fell 930.55 points, closing at 80,220.72, while the Nifty50 dropped 309 points to finish at 24,472.10. The rupee also weakened against the US dollar, hitting its lowest-ever closing level.
Opening a PPF account is easy for any Indian resident. It involves simple documentation and can be done online or offline. The PPF offers a 15-year term with annual deposits between Rs 500 to Rs 1.5 lakh. Extending the term can grow your corpus to over Rs 1 crore.
NPS subscribers can sometimes face transaction delays, incorrect deductions, or service-related issues. To resolve these, they can use the online grievance redressal portal, call customer care, email, mail documents, or visit PoP SP branches. Here's a quick guide:
New IRCTC train ticket reservation rules 2024: Indian Railways has reduced the advance reservation period. Longer reservation periods increased the likelihood of individuals blocking tickets, potentially preventing genuine passengers from securing their desired seats.
UltraTech Cement Ltd announced its net profit for the September quarter at Rs 825.18 crore, down from Rs 1,280.38 crore last year. The comparison is impacted by acquiring a majority stake in UAE-based Ras Al Khalmah Co. This acquisition has made RAKW a subsidiary, influencing the financial results. Revenue stood at Rs 15,634.73 crore.
Brands in India are targeting the country's 377 million Gen Zs, who currently drive $860 billion in consumer spending. By 2030, it's projected that 36% will join the workforce, increasing their direct spends to $730 billion. Companies like BoAt, Amazon, and Flipkart are adapting their strategies to meet Gen Z's preferences for personalization and affordability.
The number of individuals reporting taxable income over Rs 1 crore rose significantly from 44,078 in AY2013-14 to nearly 2.3 lakh in AY2023-24, indicating higher incomes and better compliance. Salaried individuals comprised a substantial portion, but higher income levels saw more businessmen and professionals.
Prime Minister Narendra Modi inaugurated new airports in Madhya Pradesh, Chhattisgarh, and Uttar Pradesh under the UDAN scheme. These airports aim to boost regional connectivity and economic growth. The scheme, supported by tax and customs incentives, is projected to drive significant demand in Indian aviation, with over 2,200 aircraft needed by 2042.
Automobile exports from India surged 14% in April-September thanks to renewed demand in Latin America and Africa. Passenger vehicle exports climbed 12%, led by Maruti Suzuki, while two-wheeler exports jumped 16%. Yet, three-wheeler shipments experienced a slight decline. The industry's recovery follows challenges from currency devaluation and essential import prioritization last fiscal year.
The Group of Ministers (GoM) decides to recommend waiving GST on health and term life insurance premiums for senior citizens, with a focus on providing financial relief. The GST Council will finalize the decision, but premiums over Rs 5 lakh for non-senior citizens will still attract 18% GST.
Kotak Mahindra Bank reported a 5% increase in standalone profit for Q2 ended September 2024, with a total profit of Rs 3,344 crore. The bank's total income rose to Rs 15,900 crore, with NII growing by 11%, while gross NPAs reduced to 1.49%. Consolidated net profit grew by 13% to Rs 5,044 crore.
HDFC Bank Ltd., India's largest private sector lender, recorded a 5% increase in net profit for the quarter ending September 30, 2021, reaching Rs 16,821 crore. Net interest income grew by 10% to Rs 30,114 crore. However, the bank's asset quality slightly deteriorated with gross NPA rising to 1.36%.
India's foreign exchange reserves fell for the second consecutive week, down by $10.746 billion to $690.43 billion as of October 11. The decline is mainly attributed to a reduction in foreign currency assets, gold reserves, and Special Drawing Rights, as reported by the Reserve Bank of India.
Zee Entertainment reappoints Punit Goenka as MD & CEO for a five-year term starting January 2025, despite past SEBI debarment. This follows the overturning of the SEBI order by the Securities Appellate Tribunal. Goenka aims to boost company performance after the failed Sony merger by focusing on strategic growth, frugality, and quality content.
Hindustan Zinc Ltd (HZL) reported a 34.5% increase in consolidated net profit to Rs 2,327 crore for Q2 2024, driven by higher income. The company's revenue rose by 22% Y-o-Y, supported by increased metal and silver volumes, higher prices, and a strong dollar. HZL also progressed in renewable energy commitments.
Direct tax collections in India have surged by 182% over the past decade, with personal income tax collections rising by 294.3% and corporate tax collections increasing by 112.85%. The number of income tax returns filed more than doubled, and the direct tax-to-GDP ratio improved from 5.55% to 6.64%.
Six months after facing backlash over high sugar levels in Cerelac, Nestlé India launches a new baby food range with no refined sugar. Chairman Suresh Narayanan announced that 14 out of 21 Cerelac variants now contain no refined sugar. This move follows a critical report by Public Eye and IBFAN alleging added sugar in Cerelac sold in India.
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