At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
'We are receiving a steady stream of interest from well-established foreign universities.'
From the Sensex pack, Larsen & Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.
After pumping in close to $20 billion in the preceding five months, foreign portfolio investors (FPIs) have yanked out $220 million from domestic stocks this month. The selling by overseas funds has led to turbulence in the domestic markets, with benchmark indices swinging wildly recently.
Bharti Global, the international investment arm of Bharti Enterprises, has decided to buy 24.5 per cent equity in BT Group - a move that will make the Indian conglomerate the biggest shareholder in the UK's second-largest telecom company both in terms of market value and subscriber count. The shares are being purchased from billionaire Patrick Drahi's Altice UK through a combination of cash and debt .
Market chatter suggests that the BJP could win fewer than 300.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The government-backed Open Network for Digital Commerce (ONDC) is likely to start levying user charges in the current financial year.
Businesses have resumed but it's not business as usual in the capital city of Bangladesh.
The Reserve Bank of India's (RBI's) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
"These powers will help Formation Commanders to establish and operate quarantine facilities/ hospitals and to undertake procurement/ repair of eqpt/ items/ material/ stores, besides provisioning of various services and works required to support the ongoing effort against COVID," his office tweeted.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
Net inflows were $18.4 billion for the rolling 12-month period ended January 2024 compared to $32.7 billion for the rolling 12-month period ended January 2023.
More and more women are making their presence felt in jobs related to sciences, technology, and engineering across organisations.
Benchmark stock indices Sensex and Nifty fell for the third day running on Friday due to weak trends in global markets and soaring crude oil prices. Foreign fund outflows also weighed on investor sentiments amid strengthening US bond yields which are nearing 5 per cent for the first time since 2007. The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62.
India's leading capital goods and engineering firms are in the midst of one of their busiest seasons, with the combined orderbook surging past Rs 8 trillion in value. As on September 30, 2023, 13 of India's top 15 listed capital goods and engineering firms, for which data for the September 2023 quarter was available, had a total orderbook worth Rs 8.45 trillion - a number unseen at least since 2018-19. "This intuitively looks like an all-time high factoring in inflation," said Anupama Arora, a senior independent analyst who tracks the capital goods sector.
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more. "In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.
TVS Motor Company met expectations in terms of revenue and posted a strong margin performance in Q1FY25. The key drivers were material cost savings and a better mix. The domestic demand outlook looks good with a rural rebound but geopolitical uncertainties in key export markets may dent overall growth.
Major laggards among Sensex constituents included Bharti Airtel, Hindustan Unilever, Tata Steel and ITC. Power Grid, UltraTech Cement, NTPC and Titan emerged as winners.
A higher-than-expected consumer price inflation (CPI) print for March in the US has dashed hopes of an interest rate cut by the US Federal Reserve (US Fed) in June. Analysts now expect the US central bank to start cutting rates in September, provided inflation remains in check and oil prices remain supportive. The markets, analysts believe, partially factored in this possibility.
'A lot of them are converted to other tokens, and since crypto is dealt with internationally, it can go to any exchange in any country.'
The server used for the purpose was tracked by cyber crime personnel to Divyanshu Patel, a resident of Unjha in Mehsana district, who was arrested, he said.
'AI is not a new thing for us. We started our AI journey in 2015.'
Infosys on Thursday posted a 7.8 per cent year-on-year rise in consolidated net profit at Rs 6,128 crore in March quarter of FY23, and gave 4-7 per cent revenue growth forecast for FY24 amid macro economic uncertainities. The net profit (after minority interest) stood at Rs 5,686 crore in the fourth quarter of FY22. Seen sequentially, the net profit for Q4 came in 7 per cent lower.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
Shares of low-cost airline IndiGo hit record high on the bourses soon after reports of pilot crisis at Vistara emerged. The development also saw airfares surge by around 25 per cent on select routes. Shares of IndiGo hit a lifetime high of ~3,68.5 on April 2, 2024, and has gained 2.4 per cent on the bourses in April.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Textile stocks have exhibited a mixed performance so far this calendar year (CY23), amidst higher domestic cotton prices and tepid global demand. Shares of Page Industries, Dollar Industries, Lux Industries, and VIP Clothing have declined up to 13 per cent so far in CY23, as against a 9 per cent jump in the S&P BSE Sensex. On the contrary, shares of Arvind, Welspun India, Raymond, and Gokaldas Exports have gained up to 51 per cent, during the same period.
The Reserve Bank of India (RBI) has identified "climate shocks" as a risk to food inflation rates and overall price rise while stating that the outlook for the country's economic growth remains bright. In its Annual Report for 2023-24, released on Thursday, the central bank said easing supply-chain pressures, broad-based softening in core inflation, and early indications of an above-normal southwest monsoon meant well for the inflation outlook in 2024-25. "The increasing incidence of climate shocks, however, imparts considerable uncertainty to the food inflation and overall inflation outlook," said the RBI while noting headline inflation moderated by 1.3 percentage points on an annual average basis to 5.4 per cent in 2023-24.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
Hero MotoCorp (HMCL) saw strong volume performance in the first quarter of the current financial year (Q1FY25), but margins disappointed due to weak spare part sales and negative electric vehicle (EV) margins. The company hopes for a strong festive season due to better rural sentiment. Revenue grew 16 per cent year-on-year (Y-o-Y) to Rs 10,140 crore, operating profit was up 21 per cent to Rs 1,460 crore, and adjusted net profit grew 19 per cent Y-o-Y to Rs 1,120 crore.
Gift Nifty will provide Indian investors cues on how domestic markets could react to global events.
From the Sensex firms, Tech Mahindra jumped 5.58 per cent, followed by Nestle, Tata Steel, NTPC, Tata Consultancy Services, Asian Paints, Wipro and Bajaj Finserv. Mahindra & Mahindra, Hindustan Unilever, Axis Bank and Bajaj Finance were among the major laggards.
As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers. Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
As order books gain from India's increased capital outlay, some large capital goods and engineering companies are together spending over Rs 11,500 crore in creating new facilities, data shows. Nine engineering and capital goods companies, where data was available, including Siemens, Larsen & Tourbo (L&T) and KEC International, have a combined capital expenditure (capex) of about Rs 11,500 crore or more. Others such as ABB India and Thermax Global are also adding capacities.
From the Sensex pack, Maruti, Axis Bank, Tata Consultancy Services, Nestle, Infosys, Mahindra & Mahindra, Tech Mahindra and Bharti Airtel were the major laggards. Power Grid, Sun Pharma, HCL Technologies, Larsen & Toubro and UltraTech Cement were the gainers.
Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors' sentiment. Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.he broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10.
The management of Tata Communications presented its product-to-platform strategy and explained how it hopes to grow its new products and portfolios, and geographies. The management targets doubling of data revenue by FY27 to ~28,000 crore (implied 18 per cent annual revenue growth). The DPS (Digital Platform & Services) segment is likely to contribute over 60 per cent of data revenue.
Benchmark indices Sensex and Nifty closed marginally down in a volatile trade on Friday following profit booking in financials and IT shares amid a weak trend in global equity markets. Snapping its two-day gaining streak, the 30-share BSE Sensex declined 30.81 points or 0.05 per cent to settle at 58,191.29. During the day, it fell 370.95 points or 0.63 per cent to 57,851.15.
Five Indian-origin women executives have made it to Barron's prestigious annual '100 Most Influential Women in US Finance' list for achieving positions of prominence in the financial services industry and helping shape its future. Barron's is a sister publication of the Wall Street Journal, published by Dow Jones and Company. "The list honours established and emerging leaders in financial services, the corporate world, nonprofit organisations, and government," the magazine said in a press release.
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