The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
Go First's lenders have agreed in principle to support the airline's request for Rs 400 crore interim funding to restart its operations. The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline's resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline's committee of creditors (CoC).
Sebi has approved the norms for financial institutions setting up shop at GIF City in Ahmedabad.
The further expansion and upgrade of the Chinese military does not augur well for India, which continues to confront an increasingly belligerent China on its borders, notes former foreign secretary Shyam Saran.
This is the second time in less than a week that the watchdog has taken enforcement action against the airline in connection with unruly passenger behaviour.
In India, the company serves customers such as stock exchanges, brokers, non-banking financial companies, financial services and insurance, IT and IT-enabled services.
Investors in international funds should have a horizon of more than five years. Not only will this help them overcome equity and currency volatility, it will also help them enjoy better tax treatment, says Sanjay Kumar Singh.
Equity indices failed to hold on to their gains in see-saw trade on Tuesday, ending in the red for the third straight session despite a tentative recovery in global equities. The rupee too bounced back from historic lows, but the overall sentiment remained risk-averse amid concerns over economic recovery in a high interest rate scenario. The 30-share BSE Sensex had a choppy start but gained momentum in mid-session trade. However, it succumbed to selling pressure towards the fag end to close 105.82 points or 0.19 per cent lower at 54,364.85. On similar lines, the broader NSE Nifty declined 61.80 points or 0.38 per cent to finish at 16,240.05.
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the major gainers, jumping up to 5.56 per cent.
Services exports in September this year were worth $12.29 billion, marginally down from the previous month, according to the Reserve Bank data.
Kumar, a 1992-batch Indian Administrative Service officer of Tamil Nadu cadre, is currently an additional secretary in the ministry of electronics and Information Technology.
Equity indices overcame a wobbly start to clock gains for the third session on the trot on Tuesday, propped up by banking, metal and energy stocks amid a mixed trend in global markets. A recovery in the rupee also bolstered sentiment, traders said. The 30-share BSE Sensex advanced 246.47 points or 0.45 per cent to settle at 54,767.62 after starting the trade on a weak note. In a volatile session, the benchmark hit a high of 54,817.52 and a low of 54,232.82 during the day.
The recent equity market weakness has sobered up investor mood, but the coming festive season is keeping analysts upbeat on stocks related to the consumption basket. Among the lot, fast-moving consumer goods (FMCG), retail, and consumer electronics segments are expected to do well over the next few months, and investors should thus selectively take bets in these pockets, analysts suggest. "We expect good volume growth for the FMCG sector during the festive season with some improvement in rural demand.
Titan was the top loser in the Sensex pack, shedding over 3 per cent, followed by M&M, HUL, Maruti, Asian Paints and IndusInd Bank. Nifty fell 91 points to 17,157.40.
BSE benchmark Sensex nursed losses on Friday as investors pocketed gains after a five-session winning streak amid a bearish trend overseas. A depreciating rupee and foreign fund outflows further soured risk sentiment, traders said. The 30-share gauge, which had started the trade on a firm note, soon gave up all the gains and finally ended 651.85 points or 1.08 per cent lower at 59,646.15. The broader NSE Nifty snapped its eight-day rally to close at 17,758.45, down 198.05 points or 1.10 per cent.
Sliding for the fourth straight day, the BSE Sensex shed 152 points in choppy trade on Wednesday amid mixed global cues ahead of the US Federal Reserve's policy decision.
The government on Friday came out with Foreign Trade Policy (FTP) 2023 which seeks to boost the country's exports to $2 trillion by 2030 by shifting from incentives to remission and entitlement based regime. Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023. Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1, 2023.
The Sensex jumped 412.23 points on Friday, braving heavy volatility during the day, amid the Reserve Bank of India maintaining status quo on the benchmark lending rate and buying in index heavyweights Reliance Industries Limited and ITC. The BSE Sensex climbed 412.23 points or 0.70 per cent to settle at 59,447.18. During the day, the benchmark hit a high of 59,654.44 and a low 58,876.36. The Nifty also gained 144.80 points or 0.82 per cent to finish at 17,784.35.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
Services attract highest foreign direct investment, despite Make in India push.
Former CEA Arvind Subramanian called for research in the area and urged the NSE Centre for Behavioural Science in Finance, Economics and Marketing to explain why as the economy has been going down, the stock market has been going up.
Benchmark BSE Sensex and Nifty closed higher in a highly volatile trade on Monday, riding on the back of a recovery in IT, oil and financial stocks after a two-day fall. The 30-share Sensex recovered 169.51 points or 0.29 per cent to settle at 59,500.41. During the day, it rose by 313.34 points or 0.52 per cent to 59,644.24.
Economic activity has regained momentum from late-May after the dent caused by the second wave of COVID-19, and the pandemic's impact on the overall asset quality has been less than expected, Reserve Bank Governor Shaktikanta Das said on Thursday. However, Das flagged rising data breaches and cyber-attacks as among the risks for the recovering economy, along with others like firming global commodity prices. The governor also said the second wave had a "grievous toll" on the country.
Equity benchmark Sensex pared its early losses to close higher by 231 points on Monday, helped by buying in index heavyweight Reliance Industries and ICICI Bank amid positive global trends. After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-share BSE barometer staged a recovery in afternoon trade and climbed 231.29 points or 0.40 per cent to settle at 57,593.49. As many as 20 Sensex stocks closed with gains while 10 declined. The broader NSE Nifty recovered 69 points or 0.40 per cent to settle at 17,222 with 29 of its constituents ending in green.
The US has slapped additional tough sanctions on Russia's financial services and energy sectors for the failure of Moscow to taken enough steps to address the volatile political situation in Ukraine.
According to e-mails accessed by ANI, the Air India cabin crew supervisor had reportedly sent out emails on November 27 at around 1 pm to the head of the Inflight Service Department (IFSD), base operations in India, Lead HR head of IFSD, and head of the northern region of IFSD and of complaints (customer care), informing them about the incident.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
Wadia group-owned Go First will temporarily suspend flights on May 3 and 4 amid severe fund crunch, the airline's chief Kaushik Khona said on Tuesday.
Nia builds on Mana, the first AI platform introduced by the software services major last year. It also includes the robotic process automation capabilities of AssistEdge, another Infosys solution.
Except for Westlife Foodworld (Westlife), a weak 2022-23 (FY23) January-March (fourth quarter, or Q4) quarter performance and a muted near-term outlook led to a downward revision of earnings estimates for quick-service restaurant (QSR) players. Brokerages have slashed estimates by as much as 10 per cent for 2023-24 (FY24) and 2024-25 (FY25). The downward revisions have weighed on the performance of listed players, who have underperformed the market with low single-digit returns over the past month.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
A former deputy head teacher of a London primary school has pleaded guilty to paying and instructing teenagers in India to abuse younger children.
Adani group firm Adani Ports & SEZ paid Rs 1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy after a sellout triggered by a damning report by US-based Hindenburg Research. Adani Ports and SEZ paid SBI Mutual Funds' due amount of Rs 1,500 crore on Monday and will also pay another Rs 1,000 crore of commercial papers due in March (as per the payment scheme), a company spokesperson said. "This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said.
Infosys, India's second largest information technology (IT) services company, is likely to book an impact of less than $1 million (Rs 6 crore) due to the financial irregularities in the accounts of its business process outsourcing (BPO) arm, which led to the dismissal of the unit's chief financial officer, Abraham Mathews earlier this week.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Bharti Airtel on Wednesday announced a new corporate structure to sharpen the company's focus on rapidly unfolding digital opportunities while enabling it to unlock value. The move comes at a time when digital is turning out to be a compelling proposition for players in the Indian market, where the use of smartphones and better broadband connectivity has spurred the adoption of a new range of services. Players are positioning themselves beyond the core telephony offerings, as they enhance digital engagement, build future streams of revenue and create brand differentiation, besides redefining themselves as a larger platform of digital services, say market watchers.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
Shimron Hetmyer's Rs 8.50 crore annual IPL fees earned from Rajasthan Royals or Andre Russell's Rs 16 crore retention fee from Kolkata Knight Riders is an indication how cricket's financial landscape has changed and playing for the West Indies isn't a motivation anymore.
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