Equity markets began the new financial year with smart gains on Friday, with the Sensex rallying over 708 points to recapture the crucial 59,000-mark following gains in index majors HDFC twins and Reliance Industries, along with foreign fund inflows. On the first day of trading in the new financial year, the BSE barometer rallied 708.18 points or 1.21 per cent to settle at 59,276.69. During the day, it jumped 828.11 points or 1.41 per cent to 59,396.62. The broader NSE Nifty advanced 205.70 points or 1.18 per cent to settle at 17,670.45.
Expressing happiness over the growth of the banking sector in the last 10 years, Finance Minister P Chidambaram today described it as a great achievement of the United Progressive Alliance rule.
"The Sachar Commission's recommendations constitute the most divisive step ever initiated by the government of independent India," the political resolution at the party's National Council meeting stated, giving a call to the people to remove the Congress-led regime at the Centre. "Communal reservations and communal budgeting are a remedy worse than the problem being addressed", the resolution noted.
Among the prominent gainers on the Sensex chart were Bajaj Finance, Bajaj FinServ, ICICI Bank, Axis bank, Tata Steel, IndusInd Bank and HDFC Bank -- rising as much as 3.50 per cent. NSE Nifty soared 271.65 points to settle at 17,625.70.
Walmart, the world's largest retailer, has paid $1.4 billion to buy out US-based Tiger Global's investment in e-commerce firm Flipkart, according to sources. The transaction puts Flipkart's valuation at $35 billion, against nearly $38 billion in 2021 when it raised funds from Japan's SoftBank, Walmart, and other investors. Tiger Global, Flipkart co-founder Binny Bansal, and Accel now have all fully exited the e-commerce firm by selling their stake to Walmart.
The situation along the Line of Actual Control (LAC)in eastern Ladakh remained 'very fragile' and is 'quite dangerous' in military assessment because of close deployments of troops of both sides in some pockets though substantial progress has been made in the disengagement process in many areas, External Affairs Minister S Jaishankar said on Saturday.
A few state-owned banks such as IDBI Bank, Union Bank, Indian Overseas Bank have announced results for FY14.
Seeking to insulate small and marginal farmers from exploitation by moneylenders, United Progressive Alliance chairperson Sonia Gandhi has asked banks to provide credit to farming community at lower rates of interest.
Despite the national capital recording its best air quality on Diwali day in eight years, pollution levels may rise due to low night temperatures and sporadic burning of firecrackers though there is a ban on their manufacture, storage, sale and use within the city.
Axis Bank was the top loser in the Sensex pack, tanking over 6 per cent, followed by Bajaj Finance, Bajaj Finserv, IndusInd Bank, HUL and Tata Steel. NSE Nifty fell 57.45 points to 18,210.95.
Foreign lenders to bankrupt Enron Corp's $2.9 billion Dahbol power plant want to pull out from the venture after endless bureaucratic delays to revive the stalled project.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
The development assumes significance as Prime Minister Narendra Modi had last month announced 10 lakh government recruitments in the next 1.5 years.
For many years now, the Congress and its allies have not had any noteworthy representation from the area. The loan-waiver package may not improve things in the next general elections in 2009, Business Standard found out in an extensive tour of the area. Most farmers said they did not find it worthwhile to go to a bank for loan because the process was too cumbersome.
The Sensex opened with a negative gap of 156 points at 12,900 on the back of negative cues from the global market. The index tried to recover but could only manage to touch a high of 13,001.
'The rising cost of construction, the cost of doing business, high compliance, and inflation/interest rates going up have already reduced returns to single digits.'
A fresh $1-billion (nearly 4,600-crore) loan from the World Bank under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), to be routed through the Union government, would be linked to cities adopting certain efficiency parameters.
The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia's third-largest economy for 2023-24 (FY24). "India remains a bright spot. Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined," the IMF said in its latest update to the biannual World Economic Outlook. Growth in India is set to decline from 6.8 per cent in 2022 (FY23) to 6.1 per cent in 2023 (FY24) before picking up to 6.8 per cent in 2024 (FY25), the global lender said while citing "resilient domestic demand despite external headwinds".
Investors' wealth has tumbled by over Rs 5.82 lakh crore in three days of market decline. Feeble global cues, foreign fund outflows and concerns over policy tightening by central banks have led to the selling pressure, experts said. Declining for the third straight session on Monday, the 30-share BSE benchmark Sensex nosedived 1,023.63 points or 1.75 per cent to close at 57,621.19. In three days, the benchmark has tanked 1,937.14 points.
'The money is readily available to the depositors.'
With one of the Swiss banks agreeing to provide information to the United States about its account holders, the CPI(M) on Monday demanded that the United Progressive Alliance government should seek details of Indians who have illegally stashed funds in Switzerland and other tax havens.
For online fraud, approach cyber cell and file a complaint.
Henry Kravis, co-founder of global private equity firm Kohlberg Kravis Roberts & Co, thinks India should go for a bad bank to deal with bad assets in banks. In an interaction with journalists in Delhi, he says there are plenty of opportunities in India. He was joined by India CEO Sanjay Nayar.
This will be done across five cities - Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong. Thereafter, it will be scaled up and launched in 100 cities over a period of six months, said a senior government official.
Prime Minister Manmohan Singh on Thursday said in Rajya Sabha that "action has already started" for getting back black money belonging to Indians from Swiss banks.
'Hamas is going to be prepared. There will be booby traps and tunnels; it's going to be door to door fighting.'
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
It is to keep labour unions away and make the employees feel important.
'Looking back, there is every chance that I would not have opted for Kota.'' 'The biggest flaw is that your personality gets blocked.' 'It took me two years to get back to 'being human' again.'
Investors believe Indian is a tough place to do business with.
'The entire system acted as cheerleaders to Vijay Mallya. The RBI failed, the banks failed, the auditors of the banks and Mallya failed.'
Modi and Albanese also reiterated their shared ambition for an early conclusion of the ambitious Comprehensive Economic Cooperation Agreement (CECA) that is expected to significantly expand bilateral trade ties.
EC received the RBI proposal in the first week of this month, soon after the model code of conduct came into force on March 5.
While some equity analysts have raised target prices for public sector banks, others remain cautious
Reserve Bank Governor Raghuram Rajan on Thursday said the central bank will continue its focus on taming inflation, speeding up resolution of distressed projects and ensuring enough capital for banks through balance sheet clean-up.
Reserve Bank of India Governor Shaktikanta Das on Monday stressed on achieving 100 per cent self-sufficiency in banknote manufacturing in the near future. He was speaking after dedicating Varnika, the ink manufacturing unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), to the nation in Mysuru. BRBNMPL, a wholly-owned subsidiary of the RBI, has set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance the security of banknotes.
What does Neal Mohan, anointed the next CEO of YouTube, have in common with Sir Cliff Richard? They are alumni of St Francis' College. Mohan, who will take over the reins of the social media platform, is arguably the second most high-profile personality after the British music icon to be associated with the all-boys institution ensconced in the heart of Lucknow.
India and China agreed during their military talks on Sunday to stay in close touch and work out a mutually acceptable solution to the "remaining issues" in eastern Ladakh at the earliest, but there was no indication of clear forward movement in ending their three-year-long border standoff.
Finance Minister had announced the scheme in the Union Budget.
