In a post on X, Modi said, "Happy to have welcomed @POTUS @JoeBiden to 7, Lok Kalyan Marg. Our meeting was very productive."
Modi held a "productive meeting" with his Ethiopian counterpart Abiy Ahmed Ali on a day when BRICS (Brazil, Russia, India, China and South Africa) leaders officially endorsed Ethiopia's entry into the bloc.
Semiconductor makers need thousands of engineers and technicians, and though India has one of the largest pool of engineers in the world, they do not have experience in the semiconductor manufacturing space.
Market participants do not expect any immediate impact on the rupee from the Reserve Bank of India's (RBI's) a "comprehensive" master direction aimed at strengthening the framework for hedging foreign exchange risks. RBI Governor Shaktikanta Das, in his monetary policy statement, revealed that the central bank is poised to issue a master direction to consolidate guidelines for all types of forex transactions. But this development, according to market players, is more of a directional guidance than a mandatory directive.
Investing in start-ups can be highly rewarding, but direct investing is not meant for everyone. For the majority of wealthy investors, taking the private-equity route could still be the better option.
Modi said today "we all have reached an important and historic partnership".
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
After witnessing cloudy skies this year, the country's renewable energy sector is expected to boom with a likely investment of over $15 billion in 2022 as the government focuses on electric vehicles, green hydrogen, manufacturing of solar equipment as well as achieving the ambitious 175 GW renewable capacity target. India, which has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro power projects.
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
China welcomes all initiatives that truly help developing countries build infrastructure and sincere efforts to promote connectivity and common development, the Chinese Foreign Ministry said.
The initial findings, when corroborated with the charges made by the CBI, indicate towards a lage-scale front-running deals or shares being purchased or sold in these companies on the basis of prior knowledge about investment decisions being made by large institutional investors, a senior Sebi official said.
'It will dictate the flow of funds into the index. We will maintain caution on mid/smallcaps.'
The BSA Gold Star is launched....Ola Enters e-motorbikes Biz... Bajaj, TVS To Enter e2Ws Market...
Stock markets will be largely driven by global trends in the absence of any major domestic triggers this week, say analysts. The trading activity of foreign investors, global crude oil prices and rupee-dollar movement will also influence market movement, they said. "Anticipating a period of consolidation in the absence of clear global cues, the market's trajectory will likely hinge on the movement of the US bond yields, the dollar index, and crude oil prices, as well as institutional flows.
'Leaders of the Indian community in Hong Kong had broached the idea of developing the Andaman and Nicobar islands for investment and setting up manufacturing units,' points out Rup Narayan Das.
US companies and lawmakers had urged Kerry to talk tough on policies regarding India's rejection of patent suits.
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
'We have to keep a watch because India-Sri Lanka has a history that whenever there has been a change in government, either the connectivity projects have been questioned or cancelled or revived.'
The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. "This year the proportional fiscal deficit so far is much closer to the target than in most other years.
Reports (not denied by India) that the USA had 'for the first time provided real-time details to their Indian counterparts on the Chinese positions and force strength in advance of a PLA incursion' into Tawang at the LAC in December 2022, helping India thwart China's expansionist designs, show how operationally effective the USA-India friendship has become on the ground. A engaging excerpt from Sreeram Chaulia's must-read new book, Friends: India's Closest Strategic Partners.
'.. if you do not want to take the asset allocation call.'' 'This category of funds can offer optimum risk-adjusted returns.'
To help US, as India will be a major economy in the future.
Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards. Sun Pharma and Nestle were the only gainers.
These stocks are prone to manipulation and have been earlier reported by probe agencies.
Goyal wondered why an e-commerce market place model, where a firm provides an IT platform for buyers and sellers, was incurring such huge losses adding that it needs to be looked into.
The government has decided to hold off introducing the production-linked incentive (PLI) scheme for additional sectors until it verifies the efficacy of existing initiatives. Top government officials have received mixed feedback on the scheme, including insights from the Economic Advisory Council to the Prime Minister, people aware of the matter said. "There are no new PLI schemes in the offing.
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
The Narcotics Control Bureau (NCB) on Saturday said it has arrested Jaffer Sadiq, a Tamil Nadu-based alleged dealer of narcotics, in connection with an international drugs trafficking investigation case.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
'The international community is moving away from harmful tax practices.'
'In light of the events in Israel, Foreign Minister Cohen decided to cut short his diplomatic visit to India and return to Israel after the meeting with Indian Prime Minister Narendra Modi that will take place today'
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
Noting that India has 'limitless possibilities and countless opportunities', Modi urged the BRICS business leaders to take advantage of them.
The stock of consumer goods major Emami has corrected nearly 3.5 per cent since its 52-week high of Rs 546.25. On August 29, the stock closed at Rs 521.90 on the BSE. After underperforming the Nifty FMCG index for a long time, the stock is now doing a catch up and surged over 13 per cent in the past one month.
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.
He further added that India needs $1 trillion investment in infrastructure during the 12th Five-Year Plan.
Going 'long' is becoming an overcrowded trade on Dalal Street, and any negative trigger could lead to a sharp correction, warn experts. However, given the strong momentum, particularly in IT stocks, the downside could be protected in the immediate term. "With the Nifty50 surging to new life-time highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out.
Prime minister likely to visit Beijing, Shanghai; also President Xi's home province, Shaanxi. Nayanima Basu reports
RBI's interest rate decision, macroeconomic data, global trends and trading activity of foreign investors are the crucial factors to drive equity markets in a holiday-shortened week ahead, analysts said. Markets would remain closed on Monday for Gandhi Jayanti. "While global cues will continue to dictate trends in local markets, focus will shift to RBI's monetary policy announcement on Friday. "Although the market is expecting a status quo on interest rates, global concerns like rising US dollar index and bond yields coupled with surging crude oil prices continue to weigh on investors' minds.
Shigeru Ishiba is expected to prioritise strengthening Japan's military capabilities and fostering deeper international partnerships, particularly with India, with whom Japan shares significant strategic interests, explains Dr Rajaram Panda.
