India witnessed a 12 per cent year-on-year (YoY) jump in total household wealth last year, at $14,225 billion, according to the Global Wealth Report 2022 by Credit Suisse. The report also forecasts the number of millionaires in the country to more than double from 796,000 in 2021 to 1.6 million in 2026. According to the report, which is based on data for the wealth holdings of 5.3 billion adults across nearly 200 countries, global household wealth rose 9.8 per cent in 2021 to $463.6 trillion, driven by widespread gains in share prices and a favourable environment created by central bank policies in 2020 to lower interest rates but at the cost of inflationary pressure.
Jindal Power bagged 2 coal mines in Chhattisgarh.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
In 2008, the 13 companies on the list accounted for 34 per cent of the overall m-cap.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
Industry players said they were indeed seeing a serious fall in capacity usage, though some sectors were seeming to prevent further fall in the overall capacity utilisation.
The Pune-based Rahul Bajaj group, thanks to an amazing stock market ride by Bajaj Finance and Bajaj Finserv, has grabbed third spot, pushing the Aditya Birla group down to fourth position.
The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday. The banks had sanctioned credit facilities to develop a housing building at the Tech Zone IV in Uttar Pradesh's Greater Noida on a plot measuring 1.06 lakh square metre, the FIR alleged. The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that "it has resulted in the loss of over Rs 230.97 crore". Following the FIR, the CBI Thursday conducted searches at four locations in Delhi, Noida and Ghaziabad, they said.
Stocks to watch: ACC, Ambuja Cements, India Cements, Shree Cement, Ultra Tech Cement.
With infrastructure claiming a larger share, movement and distribution of cement is bound to change.
Top corporates have paid more advance tax in second quarter this year.
Govt to issue ownership rights of 15 coal mines on Mar 23.
Billionaire Gautam Adani's group is said to be planning a surprise entry into the race to acquire telecom spectrum, which will pitch it directly against Mukesh Ambani's Reliance Jio and telecom czar Sunil Bharti Mittal's Airtel, sources said. Applications for participating in the July 26 auction of airwaves, including those capable of providing fifth-generation or 5G telecom services such as ultra-high-speed internet connectivity, closed on Friday with at least four applications. Jio, Airtel and Vodafone Idea -- the three private players in the telecom sector -- applied, three sources with knowledge of the matter said.
Markets gained for the fifth straight session to end the customary 'Muhurat' trading session held to usher in the new year Samvat 2071 on a firm note post the slew of reforms announced by the government over the past few days.
A day after a Naxal attack left 12 Central Reserve Police Force personnel dead and another 28 wounded in Gadchiroli, the Maharashtra government on Wednesday owed to give a "befitting reply" to the ultras and said the security forces will be equipped with best landmine detection technology.
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
Housing sector to benefit from Budget.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo. Abhineet Kumar reports from Mumbai.
ICICI Bank was the top loser along with index heavyweights RIL, ITC and HDFC.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
Dividend payouts seem recession-proof.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
The broadening of the market rally sends the signal that growth will be broad-based, observes Akash Prakash.
Around 83 per cent people in a survey in India shared that 5G is one of the factors they consider while buying a new phone and nearly three in every five existing premium smartphone users are looking to upgrade their device to the next generation technology, according to a report released by Cybermedia Research. According to the survey, 81 per cent respondents prefer Oppo for 5G smartphone and 79 per cent opted for Samsung. The global survey conducted in India, China and West Europe found that 5G users, where the service is available, have experienced better video calls, faster downloads and ability to stream ultra high definition videos and satisfaction level from 5G services is around 80 per cent.
Premiumisation, improving demand aid realisation growth at most large firms
Factories are shutting down owing to a shortage of labour and raw materials, and a lack of logistical support amid the ongoing nationwide lockdown against the coronavirus pandemic.
'Earnings revival could be two quarters away.'
Strong MF investments, stemming of FII outflows and positive earnings in Q3 have helped market, say analysts.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
4 MNCs among top 10 companies with dividend-earning promoters in FY15.
'We would like to develop Andhra Pradesh into a logistics hub not only for India, but also for South Asia.'
The states will get over Rs l lakh crore.
A grouping of Indian and Indian-origin professionals working with tech giants like Google, Uber, Amazon and Facebook have written an open letter against the new religion-based citizenship law and the planned national register of citizens, terming them as "fascist". The letter by 'TechAgainstFascism' on online publishing platform Medium also urged the leaders to refuse to shut off the Internet at the "government's whim" and to ensure that content moderation is not skewing pro-government.
While it is difficult to put a number on how much the impact on the ad sales tally could be, it is quite possible the broadcaster will not be able to make its Rs 2-billion target, says Urvi Malvania.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
Turns down firm's plea for stay on CCI order; final order pending
A sum of Rs 7060 crore is provided in the current fiscal for the project of developing one hundred Smart Cities.
