From the 30-share Sensex blue-chip pack, Titan, Adani Ports, UltraTech Cement, Tata Consultancy Services, NTPC, Bharti Airtel, Tech Mahindra, Infosys, Hindustan Unilever and JSW Steel were the biggest laggards.
The Enforcement Directorate (ED) is proposing a penalty on German sportswear giant Adidas' subsidiary Reebok India for alleged violations of the Foreign Exchange Management Act (Fema).
Ratings agency Moody's said on Tuesday that it has cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable', citing the US indictment of chairman Gautam Adani and others on alleged bribery charges, while Fitch Ratings put some bonds of the conglomerate on negative watch. Moody's affirmed the ratings on all seven entities -- Adani Ports and Special Economic Zone Ltd, two limited restricted groups of Adani Green Energy Ltd, Adani Transmission Step-One Ltd, Adani Transportation Restricted group 1 (AESL RG1), Adani Electricity Mumbai Ltd and Adani International Container Terminal Pvt Ltd.
New investors should gradually build a 5 to 10 per cent allocation to gold.
Vikram Lamba was carrying 13000 pounds and electronic and luxury items worth lakhs.
A recent public interest suit in the Supreme Court over foreign direct investment (FDI) in retail may have thrown the industry into a tizzy, but lawyers, constitutional experts and government officials indicate the multi-brand retail FDI policy is unlikely to get derailed over Fema.
After selling dollars for the past few months, the Reserve Bank of India (RBI) may take a hands-off approach before its annual account closing by not trying to prop up the rupee as geopolitical tensions show signs of stabilising with global crude oil prices easing from its $140 peak. The central bank was a net buyer of dollars between April and September, and then turned a net seller in the following months, the data released by the RBI showed. The RBI continued to be a net buyer of $36.6 billion in this fiscal year - between April and January. In 2020-21, it purchased $68 billion on a net basis.
Investors' wealth plummeted by Rs 5.49 lakh crore on Friday as markets faced a massive correction tracking a weak trend in global peers and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex tumbled 1,017.23 points or 1.24 per cent to settle at 81,183.93. During the day, it plunged 1,219.23 points or 1.48 per cent to 80,981.93.
'Arbitrage funds make the most sense for those in the 30 per cent tax bracket, are viable for those in the 20 per cent bracket, but less so for those in the 10 per cent bracket.'
The apex court asked Reserve Bank of India to amend Foreign Exchange Management Act regulations within two weeks to allow implementation of FDI in retail sector.
'Unsurprisingly, Trump shared Modi's podcast with Fridman on his Truth account.' 'The intentions of Trump, a transactional president, are never easy to tell.' 'We will know in the next fortnight if and when he unfolds reciprocal tariffs on Indian goods, whether Modi's flattering words made any significant difference to Trump's compass,' notes Ambassador M K Bhadrakumar.
India's current account deficit (CAD) may dip further in the March quarter of FY24 as pressure from the negative net exports during the January-March period eased to an 11-quarter high. A part of the gross domestic product (GDP) data, net export- which is usually negative for India - captures the difference between exports and imports of both goods and services, while the CAD data, released by the Reserve Bank of India (RBI), also factors in private transfer receipts.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
India's current account deficit narrowed to $1.3 billion or 0.2 per cent of GDP in the January-March quarter of FY23, mainly due to moderation in the trade deficit and a robust increase in services exports, RBI data showed on Tuesday. However, for the 2022-23 fiscal, the current account balance recorded a deficit of 2 per cent of GDP compared to 1.2 per cent in 2021-22. "India's current account deficit (CAD) decreased to $1.3 billion (0.2 per cent of GDP) in Q4:2022-23 from $16.8 billion (2.0 per cent of GDP) in Q3:2022-231, and $13.4 billion (1.6 per cent of GDP) a year ago [Q4:2021-22]," as per the RBI's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2022-23'.
Nestle, Titan, ICICI Bank, Tata Steel, IndusInd Bank, ITC, JSW Steel and State Bank of India were the other laggards. Among the gainers, Tata Motors jumped nearly 6 per cent. Larsen & Toubro, Sun Pharma, Kotak Mahindra Bank, Bajaj Finance and Power Grid also ended in the positive territory.
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
Security forces and terrorists exchanged fire twice briefly within a span of four hours in a forest area in Jammu and Kashmir's Doda district, officials said on Wednesday.
Chinese Foreign Minister Qin Gang will travel to India to attend the Shanghai Cooperation Organisation (SCO) foreign ministers' meeting being held in Goa on May 4 and 5, the foreign ministry in Beijing announced on Tuesday.
Left to move motions entailing vote; NDA to rally parties against FDI move; DMK keeps suspense alive on its stance.
'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'
Petition, filed by a lawyer, is likely to be heard next week.
Equity investors will track the trading activity of foreign investors, global trends and ongoing earnings results for further cues, and benchmark indices may continue to witness consolidation in a holiday-shortened week amid the monthly derivatives expiry, analysts said. Markets fell sharply last week amid massive foreign capital outflows and dismal Q2 earnings so far. Weakness in the markets might continue in the near term amid cautiousness among investors ahead of the US presidential election early next month, an expert said.
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Pakistani sufi singer Rahat Fateh Ali Khan was questioned on Friday by the Directorate of Revenue Intelligence officials for allegedly carrying $ 1.24 lakh (about Rs 60 lakh) of undeclared foreign currency.
India's stock exchanges have decided to jointly introduce the T+1 settlement cycle in phases from February 25, beginning with the bottom 100 stocks by market capitalisation. From March 2022, on the last Friday (or the immediate next trading day) of every month, the next 500 stocks from the bottom will be subject to T+1 settlement. The phase-wise implementation is expected to give all market participants, including foreign portfolio investors (FPIs), ample time to shift to the shorter cycle. The settlement cycle represents the time period within which the stock exchanges have to settle security transactions.
Certain foreign portfolio investors (FPIs), which operate as pooled investment vehicles (PIVs), may not be exempt from the additional disclosure mandates by the Securities and Exchange Board of India (Sebi) following an update in the standard operating procedures (SOPs) for custodians. An updated version of the SOPs has specified several conditions to be met for PIVs to benefit from the exemptions granted. These include no segregated portfolios, independent investment manager, and investors having pari-passu (equal) rights in the entity.
Among the 30 Sensex firms, Tata Motors jumped over 4 per cent, followed by Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India. Reliance Industries climbed nearly 2 per cent after Mukesh Ambani, chairman and managing director of the firm, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1.
The government on Thursday said the Enforcement Directorate is probing alleged violation of FDI regulations by cash and carry chain Walmart.
The Centre on Wednesday told the high court that the enforcement directorate was investigating the alleged investment of American retail giant Walmart in Indian companies, in violation of the provisions of the Foreign Exchange Management Act.
The government has sought to put an end to the ambiguities in the implementation of Press Notes 2 and 4, which significantly relaxed foreign direct investment (FDI) guidelines, with the Commerce Ministry requesting the Reserve Bank of India (RBI) to make changes in the Foreign Exchange Management Act (FEMA) to operationalise the guidelines. The direction from the government follows a number of references and queries from investors.
The government on Wednesday said it is contemplating relaxing norms governing external commercial borrowings to enable Indian corporates access higher foreign capital at low cost.
Using credit or debit cards abroad can prove costly.
'Bumrah is not the right option for captain.' 'All the pressure to deliver is on his shoulders. So taking on the mantle of captain will be added pressure.'
The Reserve Bank has notified that all transfer of stake or interest in an oil and gas field to non-residents will be treated as FDI and will have to be reported under Foreign Exchange Management Act (FEMA).
Prime Minister Narendra Modi and French President Emmanuel Macron have called for enhancing trade and investment ties between their countries and committed to further deepening their engagement in the Indo-Pacific. They discussed a full spectrum of bilateral relations, including key global and regional issues, and stressed the urgent need for reform in the United Nations Security Council. The leaders also underscored their commitment to ensuring the global AI sector can drive positive social, economic, and environmental outcomes.
IPL team Rajasthan Royals was slapped with a penalty notice of approximately Rs 100 crore by the Enforcement Directorate (ED) for alleged violation of forex laws, a move which comes barely two months before the sixth edition of the high-profile league gets underway.
Emirates Telecommunications Corporation (Etisalat) has made a representation through the UAE government to request the Enforcement Directorate to withdraw a showcause notice over alleged violations of the Foreign Exchange Management Act (FEMA), insofar as it relates to the company and its directors on the board of its Indian joint venture Etisalat-DB Ltd. The UAE (United Arab Emirates) government owns 60 per cent of the Etisalat group.
