Market and Business News

New Delhi, dated 28 November-2023, Thursday Pulses Price Hike: At present, the prices of Tuvar and Udd pulses are sky high in the country, in order to control the prices, the central government has decided to extend the period of duty free Tuvar-Udd import by one year. In order to provide relief to the general public and to curb the rising prices, the central government has extended the deadline for the import of tuwer and urad dal till March 31-2025, for which the DGFT under the Ministry of Commerce has issued a notification today. The government issued a notification Earlier the period for import of duty free tuware and urad dal was till 31 March-2024. However, the government has issued a notification and extended this period by one more year. 37 percent increase in the price of Tuvar dal in one year Talking about Tuwer Dal prices within last one year, the average price of Tuwer Dal was Rs.111.5 per kg on 28-Dec-2022, which has increased to Rs.152.38 per kg today i.e. on 28-Dec

Significant improvement in the performance of banks in the September quarter MUMBAI: The Gross Non-Performing Assets (NPA) ratio of the country's banks continued to improve in the second quarter of the current financial year as well. Gross NPAs fell to a decade low in the September quarter, according to data released by the Reserve Bank of India. Banks' NPAs have started to improve since 2018-19 and were maintained in the first six months of the current financial year. The Reserve Bank said in a report that the GNPA ratio which was 3.90 percent at the end of 2022-23 has decreased to 3.20 percent at the end of September. Net NPAs also fell to a multi-year low of 0.80 percent. The report noted that the country's banking system and non-banking financial companies are resilient. Earnings of banks have seen a sharp improvement over the last two years. Apart from the RBI's measures including early identification of bad loans, strict monitoring of banks' operations,

Mumbai: Exemption from import duty on Tuvar and Udd Dal has been extended by one more year till March 31, 2025. From October 2021, the government has exempted both these agricultural products from import duty. This exemption has now been extended till March 31, 2025, according to a notification issued by the Director General of Foreign Trade (DGFT). Exemption of import duty is expiring on 31st March, 2024. This decision of the government has come amid a sharp rise in food inflation in the country. Food inflation, which was 6.61 percent in October, rose sharply to 8.70 percent in November. The price of pulses rose by twenty percent in November. The government had earlier extended the exemption of import duty on masur dal till March 2025. The price of pulses has seen a recent surge as domestic production declines as a result of rain uncertainty. With Lok Sabha elections scheduled next year, the government is taking all measures to increase the supply of pulses, one of which is duty-

Apple supplier Foxconn will invest an additional $1.67 billion to set up its next plant in Karnataka. Foxconn assembles about 70% of iPhones and is the world's largest contract manufacturer. The company is working to diversify its manufacturing capacity to reduce its reliance on China in the wake of Covid-19 disruptions and geopolitical tensions. Foxconn has strengthened its presence in India over the past 12 months, investing significantly in manufacturing facilities in South India. In August, the company announced a $600 million investment in two projects in Karnataka. The company will make casing components for iPhones and chip-making equipment. In addition, Foxconn may also start production of the iPhone by April 2024 and is expected to create around 50,000 jobs. 95% of the population in India does not have insurance Despite the efforts of the government and the insurance regulator, about 95 percent of the country's population is uninsured. The National Insurance Academy

Negotiations on FTA with Oman progressed Negotiations on the proposed Comprehensive Free Trade Agreement (FTA) between India and Oman are progressing rapidly. According to sources familiar with the matter, the Commerce Ministry is believed to have set a deadline of the end of this month to conclude the talks. The talks have become more significant as talks between India and the six-member Gulf Cooperation Council have not started for over a year. Talks with the UAE have not started, particularly due to disagreements over terms. The council includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). If this agreement is implemented, Oman will be the second country after the UAE to do so from India in the Gulf Cooperation Council. Apart from this, the proposed agreement is expected to further strengthen India's ties with West Asia. India and UAE signed the Comprehensive Economic Partnership Agreement in February 2022. An India-UAE-like agreement is also

- Bhoo Bazar : Dilip Shah - Impact on pulses crop due to erratic rainfall this year: need to increase production per hectare in the country The agriculture sector in the country has witnessed a rapid change of equations. India is considered as an agriculture-led country and the country has seen a significant increase in grain production in recent years. But in terms of pulses and edible oils, we still have to depend on imports. This was said by the experts of the agricultural world. Although there has been an increase in the production of various pulses and oilseeds in the country in recent years, we still have to depend on the import of these products as the domestic demand for pulses and edible oils is higher than the increase in production. However, the area under cultivation of various pulses and oilseeds has increased in the country. But the market informants are saying that the production growth has been slow as the production per hectare has remained low. Agricultural experts

- Slow progress in the use of e-name system even after a period of seven years Many investors are rushing to invest in agritech with the perception that the Indian agriculture sector is about to be revolutionized in terms of technology, which has led to the recent spate of numerous apps and agtech (agri-technology) companies. To provide a technology framework for farmers to sell their goods online, the central government has created the Electronic - National Agriculture Marketing (e-NAM) system in 2016. The government itself has created an e-NAM system to connect farmers with distant markets. Out of seven thousand APMCs in the country, 1300 APMCs of 18 states have been able to join the government's e-name app. Thus, there is a need to provide extensive information about e-name to connect farmers of the country to distant markets. Fifty five percent of the country's people are involved in agriculture and allied businesses, but only about fifty lakh farmers are taking advantag

- Boolean Bits - Dinesh Parekh - Signs of interest rate cuts in the US starting next year saw gold prices rally against a retreat in the global dollar. In the jewelery markets of the country, there has been a huge jump in the prices of gold and silver recently and there are indications that jewelers and market players have become stunned amid the unprecedented turmoil in the market. Market experts are saying that such price fluctuations have appeared in the wake of the global market. According to the directives flowing from the United States, after the Federal Reserve has been increasing the interest rate frequently during this year 2023, now in the coming new year of 2024, instead of increasing the interest rate in the United States, the interest rate will begin to decrease. It has had a wide impact on various markets. As the US interest rate hike cycle is now coming to an end and indications are flowing that the cycle of interest rate cuts will begin further, the global index of t

- Monetary conditions eased largely, even as the Fed signaled interest rates to remain high Ahead of the final policy review for 2023 by the Reserve Bank of India's Monetary Policy Committee, it was widely expected that policy rates and policy stance would remain unchanged. The committee took the right decision not to surprise the market and the year ended satisfactorily. In fact, 2023 turned out to be a better year than expected. However, the current year has been full of uncertainty. Inflation rates were very high in developed countries and central banks were struggling to deal with it. It was not clear how long inflation would remain at elevated levels in some developed countries or what effect continued monetary policy tightening by major central banks would have on markets. It may be noted that due to monetary tightening by major central banks, there was a lot of instability in the world financial and currency markets. Especially with the actions of the Federal Reserve in

Mumbai: Exemption from import duty on Tuvar and Udd Dal has been extended by one more year till March 31, 2025. From October 2021, the government has exempted both these agricultural products from import duty. This exemption has now been extended till March 31, 2025, according to a notification issued by the Director General of Foreign Trade (DGFT). Exemption of import duty is expiring on 31st March, 2024. This decision of the government has come amid a sharp rise in food inflation in the country. Food inflation, which was 6.61 percent in October, rose sharply to 8.70 percent in November. The price of pulses rose by twenty percent in November. The government had earlier extended the exemption of import duty on masur dal till March 2025. The price of pulses has seen a recent surge as domestic production declines as a result of rain uncertainty. With Lok Sabha elections scheduled next year, the government is taking all measures to increase the supply of pulses, one of which is duty-

Mumbai: Investment through participatory notes (P-notes) in the domestic stock market increased again to Rs 1.31 lakh crore by the end of November. P-Notes investments have seen a rise as a result of the good performance of domestic equities. Although this figure was Rs 1.33 lakh crore at the end of September, it fell to Rs 1.26 lakh crore in October. Foreign investors who invest through P-Notes are increasingly confident in Indian equities due to the stability of the country's economy amid an uncertain global environment. Indian equities have also outperformed other economies in the current year. According to the Securities and Exchange Board of India (SEBI) figures, the number of P-Notes investments which was Rs 1,26,320 crore at the end of October increased to Rs 1,31,664 crore in November. Investment through P-Notes continues to increase along with the influx of Foreign Institutional Investors (FPIs) into India. Foreign investors who are not registered with SEBI invest in e

Mumbai: India's import-export trade has been affected as a result of disruption of shipping in the Red Sea. Basmati exports from India in particular have been hit while sunflower oil imports have come to a standstill, sources said. Exports of basmati have been affected and their prices have been reduced by eight to ten percent locally, while sunflower imports are expected to increase by five percent globally. Basmati exports have slowed down and shipping costs to countries like Jeddah, Durban, Beirut have gone up to $350 per container, sources in the All India Rice Exporters Association said. Before the crisis in the Red Sea, freight rates to Yemen hovered around $825 per container. Apart from this, the rate at Jeddah has also increased by five times, an exporter said. Terrorist attacks in the Red Sea have affected the movement of goods. Higher container rates have resulted in lower purchases of Indian basmati in overseas markets, putting domestic basmati prices under pressur

Global gold soared higher and reached close to 2100 dollars! Mumbai: The prices of gold and silver rose in the Mumbai jewelery market today. The boom continued. As the world market increased, import costs at home increased, prices increased in the jewelry market due to weddings and festivals, and the impact on new demand was seen, said market experts. In the world market today, the price of gold rose to 2088 dollars per ounce, then there was news that the price was 2073 to 2074 dollars. Globally, there was talk of increased buying of funds in global gold amid retreat in the dollar index and US bond yields. Behind the world market, the price of gold rose by Rs. 300 per 10 grams in the Ahmedabad market today, reaching the level of Rs. 65 thousand. The price of silver in Ahmedabad was Rs. 75 thousand per kilo. In the world market today, silver prices were higher from 24.49 to 24.50 to 24.27 to 24.28 dollars per ounce. Meanwhile, global platinum prices were higher at $1,006 to $998-999

Mumbai: New demand fell in the Mumbai oil-seed market today. 10 kg of imported palm oil at Rs. At the beginning of 817 to 818, there were scattered trades in hawala-resale. In the world market, the January palm oil futures in Malaysia were 41 points soft, while the prices of soybean oil in the American agricultural markets increased by 33 points overnight, and today the prices are projected to be 19 points plus. Soybean prices rose by 34 points in the overnight trade while soybean meal prices remained soft by 43 points. The price of single oil per 10 kg in Mumbai spot market increased by Rs. 1630 while the price of cottonseed oil fell to Rs. There were 865. The price of Singtel at Sourashtra is Rs. 1600 and 15 kg Rs. 2524 remained. While there the price of washed cotton fell to Rs. There were directions of 800 to 805. Meanwhile, according to news from Delhi, the government has raised the support price of copra to Rs. 250 to 300 have been increased. The government hiked the price of

Global gold soared higher and reached close to 2100 dollars! Mumbai: The prices of gold and silver rose in the Mumbai jewelery market today. The boom continued. As the world market increased, import costs at home increased, prices increased in the jewelry market due to weddings and festivals, and the impact on new demand was seen, said market experts. In the world market today, the price of gold rose to 2088 dollars per ounce, then there was news that the price was 2073 to 2074 dollars. Globally, there was talk of increased buying of funds in global gold amid retreat in the dollar index and US bond yields. Behind the world market, the price of gold rose by Rs. 300 per 10 grams in the Ahmedabad market today, reaching the level of Rs. 65 thousand. The price of silver in Ahmedabad was Rs. 75 thousand per kilo. In the world market today, silver prices were higher from 24.49 to 24.50 to 24.27 to 24.28 dollars per ounce. Meanwhile, global platinum prices were higher at $1,006 to $998-999

Mumbai: Before the end of 2023, the global stock markets witnessed a stormy boom. Foreign funds in China bought stocks worth Rs 1.9 billion in a single day today, with a big rally as a result of which the markets of European countries also went on the path of growth and reached a two-year high. With Prime Minister Narendra Modi's vision of 2024 as a crucial year for economic growth and lower crude oil prices coupled with lower global interest rates, foreign fund-investors continued to rally in Indian stock markets today, pushing the Sensex to a new record high of 72484.34, Nifty to a new record high of 21801.45. were Funds extended the record rally with heavy buying in NAV based stocks as well as large buying in a number of undervalued PSU companies. Foreign funds bought shares worth Rs 4359 crore more in cash today. Operators turned to large cap stocks Indian stock markets continued their historic bull run as Foreign Portfolio Investors, Foreign Institutional Investors bought h

Crypto Exchange News | The Indian Ministry of Finance has issued show cause notices to 9 offshore virtual digital assets service providers, including crypto exchange operator Binance. Apart from this, the IT Ministry has also asked that the URLs of these platforms operating illegally in the country without complying with local money laundering laws should be blocked. Who got the notice? A total of 9 crypto exchanges have been sent this notice including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. In a statement on December 28, the finance ministry said that offshore and onshore virtual digital assets service providers are operating in India and are involved in activities including exchange between virtual digital assets and fiat currencies, acquisition and administration of virtual digital assets or instruments. It will become mandatory for all these platforms to register with the Financial Intelligence Unit-India and comply with the provisi

OpenAI And Microsoft Copyright Case | The American newspaper New York Times has filed a case against openAI, the company that created the artificial intelligence (AI) model chatGPT, and Microsoft, which has a 49 percent stake in it. The two are accused of using millions of newspaper news and articles for free to develop their AI chatbot model. A claim of thousands of crores hit! It is believed that the New York Times may sue openAI and Microsoft for tens of millions for the theft of its content. This is the first time a major newspaper in America has filed this copyright case against openAI. The case was filed in federal court in Manhattan. In which it is claimed that we create content for readers by spending heavily but openAI and Microsoft use it to make profit. Along with this, newspaper readership is also decreasing. 172 years old is the New York Times It is worth mentioning that the 172-year-old newspaper New York Times has also claimed that we tried to negotiate a beneficia

- Foreign Investors Rs. 4359 crore purchase - Investor's assets Rs. 1.69 lakh crore increased to 363 lakh crore AHMEDABAD: Sensex hit new record highs of 72410 and Nifty today at 72410 and Nifty at 21779 on the back of fresh buying led by foreign investors on the back of other positive reports including a bullish outlook in China and European markets before the end of 2023. Today the wealth of investors has also increased to Rs. 363 lakh crore reached the highest peak. According to reports from the global markets, before the end of the year, there were reports that foreign investors bought stocks worth $1.9 billion in a single day in China today. On the other hand, European markets also rose to near two-year highs on the back of fresh gains. Apart from this, foreign investors were attracted by the strong possibility of re-election of the ruling party in the general elections at home, low crude prices and reports of the ongoing process of economic reforms. On these reports, Sen

Mumbai: The Indian equities market has outperformed the world's top ten markets in terms of returns so far this year. Supported by strong inflows from Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (FPIs), Indian equities have grown by 24.80 percent in 2023 over 2022. Despite high interest rates, geopolitical tensions and volatility in crude oil prices, the market cap of Indian equities has gone up. It has increased by 24.80 percent compared to the year and has crossed 4.16 trillion dollars. Indian equities have seen a steady rise over the past five years. According to the data obtained, benchmark indices Sensex and Nifty50 have seen an increase of 17.50 percent and 18.50 percent respectively in the current year. While BSE midcap and smallcap have seen growth of 43 percent and 46 percent respectively. After India, in terms of increase in market cap, American markets have been ranked second with 22.60 percent, while France has been ranked third with 1

AHMEDABAD: The condition of the country's banking sector has improved significantly due to high demand for loans amid strong economic growth. However, it is a matter of concern that fraud cases have also increased. In the first six months of the current financial year, public sector banks have collected around Rs. 68,500 crores and this momentum is expected to continue in the next six months as well. If this trend continues, the net profit of public sector banks in 2023-24 will be Rs. 1.50 lakh crore, which in the financial year 2022-23 will be Rs. 1.04 lakh crores. It is believed that stability on the non-performing assets (NPA) front, strong credit demand and high interest rate regime will help banks' profitability in the coming months. The underlying economy has shown a lot of strength, bankers said. When the economy performs well, the banking sector also performs well. The Reserve Bank of India has recently raised India's growth forecast to seven percent from 6.5 per

New Delhi: Due to the Israel-Hamas war, traffic through the night sea will have an impact on various sectors. For India's oil and gas, the bulk of crude and LNG comes through the Persian Gulf, so the Rata Sea issues will not hamper that flow much. However, the flow of Russian oil from the Black Sea could be affected and the impact could be seen, said academic circles. This volatility could also lead to higher premiums for Middle East crude. Overall, refiners and oil companies that import crude may be affected, but the impact is unlikely to be major unless the issues are prolonged. For standalone refiners such as Reliance, MRPL and CPCL, margins may take a hit on the cud side, while on the production side, exports to the EU may be affected. Reliance takes the bulk of Russian crude and also exports large quantities to Europe and South America. However, it is very difficult to quantify the effect due to trade-off adjustments. Brent is mostly around $80. Hence no material impact is

New Delhi: Due to the Israel-Hamas war, traffic through the night sea will have an impact on various sectors. For India's oil and gas, the bulk of crude and LNG comes through the Persian Gulf, so the Rata Sea issues will not hamper that flow much. However, the flow of Russian oil from the Black Sea could be affected and the impact could be seen, said academic circles. This volatility could also lead to higher premiums for Middle East crude. Overall, refiners and oil companies that import crude may be affected, but the impact is unlikely to be major unless the issues are prolonged. For standalone refiners such as Reliance, MRPL and CPCL, margins may take a hit on the cud side, while on the production side, exports to the EU may be affected. Reliance takes the bulk of Russian crude and also exports large quantities to Europe and South America. However, it is very difficult to quantify the effect due to trade-off adjustments. Brent is mostly around $80. Hence no material impact is

Mumbai: Finance Ministry has imposed anti-dumping duty on gypsum board/tiles with lamination on at least one side imported from China and Oman. The notification issued said that this anti-dumping duty will be applicable for five years. This duty has been implemented keeping in mind the recommendation made after conducting an investigation by the Ministry of Commerce based on the complaint received. The rate of duty on these products coming from Oman will be between $71.80 to $91.42 per ton. While imported from China, the rate on these products has been fixed at 23.46 to 47.62 dollars per ton. Gypsum board/tiles with lamination on at least one side (also known as PVC gypsum tiles, gypsum ceiling tiles and ceilingtiles) are mainly used for ceilings in auditoriums, conference rooms, educational institutions, offices, boutiques, shops, residences etc. . The government takes measures like anti-dumping duty to prevent damage to the domestic industry due to cheap imports.

Mumbai: Finance Ministry has imposed anti-dumping duty on gypsum board/tiles with lamination on at least one side imported from China and Oman. The notification issued said that this anti-dumping duty will be applicable for five years. This duty has been implemented keeping in mind the recommendation made after conducting an investigation by the Ministry of Commerce based on the complaint received. The rate of duty on these products coming from Oman will be between $71.80 to $91.42 per ton. While imported from China, the rate on these products has been fixed at 23.46 to 47.62 dollars per ton. Gypsum board/tiles with lamination on at least one side (also known as PVC gypsum tiles, gypsum ceiling tiles and ceilingtiles) are mainly used for ceilings in auditoriums, conference rooms, educational institutions, offices, boutiques, shops, residences etc. . The government takes measures like anti-dumping duty to prevent damage to the domestic industry due to cheap imports.

MUMBAI: Gold remained relatively flat at home on the back of global markets, while silver retreated from a higher head. The trading volume in the world market was also seen low as the Christmas vacation was going on. Despite a huge rally in the stock market, the rupee weakened against major currencies in the domestic money market. The dollar was 15 paise high. Crude oil prices remained firm. At the local Mumbai jewelery market, gold at Rs 99.90 per 10 grams excluding GST closed marginally higher at Rs 63,223 from the previous close. The price of ten grams of 99.50 was Rs 62970. With GST, the prices were raised by three percent. Silver .999 per kg fell by Rs 700 to close at Rs 74064. With GST, the prices were raised by three percent. The price of gold at 99.90 ten grams remained stable at Rs 65,000 in the Ahmedabad market. 99.50 per ten gram was Rs 64800. Silver .999 per kg was reduced by Rs 500 to Rs 75000. In the world market, gold was priced at $2068 per ounce while silver was quo

MUMBAI: Local foreign institutional investors, foreign portfolio investors made history today with all-round aggressive buying in large cap stocks as Sensex, Nifty based hit new all-time highs, bringing a Santa rally to Indian stock markets ahead of 2023 farewell. The Sensex finally hit a new record high of 72100 and the Nifty at 21675. Funds, maharathis bought heavily in large cap stocks easing the bullish trade with a surge in small, mid cap stocks. Buying in automobile, metal-mining, healthcare, IT-software services, consumer durables, capital goods stocks along with banking-finance frontline heavyweights kept the market in the bullish zone for the fourth consecutive day today. Aggressive buying of funds on signs of falling interest rates, strong hopes of BJP coming back to power at the Centre The US Funds became big buyers of stocks in anticipation of a possible rate cut by the Federal Reserve in 2024, low prevailing crude oil prices, rising optimism that the BJP will return to

MUMBAI: Local foreign institutional investors, foreign portfolio investors made history today with all-round aggressive buying in large cap stocks as Sensex, Nifty based hit new all-time highs, bringing a Santa rally to Indian stock markets ahead of 2023 farewell. The Sensex finally hit a new record high of 72100 and the Nifty at 21675. Funds, maharathis bought heavily in large cap stocks easing the bullish trade with a surge in small, mid cap stocks. Buying in automobile, metal-mining, healthcare, IT-software services, consumer durables, capital goods stocks along with banking-finance frontline heavyweights kept the market in the bullish zone for the fourth consecutive day today. Aggressive buying of funds on signs of falling interest rates, strong hopes of BJP coming back to power at the Centre The US Funds became big buyers of stocks in anticipation of a possible rate cut by the Federal Reserve in 2024, low prevailing crude oil prices, rising optimism that the BJP will return to