Market and Business News

MUMBAI: Incessant heavy buying by Foreign Portfolio Investors (FPIs) in the Indian stock markets led to a bullish run at the end of the week today. After Nifty took 21 months to cross the level of 18,000 to 19,000, as if it has to cross the level of 19,000 to 20,000 in 21 days, today the index based funds made a bursting boom. As the monsoon is making rapid progress across the country after a delay, foreign funds seem to have put India on a positive re-rating, with India shining, shining, this time expecting a major drop in inflation and economic growth to accelerate through strong growth in the rural-agricultural sector. . Nifty which took 21 months to cross 18000 to 19000 will reach 20000 within 21 days? With the July 1 merger of HDFC Twins and HDFC Bank becoming the world's fourth largest bank on the back of banking stocks and IT-software services, US-backed rally in technology stocks and continuous rally of good monsoon in automobile stocks, Sensex made a one-sided stormy ru...

AHMEDABAD: Sales of electric two-wheelers crossed the 1 lakh mark for the first time in May 2023 due to last month's crackdown on availing the maximum subsidy scheme, but vehicle sales fell by nearly 60 per cent to just 42,124 units in June. According to the data available on the vehicle portal, a total of 1,05,348 units were sold in May. A total of 4,31,325 vehicles were sold in the first six months of this year, while only 42,124 electric vehicles were sold in the month ended June 30. This figure is up to 1.45 pm on June 30. According to Icra data, 66,000 electric two-wheelers were sold in April, while it increased to 1,05,000 units in May. On May 21, the ministry announced a reduction in incentives, which led to a decline in sales. No company has yet reacted to such a steep drop in sales of electric two-wheelers, but market analysts say the reason for the decline is the steep rise in prices of e-scooters. The government has reduced the subsidy under the FAM-II program and du...

MUMBAI: Domestically, gold was almost flat from the previous close, but silver was marginally lower following the steady decline in precious metals in the global market ahead of inflation figures due on Friday, following better-than-expected economic growth in the June quarter in the US. Crude oil in the global market held steady over the weekend while the domestic forex market saw the rupee strengthen against global currencies. Back home, the price of gold in the Mumbai jewelery market at 99.90 per ten grams was Rs 58,055 without GST. which was almost stable compared to the previous close. 99.50 per ten grams without GST was priced at Rs 57823. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg eased marginally to Rs 68,429. With GST, the prices were raised by three percent. Ahmedabad gold 99.90 per ten gram was Rs 60,000 while 99.50 was Rs 59,800. The price of silver .999 per kg was Rs 69500. Silver had softened by Rs 1,000. In the world m...

Mumbai: In the first six months of the current calendar year, the value of mergers and acquisitions (M&A) in the country has fallen by 76 percent year-on-year to $3.20 billion. However, there has been a 12 percent increase in the amount of money raised by Indian companies from abroad. In the period of January to June 2022, there were 1914 deals worth 13.42 billion dollars of M&A, compared to 1201 deals worth 3.20 billion dollars in this period of the current year, according to a report. Even as the country's stock markets hit new highs, M&A deals are on the decline. According to a report, the decline in deals has been seen due to macro economic challenges such as Russia-Ukraine war, high inflation, fear of recession. Global rather than domestic factors have affected the MND agreement. Inflation and high interest rates have reduced investors' appetite for investment. Gaps in the valuation of new-age technology-based companies at home have also slowed investment ...

Mumbai: With the country's stock markets reaching new highs, a huge increase in block deals is also being seen in June. A total of $3.90 billion worth of shares changed hands in the year ended June. This number of block deals is at a three-year high. Earlier in May 2020, block deals worth $4.70 billion were done. If more than five lakh shares of a company or shares worth Rs five crore change hands in a single deal, it is considered as a block deal. Generally, in block deals, the shares are bought only by institutional investors. Whenever equities rise, promoters take advantage of the opportunity to sell their shares and choose to raise funds, said an analyst. As confidence in the market builds, first block deals and then IPOs see momentum. At the end of the current month, the country's stock markets closed at new highs. A high number of block deals indicates that Indian stock markets are in a healthy state. When an investor invests a large amount in a company, he first loo...

AHMEDABAD: During the first half of the calendar year 2023, despite the boom in the equity markets, the returns received from the market remained low. The Sensex returned 5.1 percent, while the Nifty returned 4.8 percent in the same period. However, the Nifty Midcap 100 and Nifty Smallcap 100 indices rose 12.7 percent and 10.9 percent respectively. Foreign portfolio investors were net sellers during the first half as capital flows shifted from India to China due to normalization in China. In the first two months of 2023, foreign portfolio investors received Rs. 35,229 crore worth of shares were sold, due to which the markets fell by about 10 percent. The Hindenburg Research report raised concerns among investors. In addition, uncertainty surrounding central bank policies amid a banking crisis in the developed world and persistently high inflation weighed on sentiment earlier in the year. During the first quarter of 2023, Indian stock markets fell by around 4 percent and were among ...

Image Source: Freepik Ahmedabad. 30 June 2023 Friday We all need money in times of trouble. Sometimes we have money and sometimes we don't. In such a situation, the arrangement of rupees can be done in different ways. For example, if someone borrows from his relatives, he often takes a loan from a bank. Some collect money by pledging gold jewelry, but if more money is needed, then the jewelry is sold. Meanwhile, if you are planning to sell gold, you should take special care of certain things. If you want to sell gold or take a gold loan, you should make a financial plan for this. Also you need to understand your personal needs, think about short term, long term benefits. Keep these things in mind before selling gold When selling gold you need to determine whether you are getting the right price. For this you should know the current price of gold in the market. You should check about the current market price of your gold before selling it. Check for purity Each item made of ...

image : Twitter / Pixabay One of the largest banks in India is going to merge with HDFC Bank Limited and Housing Development Finance Corp (HDFC). With this merger, it will become one of the most valuable banks in the world. This will happen for the first time. With this merger, a new competitor will enter the market against American and Chinese banks, which will be close to the top position. The merger between HDFC Bank and HDFC will take effect from July 1. It will become the fourth largest bank in the world in terms of market value With the merger of HDFC Bank Limited and Housing Development Finance Corp, a bank with the fourth largest market capitalization in the world will come into existence. Which will rank fourth after JPMorgan Chase & Co, Industrial & Commercial Bank of China Ltd and Bank of America Corp. The value of this bank will be around 172 billion dollars. The merger will be effective from July 1 The merger between the two giants will take effect from July ...

- Nifty also rose to a fresh high of 19189 - Sensex gains hat-trick: Sensex jumps 803 points to new all-time high of 64718 Ahmedabad: New records are being made in the Indian stock market day by day. Today, the market capital (investors' assets) of India's oldest stock exchange BSE Index has reached close to the mark of 300 lakh crores. On the other hand, Sensex and Nifty also rose to new highs. The market capitalization of BSE-listed companies hit a record high in early trade on Friday. Sensex and Nifty continued to rise for the third consecutive session on continued fresh buying by foreign investors and funds. Earlier on June 21, the market capitalization of companies listed on BSE reached an all time high ie Rs. 2,94,36,594.50 was reached. At the close of business today, Rs.2.37 lakh crore increased to Rs. 296.48 lakh crore reached a new high. At the close of business today, the Sensex surged by 803.14 points to close at a new high of 64718.56, while the Nifty also ros...

Mumbai: A holiday-like situation was seen in the Mumbai oil-seeds market today. New demand was slow. 150 to 200 tonnes of imported palm oil was traded in direct delivery at Rs.850 per 10 kg. Sources in the market said that hawala resale was done sporadically under the heading of Rs.848. In the world market, the palm oil markets were closed today in Malaysia. After the price of soybean oil fell by 93 to 144 points in the overnight trade in the agricultural markets of America, the price was projected to be in the range of 15 to 20 points plus. There were indications that crude oil prices in the world market may have rebounded after a fall and this also had an impact on the global edible oil market. Meanwhile, at home today, the price of cotton washed in Saurashtra fell from Rs.900 to Rs.880 while the price of Saurashtra single oil was indicated to be between Rs.1650 to 1675 and 15 kg from Rs.265 to 2660 amid a slow decline. Meanwhile, according to Singdana market sources, the market ...

MUMBAI: Early indications of the current year's monsoon indicate that the chances of a negative impact on the country's economy have reduced. The agricultural production in the current year is also likely to be better than that of 2022. Monsoon in 2022 was generally normal but rainfall distribution was uneven in some states. Food inflation rose to 6.70 percent last year as a result of uneven rainfall. The SBI Monsoon Impact Index considers four parameters across the country's 15 largest states in terms of agricultural output to gauge the distribution of rainfall on the economy. These criteria take into account the contribution of those states to the total grain production of the country, the amount of below normal rainfall, the irrigation status and the overall pattern of rainfall among the states. The Monsoon Impact Index of the last full monsoon was 60.20, while the current year's index is currently at 64.00, it has been reported in the report. Which indicates go...

Ahmedabad: After the mandatory lockdown imposed due to Corona epidemic in the Indian stock market, the bullish horse is being seen in Vin itself. Although the boom ended in a lull from the end of the first quarter of 2022 due to inflation and war, the bulls are back on Dalal Street as the situation recovers due to higher interest rates. With an increase of 13.77 percent, the June quarter of the Indian equity market in terms of market capitalization has seen the highest increase so far among the world's top 10 countries. Abundant investment from foreign investors and strong macroeconomic conditions have contributed the most to this boom. According to Bloomberg data, India is the fifth largest equity market in the world with a market value of $3.48 trillion. India has recorded the sharpest increase in its total market cap since the December 2020 quarter. This figure shows that America has seen an increase of 6.38 percent in the market cap in the June quarter with a market cap of 4...

New Delhi: New rules have been issued by the Finance Ministry amid confusion over the implementation of TCS on credit cards. The rules applicable from July 1 on credit card spending abroad will now apply from October 1. The government, through an e-Gazette notification dated May 16, 2023, notified the Foreign Exchange Management (Current Account Transactions) Rules with a view to removing differential treatment for credit cards as compared to other means of withdrawing foreign exchange under the LRS. The government has given more time to implement the revised TCS rates and include credit card payments in the liberalized remittance scheme. Whereas, for all purposes under LRS and for tour packages relating to foreign travel, irrespective of mode of payment, per person per annum Rs. There will be no change in TCS rates for amounts up to 7 lakhs. This year's budget announced some changes in the system of tax collection at source (TCS) on payments under LRS and program packages rela...

MUMBAI: The Securities and Exchange Board of India (SEBI) has tightened rules for providing information to foreign portfolio investors (FPIs) to avoid abuse of foreign investment channels and to prevent violation of public shareholding norms. Apart from this, SEBI's board also decided to reduce the period for listing of shares after the IPO. However, no decision was taken on the proposal to change the total expense ratio of mutual funds. The listing period for companies bringing initial public offerings (IPOs), which is currently within six days from the date of closing of the IPO, has been reduced to three days, Sebi sources said. Due to this decision, SEBI expects the participation of investors in the primary market to increase. The new criteria for listing has been made mandatory after 1st December 2023. By shortening the period, the investors who did not get the shares will get their money back soon. FPIs having more than fifty percent of their holdings in a single corpora...

MUMBAI: The local Mumbai jewelery market remained closed on the occasion of Eid-ul-Fitr, but the global market saw a dip in the precious metal late in the evening, while private gold was soft in the Mumbai jewelery market. Global gold slipped below $1,900. Global gold touched a 17-and-a-half month low. . Gold has fallen by more than $150 from a high of $2,050 per ounce in May of the current year. A better-than-expected economic growth rate in the US for the June quarter put pressure on the precious metal and the dollar index rose. Crude oil remains range bound amid conflicting factors. The domestic forex market remained closed due to the bank holiday, but the closed market saw the dollar rise against the rupee. In the Mumbai jeweler's market, gold was priced at Rs 57,950 per ten gram without GST at 99.90 and Rs 57,700 at 99.50. With GST, the prices were raised by three percent. The price of silver 999 per kg without GST was Rs 68900 in private. With GST, the prices were raised b...

MUMBAI: Attracted by corporate India's encouraging performance and India Shining, foreign funds have again become big buyers of stocks to participate in India's growth story. These foreign funds, which missed out on a bullish opportunity last year by becoming net sellers against heavy buying by local funds-local institutional investors, have become active buyers in India this year as if realizing their mistake. The Sensex closed at 64,000 today on the back of net buying by foreign institutional investors, foreign portfolio investors (FPIs) of Rs 58,810 crore in the current calendar year so far and domestic institutional investors buying stocks worth over Rs 61,800 crore or over Rs 618 billion. It crossed the surface for the first time and created a new record height of 64050.44. Along with the Sensex, the Nifty 50 index also crossed the 19,000 level for the first time today in this trip to a new high of 19011.25. Sensex trip from 57000 to 64000 in 66 trading days In the cu...

Image Source: Freepik New delhi date. 29 June 2023 Thursday Big news is coming out about overseas spending and TCS. This can be fun for those who travel abroad. Now no TCS i.e. Tax at Source will be deducted on foreign expenditure through credit card. The government has released a notification for this. The notification states that payments made abroad through credit cards will not be covered under LRS i.e. Liberalized Remittance Scheme. No TCS will be levied on overseas expenditure up to 7 lakhs per annum. The Finance Ministry said that no TCS will be payable on any expenditure incurred on foreign tour packages under LRS up to Rs 7 lakh per person per annum. However, higher TCS will be applicable on remittances above 7 lakhs. No TCS will be levied on foreign remittances using credit cards. The Finance Ministry has extended the TCS rules with effect from July 1. Now the increased TCS has been extended by three months. People will have to pay TCS from October 1 on overseas expendit...

Mumbai: In the financial year 2023, the Indian automobile industry has produced a total of 2.70 crore vehicles worth Rs 8.70 lakh crore. In the overall value of these vehicles, the largest figure was the off-road vehicles with a share of Rs 5 lakh crore or 57 percent. Apart from this, the number of commercial vehicles like small four-wheelers carrier vehicles, tractor trailers, tippers stood at ten lakhs with a total value of Rs 1.70 lakh crores. Commercial vehicles accounted for 4 percent of the total volume of vehicles while their share in terms of value was 19 percent. The production of two wheelers in the country was almost as high as that of China. In the last financial year, the total number of two-wheelers that rolled out of production in the country stood at two crore units, which was about 77 percent of the total number of vehicles. The value of two-wheelers was Rs 1.80 lakh crore, which is 21 percent of the overall value, the report further stated. About 1.90 crore peopl...

Mumbai: Gross Non-Performing Assets (GNPA) in the country's banks is continuously declining and further declined to a ten-year low of 3.90 percent in March 2023, according to a Reserve Bank of India (RBI) report. Net NPAs have come down to 1 percent, it has also been noted in the Financial Stability Report. As compared to the world, in March 2018, the gross NPA ratio was 11.50 percent while the net NPA was 6.10 percent, which has drastically reduced and the situation has become favorable for the country's banks. A comprehensive stress test for credit risk found that the country's banks would be able to comply with the minimum capital requirement. Banks are well capitalized and currently have the strength to withstand large economic shocks for a period of one year without infusing additional capital. According to the stress test, the GNPA of scheduled commercial banks is likely to decrease to 3.60 percent by March 2024. Banks' asset quality is also improving broadly ...

Ahmedabad: Indian stock market is going on the longest bull run so far but now this bull run has slowed down due to several reasons. Now the negative foreign factors in the market are more disruptive than the domestic ones and the market slows down. Today, Nifty touched 19,000 level for the first time and made a new all-time high of 19,011.25, but the NSE index's recent 1,000-point rally has been slow. If we look at historical figures, this is the second slowest bullrun of 1000-point rally of Nifty. Nifty took about 21 months to rally from 18,000 to 19,000 i.e. 1000 points. This period of 21 months is one of the longest in the history of NSE so far. There has been an increase of 1000 points in 425 trading sessions or 625 calendar days. On October 11, 2021, Nifty reached the level of 18,000. Earlier this was the slowest rise to touch the 10,000 level. In the year 2017, Nifty reached the level of 9000 to 10,000 which took 28 months. The interesting thing is that the lockdown impl...

Impact of factors including progress of monsoon, recovery of global markets MUMBAI: With the recovery of global markets and Foreign Portfolio Investors (FPIs) reinvesting their wealth in the Indian stock markets, India is shining today, with the Sensex touching 64,000 and the Nifty touching 19,000 for the first time in Indian stock markets. Positive factors including good progress after the delay in monsoon due to El-Nino and the merger of banking giant HDFC and HDFC Bank, large decline in bank NPAs in March 2023, narrowing in current account deficit, economic recovery figures in the US have led players to withdraw ahead of the end of the June trend in derivatives. Obligation to short cover bearish trades made during the day saw a stormy record rally today. The funds drove the market to new highs with wild bets in frontline, heavyweight stocks. The maharathis are active in a big way Amid the discussion of funds, maharathis becoming active in frontline, heavyweight stocks, Reliance ...

image : Twitter According to a report, Swiss banking group UBS has decided to lay off 35,000 employees of Credit Suisse. This will reduce the number of employees to less than half. Earlier, the Swiss government had rescued the troubled Credit Suisse by providing a bailout package. Credit Suisse has approximately 45,000 employees. Investor fears over Credit Suisse's solvency brought it close to collapse. To prevent this from happening, the Swiss government arranged a massive bailout. UBS and Credit Suisse have 1.20 lakh employees Analysts warned that the overlap at the world's two most important banks could lead to massive job cuts. UBS and Credit Suisse have about 1.2 lakh employees. 37 thousand of them work in Switzerland. A report quoting sources close to the companies said that layoffs are taking place. This retrenchment will be done in three rounds. The first phase will be completed by the end of July, the second in September and the third in October.

image : twitter The central government has taken a big decision. Aadhaar authentication is now allowed for registration of births and deaths. The Office of the Registrar General of India has been given permission to use the Aadhaar database in this matter. By which there will be no need to give Aadhaar card for registration. According to the report, the Ministry of Home Affairs issued a gazette notification and asked the office of the Registrar General as well as the Census Commissioner to accept Aadhaar authentication for such registration or registration. What is the purpose of government? The government's objective behind this is to provide better access to services and ease of life for which Indians can get better accommodation. Under the Births and Deaths Registration Act 1969, the designated registrar will be allowed to verify Aadhaar number on voluntary basis for verification of Aadhaar number taken along with other details sought in the reporting form birth or death.

- Investor's assets Rs. 1.98 lakh crore increased to 294.11 lakh crore - However, Sensex and Nifty lost higher heads at the close of business: Foreign investors Rs. 12,350 crore purchase - Favorable impact of reports like mega-merger of HDFC and HDFC Bank, reduction in NPAs of banks Ahmedabad: On the back of favorable domestic and global reports, Mumbai Stock Market's Sensex and NSE's Nifty created another new record today, led by foreign investors, intra-day Sensex surged to a historic high of 64,000 and Nifty of 19,000. However, in the final phase of the session, both the indices lost their highs and closed due to profitable selling pressure at the higher heads. Despite the threat of El-Nino, good start of monsoon across the country, mega-merger of banking giant HDFC and HDFC Bank in the corporate sector, reduction in NPAs of banks, reduction in current account deficit, recovery in global markets on the back of cautious Fed policy among other factors favored the Indi...

MUMBAI: Global precious metals fell sharply amid a cautious tone from funds ahead of US Federal Reserve Chairman Jerome Powell's speech to a policy panel in Europe. Palladium was hit above 67 dollars. Behind the world market, domestic gold and silver also softened again. Crude oil was in favor of a correction as inventories in the US fell. Domestic forex market is witnessing steady stability of rupee against dollar. In the local Mumbai market, gold at 99.90 per ten grams was Rs 58,151 without GST, while the price of 99.50 per ten grams was Rs 57,918. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg fell within Rs 69,000 to Rs 68,972. With GST, the prices were raised by three percent. Ahmedabad gold of 99.90 grams was priced at Rs 60,300 while that of 99.50 was priced at Rs 60,100. Silver .999 per kg was Rs 70500. The global precious metal edged lower amid a cautious tone from fund houses ahead of US Federal Reserve Chairman Jerome Powel...

Image Source: Freepik - Nifty opened above 18,900 in the pre-open on Wednesday New delhi date. 28 June 2023, Wednesday The Indian stock market has touched historic highs today. The National Stock Exchange (Nifty 50) has hit a new high, surpassing its old all-time high record. The Nifty opened above 18,900 in the pre-open on Wednesday. Earlier, the Nifty was at an all-time high of 18,887.60 points. Nifty has created this history after 142 sessions. Let us tell you that Nifty had earlier made its all-time high of 18,887 points in October 2021. For the last few sessions, Nifty was constantly trying to make all-time highs. But today Nifty broke all previous records and reached new highs. Meanwhile, smallcap and midcap indices are witnessing a sharp rise. Currently the Indian stock market is trading at new highs. Sensex was close to 63600 points at 9:40 am. While Nifty has been around 18900. Meanwhile, shares of Adani Enterprise and Adani Port are seeing a boom in Nifty-50. Apart fr...

Ahmedabad: The mutual fund sector in India is taking on new dimensions every month. After registering the largest SIP inflow in history, according to figures coming out now, domestic passive funds focused on the performance of Nifty indices have assets under management of Rs. It has crossed the mark of 5 lakh crores. According to the information released by the exchange, the total AUM of the domestic passive fund industry after registering an annual growth of 50 percent from 2018 to Rs. 7 lakh crore has crossed. Total passive fund AUM during last five years Rs. 80,755 crore at the end of March quarter to Rs. 6.74 lakh crores. In the financial year 2023, the passive fund sector will reach a record Rs. 1.55 lakh crore capital inflow was seen. NSE Indices, the index tracking company for the Nifty Indices, said that among equity and debt passive funds in India, the share of passive funds related to the Nifty index is 75 percent. As on May 31, 2023, 251 passive funds were focused on the p...

- One of the biggest tax evasion cases in the history of India - Tax evasion unearthed in massive search operation in Rajasthan's Bewar, Jaipur, Chittorgarh and Ajmer: Report Ahmedabad: Speculations of tax evasion of thousands of crores in Shree Cement, a giant of the cement sector, have been rife since the end of last week. The new week of alleged rigging at Shree Cement was also reflected in the company's shares. Heavy selling pressure was seen in the stock in Monday's session. Shares of BSE Shree Cement fell more than 10 percent intra-day to Rs. 22,601.30 was reached. However, at the end of the day, the share of Shree Cement decreased by 5.89 percent to Rs. It has closed at 23,664.90. Media reports claimed that Mr. Cement's offices were raided by the tax department. A large-scale search operation was conducted in Rajasthan's Bewar, Jaipur, Chittorgarh and Ajmer. Tax evasion of Rs 23,000 crore has been revealed in this raid. This figure is considered to be one...

Mumbai: The assessment for the banking sector of the country has been increased by S&P Global from 6 to 5. According to a report by S&P, the assessment has been increased considering the strong recovery in India's financial sector. India's Banking Industry Country Risk Assessment, an index of the country's financial sector, has been upgraded from 6 to 5, said S&P Global. Risk scores are given between 1 and 10, with a score of 10 indicating the highest risk. "We believe the banks' asset quality will continue to strengthen on the back of fundamental improvements in the business environment and a positive outlook for economic growth," the rating agency noted. It has also upgraded four financial institutions and increased credit profile assessments of some banks. The financial institutions that have been upgraded include Bajaj Finance, Hero Fincorp, Shriram Finance and Union Bank of India. "We expect the improvement in the capital position of...

New Delhi: The central government is working on a plan to launch a dedicated portal to make unclaimed accounts, properties like shares and dividends, bank lockers etc available to heirs. To make unclaimed amounts accessible to people, RBI has also launched 100 Days 100 Payments campaign in May to settle bank deposits, shares and dividends, mutual funds, insurance etc. The government will launch an integrated portal for investors by February 2024. So that they can get unclaimed dividends and shares quickly. The Investor Education and Protection Fund Authority under the Ministry of Corporate Affairs is also working on a plan to simplify the process for investors to get unclaimed shares and dividends by reducing the need for additional documents. Shares, dividends and debentures which have not been claimed for seven years are transferred by the companies to the Investor Education and Protection Fund Authority. According to official data, the unclaimed amount available as on March 2022...

The biggest merger in the history of India Ahmedabad: The merger of India's largest home loan institution HDFC Limited and private sector giant HDFC Bank was announced on Tuesday. The merger of both the financial giants will become effective with the beginning of the new month. HDFC Chairman Deepak Parekh has said in a statement that the board meeting is going to be held on June 30. With this, trading in HDFC shares will stop from the middle of next month. According to the information provided by Deepak Parekh, the merger will be effective from July 1. Separate board meetings of HDFC Limited and HDFC Bank will be held on June 30. After this, HDFC shares will be delisted on July 13 and HDFC Bank shares will be given to the shareholders of HDFC Limited. HDFC products and services will be available at all branches of HDFC Bank. After the merger with HDFC Limited, HDFC Bank will become the 10th largest bank in the world. Under the merger process, in July, 2023, shareholders of HDF...

Mumbai: The government has decided to gradually supply the market from the buffer stocks till the imported stocks of Tuvar reach the domestic market. The decision is believed to have come as imports eased. The National Agricultural Cooperative Marketing Federation (NAFED) and the National Cooperative Consumers Federation have been directed by the government to provide supply of rice to eligible mills through online auction. So that Tuvar dal remains available to the customers. Higher prices of pulses increase overall food inflation. The government also wants to ensure that food inflation does not increase. The quantity to be auctioned and its duration will be based on market conditions and decisions will be taken accordingly, said a statement issued on behalf of the government. It is to be mentioned here that the government has implemented stock limit on tuvar and urad dal from June 2 as part of preventing hoarding of pulses and artificial increase in prices in the country. Earlie...

image : Freepik New delhi date. 27 June 2023, Tuesday After PM Modi's visit to America, now India has decided to reduce the duty on eight American products, including the famous Washington apple. The government hopes that due to this, India's steel and aluminum products will also get easy entry into the American market. Due to the government's decision, the import duty of 20 percent levied on apples so far will be removed. However, protests against this decision have started among apple farmers in India. However, the Indian government has assured that this decision will not affect the apple market in India. On the contrary, it will increase competition and benefit consumers. People will be able to get good quality apples. Customs duty is to be reduced only on premium quality apples. The Indian government imposed an additional duty of 20 percent on Washington Apple in 2019. Because America had increased the tariff on steel and aluminum products imported from India. Due ...

Mumbai: While the offline retail industry is constantly protesting against the growing prevalence of e-commerce in the country, a report by a research firm has predicted that the country's e-commerce market will grow two and a half times faster than the offline retail market. This assumption has come in view of the increasing interest of consumers in online shopping. The size of the online market which was 70 billion dollars in 2022 is estimated to increase to 325 billion dollars by 2030. This increase will be much higher than the organized retail market. The size of the organized retail market, which was $110 billion in 2022, is expected to grow to $230 billion by 2030. The last five years have seen a massive change in the online market in India. According to the report, the size of the online market is increasing due to ease of order and return conditions, strong logistics infrastructure covering 19,000 zip codes, approximately 22 crore online shoppers and massive investment f...

- High fuel prices responsible for high prices of essential food items - Due to the high cost of fuel, essential commodities including tomato, wheat, pulses become expensive and hit the people. Ahmedabad: Even after the price of crude oil fell by 66 dollars per barrel or 48 percent in the last 15 months, the central government did not announce any reduction in the prices of petrol and diesel for 14 months. The government has announced restrictions on storage to reduce prices but has not taken any steps to reduce fuel prices. Crude oil prices in the international market are currently hovering between $69 to $73 per barrel against the level of $139 in March 2022, but the prices of petrol and diesel used in transportation in India have not been reduced in any way after May 2022. Also, even though Russia has started selling cheap crude oil to India, the benefits are going to the US and Europe instead of domestic consumers. In the beginning of June, there were reports that oil companies...

MUMBAI: A good start in many parts of the country after the delay in monsoon and a reduction in the current account deficit along with indications that the merger of the HDFC twins in the banking sector is likely to take effect from July 1 led funds to rally again today, led by banking-finance stocks. As the El-Nino effect emerged, rain worries eased in the country, expectations of a rein in inflation and India's current account deficit-CAD narrowed to $1.3 billion in the quarter ending March and full fiscal year 2023 at $67 billion, while markets declined, discounting negative factors on the global front. The stalled boom had accelerated. Sensex rose 446.03 points to 63416.03 and Nifty spot rose 126.20 points to close at 18817.40 on selective buying in banking-finance stocks, IT-software services, technology stocks as well as metal-mining, healthcare stocks. Out of the total 3639 scrips traded in BSE, the number of gainers was 2019 and the number of decliners was 1472. Bankex j...