Market and Business News

- Nifty spot down 94 points to 19254: FIIs sold shares worth Rs 2973 crore in cash, DIIs bought Rs 4383 crore MUMBAI: Indian stock markets turned sharply lower today amid index-based volatility, in sharp contrast to the recovery in Asian and European markets on the back of rapid new stimulus measures in China and easing of regulations to spur demand growth in the housing sector. The Sensex fell by 255.84 points to 64831.41 as Asian Paints, Reliance, heavyweight FMCG stocks surged in the last hour of heavy offloading in banking-finance frontline stocks as funds bought into automobile stocks along with select stocks including Titan Company, Ultratech Cement and IT stocks. And the spot Nifty closed by 93.65 points at 19253.80. International crude oil prices in the evening were Brent crude up 74 cents at $86.60 a barrel and New York-Nymex crude up 69 cents at $82.32 a barrel. Adani Group shares traded heavily today on news of a new OCCRP allegation report on Adani Group. There was erosio

- Nifty spot down 94 points to 19254: FIIs sold shares worth Rs 2973 crore in cash, DIIs bought Rs 4383 crore MUMBAI: Indian stock markets turned sharply lower today amid index-based volatility, in sharp contrast to the recovery in Asian and European markets on the back of rapid new stimulus measures in China and easing of regulations to spur demand growth in the housing sector. The Sensex fell by 255.84 points to 64831.41 as Asian Paints, Reliance, heavyweight FMCG stocks surged in the last hour of heavy offloading in banking-finance frontline stocks as funds bought into automobile stocks along with select stocks including Titan Company, Ultratech Cement and IT stocks. And the spot Nifty closed by 93.65 points at 19253.80. International crude oil prices in the evening were Brent crude up 74 cents at $86.60 a barrel and New York-Nymex crude up 69 cents at $82.32 a barrel. Adani Group shares traded heavily today on news of a new OCCRP allegation report on Adani Group. There was erosio

- Nifty spot down 94 points to 19254: FIIs sold shares worth Rs 2973 crore in cash, DIIs bought Rs 4383 crore MUMBAI: Indian stock markets turned sharply lower today amid index-based volatility, in sharp contrast to the recovery in Asian and European markets on the back of rapid new stimulus measures in China and easing of regulations to spur demand growth in the housing sector. The Sensex fell by 255.84 points to 64831.41 as Asian Paints, Reliance, heavyweight FMCG stocks surged in the last hour of heavy offloading in banking-finance frontline stocks as funds bought into automobile stocks along with select stocks including Titan Company, Ultratech Cement and IT stocks. And the spot Nifty closed by 93.65 points at 19253.80. International crude oil prices in the evening were Brent crude up 74 cents at $86.60 a barrel and New York-Nymex crude up 69 cents at $82.32 a barrel. Adani Group shares traded heavily today on news of a new OCCRP allegation report on Adani Group. There was erosio

- Promoters made money with investors following the boom - Some promoters and their companies sold around $4-5 billion worth of shares in the month of August alone: ​​the market's average market capitalization almost doubled. AHMEDABAD: The bull horse in the Indian stock market has been moving forward with a one-sided boom since the month of March, not only the small investors but also the profit-making promoters are wringing their hands in this boom. According to a recent report, in 2023, the promoters have sold a stake worth around 1 lakh crore. This figure was around 81-82,000 crore in mid-August and has reached around 1 lakh crore by the end of the month. Interestingly, with four months left in the current year, this figure for 2023 is almost double the total sales of the promoter's share in 2022 and represents a four-fold growth over 2018. There has been a significant increase in sales activities during this calendar year by the promoter units. The promoters have so fa

- Unemployment claims fell in the US - Silver prices in the world market rose again after falling Mumbai: The price of gold went up in the Mumbai jewelery market today. Gold prices in the world market were high from 1947 to 1945 to 1946 dollars per ounce. As the world market increased and the rupee fell against the dollar in the domestic currency market, the import cost of gold and silver increased, and its positive effect was seen in the jewelery market. Today, the price of gold rose by Rs.450 per 10 grams in the Anadavada jewelery market to the level of Rs.61,000. While Ahmedabad silver prices were surging to Rs.74,500 per kg, the price of silver in the world market today was 24.86 per ounce, but the price fell to 24.44 to 24.51 to 24.52 dollars. In the global market, platinum prices were at 974 to 975 dollars at 983 while palladium prices were at 1238 lows from 1228 to 1229 to 1230 dollars. Global copper prices were down 0.74 percent today. Meanwhile, crude oil continued to ral

- Increased usage of UPI with easy payment system post demonetisation Mumbai: Transactions through Unified Payments Interface (UPI) are estimated to have crossed the 10 billion mark in August. As of August 29, 9.89 billion transactions were completed through UPI and looking at the transaction average, this figure is expected to cross 10 billion at the end of August 31. In the current month, an average of 33 crore transactions have been completed on UPI daily. This is the first time that the figure of 10 billion has been seen through UPI in any one month. According to National Payments Corporation of India (NPCI) figures, the number of UPI transactions in July stood at 9.96 billion. Easy digital payment system has increased the usage of UPI. There is a five percent growth in August transactions compared to July. A total of Rs 14.68 lakh crore worth of transactions were transacted in the current month till August 29 and is expected to reach Rs 15.50 lakh crore by the end of the mont

Congress leader Rahul Gandhi today attacked the central government on the issue of Adani Group. Referring to the reports of some foreign newspapers, he said, two major international newspapers have raised serious questions. These newspapers affect India's image and investment. He said that PM Modi's close aide (Gautam Adani) used billions of dollars for shares. The question is who does this money belong to? Adani's or others? It should be investigated in this regard. Mentioned PM Modi Rahul Gandhi said, Why is PM Modi silent on this matter? G20 leaders are coming who will ask the question why is this company special? It would be better to answer these questions before his arrival. A JPC inquiry is required in this matter. He asked, what is the relationship between PM Modi and Adani? Why are investigative agencies not investigating and questioning the Adani group? We demand transparency. What is the matter? It is worth mentioning that some important public investors of

New Delhi, dated 31 August-2023, Thursday There has been a big surge in GDP growth in India. The central government has presented important figures regarding the country's GDP growth today. The government said that the country's GDP growth has reached 7.8 percent in the first quarter. Thus the country's GDP growth has picked up pace... In the first quarter of the current year (April-June 2023), the GDP growth has been recorded at 7.8 percent, which is the highest in the last 4 quarters i.e. one year. Earlier, GDP growth was recorded at 6.1 percent in the March-2023 quarter, while the GDP growth rate was recorded at 13.1 percent in the June quarter last year due to low base. It may be mentioned that all the rating agencies had estimated the country's GDP growth to be between 7.8-8.5 percent in the April-June quarter of the current financial year (2023-2024). So the RBI had estimated the GDP growth to be 8.1 percent in the April-June 2023 quarter. A jump in GDP growth

After Hindenburg, now a global organization called Organized Crime and Corruption Reporting Project (OCCRP) has leveled major allegations of fraud against Gautam Adani's group. According to the OCCRP report, business partners of the promoter family had invested crores of dollars in Adani Group shares through Mauritius-based 'Benami' investment funds. OCCRP caught two cases The OCCRP said in its report that its investigation uncovered at least two cases where unnamed investors bought and sold Adani Group stocks through offshore structures. Notably, OCCRP receives funding from organizations such as billionaire George Soros and the Rockefeller Brothers Fund. George Soros is the same billionaire who has been criticizing the Modi government at the Center from time to time. What is the matter? It is worth mentioning that some important public investors of Adani Group who are especially insiders of Adani are facing several allegations. He is accused of violating the Indian Se

- Long-term optimism among investors about the country's economy: most block deals in stocks outside the index: observed favorable effect of ample amount of liquidity MUMBAI: After five consecutive months of corrections, the Indian stock market has witnessed record-breaking block deals of large size in listed companies despite the pullback seen in the current month. According to an estimate, large block deals worth Rs 60,000 crore have been done in August, which is the largest ever in any calendar month. Two of the biggest deals of 2023 have been spotted in the current month. In which one deal is for the sale of Rs 7684 crore shares by Hulst, while the other deal is related to the sale of Rs 7412 crore stake by the promoter group in Adani Power. Apart from this, other deals include sale of Rs 2,802 crore in Interglobe Aviation, sale of Rs 2,037 crore stake in Paytm by Antfin and sale of Rs 1,124 crore stake in Zometa by Tiger Global. Ample liquidity at home and buying by globa

- FDI inflows declined in June quarter due to global recession Mumbai: After declining for two consecutive months, foreign direct investment (FDI) from the country has increased by 73 percent compared to June. According to Reserve Bank data, the country's outward FDI has increased to $1.85 billion in July compared to $1.07 billion in June. In July last year, the figure of outward FDI was 2.18 billion dollars. In outward FDI, financial liability in the form of equity, guarantee and loans is transferred. A banker said it would be too much to say now that the decline in outward FDI has stopped in the current calendar year. Due to the slowdown in the global economy, the pace of inbound and outbound FDI has slowed down, especially in developed countries. Due to the global recession, FDI inflows to the country fell sharply in the June quarter of the current financial year. Inward FDI inflows in June this year stood at $4.99 billion as against $13.92 billion in the June quarter of la

- Cryptocurrency prices rise as ETFs pave the way MUMBAI: The past twenty-four hours have seen a recovery in crypto markets led by Bitcoin, following a US court's observation that the US Securities and Exchange Commission's (SEC) move to reject a grayscale application to launch an exchange traded fund (ETF) based on the spot price of bitcoin was flawed. Bitcoin price jumped over $1,500 to $27,450 while Ethereum crossed $1,700. Bitcoin price was trading at a two-week high. Global market cap of cryptos increased to 1.09 trillion dollars. Crypto markets surged following reports that digital asset manager Grayscale had won a case against its US regulator. A US court observed that the SEC's decision to reject Greyscale's application to launch ETFs was wrong. After this report, apart from Bitcoin, other cryptos like Dogecoin, BNB, XRP etc. also rose. A positive boon was seen among cryptos market players following the court's inspection. This decision does not rule ou

- Amid recovery in global markets amid further stimulus measures by China - Sensex closes up 11 points to 65087 : Spot Nifty up five points to 19347 : Small, mid-cap stocks rally MUMBAI: On the global front, interest rates are likely to remain high as the demon of inflation rears its head, and on the other hand, China is taking one stimulus after another to save its economy from collapse, as global markets along with Indian stock markets bounced due to uncertainty. At the beginning of trading, the Sensex rose 382.88 points to 65,458.70 on the back of gains in automobile, IT-software services, technology stocks as well as metal-mining, consumer durables stocks. So, the improvement of Sensex was washed away and reached a low of 65052.74, and finally increased by 11.43 points to close at 65087.25. The Nifty Spot also rose initially to 19452.80 and then down to 19334.75 and finally closed by 4.80 points at 19347.45. Foreign portfolio investors were selling today against buying in local

In 43 cities across the country, house prices increased in the first quarter of 2023-24. However, residential unit prices have softened in seven cities during this period. National Housing Bank (NHB) gave this information on Wednesday. According to the report, residential property prices in Ahmedabad have increased by 9.1 percent. Information revealed in house price index of 50 cities The House Price Index (HPI) of 50 cities, based on property valuations collected from banks and housing finance companies, showed a year-on-year increase of 4.8 per cent in the first quarter of 2023-24. A year ago this figure was 7 percent. Houses most expensive in Gurugram During this period, residential houses became the most expensive in Gurugram. 20.1 percent increase was recorded in the price of houses here. While Ludhiana saw the highest decline in house prices by 19.4 percent. The Director of Housing Finance Companies said that according to the NHB Housing Price Index, home loan interest rates

Popular video streaming platform YouTube has reportedly removed over 1.9 million videos for violating community guidelines in India during the January-March quarter this year. This figure is more than the number of videos removed from the platform in any other country. This information has been given in a YouTube report. More than 64.8 million videos have been removed worldwide Under the quarterly review, YouTube removed over 64.8 million videos for violating community standards globally, of which over 19 lakh videos were from India alone. YouTube's 'Community Guidelines Enforcement' report details the types of complaints the video streaming platform has received and how they have been dealt with. YouTube released a statement YouTube removed more than 19 lakh videos between January-March 2023 while acting on complaints in India. In comparison, 6.54 lakh videos were removed in America, 4.91 lakh videos in Russia and 4.49 lakh videos in Brazil. "We enforce our commu

The month of August is coming to an end. Then in the month of September many important financial rules are changing. In such a situation, this information is important for everyone. With the month of September coming to an end, many important tasks need to be completed, otherwise troubles may increase. Among them, the most important task is to replace the 2000 rupee notes by September 30. As per RBI announcement, 2000 rupee notes can be exchanged only till 30th September. Those who don't can face more problems. Let's know about the important changes that will happen in the month of September. 1. Relief of Rs 200 will be available in LPG cylinder The Union Cabinet has announced a subsidy of Rs 200 on LPG cylinders. Beneficiaries of Ujjwala Yojana will get this benefit separately in addition to the subsidy of Rs 200. In such a situation, the beneficiaries of this scheme will get a benefit of Rs 400 per cylinder. The government has announced this important decision in August it

Reliance Foundation Chairperson Nita Ambani addressed the Reliance family virtually at RIL's 46th AGM, where she reflected on the launch of NMCC and the work of RF. Nita Ambani spotted in Banarasi brocade saree Nita Ambani was seen on the occasion in a Banarasi brocade saree, handcrafted by master artist Iqbal Ahmad. This exquisite pink color weave identifies the centuries-old artist from Varanasi. Its beautiful designs reflect the diversity of Indian artistry with barfi booties, konia paisley motifs and traditional zari work. Banarasi weaving is one of the many regional art forms Banarasi weaving is one of the many regional art forms supported by Reliance Foundation's Swadesh, an initiative to preserve and promote the traditional arts and crafts of India. Nita Ambani pays tribute to the traditional artist and this look of hers preserves our legacy that she has been carrying forward for generations.

- Last minute recovery after index based initial precautions - Nifty up 37 points to 19343 : Sustained attraction in small, mid cap stocks : FIIs buy Rs 62 crore, DIIs buy Rs 305 crore Mumbai: Markets in Asia, Europe saw a modest recovery today, despite strong signs of further stimulus measures in China and incentives to bring about a quick recovery in the stock market. Indian stock markets closed in the positive zone after a narrow two-way swing today as funds increased their buying in metal stocks in the last minute and picked cement, IT stocks along with capital goods-power stocks. Reliance Industries' 46th AGM announced several ambitious plans yesterday, along with Jio Financial Services' entry into the insurance sector and reports of promoters' purchase of 50 million shares in JioFi's shares. Sensex rose 79.22 points to 65075.82 and Nifty spot rose 36.60 points to close at 19342.65. Funds rally in capital goods stocks: Suzlon, BHEL, Laxmi Machines, Thermax, Bha

- Oil companies should not make too much profit - After the war in Ukraine, the prices of petrol and diesel in the country have not been based on the market. Retail prices of petrol and diesel have remained unchanged for the past one year Mumbai: State governments and oil marketing companies should take appropriate measures to help bring down fuel prices at home, said Asima Goyal, one of the three external members of the Reserve Bank of India's (RBI) Monetary Policy Committee. In an interview to a TV channel, he said that the state governments which have never cut taxes should definitely do so. Oil companies should not make excessive profits. We are in a market driven system where changes in international crude oil prices have to be linked to domestic prices. However, the system has been put on hold due to the Ukraine war, which should be resumed in phases. Retail prices of petrol and diesel in most states of the country have remained unchanged for the past one year. Crude oil

- Production is likely to remain low due to lack of rainfall in the current year MUMBAI: After restricting exports of essential agricultural products like wheat, rice and onion in one way or another, the Indian government is considering curbing sugar exports as well, pushing global sugar prices to a two-month high. Expectations that the government will cut export supplies for the new sugar season starting from October have pushed up sugar prices in the world market. After Brazil, India is the second largest exporter and producer of sugar in the world. Due to lack of rainfall in the current year's monsoon, the production of sugar is likely to be affected, not only because of the increasing consumption of sugar for the production of ethanol for mixing in petrol, the export of sugar is also likely to decrease. Until the Lok Sabha elections, the government may restrict the export of sugar. There are speculations in the market that the restrictions will be imposed. In the internatio

- Achieving the target would require a domestic supply of 30 billion liters of ethanol: saving $15 billion annually in foreign exchange. MUMBAI: Despite the many challenges facing the program of blending ethanol in petrol, the country's sugar mills seem enthusiastic about the program and plan to increase the percentage of ethanol blending in petrol to 50 percent by 2030. To achieve this target, the capacity of the country's distilleries will have to be increased and for this, an expenditure of Rs 50,000 crores may be incurred, according to a recent submission made by the industry to the government. This roadmap has been prepared by the Indian Sugar Mills Association (ISMA). Government sources said that this submission was made by ISMA before the NITI Aayog. The government plans to take the percentage of ethanol in petrol to 20 percent by 2025, for which an expenditure of Rs 15,000 crore will have to be spent, said government sources. In the submission made before the gove

- Achieving the target would require a domestic supply of 30 billion liters of ethanol: saving $15 billion annually in foreign exchange. MUMBAI: Despite the many challenges facing the program of blending ethanol in petrol, the country's sugar mills seem enthusiastic about the program and plan to increase the percentage of ethanol blending in petrol to 50 percent by 2030. To achieve this target, the capacity of the country's distilleries will have to be increased and for this, an expenditure of Rs 50,000 crores may be incurred, according to a recent submission made by the industry to the government. This roadmap has been prepared by the Indian Sugar Mills Association (ISMA). Government sources said that this submission was made by ISMA before the NITI Aayog. The government plans to take the percentage of ethanol in petrol to 20 percent by 2025, for which an expenditure of Rs 15,000 crore will have to be spent, said government sources. In the submission made before the gove

- Slower pace of domestic institutional investors in equities investment in current year MUMBAI: The pace of domestic institutional investors (DIIs) investment in Indian equities in 2023 is seen to be slower than last year. In the current year, DII has seen inflows of Rs 1 lakh crore in equities in 158 sessions, whereas last year, DII had invested more than Rs 1 lakh crore in 59 sessions only. In 2022, DII invested a total of Rs 2.76 lakh crore in cash in the country's equity market, the highest ever in any calendar year. The investment figure for 2021 was Rs 1 lakh crore while in 2020 DII's net sales were Rs 41000 crore. An analyst said DII's investment in equities is increasing due to increase in SIP inflows. Usually when foreign investor inflows are strong, DIIs tend to sell off and book profits. In the current year, DIIs are buying a net worth of Rs 103,125 crore in Indian equities while FIIs have bought net worth of Rs 8,361.50 crore. Compared to other emerging

- Delay in projects due to delay in land acquisition, long time in obtaining approval from environment and forest department New Delhi: In the infrastructure sector, Rs. 388 projects with an outlay of 150 crores or more cost more than the July 2023 estimate of Rs. 4.65 lakh crore has increased to more than Rs. The Ministry of Statistics and Program Implementation said that the cost of these projects has increased due to project delays and other reasons, a report said. The ministry's report said that out of 1,646 such projects, 388 had cost overruns, while 809 projects were running late. The basic cost of implementing these 1,646 projects is Rs. 23,92,837.89 crore, but now it has increased to Rs. 28,58,394.39 crore is estimated. This shows that 19.46 percent of the cost of these projects i.e. Rs. 4,65,556.50 crore has increased. According to the report, till July 2023 on these projects Rs. 15,21,550.38 crore has been spent, which is 53.23 percent of the total estimated expenditu

- Amid orders to funds to prevent markets from falling amid China's economic crisis - Nifty up 40 points to 19306 : Foreign funds profit booking in FMCG, IT stocks : DII's net buying of Rs.1264 crore MUMBAI: With economic crisis looming in China, stimulus measures are also not working, despite reports of instructions to funds to prevent equity selling-hammering in Chinese markets, index-based Indian stock markets saw a slow recovery today with global markets recovering on expectations of more stimulus measures. Capital goods-power stocks including Larsen & Toubro, Power Grid Corp along with auto stocks including Maruti Suzuki, Mahindra & Mahindra and select banking stocks including HDFC Bank, Axis Bank witnessed a recovery in the market. While there was cautious profit booking in IT-software services, technology stocks and FMCG stocks. The Sensex ended up 110.09 points at 64996.60 and the Nifty spot closed up 40.25 points at 19306.05. Capital Goods Index up 601 to 4

Mukesh Ambani-led company Reliance Industries Limited has started its 46th AGM. Addressing the 46th AGM, Mukesh Ambani made a big announcement and said that Jio AirFiber will be launched on September 19 on Ganesh Chaturthi. #WATCH | "Jio AirFibre to launch on Ganesh Chaturthi- September 19," says Reliance Industries chairman Mukesh Ambani pic.twitter.com/03OZJbt4Ys — ANI (@ANI) August 28, 2023 AGM of Reliance Reliance Industries is the largest company in the Indian market. Every small and big news related to this, arrival of investors, company related updates, new deals or partnership news of companies related to Reliance, the market is closely monitored and the stock market pays special attention to its AGM. Announcement regarding IPO Investors, markets and shareholders have long been waiting for the IPO dates of Reliance Jio as the IPO of Reliance Retail under Reliance's telecom business and retail business. Will the wait end at Reliance Industries' 46th AG

New Delhi, 28-August-2023, Monday The festive season has started across the country...Rakshabandhan is also around the corner...Rakshabandhan, the festival of love between brothers and sisters, will begin to lift the depression in the market. According to traders' estimates, business of 10 thousand crore rupees is estimated to be done on Raksha Bandhan. Also, by the end of this year, most of the sectors will be seen shining out of recession. From Rakshabandhan to the end of the year, various sectors can see a boom. By doing this, the traders will benefit... and employment opportunities will also increase. 7 thousand crore rupees growth in rakshabandhan related business in 5 years Last year, there was a recession in the market, during which a total business of 7 thousand crore rupees was done on Raksha Bandhan, while in the year 2021, 6 thousand crore rupees business was done. If we talk about 2020, business worth 5 thousand crores was done on Raksha Bandhan, 3500 crores in 2019