Market and Business News

- Hindenburg, Forbes and now Wikipedia.. The Adani Group Scam is Unstoppable - Adani, Sensex 927 in India with global bourses, Nifty down 272 points in four-month low: Adani group stocks fall for 20 days straight - FPO cancellation, Adani's move to early debt repayment has no impact on market sentiment AHMEDABAD: Reports have been pouring in one after another about the Adani Group's financial performance, alleged misappropriation of the company's shares and financial manipulation of the group's shares through tax havens. After Hindenburg's Adani Group scandal and reports that the company's shares were fetching 85 percent above their fundamentals, Forbes reported that Vinod Adani, elder brother of the group's promoter Gautam Adani, was involved in financial manipulation. After this, amid the report that the information available to internet users about the Adani group in Wikipedia has also been tampered with, the share prices of all the listed companies o

Mumbai: Due to the Russia-Ukraine war, the global economy has suffered a blow of 1.30 trillion dollars in 2022. According to a study by the German Economic Institute, Western countries were the most severely affected by the war as they lost 65 percent of their global output, the study was reported by a Chinese news agency. The war has had serious consequences on the global economy. Energy and raw material supply constraints have put pressure on companies worldwide. Europe's largest economy, Germany, saw inflation as high as 10 percent at one point in 2022 due to high energy prices. Inflation stabilized at 8.70 per cent in January. High energy costs had hit production levels. This was a burden that many companies found unbearable. The report also said that high inflation had reduced the spending power of households and had to cut back on consumption. Companies were reluctant to invest due to global uncertainty and high prices. Even in 2023, there are no signs that everything wil

Mumbai: According to data released by the Department for Promotion of Industry and Internal Trade, foreign direct equity investment flows in the first three quarters of the current financial year have declined by 15 percent to $36.75 billion compared to the same period last year. Total FDI includes equity capital of non-corporate entities, earnings from reinvestment and other capital. It was $55 billion during April-December, which was 60.4 percent higher than a year ago. It has decreased by 8 percent. FDI inflows have been declining since the beginning of this year. This is due to external factors such as recession in major economies. During the first half of the year (April-September), the contraction was 14 percent. FDI equity inflows declined by 1 percent during the last financial year. Prior to that, Kharo21 and Kharo20 saw sharp growth of 19 percent and 13 percent respectively. According to the data, Singapore emerged as the largest investor country with equity inflows of $13

New Delhi: With the worst impact of the Covid pandemic subsiding, the retail sector is expected to sustain growth on consumer sentiment, consumer demand and adoption of omnichannel by brands and retailers. Mall developers are also excited by this bright outlook. According to the Retailers Association of India, the size of the retail market is expected to touch $2 trillion by 2032. Retail sales are projected to grow nearly 19 percent in 2022, surpassing pre-pandemic levels. Buoyed by this growth, developers plan to add about 25 million square feet of new mall space in the top 7 cities over the next 4-5 years; NCR and Hyderabad account for about 46 per cent of the total new arrivals, while Bengaluru is close at 19 per cent. Currently, the top cities have over 51 million square feet of mall stock across the country, with NCR, Mumbai Metropolitan Region, and Bengaluru accounting for the share. Spending by high-end brands in the tier-nine cities has increased by more than 50 percent co

Mumbai: Bad loans of Indian banks are likely to increase from recent lows. Loans to retail and small business houses are set to weaken, said a State Bank of India (SBI) official. Loans to retail and small business houses are growing rapidly but defaults in this segment have been very low so far. We don't have any system where retail and small business loans increase by 20 percent annually, but the amount of NPA of retail loans can remain below 1 percent, said this official while addressing a program. This ratio is not sustainable and the system must adapt. A Reserve Bank report earlier said that the gross non-performing loans of Indian banks fell to a seven-year low of five per cent as on September, 2022. The NPA figure in small business houses was 7.70 percent. Associated Chambers of Commerce and Industry of India and CRISIL said in a report that the gross NPA ratio of small and medium businesses is expected to increase to 10 to 11 percent by March, 2024. Smaller business h

New Delhi: The government expects India's export growth to remain sluggish this year, keeping in mind the forecast of a sharp slowdown in the country's major export markets in the current year. Global trade growth slowed in 2022 and will remain low in 2023. A report of the Ministry of Finance said that due to the decrease in production at the global level, there will be a further decrease in trade both in terms of volume and value. High frequency indicators are showing that global demand is slowing down due to tightening in monetary policy. Several global agencies have predicted a slowdown in global growth. In addition to monetary policy tightening, the Russia-Ukraine war will further weaken global growth, the report also noted. Inflation levels are likely to moderate in 2023 and 2024, but geopolitical tensions and consequent supply chain disruptions will not abate. Despite the slowdown in export growth, the International Monetary Fund and the World Bank have predicted that

Mumbai: In the Mumbai jewelery market today, the prices of gold and silver went down again after experiencing a surge in prices. World markets were soft. Gold prices in the world market were 1823 to 1825 to 1826 dollars per ounce from the low of 1840 to 1841. Behind gold, global silver prices were also down from 21.92 to 21.93 to 21.49 to 21.56 to 21.57 dollars an ounce. Behind the world market, even at home, the jewelry markets had to sell their minds due to the lack of new demand. Ahmedabad gold prices fell by Rs.200 per 10 grams to Rs.57,800 per 99.50 and Rs.58,000 per 99.90 grams while Ahmedabad silver prices fell by Rs.500 per kilo to Rs.66,000. In the world market today, platinum prices were 948 to 960 to 961 dollars per ounce from 961 to 962 while palladium prices increased from 1526 to 1527 to 1455 to 1479 to 1480 dollars per ounce. Funds sold in global gold today, global market insiders said, amid the prospect of further interest rate hikes ahead as US inflation remains hi

Mumbai: US The minutes of the Federal Reserve did not give a clear indication that the interest rate hike would slow down, and at home, the indication given by the Reserve Bank of India that there will be no further major increase in the interest rate, and the deteriorating relations between Russia and the United States over the Ukraine issue and the rapprochement between China and Russia remain geopolitical tensions. Meanwhile, foreign funds continued to moderate bullish trades on a cautious note as stocks rallied. February's trend in derivatives futures and options (F&O) ended on a soft note today in a two-sided rout. Funds in banking, metal-mining and select auto stocks were undervalued. The Sensex fluctuated in the range of 59406 to 59960 and finally fell by 139.18 points to 59605.80 and the Nifty spot fell in the range of 17455 to 17620 and finally closed by 43.05 points to 17511.25. International crude oil prices remained broadly soft in the evening with Brent crude at $

- Commodity Current - Jayavadan Gandhi The commodity sector was in turmoil last week due to significant volatility. Heavy cracks have been observed in the most sensitive gold-silver. The gold market, which was around Rs 59,000/- a month ago, fell by seven per cent to Rs 56,000 per 10 grams and the silver market fell by 13 per cent from the high of Rs 73,000 per kg to close at around Rs 65,000, a two-and-a-half-month low. There was a significant correction in gold and silver due to rising interest rates in the US and signs of strength in the dollar. However, if the situation remains like this, there is a possibility that gold prices will collapse and stay around 54000. Even in crude oil, due to the possibility of increased production and supply from America, the prices on MCX have remained around 6400 rupees per barrel. The market has been stuck between mutually opposing trends in production increases and decreases between OPEC and non-OPEC oil producers. However, despite the possibil

Talk about the market - Musk's Halkatai: Pollen is considered worse than a dog New Twitter owner Elon Musk's move to mock the former CEO is drawing criticism. Tesla and Twitter CEO Elon Musk announced that his pet dog Floki has been appointed as the new CEO of Twitter. Musk also commented that Floki is better than 'that other guy'. Musk used the words 'that other man' for Parag Agarwal. Musk also wrote that Floki is very good with numbers. Musk indirectly called Parag Agarwal worse than a dog, people are calling it a bad test. Musk fired Parag Aggarwal, chief financial officer Ned Sehgal and legal policy head Vijaya Gadde in October last year. - Soosan left 2000 crore job overnight Indian-American Neil Mohan has become the CEO of YouTube. The previous CEO of YouTube was Susan Diane Wojciech. There was no challenge against Susan and even though she is only 54 years old, Susan quit her job. The reason is that Susan wants to spend more time with her family.

- Sales Tax- Soham Mashruwala Under the GST Act, there is a very strict provision regarding credit notes. Under Article 34, a provision has been made under which circumstances credit note can be issued. Rule 53 provides for the form of credit note. Issuance of credit notes reduces the tax liability of suppliers. It often happens that issuing a credit note results in a refund of the GST amount. Today GSTR 3B form does not allow showing negative (minus) amount for external supplies. Currently, the GST portal allows showing negative amount in GSTR 3B form in table 4 which is for taxes. A state is like a maze of a vero jantar mantra. CGST, SGST, IGST Such apportionment creates a lot of disaster for the suppliers. As the negative amount cannot be shown, the supplier cannot take back the amount paid and the account officer does not give the refund if he goes to get the refund. Today's article deals with refunds on credit notes and gross liability on credit notes at the time of GST audi

Most of the private business houses have also released their list of investments for the next five years For the next five years, Tata Group Chairman N. Chandrasekaran has announced an investment of 7.2 trillion rupees or approximately 90 billion dollars... Investment will be required to increase production and as a result employment may also increase. This whole system is connected with each other It is necessary to pay attention to two pillars of India's economic sector. The first look is the order given by Air India for 470 passenger planes, if we add another 370 planes of option, the number of aircraft purchase stands at 840. This means that this deal is more than the total of 700 aircraft currently flying in India. Another shock in the economic sector is that during the investment summit in Uttar Pradesh, top business houses announced an investment of three and a half trillion rupees. Other companies led by Mukesh Ambani, Kumar Mangalam Birla and Tata will also join the i

- Chart Indication - Ashok Trivedi The BSE index (close 61002.57 on 17-02-23) is soft from a top of 63583.06. Currently, the 12-day average is 60744.69, the 48-day average is 60663.38, and the 200-day average is 59143.43. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, neutral on a weekly basis and from overbought to neutral on a monthly basis. Above 61150, 61682 Kudo and 61785 are considered important levels. If 60750 breaks below 60245, then 59920, 59610, 59000, 58699 are considered as support. ICICI Bank (closing price Rs.862.65 on 17-02-23) is bullish from the bottom of 796. Currently, the 12-day average is 860.28, the 48-day average is 872.29, and the 200-day average is 843.98. The daily MACD is bullish. Weekly MACD is bearish. Overbought on daily basis, towards overbought on weekly basis and overbought to neutral position on monthly basis. 867 above and possibility of 887 above 877. 852 support is considered as low. LTIM (closing price Rs.4558.

A total turnover of Rs 3,04,450.74 crore was recorded in 33,63,791 trades during the week of February 10 to 16 in various commodity futures, options and index futures on the country's leading commodity derivatives exchange, of which commodity futures accounted for Rs 65,324 crore. .31 crore and the share of options was Rs.2,38,943.8 crore. During the week under review, a total of Rs 37,208.39 crore was transacted in precious metals futures and 5,58,510 deals in gold and silver. Among gold futures, gold April futures opened at Rs.56,760 per 10 grams at the start of the week, touched an intra-day high of Rs.56,999 and a low of Rs.56,470 during the week, ending the week down by Rs.102 to Rs.56,750. had arrived Against this, Gold-Guinea February contract 8 per gram fell by Rs.656 to Rs.45,129 and Gold-Petal February contract fell by Rs.17 per gram to Rs.5,577. Gold-mini March futures opened at Rs.56,740 per 10 grams, falling by Rs.118 to Rs.56,679. Among silver futures, silver March

- WPL will give new strength to women's cricket There is a possibility that women's cricket will become more popular. Women's Premier League WPL can do miracles. The auction for the five teams attracted public attention. Like Men's Premier League, Women's League matches will be played from March 4. BCCI is making efforts for that. 4670 crore was bid in the first auction. The five teams include Delhi, Mumbai, Ahmedabad, Bengaluru and Lucknow. - Boeing interested in doing business with India Heidi Grant joins Boeing as president of business development after 32 years with the Pentagon. Now he has come to India. Discussing doing business with India. He wants to further strengthen business ties with India. He also met Defense Minister Rajnath Singh. Rajnath Singh told him that India wants to become self-reliant. Heidi is known as Tigress. Boeing currently has 300 Indian suppliers tied up. - 6 billion dollars lime to insurance companies According to a survey, incid

- Impact of slowdown in global economies on demand for IT services A warning sign is the slowdown in hiring in the information technology (IT) sector. There is ample evidence and data that there is a slowdown in this sector. In such a situation, there is a growing concern that the slowdown seen in the global economies will also affect the demand for IT services. This situation is likely to persist for at least the next few quarters. Many engineering colleges say that big IT companies have not come to the campus and recruited freshers this year. In such a situation, we can say that less youths will get jobs in this academic year and since these youths need many months of training, it can be assumed that the big IT service companies are anticipating such a slowdown. Releasing the December quarter results, TCS has cut its workforce for the third quarter and for the first time in many quarters, certain to be creating an environment of weakness, particularly in the IT sector, a job-relat

- There is an opportunity to reduce unemployment in the country by filling the gap in the tourism sector To boost the country's tours and travel industry, apart from developing new tourist centers in the country, it has been announced by the Finance Minister while presenting the budget for the next financial year to develop a special app for tourists to get information. A proposal has also been made to set up unity malls in the capitals of the states to attract the attention of foreign tourists towards the artistry of the country. During the period of Corona, the tourism industry of most of the countries of the world came to a standstill in which India could not be left out. A special economic package was also announced earlier to take the tourism industry out of the impact of Corona. Apart from providing free tourist visas to the first five lakh tourists arriving in India after opening up the tourism sector globally, working capital loans and financial support were announced for

Boolean Bits - Dinesh Parekh China re-enters world market after six months to buy gold: Turkey puts brakes on new gold purchases after earthquake In the global market, Fed Chairman Jerome Powell indicated that the interest rate will continue to increase in the year 2023, the gold boom has a break, and gold has fallen around 1830 dollars per ounce. With Russia shooting down a convoy of aircraft on Ukraine's border, the fighting has escalated and signs of a protracted war will weigh on gold prices. China has postponed the purchase of gold for the last six months but has now bought 25 tonnes of gold to increase its reserves to 2025 tonnes. Turkey has banned gold imports for a few days after the earthquake and is struggling to keep the currency stable. After the CPI data, Richmond Fed President Thomas Marken and Dallas Fed President Lori Logan say the central bank will have to focus on bringing inflation down to 2 percent. The Fed's interest rate hike from 5 to 5.25 percent w