Market and Business News

Mumbai: Despite the political controversy, the supply of lentils from Canada to India has remained stable, according to the Department of Consumer Affairs. Canada is a major supplier of lentils to India. India's lentil imports have seen a rise in the first ten months of the current year as steady supply from Canada has been maintained, sources in the consumer affairs department said. In the current year, India has imported a total of 10.90 lakh tonnes of lentils, of which 4.63 lakh tonnes have been imported from Canada. Canada is India's main import source for lentils. He also clarified that the government has not received any complaint of obstruction of imports from Canada. However, buyers in India slowed purchases last month. Political relations between the two countries soured after the killing of a Sikh separatist leader in Canada in June. Concerned that imports from Canada would stop, Indian importers started ordering lentils from Australia, but as relations with Canada

Stock Market Crash: By 11 am on Thursday, BSE's Sensex crashed by 780 points, and it is the turn of investors to suffer huge losses. However, the condition of the market has become miserable after a big crash of 242 points in Nifty. Sensex was currently trading around 63250 and Nifty around 18868. That is, 1.30 percent in Sensex and 1.34 percent in Nifty has already been spoken. The impact of the Israel-Hamas war... On the one hand, between the war between Israel and Hamas (Israel-Hamas War), when the world's attention is on it, its effect is also visible in the stock market. For the sixth consecutive day, the stock market was in a state of chaos. So far, if you look at the situation of the last 6 days, almost 20 lakh crores of investors have been lost. Midcap and smallcap stocks are also in a miserable condition The condition of midcap and smallcap stocks in the market has also turned miserable. The Nifty Midcap 100 lost 1.88 percent and the Small Cap 100 lost 2.57 percen

Mumbai: After yesterday's recovery in the US stock markets, today Qatar's initiative to settle the hostage issue in Israel-Hamas war and the impact of new stimulus measures by China, unlike the recovery in the global markets especially in the Asian markets, there were continuous gaps in the Indian stock markets. Although international crude oil prices edged lower amid geopolitical tensions, stocks continued to rally amid talk of bearishness in operators, funds, small-cap stocks and the possibility of inflation-inflation factors becoming a threat to India. Sensex fell 522.82 points to 64049.06 and Nifty spot closed down 159.60 points to 19122.15 due to offloading in banking-finance, IT-software services, capital goods, auto, consumer durables stocks. International prices of crude oil fell in the evening with Brent crude at $88.15 and Nymax-New York crude at $83.71. Out of the total 3795 scrips traded in BSE, the number of gainers was 1140 and the number of decliners was 2551.

Mumbai: Mixed weather was seen in the Mumbai jewelery market today. The price of gold stopped falling and rose again. While the decline in silver continued. The price of gold in the world market increased from 1964 to 1965 to 1977 to 1978 to 1974 to 1975 dollars. As the world market rose, even at home, new sales had to be stopped due to the decrease in gold in the jewelry markets today. There were indications of renewed buying of short-term funds in gold in the global market as bond yields came down from the peak. At home, the price of gold rose by Rs. 300 per 10 grams to Rs. 62,300 per 99.50 and Rs. 62,500 per 99.90 in the Ahmedabad jewelery market. Ahmedabad silver prices remained calm at Rs 72,500 per kg. Meanwhile, silver prices in the world market today settled at $22.77 after hovering between $22.72 and $23.02 per ounce at $22.87. Global platinum prices were at 898 to 896 to 897 dollars an ounce from 884 to 885 dollars. Copper prices in the world market increased by 0.41 perc

Ahmedabad: Chinese President Xi Jinping has announced several support measures to support the economy and has now decided to issue government bonds. However, this move by the government will increase the budget deficit ratio. The proposal has received the approval of China's parliament, the National People's Congress, controlled by the Communist Party. According to the proposal, the fiscal deficit will widen to around 3.8 percent of GDP in 2023, higher than the government's March target of 3 percent. Under this plan, the government will issue bonds worth $137 billion in the fourth quarter. This money will be used for disaster relief works and construction. The Chinese government rarely changes budget targets mid-year. Earlier, the government had changed it in 2008. The government also made changes in the late 1990s after the Asian financial crisis. Interestingly, Xi Jinping also visited the Central Bank on October 24. This was his first visit to the central bank since

Mumbai: The Reserve Bank of India (RBI) has made it mandatory to have at least two whole-time directors in the wholly-owned subsidiaries of private and foreign banks operating in the country as part of strengthening the administrative work. Banks that do not comply with this standard will have to send the names to the RBI within four months for approval. Banks have to take prior permission of Reserve Bank for appointment of wholetime directors. RBI has also instructed banks to create senior management teams to meet the existing and emerging challenges in view of the growing complexities in the banking sector. When there are regulatory norms, particularly with regard to the tenure and maximum age limit for the posts of Managing Director and Chief Executive Officer, the creation of such a team will be able to facilitate succession planning, the RBI notification said. The number of wholetime directors to be decided by the board of the bank taking into consideration the size of their o

Mumbai: The government expects to recover Rs 50,000 crore from Goods and Services Tax (GST) evasion in the current financial year. Not only is this figure more than double compared to the previous financial year, it will also be the biggest recovery ever in a single year, sources in the GST department said. In the current financial year, GST authorities have caught tax evasion of Rs 1.36 trillion. Sources also said that Rs 14108 crore has been recovered from this. In the last financial year i.e. 2022-23, total tax evasion of Rs 1.01 trillion was caught out of which Rs 21000 crore was recovered. There is a possibility of recovery of significant GST unpaid on erroneous claims of input tax credit by insurance companies, clandestine clearance of tobacco products and immovable property transactions. The authorities have come to the notice of taxpayers for under-invoicing of goods and services, wrongly obtaining exemption certificate, wrong input tax credit etc. to pay less tax. More an

Mumbai: Foreign banks and private credit funds are showing interest in financing acquisitions by Indian companies. Other companies including Torrent Group and Hinduja have approached several foreign banks and private equity firms for their acquisitions. According to JP Morgan estimates, global investors have around Rs. 2 lakh crore fund, of which 100 to 150 billion dollars is earmarked for India. Corporate executives say Indian companies raising capital from abroad for acquisitions would be better off doing so through equity rather than debt. Corporate finance advisory sources said, 'Even if they have to go for the debt option, a hybrid structure preferring equity, where the interest could be around 6 to 8 per cent, would be appropriate. Normal global lending is burdened by restrictions by the RBI and hence it will be extremely challenging and costly for them as foreign exchange covered interest rates may go up to 11-12 per cent due to higher Fed rates.' Hinduja Group is als

Image Source: Twitter New delhi date. 25 October 2023 Wednesday The festive season has already started in India. Now in a few days festivals like Dhanteras, Diwali, Bhaibij will be celebrated. Meanwhile, people buy a lot of gold during the festival. If you are thinking of buying gold today, there has been a general increase in the price of gold on the multi-commodity exchange. Initially, gold opened at Rs 60,478 per 10 grams. After which a slight increase in its price has been recorded and it has increased by Rs 17 i.e. 0.03 per cent to Rs 60,554 per 10 grams compared to the previous day. On Monday, gold closed at Rs 60,554 per 10 grams. A modest rise in silver Apart from gold, today silver is also booming in the market. Silver opened at Rs 71,629 per kg earlier today. After which its price showed a slight rise and today's price has reached Rs 71,800 with an increase of Rs 154 i.e. 0.02 percent. On Monday, silver closed at Rs 71,786 per kg. What are the gold rates on 25 Octo

Image Source: Twitter - A subsidy of Rs 1.89 per kg has been sanctioned for sulphur New delhi date. 25 October 2023, Wednesday There is good news for farmers ahead of Diwali. Modi government has given a big relief to the farmers. The Union Cabinet today approved a Rs. 22,303 crores subsidy proposal has been approved. Information and Broadcasting Minister Anurag Thakur has informed the media about this decision after the Cabinet meeting. The Cabinet has decided to provide nutrition based subsidy on various soil nutrients like nitrogen, phosphorus, potash and sulphur. The subsidy will be applicable for ravi crop season from 1 October 2023 to 31 March 2024. Anurag Thakur said that di-ammonium phosphate fertilizer will be given to the farmers at the rate of Rs 1,350 per bag as before. On the other hand, rates of muriate of potash will be reduced. Here are the new rates of subsidy The government has approved a subsidy of Rs 47.02 per kg on nitrogen, Rs 20.82 per kg on phosphorus and

New Delhi, 25th October-2023, Wednesday The government has started crackdown on online gaming companies in the country. GST officials have so far sent notices worth Rs 1 lakh crore to companies, sources claimed. However, an official said that there is currently no data available on foreign gaming companies registering in India after October 1. Online gaming companies have been served notice of Rs 1 lakh crore by India GST authorities so far: Sources — ANI (@ANI) October 25, 2023 Registration of foreign online gaming companies in India is mandatory The government amended the GST Act on October 1, in which the GST Council has made registration of foreign online gaming companies in India mandatory. The GST Council had made a clear decision in August that 28 per cent Goods and Services Tax (GST) would be levied on the amount charged for playing games on online gaming platforms. Some companies were also issued notices last month The official said that the GST officials have so far

Mumbai: The government is considering reducing the minimum export price of basmati rice. Considering the complaints of farmers and exporters that the trade is being lost due to the high minimum price, the government is likely to reduce the price limit to $950 per tonne. The minimum export price of basmati is currently $1200 per tonne. To maintain the availability of rice in the country and keep the price under control, the government has fixed the minimum export price of basmati at 1200 per tonne in August this year. Exporters cannot export below this price. Exporters are arguing that India's prices are high in the global basmati trade, making it difficult to stay competitive. Rice is the main kharif crop. Planting operations for the current season have been completed. But the new crop of rice will start coming from January. However, the sources said that the government is reviewing the export prices keeping in mind the demands raised from various levels. With the current year

MUMBAI: India is currently the world's fifth largest economy with the title of the fastest growing economy in the world and is poised to become the world's third largest economy by 2030, overtaking Japan with a GDP of US$ 7300 billion. With this it will also become the second largest economy in Asia. India's Gross Domestic Product to grow from $3500 billion in 2022 to $7300 billion by 2030: S&P This is stated in the latest Purchasing Managers' Index of S&P Global India Manufacturing. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show strong growth at the start of FY2023. India's gross domestic product is expected to grow at a rate of 6.2-6.3 percent in the fiscal year ending March 2024. With this, the Indian economy will become the fastest growing major economy in this financial year. Asia's third largest economy grew at 7.8 percent in the April-June quarter. India's economic outlook is the best i

Mumbai: Mumbai bullion market was officially closed today on the occasion of Dussehra. However, after the closed market, prices continued to fall behind the global market. As the dollar index and bond yield increased in the world market and the war between Israel and Palestine slowed down, there were indications of increased selling of funds in gold in the world market. Gold prices in the world market were indicated to be $1953 to 1954 to 1964 to 1965 dollars per ounce from 1977 to 1978 lows. Behind gold, global silver prices were also lower by 23.11 to 23.12 per ounce at 22.66 to 22.87 to 22.88 dollars. In the Mumbai market today, silver prices were trading around Rs.71500 per kg without GST at Rs.72094 per kg. Gold prices were Rs.60,150 to Rs.60,200 at Rs.60,455 per 10 grams of 99.50 and Rs.60,400 to Rs.60,405 at Rs.60,698 at 99.90 per 10 grams without GST. In Mumbai gold and silver prices including GST were 3 percent higher than this price. Meanwhile, gold prices fell by Rs.500 t

MUMBAI: Led by Bitcoin, cryptocurrencies saw a huge rally on Dussehra. In the last twenty-four hours, Bitcoin jumped more than 5000 dollars and again reached the level of 35000 dollars. Bitcoin has seen a steady improvement over the past five days as Exchange Traded Bitcoin Funds are now close to becoming a reality. In the last twenty-four hours, Bitcoin was seen as high as $35198. Other crypto Ethereum also saw a surge. Bitcoin price has doubled in 2023. The global market cap of cryptocurrencies also increased to cross $1.29 trillion. Bitcoin price has seen its highest level since May 2022. The price fell to $34,400 late in the evening following a profitable sell-off at the high end. The price of Ethereum was set at 1830 dollars. Bitcoin price has more than doubled in early 2023. At the end of December 31, 2022, the market cap was 790 billion dollars. At the beginning of 2023, the price of Bitcoin was 16801 dollars while Ethereum was 1250 dollars. The positive sentiment seen in c

Mumbai: As the supply of vegetables does not increase according to the increasing demand of vegetables in the country, food inflation often increases. A study conducted by Crisil found that the inflation of vegetables in the food category remains quite volatile. Changes in food choices in the country, rising incomes and growing population are also increasing the demand for vegetables. There is no increase in supply as per demand. Apart from rise in temperature, the availability of vegetables in the market due to pest attack and spoilage is also decreasing, said the CRISIL report. Farmers are also not particularly enthusiastic about growing vegetables due to the risk of price uncertainty. The weightage of vegetables in food index is 15.50 percent. India ranks second only to China in vegetable production, but production growth has slowed recently, while demand is picking up. A large number of vegetables are wasted during grading and sorting operations at the farm level itself. Emp

Mumbai: The 50 leading companies in Asia Pacific have reported a cumulative decline of $185 billion in their market capitalization in the September quarter of the calendar year 2023. This information comes from a recent report by London-based analytics and consulting company GlobalData. The sharp drop in market capitalization on a quarterly basis is due to a weakening of the Chinese economy and a decline in exports from the region due to uncertain global economic conditions, the report said. GlobalData Analyst (Business Fundamentals) said that 27 of the 50 leading companies reported a quarter-on-quarter decline in their market capitalization ranging from $4 trillion to $3.7 trillion during the quarter. China's weak economic conditions, sluggish domestic property market and weakness in external demand had a negative impact on business confidence. Asia Pacific region Weak global demand, expensive funds, fears of escalation of war, stagnant or uncontrolled inflation and rising cru

Elon Musk challenges Wikipedia: Billionaire Elon Musk is constantly in discussion due to his statements. Recently he challenged Metta so that the situation got heated. Now he has taken a stand against Wikipedia. He said that he would give him a billion dollars if Wikipedia would change its name. Challenge to Wikipedia Billionaire businessman Elon Musk bought Twitter outright last year. Since then it has been making new changes. Twitter was renamed to X a few months ago. Now in the meantime he has also challenged Wikipedia. The billionaire said, 'If Wikipedia changes its name, I will give it a billion dollars.' On this, the user advised Wikipedia to change its name and said that when you get the money, you should keep the old name again. Musk has placed a condition on this. He said I am not crazy. Wikipedia will have to change its name for at least a year. Shared a screenshot of Wikipedia's homepage and asked questions? Tesla's CEO posted another. In it he shared a

MUMBAI: Gold and silver prices in the Mumbai jewelery market today on the eve of Dussehra remained on the decline from the highs. As the prices fell, market experts were hoping that Dussehra seasonal demand would be higher than expected. World market news was showing a decline from a bullish head. It was discussed that selling of funds increased due to rise in gold in the world market. The price of gold in the world market was low from 1969 to 1970 to 1977 to 1978 dollars per ounce. Behind gold, global silver prices were also lower at 23.03 to 23.11 to 23.12 dollars per ounce. Meanwhile, in the Mumbai market today, gold prices without GST were Rs 60,369 to Rs 60,455 from Rs 60,520 at Rs 99.50 per 10 grams. While the price of 99.90 was Rs.60840 to Rs.60612 to Rs.60698. Mumbai silver prices opened at Rs.74286 and closed at Rs.72094 after closing at Rs.72450 per kg without GST. In Mumbai gold and silver prices including GST were 3 percent higher than this price. Meanwhile, gold prices w

- The Hamas-Israel war has a negative impact on US bonds - Sensex 1857, Nifty 530 points down in four days wiping out Rs.12.5 lakh crore in investors' wealth AHMEDABAD: Just at the time of Diwali festival, the darkness of selling has covered the stock market. The sell-off comes amid a war that has erupted between Israel and Hamas, and forecasts that US interest rates will rise more than expected. Since October 17, Sensex has fallen by 1857 points. The Nifty 50 index has also fallen by 530 points. These days, a total of Rs.12.52 lakh crore has been wiped out in the assets of investors. Sensex fell by 826 points and Nifty by 261 points amid heavy selling in the stock market on Monday, a loss of Rs.7.59 lakh crore has been seen in a single day. The Indian currency rupee also weakened by seven paise against the dollar to close at 83.19 due to a crash in the stock market and an increase in the yield of American bonds. Following the Russia-Ukraine war, the ongoing war between Israel