Market and Business News

Union Budget 2024: As the year changes in the calendar, the budget debates have intensified. Budget is also important this time due to upcoming Lok Sabha elections and people are eagerly waiting for it. Due to the elections, people expect a popular budget from the government. Although it will be known only next week what the budget will look like and to what extent it will meet people's expectations, but some things are already known. In which it should be seen how many new records have been created by Finance Minister Nirmala Sitharaman in her own name. Arun Jaitley's death gave Sitharaman an opportunity The Ministry of Finance is considered to be the most important ministry in every government. So only an experienced leader is entrusted with this responsibility. This responsibility was given to Arun Jaitley during the first government of PM Modi. But after her death this post fell vacant, the Modi government showed confidence in Nirmala Sitharaman in the year 2019. In th

MUMBAI: Foreign Portfolio Investors (FPIs) have once again sold heavily in Indian stock markets. FPIs have sold net shares worth Rs.24,734 crore till 26 January 2024. At the beginning of 2024, the trend of FPIs was positive buying. But since then, foreign funds have sold heavily behind HDFC Bank. She was also buying in December 2023. After a three-month sell-off in November 2023, FPIs remained buyers. The total sale of shares by FPIs on January 25 was Rs.9663 crore. Data from National Securities Depository Limited (NSDL) shows that debt, hybrid, debt-VRR and stocks are included. Foreign institutional investors sold a total of Rs 12,194.38 crore on a daily basis last week. While domestic institutional investors were buying three days out of six trading days with a total purchase of Rs.9701.46 crore. FPIs continued to sell in the cash market, with equity selling of Rs.27,664 crore till January 25. FPIs have sold in automobile, auto ancillary, media and entertainment and some IT stock

MUMBAI: Banks in India are facing a severe shortage of cash, which has now reached record levels. This is because money goes out for tax payments and less government spending. Traders expect the central bank to inject more cash to ease the shortage. According to Reserve Bank data, by January 23, the shortfall widened to Rs. 3.34 trillion ($40.18 billion), nearly three times higher than at the beginning of the month. The increase in losses is due to the rise in tax collections and the decline in government spending seen in recent months. Indian banks are urging the RBI to ease the cash crunch. Because the overnight cash rate is higher than the policy rate. So far, the central bank has used short-term repo auctions to inject cash into the banking system, but avoided injecting money for the long term. The RBI is likely to maintain a cash shortage in the short term, but the shortage will gradually ease in the future, sources said. A further neutralization of liquidity conditions will b

AHMEDABAD: In December, mutual fund investors withdrew Rs. 11,140 crore was withdrawn. Investors booked profits after the surge in the market. Along with this, investors also withdrew investment from SIP. Last month, the equity market Sensex posted its strongest monthly performance in 18 months with a gain of over 7.8 percent. Last month, the Nifty Smallcap 100 index gained 7 percent. From SIP Account Rs. 11,140 crore withdrawal is the highest since April 2021. In April 2021, MFI, an organization of mutual funds, started publishing data related to this. Whenever the market rises, withdrawals from SIP account also rise. He believes that if this trend continues among SIP investors, it will cause problems. Now whenever the market rises, a section of investors book profits in SIP accounts, sources said. This approach is against the concept of SIP, as the perspective in such investments should be long-term. December was a good month in terms of returns. At times of good returns, people

MUMBAI: Capital markets regulator Securities and Exchange Board of India (SEBI) has decided to give more time to foreign portfolio investors (FPIs) to comply with new disclosure norms related to beneficial owners-ultimate beneficial owners or liquidated holdings, sources close to the matter said. . In this related stir, it is learned that SEBI has formally informed the FPIs that it has advised compliance by the end of January and after this deadline, the deadline for making the required disclosure will be extended by 10 to 30 days. If they fail to comply even within this period, they may be given another six months to reduce their holdings, sources indicate. Notably, following the Adani-Hindenburg controversy, SEBI had issued guidelines in August 2023 for FPIs holding more than Rs 25,000 crore worth of Indian equities in any single corporate group to make additional disclosures regarding their ultimate beneficial owners. . Standard Operating Procedures to be followed by Custodians

Mumbai: The Commerce Ministry has supported the industry's demand to reduce import duty on gold bars. The jewelery industry has long been demanding a reduction in duty on imports of gold in all its forms, claiming that high rates of duty continue to pose a challenge to the country's jewelery exports. To keep the gem and jewelery industry globally competitive, the Gem and Jewelery Export Promotion Council (GJEPC) recently proposed to the government to reduce the import duty on gold and cut and polished diamonds in the next interim budget. It is known that the proposal of the Council has received the support of the Ministry of Commerce. India's customs duty on gold is the highest in the world. The effective rate of duty which is 15 percent has been demanded to be reduced to 5 percent. It is being claimed by the council that if the duty is reduced, not only will the export of jewelery from the country increase, but also there will be a reduction in gold smuggling. As a res

- Installation of storage units is clearly a challenge for renewable targets to drive India's green energy transition. Last year, renewable energy accounted for a remarkable 83 percent of the world's electricity generation capacity. Wind and solar energy have a significant share of this. However, saving renewable energy is the biggest challenge as it is variable and erratic in nature, be it wind or solar energy. The only solution is storage, the capacity of which is increasing at the rate of 23 percent every year. Storage facilities in China and the US are growing the fastest at an annual rate of around 60 percent, while India has a good outlook. India is expected to become the world's third largest country with renewable energy capacity by 2030, but could become the top fifth country in terms of developing storage facilities. In May 2021, the central government announced a production-based incentive scheme for manufacturing advanced cell chemistry batteries. The governm

Mumbai: In the Mumbai jewelery market today, gold prices stopped rising and remained on the decline, while silver prices were on the rise. In the currency market today, the dollar closed lower against the rupee at the end of a narrowly biased range. In the world market today, gold prices were indicated to be $ 2021 to 2013 to 2015 to 2016 dollars per ounce from 2033 to 2034 lows. Selling of funds in gold was seen in the world market. At home today, the price of gold in Ahmedabad jewelery market dropped by Rs.100 to Rs.99.50 to Rs.64,300 and Rs.64,500 to Rs.99.90. While Ahmedabad silver price was Rs.72500 per kg. Silver prices in the world market were 22.77 to 22.92 to 22.84 to 22.85 dollars per ounce. Crude oil prices rose sharply in the world market today. The price of Brent crude rose by 79.20 to 81.29 to 80.91 dollars per barrel. While US crude prices increased from 74.18 to 76.37 to 76.00 dollars. The Energy International Agency said that crude oil stocks in the United States de

Mumbai: In the Mumbai jewelery market today, gold prices stopped rising and remained on the decline, while silver prices were on the rise. In the currency market today, the dollar closed lower against the rupee at the end of a narrowly biased range. In the world market today, gold prices were indicated to be $ 2021 to 2013 to 2015 to 2016 dollars per ounce from 2033 to 2034 lows. Selling of funds in gold was seen in the world market. At home today, the price of gold in Ahmedabad jewelery market dropped by Rs.100 to Rs.99.50 to Rs.64,300 and Rs.64,500 to Rs.99.90. While Ahmedabad silver price was Rs.72500 per kg. Silver prices in the world market were 22.77 to 22.92 to 22.84 to 22.85 dollars per ounce. Crude oil prices rose sharply in the world market today. The price of Brent crude rose by 79.20 to 81.29 to 80.91 dollars per barrel. While US crude prices increased from 74.18 to 76.37 to 76.00 dollars. The Energy International Agency said that crude oil stocks in the United States de

MUMBAI: In the banking-finance sector, HDFC Bank's weak performance led to sell-off in cautious funds and sell-off in IT stocks on the back of weak IT company Tech Mahindra, with a $6 trillion wash in Chinese stocks despite rising US bond yields and stimulus measures in China. The Sensex initially fell by 741.27 points to a low of 70319.04. Of course, the banking frontline stocks including ICICI Bank, IndusInd Bank, Bajaj Finance, Bajaj Finserv and finally Reliance lost half and finally closed down by 359.64 points to close at 70,700.67. The Nifty 50 spot also fell by 206.90 points to a low of 21247.05 at the beginning of the day, then halved the decline and finally closed down 101.35 points at 21352.60. Gaps in IT-Software Stocks Funds sold again on weak results in IT-software services, technology stocks today. Tech Mahindra's quarterly net profit fell 61 per cent to Rs 1,321.60 as shares traded down Rs 86.15. LTI Mindtree fell by Rs 129.45 to Rs 5,492.10, Emphasis by Rs 54

Credit Card News | The number of credit cards issued by banks has increased to close to 10 crores. The highest number of 19 lakh credit cards was issued in December last year. According to the latest data from the Reserve Bank of India (RBI), there were a total of 9.79 crore credit cards in the banking system in December. 1.67 crore new credit cards were issued in 2023 while 1.22 crore credit cards were added in 2022. Usage increased in last 5 years Credit card use has steadily increased over the past five years. About 5.55 crore cards were in circulation in December 2019, which increased by about 77 percent to 9.79 crore in December 2023. Banks' emphasis on issuing credit cards and changes in people's lifestyles have increased the currency of credit cards. Why did credit card currency increase? An expert said, 'The trend of credit cards has increased due to the marketing of credit cards by banks and changes in the spending habits of consumers. Banks issue credit card

Image Twitter Life Insurance Corporation of India (LIC) has received approval to increase its stake in HDFC Bank, the country's largest private sector bank. LIC can now buy up to 9.99 percent stake in HDFC Bank. According to the information, the Reserve Bank of India has allowed this government insurance company to increase its stake. LIC had applied to RBI in this matter some time ago. Currently LIC holds 5.19 percent stake in HDFC Bank. According to the information given by HDFC in the stock market, RBI has advised LIC to increase this stake in HDFC Bank within a year. Along with this, RBI has ordered to increase the shareholding in LIC Bank above 9.99 percent. Approval by RBI is required According to the rules of the Bank of India, those who want to hold more than 5 percent stake in any bank must take the approval of the Reserve Bank. Also, no permission is required to buy less than 5 percent stake. HDFC Bank shares fall sharply HDFC Bank's third quarter results for t

Mumbai: In the first month of the new year, business activity in the country has increased to a four-month high. A private survey report said business activity increased as a result of strong demand. In the preliminary estimate of January, the cost of raw materials has also been the highest since August in the current month. The Composite Purchasing Managers' Index (PMI) for services and manufacturing sectors for January by S&P Global is seen at 61.00. However, this is a preliminary estimate and the final figure will be seen after the end of January. The PMI suggests that India will continue to be a fast growing economy for some time to come. India's economic growth rate for the current financial year has been estimated by various agencies to be around 6.90 percent. January's composite PMI is at its highest level since September. In December, the figure was 58.50. An index above 50 is considered an extension of that sector. In January, the index is seen above 50 for

Mumbai: In the first month of the new year, business activity in the country has increased to a four-month high. A private survey report said business activity increased as a result of strong demand. In the preliminary estimate of January, the cost of raw materials has also been the highest since August in the current month. The Composite Purchasing Managers' Index (PMI) for services and manufacturing sectors for January by S&P Global is seen at 61.00. However, this is a preliminary estimate and the final figure will be seen after the end of January. The PMI suggests that India will continue to be a fast growing economy for some time to come. India's economic growth rate for the current financial year has been estimated by various agencies to be around 6.90 percent. January's composite PMI is at its highest level since September. In December, the figure was 58.50. An index above 50 is considered an extension of that sector. In January, the index is seen above 50 for

MUMBAI: Local funds, local institutional investors and maharathis faced hammering by foreign portfolio investors ahead of the end of the January trend in futures and options (F&O) tomorrow on Thursday as global markets rallied with stimulus measures by China allowing banks to hold lower reserves. However, the index-based volatility in the two-way fluctuating movement today finally put the market back into the positive zone with a sharp correction. In early trade, gains in IT, banking, FMCG frontline stocks led the Sensex to close by 525 points to close at 70895 against the previous close of 70370.55, after recovering from the highs, the surge was washed away and settled at a low of 70265. From the decline, it rose again at one stage by a jump of 779.06 points to reach 71149.61 and finally increased by 689.76 points to close at 71060.31. Thus there was an upheaval of 1800 points in Sensex today. While the Nifty 50 spot closed at 21238.80 in the beginning, it rose to 21482.35 and ca

MUMBAI: Local funds, local institutional investors and maharathis faced hammering by foreign portfolio investors ahead of the end of the January trend in futures and options (F&O) tomorrow on Thursday as global markets rallied with stimulus measures by China allowing banks to hold lower reserves. However, the index-based volatility in the two-way fluctuating movement today finally put the market back into the positive zone with a sharp correction. In early trade, gains in IT, banking, FMCG frontline stocks led the Sensex to close by 525 points to close at 70895 against the previous close of 70370.55, after recovering from the highs, the surge was washed away and settled at a low of 70265. From the decline, it rose again at one stage by a jump of 779.06 points to reach 71149.61 and finally increased by 689.76 points to close at 71060.31. Thus there was an upheaval of 1800 points in Sensex today. While the Nifty 50 spot closed at 21238.80 in the beginning, it rose to 21482.35 and ca

MUMBAI: With the opening of the Ram temple in Ayodhya and the various measures taken by the Uttar Pradesh government to attract tourists to the state, Uttar Pradesh is estimated to spend Rs 4 lakh crore through national and international tourists in the current year. According to a research report by SBI, keeping in mind the influx of tourists, the government of Uttar Pradesh is likely to increase its tax revenue by Rs 20,000 to Rs 25,000 crore in the next financial year. As a result of the special scheme of the Center to develop pilgrimage destinations and the initiatives taken by the state governments, the development of pilgrimage destinations in the country will be helped. In 2022, 32 crore national tourists visited Uttar Pradesh, out of which 2.21 crore visited Ayodhya. Tourists at home and abroad spent a total of Rs 2.30 lakh crore. Now that the Ram Mandir has opened, the level of expenditure in Uttar Pradesh is expected to rise to Rs 4 lakh crore, says SBI's research re

MUMBAI: With the opening of the Ram temple in Ayodhya and the various measures taken by the Uttar Pradesh government to attract tourists to the state, Uttar Pradesh is estimated to spend Rs 4 lakh crore through national and international tourists in the current year. According to a research report by SBI, keeping in mind the influx of tourists, the government of Uttar Pradesh is likely to increase its tax revenue by Rs 20,000 to Rs 25,000 crore in the next financial year. As a result of the special scheme of the Center to develop pilgrimage destinations and the initiatives taken by the state governments, the development of pilgrimage destinations in the country will be helped. In 2022, 32 crore national tourists visited Uttar Pradesh, out of which 2.21 crore visited Ayodhya. Tourists at home and abroad spent a total of Rs 2.30 lakh crore. Now that the Ram Mandir has opened, the level of expenditure in Uttar Pradesh is expected to rise to Rs 4 lakh crore, says SBI's research re

New Delhi: Raid in the night sea may affect sunflower oil imports in India. India's sunflower oil imports are likely to fall in the coming months as prices rise due to a hike in freight rates. This leads buyers to switch to competing vegetable oils available at a discount. India, the world's largest buyer of sunflower oil, normally imports most of its imports from the Black Sea region via the Red Sea. However, recent Houthi attacks have forced shipping companies to resume trade between Europe and Asia, bypassing Africa. This has increased time and cost. The price of sunflower oil in India has surpassed that of soybean oil for the first time in almost a year due to a rise in freight rates. Sunflower oil was cheaper than soybean oil. Therefore, in the last few months, sunflower oil imports have strengthened due to the price advantage compared to soybean oil. Now due to the increase in freight, it is no longer a profitable situation for sunflower oil.

New Delhi: Raid in the night sea may affect sunflower oil imports in India. India's sunflower oil imports are likely to fall in the coming months as prices rise due to a hike in freight rates. This leads buyers to switch to competing vegetable oils available at a discount. India, the world's largest buyer of sunflower oil, normally imports most of its imports from the Black Sea region via the Red Sea. However, recent Houthi attacks have forced shipping companies to resume trade between Europe and Asia, bypassing Africa. This has increased time and cost. The price of sunflower oil in India has surpassed that of soybean oil for the first time in almost a year due to a rise in freight rates. Sunflower oil was cheaper than soybean oil. Therefore, in the last few months, sunflower oil imports have strengthened due to the price advantage compared to soybean oil. Now due to the increase in freight, it is no longer a profitable situation for sunflower oil.