Market and Business News

Mumbai: At the end of a one-sided surge in the price of the dollar against the rupee in the Mumbai currency market today, the dollar price of the day stopped falling against the rupee and closed in plus. However, the dollar price against the rupee initially remained on the decline. But in the afternoon, importers took off in dollars and the dollar price bounced back from the low, market sources said. After falling to a low of Rs.81.63 to Rs.81.50 today, the dollar price rebounded to around Rs.81.68 to 81.69 at the end of the day. There was news that the dollar index against various major currencies in the world market today was around 105.80 from 105.63. According to currency market informants, there is a possibility that the Reserve Bank will intervene in the market when the price of the dollar reaches Rs.81.90 against the rupee. The possibility is being discussed that the so-called advice of the Reserve Bank will lead various government banks to sell the dollar at a higher price a

Mumbai: With the cases of Corona in China reaching a record level, due to strict control measures including lockdown in Beijing, the market remained in the positive zone due to the attraction of local funds in banking, financial services stocks in the Indian stock markets today against caution in the global markets amid the flutter of the global recession. Against the negative news from China, crude oil stocks in the US decreased and the supply from Russia became uncertain, with crude oil prices rising, Asian markets were strong today. Banking-finance stocks along with funds in PSU companies and fertilizer stocks led the Indian stock market. While selected automobile, metal-mining, oil-gas, healthcare stocks remained attractive. But the initial surge was washed away by profit booking as funds again cautiously refrained from taking big bullish trades on the bounce. The Sensex ended up 91.62 points at 61510.58 and the Nifty spot closed up 23.05 points at 18267.25. Bankex rises 324 poin

Ahmedabad: Government of India is preparing to reduce the budget deficit by 0.50 percent during the next financial year. According to a Bloomberg report, such an effort by the government in an election year will affect the growth trajectory of the country's economy as more spending is usually required in this year before the election begins. According to the report, Finance Minister Nirmala Sitharaman will try to keep the budget deficit below 6 percent of GDP in the financial year 2024. Nirmala Sitharaman will present the budget for the financial year 2024 on February 1. This will be the last complete budget of the Modi government before the upcoming Lok Sabha elections in 2024. Generally the Government of India spends more in such a year than in other years. However, a challenge for the central government will also be that food and energy prices in the country have reached record highs due to the war in Ukraine. India's current account deficit is currently widening due to h

- Big announcement by Elon Musk to create a unique smartphone New delhi date. 26 November 2022, Saturday Elon Musk is known for doing things differently. There is no such word as impossible in his diary. This is the reason why Elon Musk tries his hand at every impossible task. Elon Musk can do one such thing in the smartphone world. In the competition of Apple iPhone and Android smartphones, a big announcement has been made by Elon Musk to create a unique smartphone, which will challenge the empire of Apple iPhone and Android. According to sources, there are currently only two types of smartphones in the market, Android and iOS. In such a situation, Elon Musk wants to end the dominance of these two in the smartphone market. Elon Musk talked about bringing a new smartphone when a Twitter handle named Liz Wheeler tagged Elon Musk and wrote, What if Apple and Google remove Twitter from their platforms? Shouldn't Elon Musk make his own smartphone? If this happens, people will be abl

- Confusion of economics: Dhawal Mehta - America's national income is the highest in the world at 23 trillion dollars Reserve Bank of India Deputy Director Michael Patra said on 31st October 2022 in self-congratulatory style that India will only be able to complete the financial year 2025-2026 after the end of AD. It will become the fourth largest economy in the world in 2027. World Bank's 2021 data (statistical information) says. Is. In 2021, the US national income (GDP) was 23 trillion dollars, which was the highest in the world. China ranked second with a national income of $17.7 trillion, Japan ranked third with a national income of $4.9 trillion, Germany ranked fourth with a national income of $4.5 trillion, India ranked fifth with a national income of $3.2 trillion and sixth ranked The UK's national income was also $3.2 trillion. Michael Patra claims that India is the fastest engine of the world's economy and it will exceed the national income of Germany within

Talk about the market Bezos' advice: Save money by cutting costs Amazon founder Jeff Bezos has given valuable advice to people to reduce expenses and save more money. Bezos says, save as much cash as you can because bad times are coming. Don't spend on unnecessary things during the holiday season when the Christmas season has started in countries including America. Bezos said that the American people should make a big purchase in the coming days, including a new fridge or even a brand new car. This money will come in handy during the tough times of recession. Bezos said, Amazon's earnings will decrease because of my advice, but now is the time not to think about my profit, but to think about the future. Tata Group will build an aviation empire again Tata Group is planning to bring its four airline brands under one roof. The Tata Group will merge the four companies under Air India and integrate the Vistara brand. Tata Group plans to revive its past aviation empire. Vi

Banks' outstanding loans to non-banking financial companies (NBFCs) have increased due to higher demand for credit, stabilizing asset quality trends and improving collection efficiency, bankers and industry experts said. According to Reserve Bank of India data, non-bank lending to non-banking financial companies grew by 30.6 percent year-on-year to Rs. 11.7 lakh crore has happened. Overall credit growth in this system is almost double. Bank lending to non-banking financial companies compared to last year was Rs. 2.74 lakh crore has increased and from March 2022 to Rs. 93,000 crore has increased. A favorable base effect is where the comparative number for the base period, in this case September 2021, is abnormally low, leading to the percentage growth in the current period being relatively large. The impact of Covid is largely over, the economy is picking up and non-banking financial companies are seeing healthy collection trends. That is probably why banks have more confidence in

- One of the benefits of a cashless economy is that it will reduce the cost of printing, distributing and cleaning dirty notes for central banks. India on November 1 joined the group of 50 countries that are in the critical phase of exploring the possibilities of digital currencies, i.e. they have launched such currencies. While some are in the process of developing it or these countries are preparing to start pilot projects. The Reserve Bank of India launched the first pilot project of Central Bank Digital Currency (CBDC) or e-Rupee for wholesale series of secondary market trading in government bonds. On the first day, nine banks used CBDC in the secondary market to raise Rs. Involved in buying and selling bonds worth 275 crores. On that day a total of Rs. 20,865 crore business was done. RBI is all set to take it further with this pilot test for retail customers. At least 105 countries, representing 95 percent of global gross domestic product (GDP), are currently exploring CBDC opp

- Sales Tax : Soham Mashruwala An annual form is required to be filed by the supplier under the GST law. The supplier's Rs. Suppliers having a turnover of more than 2 crores have to file GSTR 9 annually with the last date being 31-12-2022. For the financial year 2021-22. Furthermore, the supplier whose turnover is Rs. Suppliers above 5 crores have to file reconciliation statement in GSTR 9C which last date is 31-12-2022. For the financial year 2021-22. Today's article discusses the care and new mandatory details for filing GSTR 9/9C. New Mandatory Details for GSTR 9 Till now writing HSN/SAC code of external supply was required to be shown in GSTR 1 only. Henceforth it is mandatory to show this detail in GSTR 9. From the financial year 2021-2022, the government has further extended the deadline for the pending tax credit or external supply amendment of the financial year 2021-22 till November 2022 which has been given effect by the government in GSTR 9 yet. It is mandatory t

To do business..Let's go to Dubai Reliance's Mukesh Ambani recently made big news in the corporate world when he bought a large residence near Dubai Beach. But there is no need to believe that Mukesh Ambani is the only Indian who bought property in the cream area of ​​Dubai, many Indians have bought property in Dubai. Since 2021 it has been decided that people in some areas will be able to buy their own property in Dubai, many companies have started buying property in this desert country. Indians have set up KG to secondary schools and 100% owned hotels there. According to the guide lines issued by the government of Dubai, the 49 percent ownership of the property was increased to 100 percent. Also about 1000 trade related activities have been given concession. This agreement between India and UAE is known as Comprehensive Economic Partnership Agreement (cepa). Because of this, efforts will be started to bring more industry to their country and boost the economic system. Eve

- Govt ramps up for divestment of Hindustan Zinc, IDBI Bank, Concor and Shipping Corporation In the current financial year 2023, the government may not achieve the disinvestment target. However, this reduction is likely to be insignificant. The government expects to sell the rest of Hindustan Zinc in the current financial year. According to the informants, the disinvestment target may be elevated in the budget estimate of 24. Because there are plans to sell some big properties. In the current financial year Rs. 65,000 crore has been targeted for disinvestment and the government has so far invested Rs. 24,544 crore has been collected. The stake sale of Aingham Bank, Container Corporation of India (CONCOR) and Shipping Corporation of India are among the key privatization plans. The government is unlikely to achieve the disinvestment target in the current financial year 2023. However, this decrease is expected to be insignificant. The government expects to sell the rest of Hindustan Zi

- In addition to the FTA, there will be new agreements for business between India and Britain in fifteen days. Details of the new contract will be announced shortly. - India also cannot afford to lose the opportunity to increase business at its doorstep. Investors from all over the world are trusting India - India has Free Trade Agreements with 54 countries. Britain and India do trade worth 50 billion dollars on both sides. - It is now being proved that Modi means business. A free trade agreement between the UK and India could be a business boost for India Many problems of the world may be discussed on the platform of G-20 but one fact should not be forgotten that G-20 means business for India. When the thrones of 20 countries are eager to listen and understand India, direct or indirect business is bound to increase. For example, the stalled FTA agreement between India and Britain is going to be implemented again, which will bring business worth ten thousand crores. It is now bein

- We have never supported Pakistan: Jinnah came to meet my father but did not make it clear to join him Srinagar Former Jammu and Kashmir Chief Minister and National Conference President Farooq Abdullah, addressing a rally in Akhnoor district on Saturday, said that slogans like 'Hindu Khatre Mein Hai' are being used in the election campaign. Through this, they indirectly attacked the BJP. They further said that I request you not to fall prey to such slogans. During this lecture, he further said that Lord Shriram belongs to the whole world and not only to Hindus. Actually no religion is bad. It is humans who corrupt it. Rejecting the allegations that he or his party is pro-Pakistan, the veteran politician said that no religion can be bad. Humans are corrupt, not religion. Clearly refuting allegations of pro-Pakistan against him and his family, he said that Muhammad Ali Jinnah (before independence) came to meet my father (Sheikh Abdullah). But they clearly refused to join P

- Polymer currency notes are advanced and more secure, last longer and do not deteriorate due to moisture and dirt. Aiming to become a 5 trillion dollar economy, India should or will have to become self-sufficient in terms of its own currency. For this, switching to polymer currency notes may be a logical step, as it will help in solving the problem of counterfeit currency notes and is also a more reasonable option in the long run. The government prints millions of new currency banknotes every year to replace torn, soiled, twisted or defaced currency notes. Currency banknotes printed on paper remain in circulation for a short period of time due to the limitations of the material used in them. Similarly, our country continues to face the problem of counterfeit currency notes, which is a serious threat to economic security. An analysis of RBI's latest annual report shows that, compared to the previous financial year, Rs. 10, Rs. 20, Rs. 200 Rs. 500 and Rs. 2,000 denominations, th

New Delhi: Compared to rice and sugar, the average retail price of wheat flour has increased by 17 percent in the last one year. Currently, the price of rice is Rs 37.96 per kg. While the price of sugar is Rs 42.69 per kg. According to information received from the Ministry of Consumer Affairs, the average retail price of wheat flour was recorded at Rs 36.98 per kg on Wednesday, which is 17.51 ​​per cent higher than Rs 31.47 per kg in the same period last year. The reason for the increase in the price of flour is the increase in the price of wheat. The price of wheat has increased by 12.01 percent in the last one year. Where the price of wheat was Rs 28.34 per kg a year ago, it has now increased to Rs 31.77 per kg. According to experts, the domestic price of wheat is increasing due to the decrease in domestic production and increase in global demand in the wake of the Ukraine-Russia war. Meanwhile, the government said it is keeping a watch on wheat prices and will take steps to curb

AHMEDABAD: Capital markets regulator SEBI has amended the rules to bring buying and selling of mutual fund units under the ambit of insider trading rules. At present, insider trading rules are applicable only in respect of securities of listed companies. Apart from this the rules also apply to companies proposed to be listed but mutual fund units were excluded from the definition of securities. Sebi's decision comes in the wake of the Franklin Templeton episode and the Axis Mutual Fund episode. In Franklin's case, some fund house executives are alleged to have redeemed their holdings in six debt schemes before they were placed under moratorium. In a notification, SEBI said that 'any insider-connected person having any undisclosed sensitive information shall not transact in fundo-units of any scheme of mutual fund. The net asset value of the scheme is likely to be affected.' Under the new rules, asset management companies (CHASBAJ) will have to disclose the sharehol

- Workers were free to choose or reject a reorganization plan: Amazon New Delhi, dated 25 November 2022, Friday Amazon Company has reportedly told the Ministry of Labor that it has not fired any employees and only those who have been let go. who had accepted the severance package and chose to separate on their own. This came in response to a petition filed by Pune-based employee union, Nascent Information Technology Employees Senate (NITES), with Labor Minister Bhupendra Yadav. It has been claimed that Amazon has forcibly fired a large number of employees in India. A representative of Amazon presented his statement before the Deputy Labor Commissioner of the Union Ministry of Labor in Bengaluru. No representative of Amazon India was present in the hearing. Sources further revealed that every year he reviews his workforce across verticals and checks if there is any need for realignment. Workers were free to choose or reject the reorganization plan, Amazon said. If they accept the pl

Ahmedabad. 25 November 2022 Friday Gujarat, the birthplace of Reliance, has become the first state in India to receive Jio TRUE. 5G has started in all 33 districts of Gujarat from today. That means Jio 5G is now available in Ahmedabad from today. With this 'Jio Welcome Offer', users will get unlimited 5G data with 1Gbps+ speed. Jio will launch a true 5G-powered series in the healthcare, agriculture, Industry 4.0 and IoT sectors. Gujarat holds a special place for Reliance. As announced by Reliance, this 5G speed is dedicated to Gujarat and its people. Now 100% of the 33 district headquarters of the state will have Jio True 5G coverage. With this technology, lakhs of students across the country will be able to get quality education through digital means. On 5G network you will get high speed internet and better telecom services and call connectivity. With the launch of 5G internet service, people's work will become easier. Currently, these services are available only on s

- Resentment among employees over lockout and wage dispute - Several workers injured in clashes with security forces New Delhi, dated 25 November 2022, Friday About 20,000 new workers have stopped working at Apple's factories in China. It has started affecting the production of the products of the prestigious brand Apple. According to sources, more than 20,000 people who have left the company through the shutdown are new workers and are no longer working on the production line. A source working at Apple's supplier Foxconn's plant in Zhenzhou, China has informed the media about this. A person familiar with the matter said that the stoppage of these workers has hit the process of achieving production targets at the Apple plant. The company had aimed to resume full production by November. But, labor unrest has affected production at the world's largest iPhone factory. A day ago, there was news of a fierce protest of employees in the world's largest Apple iPhone fa

- Chart Indication : Ashok Trivedi The BSE index (close 61663.48 on 18-11-22) is bullish from a low of 56147.27. Currently, the 12 day average is 61218.27 and the 48 day average is 59609.85 and the 200 day average is 57458.67. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 61690, above 62052 resistance surface, possibility of up to 62250, 62375, below, possibility of up to 61337, 60940, 60570, 60200, 59840, 59470. Bajaj Auto (closing price Rs.3632.95 on 18-11-22) is soft from a top of 3818.65. Currently, the 12-day average is 3724.56, the 48-day average is 3722.51, and the 200-day average is 3679.18. The daily MACD is bullish. The weekly MACD is bullish. Neutral on daily basis, oversold position on weekly as well as monthly basis. Above 3710 resistance level is considered. Lows of 3621 down to 3595, 3572, 3550 are possible. IDFC (closing price Rs.77.75 on 18-11-22) is bearish from a top of 82.45. Currently, the 12-day