Tesla CEO Elon Musk’s recent visit to China has stirred discussions amidst production challenges and data transfer deliberations. Musk, who canceled a high-profile visit to India citing “Tesla related” commitments, has now turned his attention to discussions with Chinese government officials regarding the rollout of Tesla’s Full Self-Driving software and the transfer of data overseas. … Read more
April 16, 2024 – The International Monetary Fund (IMF) has raised India’s fiscal year 2024-25 (FY25) GDP growth forecast to 6.8%, an increase from the previous projection of 6.5%. This adjustment reflects India’s strong domestic demand and expanding working-age population, solidifying its position as the world’s fastest-growing major economy. For FY26, the IMF anticipates India’s … Read more
India’s foreign exchange reserves have reached an unprecedented high of $648.56 billion for the week ended April 5, according to the Reserve Bank of India (RBI). This is an increase of $2.98 billion from the previous week, and it surpasses the prior record of $645.58 billion set in the last reporting period. The rise in … Read more
Automobile exports from India declined by 5.5% in FY24, totaling 45,00,492 units, compared to 47,61,299 units in FY23, according to data shared by industry body SIAM. The drop has been attributed to the monetary crisis in various overseas markets. SIAM President Vinod Aggarwal commented on the decline in exports, citing volatility in overseas markets as … Read more
Tata Consultancy Services (TCS), the Indian IT major, reported its Q4 FY24 results on Friday, surpassing market expectations and suggesting a positive reaction for its shares when the market reopens on Monday, April 15. The company reported a consolidated net profit of ₹12,434 crore, a 9% increase from the ₹11,392 crore recorded in the fourth … Read more
Mumbai – Tirupati Forge Limited has submitted a compliance certificate to the National Stock Exchange of India Limited (NSE) for the quarter ending March 31, 2024. The certificate was issued in accordance with Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018. In a letter addressed to the NSE, … Read more
Kochi-based Popular Vehicles and Services Ltd. has informed the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about ongoing GST litigation concerning its subsidiary, Vision Motors Private Limited. The disclosure was made in a regulatory filing on April 13, 2024, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, … Read more
The initial public offering (IPO) of Greenhitech Ventures Ltd, a small and medium enterprise (SME), launched today, Friday, April 12, and was quickly met with high demand from investors. The IPO was oversubscribed five times within hours of its debut, according to BSE data as of 12:10 pm. The Greenhitech Ventures IPO received bids for … Read more
Vodafone Idea, one of India’s major telecom companies, announced that its Rs 18,000-crore follow-on public offer (FPO) will open for subscription on April 18. The FPO is part of the company’s efforts to raise up to Rs 20,000 crore via equity, as approved by its board on February 27. The FPO, which was first reported … Read more
Private sector lender RBL Bank announced on Thursday the appointment of banking industry veteran Murali Ramakrishnan as an independent director on its board. Ramakrishnan brings a wealth of experience to the role, having retired as the managing director and chief executive officer of South Indian Bank earlier this year. His tenure as independent director at … Read more
The Bharti Hexacom IPO has been highly anticipated due to the company’s association with the well-known Airtel brand and its involvement in the telecommunications industry. The IPO received strong interest from investors, reflected in its oversubscription rate of around 30 times the initial offer. Based on expert predictions, Bharti Hexacom’s IPO is expected to list … Read more
The European Central Bank (ECB) held its key interest rate steady on Thursday, opting to wait for more evidence that the swift decline in inflation is sustainable before considering rate cuts to support the sluggish economy. The bank’s governing council stated in its post-decision announcement that most underlying inflation indicators are showing signs of improvement. … Read more
The Asian Development Bank (ADB) has revised its GDP growth forecast for India, projecting a robust 7% growth for the current fiscal year (2023-24), up from the previous estimate of 6.7%. This growth surge is attributed to strong investment from both public and private sectors, alongside a gradual uptick in consumer demand. While the forecast … Read more
In a significant legal development, the Calcutta High Court has intervened in the ongoing trademark dispute between consumer goods behemoths Hindustan Unilever Ltd (HUL) and Emami Ltd. The court’s order, issued in response to a suit filed by Emami, restrains HUL from utilizing the ‘Glow & Handsome’ mark for its men’s care products. The directive … Read more
In a significant move reported by the Economic Times, Apple unveils plans to fortify its presence in India by ramping up its workforce to an impressive 500,000 employees over the course of three years. This ambitious initiative coincides with the company’s strategy to migrate half of its supply chain operations from China to India. Central … Read more
On April 9th, China Tianrui Group Cement Co Ltd experienced a staggering 99% decline in its share value, plummeting to around HKD0.05 (US$0.006). This drastic drop pushed the company’s market capitalization down to HKD141 million. The sell-off frenzy saw approximately 281 million shares, accounting for a third of the company’s total shares, change hands. Notably, … Read more
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) emerged as net buyers on April 10, coinciding with the Nifty reaching an all-time high and the Sensex edging closer to a new peak. Preliminary data from the stock exchanges indicates that FIIs made purchases totaling Rs 2,778.17 crore, while DIIs acquired shares worth Rs 163.36 … Read more
The trading session on Wednesday kicked off with a notable downturn on Wall Street, following the release of inflation data for March that exceeded expectations. The unexpected spike in inflation figures has cast doubt on the likelihood of near-term interest rate cuts, prompting a negative sentiment among investors. According to the much-anticipated data, US consumer … Read more
Investors witnessed a surge in wealth on Wednesday, with gains amounting to Rs 2.27 lakh crore, as the benchmark Sensex achieved a historic milestone by closing above the 75,000 mark for the first time. The 30-share BSE benchmark Sensex displayed resilience, climbing 354.45 points or 0.47 percent to settle at 75,038.15. Throughout the trading session, … Read more
In a startling development for Hong Kong’s embattled stock market, the shares of a prominent $1.9 billion listed firm nosedived by a staggering 99% within a mere 15-minute span. This unprecedented plunge struck China Tianrui Group Cement (1252.HK) as Tuesday’s trading session drew to a close, leaving analysts and investors scrambling for answers. As of … Read more