The latest data from HSBC revealed a remarkable upswing in India’s manufacturing sector, as reflected by the Purchasing Managers’ Index (PMI) reaching an impressive 59.1 in March. This marks a significant milestone, representing the sector’s highest reading in 16 years. Released on April 2, the report highlights a robust expansion fueled by notable increases in … Read more
The trajectory of gold prices continues to ascend, with rates in Calcutta inching ever closer to the significant milestone of Rs 70,000 per 10 grams. On Monday, the precious metal reached a notable high of Rs 69,450 in the city, representing a substantial uptick from the Rs 68,750 recorded just two days prior. Similarly, in … Read more
In a recent analysis, Jefferies underscores the gathering momentum in defence company stocks, attributing it to a state of heightened geopolitical crises and India’s sustained emphasis on self-reliance, which have significantly augmented order flows and propelled revenue growth. The brokerage firm has initiated coverage on Hindustan Aeronautics (HAL) and Data Patterns with a ‘buy’ recommendation, … Read more
In a significant move towards enhancing transparency and efficiency in infrastructure development, the Ministry of Road Transport and Highways has unveiled a detailed Standard Operating Procedure (SOP) for the sanctioning process of new green field National Highway projects. Effective April 1, 2024, this SOP mandates that projects costing over Rs. 500 crore (Civil cost), not … Read more
A comprehensive report jointly conducted by the International Labour Organisation and the Institute of Human Development has brought to light concerning revelations about the state of youth unemployment in India. Released on March 26, the report paints a grim picture, indicating that a staggering eight out of every ten unemployed individuals in the country are … Read more
In the coming months, investors can expect a significant influx of shares worth Rs. 1.47 lakh crore ($17.7 billion) flooding the domestic market as lock-in periods expire for 66 companies, spanning from April to July 2024. Among these companies are notable names like Tata Technologies, Exicom Telesystems, IREDA, Honasa Consumer (Mamaearth), and JSW Infra, each … Read more
The Finance Ministry disclosed that India’s GST collection for March 2024 reached a significant milestone, totaling Rs. 1.78 lakh crore, reflecting an impressive year-on-year growth of 11.5%. This achievement underscores the robustness of India’s economic recovery amidst ongoing challenges. Furthermore, the fiscal year 2023-24 concluded with a noteworthy gross GST collection of Rs. 20.18 lakh … Read more
March 2024 marked a significant milestone for India’s electric two-wheeler market, with sales soaring to an unprecedented high of over 1,36,000 units. This remarkable figure reflects a remarkable 50% year-on-year increase, underlining the growing traction and acceptance of electric mobility in the country. Comparatively, March 2023 recorded around 85,000 electric two-wheeler sales, while March 2022 … Read more
Indian gold futures soared to unprecedented heights on Monday, mirroring the upward trajectory observed in international markets, effectively putting pressure on demand within the world’s second-largest consumer market for the precious metal, as confirmed by industry dealers. The surge propelled domestic gold futures to a staggering 69,487 Indian rupees ($834.07) per 10 grams, marking an … Read more
SEBI Chief Madhabi Puri Buch, speaking at the 59th Annual Convocation of the Indian Institute of Management in Ahmedabad, candidly shared her poignant recollections of her student days, painting a vivid picture of feeling entrapped within the confines of a relentless ‘pressure cooker.’ Reflecting on her time at the prestigious institution, Buch recounted a narrative … Read more
“The India Employment Report 2024,” a comprehensive analysis conducted by the Institute for Human Development/International Labour Organisation, delves into the intricate dynamics of the current state and future trajectory of youth employment in India. The report unveils a sobering narrative, revealing that the country’s widely celebrated ‘demographic dividend’ is perilously at risk of being squandered … Read more
Infosys Ltd, India’s second-largest software services provider, is poised to receive a substantial tax refund amounting to Rs 6,329 crore from the income tax department. However, concurrently, the company faces a noteworthy tax liability of Rs 2,763 crore as per assessment orders. In response to these developments, Infosys issued a statement to the exchanges, indicating … Read more
Tata Consultancy Services (TCS) is facing scrutiny amid accusations of hiring biases within its US division. A recent Wall Street Journal report sheds light on allegations made by a group of disgruntled American employees, who claim they were terminated by the tech giant to make way for Indian workers on H-1B visas. According to the … Read more
In light of a recent advisory issued by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies have announced plans to extend their office hours on Sunday, March 31. The move aims to alleviate any potential inconvenience to policyholders as the financial year 2023-24 draws to a close. Recognizing the significance of March … Read more
In a bid to restructure its operations and trim expenses, Zee Entertainment has announced sweeping cost-cutting measures, marked by a substantial downsizing of its tech team at the innovation hub in Bengaluru. This strategic decision comes hot on the heels of the dissolution of the much-anticipated merger deal between Zee and Sony. Shedding light on … Read more
Kotak Mahindra Bank Ltd, a leading private sector lender, has finalized the purchase of the entire issued and paid-up capital of Sonata Finance Pvt Ltd for an estimated sum of around Rs. 537 crore. The acquisition was confirmed through a filing with the stock exchanges on March 28. Following this transaction, Sonata Finance now operates … Read more
A consortium of legal luminaries, including renowned advocate Harish Salve and Bar Council of India head Manan Kumar Mishra, has penned a letter to the Chief Justice of India, highlighting perceived attempts by a “vested interest group” to exert undue influence on the judiciary and malign the reputation of the courts for political ends. In … Read more
In a significant move, the Adani family, known for its diverse business interests, has injected Rs 6,661 crore into Ambuja Cements, a leading player in the building materials sector. This substantial investment has propelled Ambuja Cements’ stock price nearly 2 percent higher and has concurrently boosted the Adani family’s ownership stake in the company by … Read more
Delhi Chief Minister Arvind Kejriwal is scheduled to appear before Delhi’s Rouse Avenue court on March 28, marking the conclusion of his custody period in connection with the defunct Liquor Policy case, as per directives from the Enforcement Directorate (ED). As the ED wraps up its proceedings, the Central Bureau of Investigation (CBI) is poised … Read more
Today marks a significant milestone in the financial markets as stock exchanges introduce the beta version of same-day transaction settlement, known as T+0, for a limited selection of cash segment stocks, commencing on Thursday, March 28. This move towards T+0 settlement comes alongside the ongoing T+1 settlement cycle, showcasing the market’s gradual shift towards adopting … Read more