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In India's $5 trillion equity market, analysts face difficulties recommending stocks, with only 61 out of the NSE Nifty 200 index receiving a consensus 'buy' rating. High valuations and a dimmer outlook for corporate earnings have led to an increase in 'hold' recommendations, reflecting a cautious stance among analysts. Indian stocks have been hitting successive records in 2024.
Wall Street stocks experienced a slight decline after the Federal Reserve announced an unexpected half-percentage-point interest rate cut. Fed Chair Jerome Powell emphasized a careful approach to further cuts while noting progress in reducing inflation. Major US stock indices saw minor losses, with the Dow Jones, S&P 500, and Nasdaq Composite all falling.
Star India has filed a claim for $940 million in damages against Zee Entertainment Enterprises in the London arbitral court due to payment defaults on cricket broadcasting rights. The arbitration process is ongoing, with Zee refuting the claims and planning to contest them, asserting that Star breached the agreement first.
Anna Sebastian Perayil's death at EY in Pune has led to calls for better employee well-being in India Inc. HR leaders emphasize the need for improved work-life balance. This incident follows another case of a young professional's death due to work pressure, highlighting growing concerns over workplace stress and management practices.
Hindalco Industries, under the Aditya Birla Group, aims to start solar module manufacturing by setting up a plant in Gujarat. The company is exploring a five-year plan and has identified land in Mundra. This marks Hindalco's initial venture into green energy components, pending board approval and final capital expenditure decisions.
Crisil Ratings indicates that recent political developments in Bangladesh have had a limited impact on India's trade. While some export-oriented sectors such as cotton yarn and FMCG might face minor disruptions, the overall effect is manageable. The rating agency will continue to monitor the situation closely for any prolonged disruptions affecting revenue profiles and working capital cycles.
India's wholesale price inflation dropped to a four-month low of 1.3% in August from July's 2%, driven by reduced prices for fuel, power, and manufactured products. Core inflation fell to 0.7%, and food inflation reached a ten-month low of 3.3%. Retail inflation remained below the Reserve Bank of India's target for the second consecutive month.
Donald Trump unveiled World Liberty Financial, a decentralized finance platform intended to boost financial security and facilitate free transactions. This move aligns with his recent pro-crypto stance and aims to establish the US as a major crypto hub. The launch follows an apparent assassination attempt on Trump amid a tight presidential race.
In a trial, the Justice Department argued that Google's 2011 acquisition of AdMeld was part of a strategy to eliminate competition in the online ad market. Google saw AdMeld as a threat and integrated its technology into its own platform, later shutting down the product to solidify its dominance. The Justice Department alleges that Google has monopolized the market for advertising technology tools used by websites.
Prime ministerial candidate Shinjiro Koizumi urges Japan and the US to collaborate on steel industry challenges posed by China instead of confronting each other. Nippon Steel's $14.9 billion bid for US Steel is being reviewed by a U.S. national security panel, with a recommendation due by September 23, amid opposition from key political figures.
The Reserve Bank of India fined BNP Paribas, Hewlett Packard Financial Services, SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for regulatory non-compliance. Fines ranged from Rs 7.9 lakh to Rs 31.8 lakh for issues such as interest rate disclosures and IT governance. The penalties focus on statutory deficiencies rather than transaction validity.
Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations by Hindenburg Research, asserting compliance with disclosure guidelines. They claim the accusations stem from illegally obtained tax returns and are false. The couple clarified their consulting practices, rental income, and pension details, emphasizing transparency in their financial matters.
Assamese actress Sumi Borah and her husband were detained by the Special Task Force for their involvement in a multi-crore online trading scam. Borah announced her intention to surrender due to defamatory media coverage and assured full cooperation with the investigation. A lookout circular was issued after they failed to appear for questioning.
Bajaj Housing Finance's IPO has broken records in the primary market by attracting about 89 lakh investors and generating a demand of Rs 3.2 lakh crore. Oversubscribed more than 67 times, the IPO saw significant interest from both institutional and retail investors. The stock is expected to list at Rs 145, more than double its offer price.
US Bitcoin ETFs have experienced their longest streak of daily net outflows since their launch in January, with investors pulling nearly $1.2 billion over eight days. This trend is part of a broader retreat from riskier assets amid global market challenges and economic uncertainties, affecting both cryptocurrency and traditional markets.
BMW is not keen on investing under India's new EV policy, which it claims does not provide a level-playing field or acknowledge past investments by long-standing companies. Other major automakers like Hyundai and Mercedes-Benz share similar concerns. The government is considering amendments to make the policy more attractive for established players.
Over the past two years, credit to exporters has decreased by 5%, despite economic growth. Priority sector lending for exports has fallen by 41%, leading the commerce department to engage with RBI and the finance ministry. Exporters face significant challenges due to high logistics costs and credit expenses, necessitating additional funding support.
Air India has reduced its losses by 60 per cent to Rs 4,444.10 crore in FY24 compared to Rs 11,387.96 crore in FY23. The airline's turnover increased by 23.69 per cent to Rs 38,812 crore during the same period. Tata Group is merging AirAsia India with Air India Express and Vistara with Air India.
The Ministry of Skill Development and Entrepreneurship has teamed up with Swiggy to offer skilling and employment opportunities in its food delivery and quick commerce network. This collaboration aims to benefit 2.4 lakh delivery partners and restaurant staff by providing access to online courses, certifications, training modules, and job opportunities through the Skill India Digital Hub (SIDH).
The BSE Sensex declined for the third consecutive day, falling by 1,017.23 points to close at 81,183.93 points, resulting in a loss of Rs 5.49 lakh crore in investors' wealth. The market downturn was influenced by weak global trends and foreign fund outflows. Major laggards included State Bank of India and ICICI Bank.
Brazil’s ban on Elon Musk’s social network, X, will likely have minimal impact on the company’s overall business. Although Brazil is one of the largest markets for users, it contributes only a small portion of revenue. The ban follows Musk's decision to close X's office in Brazil rather than comply with judicial orders.
The Board of Directors of Reliance Industries Limited has approved a 1:1 bonus issue, providing shareholders with one free share for each share held. Additionally, the company will increase its authorised share capital to Rs 50,000 crore. Bonus shares are expected to be credited by November 1, 2024. As of today, the company's pre-bonus paid-up capital stands at Rs 6,766.23 crore.
Prime Minister Narendra Modi attended a business roundtable in Singapore, where 18 business leaders committed to doubling their investments in India, pledging over Rs 5 lakh crore ($60 billion). Modi announced the establishment of an 'Invest India' office in Singapore to enhance bilateral economic relations and concluded his visit to Brunei and Singapore.
Amazon plans to export about $5 billion of small-ticket items from India this year, up from nearly $3 billion in 2023. This move marks a shift away from China and underscores India's growing role in the global supply chain. Amazon has partnered with India's commerce ministry and trade associations to connect with thousands of small manufacturers.
Sebi employees protested at its headquarters following a statement from the regulatory body alleging external elements were misleading staff. Employees had previously complained to the finance ministry about toxic work culture and unrealistic targets. Sebi denied these allegations, stressing its commitment to enhancing employee capacity and promoting transparency within the organization.
JPMorgan Chase & Co has shifted its stance on Chinese stocks from overweight to neutral, driven by concerns over potential US election volatility and China's economic issues. The bank advises investors to consider reallocating funds to other emerging markets like India, Mexico, and Brazil. This move follows similar downgrades by UBS Global and Nomura Holdings Inc.
Abu Dhabi National Oil Company (ADNOC) is acquiring a 35% equity stake in Exxon Mobil's proposed low-carbon hydrogen project in Texas, now delayed until 2029. The final investment decision has been moved to 2025. The revised production targets include 900,000 tons of low-carbon hydrogen and over one million tons of low-carbon ammonia annually.
Oil prices experienced a minor rise after plunging to multi-month lows, influenced by possible delays in production increases by key producers and a reduction in US inventories. Brent crude futures went up to $72.85, while US West Texas Intermediate reached $69.35. OPEC+ is reconsidering its scheduled October output hike amid persistent demand concerns and declining Chinese manufacturing activity.
US stocks experienced a significant selloff, led by chipmakers like Nvidia, following analyst warnings about the AI hype. Nvidia Corp experienced a significant setback as its shares plummeted by 9.5%. This steep decline resulted in a staggering loss of $278.9 billion, marking the largest single-day value erosion for any stock in the United States.
Shigeru Ishiba, a candidate in Japan's ruling party leadership race, intends to increase the financial income tax if he becomes prime minister. The move aims to fund aid for low-income households but faces criticism over fears of wealthy investors leaving Japan. Another candidate, Takayuki Kobayashi, opposes this, advocating for boosting income for middle-income households instead.
India's hospitality sector is set to grow at a CAGR of 10.5 per cent over the next three years, pushing an annual demand increase of Rs 8,200 crore. This growth is driven by domestic travelers, foreign tourists, and the MICE sector. Despite adding 18,000 rooms annually, demand continues to outpace supply, with notable growth seen in Tier II and III cities.
Cathay Pacific Airways Ltd canceled most of its flights from Hong Kong to Singapore and several other Asian routes due to a faulty engine component in some Airbus A350s. Nearly half of flights to Bangkok and Tokyo's Narita have also been canceled. The fault, found in Rolls-Royce engines, led to grounding 48 flights.
Facing a potential budget deficit of 5.6 per cent instead of the targeted 5.1 per cent, France needs 15 billion euros in further savings due to weaker tax revenues. The finance ministry has informed lawmakers of the situation, adding pressure on President Macron amidst efforts to form a new government after a recent legislative election resulted in a hung parliament.
Chinese President Xi Jinping and South African President Cyril Ramaphosa met in Beijing to discuss measures to boost balanced trade and investments. They agreed on job creation, technology transfer, and manufacturing, and aimed to strengthen cooperation in renewable energy. Both leaders called on the international community to back the African Continental Free Trade Agreement for further African integration.
In the first four months of the current fiscal year, India's iron ore production increased by 8.9% to 98 million tonnes, while limestone and manganese ore also showed significant growth. These production increases highlight robust demand in key industrial sectors like steel, cement, and energy, reflecting strong overall economic activity.
Assam's government debt more than doubled between 2018-19 and 2022-23, increasing by 107.34 percent. A CAG report noted decreased capital expenditure and rising outstanding liabilities, outpacing GSDP growth. Revenue expenditure, including salaries, pensions, and interest payments, rose steadily. Public debt now constitutes a significant proportion of total borrowing, raising concerns about future interest payments.
The market regulator Sebi has approved Hinduja Group's IndusInd International Holdings to acquire Invesco AMC's portfolio management services business. This marks a key step towards IIHL's 60 percent acquisition of Invesco AMC, leaving only one regulatory approval remaining. IIHL already has clearance from the Competition Commission of India and is set to complete the transaction soon.
India's UPI has outpaced top global digital payment platforms, processing nearly Rs 81 lakh crore transactions from April to July, marking a 37 per cent year-on-year growth. With 3,729.1 transactions per second, UPI topped Alipay, PayPal, and PIX. July achieved the highest monthly transaction value of Rs 20.6 lakh crore, sustaining above Rs 20 lakh crore for three straight months.
Goldman Sachs plans to cut several hundred jobs through its annual evaluation to address underperformers. The firm had paused performance-based layoffs during the COVID-19 pandemic, resuming them in 2022. Earlier a report said that the layoffs, which have already begun, will continue through the fall and could affect more than 1300 employees, representing 3 per cent to 4 per cent of Goldman's workforce.
Life Insurance Corporation of India (LIC) has received a demand notice for Rs 605.58 crore from tax authorities for short payment of GST in the financial year 2019-20. The notice, which includes interest and penalties, is appealable. LIC reports no material impact on its financials or operations due to this notice.
The Directorate General of Civil Aviation (DGCA) has issued a show cause notice to Akasa Airlines for multiple regulatory violations. Identified during a recent review, the breaches involve non-compliance with civil aviation training and licensing requirements. The DGCA's audit found inadequacies in training standards and operational readiness. Akasa Airlines has seven days to respond to the notice.
Rakesh Gangwal, co-founder of IndiGo Airlines, has sold 30% of his stake in InterGlobe Aviation, raising $1.3 billion through a block deal. The shares were sold at Rs 4,714.90 each following IndiGo's stock hitting a record high. Gangwal announced plans to reduce his holdings after resigning from the airline's board in February 2022.
Moody's Ratings boosted India's GDP growth forecast to 7.2% for 2024 and 6.6% for 2025, highlighting solid growth and moderating inflation as key factors. The update also notes improvements in corporate balance sheets, rural demand, and digital infrastructure investments, signaling a robust economic outlook for the country.
An IPO by small Indian motorcycle dealership Resourceful Automobile Ltd was oversubscribed over 400 times. The New Delhi company aims to raise 120 million rupees to repay debt and expand showrooms. Despite regulatory warnings, India's new-share market remains overheated with IPOs averaging over 50% gains since debut, driven by strong retail investor demand.
LG Electronics explored the idea of an IPO for its Indian unit, aiming to elevate its annual electronics revenue to $75 billion by 2030. CEO William Cho outlined the company's strategic initiatives and growth in India. The company has seen a notable increase in revenue and net income in the region, supporting its broader objectives.
Finance Minister Nirmala Sitharaman met former FATF president T Raja Kumar in Singapore before the India-Singapore Ministerial Roundtable. They discussed India's role in the FATF and Kumar's tenure, celebrated for its fair handling of FATF proceedings including India's Mutual Evaluation Report. The meeting underscored their collaboration and future plans within the FATF.
Suraksha Group injected Rs 250 crore into Jaypee Infratech Ltd (JIL) to aid their acquisition via an insolvency process. They secured a Rs 3,000 crore loan to complete 20,000 unfinished flats in Delhi NCR. With Rs 1,250 crore in available funds and plans to invest Rs 6,500-7,000 crore, construction aims to accelerate by October.
Congress reiterated its demand for a Joint Parliamentary Committee probe into the "Adani Mega Scam" due to conflicts of interest involving Sebi chairperson Madhabi Puri-Buch. Allegations surfaced about Buch's ties with Blackstone where her husband works. Despite Buch's claim of recusal, concerns remain over Blackstone's investments in numerous Indian companies.
Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the so-called 'Adani mega scam,' following the Hindenburg report, which the party claimed only uncovered the 'tip of the iceberg.' Accusations include misuse of investigative agencies, favoritism by government banks, and over-invoicing. The Congress believes a JPC is necessary for comprehensive investigation.
An Air India Boeing 777 from Mumbai to London experienced a cabin pressurisation issue shortly after takeoff and returned to Mumbai. The aircraft landed safely, and passengers were offered alternative travel arrangements or refunds. The airline stressed that passenger safety remains a top priority. The issue caused an air-turnback but not an emergency landing.
