Kamala Harris is all set to receive the official presidential nomination from the Democratic party. She has started her campaign and has been busy appointing advisors who will play a critical role in the upcoming campaign. Many of these individuals are a part of her inner circle consisting of family members, friends and former aides. The advisors she is planning to appoint may also indicate the policies she may pursue during her presidency.
The government had provided nearly Rs 37,000 crore in fertiliser subsidies this fiscal to ensure affordable crop nutrients for farmers, Parliament was informed. Minister of State for Chemicals and Fertilizers, Anupriya Patel, stated that the subsidy helped in the availability of affordable fertilisers through the DBT system. The total fertiliser subsidy up to July 2024 stood at Rs 36,993.39 crore, showing a decline from the previous fiscal. The highest subsidy was in 2022-23 at Rs 2,54,798.9 crore.
PNB Housing Finance has reported a 25% growth on year in the first fiscal to get a profit of Rs. 433 crores, from Rs. 347 crores a year ago as the company saw good productivity in the 100 branches it added from December last year to March 2024.
The government decided to procure all tur, urad, and masur dal produced by farmers through the e-Samridhi platform, stated Agriculture Minister Shivraj Singh Chouhan in Rajya Sabha. Additionally, Chouhan highlighted that the Modi-led government had the highest MSP purchases compared to previous administrations and addressed demands for MSP for tea and coffee growers.
In an interaction with a group of journalists in New Delhi, Banerjee asserted that she will not allow her state to be divided. She was reacting to the recent remarks by West Bengal BJP chief and Union minister Sukanta Majumdar who proposed including north West Bengal under DoNER ministry. "They are talking about dividing Bengal. Somebody from BJP said divide Assam, someone said divide Bihar. They want to divide the country itself," she said.
The Department of Telecommunications received over Rs 1,000 crore from Bharti Airtel, Vodafone Idea, and Reliance Jio for their 5G spectrum purchases. All three telecom companies opted for annual installments. Airtel made the highest first installment payment, followed by Vodafone Idea, and Reliance Jio. The telcos will receive their allocated frequencies shortly for their new spectrum purchases.
Vedanta shares rallied as much as 4% on Friday after rating agency S&P Global Ratings upgraded the rating of its UK based parent, Vedanta Resources, to 'B-' from 'CCC+', citing improving capital structure and liquidity while assigning a stable outlook.
Paytm has secured government approval for a $5.97-million investment in a key subsidiary. This and more in today’s ETtech Top 5.
Bandhan Bank on Friday reported 47% growth in its consolidated net profit at Rs 1,063 crore in the first quarter, compared with Rs 721 crore in the last year period.
Cholamandalam Investment and Finance Company has reported a 29.7 per cent growth in its profit after tax for the April-June 2024 quarter at Rs 942 crore. The company, which is the financial services arm of diversified conglomerate Murugappa Group, had registered a profit after tax of Rs 726 crore in the corresponding quarter of last year.
The Indian government expressed dedication to advancing coal gasification projects, which transform coal into valuable products. This move aims to cut down dependency on imports and preserve foreign exchange. Key measures include commercial auction rebates and syngas production sub-sectors. The Coal Gasification Mission, launched in 2020, targets the gasification of 100 million tonnes by 2030.
The RBI introduced a prompt corrective action framework for urban cooperative banks to allow timely supervisory intervention. Effective from April 1, 2025, the framework aims to restore UCBs' financial health by replacing the Supervisory Action Framework. Capital, asset quality, and profitability are key focus areas, with flexibility based on specific risks. Applicable to all but Tier 1 UCBs.
According to Nagaraj Shetti of HDFC Securities, the Nifty index has recently regained support from its 10-day and 20-day exponential moving averages (EMAs) after briefly dipping below them. This reinforces the significance of these moving averages as a support level for the index over the past several weeks.
Nifty experienced some profit-taking at higher levels, with rollovers at 70% compared to 76.25% last month and the three-month average of 72.6%, according to a report by SBI Securities. In the July series, the monthly expiries for Fin Nifty and Bank Nifty are scheduled for Tuesday and Wednesday. However, as of July 25, Bank Nifty rollovers stand at 62%, according to a report by domestic brokerage firm Nuvama.
India's Social Stock Exchange (SSE) saw its first listing in December 2022 with the SGBS Unnati Foundation, raising nearly Rs 2 crore. Certain social enterprises, including not-for-profit organizations (NPOs), can register on the SSE and commit to ongoing disclosures about their social impact. These NPOs may opt to raise funds through the SSE or choose not to, but they will still be required to provide regular updates on their social impact to the stock exchanges.
Gautam Adani’s power transmission unit, Adani Energy Solutions, prepared a share sale of at least 50 billion rupees, with banks ICICI Securities, Jefferies Financial, and SBI Capital as advisers. The sale could conclude by mid-August.
The Budget 2024-25 aimed to address the job market mismatch in India by allocating Rs 2 lakh crore for education, skilling, and employment. Key initiatives included salary support for first-time employees, industry-aligned skilling programs, and internship opportunities. Despite positive steps, stakeholders emphasized the importance of effective implementation and industry absorption of the newly skilled workforce.
Andhra Pradesh Chief Minister N Chandrababu Naidu accused the YSRCP government of causing a Rs 7 lakh crore revenue loss and declining sector growth. Naidu criticized mismanagement, alleging increased power costs and illegal activities, which he claimed led to higher state debt and damaged investor confidence.
Samajwadi Party president Akhilesh Yadav criticized the BJP, hinting at a rift within the party and calling Deputy CM Keshav Prasad Maurya a "pawn." Maurya retorted by labeling Yadav a "Congress pawn" and defending BJP's stance, asserting the party's continued dominance.
Domestic gold prices recovered on Friday gaining by over Rs 500 per 10 gram in intraday trade, taking cues from international prices. The prices were up ahead of the crucial inflation data in the US which could give more clarity on the timing of the interest rate cuts by the Federal Reserve.
Congress MPs from Haryana protested in the Parliament complex, claiming the Union Budget neglected their state. Rohtak MP Deepender Hooda criticized Union Minister Lalan Singh for dismissing their concerns and warned that people would similarly ignore the BJP in the upcoming Haryana assembly elections.
Ministry of Ports, Shipping and Waterways has received 29 new proposals worth Rs 3,300 crore from Andhra Pradesh covering various projects, including port development and coastal berths, Parliament was informed on Friday. These projects include Ro-Pax and passenger jetties, fishing harbours, port modernisation, and skill development. The ministry has already sanctioned Rs 450 crore for development of these projects, Sonowal said.
