20 Microns, GHCL Textiles, CSL Finance, Banco Products and MMP Industries, hit their fresh 52-week highs during the day.
Jayesh Mehta, Vice-Chairman & CEO of DSP Finance, explained the recent fall in the rupee against the dollar, attributing it to a risk-off situation and the strengthening of the dollar. Despite the current scenario, he mentioned that the rupee might not sustain at the 84 level for long-term due to India's strong economic story.
PwC India expanded its alliance with Google Cloud to boost enterprise solutions using Generative AI. By merging Google Cloud's AI capabilities with PwC's industry expertise, they aimed to transform multiple sectors, focusing on tax, healthcare, and legal services.
The NSE Nifty index closed 428.75 points up at 24834.85
Sajjan Jindal, chairman of India's largest steel producer, announced the company's ambitious plans to expand production capacity to 50 million tonnes per annum by FY31, while raising concerns about the impact of rising imports on local profitability. Speaking at the company's annual general meeting on Friday, Jindal outlined the company's strategy to meet the growing domestic demand for steel.
Latest FD interest rate: State Bank of India (SBI) has recently unveiled a special fixed deposit (FD) called SBI Amrit Vrishti, which provides elevated interest rates for a limited period. Let's compare the interest rates for SBI Amrit Vrishti FD with those offered by other banks such as PNB, Canara, Bank of Baroda, and P&S Bank for the same duration.
As your portfolio does well, you start underestimating the risks. I would say that every investor should, rather than choosing between defensive and aggressive plays, constantly raise their risk awareness. As long as you do that, I think one should be fine.
The Nifty Pharma index closed 2.36 per cent up at 21603.1.
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups as of 30th June 2024 said Minister State for Commerce and Industry minister Jitin Prasdada in a written reply to the Rajya Sabha. The minister also informed under the Startup India Seed Fund Scheme, Rs 90.52 crore was approved to startups by incubators as of June 30 as against Rs 186.19 crore in 2023.
Driven by strong buying across sectors, Nifty50 reached a new high of 24,861 on Friday, closing up 1.8% at 24,834.85. Sensex gained 1.62% to 81,332.72.
Telecom infrastructure company Indus Towers said the board will consider and approve a proposal to buyback of fully paid-up equity shares, pushing its stock price up by 4.75% Friday.
Nikhil Nigania of Bernstein explained how PFC and REC benefit from special 54EC bonds issued to save capital gains tax on real estate sales. The bonds' lower rates offer loan growth prospects, reduced NPA risks, and decreased competition from dollar bonds, while reversing provisions from distressed assets. These factors attract investors.
The NSE Nifty index closed 428.75 points up at 24834.85
ITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provisions in the Income Tax Act that can lead to imprisonment for not filing income tax returns (ITRs) or not paying income tax when liable," says Priyanka Jain, associate partner, Vaish and Associates.
SearchGPT will provide summarised search results with source links in response to user queries, OpenAI said in a blog post. Users will also be able to ask follow-up questions and receive contextual responses. OpenAI launched GPT-4o mini a cost-efficient small AI model, aimed at making its technology more affordable and less energy-intensive.
The Indian rupee declined to a record low at 83.7250 against the USD, pressured by dollar demand from oil companies, custodial banks, and weak risk sentiment.
Fears of overvalued Big Tech companies and unrealistic expectations for artificial intelligence are driving investors away from their former favourites, leading to a broad tech-led selloff in the market. Quarterly results from Tesla and Alphabet, the first of the bunch to report, have unnerved investors.
Gold prices: Mining mogul Anil Agarwal advocates for India to become a major gold producer by privatising PSUs Bharat Gold Mines and Hutti Gold Mines. He emphasizes the need to reduce gold imports, boost domestic production, and create jobs. Agarwal suggests divesting government equity in Hindustan Copper Ltd to further save forex and increase revenue.
During the Budget debate in Lok Sabha, JDU MP Lalan Singh criticized the Congress, claiming they were bowled out by Modi's first googly and would fall to zero again. Singh defended the Budget's focus on Andhra Pradesh and Bihar, arguing it wasn't to save the alliance but to support key allies. He also condemned the INDIA alliance, likening them to vultures.
India's trade deficit with China grew at a slower pace from 2014-15 to 2023-24 compared to the previous decade, highlighting government efforts to control excessive imports. Exports to China stood at $16.65 billion, with imports at $101.75 billion. Minister Piyush Goyal noted improved electronic components and mobile phone import reduction due to government's initiatives.
The 1% TDS applies on the purchase price or the stamp duty value, whichever is higher. This amendment proposed in Budget 2024, comes into effect from October 1.
IndusInd Bank Q1 Results: The lender had reported a net profit of Rs 2,124 crore in the year-ago period. Net interest income for the first quarter of FY 2025 rose by 11% compared to the same period last year, reaching Rs 5,408 crore. Despite this increase, the net interest margin remained stable at 4.25%. While gross and net non-performing assets (NPAs) saw a slight uptick to 2.02% and 0.60% respectively, the provision coverage ratio (PCR) held steady at 71% as of June 30, 2024.
Union Minister Ashwini Vaishnaw criticized the Congress for neglecting the armed forces' needs, leading to import dependency, while praising Prime Minister Narendra Modi's push for self-reliance. Vaishnaw highlighted significant advancements in the defense sector under Modi, including building over 6,800 km of border roads, achieving self-sufficiency in bulletproof jackets, and exporting defence equipment to 80 countries. He emphasized reforms like appointing a Chief of Defence Staff and theaterisation of commands... Читать дальше...
