The Indian economy could grow higher than 7 per cent and possibly closer to 7.5 per cent in the current fiscal year, says the economic think tank NCAER. This potential growth is attributed to a normal monsoon season and reduced electoral uncertainty. The National Council of Applied Economic Research (NCAER) highlighted these findings in its July 2024 issue of the Monthly Economic Review (MER).
Indian markets experienced profit-taking on Monday following new record highs. Benchmark indices trimmed their gains to end the day flat but with a slight positive tilt. The S&P BSE Sensex reached a peak of 81,908, while the Nifty50 soared to a record high of 24,999.
BJP MP Rajiv Pratap Rudy highlighted that snakebites cause 50,000 deaths annually in India, the highest globally, with climate change increasing incidents. MPs also discussed beedi workers' wages, Ayushman Bharat's coverage, corruption in Punjab's ICDS, opposition to NEET, and Adivasis' rights being usurped by Bangladeshi immigrants.
In July 2023, the government had prohibited the export of non-basmati white rice but it had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries.
Nepal has become a net electricity exporter for the first time, with earnings from electricity exports to India surpassing its import costs in the 2023-24 fiscal year. The Nepal Electricity Authority (NEA) exported electricity worth Rs 16.93 billion to India while importing electricity worth Rs 16.81 billion, resulting in a Rs 120 million profit. Nepal exports surplus electricity during peak production seasons and imports during the dry season.
Long unwinding involves selling off positions or stocks held for an extended period, either to realize profits or to exit in anticipation of a potential downturn. On Monday, five stocks experienced such long unwinding.
Though the near-term uptrend status of Nifty remains intact, the market could probably show some more choppy movement or minor dip in 1-2 sessions before surging higher in the near term. Immediate support is at 24,600 levels.
Filatex Fashions' subsidiary, Filatex Mines and Minerals, received its first export order worth USD 35 million for white marble from Bloomflora Ventures for 54 hospitals in Africa. The company also approved a 5:1 stock split to increase market liquidity and appointed Sunil Agarwal as CEO and Additional Director, enhancing the leadership team.
Kerala cyclist Fayis Asraf Ali embarked on a two-year, 22000-kilometer journey to Paris Olympics to support Neeraj Chopra, who he met during World Championships. Cycling from India to London for peace and unity, Ali carried minimal gear, and relyed on sponsorships. Despite a thyroid issue, he remained energetic. He says he is excited to see Neeraj create history.
Steel products maker Goodluck India on Monday posted a 22 per cent rise in consolidated net profit to Rs 34.99 crore during the June 2024 quarter, helped by higher income. It had clocked Rs 28.59 crore profit in the year-ago period, the company said in an exchange filing.
Lok Sabha members called for an inquiry into the deaths of three UPSC aspirants due to flooding in a Delhi coaching center's basement. BJP blamed the AAP government for negligence, while other MPs demanded accountability and stricter regulations for coaching centers. The police have arrested the coaching center's owner and coordinator.
The Reserve Bank of India (RBI) plans a five-episode web series to commemorate its 90-year journey. Each episode, lasting 25-30 minutes, aims to enhance public understanding of the RBI’s functions and contributions. The series will feature expert interviews, high-quality visuals, and compelling storytelling to foster financial literacy and build public trust.
Airlines suspended flights to Lebanon on Monday as diplomatic efforts were underway to contain soaring tensions between Hezbollah and Israel after deadly rocket fire in the annexed Golan Heights. Mourners gathered in the Golan Heights town of Majdal Shams for the funeral of 11-year-old Guevara Ibrahim, the last of 12 victims -- all aged 10 to 16 -- of the rocket that hit a football pitch in the Druze Arab community on Saturday.
The AWS GenAI loft will bring collaborative pop-up spaces to key AI hotspots around the world. It will also offer visitors a unique platform to gain insights on and explore real-world applications of generative AI across industries, an AWS executive said.
Defence Minister Rajnath Singh accused Congress leader Rahul Gandhi of misleading the nation on national security and the Agnipath initiative. He offered to address Parliament regarding these issues and stated that Finance Minister Nirmala Sitharaman would clarify misconceptions about the budget. Gandhi had criticized the government's handling of compensation for Agniveer martyrs.
Titan Company, Bharti Airtel, Cipla, ITC and Kotak Bank were among the top losers on NSE in today's trade.
Rohtang Pass, situated approximately 51 kilometres from Manali, is a must-visit for its dramatic landscapes and thrilling experiences.
BHIVE Workspace has leased 42,000 sq ft of Grade-A office space in Bengaluru's Garudacharapalya, marking its second collaboration with Brigade Group. The new facility supports over 1,200 seats and enhances BHIVE's presence in key business hubs. BHIVE plans to expand by an additional one million sq ft this fiscal year, targeting Rs 348 crore revenue for FY 2024-25.
DTDC Express partnered with Skye Air Mobility to launch last-mile drone-based deliveries. It started with a successful 7.5 km delivery from Bilaspur to Gurgaon sector 92. CEO Abhishek Chakraborty highlighted the milestone partnership's role in reshaping last-mile logistics amid digitalisation and changing consumer behaviors. The eco-friendly drone delivery aims to reduce carbon emissions and traffic congestion. There are plans for expansion across India to enhance delivery speed, efficiency, and sustainability.
Adani Group's cement division, ACC, on Monday announced that its consolidated profit for the June quarter decreased by 22.5% year-on-year, totaling Rs 361.40 crore. Additionally, revenue dropped by 1% year-on-year to Rs 5,155 crore.
The NSE Nifty index closed 1.25 points up at 24836.1
Budget 2024 has reduced the tax on long-term capital gains arising on the sale of immovable property from 20% to 12.5%, without indexation. Taxpayers took to social media platforms to voice their concerns on how property prices will be calculated to determine long-term capital gains following Budget 2024. Does the Finance Act, 2024, amend the rule to calculate the property's base price? Can you add stamp duty, home loan interest amount to your property's cost while calculating capital gains during sale now? Читать дальше...
