Tata Power Co. Ltd has received a letter of intent from PFC Consulting to acquire Paradeep Transmission Ltd in Odisha. The project will be developed on a build, own, operate, and transfer basis, offering transmission services for 35 years. It involves constructing a 190 km, 765 kV double circuit transmission line from Angul substation to Paradeep substation. The project is set to start commercial operations within 24 months of acquisition. Financial details were not disclosed.
The Nifty Pharma index closed 1.46 per cent down at 21583.05.
There are a lot of people putting a focus on the Sahm rule that has been triggered, but this is the first time we will see whether or not it really does lead to a recession as what the historical backtesting suggests.
Bitcoin dropped 13% from its Sunday closing price to $51,560, heading for its biggest one-day fall since November 2022 and its lowest level since February. Ether fell 17% to $2,277, its lowest since mid-January. Ethereum price on Monday was $2,332, down 19.71% from the previous day.
Around 300 people have died in violent protests rooted in quota protests.
The NSE Nifty index closed 662.11 points down at 24055.6
UPI transactions surged by over 36% to Rs 60 lakh crore in the first quarter of the current fiscal year, as reported by Minister of State for Finance, Pankaj Chaudhary. A total of 4,122 crore UPI transactions were conducted between April and June 2024. Additionally, a new cardless cash deposit facility through UPI has been introduced.
The market mood swung from greed to fear due to Yen carrying trade unwinding and US recession worries. Nifty 50 fell 2.7% to 24,055, and Sensex dropped 2.74% to 78,759.
Bangladesh Army chief Waker-uz-Zaman: The political turmoil in Bangladesh escalated with the army's takeover, led by General Waker-uz-Zaman, after Prime Minister Sheikh Hasina fled to London. The army plans to form an interim government and met with key political leaders to address demands. Zaman, related to Hasina, pledged to restore stability.
Neeraj Vyas, Business Head of Sony Entertainment Television, Sony SAB, PAL, and Sony MAX Movie Cluster, will exit Sony Pictures Networks India on August 31, 2024, to start his entrepreneurial journey. During his tenure, Vyas played a critical role in reshaping and growing Sony's entertainment channels, leaving behind a meaningful legacy in the industry.
Benchmark Indian equity indices, the BSE Sensex and the Nifty 50, closed lower by about 2.7% each, their worst single day decline in over two months.
On animal husbandry, Ghosh said that 70 per cent of India's rural poor depend on livestock, but the sector hardly receives its just share. She raised concerns over rising price of cattle and poultry feed, and pointed out the nine-year high wholesale fodder inflation.
The share of Domestic Institutional Investors (DIIs) also increased to 16.23% from 16.07% during the quarter. Meanwhile, with Foreign Institutional Investors (FIIs) pulling out Rs 7,693 crore from the market during the quarter, their share declined to a 12-year low of 17.38%, down by 34 bps.
Last week, the Centre issued a sixth draft notification to declare over 56,800 square kilometres of the Western Ghats across six states, including 13 villages in Kerala's landslide-hit Wayanad, Ecologically Sensitive Area (ESA), inviting suggestions and objections within 60 days. The notification was issued on July 31, a day after a series of landslides claimed over 200 lives in Wayanad.
The 12-year-old Ayodhya gangrape survivor has been referred to King George's Medical University in Lucknow for better treatment, as the women's hospital in Ayodhya lacks adequate facilities, said Chief Medical Officer Sanjay Jain. Jain will accompany the girl during her transit to Lucknow. BJP leaders, including Chief Minister Yogi Adityanath, have alleged that the prime accused, Moid Khan, is a member of the Samajwadi Party and part of Faizabad MP Awadhesh Prasad's team.
Maruti’s market share remained stable at 41.6% in the first quarter. It showed traction in the multi-utility vehicle (MUV) segment where the company’s market share improved by 500 basis points to 61%. Notably, the volume of the Ertiga nearly doubled over the past year. The MUV segment makes up 14% of the total industry volume.
Prime Minister Sheikh Hasina reportedly resigned and left Bangladesh amid extensive protests against her government, which resulted in over 106 deaths. The protests were triggered by a disputed quota system for government jobs. The army chief is expected to address the nation, and internet services, previously shut down, have been restored.
Tech firms have ramped up layoffs to manage expenses, with Intel, Microsoft, and Match Group cutting significant numbers of jobs. In India, startups such as Ola Electric, Paytm and Byju’s undertook similar layoffs in response to funding constraints, although fewer jobs were lost compared to 2023.
Retail investors' stock-picking has been impressive from September 2023 to June 2024, they increased stakes in 136 BSE smallcap stocks, with 26 turning into multibaggers and 7 tripling investor wealth.
All 16 sectoral indices were significantly down, with Nifty Realty and Nifty Metal showing the poorest performance, both falling by over 4%. The market capitalization of all listed companies on the BSE dropped by Rs 17 lakh crore to Rs 440.16 lakh crore. The fear gauge India VIX surged by 59%, marking its largest spike since 2015.
London-headquartered Actis and Mahindra Lifespaces have formed a joint venture, Ample Parks, to develop over 16-17 million sq ft of industrial and logistics real estate across India. The venture plans to acquire 700-750 acres of land for 15-17 parks, with the first project in Chennai investing Rs 800 crore.
The aforementioned showcases that the expansion of the P/E multiple of BSE Smallcap 250 in the last year is mostly due to the increase in price.
A customer need not bear any loss if the deficiency is on the part of the bank and in cases, where the fault lies neither with the bank nor with the customer but lies elsewhere in the system and the customer notifies the bank within three working days of receiving the communication about the unauthorised transaction.
The Ministry of Ports, Shipping and Waterways (MoPSW) is developing a shipbuilding scheme to incentivize Indian shipyards until 2035. Ports Secretary T.K. Ramachandran aims for India to rank among the top 10 shipbuilding nations by 2030 and the top five by 2047, from 22nd currently. The policy includes financial assistance for green shipping initiatives.
