Axis Mutual Fund has launched the Axis Consumption Fund, an open-ended equity scheme focusing on long-term capital appreciation. It targets diversified investments in India's consumption sectors, including FMCG, auto, telecom, healthcare, and realty, through an actively managed portfolio.
InvestorAi has secured Rs 80 crore in funding from investor Ashish Kacholia. The capital will be used to grow its business operations and enhance product offerings.
India is exploring ways to resolve tax disputes with major companies like Infosys and foreign airlines to avoid harming investor sentiment. Authorities aim to settle a recent demand for $3.9 billion in back taxes from Infosys, and tax notices sent to 10 foreign airlines. Discussions will take place at an upcoming GST council meeting.
"There are forces determined to disrupt the election process, but we are fully prepared, and the ballot is the answer to such forces," said Chief Election Commissioner Rajiv Kumar after briefing election observers for Jammu and Kashmir and Haryana.
Prime Minister Narendra Modi has paid homage at the 'Good Maharaja Square' in Warsaw, Poland, commemorating Maharaja Digvijaysinhji. During World War II, the Maharaja sheltered 640 Polish refugees in Jamnagar, Gujarat. The Maharaja's humanitarian efforts have earned him immense respect in Poland, with schools and a square named after him.
GAIL (India) Ltd has partnered with US biofuel producer Petron Scientech Inc. to explore establishing a 500 kilo tonnes per annum bio-ethylene plant in India. The collaboration aims to enhance sustainable practices and advance the bio-economy, focusing on bioethanol. Both companies will conduct feasibility studies and seek investment approval for the project.
India currently levies GST of 5%, plus cess, on hybrids. The tax incidence on hybrid vehicles in the country totals 43%, while battery electric vehicles attract a tax of about 5%.
Currently, the total tax incidence on hybrid vehicles in the country is 43 per cent, which is inclusive of GST, while battery electric vehicles attract a tax of about 5 per cent.
Karnataka Deputy CM DK Shivakumar plans to increase water tariffs to address financial difficulties faced by Bengaluru Water Supply and Sewerage Board. Despite criticism, Shivakumar remains firm on the decision. The Siddaramaiah-led government will discuss the specifics of the hike in an upcoming cabinet meeting.
Sensex and Nifty opened higher due to anticipated Federal Reserve rate cuts but later fell from their highs. The Sensex rose 0.18% to 81,053, and Nifty gained 0.17% to 24,811.50.
The market for navigation maps and connected car solutions in India is currently valued at about Rs 180-200 crore and is projected to reach Rs 500-600 crore in the next 3-4 years. Genesys International aims to capture a significant market share in the automotive mapping sector, which is growing rapidly.
Long holiday weekend in August: Some states may have a bank holiday on Monday, August 26 to observe Krishna Janmashtami. So, it's crucial for bank customers to confirm if there is a holiday in their state of residence.
The Supreme Court bench hearing suo moto case of the rape and murder of the Kolkata doctor listed the matter for next hearing on September 5. The bench also ordered the re-sealing of the CBI and West Bengal government reports on the rape-murder and vandalism cases, respectively, that the bench had asked the bodies to submit in its first hearing on August 20.
The Fed minutes confirmed expectations of a rate cut next month, with most policymakers agreeing it would be appropriate if data aligns with forecasts. Market participants are now focused on US initial jobless claims at 6:00 pm IST and Fed Chair Jerome Powell's upcoming remarks at the Jackson Hole Economic Symposium.
Chinese internet giant Baidu posted flat second-quarter revenue on Thursday, as an uncertain economic outlook in the country weighs on household consumption. Baidu faces stiff competition from fellow Chinese internet giants, such as Tencent, operator of "super-app" WeChat, and ByteDance, creator of TikTok and its local version Douyin.
Kotak Mutual Fund had an AUM of Rs 4.68 lakh crore in July, up from Rs 4.44 lakh crore in June.
Jet Freight Logistic, TVS Electronics, Lypsa Gems, Bal Pharma and STL Global, hit their fresh 52-week highs during the day.
Hyundai Motor India begins bookings for the new Alcazar, requiring a Rs 25,000 deposit. The SUV boasts a bold design, premium interiors, and advanced safety features. It offers various powertrains, including petrol and diesel options. The Alcazar comes in four variants and nine colors, appealing to different customer preferences.
Traders pointed to intermittent dollar sales from state-run banks that helped keep the rupee above its all-time low of 83.9725 hit earlier in the month.
Investments in process and digital technologies in India's steel value chain are expected to rise to USD 2.7 billion by 2030, enhancing technological capabilities and driving sustainability in the industry. The FICCI-Deloitte report also highlights the role of digital tools in improving energy efficiency, environmental compliance, and worker safety in the mining and steel sectors.
At least four state-run firms-THDC India, NHPC, India Infrastructure Finance, and Indian Renewable Energy Development Agency - which have not been frequent issuers, are set to tap the market with bond offerings ranging from 10 to 15 years, according to three merchant bankers.
WhiteOak Capital Mutual Fund is launching the WhiteOak Capital Arbitrage Fund, an open-ended scheme targeting arbitrage opportunities. The NFO opens on Aug 28 and closes on Sept 3. The fund aims to generate returns through equity market arbitrage, with remaining investments in debt and money market instruments.
