Business

Laxman Narasimhan had only been in the role for a year-and-a-half, but had been under growing pressure following a string of disappointing financial results. Starbucks has suddenly replaced its chief executive after the company suffered a bigger-than-expected drop in sales. The coffee chain’s board announced on Tuesday that Laxman Narasimhan had departed the firm “effective immediately”. They…

Justice Department officials are considering what remedies to ask a federal judge to order against the search giant, said three people with knowledge of the deliberations involving the agency and state attorneys general who helped to bring the case. Washington: Google was found last week to have violated antitrust law by illegally maintaining a monopoly in internet…

Kenya’s main aviation union said it would call a strike from next Monday over a proposed deal with an Indian company to develop the country’s biggest airport – industrial action that could cause major disruption in the east African travel hub. The Kenya Aviation Workers Union, which represents airport workers, said the proposed agreement announced last month…

The mop-up includes personal income tax collection of Rs 4.47 lakh crore and corporate tax collection of Rs 2.22 lakh crore. New Delhi: Net direct tax collection grew 22.48 per cent to about Rs 6.93 lakh crore as of August 11 this fiscal, government data showed on Monday. The mop-up includes personal income tax collection of Rs…

Adani Power shares plunged 10.94 per cent to hit a low of Rs 619 on BSE. Adani Enterprises tanked 5.27 per cent to Rs 3,018.55 level. Adani Energy Solutions nosedived 17.06 per cent to hit a low of Rs 915.70, before staging recovery. Shares of Adani Enterprises Ltd, Adani Power Ltd, Adani Total Gas Ltd, Adani Energy…

Responding to the allegation, Buchs said in their statement, ‘Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years.’ New Delhi: Capital markets regulator Sebi Chairman Madhabi Puri Buch and her husband on Saturday denied allegations levelled against them by short seller Hindenburg as baseless and…

Ola Electric IPO is likely to be listed at around ₹73 per equity share as it is available at a discount of ₹3 in the grey market. Ola Electric IPO is set to list on the bourses today (August 9). The stock is expected to make a lacklustre debut after the IPO of Ola Electric was subscribed…

The Mac Mini will shrink to a size comparable to an Apple TV set-top box. The update will mark Apple’s first major design change since Steve Jobs’ era in 2010. Apple may give its biggest ever overhaul to Mac Mini as the tech giant is reportedly readying a new version of Mac Mini which is set to…

The government on Tuesday proposed relief for taxpayers by offering a choice to select either a 12.5 per cent long-term capital gains tax rate without indexation or a 20 per cent rate with indexation for property acquired before July 23. News18 has learnt that an individual or Hindu Undivided Family (HUF) buying houses before July 23, 2024,…

Concerns have been raised after the world’s largest economy reported much lower-than-expected job creation in July. Stock markets around the world dropped sharply on Monday amid fears the US economy may be heading for a recession. The UK’s FTSE 100 closed down more than 2%, the worst day since July 2023. The FTSE 250 also dropped on…

“Succession is very, very important for business sustainability,” Adani told Bloomberg, adding that he preferred an organic, gradual, and systematic transition. Gautam Adani has reportedly mapped out a succession plan. According to a Bloomberg report, Adani, 62, plans to step down at 70, transferring control of his empire to his sons and their cousins by “early 2030s”.…

BMW (BMWG.DE), opens new tab reported a lower-than-expected profit margin in its core automotive segment during the second quarter on Thursday, hitting its shares as heightened competition and weaker demand in China weighs on the sector. The German automaker’s earnings before interest and tax (EBIT) margin in its car segment fell to 8.4% from 9.2% in the…

Intel’s on a long, long road to recovery, and over 15,000 workers will no longer be coming along for the ride. The chipmaker just announced it’s downsizing its workforce by over 15 percent as part of a new $10 billion cost savings plan for 2025, which will mean a headcount reduction of greater than 15,000 roles, Intel…

Stock Market Today: The bullish run of the share market continues today in the early trade. Both the Indian exchanges are trading in green. Continue reading to find out further details like top gainers, losers, sector-wise performance, and more. Stock Market Today Opening, August 1 Stock Market Today Opening: The upward momentum of the Stock Market is…

All listed Indian companies, including public sector firms, are required to maintain a minimum public shareholding of 25 per cent as per the market regulator’s rules. New Delhi: India has exempted all state-run firms from meeting public shareholding norms for two years until August 2026, according to a document seen by Reuters. All listed Indian companies, including…

Republican presidential candidate Donald Trump said on Wednesday that he was against everyone having an electric car despite the endorsement of billionaire Elon Musk, the CEO of electric carmaker Tesla (TSLA.O), opens new tab. “Elon Musk endorsed me and he is a friend of mine, … but I am against everybody having an electric car,” Trump said…

In a recent harrowing experience, a Bengaluru businessman discovered counterfeit currency in bundles supposedly containing genuine 500 rupee notes. The incident, which left him visibly distressed and sweating upon opening the bundles sealed with a bank stamp, underscores a growing concern over counterfeit money circulating in the region. According to police, Divyansh Sanklecha, proprietor of a furniture…

Union Budget: Funding agencies have already informed scientists that their budgets are fixed with no room to hike allocations. Finance minister Nirmala Sitharaman hiked customs duty on laboratory chemicals from 10% to 150% in the Union Budget 2024. Owing to this, university research centres are seeing cancelled work orders. This includes all research labs, barring those for…

KYC updates are mandatory for FASTags issued three years ago, to be completed by October 31. For new vehicles, the registration number must be updated within 90 days of purchase. Starting August 1, 2024, the new updated FASTag rules will be implemented aimed at enhancing toll payments smoother and reducing the wait times at toll plazas. The…

Several associations of doctors had sued Patanjali and its promoters, including Baba Ramdev, for defamation. The Delhi High Court on Monday ordered Patanjali Ayurved and its promoters, including Baba Ramdev, to take down claims that allopathy doctors were responsible for the deaths of lakhs of people during the COVID-19 pandemic, while promoting Patanjali’s Coronil as a “cure”…

The paper said that Viksit Bharat is envisioned to be built on the three pillars of ‘Demography, Democracy and Diversity’. Prime Minister Narendra Modi chaired the Ninth Governing Council meeting of NITI Aayog. India needs to strive to be a USD 30 trillion economy by 2047 with a per capita income of USD 18,000 per annum to…

Sharks off the coast of Brazil’s party city Rio de Janeiro have tested positive for cocaine. The predators were consuming the potent stimulant due to its continuous release from inadequate sewage treatment facilities and clandestine refining operations, scientists wrote in a study, opens new tab published in Science of The Total Environment. Some may also have attacked…

Goldman Sachs (GS.N), opens new tab said on Thursday that whoever wins the U.S. presidential election in November will have limited tools to significantly boost domestic oil supply next year. Strategic petroleum reserve stocks are low and regulatory easing may only significantly boost U.S. long-run supply, the bank said in a client note. Oil prices rose slightly…

The Budget 2024 saw Centre push for more individuals to opt for the simplified new tax regime, which can be beneficial for those with a lower income slab. Union finance minister Nirmala Sitharaman on Tuesday presented the Budget 2024-25 in Parliament, making announcements offering improved benefits to those who opt for the new tax regime. However, people…

Finance Minister Nirmala Sitharaman highlighted one of the major changes in the budget, which includes adjustments in tax slabs under the new regime and an increased standard deduction to Rs 75,000. These changes are expected to provide taxpayers with annual savings of Rs 17,500. New Delhi: With the announcement of Budget 2024-25, the middle class is keen…

Gold, silver, platinum, mobile phones and cancer drugs are among the items likely to become cheaper with Finance Minister Nirmala Sitharaman announcing relaxation in duties in her Union Budget 2024 speech on Tuesday. HERE’S WHAT IS LIKELY TO BECOME CHEAPER: Mobile Phones: The basic customs duty (BCD) on mobile phones, mobile printed circuit board assembly (PCBA), and mobile chargers has…

When Finance Minister Nirmala Sitharaman rises to present the 2024 Union Budget at 11 am on July 23, she may perhaps be mindful of the record she will set: presenting seven consecutive budgets. Bengaluru: When Finance Minister Nirmala Sitharaman rises to present the 2024 Union Budget at 11 am on 23rd July, she may perhaps be mindful…

Pol Dominguez, 11, is enjoying his summer holidays in Spain. But unlike most children his age, he does not spend his days at the beach or pool, instead staying indoors to avoid ultraviolet radiation that could be deadly for him. Dominguez has Xeroderma Pigmentosum (XP), a rare disease that affects his skin and eyes. Patients are unable…

Gujarat Titans- a three-year-old franchise- could be valued at between $1 billion and $1.5 billion. Adani Group and Torrent Group are in talks with private equity firm CVC Capital Partners for the sale of controlling stake in Indian Premier League (IPL) franchise Gujarat Titans, it was reported. CVC is willing to offload a majority stake in the…

The VRS scheme is open to employees who have completed five years of service with the company, while the voluntary separation scheme (VSS) has been offered to employees with less than five years of service at the airline. Air India has rolled out a voluntary retirement scheme (VRS) along with a voluntary separation scheme for its non-flying…

Ola Electric IPO: In its last funding round in September, which was led by Singapore investment firm Temasek, Ola Electric was valued at $5.4 billion. Ola Electric that is gearing up for its initial public offering (IPO) is likely to value the company around $4.5 billion, which is around 16-20 per cent lower than the valuation at…

Berkshire Hathaway’s (BRKa.N), opens new tab share price set a record high on Monday, reflecting investors’ confidence in Warren Buffett’s company, which is often regarded as a microcosm of the broader American economy. The price of Berkshire’s Class A shares closed up 2.1% at $652,997.17. They earlier reached $653,861, surpassing the previous high of $647,039 set on…

The SETFI, in a statement, added there should be a provision for giving loans for losses made by businesses in certain emergency situations. New Delhi: Self-employed taxpayers should get pension after retirement and loans in case of losses in businesses, a body representing the group said on Monday. Raising concerns regarding social security, the Self-Employed Taxpayers Federation…

Raising platform fees in select markets will only have a 1-2 percent positive impact on Zomato’s EBITDA, analysts believe. Shares of Zomato rose over 3 percent and hit a record high of Rs 232 on July 15, a day after the company announced raising its platform fee to Rs 6, up from Rs 5 that it charged…

Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2024-25 on July 23. The Budget, which is going to be her 7th, is expected to expected to push growth apart from providing relief to various sections of the society. Demands are coming in to the government ranging from tax relief for middle class to the…

Today, I’m talking to Nicholas Thompson, the CEO of The Atlantic, one of the oldest magazines in the United States — like really old. It was founded in 1857 and is now owned by Laurene Powell Jobs, whose last name I am certain that Decoder listeners will recognize. I was really excited to talk to Nick —…

HT visited Patanjali stores across four major Indian cities — New Delhi, Lucknow, Patna and Dehradun — and was able to procure most of these products, procuring a receipt in each of these cases. On Tuesday morning, the Supreme Court of India directed Patanjali Ayurved to provide proof that it has ceased the sale and advertisements of…

The success of Adidas’ (ADSGn.DE), opens new tab low-rise multi-coloured Samba and Gazelle sneakers, along with weaker sales at rival Nike, should help the German sportswear brand deliver strong second-quarter sales and its biggest profit margin in three years. Nike (NKE.N), opens new tab forecast a surprise drop in annual sales at the end of June, adding…

Skydance Media CEO David Ellison sketched out a vision on Monday for Paramount Global (PARA.O), opens new tab as a technology-media hybrid company at a time Hollywood has been competing for attention with tech giants moving into the entertainment business. In an hour-long presentation to the financial community following the announcement of a merger agreement with Paramount,…

Decathlon, which made its India debut in 2009, saw its revenue jump to ₹3,955 crore in FY23 from ₹2,936 crore in FY22 and ₹2,079 crore in FY21. Reliance Retail is reportedly gearing up to challenge French retailer Decathlon with a new sports format, targeting the booming athleisure market post-COVID-19. The company plans to lease 8,000-10,000 sq ft…

To facilitate access to individuals’ high-value transaction records, the Income Tax Department has established agreements with specific government agencies and financial institutions. Taxpayers should note that high-value cash transactions exceeding a specified limit are subject to monitoring by the Income Tax Department. Failure to disclose such transactions in Income Tax Returns (ITR) filing could result in a…

The flat deposit growth was below what the bank managed a year ago, Jefferies analysts said in a note, calling it ‘slightly disappointing.’ Bengaluru: Shares of India’s top private lender HDFC Bank fell over 3% on Friday, a day after it reported a drop in loans during the three months ended June 30, and no rise in…

The union Ministry of Finance has been issuing a formal statement on the first day of every month providing a comprehensive overview of GST collections. Even as the country marked the seventh anniversary of the implementation of the Goods & Services Tax (GST) on 1 July, eyebrows are being raised over the discontinuation of the release of…

The appointment is subject to board approval at the upcoming Annual General Meeting scheduled on August 12, 2024. Britannia Industries has appointed former RBI governor Urjit Patel as one of the additional Non-Executive Independent Directors on the board of the company for a period of five years, according to an exchange filing on July 2. The appointment…

The DGCA-licensed Flight Training Organisation (FTO) at the Belora Airport will be the largest such institute in South Asia and become operational from the first quarter of next financial year, Air India said in a statement. ‘The young pilots coming out of this FTO will fuel Air India’s ambition of becoming a world-class airline’, said Campbell Wilson,…

The recent surge in F&O activity, particularly focused on individual stocks, has triggered SEBI’s intervention India’s stock market regulator, Sebi, is cracking down on overly speculative trading in individual stocks. Here’s a breakdown of the new rules and what they mean for investors: What’s the problem? Sebi is concerned about a recent surge in speculative bets on…

Maharashtra’s Mahayuti government on Friday presented an eye-popping Rs 612,293 crore (around $73 billion) budget, which is more than Pakistan’s $67.84 billion and Bangladesh’s $68 billion for the fiscal year 2024-25. Deputy chief minister and Nationalist Congress Party leader Ajit Pawar, who also holds the finance portfolio in the state, presented the interim budget in the assembly’s…

The combined profit after tax (PAT) for Nifty50 companies in FY24 surged 27% to Rs 8.14 lakh crore in FY24 from Rs 6.39 lakh crore in the previous fiscal. The top 10 companies have a share of nearly 60% in combined profit for Nifty50 stocks. The last financial year 2023-24 (FY24) has proven to be a splendid…

Tesla is claiming Elon Musk won his legal battle over his $56 billion pay package because shareholders voted for the compensation, despite a judge rescinding it earlier this year, according to a court filing made public on Thursday. The company’s filing comes two weeks after Tesla shareholders voted to ratify the 2018 package of stock options. Tesla…

India’s largest lender State Bank of India (SBI) on Wednesday said it has raised ₹10,000 crore at a coupon rate of 7.36 per cent through its fifth infrastructure bond issuance. The SBI bond issue was oversubscribed by around 4 times against the base issue size of ₹5,000 crore. It attracted bids in excess of ₹19,884 crore. The…

Centre clarifies ongoing proceedings against Byju’s under companies law, denies reports of financial fraud clearance in ongoing investigation The Ministry of Corporate Affairs on Wednesday clarified that proceedings initiated against edtech player Byju’s under the companies law are “still ongoing” and a final conclusion cannot be drawn in the matter at this stage. Byju’s, once a celebrated…

Alphabet’s (GOOGL.O), opens new tab Waymo said on Tuesday its autonomous ride-hailing service, Waymo One, is now available to everyone in San Francisco, nearly four years after a similar move in Phoenix, Arizona. Driverless vehicles are expected to drive commercial success for automakers even as regulatory scrutiny remains tight amid concerns of investors about growing investments in…

India is the world’s third-largest economy in terms of energy needs, and its energy demand is projected to surge 25-35 per cent by 2030. Its peak energy demand is estimated to be 366.4 GW by 2031-32. Adani group is looking to invest about ₹ 2 lakh crore by 2030 to build 40 gigawatts of renewable energy generation…

‘We safeguarded our portfolio against any volatility by pre-paying Rs 17,500 crore in margin-linked financing,’ says Gautam Adani Adani Group Chairman Gautam Adani delved on the Hindenburg incident at the 32nd annual general meeting of the conglomerate and cited the short-seller’s over 100 pages long report on the group as “baseless accusations”. “It was a two-sided attack…

Providing relief to students and working professionals, the GST Council has recommended exempting accommodation services having a value of supply up to ₹20,000 per person per month from goods and services tax. Co-living space providers have welcomed the new notification saying that it clarifies that hostels and accommodations for working professionals are exempt from GST within certain…

Industry associations such as CII in pre Budget discussions with the Revenue Secretary have suggested providing a marginal relief in income tax at the lower end of the spectrum with taxable income up to Rs 20 lakh as one of the measures to boost consumption demand. Finance Minister Nirmala Sitharaman is reportedly mulling significant relief for India’s…

Sensex is higher today as it extended gains from the previous session ahead of upcoming budget. Nifty hit a fresh record high today owing to gains in IT stocks. This comes after Accenture forecasted annual revenue growth above expectations. The company’s stock soared over 7 per cent in overnight US trading. Sensex is also higher today as…

Japan’s SoftBank Group will ramp up its power generation business primarily in the United States to supply power to generative artificial intelligence projects worldwide, founder Masayoshi Son said on Thursday. SoftBank Group-backed SB Energy develops and operates renewable electricity businesses across the United States. Source: https://www.channelnewsasia.com/business/softbanks-son-will-ramp-us-power-business-generative-ai-4423211

Ferrari’s first electric car will cost at least 500,000 euros ($535,000), a source familiar with the matter told Reuters, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third. The Italian brand, famed for its roaring petrol engines, has said it will…

Among the stocks in the capital goods sector, Timken India emerged as the top gainer with a rally of 1,736% in the past decade At least five stocks from the capital goods space have surged more than 1,000% in the past 10 years. According to market watchers, the National Manufacturing Policy, liberalisation of FDI norms and continuous…

The US Federal Trade Commission (FTC) has referred a complaint against TikTok and its Chinese parent company ByteDance over potential violations of children’s privacy to the Department of Justice (DOJ). The FTC says its own investigation “uncovered reason to believe” that the firms “are violating or are about to violate the law”. In a statement to BBC…

The average salary that Americans say would make them happy is $94,696, according to a Moneyzine.com survey of more than 1,200 people done in 2023. But research shows that money can’t buy happiness; happy people just seem to be more successful. Tami Muller is a happiness trainer and positive psychology coach who has studied the science of…

TRAI on June 6 invited industry views on whether financial disincentives must be slapped on telcos if allocated telecommunications identifier (TI) resources remained unused beyond a certain timeframe. The Indian telecom regulator refuted several media reports claiming it plans to charge customers for holding multiple SIMs or numbering resources. Terming such claims as “completely false and baseless,”…

If users want to hide comments within a presentation or avoid accidental edits, they can switch to view mode. Choosing commenting mode will hide all options associated with editing, but still allow users to read and add comments, the tech giant explained. Google has said that it is making it easier for users to switch between different…

The court ultimately found the evidence was not sufficient to prove McDonald’s had used the contested trademark enough in relation to poultry products. McDonald’s has lost the EU trademark for use of the term “Big Mac” in relation to chicken sandwiches. The European Court of Justice (ECJ) upheld a complaint against the US fast food giant from…

Markets on Wednesday rebounded in early trade after both Sensex and Nifty nosedived as the Lok Sabha election results defied expectations. Sensex jumped 948.83 points to 73,027.88 while Nifty was up 247.1 points to 22,131.60. Source: https://www.deccanherald.com/business/markets/day-after-bloodbath-markets-rebound-in-early-trade-sensex-jumps-to-7302788-nifty-rises-to-2213160-3053308

The BSE Sensex was down 5.71 per cent or 4,378 points at 72,067, while the NSE Nifty 50 was down 5.74 per cent or 1,334 points at 12 noon. Indian stock markets crashed by over 5,000 points today, after a sharp rally in the previous session, as early vote-counting trends showed Prime Minister Narendra Modi’s Bharatiya Janata…

Analysts had predicted that benchmark indices were likely to rally on Monday given the exit polls predicting a massive BJP-led NDA win and strong GDP data. New Delhi: Investors’ wealth jumped Rs 12.48 lakh crore in morning trade on Monday as the benchmark equity index Sensex hit its lifetime high after exit polls predicted a massive win…

​​​The surge in share prices brings their total market value to Rs 17.94 lakh crore at one point. Gautam Adani, the chairman of the Adani Group, has once again become the richest person in Asia with a net worth of $111 billion, according to the Bloomberg Billionaires Index. This achievement comes after the Adani Group’s shares surged…

India’s Q4 GDP Data Out: India’s gross domestic product (GDP) grew 7.8 per cent y-o-y during the January-March 2024 quarter (Q4 FY24) as compared with the 6.2 per cent growth recorded a year ago, according to the latest official data released on Friday, May 31. It has surpassed analysts’ estimates. For the full financial year 2023-24, India’s…

The minister assured that tax relief for these enterprises remains accessible. However, she emphasized that this relief is contingent upon timely payments. Finance Minister Nirmala Sitharaman has said the Centre is willing to reconsider the 45-day payment rule for micro, small, and medium enterprises if the industry wants it. Sitharaman said if MSMEs require an extended payment…

Paytm founder and CEO Vijay Shekhar Sharma reportedly visited Gautam Adani at his office in Ahmedabad to finalise the contours of a deal on Tuesday. One 97 Communications Ltd (Paytm) shares are in focus on Wednesday morning as a media report suggested Adani Group chairman, Gautam Adani, is considering buying a stake in Paytm’s parent company. The…

Proxy advisory firm Glass Lewis said on Saturday it has urged Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America. The report cited reasons like the “excessive size” of the pay deal, the dilutive effect upon…

The GIMS framework is an acronym for Gate, Investments, Monitoring and Surveillance. This framework defines the guardrails on key risk parameters for the funds’ investments to aid investors in optimising returns to achieve their financial goals. When it comes to investing in fixed income, finding the right balance between generating returns and managing risk is crucial. How…

As the next step, the two parties have already agreed to withdraw all oppositions against each other in the trademark registry which will help them to proceed with the registration of their respective marks, according to an official release. BharatPe and PhonePe on May 26 announced that they have amicably settled all long-standing legal disputes pertaining to…

Proxy advisory firm Glass Lewis said on Saturday it has urged Tesla (TSLA.O), opens new tab shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America. The report cited reasons like the “excessive size” of the pay deal,…

Nearly 35% of the group’s valuation is attributed to UltraTech, which has a market capitalization of Rs 2.95 lakh crore, making it the third most valuable cement company globally. The combined market capitalisation of the Aditya Birla Group firms surged past the $100 billion mark (Rs 8,51,460.25 crore), joining the likes of Tata Group, Adani Enterprises and…

Starting June 1, 2024, getting a driver’s licence in India is set to become more convenient, thanks to new regulations announced by the Ministry of Road Transport and Highways. Applicants will now have the option to take their driving tests at private driving training centres, marking a significant shift from the traditional practice of using government-run Regional…

Imagine you have $400 to spend on a luxury dining experience. You might treat yourself to a tin of premium caviar, a bottle or two of very fine wine or a multi-course meal at a high-end restaurant. Or you could blow it all on a single pineapple. The Rubyglow pineapple –— bred for its distinctive red exterior…

The telecom stock hit an intraday high of Rs 1359 in the previous session and later closed at Rs 1348.20 on BSE. Shares of Bharti Airtel have approached their record high touched nearly a month ago. The telecom stock hit an intraday high of Rs 1359 in the previous session and later closed at Rs 1348.20 on…

Prime Minister Narendra Modi, in a television interview telecast on Sunday, said the stock market would have a strong run once the election results are out. “You see, the day election results come out, and throughout that week, those who punch trades will get tired,” Modi said, responding to a question about whether the markets were displaying…

Investing.com– Gold prices hit a record high in Asian trade on Monday as increased geopolitical tensions in the Middle East boosted safe haven demand, while a broader rally across metal markets also spilled over into the yellow metal. Spot gold rose nearly 1% to a record high of $2,440.56 an ounce, while gold futures expiring in June…

The social network formerly known as Twitter has officially adopted X.com for all its core systems. That means typing twitter.com in your browser will now redirect to Elon Musk’s favored domain, or should. At the time of publication, we’re seeing a mix of results depending upon browser choice and whether you’re logged in or not. A message also now appears at…

After purchasing equities worth Rs 13,672 crore from April 8-12, FIIs offloaded Rs 50,260 crore of shares between April 15 and May 17. The buying appetite of DIIs capped the downside. According to data from the exchanges, DIIs bought shares worth Rs 64,400 crore during the same period. Foreign institutional investors (FIIs) continue their selling spree, marking…

In a previous auction on May 9, the RBI accepted bids worth Rs 10,512.99 crore out of Rs 40,000 crore worth of bonds offered for buyback. The RBI repurchased only Rs 2,069 crore of government bonds from a notified amount of Rs 60,000 crore as banks were unwilling to sell the securities at a loss. The central…

It was Mark Zuckerberg’s birthday on May 14. As he turned 40, the Facebook founder recollected his memory by sharing a few pictures on social media. One particularly striking image captured Zuckerberg and Microsoft co-founder Bill Gates — a combined net worth of a staggering $296 billion. The picture was of Harvard dorm where Zuckerberg launched Facebook.…

“Western countries feel that they have influenced this world for the last 200 years. How do you expect someone, who has been in that position, to give up those old habits so easily?” said Jaishankar. External Affairs Minister S Jaishankar slammed the western media for its ‘negative coverage’ of the Lok Sabha elections 2024. He said that…

For Mike Johnson it was effectively a Day 1 priority. It’s well past time, the newly elected House speaker said in October, to establish a bipartisan commission to tackle the federal government’s growing $34.6 trillion in debt. “The consequences if we don’t act now are unbearable,” he said, echoing warnings from his predecessor and other House Republicans.…

IRDAI approval was crucial for the transfer of insurance businesses of Reliance Capital to IIHL. Reliance Capital is one of the promoters of Reliance General Insurance and Reliance Nippon Life Insurance. Hinduja Group’s IndusInd International Holdings (IIHL) has got the long-awaited Insurance Regulatory and Development Authority of India’s nod for acquisition of Reliance Capital. The acquisition includes…

Renaissance Technologies was officially established in 1982 and has since become one of the most profitable hedge funds in the industry, renowned for its Medallion fund, which averaged a 66 percent annual return. Billionaire investor Jim Simons, the mathematician and Cold War codebreaker who founded one of the world’s most prominent and profitable hedge funds Renaissance Technologies,…

The court said interest-free loans were unique to bank staff and in excess of or in addition to the salary, hence taxable as fringe benefit The Supreme Court has ruled that the interest-free or concessional loans extended by banks to their employees are “fringe benefits”, liable to be taxed. Justices Sanjiv Khanna and Dipankar Datta said the…

IIHL is yet to get a nod from insurance watchdog Irdai for its Rs 9,650-crore acquisition of Reliance Capital. IIHL said it will be able to pay the sum it has bid for within 48 hours of the Irdai nod and complete the deal. Mauritius-based IndusInd International Holdings (IIHL) is eyeing a valuation of $50 billion by…