Category: Business & Economics

The Indian stock market witnessed an extraordinary surge today as exit polls projected a decisive victory for the BJP in the ongoing elections. In the early hours, the Sensex surged over 2,000 points, marking one of its most significant jumps in recent years and  the Nifty recorded its largest leap in four years. Leading the market rally were stocks such as Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC, which witnessed substantial gains. Within the Sensex, stocks such as Tata Steel, Bajaj Finance, HDFC Bank, and ICICI Bank…

Benchmark equity indices Sensex and Nifty surged nearly 4 per cent in early trade on Monday to hit their fresh all-time high levels after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls. The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The NSE Nifty rallied 808 points or 3.58 per cent to hit a fresh all-time high of 23,338.70. Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain…

Unified Payment Interface (UPI) transactions clocked a new high in value in May by processing 14.04 billion transactions worth 20.45 trillion rupees. This was a six per cent increase compared to 13.30 billion in April in terms of volume and 4 per cent in value terms against 19.64 trillion rupees in April. Data shared by the National Payments Corporation of India (NPCI) said that the May figures were 49 per cent up in volume and 39 per cent up in value compared to the same month in 2023. May numbers…

India’s real GDP is estimated to grow by 8.2 percent in the Financial Year 2023-24 as compared to the growth rate of 7 percent registered in Financial Year 2022-23. According to the Ministry of Statistics and Programme Implementation, real GDP or GDP at constant prices is estimated to attain a level of over 173 lakh crore rupees in the year 2023-24. In a statement, the Ministry said, nominal GDP or GDP at current prices is estimated to attain a level of over 295 lakh crore rupees in the year 2023-24,…

In a landmark development echoing back to early 1991, the Reserve Bank of India (RBI) orchestrated the transfer of over 100 tonnes of gold from the United Kingdom to its vaults in India. Official sources, as reported by the Times of India, hint at the possibility of a similar quantity making its way to Indian shores in the near future. RBI’s Gold Reserves and Their Custody Of the RBI’s substantial gold reserves, a significant portion resides overseas, primarily under the watchful eyes of the Bank of England and the Bank…

Asian stocks rose on Friday and were poised for the fourth month of gains, while the dollar drifted lower, keeping the yen steady as investors await inflation readings from Europe and the US that will likely dictate the path of interest rates globally. A downward revision to consumer spending meant the US economy grew more slowly than expected in the first quarter, data showed on Thursday, weighing on Treasury yields and the dollar The economic data also stoked expectations that the Federal Reserve has scope to cut rates this year,…

Gautam Adani initiated Preliminary talks to acquire a stake in leading digital payments platform, Paytm. After successful negotiation and a tangible agreement, Adani Group will enter the dynamic realm of fintech, challenging established players. Adani Group’s potential investment in Paytm is poised to inject a robust financial impetus into the company, fortifying its resilience against regulatory challenges and operational exigencies. Beyond discussions with Adani Group, Vijay Shekhar Sharma is concurrently exploring collaborations with funds from West Asia. Adani Group’s contemplation of venturing into the ecommerce and payments segments underscores its…

ICICI didn’t comply with ‘Loans and Advances – Statutory and Other Restrictions’ ICICI also failed due diligence to assess the feasibility and sustainability Yes Bank violated regulations related to ‘Customer Service in Banks’ ICICI Bank’s Rs 1 Crore Penalty, Yes Bank’s Rs 91 Lakh Penalty In a recent development, the Reserve Bank of India (RBI) wielded its regulatory authority by imposing fines on two major banks, ICICI Bank and Yes Bank, for various instances of non-compliance. These penalties highlight the central bank’s stringent approach towards upholding regulatory standards within the…

Megha Engineering and Infrastructures (MEIL), a significant purchaser of electoral bonds and a key player in India’s infrastructure sector, has set its sights on divesting its city gas distribution business. Megha Engineering and Infrastructures (MEIL), the Hyderabad-based conglomerate, renowned for its diverse portfolio spanning construction, irrigation, and energy projects. The decision to offload its subsidiary, Megha City Gas Distribution (MCGDPL), comes as part of MEIL’s overarching strategy to consolidate its operations and realign its focus on core business verticals. MEIL’s recent prominence in the political arena, particularly as a major…

According to S&P Global’s analysis, the post-election economic landscape is poised for significant developments, contingent upon the electoral outcome. S&P Global expects inflation to decrease to 5.3% in 2024 Economic momentum expected to be driven by capital spending. Sectors like renewables, electronics, and logistics crucial for growth. A failure to secure a special majority may divert attention towards central government-led social welfare initiatives, potentially catalyzing heightened cooperation with states. In the scenario of a hung parliament, a decentralized policymaking approach is envisaged, accompanied by protracted negotiations among coalition With the…