Category: Business & Economics

Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty leaped 193.85 points to reach its lifetime peak of 19,011.25  Sensex and Nifty hit their record high levels on Wednesday amid a rally in the US and European markets as well as inflows of fresh foreign funds.  The 30-share BSE Sensex touched the record 64,000 mark, while Nifty scaled the 19,000 mounts.  Foreign investors have bought more than $16 billion worth of Indian stocks on a net basis so far in 2023 –…

India’s richest businessmen, led by Mukesh Ambani and Gautam Adani, will join G20 leaders at a dinner in the national capital on Saturday.  Among the 500 businessmen invited are Tata Sons Chairman N Chandrasekaran, billionaire Kumar Mangalam Birla, and Bharti Airtel founder-chairman Sunil Mittal.  Chinese President Xi Jinping and Russian President Vladimir Putin will not attend the weekend summit.  Spain’s Sanchez to miss G20 summit after catching Covid.  Former prime ministers Manmohan Singh and HD Deve Gowda have been invited to the G20 Summit dinner in New Delhi.  All chief…

The third Belt and Road Forum for International Cooperation (BRF) will be held in Beijing in October.  China said that 90 countries have confirmed attendance for it.  Russian President Vladimir Putin also has a scheduled visit to China in October when the country hosts the One Belt One Road forum.  China’s foreign ministry said the country has signed Belt and Road cooperation documents with more than 150 countries and over 30 international organizations.  “Over the past decade, Belt and Road cooperation has achieved fruitful outcomes,” a Chinese foreign ministry spokesperson…

The rising global e-waste crisis has raised widespread alarm, and India is no stranger to this pressing issue. The informal sector’s improper management of e-waste has resulted in significant environmental dangers and health hazards for people involved. Shockingly, a mere 20% of e-waste in India undergoes formal recycling, even as the country generated an astounding 3.2 million tonnes of e-waste in the fiscal year 2019-20. In response to this critical challenge and in alignment with Hon’ble Prime Minister’s recent call during the 97th Mann Ki Baat episode for heightened awareness regarding…

The Central Bureau of Investigation (CBI) has arrested an executive director (ED) of GAIL (India) Ltd., and four others in an alleged ₹50 lakh bribery case.  It is alleged that kickbacks were offered to favour some contractors in gas pipeline projects.  The executive director along with the chief general manager and director of Vadodara-based Advance Infrastructures, were among those arrested.  GAIL has confirmed the arrests in a regulatory filing.  CBI conducted searches in Delhi, Noida, and Vishakhapatnam at several locations. The Central Bureau of Investigation on Tuesday arrested five persons,…

The Cabinet chaired by Hon’ble PM Shri Narendra Modi has approved an amount of Rs. 1164.53 cr. for Industrial Development Scheme (IDS), 2017 for Himachal Pradesh and Uttarakhand. The government of India announced Industrial Development Scheme, 2017, in 2018 vide Notification No.2(2)/2018-SPS dated 23rd April 2018 for the state of Himachal Pradesh and Uttarakhand. Under this scheme,the total financial outlay was Rs.131.90 crore. This allocated fund has been exhausted during the financial year 2021-22. Further, the requirement of an additionalfund to meet the committed liabilities up to 2028-2029 is Rs.1164.53 Crore.…

Paytm founder and CEO Vijay Shekhar Sharma says he ‘will jump at any opportunity to buy more equity’ in the company from Antfin.  Antfin, a subsidiary of Chinese fintech giant Ant Group, sold some of its stakes in Paytm after Alibaba sold its entire stake in February.  Sharma, also CEO of Paytm, holds a 19.42% in Paytm after purchasing shares from Antfin.  Paytm is focusing on its payments and credit business and is targeting free cash flow of sizeable value soon, Sharma said.  Paytm launched a US$12 “soundbox” device that…

The Organized Crime and Corruption Reporting Project (OCCRP) said that Millions of dollars were invested in some publicly traded stocks of Adani Group via “opaque” Mauritius funds.   The OCCRP report has alleged insider trading via two foreign investors.  The Adani Group today rejected what it called “recycled allegations” of hidden foreign investors.  The claims were based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over-invoicing and transfer of funds abroad.  “The timing of these news reports is suspicious, mischievous, and…

According to sources familiar with the situation and documents reviewed by The Wall Street Journal, the fee rise will begin in October and April. Online purchases will mostly have these increased fees.  Visa and Mastercard plan to increase fees for retailers accepting credit and debit cards, potentially costing over $500 million annually.  With the increases, merchants could pay more than $500 million in additional fees each year, according to merchant-consulting company CMSPI.  US merchants shelled out a record $160.7 billion on so-called swipe fees last year, up 16.7% from 2021,…

Union Finance Minister Smt. Nirmala Sitharaman chaired a review meeting of Regional Rural Banks of Northern Region in New Delhi, today. During the review meeting, the Union Finance Minister emphasised on digital capability upgradation of RRBs and instructed Managing Director & CEO, Punjab National Bank (PNB) to ensure that all RRBs with PNB acquire digital onboarding capability by 1st November 2023. Finance Minister Smt. Sitharaman urged the RRBs to undertake removal of duplication of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and facilitate storage facility for apple growers particularly in J&K…