Category: Business & Economics

Why Gold Prices in India Are Soaring: Key Factors Behind the Surge

Manish Kumar

Gold prices have reached new heights, creating a buzz in the market. The value of gold has surged dramatically in recent days, with prices in India climbing to record levels, largely driven by global uncertainties and economic shifts. This surge in prices is influenced by various domestic and international factors. Let’s take a closer look at what’s driving the rise in gold prices and whether this trend is expected to continue. Record High Gold Prices in India Gold has been shining brightly in India, hitting an all-time high of ₹76,000…

Hyundai Motor India Gears Up for Record-Breaking $3 Billion IPO in October

Manish Kumar

Hyundai Motor India Limited (HMIL), the Indian arm of South Korean auto giant Hyundai Motor Co., is poised to launch India’s largest-ever initial public offering (IPO), potentially raising around $3 billion. This landmark move follows the green light from the Securities and Exchange Board of India (Sebi), marking a significant milestone in India’s financial market. Sebi Approval Paves the Way After filing its Draft Red Herring Prospectus (DRHP) in June 2024, Hyundai Motor India received the final observations from Sebi, setting the stage for the anticipated IPO launch in October.…

UP International Trade Show Begins Today in Greater Noida: Timing, Entry Fee, and Details

Manish Kumar

UP International Trade Show: The Uttar Pradesh International Trade Show (UPITS) will take place from September 25-29. According to a presentation by India Expo Mart and the Uttar Pradesh government, around 500 overseas buyers from 70 countries are expected to attend the international trade show. UP International Trade Show 2024: The Uttar Pradesh International Trade Show (UPITS) is set to start today (September 25). The show will take place till September 29. Vice President Jagdeep Dhankhar will inaugurate the event at the India Expo Center and Mart in Greater Noida…

Sensex Surpasses 85,000 for the First Time; Nifty Nears 26,000

Manish Kumar

Sensex and Nifty Reach New Milestones On Tuesday, September 24, the BSE Sensex broke past the 85,000 mark for the first time during early trading hours, reaching an all-time high of 85,023. At the same time, the Nifty 50 index neared the 26,000 level, hitting a fresh high of 25,971. By 10:21 AM, Sensex was trading at 85,006.61, a gain of 78 points, while Nifty stood at 25,964.25, up 25.20 points. This surge follows last week’s US Federal Reserve rate cut, which has bolstered global markets. Steady Upward Momentum The…

Modi Government Lifts Minimum Export Price on Onion Exports

Manish Kumar

In a move aimed at benefiting Indian farmers and boosting the country’s onion exports, the government has eliminated the Minimum Export Price (MEP) for onions. The Directorate General of Foreign Trade (DGFT) issued a notification on Friday, announcing the immediate removal of the $550 per tonne price threshold that had previously restricted the sale of onions abroad. The decision comes as part of a broader strategy to leverage the current international glut of onions. By removing the MEP, the government hopes to enable Indian farmers to take advantage of global…

PM Modi Flags Off Three New Vande Bharat Trains, Says ‘Faster Growth of Southern States Crucial’

Manish Kumar

Prime Minister Narendra Modi inaugurated three new Vande Bharat trains via video conferencing on August 31, enhancing connectivity across Uttar Pradesh, Tamil Nadu, and Karnataka. The Ministry of Railways highlighted the significance of these state-of-the-art trains in promoting faster, more comfortable travel, aligning with India’s ‘Make in India’ and Aatmanirbhar Bharat initiatives. The newly launched Vande Bharat trains will operate on the following routes: Meerut City-Lucknow, Madurai-Bengaluru, and Chennai Egmore-Nagercoil. During the inauguration, PM Modi emphasized the importance of these trains in enhancing connectivity to key religious and economic hubs.…

Reliance AGM 2024: Mukesh Ambani Announces Possible Bonus Shares and New Targets

Manish Kumar

At the Reliance Industries AGM 2024, Chairman Mukesh Ambani highlighted the company’s ongoing commitment to contributing to India’s growth and outlined ambitious future targets. Ambani revealed that Reliance will consider issuing bonus shares in a 1:1 ratio during a board meeting scheduled for September 5, 2024. Key Highlights from the AGM: Bonus Shares Proposal: Mukesh Ambani announced that Reliance will hold a board meeting on September 5 to deliberate on issuing bonus shares at a 1:1 ratio, which means shareholders could receive one additional share for every share they currently…

EPFO Wage Ceiling Revision Likely Soon: Finance Ministry Receives Proposal from Labour Ministry

Manish Kumar

The Union Finance Ministry is expected to make a decision soon on a proposal from the Labour Ministry recommending an increase in the wage ceiling for calculating provident fund and pension contributions under the Employees’ Provident Fund Organisation (EPFO). The proposed revision suggests raising the wage ceiling from the current ₹15,000 to ₹21,000. Background of the Proposal The existing wage ceiling of ₹15,000 for EPF and EPS contributions has been in place since September 1, 2014. The proposal to increase this ceiling was sent to the Finance Ministry in April,…

Income Tax Department Intensifies Crackdown on Suspected Evasion, Targets ₹15,000 Crore

Manish Kumar

Massive Reopening Notices Issued The Income Tax Department has escalated its efforts to curb tax evasion, issuing 10,000 reopening notices to companies and individuals across major cities. These notices seek explanations for discrepancies in reported incomes, particularly focusing on the 2018-19 assessment year. The department’s action is part of a larger initiative directed by the Central Board of Direct Taxes (CBDT) to monitor rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics. Targeting Suspected Undisclosed Income The reopening notices must be issued by August…

Sebi Imposes 5-Year Trading Ban on Anil Ambani, Slaps ₹25 Crore Fine

Manish Kumar

Sebi bars Anil Ambani, 24 entities for 5 years Ambani fined Rs 25 crore, banned from securities market Reliance Home Finance barred for 6 months, fined Rs 6 lakh The Securities and Exchange Board of India (Sebi) has taken stringent action against industrialist Anil Ambani, imposing a five-year trading ban and a ₹25 crore fine. This decision, which also impacts 24 other entities including key former officials of Reliance Home Finance Ltd (RHFL), comes after a detailed investigation into the diversion of funds from the company. Sebi’s ruling not only…