MUMBAI [Maha Media]: Equity benchmark indices Sensex and Nifty climbed in early trade on Tuesday helped by value buying at lower levels along with sustained investment by domestic institutional investors and a rally in the US markets.

The BSE benchmark Sensex climbed 324.83 points to 79,820.98 in early trade. The NSE Nifty went up by 100.7 points to 24,242.

From the 30-share Sensex pack, Bharti Airtel, ICICI Bank, Sun Pharma, Axis Bank, Tata Steel, Titan, Reliance Industries and Power Grid were the biggest gainers.
 

PANAJI [Maha Media]: Union Commerce and Industry Minister Piyush Goyal on Friday said India's growth story will take the country's USD 3.5 trillion economy now to USD 35 trillion in the next 25 years.

Addressing the inaugural session of Amazing Goa Global Business Summit 2024, Goyal said that the 21st century belongs to India and it was on track to become the third largest world economy in three years.

Chief Minister Pramod Sawant, former Union minister Suresh Prabhu and others were present during the inaugural function of the summit, an initiative of the Vibrant Goa Foundation.
 

MUMBAI [Maha Media]:The rupee fell 5 paise to an all-time low of 84.37 against the US dollar in early trade on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.

Forex traders said the US Federal Reserve's recent decision to cut interest rates signals a shift in the global financial landscape. Moreover, with Donald Trump's tax and trade policies influencing global markets, volatility could re-enter the rupee's trajectory.

At the interbank foreign exchange, the rupee opened at 84.32 against the greenback, then it fell further to an all-time low of 84.37, registering a rise of 5 paise over its previous close.
 

MUMBAI [Maha Media]: The BSE Sensex on Friday declined 55.47 points to close at 79,486.32 as selling was seen in Realty, Energy, and Oil and Gas stocks. The National Stock Exchange (NSE) slipped 51.15 points at 24,148.20. The Nifty registered days high and low at 24,276.16 and 24,066.65 points, respectively. High volatility was seen during the day as the Sensex opened in green at 79,611.80, rising 70 pts. 

It was gained further by 266 points at 79,807.26 days high. In late trade it erased earlier gains and dropped 424 pts at 79,117.37, days low before closing at 79,486.32, down 55.47 pts from its previous close. 

The stocks that dragged the market were Realty by 2.98 pc, Energy by 2.10 pc and Oil and Gas by 2.08 pc.

The midcap fell 1.18 pc and Small cap by 1.52 pc. In 30 scrips, 15 advanced, while 15 declined. The losers were Asian Paints by 2.62 pc to Rs 2769, Tata Steel by 2.35 pc to Rs 147.35, SBI by 2.11 pc to Rs 841.10, Reliance Industries by 2.01 pc to Rs 1279.45, and NTPC by 1.98 pc to Rs 396. The gainers were M&M by 2.69 pc to Rs 2967.65, Titan by 2.13 pc to Rs 3186.35, Tech Mahindra by 1.59 pc to Rs 1677.35, and Infosys by 1.31 pc to Rs 1826.20.
 

MUMBAI [Maha Media]: Erasing gains, the BSE Sensex on Thursday dropped 836.34 pts to close at 79,541.79 as selling was seen across the board despite positive global cues. The National Stock Exchange (NSE) slipped 284.70 pts at 24,199.35. 

The Nifty registered days high and low at 24,503.35 and 24,179.05 pts respectively. 

The Sensex opened in green at 80,563.42, up 185 pts, which was the day's high figure, later it was tanked 959 pts at 79,419.34, a day low, before closing at 79,541.79, sliding 836.34 pts from its previous close. 

The stocks that dragged the market were Metal by 2.54 pc, Utilities by 1.82 pc, Realty by 1.45 pc and Power by 1.42 pc.

The Mid-cap fell by 0.67 pc and the Small-cap by 0.44 pc. In 30 scrips, 2 advanced, while 28 declined. The losers were Tata Motors by 2.36 pc to Rs 819.90, Tech Mahindra by 2.21 pc to Rs 1656, JSW Steel by 1.99 pc to Rs 988.75 and Sun Pharma by 1.96 pc to Rs 1791.50. The gainers were SBI by 0.53 pc to Rs 859.25 and TCS by 0.26 pc to Rs 4149.40.
 

NEW DELHI [Maha Media]: India's services activities accelerated in October this year on the back of healthy customer demand domestically and from abroad, as per a private survey released on Wednesday. The HSBC India services Purchasing Managers' Index (PMI) rose to 58.5 in October this year from 57.5 in September, driven by sharper expansions in output and new business. While a PMI reading above 50 means expansion, the print below 50 shows contraction. As per HSBC India services PMI, compiled by S&P Global, Indian service providers maintained a strong rate of output expansion in October, with growth recovering from September's ten-month low.

"India’s services PMI recovered from its ten-month low in September to reach 58.5 last month. During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The HSBC India Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. 

"The seasonally adjusted HSBC India Services Business Activity Index is based on a single question asking how the level of business activity compares with the situation the month before," the survey said. One of the closely-watched monthly numbers by economists and policy watchers, the survey said that input costs increased at the strongest pace for three months in October. Higher business expenses were largely attributed to rising wage bills and food costs. "Efforts to pass these on to clients meant that selling charges were hiked again," it said. The survey said that business sentiment remained positive in October this year despite receding a little from September. 
 

MUMBAI [Maha Media]: The BSE Sensex on Wednesday spurted 901.50 pts to close high at 80,378.13 as buying was seen across the board and Donald Trump's victory in US Presidential election also boosted the equity market. 

The National Stock Exchange (NSE) gained 270.75 pts at 24,484.05. The Nifty registered days high and low at 24,537.60 and 24,204.05 pts respectively.  The Sensex opened in green at 79,771, up 295 pts. It rallied by 1093 pts at 80,569.73, a day high, before closing at 80,378.13, advancing 901.50 pts from its previous close. The stocks that boosted the market were IT by 4.04 pc, Telecom by 3.37 pc, and Industries by 2.66 pc. 

The Mid-cap rose by 2.28 pc and the Small cap by 1.96 pc. In 30 scrips, 25 advanced, while 5 declined. The gainers were TCS by 4.21 pc to Rs 4138.80, Infosys by 4.02 pc to Rs 1824.30, Tech Mahindra by 3.85 pc to Rs 1696, HCL Technology by 3.71 pc to 61838.95 and Adani Ports by 3.21 pc to Rs 1371.90. The losers were Titan by 1.72 pc to Rs 3177.50, IndusInd Bank by 1.14 pc to Rs 1077.60, and Hind Unilever by 0.79 pc to Rs 2501.35 
 

MUMBAI [Maha Media]: Benchmark Sensex recovered its early losses to close sharply higher by 694 points on late buying in banking, steel and oil & gas shares amid firm trends in global equities.

Bouncing back from Monday's sharp fall, the BSE Sensex jumped 694.39 points or 0.88 percent to settle at 79,476.63. During the day, it soared 740.89 points, or 0.94 percent to 79,523.13.

The NSE Nifty climbed 217.95 points or 0.91 percent to 24,213.30.
 

MUMBAI [Maha Media]: The rupee on Monday fell 4 paise to a record low of 84.11 (provisional) against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.

Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent. A recovery in crude oil prices and FII outflows also dented investor sentiments.

However, the softening of the US dollar prevented a sharp fall.
 

AGRA [Maha Media]: A MiG-29 fighter jet of the Indian Air Force crashed in a field in Uttar Pradesh's Agra on Monday, sources said.

There were no casualties in the incident and the pilot ejected safely, they said.

A Court of Inquiry will be ordered, they said.
 

MUMBAI [Maha Media]: Benchmark Sensex tanked nearly 942 points to settle at a three-month low while Nifty tumbled more than 1 per cent to close below 24,000 on Monday dragged down by heavy selling in Reliance Industries and banking shares.

The 30-share BSE Sensex tumbled 941.88 points or 1.18 per cent to settle at 78,782.24, the lowest closing level since August 6. During the day, it slumped 1,491.52 points or 1.87 per cent to 78,232.60.

The NSE Nifty tanked 309 points or 1.27 per cent to 23,995.35.
 

MUMBAI [Maha Media]: The Indian stock market opened in red for the second consecutive day on Wednesday as selling was seen in PSU bank and pharma sectors in early trade.

Sensex was trading at 80,057.15 after falling 311.88 points or 0.39 per cent. At the same time. Nifty was trading at 24,372.75 after falling 94.10 points or 0.38 per cent.

The market trend remained positive. On the National Stock Exchange (NSE), 1,666 stocks were trading in green, while 586 stocks were trading in red.

The Nifty Bank was at 52,890.30 after slipping 430.40 points or 0.82 per cent. The Nifty Midcap 100 index was trading at 56,460.75 after climbing 209.45 points or 0.37 per cent. The Nifty Small cap 100 index was at 18,355.35 after climbing 156.40 points or 0.86 per cent.

Maruti, IndusInd Bank, Tata Motors, TCS and ITC were the top gainers in the Sensex pack. At the same time, Sun Pharma, Bajaj Finserv, Titan, HCL Tech, PowerGrid and Asian Paints were the top losers.

Maruti, BEL, IndusInd Bank, Tata Motors and Bajaj Auto were the top gainers in the Nifty pack. Cipla, Dr Reddy's, Sun Pharma, Shriram Finance, Bajaj Finserv and Titan were the top losers.
 

MUMBAI [Maha Media]: The BSE Sensex on Tuesday further gained by 363.99 points to close at 80,369.03 following gains in Bankex, Realty, Utilities and Capital Goods stocks. The National Stock Exchange (NSE) rose 127.70 points at 24,466.85. Despite high volatility, the equity market ended positive only, as the Sensex opened at 80,037, rising 32 points. During the day, it was rallied 445 points at 80,450.48, days high before closing at 80,369.03, gaining 363.99 points from its last close.

The Nifty registered days high and low at 24,484.50 and by 24,140.85 points respectively. The Mid cap moved up 0.76 pc and Small cap by 0.81 pc. In 30 scrips, 16 advanced, while 14 declined. The stocks that kept the market up were Bankex by 2.21 pc, Realty by 1.49 pc, Capital Goods by 1.34 pc and Utilities by 1.32 pc. The gainers were SBI by 5.26 pd to Rs 833.45, ICICI Bank by 3.11 pc to Rs 1332.90, NTPC by 2.11 pc to Rs 412.25, Bajaj Finserv by 2.03 pc to Rs 1765.35 and Adani Ports by 1.61 pc to Rs 1375. 

The losers were Maruti Suzuki by 4.17 pc to Rs 11003.45, Tata Motors by 4.06 pc to Rs 843, Bharti Airtel by 1.75 pc to Rs 1634.50 and Sun Pharma by 1.66 pc to Rs 1871.05.

MUMBAI [Maha Media]: The real estate sector in India raised nearly Rs 13,500 crore via initial public offerings (IPOs) from the markets this year to date, almost double the amount raised in 2023, according to a report on Tuesday.

With 123 fresh issues (As of October 20) across multiple sectors, 2024 has already surpassed the total number of IPOs witnessed in 2023, according to a report by Colliers India.

Since 2021, the bourses have witnessed 21 real estate IPOs, significantly higher than the 11 listings in the previous four years, during 2017-2020.

In the post-pandemic era, 21 real estate companies have raised Rs 31,900 crore through IPOs, more than double the funds raised in the preceding four-year period (2017-2020).

Traction in IPOs in real estate is largely led by housing finance institutions, that attracted 46 per cent of the capital raised during 2021-2024, followed by real estate investment trusts (REITs), at 22 per cent share.

Leading real estate developers with a primary focus on residential assets too raised significant funds at Rs 5,600 crore, more than 10 times compared to the preceding four-year period, the report noted.

“The positive outlook for IPO activity in India is underpinned by higher investment in infrastructure, favourable demographics, and higher consumer spending supported by a conducive regulatory framework.” said Badal Yagnik, Chief Executive Officer, Colliers India.
 

MUMBAI [Maha Media]: Equity markets rebounded in early trade on Monday, driven by buying in the stock of blue-chip ICICI Bank, firm trends in Asian peers and continuous buying by domestic institutional investors.

The BSE Sensex jumped 462.45 points to 79,864.74 in early trade. The NSE Nifty climbed 112.1 points to 24,292.90.

From the 30 Sensex pack, ICICI Bank climbed nearly 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 2024.
 

MUMBAI [Maha Media]: Stock markets gave up early gains and traded lower on Friday amid a sharp fall in IndusInd Bank shares and relentless foreign fund outflows.

The BSE Sensex climbed 130.56 points to 80,195.72 in early trade. The NSE Nifty went up by 36.9 points to 24,436.30.

However, the selling pressure soon dragged both the indices down. The BSE benchmark traded 197.47 points lower at 79,875.03 and the Nifty quoted with a cut of 89.20 points at 24,310.20.
 

NEW DELHI [Maha Media]: Asserting that addressing conflicts and tensions effectively is a “particular need of the day,” External Affairs Minister S Jaishankar on Thursday said disputes and differences must be settled by dialogue and diplomacy, and agreements, once reached, must be “scrupulously respected.”

He made the remarks while representing Prime Minister Narendra Modi at the BRICS Outreach session in Kazan in Russia.

“We meet in difficult circumstances. The world must be prepared to think afresh on longstanding challenges. Our gathering is a message that we are indeed prepared to do so,” Jaishankar said.

In his address, he also cited Prime Minister Narendra Modi's previously spoken words that “This is not an era of war.”

“Addressing conflicts and tensions effectively is a particular need of the day. Prime Minister Modi has emphasised that this is not an era of war. Disputes and differences must be settled by dialogue and diplomacy. Agreements, once reached, must be scrupulously respected,” the external affairs minister said.

International law should be adhered to, without exception. There should be zero tolerance for terrorism, Jaishankar said at the BRICS Outreach session.

He also said that the “situation in West Asia is an understandable concern,” and there is widespread anxiety that conflict would spread further in the region.

The Outreach/BRICS Plus meeting held here on the final day of the BRICS Summit was hosted by Russian President Vladimir Putin. The session was attended by UN Secretary General Antonio Guterres, more than 20 world leaders and over 30 delegations.

MUMBAI [Maha Media]: Extending losses for the fourth straight session on Thursday, the BSE Sensex eased 16.82 pts to settle at 80,065.16 as selling was seen in Realty, Telecommunications, and FMCG stocks. 

The National Stock Exchange (NSE) fell 36.60 pts at 24,399.40. 

The Sensex rose 17 pts at 80,098.30. It gained 178 pts at 80,259.82, a days high. In late trade it erased earlier gains and finished at 80,065.16, sliding 16.82 pts from its previous close. The NSE registered days high and low at 24,480.65 and 24,341.20 pts respectively. The stocks that kept the market weak were FMCG by 2.66 pc, Realty by 1.21 pc, and Telecommunications by 1.02 pc. 

The Mid-cap declined by 0.13 pc and Small-cap by 0.72 pc. In 30 scrips, 19 advanced, while 11 declined. The losers were Hind Unilever by 5.83 pc to Rs 2502.95, Nestle India Ltd by 2.88 pc to Rs 2260, ITC by 1.81 pc to Rs 47.85 and Maruti Suzuki by 1.61 pc to Rs 11770. The gainers were Ultracemco by 2.77 pc to Rs 11050, M& M by 1.51 pc to Rs 2832.70, Titan by 1.37 pc to Rs 3335, and Adani Ports by 1.31 pc to Rs 1358. 
 

NEW DELHI [Maha Media]: The National Payments Corporation of India (NPCI) has granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars, according to the company.

The move is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app.

In March, the NPCI gave approval to Paytm to participate in UPI as a Third-Party Application Provider (TPAP). The NPCI allowed the company to continue UPI transactions through four banks -- SBI, Axis Bank, HDFC Bank and YES Bank.
 

MUMBAI [Maha Media]: The BSE Sensex on Wednesday recovered 203 pts at 80,424 in opening session as buying was seen in Health care, IT and Telecommunications stocks. The Nifty of National Stock Exchange (NSE) rose 53 pts at 24,525. The equity market improved today, after two days, as the Sensex registered intra and high and low at 80,431.63 and 79,891.68 pts respectively. 

The NSE registered days high and low at 24,540 and 24,378.10 pts respectively. The Mid cap moved up 0.48 pc and Small cap 0.65 pc. In 30 scrips, 16 advanced while 14 declined. The gainers were Bajaj Finance by 4.90 pc to Rs 7004.80, Bajaj Finserv by 2.14 pc to Rs 1760, HDFC Bank by 1.42 pc to Rs 1738.50 and Nestle India Ltd by 0.76 pc to Rs 2369. The losers were NTPC by 1.88 pc to Rs 407.70, M& M by 1.16 pc to Rs 2850.05, Powergrid by 1.04 pc to Rs 319.45 and Ultracemco by 0.88 pc to Rs 10,722.40. 
 

NEW DELHI [Maha Media]: "India is said to remain the largest growing economy in the world. We project growth at seven per cent in FY24-25, supported by recovery in rural consumption, as there have been favourable harvests. Inflation is expected to decline to 4.4 per cent in FY24-25, despite some volatility as food prices normalize," Krishna Srinivasan, Director for the IMF Asia Pacific Department, told PTI in an interview on Tuesday.

In terms of other fundamentals, he said, "despite elections, the fiscal consolidation remains on track. Reserve position is pretty good. Macro fundamentals, generally speaking, for India are good".
 

MUMBAI [Maha Media]: Benchmark Sensex plunged by 930.55 points while broader Nifty dropped below the 24,500 level to settle at more than two-month lows on Tuesday due to an intense sell-off across sectors and massive foreign fund exodus from the capital markets.

Extending losses to the second day, the BSE Sensex plummeted 930.55 points or 1.15 per cent to settle at 80,220.72, the lowest closing level since August 14. During the day, it tanked 1,001.74 points or 1.23 per cent to 80,149.53.

The NSE Nifty tumbled 309 points or 1.25 per cent to 24,472.10 as 47 of its constituents closed lower and three advanced. The index hit a low of 24,445.80 during the day.
 

NEW DELHI [Maha Media]: US billionaire entrepreneur Elon Musk warned of the risk of the united States going bankrupt if government spending is not cut. "If there is not radical reduction of government expenditures, then, just like an individual who has taken on too much debt, America will become de facto bankrupt. The interest on the debt is trending to rapidly absorb all tax revenue, leaving nothing for critical needs," Musk said on X, commenting on skyrocketing interest payments on US government debt. 

In May, the US Congressional Budget Office published a report according to which the country's national debt would increase to 166% of GDP over the next 30 years, while the risk of increasing the figure to 250% of GDP was not ruled out. During Joe Biden's presidency, the US national debt has grown from $28 trillion in 2021 to an unprecedented level of more than $34.5 trillion this year. The national debt is one of the hot topics in the upcoming US presidential election, which will be held on November 5. The Democratic Party will be represented by Vice President Kamala Harris, and the Republican Party by former President Donald Trump.  
 

MUMBAI [Maha Media]: The rupee stayed flat at 84.07 against the US dollar in early trade on Tuesday as positive sentiment in domestic equity markets was negated by the unabated outflow of foreign funds.

The local unit resisted the fall on the back of the retreating dollar and a downward movement in the crude oil prices, forex traders said.

At the interbank foreign exchange, the rupee opened at 84.07 against the greenback and traded on a flat note in early deals.
 

NEW DELHI [Maha Media]: Finance Minister Nirmala Sitharaman on Monday met Citibank CEO Jane Fraser here and discussed the banking sector in view of the decadal reforms and the way forward for India.

"The two discussed the use of #AI in important sectors such as #agriculture and #UrbanDevelopment as well as India's booming #pharmaceutical sector and hub for the world," the finance ministry said in a post on X.

Fraser complimented the Finance Minister for India's digital payment transformation.

Fraser lauded the crucial reforms India has taken for infra-creation to build an ecosystem around MSMEs and said that it is important to make MSMEs a part of the supply chains.

During the meeting, Fraser also said that steps taken by the government of India towards ease of doing business will streamline business processes.

The finance minister also met global investment and Financial Services BlackRock CEO Laurence Douglas Fink.

The two discussed opportunities for global investors through NIIF and IFSC GiftCity as well as opportunities for financing of GreenTech and battery storage.

Fink informed that BlackRock is working with private partners in India, especially focusing on infrastructure development.
 

MUMBAI [Maha Media]: The rupee showed a recovery from its lower level and gained marginally by 1 paisa to 84.06 against the US dollar in early trade on Monday, tracking positive cues from domestic equity markets and a soft American currency.

However, sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and stayed almost flat in early deals, trading 1 paisa higher from its previous close.
 

MUMBAI [Maha Media]: Indian stock markets started the fresh week with gains as both the indices, Nifty and Sensex , surged on Monday. 

The Nifty 50 index opened at 24,956.15 points after gaining 0.41 per cent or 102.10 points, while the BSE Sensex surged by 545 points or 0.67 per cent to open at 81,770.02 points.

However, soon the benchmark indices succumbed to profit-taking and were trading lower. The BSE benchmark gauge quoted 136.52 points down at 81,060.86 and the Nifty traded 100.70 points lower at 24,753.35.
 

NEW DELHI [Maha Media]: Union Minister Nitin Gadkari inaugurated the International Seminar and Expo on Methanol organised by NITI Aayog at the Manekshaw Centre in New Delhi on Thursday. The event is being organised in collaboration with the Methanol Institute of the United States.

This event will highlight the progress of projects, products, and Research and Development initiatives related to Methanol production, application, and allied technological developments in the world. The key focus of the seminar will be to highlight the role of Methanol in the world energy transition and the rise of Methanol as a low-carbon fuel in green shipping. 

In a curtain raiser press conference in New Delhi, a Member of NITI Aayog, Dr VK Saraswat said that methanol is a versatile fuel that can be produced from a wide range of domestic feedstocks, including biomass, coal, and renewable sources. He said that it is one of the cleanest fuel and cheaper than fossil fuel. He said it will play a crucial role in India’s clean energy transition.
 

MUMBAI [Maha Media]: The rupee witnessed range-bound trade and appreciated 3 paise to 83.99 against the US dollar in initial deals on Thursday, as suspected RBI intervention, coupled with softer oil prices supported the rupee at lower levels.

Forex traders said the rupee is likely to trade in a narrow range during the day as strong dollar and a muted tone in the domestic equities weighed on the local unit, while weak crude oil prices and any intervention by the Reserve Bank of India (RBI) may also support the local currency.

At the interbank foreign exchange, the rupee opened at 84.01 against the greenback. In the initial trade, it touched 83.99, registering a rise of 3 paise over its previous close.
 

MUMBAI [Maha Media]: The rupee witnessed range-bound trade and depreciated 3 paise to 84.07 against the US dollar in initial deals on Wednesday, weighed down by significant foreign fund outflows and the strength of the American currency in the overseas market.

Forex traders said the rupee is likely to trade in a narrow range during the day as strong dollar and a muted tone in the domestic equities weighed on the local unit, while weak crude oil prices and any intervention by the Reserve Bank of India (RBI) may also support the local currency at lower levels.

At the interbank foreign exchange, the rupee opened at 84.03 against the greenback. In the initial trade, it touched 84.07, registering a fall of 3 paise over its previous close.
 

MUMBAI [Maha Media]: Benchmark Sensex declined by 318 points while Nifty slipped below 25,000 level on Wednesday due to selling in IT and auto shares amid unabated foreign fund outflows and weak trends in global markets.

Falling for the second day, the BSE Sensex declined by 318.76 points or 0.39 per cent to settle at 81,501.36. During the day, it slumped 461.86 points or 0.56 per cent to 81,358.26.

The NSE Nifty declined by 86.05 points or 0.34 per cent to close at 24,971.30.
 

MUMBAI [Maha Media]: The rupee witnessed a range-bound trade and appreciated 1 paisa to 84.04 (provisional) against the US dollar on Tuesday, as weak crude oil prices and suspected intervention by the Reserve Bank supported the local currency at lower levels.

Forex traders said the rupee was weighed down by significant foreign fund outflows, a negative trend in domestic equities and the overall strength of the American currency in the overseas market.

At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range of 84.03 and 84.07. The unit settled for the day at 84.04 (provisional), registering a rise of just 1 paisa over its previous close.
 

NEW DELHI [Maha Media]: The merger of media assets of Reliance Industries and the India business of global media house Walt Disney is expected to be completed by the end of the third quarter of this fiscal, according to a regulatory filing by Mukesh Ambani-led group.

The fair trade regulator, the Competition Commission of India (CCI), has already approved the merger of Viacom18 and Star India. The National Company Law Tribunal (NCLT) has sanctioned the merger scheme.

"The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY25," informed Reliance Industries on Monday in its quarter earning statement.
 

MUMBAI [Maha Media]: Low-cost carrier SpiceJet on Tuesday said that it has settled a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Limited for an aggregate sum of $5 million. "Both parties have reached this agreement through amicable negotiations, choosing to resolve the matter outside the courtroom. As part of the settlement, all ongoing litigations and disputes between the parties will be withdrawn at the appropriate forums,"SpiceJet said in a media release. 

This settlement follows two other financial agreements by SpiceJet in recent weeks. On October 9, the airline resolved a $131.85 million dispute with lessors Horizon Aviation 1 Ltd, Horizon II Aviation 3 Ltd and Horizon III Aviation 2 Ltd for $22.5 million. Prior to that, on September 24, the company had settled a dispute with Engine Lease Finance Corporation (ELFC), which initially claimed $16.7 million, for an undisclosed lower amount. “We are pleased to have successfully resolved this long-standing dispute with Aircastle and Wilmington Trust. This settlement underscores our commitment to amicably resolving matters in the best interest of the company and all stakeholders. With this and other significant settlements, SpiceJet continues to strengthen its financial position and lay the groundwork for a more resilient future," said Ajay Singh, Chairman and Managing Director, SpiceJet. 
 

NEW DELHI [Maha Media]:  India should urgently embrace AI with a holistic strategy driven by maximum "Atmanirbhar" efforts, Akash M Ambani, Chairman of Reliance Jio Infocomm said on Tuesday, as he made a strong pitch for Indian data to remain in India's data centres.

Speaking at the inauguration of IMC and ITUWTSA 2024, Ambani urged the government to expedite the process of updating the Data Centre Policy 2020 draft so that Indian data should remain in India's data centres.

"... The scale and speed of multilingual data generation in India, which will drive the AI revolution, will grow exponentially. We request the government to expedite the updating of the 2020 draft of the Data Centre Policy that Indian data should remain in India's data centres," he said.
 

MUMBAI [Maha Media]: Benchmark stock indices closed lower on Tuesday following losses in bellwether Reliance Industries and retail inflation hitting a nine-month high in September.

Paring early gains, the BSE Sensex declined 152.93 points or 0.19 per cent to settle at 81,820.12. During the day, it fell by 337.48 points or 0.41 per cent to a low of 81,635.57.

The NSE Nifty settled lower by 70.60 points or 0.28 per cent to 25,057.35.
 

NEW DELHI [Maha Media]: India's wholesale price inflation stood at 1.84 per cent in the month of September, primarily due to increase in prices of food articles and some manufacturing areas, the government said on Monday.

In August, the wholesale inflation came at 1.31 per cent and 2.04 per cent in July. The month-over-month change in WPI index for the month of September stood at 0.06 per cent as compared to August.

The WPI increase in September was due to the increase in prices of food articles, food products, other manufacturing, manufacture of motor vehicles, trailers and semi-trailers, manufacture of machinery and equipment, etc.

The WPI for primary articles increased by 0.41 per cent to 195.7 in September from 194.9 in August. Prices of minerals (1.83 per cent), non-food articles (1.31 per cent) and food articles (0.86 per cent) increased in September as compared to August.

The prices of crude petroleum and natural gas (-5.74 per cent) declined in September as compared to August, according to the data by the Ministry of Commerce and Industry.

The index for fuel and power declined by 0.81 per cent to 146.9 (provisional) in September from 148.1(provisional) in August.

Price of electricity (1.34 per cent) increased and price of mineral oils (-1.72 per cent) decreased. The index for coal remained constant at 135.6 (provisional) in September.

The index for manufactured products increased by 0.14 per cent to 141.8 (provisional) in September from 141.6 (provisional) in August.

Some of the important groups that showed month-over-month increase in prices are manufacture of food products; other manufacturing; other non-metallic mineral products; computer, electronic and optical products; wearing apparel etc.

Some of the groups that witnessed a decrease in prices are manufacture of basic metals; textiles; motor vehicles, trailers and semi-trailers; chemicals and chemical products; fabricated metal products, except machinery and equipment, etc.

The WPI food index consisting of 'food articles' from primary articles group and 'food product' from manufactured products group increased from 193.2 in August to 195.3 in September, 2024.

The annual rate of inflation based on WPI Food Index increased from 3.26 per cent in August to 9.47 per cent in September, ac per the government data.

The WPI measures the change in prices of goods sold and traded in bulk by wholesale businesses with other companies.
 

MUMBAI [Maha Media]: Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86.

"Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.
 

NEW DELHI [Maha Media]: Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said that retail inflation for the current fiscal (FY25) is projected at 4.5 per cent due to healthy monsoon and sound supply conditions.

Addressing the Monetary Policy Committee (MPC) meeting here, Das said that food inflation is likely to decrease later in the year, supported by a solid stock of essential commodities.

The RBI MPC projected Consumer Price Index (CPI) inflation for FY25 at 4.5 per cent, with quarterly estimates of 4.1 per cent for Q2, 4.8 per cent for Q3, and 4.2 per cent for Q4.

"Food inflation could see some easing later in this fiscal on the back of strong kharif sowing, adequate buffers and good soil conditions," said Das, adding that this would help stabilise food prices and ease inflationary pressures in the economy.

"Retail inflation in September is likely to see a jump due to an unfavourable base, pick up in food price momentum. The Inflation horse has been brought to the stable within the tolerance band. Have to be careful about opening the gate," said the RBI Governor.

Das further stated that macroeconomic parameters of inflation and growth are well balanced, headline inflation is on a downward trajectory, though its pace has been slow and uneven.

The RBI is tasked with maintaining the CPI-based retail inflation at 4 per cent.

CPI inflation came in below the RBI’s target for the second consecutive month in August, "although in light of the recent experience, food price volatility remains a contingent risk".

The year-on-year inflation rate (3.65 per cent), based on the All India Consumer Price Index (CPI), for the month of August was the second lowest in the last five years, below the RBI’s 4 per cent inflation target.

Meanwhile, household consumption is poised to grow faster in the second quarter of the current fiscal (FY25) as headline inflation eases, with a revival of rural demand already taking hold.

MUMBAI [Maha Media]: The rupee appreciated 5 paise to 83.92 against the US dollar in early trade on Wednesday, ahead of the Reserve Bank of India's monetary policy announcement.

Forex traders said the spotlight is firmly on the RBI as it prepares to announce its monetary policy.

Most major central banks have pivoted toward rate cuts, with the US Fed being the latest to lower rates by 50 basis points. The RBI has maintained its accommodative stance. All attention now shifts to whether the central bank will move from its accommodative stance to a more neutral approach.
 

MUMBAI [Maha Media]: Benchmark BSE Sensex jumped over 550 points to revisit the 82,000-level in morning trade on Wednesday after the Reserve Bank of India changed its monetary policy stance to stance to 'neutral', a move that may lead to a rate cut in the forthcoming policies.

The 30-share BSE Sensex soared 556.97 points, or 0.68 per cent, to 82,191.78 in early trade. The broader Nifty of NSE rose 78.70 points, or 0.31 per cent, to 25,091.85.

Buying in banking and IT stocks added to the positive trend in markets, traders said.

Among the 30 Sensex companies, State Bank of India, Axis Bank, Bajaj Finance, Tata Motors, Bharti Airtel, PowerGrid and HCL Technologies were among the major gainers.

On the contrary, Nestle India, ITC, HUL, HDFC Bank, Mahindra & Mahindra were among the laggards.

The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row.

RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month. The central banks of some developed nations have also reduced their interest rates.

Announcing the fourth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent.

The RBI has maintained the status quo on benchmark interest rates since February 2023.

Das said RBI will remain watchful of elevated food inflation even when India GDP growth remains strong.

"As anticipated, the RBI's Monetary Policy Committee (MPC) has kept interest rates unchanged in its policy announcement today. While there were hopes for a rate cut in line with the US Fed, the RBI has taken a prudent approach by focusing on key indicators like domestic inflation and financial stability, particularly in light of the declining individual savings as a percentage of GDP, which poses a financial stability risk," said Suresh Darak, Founder of Bondbazaar.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 7,000.68 crore, according to exchange data.

In Asian markets, Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note.

Global oil benchmark Brent Crude climbed 0.95 per cent to USD 77.91 a barrel in futures trade.

US markets ended with gains in overnight deals on Tuesday.

On Tuesday, the 30-share BSE Sensex rose by 584.81 points or 0.72 per cent to close at 81,634.81. The NSE Nifty jumped 217.40 points or 0.88 per cent to finish at 25,013.15.
 

MUMBAI [Maha Media]: Equity benchmark indices turned flat after beginning the trade on a positive note early on Tuesday amid a weak trend in the Asian markets.

The 30-share BSE Sensex climbed 128.88 points to 81,178.88 in early trade, while the NSE Nifty went up 43.35 points to 24,839.10.

Later, both the benchmark indices faced volatility and were trading with marginal gains.
 

NEW DELHI [Maha Media]: In response to circulating rumors about his health, veteran industrialist and Chairman Emeritus of Tata Sons, Ratan Tata, has clarified that there is no cause for concern. Posting on the social media platform X, Tata, 86, described reports of his hospitalization as baseless.

Tata expressed that he is currently undergoing regular check-ups for age-related conditions but assured he remains in good spirits. He urged the public and media to refrain from spreading misinformation about his health.

Tata's tenure as Chairman of Tata Sons from 1991 to 2012 saw remarkable growth, with significant acquisitions like Tetley, Corus, and Jaguar Land Rover, leading the group into a global presence. His post mentioned his contributions as well as the challenges he faced following his retirement and succession.
 

MUMBAI [Maha Media]: The rupee rose 2 paise to 83.97 against the US dollar in early trade on Monday, aided by a weaker greenback in the international market and a drop in crude oil prices.

The increase in the country's forex reserves to a new all-time high of USD 704.88 billion on Friday further pushed the domestic currency, according to forex traders.

However, growing escalation in conflict in the Middle East and FIIs outflow on Friday capped sharp gains in the domestic unit, they said.
 

NEW DELHI [Maha Media]: The 3-day meeting of Reserve Bank of India’s Monetary Policy Committee (MPC) will begin today. Experts suggest that the RBI is likely to maintain the status quo on key interest rates.

The risk of food inflation and economic growth are the key concerns for the RBI to consider.

The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remain in the tolerance band of 4 percent with a margin of 2 per cent on either side.

Earlier this month, the MPC was reconstituted, with three new members joining it.

MPC Chairman and RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday.