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Battered shares in crisis-hit Credit Suisse no longer meet criteria for listing on the New York Stock Exchange, the bank said Wednesday, adding that its upcoming sale to UBS would resolve the issue. "The New York Stock Exchange notified Credit Suisse on May 1... that it is no longer in compliance with the NYSE's continued listing minimum price criteria," Credit Suisse said in a statement. Credit Suisse is listed in New York under a "Depositary Shares" scheme that allows foreign firms to sell stock in the United States. Under NYSE rules, shares must trade for at least $1.00 for 30 consecutive days to qualify for listing. But the financial firm, whose share price crumbled under the pressure of fears of contagion from the collapse of three US regional banks, is slated to be taken over by historic rival UBS in a rescue organised by Bern. Since the deal, the share price has hovered around 0.76 Swiss francs ($0.83) -- in line with the three-billion-franc valuatio

Battered shares in crisis-hit Credit Suisse no longer meet criteria for listing on the New York Stock Exchange, the bank said Wednesday, adding that its upcoming sale to UBS would resolve the issue. "The New York Stock Exchange notified Credit Suisse on May 1... that it is no longer in compliance with the NYSE's continued listing minimum price criteria," Credit Suisse said in a statement. Credit Suisse is listed in New York under a "Depositary Shares" scheme that allows foreign firms to sell stock in the United States. Under NYSE rules, shares must trade for at least $1.00 for 30 consecutive days to qualify for listing. But the financial firm, whose share price crumbled under the pressure of fears of contagion from the collapse of three US regional banks, is slated to be taken over by historic rival UBS in a rescue organised by Bern. Since the deal, the share price has hovered around 0.76 Swiss francs ($0.83) -- in line with the three-billion-franc valuatio

India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for Asia and global growth, said Morgan Stanley. In a report, Morgan Stanley said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in India, especially since 2014. India of today, the report said, is different from what it was in 2013. "This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said. "India has transformed in less than a decade." Listing the 10 big changes that have happened since Prime Minister Narendra Modi took office in 2014, the brokerage said bringing corporate tax at par with peers and infrastructure investment picking pace are one of the biggest supply-side policy reforms. Also, the rising collect

India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for Asia and global growth, said Morgan Stanley. In a report, Morgan Stanley said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in India, especially since 2014. India of today, the report said, is different from what it was in 2013. "This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said. "India has transformed in less than a decade." Listing the 10 big changes that have happened since Prime Minister Narendra Modi took office in 2014, the brokerage said bringing corporate tax at par with peers and infrastructure investment picking pace are one of the biggest supply-side policy reforms. Also, the rising collect

 The payment system is expected to be "bunker-like" lightweight and portable, using minimal hardware and software. It will only be activated when needed, such as during a natural disaster or other catastrophic event. The system would process transactions that are critical to the stability of the economy, such as government and market-related transactions. This would help to ensure that the economy is able to function smoothly and that there is no disruption to the flow of money. "Having such a resilient system is also likely to act as a bunker equivalent in payment systems and thereby enhance public confidence in digital payments and financial market infrastructure even during extreme conditions," the RBI Annual Report for 2022-23 read. The payment systems in India, such as UPI, RTGS, and NEFT, are designed to handle large volumes of transactions and ensure continuous availability. However, they rely on complex wired networks and advanced IT infrastructure. The

 The payment system is expected to be "bunker-like" lightweight and portable, using minimal hardware and software. It will only be activated when needed, such as during a natural disaster or other catastrophic event. The system would process transactions that are critical to the stability of the economy, such as government and market-related transactions. This would help to ensure that the economy is able to function smoothly and that there is no disruption to the flow of money. "Having such a resilient system is also likely to act as a bunker equivalent in payment systems and thereby enhance public confidence in digital payments and financial market infrastructure even during extreme conditions," the RBI Annual Report for 2022-23 read. The payment systems in India, such as UPI, RTGS, and NEFT, are designed to handle large volumes of transactions and ensure continuous availability. However, they rely on complex wired networks and advanced IT infrastructure. The

Adani Ports and Special Economic Zone on Tuesday announced its results for the fourth quarter and the entire financial year 2022-23. Its net profits (Profit After Tax) increased three per cent in the January-March 2023 quarter to Rs 1,141 crore and 9 per cent for the entire year 2022-23 to Rs 5,393 crore. The Adani company's revenue increased 40 per cent in the January-March quarter to Rs 5,797 crore, and 22 per cent in the entire year 2022-23 to Rs 20,852 crore. The company's strategy of geographical diversification, among others, enabled robust growth, Karan Adani, CEO and Whole Time Director of Adani Ports and Special Economic Zone, said. Adani Ports made record investments of around Rs 27,000 crore in 2022-23, which included six major acquisitions totalling around Rs 18,000 crore and organic capex of around Rs 9,000 crore, it said on Tuesday. For 2023-24, total capital expenditure during the year is expected to be Rs 4,000-4,500 crore. In 2022-23, it recommended a divi

Reserve Bank of India is working on a light weight and portable payment system, a "bunker equivalent in payment systems", that can be used for critical transactions during catastrophic events like natural calamities and war. The proposed Light weight and Portable Payment System (LPSS) will be independent of conventional technologies and can be operated from anywhere by a bare minimum staff, according to the central bank. Existing conventional payment systems like RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) are designed to handle large volumes while ensuring sustained availability. These systems are dependent on complex wired networks backed by advanced IT infrastructure. However, catastrophic events like natural calamities and war have the potential to render these payment systems temporarily unavailable by disrupting the underlying information and communication infrastructure, RBI said in its latest ann

The unemployment rate for persons aged 15 years and above in urban areas declined to 6.8 per cent during January-March 2023 from 8.2 per cent a year ago, the National Sample Survey Survey (NSSO) showed. Joblessness or unemployment rate is defined as the percentage of unemployed persons in the labour force. Joblessness was high in January-March 2022, mainly due to the staggering impact of Covid-related restrictions in the country. The unemployment rate in July-September 2022 and October-December 2022 was 7.2 per cent only. It was 7.6 per cent in April-June 2022. The unemployment rate (UR) for persons aged 15 years and above in April-June 2022 was 7.6 per cent in urban areas, the 18th Periodic Labour Force Survey (PLFS) showed. In January-March 2022, the unemployment rate was 8.2 per cent. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.2 per cent in January-March 2023 from 10.1 per cent in the same quarter a year ago.

The unemployment rate for persons aged 15 years and above in urban areas declined to 6.8 per cent during January-March 2023 from 8.2 per cent a year ago, the National Sample Survey Survey (NSSO) showed. Joblessness or unemployment rate is defined as the percentage of unemployed persons in the labour force. Joblessness was high in January-March 2022, mainly due to the staggering impact of Covid-related restrictions in the country. The unemployment rate in July-September 2022 and October-December 2022 was 7.2 per cent only. It was 7.6 per cent in April-June 2022. The unemployment rate (UR) for persons aged 15 years and above in April-June 2022 was 7.6 per cent in urban areas, the 18th Periodic Labour Force Survey (PLFS) showed. In January-March 2022, the unemployment rate was 8.2 per cent. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.2 per cent in January-March 2023 from 10.1 per cent in the same quarter a year ago.

The rupee depreciated by 4 paise to 82.67 against the US dollar in early trade on Tuesday, tracking a strong American currency against major rivals overseas. Forex traders said downward movement in crude price and inflows of foreign funds, however, capped the fall in the Indian currency. Meanwhile, the dollar strengthened as investors were upbeat on the tentative agreement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face voting on Wednesday before getting sealed. Traders were also keeping an eye on the US non-farm payroll (NFP) data to be released on Friday. "Rupee traded in a narrow range and volatility remained low as most market participants remained on the sidelines following US market holiday. On the other hand, the dollar was weighed down after preliminary talks between the Republicans and Democrats sailed through. "Today, focus will be on the consumer confidence number from the US and that is l

The rupee depreciated by 4 paise to 82.67 against the US dollar in early trade on Tuesday, tracking a strong American currency against major rivals overseas. Forex traders said downward movement in crude price and inflows of foreign funds, however, capped the fall in the Indian currency. Meanwhile, the dollar strengthened as investors were upbeat on the tentative agreement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face voting on Wednesday before getting sealed. Traders were also keeping an eye on the US non-farm payroll (NFP) data to be released on Friday. "Rupee traded in a narrow range and volatility remained low as most market participants remained on the sidelines following US market holiday. On the other hand, the dollar was weighed down after preliminary talks between the Republicans and Democrats sailed through. "Today, focus will be on the consumer confidence number from the US and that is l

The Reserve Bank has found gaps in banks' corporate governance despite issuing guidelines on the matter, Governor Shaktikanta Das said on Monday. Addressing directors of bank boards, Mr Das said such gaps, which have been mitigated, could have caused "some degree of volatility". He also hit out strongly against "smart accounting" to conceal stress and bloat financial performance. "It is...a matter of concern that despite these guidelines on corporate governance, we have come across gaps in governance of certain banks, with the potential to cause some degree of volatility in the banking sector," Mr Das said at the meeting specially convened by the Reserve Bank. Bank boards and management should not allow such gaps to creep in, he said, adding that the RBI has taken up such matters with the banks at an individual level in the past. It is the joint responsibility of the chairman of the board and the directors, both whole-time and non-executive or par

The Reserve Bank has found gaps in banks' corporate governance despite issuing guidelines on the matter, Governor Shaktikanta Das said on Monday. Addressing directors of bank boards, Mr Das said such gaps, which have been mitigated, could have caused "some degree of volatility". He also hit out strongly against "smart accounting" to conceal stress and bloat financial performance. "It is...a matter of concern that despite these guidelines on corporate governance, we have come across gaps in governance of certain banks, with the potential to cause some degree of volatility in the banking sector," Mr Das said at the meeting specially convened by the Reserve Bank. Bank boards and management should not allow such gaps to creep in, he said, adding that the RBI has taken up such matters with the banks at an individual level in the past. It is the joint responsibility of the chairman of the board and the directors, both whole-time and non-executive or par

Global forecasting firm Oxford Economics on Monday said the RBI may cut key benchmark policy rate in the fourth quarter of the current calendar year as a mix of factors will allow the central bank to shift focus and adopt a more accommodative policy stance sooner. It further said inflation has already begun easing, and consumer inflation expectations are falling, so attention has shifted from estimating the peak level of the current hiking cycle to the timing of rate cuts. "We are updating our baseline view for India to include a first rate cut by the RBI in Q4 2023. We think a mix of factors will allow the RBI to shift focus and adopt a more accommodative policy stance sooner," Oxford Economics said. It noted that despite easing price pressures recently, risks to inflation over the remainder of the year are to the upside. "The MPC will want to see clear signs that inflation is stabilising in the middle of its target range before considering a dovish move - in our vi

Global forecasting firm Oxford Economics on Monday said the RBI may cut key benchmark policy rate in the fourth quarter of the current calendar year as a mix of factors will allow the central bank to shift focus and adopt a more accommodative policy stance sooner. It further said inflation has already begun easing, and consumer inflation expectations are falling, so attention has shifted from estimating the peak level of the current hiking cycle to the timing of rate cuts. "We are updating our baseline view for India to include a first rate cut by the RBI in Q4 2023. We think a mix of factors will allow the RBI to shift focus and adopt a more accommodative policy stance sooner," Oxford Economics said. It noted that despite easing price pressures recently, risks to inflation over the remainder of the year are to the upside. "The MPC will want to see clear signs that inflation is stabilising in the middle of its target range before considering a dovish move - in our vi

Sensex today jumped 480 points to 62,984 in early trade, while the Nifty opened 120 points higher today, a day after US President Joe Biden and the Republicans reached an agreement on increasing the US debt ceiling. On Friday, the 30-share BSE Sensex had closed 629.07 points or 1.02 per cent higher to settle at 62,501.69. During the day, it rallied 657.21 points or 1.06 per cent to 62,529.83. The NSE Nifty had climbed 178.20 points or 0.97 per cent to end at 18,499.35 on Friday. US President Joe Biden and House Speaker Kevin McCarthy forged an agreement over the weekend to avert a default to suspend $31.4 trillion debt ceiling until 2025, ahead of the June 1 deadline. The deal will have to pass through the US Congress. Asian markets also edged higher. source https://www.ndtv.com/business/sensex-jumps-480-points-to-62-984-in-early-trade-nifty-up-120-points-adani-tata-group-stocks-outperform-4074850

Sensex today jumped 480 points to 62,984 in early trade, while the Nifty opened 120 points higher today, a day after US President Joe Biden and the Republicans reached an agreement on increasing the US debt ceiling. On Friday, the 30-share BSE Sensex had closed 629.07 points or 1.02 per cent higher to settle at 62,501.69. During the day, it rallied 657.21 points or 1.06 per cent to 62,529.83. The NSE Nifty had climbed 178.20 points or 0.97 per cent to end at 18,499.35 on Friday. US President Joe Biden and House Speaker Kevin McCarthy forged an agreement over the weekend to avert a default to suspend $31.4 trillion debt ceiling until 2025, ahead of the June 1 deadline. The deal will have to pass through the US Congress. Asian markets also edged higher. from NDTV Profit-Latest https://ift.tt/iPq97yK via

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023. The NCLT had directed NSE and BSE to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment. It had also asked the bourses to reassess the non-compete fee under the clause of the merger. The said order was challenged by ZEEL before the appellate tribunal, contending that it was not granted adequate opportunity by the NCLT to present its side and it didn't follow the principl

S&P Global Ratings today said Indian banking sector profitability will stabilise at a healthy level, and asset quality will continue to improve. "Indian banks' earnings will likely remain healthy. The sector has improved substantially in the past seven years, from a period when many public-sector lenders were grappling with bad loans," S&P Global Ratings credit analyst Deepali Seth Chhabria said. A strong recovery is underway in the Indian banking sector, and lenders have just reported their best results in a decade, S&P Global Ratings said. It expects the sector profitability to stabilise at a healthy level, and that banks' asset quality will continue to improve. Indian banking profitability is benefiting from higher net interest margins and lower credit costs. We estimate a system-wide return on average assets (ROAA) at 1.2 per cent for fiscal 2023 (year ending March 31, 2023). System-wide ROAA will likely hover around 1.1 per cent in fiscal 2024. &

S&P Global Ratings today said Indian banking sector profitability will stabilise at a healthy level, and asset quality will continue to improve. "Indian banks' earnings will likely remain healthy. The sector has improved substantially in the past seven years, from a period when many public-sector lenders were grappling with bad loans," S&P Global Ratings credit analyst Deepali Seth Chhabria said. A strong recovery is underway in the Indian banking sector, and lenders have just reported their best results in a decade, S&P Global Ratings said. It expects the sector profitability to stabilise at a healthy level, and that banks' asset quality will continue to improve. Indian banking profitability is benefiting from higher net interest margins and lower credit costs. We estimate a system-wide return on average assets (ROAA) at 1.2 per cent for fiscal 2023 (year ending March 31, 2023). System-wide ROAA will likely hover around 1.1 per cent in fiscal 2024. &

The CBIC has extended the deadline till May 31 for Manipur-based businesses to file monthly GST returns, as the north eastern state continues to witness violence due to ethnic clashes. The Central Board of Indirect Taxes and Customs (CBIC) has issued three Central Tax notifications which said that the due date for filing returns GSTR-1, GSTR-3B and GSTR-7 for the month of April by registered persons whose principal place of business is in Manipur has been extended till May 31. Manipur-registered businesses were to file GSTR-1, which is the statement of outward supplies, for April by May 11. April GSTR-3B, which is the monthly tax payment form, was to be filed by May 20. GSTR-7, which was to be filed by businesses who deduct tax at source, for April was filed by May 10. Clashes broke out in Manipur after a 'Tribal Solidarity March' was organised in the hill districts on May 3 to protest against the Meitei community's demand for Scheduled Tribe (ST) status. Meiteis accou

The CBIC has extended the deadline till May 31 for Manipur-based businesses to file monthly GST returns, as the north eastern state continues to witness violence due to ethnic clashes. The Central Board of Indirect Taxes and Customs (CBIC) has issued three Central Tax notifications which said that the due date for filing returns GSTR-1, GSTR-3B and GSTR-7 for the month of April by registered persons whose principal place of business is in Manipur has been extended till May 31. Manipur-registered businesses were to file GSTR-1, which is the statement of outward supplies, for April by May 11. April GSTR-3B, which is the monthly tax payment form, was to be filed by May 20. GSTR-7, which was to be filed by businesses who deduct tax at source, for April was filed by May 10. Clashes broke out in Manipur after a 'Tribal Solidarity March' was organised in the hill districts on May 3 to protest against the Meitei community's demand for Scheduled Tribe (ST) status. Meiteis accou

Union Minister Nitin Gadkari has said the finance ministry has agreed to allow contractors engaged by state-owned NHAI and NHIDCL to convert their bank guarantees into insurance surety bonds. Mr Gadkari had recently said changes will be made to the surety bond offering to make it more lucrative as no contractor is buying it because of the strict conditions imposed by insurance regulator Irdai. "I conveyed to the road transport secretary that he should talk to the finance secretary once to give it (allowing conversion of bank guarantee to surety bonds) from retrospective effect. "In NHAI, in the road ministry and NHIDCL whatever bank guarantees are there, if they want, they can convert them into insurance surety bonds. Permission should be given for this," Mr Gadkari said on Wednesday at an event organised by the National Highways Authority of India. Last year in December, Mr Gadkari launched the country's first-ever surety bond insurance product with an aim to re

Union Minister Nitin Gadkari has said the finance ministry has agreed to allow contractors engaged by state-owned NHAI and NHIDCL to convert their bank guarantees into insurance surety bonds. Mr Gadkari had recently said changes will be made to the surety bond offering to make it more lucrative as no contractor is buying it because of the strict conditions imposed by insurance regulator Irdai. "I conveyed to the road transport secretary that he should talk to the finance secretary once to give it (allowing conversion of bank guarantee to surety bonds) from retrospective effect. "In NHAI, in the road ministry and NHIDCL whatever bank guarantees are there, if they want, they can convert them into insurance surety bonds. Permission should be given for this," Mr Gadkari said on Wednesday at an event organised by the National Highways Authority of India. Last year in December, Mr Gadkari launched the country's first-ever surety bond insurance product with an aim to re

Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to Rs 13,191 crore for the fourth quarter ended March 2023. The insurer had earned a profit of Rs 2,409 crore in the same quarter a year earlier. However, the total income of the insurer during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous fiscal, LIC said in a regulatory filing. LIC's income from first-year premium also came down to Rs 12,852 crore against Rs 14,663 crore in the same quarter previous fiscal. The income from renewal premiums in the reporting period rose to Rs 76,328 crore compared to Rs 71,473 crore a year ago, while the single premium decreased to Rs 43,252 crore from Rs 58,251 crore. For the entire financial year 2022-23, LIC registered a multi-fold rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the preceding financial year. The surge in annual profit for FY23 was helped by a jump in the s

Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to Rs 13,191 crore for the fourth quarter ended March 2023. The insurer had earned a profit of Rs 2,409 crore in the same quarter a year earlier. However, the total income of the insurer during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous fiscal, LIC said in a regulatory filing. LIC's income from first-year premium also came down to Rs 12,852 crore against Rs 14,663 crore in the same quarter previous fiscal. The income from renewal premiums in the reporting period rose to Rs 76,328 crore compared to Rs 71,473 crore a year ago, while the single premium decreased to Rs 43,252 crore from Rs 58,251 crore. For the entire financial year 2022-23, LIC registered a multi-fold rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the preceding financial year. The surge in annual profit for FY23 was helped by a jump in the s

Aviation regulator DGCA will conduct an audit of Go First's preparedness before approving resumption of flights by the crisis-hit carrier, according to a communication. Cash-strapped Go First stopped flying from May 3 and is undergoing voluntary insolvency resolution proceedings. On Tuesday, a senior official at the Directorate General of Civil Aviation (DGCA) said the airline has submitted its response to the regulator's show cause notice indicating that it is working on the details of a plan to resume flights at the earliest. In a communication to the staff on Tuesday, the airline said, "DGCA will be conducting an audit to check our preparedness in the coming days. Once approved by the regulator, we would be soon commencing operations". The government has been very supportive and has asked the airline to commence operations as soon as possible, it added. Besides, the communication, sent out on Tuesday night to the staff, said the CEO has assured that salaries f

Aviation regulator DGCA will conduct an audit of Go First's preparedness before approving resumption of flights by the crisis-hit carrier, according to a communication. Cash-strapped Go First stopped flying from May 3 and is undergoing voluntary insolvency resolution proceedings. On Tuesday, a senior official at the Directorate General of Civil Aviation (DGCA) said the airline has submitted its response to the regulator's show cause notice indicating that it is working on the details of a plan to resume flights at the earliest. In a communication to the staff on Tuesday, the airline said, "DGCA will be conducting an audit to check our preparedness in the coming days. Once approved by the regulator, we would be soon commencing operations". The government has been very supportive and has asked the airline to commence operations as soon as possible, it added. Besides, the communication, sent out on Tuesday night to the staff, said the CEO has assured that salaries f

The inflation has moderated, but the central bank cannot be complacent towards easing price pressures yet as potential weather-related uncertainties linger, the governor of the Reserve Bank of India said on Wednesday. "The war on inflation is not over; we have to remain alert," Shaktikanta Das said at an event in New Delhi. "There is no room for complacency. We will have to see how the El Nino factor plays out." India's annual retail inflation eased to 4.7% in April from 5.66% in the previous month, according to data. This month's retail inflation data, scheduled to be released on June 12, "could perhaps be lower," Mr Das said. The RBI targets inflation at 4%, with a tolerance level stretching up to two percentage side on either side. The rate-setting Monetary Policy Committee has raised the policy repo rate by 250 basis points since May last year to quell inflationary pressures. The panel kept the repo rate steady at its meeting last month a

The inflation has moderated, but the central bank cannot be complacent towards easing price pressures yet as potential weather-related uncertainties linger, the governor of the Reserve Bank of India said on Wednesday. "The war on inflation is not over; we have to remain alert," Shaktikanta Das said at an event in New Delhi. "There is no room for complacency. We will have to see how the El Nino factor plays out." India's annual retail inflation eased to 4.7% in April from 5.66% in the previous month, according to data. This month's retail inflation data, scheduled to be released on June 12, "could perhaps be lower," Mr Das said. The RBI targets inflation at 4%, with a tolerance level stretching up to two percentage side on either side. The rate-setting Monetary Policy Committee has raised the policy repo rate by 250 basis points since May last year to quell inflationary pressures. The panel kept the repo rate steady at its meeting last month a

The Consumer Affairs Ministry has issued an advisory directing retailers not to insist on the personal contact details of customers for delivering certain services, Consumer Affairs Secretary Rohit Kumar Singh said today. The advisory has been issued following several consumer complaints. Customers have complained about many retailers not providing them services if they refuse to share their contact number, he said. "Sellers say they cannot generate the bill until personal contact details are provided. This is an unfair and restrictive trade practice under the Consumer Protection Act and there is no rationality behind collecting the information," the Secretary told reporters. There is also a privacy concern. Therefore, an advisory has been issued to the retail industry and industry chambers CII and FICCI to address this issue in the interest of consumers, he said. It is not mandatory in India for customers to furnish their mobile numbers to a retailer to generate a bill.

India's GDP has crossed USD 3.5 trillion in 2022 and will continue to be the fastest-growing G20 economy over the next few years, but reform and policy barriers could hamper investment, Moody's said today. In a research report, the US-based rating agency said bureaucracy could slow approval processes in obtaining licences and setting up businesses, prolonging project gestation. "India's higher bureaucracy in decision-making will reduce its attractiveness as a destination for foreign direct investment (FDI), especially when competing with other developing economies in the region, such as Indonesia and Vietnam," Moody's Investors Service said. It said a large young and educated workforce, increasing nuclear families and urbanization will fuel demand for housing, cement and new cars. Government infrastructure spending will bolster steel and cement, while India's net-zero commitment will drive investment in renewable energy, it said. "While demand ac

Commercial vehicles maker Ashok Leyland today reported an over five-fold jump in consolidated net profit at Rs 802.71 crore for the fourth quarter ended March 31, 2023 riding on robust sales. The company had posted a consolidated net profit of Rs 157.85 crore for the same quarter previous fiscal, Ashok Leyland said in a regulatory filing. Revenue from operations during the quarter under review stood at Rs 13,202.55 crore as against Rs 9,926.97 crore in the year-ago period, it added. Total expenses in the quarter stood at Rs 12,085.5 crore as against Rs 9,429.55 crore earlier. For fiscal year ended March 31, 2023 consolidated net profit was at Rs 1,361.66 crore. The company had posted a net loss of Rs 285.45 crore in FY22. Revenue from operations in FY23 stood at Rs 41,672.6 crore as compared to Rs 26,237.15 crore in FY22. "The commercial vehicles (CV) industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries," Ashok Le

Commercial vehicles maker Ashok Leyland today reported an over five-fold jump in consolidated net profit at Rs 802.71 crore for the fourth quarter ended March 31, 2023 riding on robust sales. The company had posted a consolidated net profit of Rs 157.85 crore for the same quarter previous fiscal, Ashok Leyland said in a regulatory filing. Revenue from operations during the quarter under review stood at Rs 13,202.55 crore as against Rs 9,926.97 crore in the year-ago period, it added. Total expenses in the quarter stood at Rs 12,085.5 crore as against Rs 9,429.55 crore earlier. For fiscal year ended March 31, 2023 consolidated net profit was at Rs 1,361.66 crore. The company had posted a net loss of Rs 285.45 crore in FY22. Revenue from operations in FY23 stood at Rs 41,672.6 crore as compared to Rs 26,237.15 crore in FY22. "The commercial vehicles (CV) industry is buoyant due to favourable macroeconomic factors and a healthy demand from the end-user industries," Ashok Le

All Adani Group stocks extended their rally, with Adani Enterprises climbing nearly 18 per cent this morning, after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies while a separate probe by markets regulator SEBI also drawing a blank. The stock of Adani Enterprises zoomed 17.65 per cent on the Bombay Stock Exchange or BSE. Shares of Adani Wilmar jumped 9.99 per cent, Adani Ports gained 7.71 per cent, Adani Power climbed 5 per cent, Adani Transmission (5 per cent), Adani Green (5 per cent), Adani Total Gas (5 per cent) and NDTV (4.99 per cent). The stock of Ambuja Cements jumped 4 per cent and ACC climbed 2.87 per cent. Some group stocks also hit their upper circuit limits during the morning trade. In the equity market, the 30-share BSE benchmark climbed 238.21 points or 0.38 per cent to quote at 62,201.89 in morning trade. Adani Group stocks have been rallying since Friday. The committee, headed by former Supreme Court judge J

All Adani Group stocks extended their rally, with Adani Enterprises climbing nearly 18 per cent this morning, after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies while a separate probe by markets regulator SEBI also drawing a blank. The stock of Adani Enterprises zoomed 17.65 per cent on the Bombay Stock Exchange or BSE. Shares of Adani Wilmar jumped 9.99 per cent, Adani Ports gained 7.71 per cent, Adani Power climbed 5 per cent, Adani Transmission (5 per cent), Adani Green (5 per cent), Adani Total Gas (5 per cent) and NDTV (4.99 per cent). The stock of Ambuja Cements jumped 4 per cent and ACC climbed 2.87 per cent. Some group stocks also hit their upper circuit limits during the morning trade. In the equity market, the 30-share BSE benchmark climbed 238.21 points or 0.38 per cent to quote at 62,201.89 in morning trade. Adani Group stocks have been rallying since Friday. The committee, headed by former Supreme Court judge J

Indian shares advanced on Tuesday, powered by information technology and Adani group of stocks, even as markets kept an eye on the US debt ceiling talks. The blue-chip Nifty 50 index was up 0.41% at 18,391.50 as of 10:08 a.m. IST, while the benchmark S&P BSE Sensex rose 0.33% to 62,165.70. Ten of the 13 major sectoral indexes advanced, with the metal index jumping nearly 3%. Adani Enterprises Ltd, which has a weightage of 17% in the metal index, jumped over 12% and was the top Nifty 50 gainer. All the Adani group stocks surged between 2% and 13%, and extended gains after markets regulator Securities and Exchange Board of India (SEBI) found no conclusive evidence after a probe into suspected violations in overseas investments in the group. The Supreme Court's expert panel has ruled out a regulatory failure around the allegation of price manipulation. "The high integrity of the members of the panel must have given confidence to investors to buy the beaten down (Adani) s

Indian shares advanced on Tuesday, powered by information technology and Adani group of stocks, even as markets kept an eye on the US debt ceiling talks. The blue-chip Nifty 50 index was up 0.41% at 18,391.50 as of 10:08 a.m. IST, while the benchmark S&P BSE Sensex rose 0.33% to 62,165.70. Ten of the 13 major sectoral indexes advanced, with the metal index jumping nearly 3%. Adani Enterprises Ltd, which has a weightage of 17% in the metal index, jumped over 12% and was the top Nifty 50 gainer. All the Adani group stocks surged between 2% and 13%, and extended gains after markets regulator Securities and Exchange Board of India (SEBI) found no conclusive evidence after a probe into suspected violations in overseas investments in the group. The Supreme Court's expert panel has ruled out a regulatory failure around the allegation of price manipulation. "The high integrity of the members of the panel must have given confidence to investors to buy the beaten down (Adani) s

source https://www.ndtv.com/business/sensex-climbs-146-98-points-to-61-876-66-in-early-trade-nifty-up-55-3-points-to-18-258-70-4055024

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India's foreign exchange reserves continue to rise and are edging towards USD 600 billion, hitting a nearly one-year high. In the week that ended on May 12 for which data is available, the reserves rose by USD 3.553 billion to USD 599.529 billion. Prior to the May 12 week, they rose by USD 7.196 billion to USD 595.976 billion, RBI data showed. Coming back to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, rose by USD 3.577 billion to USD 529.598 billion. Gold reserves during the latest week rose by USD 38 million to USD 46.353 billion. In October 2021, the country's foreign exchange reserves touched an all-time high of about USD 645 billion. Much of the decline since then can be attributed to a rise in the cost of imported goods in 2022. Also, the forex reserves had fallen largely because of the RBI's intervention in the market to defend the depreciating rupee against a surging US dollar. Typically, the RBI, fr