OTAKUBAY

Equity benchmark indices Sensex and Nifty continued their dream run today, reaching record high levels in early trade, driven by foreign fund inflows and optimism in the US markets. Buying in index majors Reliance Industries and HDFC Bank also helped the markets maintain their winning momentum. Rallying for the fifth day running, the 30-share BSE Sensex climbed 293.59 points to reach its new all-time intra-day peak of 67,088.73 in early trade. The NSE Nifty gained 80.3 points to hit record intra-day high of 19,829.55. From the Sensex pack, NTPC, IndusInd Bank, Infosys, Power Grid, Tech Mahindra, Wipro, Reliance Industries and HDFC Bank were the biggest gainers. IndusInd Bank quoted nearly 2 per cent higher after the company on Tuesday reported 30 per cent jump in consolidated net profit for April-June at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions. Maruti, Mahindra & Mahindra, Asian Paints, Tata Consultancy Services, Bharti Airtel and Nestle w...

Equity benchmark indices Sensex and Nifty continued their dream run today, reaching record high levels in early trade, driven by foreign fund inflows and optimism in the US markets. Buying in index majors Reliance Industries and HDFC Bank also helped the markets maintain their winning momentum. Rallying for the fifth day running, the 30-share BSE Sensex climbed 293.59 points to reach its new all-time intra-day peak of 67,088.73 in early trade. The NSE Nifty gained 80.3 points to hit record intra-day high of 19,829.55. From the Sensex pack, NTPC, IndusInd Bank, Infosys, Power Grid, Tech Mahindra, Wipro, Reliance Industries and HDFC Bank were the biggest gainers. IndusInd Bank quoted nearly 2 per cent higher after the company on Tuesday reported 30 per cent jump in consolidated net profit for April-June at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions. Maruti, Mahindra & Mahindra, Asian Paints, Tata Consultancy Services, Bharti Airtel and Nestle w...

The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region's recovery. In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. "Asia and the Pacific continues to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park said. "Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened, Par...

The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region's recovery. In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. "Asia and the Pacific continues to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park said. "Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened, Par...

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle-income countries reeling under huge debt burden. The meeting, chaired by Finance Minister Nirmala Sitharaman, invited views on the way forward in international taxation with regard to the implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support the implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including the reallocation of multinational companies' additional share of profit to the m...

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle-income countries reeling under huge debt burden. The meeting, chaired by Finance Minister Nirmala Sitharaman, invited views on the way forward in international taxation with regard to the implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support the implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including the reallocation of multinational companies' additional share of profit to the m...

All India Bank Officers' Confederation (AIBOC), the body of bank officers in the country, on Tuesday, said state-run lenders are in "real danger of privatisation" despite playing a crucial role in closing the economic divide in society. On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. "Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said. Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education, and infrastructure among others, he added. "The...

All India Bank Officers' Confederation (AIBOC), the body of bank officers in the country, on Tuesday, said state-run lenders are in "real danger of privatisation" despite playing a crucial role in closing the economic divide in society. On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. "Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said. Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education, and infrastructure among others, he added. "The...

Equity benchmark indices Sensex and Nifty continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters. A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism. The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25. From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti and Asian Paints were among the biggest gainers. Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services and Tata Steel were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul and Shanghai were trading lower. The US markets ended in the positive territory on Monday. Foreign Institutional Investors (FIIs) continued their buying activity as they bought equ...

Equity benchmark indices Sensex and Nifty continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters. A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism. The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25. From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti and Asian Paints were among the biggest gainers. Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services and Tata Steel were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul and Shanghai were trading lower. The US markets ended in the positive territory on Monday. Foreign Institutional Investors (FIIs) continued their buying activity as they bought equ...

India could become a developed country by 2047 with an average annual real GDP growth of 7.6 per cent over the next 25 years, said an article published by the Reserve Bank in its July bulletin. The task, however, may not be easy, given the current level of capital stocks, infrastructure and skill sets of the people, said the article titled 'India @ 100'. Addressing the nation on August 15, 2022 -- the 75th year of India's independence -- Prime Minister Narendra Modi laid down a vision for the next 25 years to become a developed nation by 2047. "India's real GDP needs to grow at 7.6 per cent annually over the next 25 years to achieve the per capita income level to become a developed economy," the article, authored by Harendra Behera, Dhanya V, Kunal Priyadarshi and Sapna Goel, said. The authors are from the RBI's Department of Economic and Policy Research. The central bank said the views expressed in the article are those of the authors and do not repr...

India could become a developed country by 2047 with an average annual real GDP growth of 7.6 per cent over the next 25 years, said an article published by the Reserve Bank in its July bulletin. The task, however, may not be easy, given the current level of capital stocks, infrastructure and skill sets of the people, said the article titled 'India @ 100'. Addressing the nation on August 15, 2022 -- the 75th year of India's independence -- Prime Minister Narendra Modi laid down a vision for the next 25 years to become a developed nation by 2047. "India's real GDP needs to grow at 7.6 per cent annually over the next 25 years to achieve the per capita income level to become a developed economy," the article, authored by Harendra Behera, Dhanya V, Kunal Priyadarshi and Sapna Goel, said. The authors are from the RBI's Department of Economic and Policy Research. The central bank said the views expressed in the article are those of the authors and do not repr...

Largest private sector lender HDFC Bank on Monday reported a 29.13 per cent jump in consolidated net profit for the June quarter at Rs 12,370.38 crore. The bank, which recently merged mortgage financier parent HDFC into itself, had reported a net profit of Rs 9,579.11 crore in the year-ago period and Rs 12,594.47 crore in the preceding March quarter. Its total income for the quarter under review rose to Rs 61,021 crore, as against Rs 44,202 crore in the year-ago period. Operating expenses rose to Rs 15,177 crore during the quarter under review, from Rs 11,355 crore in the year-ago period, as per a regulatory filing. The gross non-performing assets ratio came at 1.17 per cent as of June 30, 2023, as against 1.12 per cent at the end of March and 1.28 per cent in the year-ago period. The HDFC Bank scrip was trading 0.60 per cent up at Rs 1,657 a piece on the BSE at 1307 hrs, as against gains of 0.39 per cent on the benchmark.  (Except for the headline, this story has not been ed...

The US, India and about 140 other nations are close to reaching an agreement on the overhauling of global tax norms to ensure that multinationals pay taxes wherever they operate. At a meeting with Finance Minister Nirmala Sitharaman on the sidelines of G20 finance ministers and central bank governors meeting here, US Treasury Secretary Janet Yellen appreciated India's focus on finalizing the "historic Two-Pillar global tax deal" in the OECD's Inclusive Framework. "I believe that we are close to reaching an agreement," Yellen said in her remarks at the bilateral meeting. In a major reform of the international taxation system, about 140 countries, including India, have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum of 15 per cent rate. However, the deal requires countries to remove all digital services tax and other similar measures and to commit not to introduce such measures in the...

China's economy grew 6.3 percent year-on-year in the second quarter of 2023, official data showed Monday, despite a patchy post-Covid rebound in recent months. Beijing's National Bureau of Statistics said in a statement that the economy "showed a good momentum of recovery". "By quarter, the GDP grew by 4.5 percent year on year in the first quarter and 6.3 percent in the second quarter," NBS spokesman Fu Linghui said. "Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents' income grew steadily," he said. Analysts polled by AFP expected a 7.1 percent rebound. But they had warned the figures would be misleadingly inflated given the low base of comparison with pandemic-wracked 2022. In the same period a year ago, with restrictions such as sudden lockdowns, travel curbs and factory shutdowns the norm, China posted 0.4 percent on-year growth, one of its lowest quart...

China's economy grew 6.3 percent year-on-year in the second quarter of 2023, official data showed Monday, despite a patchy post-Covid rebound in recent months. Beijing's National Bureau of Statistics said in a statement that the economy "showed a good momentum of recovery". "By quarter, the GDP grew by 4.5 percent year on year in the first quarter and 6.3 percent in the second quarter," NBS spokesman Fu Linghui said. "Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents' income grew steadily," he said. Analysts polled by AFP expected a 7.1 percent rebound. But they had warned the figures would be misleadingly inflated given the low base of comparison with pandemic-wracked 2022. In the same period a year ago, with restrictions such as sudden lockdowns, travel curbs and factory shutdowns the norm, China posted 0.4 percent on-year growth, one of its lowest quart...

Canadian pensions funds would be keen to explore investing in infrastructure funds in India as the country offers a stable investment climate, Finance Minister Chrystia Freeland said on Sunday, according to an Indian government statement. Union Finance Minister Smt. @nsitharaman and Canadian Deputy Prime Minister and Minister of Finance Ms Chrystia Freeland @cafreeland met on the sidelines of the 3rd G20 Finance Ministers and Central Bank Governors #G20FMCBG meeting in Gandhinagar, Gujarat, today. Building on the... pic.twitter.com/8rTWcMuWlh — Ministry of Finance (@FinMinIndia) July 16, 2023 Finance Minister Nirmala Sitharaman, meeting Ms Freeland on the sidelines of a gathering of Group of 20 finance ministers and central bankers in Gujarat, discussed progress on bilateral trade negotiations, Ms Sitharaman's office said in a tweet. source https://www.ndtv.com/business/stable-investment-climate-canadian-pension-funds-look-to-invest-in-india-4212269

Canadian pensions funds would be keen to explore investing in infrastructure funds in India as the country offers a stable investment climate, Finance Minister Chrystia Freeland said on Sunday, according to an Indian government statement. Union Finance Minister Smt. @nsitharaman and Canadian Deputy Prime Minister and Minister of Finance Ms Chrystia Freeland @cafreeland met on the sidelines of the 3rd G20 Finance Ministers and Central Bank Governors #G20FMCBG meeting in Gandhinagar, Gujarat, today. Building on the... pic.twitter.com/8rTWcMuWlh — Ministry of Finance (@FinMinIndia) July 16, 2023 Finance Minister Nirmala Sitharaman, meeting Ms Freeland on the sidelines of a gathering of Group of 20 finance ministers and central bankers in Gujarat, discussed progress on bilateral trade negotiations, Ms Sitharaman's office said in a tweet. from NDTV Profit-Latest https://ift.tt/xvYWUr6 via

A 40-year-old air passenger Furoqon Hussain, who was on an IndiGo flight from Hyderabad to the national capital on July 8, allegedly opened the cover of the emergency exit door of the aircraft during taking off, according to Delhi airport sources. The incident happened on flight 6E 5605 and the individual was handed over to the security personnel after landing at the Delhi airport. An FIR has been filed against the individual. The unruly behaviour of the flyer caused panic among other passengers, crew and the pilot-in-command, the sources said. The passenger was in seat 18A which was close to the emergency exit door. After the incident, the cover of the emergency exit was immediately restored and the passenger was relocated to another seat in the aircraft, they added. Query sent to IndiGo seeking comments on the incident remained unanswered. According to safety experts, the handle of the emergency exit door has a cover which protects it from opening due to cabin pressure or any ot...

A 40-year-old air passenger Furoqon Hussain, who was on an IndiGo flight from Hyderabad to the national capital on July 8, allegedly opened the cover of the emergency exit door of the aircraft during taking off, according to Delhi airport sources. The incident happened on flight 6E 5605 and the individual was handed over to the security personnel after landing at the Delhi airport. An FIR has been filed against the individual. The unruly behaviour of the flyer caused panic among other passengers, crew and the pilot-in-command, the sources said. The passenger was in seat 18A which was close to the emergency exit door. After the incident, the cover of the emergency exit was immediately restored and the passenger was relocated to another seat in the aircraft, they added. Query sent to IndiGo seeking comments on the incident remained unanswered. According to safety experts, the handle of the emergency exit door has a cover which protects it from opening due to cabin pressure or any ot...