The World Opinion

Category: Economy

  • Stocks In Spotlight 24 June 2024: Five Stocks To Track Today | Markets News

    New Delhi: Markets closed lower on Friday amidst a volatile session, coming down from a 6-straight-day winning round. The BSE, Sensex closed 269 points or 0.35 percent lower at 77,209 while Nifty closed 65 points lower at 23,501. 

    “The Bank Nifty index opened with a gap-up note but was unable to sustain higher levels. As a result, Bank Nifty settled the day at on a negative note at 51,661. Technically, on a daily scale, the Bank Nifty has formed bearish engulfing candlestick pattern. As per this pattern, 51,935 will act as resistance. However, index managed to sustain above the previous barrier of 51,134. Thus, 51,100–51,000 will act as immediate support for the index. Thus, we expect Bank Nifty to consolidate in the range of 51,000–52,000 in the short term,” Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd has said.

    Meanwhile, ahead of the market opening today, as per Zeebiz, Ujjivan Small Finance Bank, Tata Steel, Vedanta, MCX, ONGC/IOC are a couple of stocks that will likely be in focus today.


    1. Tata Steel

    Tata Steel workers are going on strike for the first time in 40 years. Of the 4,500 Tata Steel employees in Port Talbot and Llanwern, 1,366 Unite members were balloted, 857 voted and of those 468 members voted for industrial action including strike action.

    In a statement Tata Steel spokesperson said, “We are extremely disappointed by Unite’s unilateral decision to call strike action. Our existing steelmaking assets are near the end of their life, are operationally unstable and causing unsustainable losses of £1 million a day. This is why preparations to close the blast furnaces and associated plants in Port Talbot are unchanged.”


    2. Vedanta

    As per media reports Vedanta Resources is contemplating a 2.5% stake sale through a block deal in the Indian listed firm Vedanta Ltd through block deals in the next few days. The promoter group is looking to sell 9 crore shares to raise Rs 4,000 crore, although a Vedanta spokesperson, has denied any such reports of stake sale.


    3. MCX

    Leading bourse Multi Commodity Exchange of India Ltd (MCX) has said that it has shortlisted names of candidates for the post of MD & CEO and will now proceed to obtain regulatory approval for the appointment.

    4. ONGC/IOC

    ONGC and Indian Oil Corporation Limited (IOCL) have signed a memorandum of understanding (MoU) to establish a small-scale Liquefied Natural Gas (LNG) plant near Madhya Prades’s Hatta Gas Field in the Vindhyan Basin. The company said that the establishment of the Hatta LNG plant will significantly enhance the Vindhyan Basin’s status, upgrading it from a Category II to a Category I Basin.

    5. Ujjivan Small Finance Bank

    Ujjivan Small Finance Bank its investor presentation gave FY25 guidance stating that the bank looks Gross loan book growth @ 20 percent, Credit cost 1.7 percent, Net Interest Margin nine percent, Return on equity (RoE) 20 percent. It said that deposit growth is in line with gross loan book growth.

  • FPI Turns Positive In June With Rs 12,170 Crore Investment, But 2024 Net Investment Remains Negative | Economy News

    New Delhi: Foreign Portfolio Investment (FPI) in the Indian equity market turned positive in June with a net investment of Rs 12,170 crore, according to data from NSDL. The data highlights that by June 21, FPIs had injected this amount into the equity market for the month. However, the overall net investment for the calendar year 2024 remains negative, with net selling amounting to Rs 11,194 crore.

    On the last trading session of the previous week, FPIs invested Rs 2,250.20 crore in the Indian markets. The shift in FPI behaviour has been particularly noticeable since June 10, influenced by the election results. (Also Read: Gautam Adani’s 2024 Salary Revealed – Less Than Some Of His Own Employees! Find Out Here)

    “Foreign Portfolio Investors (FPIs) have altered their position in the equity market following the election results, injecting Rs 23,786 crore since June 10th. There are three primary reasons for this positive inflow. First, the continuity of the government assures ongoing reforms. (Also Read: Kolkata Struggles With Soaring Vegetable Prices Due To Scanty Rainfall; Full Details Inside)

    Second, the Chinese economy is decelerating, as evidenced by a 12 percent decline in copper prices over the past month. Third, certain block deals in the market have been eagerly taken up by FPIs,” said Sunil Damania, Chief Investment Officer, MojoPMS.

    In contrast, may saw FPIs withdraw Rs 25,586 crore from the equity market, while in April, they were net sellers with a withdrawal of Rs 8,671 crore. This trend of outflows had created a cautious atmosphere in the market.

    Market experts note that the recent FPI inflows are concentrated in a select few stocks rather than being spread across the market or sectors. They believe that high valuations currently commanded by the Indian equity market will constrain FPI inflows. While June’s figures show a positive net investment, the overall sentiment among FPIs remains one of cautious optimism, tempered by valuation concerns.

    This strategic approach by foreign investors highlights their close monitoring of economic indicators and the government steps before the presentation of budget. As the year progresses, the balance of net investments will likely depend on the evolution of these factors, particularly in the context of global economic conditions and domestic policy continuity.

  • Gautam Adani’s 2024 Salary Revealed – Less Than Some Of His Own Employees! Find Out Here | Companies News

    New Delhi: Gautam Adani, who is a leading industrialist who frequently ranks among the top 2 or 3 on India’s and Asia’s rich list has earned a total of Rs 9.26 crore for the fiscal year ending March 31, 2024. However, his pay was lower than that of key executives within the Adani group and his industry peers. At the age of 61, Adani received a salary from just two of the ten companies in his ports-to-energy conglomerate, according to annual reports from the group’s listed entities.

    Adani’s pay from the group’s main company in 2023-24, Adani Enterprises Ltd (AEL) consisted of a Rs2.19 crore salary with Rs 27 lakh in perks, allowances and other benefits. This brought his total remuneration to Rs 2.46 crore was 3 per cent more than previous financial year, according to AEL’s 2023-24 annual report. (Also Read: GST Council Meeting: FM Sitharaman Announces Nationwide Biometric Authentication- Key Highlights)

    Further, Adani received a salary of Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ). Although some of his top executives earned more than him last year, his salary was still lower than that of the heads of nearly all major family-owned conglomerates in India. (Also Read: Central Govt Sets 9:15 AM Deadline, Warns Of Casual Leave Deductions For Latecomers: Report)

    Gautam Adani is currently worth USD 106 billion, according to the Bloomberg Billionaire Index. Adani became Asia’s richest man in 2022 but his net worth dropped notably after a report by the US short-seller Hindenburg Research accused his firm of financial irregularities.

    Adani’s younger brother Rajesh received Rs 8.37 crore which included a Rs 4.71 crore commission on profit from AEL, according to the annual report. Meanwhile his nephew Pranav Adani earned Rs 6.46 crore including a Rs 4.5 crore commission.

  • Tata Steel Workers In UK Announce First Strike In 40 Years Over Job Cuts | Companies News

    New Delhi: Around 1,500 Tata Steel workers based in Port Talbot and Llanwern in Wales will begin “all-out indefinite strike action” from July 8 in protest against the company’s “disastrous plans” to cut 2,800 jobs and close its blast furnaces. Unite the Union said it is the first time in over 40 years that steelworkers in the UK have taken strike action aimed at severely impacting Tata Steel UK’s operations.

    The so-called “escalation” in industrial action comes after members of Unite had already begun working to rule and an overtime ban earlier this week. “Around 1,500 Tata workers based in Port Talbot and Llanwern will begin all-out indefinite strike action over the company’s plans to cut 2,800 jobs and close its blast furnaces,” Unite the Union said in a press release. (Also Read: Central Govt Sets 9:15 AM Deadline, Warns Of Casual Leave Deductions For Latecomers: Report)

    “Tata’s workers are not just fighting for their jobs – they are fighting for the future of their communities and the future of steel in Wales,” said Unite general secretary Sharon Graham. “The strikes will go on until Tata halts its disastrous plans. Unite is backing Tata’s workers to the hilt in their historic battle to save the Welsh steel industry and give it the bright future it deserves,” she said. (Also Read: Budget 2024: FM Nirmala Sitharaman Chairs Pre-Budget Meeting With State, UT Finance Ministers)

    The union claims the Opposition Labour Party has called for the Mumbai-headquartered steel major to halt its plans and wait until after the July 4 general election to engage in talks with a newly elected government.

    “Labour has pledged GBP 3 billion for UK steel if elected next month, a commitment secured by Unite. Labour has also made emergency talks with Tata a priority if it wins the election,” the Unite union added. Tata Steel has said it was “naturally disappointed” with the move and had been calling on the union to suspend industrial action.

    It follows Tata Steel’s decision in April to proceed with the closure of two old blast furnaces as part of a GBP 1.25-billion investment to transition to a state-of-the-art Electric Arc Furnace at its Port Talbot steelworks in Wales.

    Since the plan was announced earlier this year, the company said it had held seven months of formal and informal discussions with the UK trade unions about the major transformation which preserves 5,000 jobs and secures future steel supplies. It is also expected to create more indirect jobs in engineering and construction and reduce CO2 emissions by 5 million tonnes each year.

    “By restructuring our UK operations we will be able to sustain the business as we transition to new electric arc furnace technology. We believe we have a very exciting future ahead, providing the high quality, low-CO2 steels that our customers in the UK and overseas are so desperate for,” a Tata Steel spokesperson noted.

  • GST Council Meeting: FM Sitharaman Announces Nationwide Biometric Authentication- Key Highlights | Economy News

    New Delhi: Finance Minister Nirmala Sitharaman in the 53rd GST Council Meeting announced that biometric authentication will be implemented nationwide in phases to curb fake invoicing. For efficient GST registration the council recommended making Aadhaar biometric authentication mandatory for all new registrations across the country.

    “There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases,” the minister announced during the briefing following the 53rd GST Council meeting.

    Here are the key announcements made by the Finance Minister after the GST Council meeting:

    – The GST Council has recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for the fiscal years 2017-18, 2018-19, and 2019-20. This waiver applies to cases that do not involve fraud, suppression, or misstatement. Taxpayers who settle the full tax amount demanded in the notice by March 31, 2025, will be eligible for this benefit.

    – For returns submitted by November 30, 2021, the deadline for Input Tax Credit (ITC) claims for the fiscal years 2017-18, 2018-19, 2019-20, and 2020-21 is considered to be November 30, 2021.

    – To curb government litigation, the Council suggested establishing monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court.

    – The Council extended the deadline for submitting returns from April 30 to June 30 for the fiscal year 2024-25 and onwards.

    – The Council clarified that all types of sprinklers, including those for fire and water, will now have a uniform GST rate of 12 per cent.

    – In addition, accommodation services valued at up to Rs 20,000 per person per month which are provided continuously for at least 90 days will also be exempt from GST.

    – The Council proposed a uniform GST rate of 12 per cent on all milk cans, regardless of the material they are made from (steel, iron, aluminum), aiming to resolve disputes.

    -The Council also proposed a 12 per cent GST rate for all types of carton boxes and cases made from both corrugated and non-corrugated paper or paperboard. This change is expected to especially benefit apple growers in Himachal Pradesh and Jammu & Kashmir.

    The Finance Minister announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for sometime in mid to late August. She pointed out that the groundwork for this inclusion was laid during the initial implementation of GST and stressed that the final decision now rests with the state governments.

  • Budget 2024: FM Nirmala Sitharaman Chairs Pre-Budget Meeting With State, UT Finance Ministers | Personal Finance News

    New Delhi: Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with the Finance Ministers of all States and Union Territories on Saturday morning.The Ministry of Finance and Corporate Affairs organised a Pre-Budget Meeting with the Finance MInisters of all States and Union Territories with Legislatures. The purpose of the meeting was to gather suggestions for the upcoming Union Budget 2024-25.

    Ministers of State and other stakeholders are attending the meeting. Visuals showed Uttar Pradesh Finance Minister Suresh Kumar Khanna and Rajasthan Finance Minister Diya Kumari at the Bharat Mandapam venue before the meeting started this morning. (Also Read: Beware! Claiming False HRA While Filing ITR Could Cost You THIS Much: Check Here)

    The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. (Also Read: Govt Imposes Stock Limits On Traders To Keep Prices Of Pulses In Check)

    Sitharaman chaired the first pre-Budget consultations with leading economists on June 19. The meeting was attended by Union Minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser.

    Meanwhile, Sitharaman will also chair the 53rd Goods and Services Tax (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the GST council after the formation of the new government.

    State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges.

    The Council is a key player in shaping India’s indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country’s economic objectives. The information on the agenda of Council meeting is not yet in public domain.

    However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics.

    Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union Budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led National Democratic Alliance government. (With ANI Inputs)

  • Stock Market Fraud: Check NSE’s Direct Link To Know, Locate Your Stock Broker | Personal Finance News

    New Delhi: The investment market is now flooded with scamsters who are lurking around spotting gullible and vulnerable people and dupe them of their hard earned money.

    The National Stock Exchange (NSE) on Friday issued an advisory on Friday cautioning investors of certain individuals and entities promising assured returns on investment in the stock market. 

    In a corporate statement, NSE said, “It has been brought to the notice of the Exchange that person named “Amisha Thakur” operating through mobile number “9366171650” is providing securities market tips and assured returns on investment in stock market.”

    It added that the said person/entity are not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited. 

    NSE has also cautioned and advised investors not to subscribe to any such scheme/product offered by any person/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law.

    Check NSE’s Direct Link To Know, Locate Your Stock Broker

    Exchange has provided a facility of ‘Know/Locate your Stock Broker’ under the link https://www.nseindia.com/invest/find-a-stock-broker on its website, to check the details of the registered member and its authorised persons.

    Further, the designated bank accounts named as client bank accounts to receive/pay money from/to investors as disclosed by the trading members to Exchange are also displayed under the said link. Investors are advised to check the details while dealing with any person/entity, it added.

  • Top Stocks On D-Street: Sun Pharma, Hindustan Zinc, Bajaj Consumer Among 7 Stocks Lead Today’s Market Focus | Markets News

    New Delhi: The Indian stock markets ended lower on Friday after a volatile session impacted by profit booking and poor performance in the fast-moving consumer goods (FMCG) sector. The Sensex declined by 269 points and closed at 77,209 (down 0.35 per cent), while the Nifty fell by 65 points, ending at 23,501.

    Today on D-Street, LTI Mindtree, Hindustan Zinc, and Bajaj Consumer were among the seven stocks that grabbed attention. According to Zeebiz, here the the list of stock that made headline today:

    –  Bajaj Consumer

    Bajaj Consumer shares rose by over 2 per cent, closing at Rs 268.1. This increase followed the company’s announcement of July 2 as the record date for its buyback through the tender offer route. (Also Read: Beware! Claiming False HRA While Filing ITR Could Cost You THIS Much: Check Here)

    – RailTel Corporation 

    RailTel Corporation shares surged nearly 10 per cent, closing at Rs 476.20, driven by a significant increase in trading volume. (Also Read: Gold Surges Rs 800; Silver Rallies Rs 1,400)

    – Sun Pharma

    Sun Pharma shares fell by 0.4 per cent, closing at Rs 1,464.50. This decline came after the company signed a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company to commercialize the novel gastrointestinal drug, Vonoprazan, in India.

    – Hindustan Zinc

     Hindustan Zinc shares climbed by over 2 per cent, closing at Rs 662. This gain came after the company signed an MoU with US-based AEsir Technologies to develop Zinc batteries.

    – Zomato

    Zomato shares closed down by over 1 per cent, settling at Rs 194.1. Despite this, Bernstein maintained its ‘buy’ rating on the stock, setting a target price of Rs 230 per share.

    – LTIMindtree 

    LTIMindtree shares rose by over 1 per cent, closing at Rs 5,113.25. This increase came as the broader IT sector saw gains following Accenture’s release of its Q3FY24 results.

    – HPCL 

    HPCL shares dropped over 2 per cent to Rs 342.15 as trading commenced ex-bonus today. Additionally, today marks the record date for the company’s 1:2 bonus share issuance.

  • Bugatti Unveils Chiron’s Successor Tourbillon; Know What’s Special About This Super Sports Car | Auto News

    Bugatti Chiron, the super sports car has a successor now. The company has revealed the highly anticipated Tourbillon hyper-GT. It features a bold new design, an advanced hybrid V16 engine, and has an ambitious goal to become the world’s fastest road car. Read here to know all about it,

    Powertrain and Performance

    The Tourbillon is powered by a naturally aspirated 8.3-litre V16 engine paired with three electric motors, producing a combined 1,800hp. This groundbreaking hybrid setup enables a top speed exceeding 445kph. 

    This new engine, developed in collaboration with Cosworth, represents a departure from Bugatti’s previous quad-turbo W16 engine used in the Chiron and Veyron. The Tourbillon’s V16 engine alone generates 1,000hp, while the electric motors add an extra 800hp. This makes the Tourbillon the most powerful combustion car currently available.

     Electrification Approach

    The Tourbillon features a 25kWh battery that powers the electric motors, providing an electric range of over 60km. It also supports 800V charging, enabling a 0-80% charge in just 12 minutes. 

    Design and Aerodynamics

    While the Tourbillon maintains design elements from its predecessors, such as the iconic C-line, horseshoe front grille, and two-tone paint, its silhouette is distinctly influenced by its new powertrain and aerodynamic needs. Bugatti has meticulously sculpted the bodywork to optimize airflow and enhance thermodynamic efficiency, essential for achieving high speeds.
    Bugatti plans to produce only 250 units of the Tourbillon, each priced at GBP 3.2 million (approximately Rs 34 crore before duties).  

  • Stocks In Spotlight 21 June 2024: Five Stocks To Track Today | Markets News

    New Delhi: Markets rallied for the sixth straight session on Thursday, with benchmark equity indices Sensex and Nifty zooming to all time fresh peaks. Sensex surged 141.34 points or 0.18 percent to finish at a new record closing of 77,478.93 while Nifty scaled 51 points or 0.22 percent to close at 23,567. 

    Ajit Mishra – SVP, Research, Religare Broking Ltd said, “On the benchmark front, the Nifty index closed at 23,581, up 0.30%. Sectorally, realty, metal, and private banking finished in the green, while Pharma, PSU Bank, and Auto sectors lagged. Broader indices also edged higher, both gaining over half a percent.”

    “Looking ahead, a decisive close above 23,600 in Nifty could trigger fresh upward momentum, potentially pushing the index to 24,000 levels. On the downside, 23,400 is expected to act as strong support. Besides banking and IT, themes like sugar, fertilizers and chemical are showing good traction on the expected lines. Traders should align their positions accordingly,” he added.

    Meanwhile, ahead of the market opening today, as per Zeebiz, HDFC Life, Tata Motors, JM Financial, HPCL, BPCL are a couple of stocks that will likely be in focus today.


    HDFC Life

    HDFC Life Insurance shares are set to trade ex-dividend today. In the company’s Board meeting held on April 18, 2024, it had recommended a final dividend of Rs 2 per equity share of face value of Rs 10 each for FY 2023-24, subject to approval of the shareholders. The record date for payment of final dividend is Friday, 21 June 2024.


    Tata Motors

    Tata Motors has announced the launch of Tata Motors Fleet Verse – a comprehensive and innovative digital marketplace for Tata Motors Commercial Vehicles. The platform offers features like new vehicle discovery, configuration, acquisition, financing, and is future-proofed to include a range of additional services and features, making Fleet Verse a one-stop digital destination for all commercial vehicle needs.

    JM Financial

    Securities Exchange SEBI has directed the Company to not take any new mandate as lead manager in public issue of debt securities up to March 31, 2025 or such further date as may be specified by SEBI.
     

    HPCL

    HPCL’s shares are scheduled to trade ex-bonus today. The company has recommended Bonus Issue Proportion @ 1 share for every 2 Shares held.


    BPCL

    BPCL’s shares are scheduled to trade ex-bonus tomorrow (June 22). The Board has recommended issue of Bonus Shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every one existing equity shares of Rs 10. 
    It has recommended a final dividend of Rs 21 per equity share of face value of Rs 10 each (pre-bonus), which translates into final dividend of Rs 10.5 per equity share of face value of Rs 10 per equity share) (post-bonus).