Published 20:06 IST, July 25th 2024
Business News Live: Tech Mahindra Q1 revenue falls 1.2% to Rs 13,005 crore
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20:06 IST, July 25th 2024
SEBI proposes new guidelines for credit rating agencies
The Securities and Exchange Board of India (SEBI) proposed new guidelines on Thursday for credit rating agencies (CRAs) to provide detailed explanations for their rating actions, particularly in cases of default and rating upgrades from default status.
In its consultation paper, SEBI recommended removing the term "technical default" from CRA policies, citing potential negative market signals and covenant triggers.
19:31 IST, July 25th 2024
Goyal sets $50 billion export target for leather and footwear industry by 2030
Commerce and Industry Minister Piyush Goyal has urged the leather and footwear industry to aim for $50 billion in exports by 2030.
During an interaction with industry representatives on Wednesday, Goyal assured that the ministry will address concerns related to quality control orders (QCOs) to ensure a smoother and more flexible certification process.
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18:34 IST, July 25th 2024
US inflation eases in second quarter, economic growth gains momentum
The US economy grew faster than anticipated in the second quarter, while inflation eased, maintaining expectations of a September interest rate cut from the Federal Reserve.
Gross domestic product (GDP) increased at an annualised rate of 2.8 per cent last quarter, according to the Commerce Department's Bureau of Economic Analysis' advance estimate of second-quarter GDP on Thursday. Economists polled by Reuters had predicted a 2.0 per cent growth rate, with estimates ranging from 1.1 per cent to 3.4 per cent. In the first quarter, the economy grew at a 1.4 per cent rate.
18:20 IST, July 25th 2024
US inflation eases in second quarter, economic growth gains momentum
The US economy grew faster than anticipated in the second quarter, while inflation eased, maintaining expectations of a September interest rate cut from the Federal Reserve.
Gross domestic product (GDP) increased at an annualised rate of 2.8 per cent last quarter, according to the Commerce Department's Bureau of Economic Analysis' advance estimate of second-quarter GDP on Thursday. Economists polled by Reuters had predicted a 2.0 per cent growth rate, with estimates ranging from 1.1 per cent to 3.4 per cent. In the first quarter, the economy grew at a 1.4 per cent rate.
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17:35 IST, July 25th 2024
Ola Electric suspends car project to focus on scooters, bikes: Report
IPO-bound Ola Electric has put its electric car launch plans on hold, choosing instead to concentrate on its e-scooter business, two sources with direct knowledge of the decision told news agency Reuters.
Ola's founder Bhavish Aggarwal had announced plans in 2022 to launch an electric sports car with an all-glass roof within two years, boasting the ability to reach 100 km per hour in just four seconds. Aggarwal reaffirmed these plans as recently as September 2023 in an interview with Forbes. However, the project has been suspended ahead of the company's planned IPO in August, where it aims to raise around $660 million.
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17:09 IST, July 25th 2024
PNB Housing Q1 net profit Rises 25% to Rs 433 crore
PNB Housing Finance announced a 25 per cent increase in its net profit, reaching Rs 433 crore for the first quarter ending June 2024, compared to Rs 347 crore in the same quarter of the previous year.
According to a regulatory filing, the housing finance company's total income for the quarter grew to Rs 1,832 crore, up from Rs 1,708 crore in the corresponding quarter of the previous fiscal year.
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17:09 IST, July 25th 2024
Adani Green market cap jumps by Rs 16,585 crore after Q1 earnings
Shares of Adani Green Energy Ltd soared nearly 8 per cent on Thursday following the company's announcement of a nearly 95 per cent increase in consolidated net profit to Rs 629 crore for the June quarter, driven by higher revenues.
15:39 IST, July 25th 2024
Markets at close
The 30-share BSE Sensex ended 109.09 points lower at 80,039.80, while the broader Nifty50 fell 7.40 points to 24,406.10 on Thursday, July 25, 2024.
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14:35 IST, July 25th 2024
Gold futures tumbles Rs 1,120 to Rs 67,832/10g
Gold prices on Thursday tumbled Rs 1,120 to Rs 67,832 per 10 grams in futures trade amid weak global cues.
On the Multi Commodity Exchange, gold contracts for August delivery plummeted Rs 1,120 or 1.62 per cent to Rs 67,832 per 10 grams in a business turnover of 9,352 lots.
14:35 IST, July 25th 2024
Coriander futures rise on higher demand
Coriander prices on Thursday rose Rs 4 to Rs 7,216 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.
On the National Commodity and Derivatives Exchange, coriander contracts for August delivery traded higher Rs 4 or 0.06 per cent at Rs 7,216 per quintal with an open interest of 27,725 lots.
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14:34 IST, July 25th 2024
Guar seed futures gain on spot demand
Guar seed prices on Thursday rose Rs 11 to Rs 5,412 per quintals in futures trade after speculators widened their positions following a firm trend in the spot market.
On the National Commodity and Derivatives Exchange, guar seed contracts for August delivery rose Rs 11 or 0.20 per cent to Rs 5,412 per quintals with an open interest of 47,720 lots.
13:10 IST, July 25th 2024
DGCA investigates Air India Express cabin crew strike that caused flight cancellations
The Directorate General of Civil Aviation (DGCA) is investigating the Air India Express cabin crew strike in May, which resulted in numerous flight cancellations. Civil Aviation Minister K Rammohan Naidu announced that penalties would be imposed on the airline if any regulatory non-compliance is found. Addressing queries in the Lok Sabha regarding flight cancellations, Minister Naidu emphasised that Civil Aviation Requirements (CARs) are in place to ensure passengers receive compensation in case of delays or cancellations. "We acknowledge the issues with Air India Express, particularly related to its merger with AirAsia India, which led to a mass strike on May 7," said Naidu during the Question Hour. The strike caused significant flight cancellations.
Click here to read the full report.
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12:33 IST, July 25th 2024
Royalty not tax, state taxation of mineral rights not limited by MMRDA Act: Supreme Court
MMDR Act and state tax authority: In a significant legal development, the Supreme Court of India has upheld the power of state governments to levy taxes on mineral rights, in a landmark ruling delivered by a nine-judge constitution bench.
The bench, led by Chief Justice of India DY Chandrachud, ruled by an 8-1 majority that states possess the authority to impose taxes on mineral rights, affirming their legislative competence in this domain. The ruling rejects challenges from miners and the central government against the imposition of cess by state governments on minerals extracted.
Click here to read the full report.
12:31 IST, July 25th 2024
Government to adjust T-bill issuance for cash management: Report
The government plans to manage its cash position by adjusting Treasury bill (T-bill) sales rather than altering the bond auction schedule, two government officials told Reuters. This approach is preferred because it is more flexible and avoids market disruption, explained Finance Secretary T.V. Somanathan on Wednesday.
Click here to read the full story.
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11:55 IST, July 25th 2024
Microsoft integrates Generative AI into Bing Search, mirroring Google's AI Overviews
Microsoft has unveiled a new generative Artificial Intelligence (AI) tool for Bing, which is currently being tested on a small percentage of user queries.
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11:53 IST, July 25th 2024
Nestle India misses Q1 profit estimates as price hikes deter demand
Nestle India reported a smaller-than-expected rise in its first-quarter profit on Thursday, attributing the shortfall to price hikes that drove consumers towards cheaper alternatives, affecting sales volumes.
The subsidiary of the Swiss food giant Nestle reported a net profit of Rs 747 crore for the quarter ended June, missing analysts' estimate of Rs 816 crore, according to LSEG data.
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10:21 IST, July 25th 2024
Abolition of Angel Tax boost for startup ecosystem, says TiE Silicon Valley
Union Finance Minister Nirmala Sitharaman's announcement to abolish the angel tax in her annual Union Budget presentation has been hailed as a transformative step by leading figures in the Silicon Valley startup community.
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09:58 IST, July 25th 2024
Nifty, Sensex decline as Axis Bank results weigh on market
Stock market news: Benchmark indices opened lower on Thursday, driven by disappointing quarterly results from private lender Axis Bank and continued negative sentiment following recent tax hikes announced in the Union Budget. As of 9:21 am, the NSE Nifty 50 index fell by 0.75 per cent to 24,234.5 points, while the S&P BSE Sensex decreased by 0.74 per cent to 79,544.08 points. All 13 major sectors experienced losses, with small-cap and mid-cap indices dropping approximately 1 per cent each.
Click here to read the full report.
09:57 IST, July 25th 2024
Karte raho jo karna hai: Ola Foods delivery partner caught eating customer's food
Ola Foods has come under fire following a viral incident involving one of its delivery partners. The controversy erupted when a customer, Jaiswal, shared a video on Instagram showing the delivery driver allegedly eating the food he was supposed to deliver. According to Jaiswal, the delivery driver initially demanded an additional Rs 10 for the delivery, beyond the standard delivery charge. Despite his initial refusal, Jaiswal eventually agreed to the extra fee. However, the delivery was further delayed as Jaiswal waited for 45 minutes. Upon locating the driver, Jaiswal reportedly found him sitting on his motorcycle and eating the food that was intended for Jaiswal.
Click here to read the full report.
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08:41 IST, July 25th 2024
Nifty, Sensex set to open lower; L&T, Axis Bank in focus
Stock market news: Benchmark indices are set to open lower on Thursday as investor sentiment sours following the government's tax hikes on equity investment gains and derivatives trading. Quarterly earnings from Larsen & Toubro (L&T) and Axis Bank will also be in the spotlight.
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08:27 IST, July 25th 2024
Will government reconsider real estate LTCG tweaks?
LTCG tax updates India: There will be no reconsideration of changes made to the Long-Term Capital Gains (LTCG) tax in the Union Budget 2024-25, news agency ANI reported quoting government sources amid concerns regarding the removal of the indexation benefit on property sales for tax calculation. \
"There will be no rethink on LTCG provisions made in the budget as it is beneficial for the taxpayers," the report said.
Click here to read more.
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07:59 IST, July 25th 2024
Pre-opening market comment by Prashanth Tapse
Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Nifty has declined for four consecutive days, with a rough start expected today due to July F&O expiry-induced volatility. The Union Budget, praised for fiscal prudence and employment focus, targets a 4.9% fiscal deficit and Rs 11.11 trillion in infrastructure spending for FY25. However, a capital gains tax hike is dampening sentiment. Technically, a bearish engulfing pattern suggests downside risk towards 24,000.
Nifty's options data indicates a trading range of 23,500-25,000, with 25,000 as key resistance. Q1 results are anticipated from companies like ASHOK LEYLAND and NESTLE. Recommended trades: sell Nifty between 24,500-24,550 (targets: 24,250/24,071, aggressive: 23,600-23,750) and Bank Nifty between 51,500-51,700 (targets: 50,900/50,591, aggressive: 48,913-49,000). Bullish picks include BALRAMPUR CHINI and NTPC, with NTPC expected to break out above 393 (buy between 382-385, target: 403/417, aggressive: 441).
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07:57 IST, July 25th 2024
US stock sell-off pushes 'fear gauge' to three-month high
A significant sell-off in US stocks on Wednesday led to a three-month high in Wall Street's primary volatility indicator and a surge in options trading volume. Despite the market turbulence, strategists noted a lack of panic among investors.
The S&P 500 dropped 2.3 per cent, marking its steepest daily decline since late 2022, following disappointing earnings reports from Tesla and Alphabet. This raised doubts about the sustainability of the 2024 rally driven by Big Tech and artificial intelligence.
Click here to read the full report.
07:54 IST, July 25th 2024
Business News Live
Good morning and welcome to our rolling coverage of the day. Watch this space for all the latest updates from the stock market and the business world.
For detailed reports, analysis, and opinions, visit Republic Business.
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07:55 IST, July 25th 2024