Business

[ad_1] Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Friday, driven by buying in heavyweight stocks such as Reliance Industries, HDFC Bank, and ITC.Investor sentiment was further supported by expectations of a record dividend from the Reserve Bank of India (RBI) and easing US treasury yields, traders said.After a flat start, the 30-share BSE Sensex climbed 769.09 points, or 0.95 per cent, to close at 81,721.08. During the day, it had surged as much as 953.18 points, or 1.17 per cent, to 81,905.17, PTI reported.On the BSE, 2,361 stocks advanced, 1,589 declined, and 156 remained unchanged.The NSE Nifty gained 243.45 points, or 0.99 per cent, to settle at 24,853.15.For the week, the BSE benchmark fell 609.51 points, or 0.74 per cent, while the Nifty declined 166.65 points, or 0.66 per cent.“The domestic market has […]

[ad_1] India’s foreign exchange reserves fell by $4.888 billion to $685.729 billion for the week ended May 16, the Reserve Bank of India (RBI) reported on Friday. This follows a rise of $4.553 billion to $690.617 billion recorded in the previous week. The country’s forex reserves had reached a record high of $704.885 billion in September 2024.For the week ended May 16, foreign currency assets—a key component of the reserves—increased by $279 million to $581.652 billion, according to RBI data released on Friday, PTI reported. These assets reflect the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.After a sharp increase of $4.52 billion in the prior week, gold reserves declined by $5.121 billion to $81.217 billion during the reporting period.Special Drawing Rights (SDRs) fell by $43 million to $18.49 […]

[ad_1] Goldman Sachs India Equity Portfolio, a subsidiary of Goldman Sachs, acquired approximately 11 lakh shares of TD Power Systems through block deals on Thursday. The purchase, amounting to Rs 50.30 crore, was made at a price of Rs 460 per share — reflecting a 7% discount compared to the previous day’s closing price of Rs 494.10 on the NSE, according to an ET report.As of March 31, 2025, Goldman Sachs held a 3.11% stake in the Bengaluru-headquartered company.On Friday, shares of TD Power Systems ended at Rs 483 on the NSE, down Rs 10.75 or 2.18%. Founded in April 1999, TD Power Systems manufactures generators and motors, and operates sales offices in Germany, Turkey, Japan, and the USA.The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 411 and Rs 407, respectively. However, […]

[ad_1] India is preparing to open a significant portion of its protected government procurement market to foreign companies, including firms from the United States, two government sources said, marking a notable policy shift that could extend to other trading partners.This move comes shortly after India granted British companies access to select federal contracts under a new trade agreement earlier this month.According to the sources, US companies will likely be allowed to bid for contracts worth over $50 billion, primarily from federal entities, as New Delhi negotiates a trade deal with Washington, as reported news agency Reuters.Total public procurement in India—including purchases by federal, state, and local governments, along with state-owned enterprises—is estimated at $700 billion to $750 billion annually. Most of this market is currently reserved for domestic companies, with 25% specifically set aside for small businesses. Foreign suppliers are […]

[ad_1] This is a representative AI image (Pic credit: Lexica) Jakob Stausholm, the CEO of mining giant Rio Tinto, will step down later this year, the company announced on Thursday, marking a surprise move. Stausholm, who led the company through a period of significant cultural and strategic transformation, will remain in his role until a successor is named.Rio Tinto did not specify the reason for Stausholm's departure, saying only that the succession process is already underway and this was deemed "a natural moment" for leadership change. Analysts, however, expressed surprise at the timing and lack of a clear rationale."This news comes as a big surprise, and in our view was not expected," said Richard Hatch, an analyst at Berenberg. "It does not feel that natural to us."Stausholm took the helm in late 2020 following the destruction of the Juukan Gorge […]

[ad_1] Support to Pakistan costs Turkey, Azerbaijan as Indians shift out weddings, corporate events India's wealthy families and non-resident Indians are increasingly steering clear of Turkey and Azerbaijan for weddings and corporate events, amid rising tensions tied to those countries' perceived support for Pakistan.Planners say several high-profile weddings and corporate events have already been rescheduled or relocated, dealing a blow to the region's lucrative destination events business. Event managers cite growing discomfort among clients.Prachi Tandon, co-founder and director of Copper Events, said that many clients are now looking at alternatives such as the UAE and Rajasthan. "Bahrain has become the most important destination for us now," she said, adding that supportive policies from local governments, such as visa fee waivers for couples, are also making a big difference.The chill in sentiment is not limited to weddings. Mihir Ranpara, co-founder of […]

[ad_1] Reliance Industries and Adani Group have made substantial investment pledges for the Northeast region. Reliance Industries and Adani Group have made substantial investment pledges for the Northeast region at the Rising Northeast Investors Summit 2025 in New Delhi's Bharat Mandapam on Friday. The companies committed Rs 75,000 crore and Rs 50,000 crore respectively, demonstrating their confidence in the region's economic potential.During the summit, Reliance Industries Chairman Mukesh Ambani presented his strategic vision for the northeastern states, including Arunachal Pradesh and Nagaland. "In the near future, I can see these regions replicating the success of neighbouring countries like Singapore," Ambani said according to an ET report.Reliance’s investment plans for North-EastReliance's existing investment of Rs 30,000 crore in the Northeast spans four decades, with plans now in place to increase this figure to Rs 75,000 crore.Ambani detailed six primary commitments towards […]

[ad_1] Asian stock markets calmed on Friday after a rough day, helped by a drop in US bond yields and hopes for more economic stability. Investors were watching closely after US President Donald Trump's new tax-cutting budget passed a key vote in the House of Representatives.The bill, called the “One Big, Beautiful Bill Act,” extends Trump's 2017 tax cuts for another 10 years. It also cuts funding to some social programmes, which has caused concern. Experts say the plan could increase the US deficit by up to $4 trillion over the next decade, though the White House argues it will help the economy grow fast enough to cover the costs.US markets were shaken earlier in the week after weak demand for a 20-year government bond sale and credit rating agency Moody's downgraded the country's top credit rating. These events raised […]

[ad_1] Gold prices: A failure to reclaim ₹96000 decisively could trigger a deeper correction toward ₹94500-₹94800 support zone. (AI image) Gold price prediction today: Gold prices are set to record a weekly gain after fluctuating for the last few weeks. The gold rate is still off its all-time high and investors are wondering whether they should buy, sell or hold gold.What gold price levels should you watch out for? Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities explains:MCX Gold June 2025 contract is trading at ₹95600, positioned at a critical technical juncture after recent consolidation near resistance levels. The precious metal has shown signs of exhaustion near the ₹96000 zone, with technical indicators aligning for potential downside moves. Today presents two distinct selling opportunities for intraday traders. Gold: Current Technical PictureThe gold market is displaying classic signs […]

[ad_1] NEW DELHI: Gross foreign direct investment (FDI) into India rose 13.6% to $81 billion during the last financial year, the fastest pace of expansion since 2019-20.The increase in the year was despite a contraction seen during the fourth quarter of 2024-25 when inflows on a gross basis declined 6% to $17.9 billion, probably due to the uncertainty caused by Donald Trump's election and his assertions around getting investments back into the US.On net basis, however, FDI declined 97% to $353 million due to large scale repatriation out of the country, driven to an extent by overseas investors such as Hyundai cashing out through initial public offers.Latest data released by RBI pegged repatriation and disinvestment of stake in India at Rs $51.5 billion in 2024-25, 16% higher than the previous year. As a result, FDI into India was estimated at […]