BUSINESS
Public Sector Undertakings (PSU) Stocks Lead Sectoral Gains in Market Surge
The PSU index has surged by more than 3% on Monday, with notable gains in individual stocks. SJVN has witnessed a significant uptick of 16%, while NHPC is up by 10%. Insurance stocks are also performing well, with GIC Re recording a 12% increase, New India Assurance up by 9%, and LIC gaining 6%. MMTC and MTNL have seen gains of 9% each.
Paytm Clarifies: No ED Investigation Against Company or CEO, Affirms Transparency
In a regulatory filing, Paytm stated, "Neither the Company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering." The company emphasized its cooperation with authorities in the past when specific merchants or users on their platforms were subject to inquiries. Paytm reaffirmed its commitment to abiding by Indian laws and treating regulatory orders with utmost seriousness.
Ashneer Grover Sparks Excitement by Sharing Image of Tesla Car in Delhi - User Reactions Pour In
Grover's post has garnered over two lakh views and more than four thousand likes since being shared on X. Users reacted humorously and creatively, with one suggesting that after seeing this, Elon Musk might consider setting up a plant in Karol Bagh, Delhi.
Mukesh Ambani Secures Global No. 2 Spot and Dominates Among Indians in Brand Guardianship Index 2023
Ambani outperformed global leaders such as Satya Nadella of Microsoft, Sundar Pichai of Google, Tim Cook of Apple, and Huateng Ma of Tencent, as well as other notable Indian figures like N Chandrasekaran of Tata Group, Anand Mahindra, and Sunil Bharti Mittal, among others.
Adani's Mega Investment: Propelling India's Metal Manufacturing with a USD 1.2 Billion Copper Plant
Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is spearheading the greenfield copper refinery project. The refinery, designed for refined copper production with a 1 million tonnes per annum capacity in two phases, achieved financial closure for Phase-1 through a syndicated club loan in June 2022.
RBI Issues Warning Against Fraud Using KYC Trick; Urges Vigilance Among Financial Consumers
Fraudsters typically employ various tactics, such as phone calls, SMS, or emails, to manipulate individuals into disclosing personal information, account details, or installing unauthorized apps via links provided in the messages. These communications often create a false sense of urgency, threatening customers with account freezing, blocking, or closure if they do not comply.
Morgan Stanley Positively Surprised by Interim Budget's Fiscal Deficit Target
The Budget has demonstrated a commitment to macroeconomic stability by achieving a lower-than-anticipated fiscal deficit and government borrowing. This approach is expected to create room for the private sector to drive capital expenditure (capex) growth.
Mark Zuckerberg Ranks Fifth Among World's Richest Individuals After Meta Share Price Surges
Zuckerberg, who holds a 13% stake in Meta, is poised for further wealth growth in the coming days, fueled by the remarkable surge in the company's shares. Meta's decision to declare its first-ever dividend, coupled with a substantial rise in revenues, contributed to a 15% increase in shares during post-market trading on Thursday.
Jeff Bezos Plans to Sell 50 Million Amazon Shares Over the Next 12 Months
The filing, reported by Fox Business, highlighted that Bezos, who recently turned 60, owns nearly one billion shares of Amazon stock. Seven other top Amazon insiders also outlined trading plans for selling Amazon shares in the SEC filing, though Bezos's plan involved the largest number of shares. The divestment of Amazon shares constitutes a significant portion of Bezos's impressive $193.3 billion personal fortune.
Fitch Asserts: Faster Pace of Fiscal Deficit Reduction Does Not Significantly Alter India's Credit Profile
In the interim Budget 2024-25 presented in Parliament, the government revised down the current fiscal year's fiscal deficit to 5.8% from the earlier budgeted 5.9%. The deficit is anticipated to decrease to 5.1% in 2024-25 and further to 4.5% by 2025-26, showcasing a commitment to gradual fiscal consolidation even during an election year.
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