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BloombergQuint | Latest and Live Business, Market, Political and Economy News - Economy
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NMDC Bonus Issue: Record And Allotment Date Announced — Check Details Here
NMDC Ltd. has announced that Dec. 27 will be the record date to determine the eligibility of shareholders for the issuance of bonus shares. The bonus issue on Friday will on be in a 2:1 ratio, meaning two new equity shares will be issued for every one existing share held. The public sector undertaking will allot a total of 586 crore equity shares of Re 1 each. The record date is the cutoff date set by a company to identify shareholders eligible to receive corporate benefits like bonus shares.
Five Times Deloitte Was Penalised Globally For Financial Misconduct
Over the past five years, Deloitte has faced multiple fines and sanctions across several countries for violations and misconduct in its auditing practices. These penalties, imposed by regulators, have highlighted challenges in maintaining compliance with professional standards across its global network. In April 2024, the Public Company Accounting Oversight Board (PCAOB) fined Deloitte affiliates in Indonesia and the Philippines $1 million each.
Top Stock Picks For 2025: Jefferies To HSBC, Analysts Name Their Preferences
The Indian economy is set for significant growth in the coming years, with projections suggesting a steady expansion of around 6.5% in 2024 and an expected 7% growth in 2025. Key analysts and firms, including Dhiraj Relli from HDFC Securities, Mahesh Nandurkar and Abhinav Sinha from Jefferies, as well as HSBC and JM Financials, have outlined their outlooks for India's financial and real estate markets for 2025.
Prime Minister Narendra Modi Holds Meeting With Niti Ayog Experts To Discuss Union Budget
Prime Minister Narendra Modi and economists discussed job creation, improving farm productivity, and mobilising public funds for infrastructure development and other issues in preparation for the 2025-26 Union Budget on Tuesday.Prominent economists and sectoral experts at NITI Aayog met the Prime Minister to get their perspectives and recommendations for the Budget.
20 Years After 2004 Tsunami, Devastation Still Haunts Nicobar District
Even after 20 years of the deadly tsunami of Dec. 26, 2004, the devastation which killed more than 400 people and left nearly 3,000 missing, still haunts the residents of Campbell Bay and Car Nicobar in Nicobar district of Andaman and Nicobar Islands.
What Went Wrong In Deloitte’s Audit Of Zee Entertainment
Deloitte Haskins & Sells LLP has been fined Rs 2 crore by the National Financial Reporting Authority for lapses in its audit of Zee Entertainment Enterprises Ltd. (ZEEL) during the 2018-19 and 2019-20 financial years. The regulator’s investigation revealed significant shortcomings in the firm’s auditing processes, raising questions about its adherence to professional standards.
Scams Of 2024: Digital Arrests, Evergrande’s '$78-Billion Fraud', Rs 2,000-Crore WazirX Heist And More
Here are some of the major financial scams of 2024, including 'digital arrest' frauds in India, Evergrande’s alleged $78-billion fraud in China, WazirX hit by Rs 2,000-Crore Hack, the love scam centre in Philippines, and the world’s first 12-second Ethereum heist.
Dense Fog And Low Temperatures Grip Delhi, Visibility Drops To 100 Metres
Dense fog enveloped parts of Delhi on Wednesday morning, reducing visibility to 100 metres in the early hours. The mercury settled at a low of 8.4 degrees Celsius, 1.5 notches below the seasonal average, according to the India Meteorological Department. Humidity levels in the city were recorded at 100% at 8.30 am.
Deloitte’s Credibility In Question After NFRA Penalty
The National Financial Reporting Authority (NFRA) has imposed a Rs 2 crore fine on Deloitte Haskins & Sells LLP for lapses in auditing Zee Entertainment Enterprises Ltd. during the financial years 2018-19 and 2019-20. The regulatory action includes penalties and bans on two former Deloitte partners, raising concerns about the firm’s credibility among its clients.
Prestige Estates Confident of Meeting Rs 24,000 Crore Sales Target for FY2025 with New Projects and Rising Demand
Prestige Estates Projects is confident of achieving its Rs 24,000 crore sales target for FY2025, driven by new project launches, rising customer demand, and pending RERA approvals. Chairman Irfan Razack assures robust second half performance.
Theatre Stampede Case: Allu Arjun Faces Police Questioning For Over Three Hours
The Telangana police on Tuesday asked top Telugu actor Allu Arjun if he was aware that authorities had denied permission for his visit to a theatre that screened 'Pushpa-2' and also if he knew about the tragic death of a woman in the stampede on Dec. 4 during the premiere.
Employment In Informal Sector Grows 10%, Says Government Survey
The informal sector witnessed a 10% increase in employment to over 12 crore during the year ended September 2024, while the number of establishments rose 12% to 7.34 crore, according to a survey by the Ministry of Statistics and Programme Implementation. In the Annual Survey of Unincorporated Sector Enterprises for 2023–24 — also called ASUSE 2023–24 — data were collected from a total of 4,98,024 establishments (2,73,085 in rural and 2,24,939 in urban) from 16,842 surveyed FSUs (8,523.
Boxing Day Test: A Crucial Tradition In Cricket's Festive Calendar
India will face Australia in the fourth Border Gavaskar test at the Melbourne Cricket Ground on Thursday, with the series in a stalemate and a place in the ICC World Championship final up for grabs. In cricket, any match held a day after Christmas is considered a Boxing Day Test, followed in countries in the southern hemisphere, such as Australia, South Africa and New Zealand. In Australia, matches are played in the MCG, while it is conducted at the SuperSport Park in Centurion in South Africa.
India Aims To Cut Fiscal Deficit To 4.5% Of GDP By FY26, Says Finance Ministry
The government will continue its focus on improving quality spending, strengthening the social security net and bring down the fiscal deficit to 4.5% of the GDP in fiscal 2026, a finance ministry document said. Finance Minister Nirmala Sitharaman is schedule to present the Budget for 2025-26 in Parliament on Feb. 1.
Atal Bihari Vajpayee Is Architect Of India’s Transition Into 21st Century, Says Narendra Modi
As a tribute to our former Prime Minister Atal Bihari Vajpayee on the occasion of his 100th birth anniversary, Prime Minister Narendra Modi has penned a small note. In the note, Modi has appreciated Vajpayee's ability to identify the struggles of the common citizen and highlighted the transformative power of effective governance.
Railway Board To Involve PSUs In Competitive Bidding For Operation And Maintenance Of New Facilities
The Railway Board has decided to engage its Public Sector Undertakings through competitive bidding to carry out operation and maintenance of newly constructed sheds, depots, workshops as well as rolling stock.
Deloitte Under Growing Scrutiny: What’s Behind The Increased Penalties?
Over the past few years, Deloitte has found itself under increasing scrutiny across multiple countries, facing penalties and sanctions for lapses in auditing standards. From misrepresenting financial records to failure in maintaining professional skepticism, the global auditing giant has faced multiple regulatory challenges. The recent fine imposed by India’s NFRA on Deloitte Haskins & Sells LLP for mishandling the audit of Zee Entertainment is just the latest in a series of legal setbacks.
Woman Highlights Privacy And Harassment Concerns With IndusInd Bank On LinkedIn
A woman took to LinkedIn to accuse recovery agents of IndusInd Bank of harassing her and violating her privacy, despite her clarification that she was not the person they were looking for. "Their recovery agents came to my house looking for someone else. Despite telling them who I am, and that person doesn’t live here, they still continued to harass me. I’m a woman and this is violation of my privacy," the woman wrote on LinkedIn.
Navin Fluorine Gets Target Price Upgrade From ICICI Securities; New Projects, Ref-Gas To Drive Growth
We maintain Buy on Navin Fluorine International Ltd. as we expect the company to report strong H2 FY25E with revenue/ Ebitda / PAT growing by 31%/ 90%/ 31% YoY, respectively. We expect this to be driven by higher prices for R-32, commissioning of Project Nectar, new plant in Surat (Gujarat) and higher sales from Fermion. Navin Fluorine’s ambition to scale contract development manufacturing organisation revenue to $100 million.
ITC Sees Target Upgrade As Antique Stock Broking Bullish On Staples And Cigarettes Business
Antique Stock Broking Ltd. has raised its target price on ITC Ltd. to Rs 563, maintaining a 'buy' rating, citing the company's resilience in a challenging consumer environment. The brokerage highlighted ITC’s strategy of offering cigarettes at various price points, which has helped it counter aggressive competition, and its premium FMCG portfolio across food and personal care, which is expected to outperform consumer staple peers.
Unimech Aerospace IPO: Check GMP, Day 2 Subscription Status, Price Band And More
Engineering solutions company Unimech Aerospace and Manufacturing Ltd.'s initial public offering has been subscribed 5.08 times so far on its second day of bidding on Tuesday. The grey market premium of Unimech Aerospace's IPO is Rs 510 as of 5:04 a.m., according to InvestorGain. This implies that the shares of the company will likely list at Rs 1,295 apiece, indicating a 64.97% premium to the upper end of the price band.
NACDAC Share Price: Most Subscribed SME Stock Makes Bumper Debut At 90% Premium
Shares of NACDAC Infrastructure Ltd. made a stellar debut on BSE SME on Tuesday, Dec. 24, after emerging as the most subscribed SME IPO in India’s history. The stock listed at Rs 66.5 on the BSE, with a premium of 90% over the issue price of Rs 35. Following the listing of the shares, bidders who were allotted at least one lot of the IPO would have made profits of Rs 1,26,000 with their investment of Rs 1,40,000 turning to Rs 2,66,000.
Stock Market Live: Nifty, Sensex Rise As RIL, ITC Share Prices Lead
The GIFT Nifty was trading near 23,800 on Tuesday morning. Shares of Bharat Forge Ltd., HG Infra Engineering Ltd., and TVS Motor Co. Ltd. share prices may react. The GIFT Nifty was trading 0.09%, or 20.50 points, higher at 23,790, as of 6:31 a.m.
India's Defence Story Strong: Garden Reach Shipbuilders, HAL Shares Among Top Picks
India's defence sector's outlook remains strong because of focus on indigenisation and exports, according to brokerages and analysts. Ongoing geopolitical turmoil across the globe and upcoming Trump administration will create a situation where India can ramp up domestic production in the face of supply-chain disruption.
Brokerage Views: Defence Stock, Realty Sector On Analysts Radar; Sagility Gets New Buy
Phillip Capital has initiated coverage on the defence sector, while Elara Capital continues to remain bullish on the sector. Nuvama's deep dive into realty developers has thrown up interesting results. JPMorgan initiated coverage on Sagility India with an overweight call, while Morgan Stanley maintains equalweight on SBI Cards.
'Buy' Vedant Fashions, Target Price Rs 1600: ICICI Securities
We met Vedant Modi, Chief Revenue Officer, Vedant Fashions Ltd. Takeaways: Company plans to reduce weddinglinked seasonality by focusing on festive wear through its recently launched brand ‘Diwas’ and will continue to focus on wedding wear through ‘Manyavar’. It plans to scale up Mohey EBOs in multiple cities. Negligible dead stock / slowmoving inventory allows it to have ‘no discounting’ which results in better gross margins versus peers. Maintain 'Buy'.
TRAI Data - Subscriber Trends Normalise For Bharti Airtel In October 2024: Motilal Oswal
The Telecom Regulatory Authority of India released the subscriber data for October 2024. The key highlights are as follows: Wireless subs: Reliance Jio’s inactive subs cleanup continues; subs recover for Bharti Airtel Ltd. The industry’s wireless subscribers dipped further by 3.3 million month-on-month (following a ~17 million decline in Q2 FY25), largely due to the cleanup of inactive subscribers by RJio.
Berger Paints Eyes Recovery In New Year Despite Fresh Competition, Demand Slowdown
Berger Paints (I) Ltd. is focused on maintaining its market share despite the entry of a new competitor and the overall slowdown due to the current economic climate, the company’s Managing Director and CEO, Abhijit Roy, told NDTV Profit on Monday. However, Roy expressed confidence in a turnaround in the company’s growth by next year.
Christopher Nolan Announces 'The Odyssey' With Mega Star Cast And New IMAX Tech
Christopher Nolan's next film will be called The Odyssey, described as a "mythic action epic," according to reports by multiple media publications. The star-studded cast includes popular celebrity couple Tom Holland and Zendaya, Matt Damon, Anne Hathaway, Robert Pattinson, Lupita Nyong’o, and Charlize Theron.
Ventive Hospitality IPO Subscribed XXX Times On Day 3; Check GMP, Price Band And More
The initial public offering of Blackstone-backed Ventive Hospitality Ltd. enters the final day after being fully subscribed on day two of bidding. The grey market premium of Ventive Hospitality IPO rose to Rs 54 as of 8:11 a.m, according to InvestorGain. This implies shares of the company will likely list at Rs 697 apiece, at a gain of 8.40% over the IPO price.
Tata Investment Stock Surges As Tata Capital IPO Buzz Surrounds Dalal Street
Shares of Tata Investment Corp. zoomed upwards in early trade on Tuesday as the market remains abuzz with news of the latest initial public offering of the Tata group's flagship financial services arm Tata Capital gearing up to hit the bourses.
Websol Energy Share Price Hits Life High As Company Orders Equipment For Falta Facility
Websol Energy System Ltd.'s share price extended its gains to a fourth consecutive session and hit its lifetime high after the company informed the exchanges that it has placed purchase order for equipment for its additional capacity of 600 MW Cell line at Falta Plant.
Rupee Falls 7 Paise To New Record Low As Dollar Strength Persists
Indian rupee weakened 7 paise by midday on Tuesday to a new record low of 85.19 per US dollar as the greenback maintained its strength. The drop came after the domestic currency gave up slim opening gains early today after opening 2 paise stronger at 85.10 against the dollar, compared to its previous close of 85.12. The opening gains were a result of thin trading volumes ahead of the Christmas holiday season, while global and domestic factors continue to weigh on the currency's outlook.
Trading Ideas: Avoid Vedanta, Waaree Energies, Bajaj Housing Finance, Say Stock Market Experts
Are share prices of Waaree Energies and Bajaj Housing Finance trading at expensive valuations? What does charts of Dixon Technologies and Crompton Greaves indicate? Is Vedanta a good pick? G Chokkalingam, founder & MD of Equinomics Research and Swati Hotkar, assistant vice president of technical research at Nirmal Bang Institutional Equities answer these queries.
Senores Pharmaceuticals IPO: Check GMP, Day 3 Subscription Status, Price Band And More
The initial public offering of Senores Pharmaceuticals Ltd. has been subscribed 17.08 times so far on the final day of subscription on Tuesday. The grey market premium of Senores Pharmaceuticals was Rs 230 as of 9:27 a.m., according to Chittorgarh's unit InvestorGain. The estimated listing price based on the GMP is Rs 621 per share, implying a premium of 58.82%.
Christmas 2024 Holiday: Are Stock Markets Open Or Closed On Dec. 25?
The Indian stock markets will observe a holiday on Dec. 25 on the occasion of Christmas. No trading activity will take place on the leading stock exchanges, the BSE and the National Stock Exchange of India (NSE), due to the festive holiday. Trading activities across equity, derivatives and securities lending and borrowings (SLB) segments will remain suspended for the day. Further, trading will remain unavailable in the currency and interest rate derivatives segments as well.
Stock Of The Day: Sagility's 65% Rally Has More Legs Before February Hiccup
The rally witnessed in the recently listed Sagility India Ltd. has more legs before the stock will see a temporary setback in February when the lock-in date for anchor investors will end. Top brokerages foresee double-digit revenue growth with "structural tailwinds" and "deep domain expertise", which will eventually help trigger the price of the stock.
Carraro India IPO: Check GMP, Final Day Subscription Status, Price Band And More
Carraro India Ltd.'s Rs 1,250-crore initial public offering entered its final day of subscription on Tuesday. Opened on Friday, Dec. 20, the book-built public offer was subscribed 22%, with the retail basket subscribed only 35% on its second day. The GMP of Carraro India remains at nil as of 9:26 a.m. on Tuesday. The estimated listing price based on the GMP is Rs 704 a share, imply no gains over the upper limit of the price band.