According to the central bank's monthly bulletin, which was released on Monday, India's per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country.
Elon Musk-run SpaceX now controls 60 per cent share of the global launch business, as he aims to bring Starlink, which uses low-orbit satellites to provide broadband internet connections, to India.
The market traded in positive with the Sensex gaining 0.80 per cent to close at 66589.03, while Nifty was up by 0.75 per cent intraday and closed at 19,711.45 levels, its highest ever, whereas Bank Nifty was up by 1.41 per cent to settle at 45449.75.
As tomatoes are still sold at a premium rate of Rs 160 per kg in many parts of the country, the government on Sunday said that it has decided to sell the vegetable at Rs 80 per kg from Sunday (July 16) onwards.
The valuations in China at a PE of 9 is hugely attractive now compared to valuations in India with a PE of around 20 and, therefore, the ‘Sell China, Buy India’ policy of FPIs cannot continue for long, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A sharp rally in IT stocks powered the Sensex to close above the 66,000-mark for the first time ever on Friday. IT heavyweights led the rally as the BSE Sensex closed at 66,060, up 502 points.
India's wholesale price index (WPI) based inflation further fell to stand at -4.12 per cent in June, from -3.48 per cent in May, according to the commerce ministry data released on Friday.
A visit to the Ghazipur vegetable Mandi revealed a distressing reality that the wholesale market is experiencing up to a 66 per cent reduction in supply, resulting in retail prices skyrocketing up to four times the regular selling price.
Selling by domestic institutions is emerging as a countervailing force putting brakes on the rally -- this explains the resistance which Nifty is facing at 19,500, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
This is clear indication that the disinflation process is on in the US and might persuade the Fed to pause once again in the July 26 rate decision. This is an important positive global cue, he said.
The Indian space agency has decided to transfer the technology to more than one private player to make Small Satellite Launch Vehicle (SSLV) to interested parties and an Expression of Interest (EoI) has been issued for the same by the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
In a filing with the Bombay Stock Exchange (BSE), CarTrade Tech said it will buy 100 per cent of Sobek's shares and is making the purchase "to provide synergistic benefits to the existing businesses of CarTrade Tech".
In a major setback to Prime Minister Narendra Modi's plans of making India a chip-manufacturing hub, Taiwanese chip-making giant Foxconn on Monday announced that it has withdrawn from a joint venture with India-based industrial giant Vedanta.
The Kal airlines, in a statement, said that it has come to its knowledge that a statement purportedly issued by the spokesperson of SpiceJet Ltd has been circulating among certain sections of the media that SpiceJet Ltd is in talks with Kalani Pvt. Ltd. for an amicable settlement.
Weak global cues and profit booking in domestic equities dragged the key indices down on Friday. Nifty opened lower and remained in negative territory throughout the session to close near the day’s low with a loss of 166 points (-0.8 per cent) at 19,332 levels.
The strengthening of the US dollar and the slight reduction in global recession concerns have resulted in a decline in gold prices, said an analyst with Geojit Financial Services.
The next big Indian unicorn that has reached troubled waters is online pharmacy startup PharmEasy which, according to multiple reports, is in deep crisis amid sharp valuation cut as it seeks new funding.
The e-commerce transaction value in India is likely to rise from $83 billion in 2022 to nearly $150 billion in 2026 at a 16 per cent compound annual growth rate, a report showed on Wednesday.
India continues to trade at above mean valuations and at premium levels relative to global equities. Mid-caps are now trading at average premium levels helped by pick-up in FPI equity inflow into India especially in financial services, industrials, and auto sectors.
It seems to be a merger season in the Indian banking sector. On Monday, the Board of Directors of listed IDFC FIRST Bank Ltd approved the composite scheme of amalgamation amongst IDFC Financial Holding Company Ltd, IDFC Ltd and the bank.
The valuation gap between the two major private sector banks – HDFC Bank (post merger of HDFC Ltd) and the ICICI Bank Ltd - may not widen in the short run, said an analyst with LKP Securities.
On the other hand, countries such as South Korea, Taiwan and Indonesia have received far less inflows compared to India, Jahnavi Prabhakar, Economist at Bank of Baroda, said in a report.
The recent surge in FPI inflows have been triggered by the recent ‘Sell China, Buy India’ strategy of the FPIs which, in turn, is being influenced hugely by the anti-China attitude/policy evolving in the US and the developed world.
Nifty's journey from 18,000 to 19,000 took 425 trading days (from October'21-June'23) vs. only 30 days when it covered the journey from 17,000 to 18,000, Motilal Oswal Financial Services said in a report.
Out of the GST collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).
