18K CR
Former J&K High Court Bar Association Srinagar president Mian Qayoom detained for questioning, elections put on hold
The officials informed that Qayoom was summoned for questioning by the State Investigation Agency officials and later detained for sustained interrogation in connection with the murder. The officials claim that they have collected "substantial evidence against Qayoom, who has emerged as a primary suspect in the case." However, the SIA or J&K police are yet to issue a formal statement confirming his detention or arrest.
MF investors keep faith in equity, invest Rs 34k cr in May
Mutual fund investors committed record funds to equities in May, looking beyond event risk posed by the election outcome. New fund offers (NFO) of sectoral funds drew ₹34,697 crore to the category, with SIPs rising to ₹20,904 crore, and debt funds seeing inflows of ₹42,295 crore.
At record Rs 48k cr, local MF equity bets 4X monthly average in 2 yrs
Local funds escalated equity wagers at an unprecedented pace in May 2024, with domestic funds investing a record ₹48,099 crore in equities. Foreign investors contributed a modest ₹840 crore during the same period.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
Not so well known stakeholders of EV ecosystem: 8 stocks that don't come instinctively, 3 with an upside potential of more than 18%
We also have a whole list, but we have separated the eight companies, just because these companies are not the names which one would instinctively think about and probably they may have more to go as they form this index.
The China challenge: The nuts and bolts of Rs 50,000 cr fighter jet deal
India is enhancing its naval capabilities in response to China's PLA Navy in the Indo-Pacific region. The Indian Navy is set to acquire 26 Rafale Marine fighter jets from France to bolster its aircraft carrier INS Vikrant. The deal, valued at nearly Rs 50,000 crore, will strengthen India's defense ties with France and address the challenge posed by China's expanding naval presence in the region.
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2024 Lok Sabha Elections Phase 6: Anantnag-Rajouri gears up security for peaceful voting
The administration has deployed additional companies of police, Army, CRPF, BSF and other paramilitary forces to reinforce the security in sensitive areas. Checkpoints have been erected on all major roads of the constituency. Recently, there were two separate attacks in this constituency in which a former Sarpanch associated with BJP was killed in Shopian and a couple from Rajasthan was injured in another attack near Pahalgam area in Anantnag.
K2 Infragen gets Rs 90 cr railway order in UP
EPC company K2 Infragen has won a Rs 90 crore railway bridge project in Chandauli, Uttar Pradesh. The project, awarded by the UP-State Bridge Corporation Ltd, involves constructing a four-lane rail over bridge on the Patna-Mughalsarai section. K2 Infragen expects the project to contribute Rs 35 crore to its revenues for fiscal year 2024-2025.
ETMarkets Smart Talk: Nifty hitting 24K is subject to Indian elections results and Middle East tensions: Sandeep Raina
Sandeep Raina of Nuvama projects Nifty50 levels at 24,000 to 25,000 based on expected EPS, influenced by Indian Elections and Middle East tensions. Market trends may align with US Fed’s policies, impacting inflation and equity performance. Raina further says that Indian markets will largely respond to the corporate earnings reports.
Mufti, Abdullah accuse J&K admin of harrassing, detaining workers to influence elections
Elaborate security for May 13 Srinagar polling with voter concerns. Accusations of worker harassment, detentions by political parties. Calls for fair elections despite manipulation. NC chief warns against tactics affecting election outcomes.
FPIs take cautious approach amid ongoing general elections; inject Rs 1,156 cr in May
"With general elections in full swing in India, foreign investors have adopted a wait and watch approach, until the election results are out," Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Research India, said.
Indus Towers facing a Rs 60 cr shortfall in collections from Vodafone Idea in Q4
Indus Towers received an additional Rs 360 crore from Vodafone Idea (Vi) for old dues, but analysts note a Rs 60 crore shortfall in collections. Despite this, Indus' trade receivables increased by Rs 430 crore sequentially in Q4FY24, reflecting the delayed collection of Vi's past outstandings, ultimately settled in April.
DGGI launches probe into 'tax evasion' worth Rs 18k cr by agricultural brokerage houses
During a sector-wise analysis of GST data, the DGGI detected evasion by 58 brokerages, engaged in procurement of crops from farmers for businesses and government agencies, and in processing and packaging for exports, said officials. Some of these brokerages were not even registered under GST, despite huge turnover, and action could be initiated against more such entities, they said.
Adani Energy Solutions' Q4 net profit falls 13% to Rs 381 cr
Adani Energy Solutions Ltd reported a 13.26% fall in net profit to Rs 381.29 crore in March 2024, with FY 24 income at Rs 17,218.31 crore. Growth attributed to robust energy demand and market opportunities.
Mcap of BSE-listed companies soar to all-time high of Rs 406.52 lakh cr
The market capitalisation of BSE-listed companies soared to an all-time high of Rs 406.52 lakh crore on Monday thanks to a rally in equities where the BSE Sensex climbed over 1 per cent.
Gujarat LS polls: BJP's Poonam Maadam richest candidate, BSP contestant poorest with Rs 2k
Maadam, who is seeking re-election from the seat, has seen her declared assets rise from Rs 42.7 crore in the 2019 Lok Sabha elections to Rs 147 crore in 2024, comprising movable assets of Rs 60 crore and immovable properties of Rs 87 crore.
India's net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr
India's net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in fiscal year 2023-24, exceeding revised estimates by Rs 13,000 crore, reflecting economic buoyancy and rising income levels. Gross direct tax collections (provisional) for FY 2023-24 rose 18.48% to Rs 23.37 lakh crore, with refunds totaling Rs 3.79 lakh crore.
Rs 3 lakh cr m-cap wiped off! Sensex plunges 600 pts, gives up 72K as Mideast conflict intensifies
Benchmark equity indices open lower mirroring Asian markets on geopolitical tensions. Sensex down 598 points, Nifty50 down 181 points. Infosys lags with 3% decline, lower annual revenue forecast. NTPC, L&T, Axis Bank, Power Grid down.
Road Min sanctions Rs 2,094 cr for widening, strengthening of various NH projects in J&K
The Ministry of Road Transport and Highways (MoRTH) has approved Rs 2,093.92 crore for various National Highway projects in Jammu and Kashmir. This includes funds for widening and strengthening the Rafiabad-Kupwara-Chowkibal-Tangdhar-Chamkot section of National Highway-701 and developing a ropeway from SDA Parking to Shankaracharya Temple. Additionally, Rs 562.40 crore has been sanctioned for upgrading the Nashri-Chennai section of National Highway-244. In Gujarat, Rs 1,532.97 crore has been approved for National Highway upgrades, and Rs 936.26 crore for a four-lane elevated corridor in Jamshedpur, Jharkhand.
AP, Telangana, K'taka owe railways ₹9,000 cr
Andhra Pradesh, Telangana, and Karnataka owe Indian Railways over ₹9,000 crore for executed projects. Kerala and Tamil Nadu have no arrears, but slow land acquisition hampers projects. Railway projects face delays due to changes in project scope after polls, causing time and cost overruns.
Godrej Properties sale bookings may rise to Rs 18k cr surpassing FY24 guidance: Pirojsha Godrej
Godrej Properties' sale bookings are likely to rise 50 per cent annually to over Rs 18,000 crore this fiscal year, beating the annual guidance on strong demand for its residential projects. In an interview with PTI, Executive Chairperson Pirojsha Godrej said the company is hopeful of selling properties of more than Rs 5,000 crore during January-March period of this fiscal year, repeating the performance of the previous two quarters.
FPIs infuse over Rs 15,000 cr in debt mkt in Feb
On the other hand, foreign investors pulled out more than Rs 3,000 crore from equities during the period under review. Before this, they withdrew a massive Rs 25,743 crore in January, data with the depositories showed. Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Research India, attributed the outflow from equities to the uncertainty surrounding the interest rate environment, both domestically as well as globally.
Discoms outstanding dues reduce to Rs 50,000 cr in Jan: Power Minister
Total outstanding dues of distribution companies (discoms) were at Rs 1,39,947 crore in June 2022, Power Minister R. K. Singh said in a reply to the Lok Sabha. "With the implementation of the rules, a remarkable improvement has been seen in recovery of outstanding dues. The dues have reduced to Rs 49,452 crores after timely payment of eighteen (18) monthly installments as on 31.01.2024," he said
Sitharaman proposes Rs 1.18 lakh cr interim Budget for J&K for 2024-25
Finance Minister Nirmala Sitharaman has proposed an interim budget of Rs 1.18 lakh crore for fiscal 2024-25 for the Union Territory of Jammu & Kashmir. The budget aims to reduce the fiscal deficit and achieve a 7.5% growth in the GSDP. Sitharaman praised the government's efforts to decentralise governance, promote inclusive development, and increase revenue generation.
IOC, BPCL, HPCL post Rs 69k cr net profit in Apr-Dec, higher than pre-oil crisis annual earnings
Indian Oil Corporation, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd reported bumper profit totalling over Rs 69,000 crore in the first nine months of the current fiscal, exceeding their annual earnings in pre-oil crisis years. The combined net profit of the three companies in April-December FY24 was better than their annual earning of Rs 39,356 crore in pre-oil crisis year. The retailers have not changed petrol, diesel, and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower. The three firms posted record earnings in the first two quarters of this fiscal year when international oil prices almost halved, but on a year as a whole, they had rich profits.
Content firm Banijay aims for Rs 1K cr in India revenue
Banijay Asia and Endemol Shine India, two leading content production firms in India, are targeting total revenues of Rs 1,000 crore this year by producing high-quality content. They aim to achieve profitable growth and see an upswing in content investments by broadcasters and streaming platforms. The companies plan to expand through acquisitions and believe India has the potential to become a global content creation hub.
Meta India's gross ad revenue swells 13% to ₹18.3k cr in FY23
Facebook India Online Services, the Indian arm of Meta, reported a 13% growth in gross ad revenue to ₹18,308 crore for the fiscal year ending March 2023. The company changed its operating model from being a reseller to a reseller and operating license model. Under the new arrangement, the company compensates Meta USA with royalty payments and infrastructure charges. Facebook India's net profit for FY23 increased by 19% to ₹352 crore, while revenue increased by 20% to ₹2,776 crore.
Weeding out fake welfare scheme beneficiaries to help save ₹18K cr
The Indian government expects to save ₹18,000 crore in the current fiscal year by identifying and removing fake beneficiaries from various welfare schemes. Duplicate or ineligible farmers receiving benefits from the PM Kisan scheme have already been removed from the database, resulting in savings of ₹9,000 crore. In addition, efforts are being made to prevent the diversion of subsidised fertilisers for industrial use, and measures have been taken to eliminate duplicate or fake job cards under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), saving around ₹4,000 crore.
J&K Police files charge sheet against five militant associates in NIA court
The Special Investigation Unit of the Jammu and Kashmir Police has charged five militant associates under the Unlawful Activities (Prevention) Act in a case related to the seizure of a large quantity of arms and ammunition. The cache was seized from three terrorist associates travelling from Srinagar to Pattan. The associates were identified as Rouf Safeer Dar, Javaid Ahmed Khanday, and Mohammad Iqbal Dhobee.
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