INDIA INTERNATIONAL TRADE FAIR
F&O stocks to buy today: L&T, IGL among top 9 trading ideas for July 3, 2024
The Indian market is expected to open higher on Wednesday, following positive global cues. On Tuesday, the Nifty futures closed marginally higher, gaining 0.02% to reach 24,210 levels. The India VIX decreased by 1.14% from 13.83 to 13.67 levels.
International toy fair to begin on July 6; over 100 foreign buyers to participate
Wooden toy maker Gautam said that different categories of toys will be showcased to buyers such as electronics, soft toys, playground equipment and board games. The country's toy exports declined marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, according to a report by economic think tank GTRI.
India catching up with China, Vietnam on phone exports
India is rapidly narrowing the gap with China and Vietnam in mobile phone exports. In FY24, while mobile phone exports from China and Vietnam declined by 2.78% and 17.6% respectively, Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its objective of absorbing a significant portion of the supply chain shift from China.
CCI to tweak fair trade norms soon
Under the green channel process, introduced in 2019, an M&A deal is deemed to have been approved upon filing the application with the regulator, subject to conditions, including meeting the prescribed value thresholds. The move was aimed at expediting the deal approval process and balancing regulatory facilitation with enforcement functions.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
Titan, IndusInd Bank among 20 stocks to trade ex-dividend this week. Do you own any?
20 companies, including Nifty companies Titan and IndusInd Bank, have set record dates this week to determine dividend payouts. Shareholders buying stock at least one day before the ex-date are eligible for dividends under the T+1 framework, where ex-date and record date align in most cases.
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Messe Stuttgart India, Indian Navy collaborate to modernise pan-India logistics infrastructure
Messe Stuttgart India partners with Indian Navy to enhance national logistics infrastructure by connecting with LogiMAT India exhibitors, facilitating solutions to Navy's logistics needs. The Indian Navy plans to engage with leading exhibiting organisations to adopt strategic solutions. After the success of LogiMAT India 2024, preparations are underway for LogiMAT India 2025, aiming for an impactful event with over 200 exhibitors and 15,000+ visitors, driving innovation in India's logistics sector.
Global rates will come down, India certainly to be a top beneficiary: Jose Vinals, Standard Chartered
The Indian elections resulted in a surprise, denying an outright majority to the BJP. Despite this, prospects of strong growth through Narendra Modi's third premiership offer comfort to international businesses, as highlighted by Jose Vinals, chairman of Standard Chartered.
India, the US and 12 other nations sign Indo-Pacific region economic pact
The US and 13 nations in Asia signed agreements on the Indo-Pacific Economic Framework, part of Biden's strategy to counter China's influence. The pact includes major economies like Japan, India, and South Korea, focusing on renewable energy, climate change, taxation, corruption, and supply-chain management.
KEC International shares jump 8% on winning order worth Rs 1,061 crore
KEC International's share price rose by 8% to Rs 829 after securing new orders worth Rs 1,061 crore. The company's YTD order intake is over Rs 3,000 crores, with a growth of 30% compared to last year.
Delhi to sign IPEF pact on clean economy after domestic nod
Negotiations for these agreements were concluded in November last year, with the IPEF reaching a significant milestone in promoting a Clean Economy, Fair Economy, and an overarching agreement for Prosperity. Member countries have since conducted a legal review of the text and initiated domestic approval processes.
Govt finally takes note of woes of companies that need but can't get Chinese hands on time
Many Indian companies need Chinese expertise for execution of certain phases of projects. But visa issues don't allow these entities to avail the services of these workers when they need it. The Indian govt is seized of the problem and is now planning a fix.
Adopting global standard, infra, risk-based regulation to help India improve quality of goods for exports: GTRI
The GTRI also recommended support to SMEs, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems.
India's top 100 listed companies must verify market rumours in 24 hours
Starting June 1, the top 100 listed companies must confirm or deny market rumors in mainstream media within 24 hours. The rule aims to prevent information leaks affecting stock valuation, enhancing market fairness. Sebi's new framework excludes price volatility for corporate actions, ensuring a level playing field for all investors. This initiative strengthens the market's integrity, making it more attractive to global investors.
Maharashtra attracts highest FDI for second consecutive year: Fadnavis
Maharashtra Deputy Chief Minister Devendra Fadnavis announced that the state has attracted the highest foreign direct investment (FDI) in India for the second consecutive year. According to the Department for Promotion of Industry and Internal Trade (DPIIT), Maharashtra received FDI worth Rs 1,25,101 crore in 2023-24, surpassing Gujarat and Karnataka.
FDI inflows into India fall 3.5 pc to $44 billion in FY24
Foreign direct investment (FDI) equity inflows in India fell 3.49% to USD 44.42 billion in 2023-24 due to lower investments in key sectors like services, telecom, and pharma. Total FDI, including reinvested earnings, declined marginally to USD 70.95 billion. However, inflows rose by 33.4% in January-March FY24.
FY24 FDI equity inflows down 3.49% on-yr
Foreign direct investment (FDI) equity inflows into India decreased by 3.49% in FY23 to $44.42 billion from $46.03 billion in FY22, according to official data. Singapore was the top source of foreign inflows, followed by Mauritius and the US. FDI in services, computer hardware and software, telecom, auto, and pharma fell in 2023-24. Total FDI fell 1% to $70.95 billion in FY24.
Singapore may eye Chabahar Port to create trade & transit corridor between SE Asia & C Asia
Singapore aims to access resource-rich Eurasia through India's Chabahar port in Iran, managed by New Delhi. The port plays a vital role in establishing a trade corridor with Kazakhstan, connecting Southeast Asia and Central Asia.
India sets sights on global renewable ammonia market, takes strides towards sustainable energy leadership
India is positioning itself as a key player in the renewable ammonia market with several international trade agreements already inked and more on the horizon. According to S&P Global Commodity Insights, however, industry insiders emphasize the need for greater policy clarity and price stability to transform these agreements into binding deals.
Beyond the clutter: India-US ties transcend ongoing differences
India explained why oil imports from Moscow are necessary to preserve global oil market stability, similarly Chabahar deal is also for regional stability which is valued by the US.
National security has become crucial to many economic transactions: Jaishankar
Rooting for multipolarity and the role of India, the minister said, "The transformation of India is critical to strengthening multipolarity in Asia itself, a prerequisite for a multipolar world. India's growing weight will ensure that the overall balance in the world order remains in favour of freedom, openness, transparency and a rules-based order."
Maldives to launch India's RuPay service amid bilateral tensions
Despite recent turbulence in bilateral relations, the Maldives is set to launch India's RuPay service, a move expected to strengthen the Maldivian Rufiyaa. Minister of Economic Development and Trade Mohamed Saeed highlighted the significance of the upcoming launch, emphasizing the administration's priority to address currency issues and reinforce the MVR. While no specific date has been announced for the launch, discussions are underway with India to facilitate payments in rupees within the Maldivian territory.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Chabahar Port to reduce Afghanistan’s dependence on Karachi: Kabul
The Taliban has welcomed India's 10-year management rights over Iran's Chabahar Port, viewing it as an alternative to Pakistan's Karachi Port. They support the port's expansion, which they believe will enhance economic stability and benefit Afghanistan. The Afghanistan-India trade in 2023 reached $773 million. The Afghanistan Chamber of Industries and Mines sees increased investment in Chabahar as beneficial for regional trade. A special zone for Afghan traders at Chabahar Port further facilitates export and import activities.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
Chabahar Port development to help India expand trade routes; need to ensure necessary infra: GTRI
India has signed a 10-year contract to operate the strategic Iranian port of Chabahar, which will help India enhance its logistical capabilities and expand its trade routes to Central Asia. The port, which is Iran's only ocean port, is strategically located about 170 km west of Pakistan's Gwadar Port and offers an alternative maritime route to the congested Strait of Hormuz. The port is an integral component of the International North-South Transport Corridor (INSTC), a 7,200-km multi-modal transportation route connecting India with Iran, Azerbaijan, Russia, Central Asia, and Europe.
Arbitration matters related to Chabahar port to be referred to tribunal in Muscat: Official
"Major concerns, including lack of consensus on an arbitral framework, have been addressed. As per the agreement signed on Monday, matters requiring arbitration with regard to operation of the Chabahar port, will be referred to a three-member arbitration tribunal based in Muscat in accordance with the Singapore International Arbitration Centre (SIAC)," the official said on condition of anonymity.
Chabahar, opening routes for India-plus
With Monday's agreement, India takes over management of Iran's Chabahar Port for an initial 10-year period. This will change the face of regional connectivity, trade with landlocked countries of Central Asia and Afghanistan, and provide an alternative route that connects the region with Europe. For India and the region, economic benefits come with a strategic sweetener - an alternative that can bypass China and Pakistan's Gwadar Port.
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