TRADING
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.
China's Xi calls for 'bridges' amid trade, diplomatic frictions
Chinese President Xi Jinping has called for the building of "bridges" in the global economy as Beijing grapples with economic, trade, and territorial disputes with neighbours and trading partners. He emphasized that the world's second-largest economy will never leave the road of peaceful development and will not become a "strong" state seeking to dominate others.
Stanley Lifestyles shares jump nearly 30% in debut trade
Shares of luxury furniture brand Stanley Lifestyles Ltd ended with a premium of nearly 30% on Friday, against the issue price of Rs 369. The stock started the trade at Rs 499, reflecting a jump of 35.23 per cent on the BSE.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
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.
Foxconn employment row: Trade unions gather info on recruitment exercise at Tamil Nadu plant
The Union Ministry of Labour and Employment has sought a detailed report from the Tamil Nadu labour department after reports suggested that Foxconn was not hiring married women at the sprawling facility near here. An official of a manpower agency in Sriperumbudur said Foxconn India outsources employees through agencies and claimed that he did not come across any such incident of married women not getting preferred for recruitment.
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Infosys CEO Parekh settles insider trading charges
Salil Parekh, CEO of IT major Infosys, has settled a matter related to alleged insider trading violation by agreeing to pay Rs 25 lakh, said the Securities and Exchange Board of India (Sebi).
Sebi eases trading norms for company insiders
"Insider may make adjustments, with the approval of the compliance officer, in the number of securities and price limit in the event of corporate actions related to bonus issue and stock split occurring after the approval of trading plan and the same shall be notified on the stock exchanges on which securities are listed," Sebi said .
Narrowing trade deficit, rise in remittances aid current account surplus: CRISIL
Financial flows also increased leading to accretion in foreign exchange reserves during the fourth quarter amounting to USD 30.8 billion, it said. The country's foreign reserves, as of June 14, 2024, stood at USD 652.9 billion. The report said even though the FDI inflows continued, there has also been a rise in outward FDI, leading to a reduction in net flows, the report said.
Online investment scam: Fake Invesco, Goldman Sachs agents dupe Kerala man Rs 7.5 crore
A man from Kerala was scammed of Rs 7.55 crore by fraudsters posing as representatives from Invesco Capital and Goldman Sachs, who tricked him with a fake account balance. To prevent such scams, be vigilant of unsolicited offers, research investments, and refrain from sharing financial details.
87 stocks turn multibaggers in resilient Indian market during H1. What's the second half looking like?
Indian market showcases resilience with 87 stocks turning multibaggers in H1. Top performers include Marsons and Tinna Trade. IT and capital goods sectors witness significant growth. Analysts predict positive market trajectory post-Union Budget and US Fed's decisions.
Discussions on for comprehensive free trade agreement with India: Australian diplomat
Nicholas McCaffrey aims to enhance the scope and impact of the existing trade agreement between India and Australia, working towards formulating a comprehensive free trade agreement to strengthen economic relations between the two nations.
F&O addiction: CA discovers BTech student lost Rs 46 lakh in trading, shares another shocking fact
In light of the escalating retail trading activity, regulatory bodies like Sebi and the RBI have formed an early warning group to monitor the situation closely, emphasizing the need for caution in F&O trading. In a recent post on social media, a CA said that he found that a BTech student had lost Rs 46 lakh in 2 years in F&O trading.
Quant Mutual Fund front-running case: What is it and should investors be worried?
Sebi's investigation into front-running at Quant Mutual Fund has investors worried about the fate of their investments due to leaks of confidential information for illicit profit.
Commodity Talk: How to trade precious metals this week
This week, focus on buying gold, silver, and crude oil, selling on the rise for Natural Gas and Copper. Gold's support is at Rs 71,200 and resistance at Rs 72,900 levels.
"It's all happening again": The supply chain is under strain
The intensifying upheaval in shipping is prompting carriers to lift rates while raising the specter of waterborne gridlock that could again threaten retailers with product shortages during the make-or-break holiday shopping season. The disruption could also exacerbate inflation, a source of economic anxiety animating the U.S. presidential election.
Rupee trades in narrow range against US dollar in early trade
The rupee traded against the US dollar, influenced by positive domestic equities and the strength of the American currency. Forex traders noted the impact of the strong US dollar and elevated crude oil prices on the local unit.
Warburg Pincus sells stake in CarTrade Tech
Goldman Sachs India Equity Portfolio, Societe Generale and US-based Verition Multi-Strategy Master Fund were the top buyers at 828 per share. Shares of CarTrade Tech ended 2.33% lower at 836.95 on Monday.
CAD in surplus in March quarter after four years
India's current account turned into a surplus in the quarter ended March 2024, marking the first surplus in four years. This change was driven by a moderation in the trade deficit, higher services income, and increased remittances from overseas Indians.
India's FY24 CAD reduces to 0.7% of GDP from 2% in FY23, records surplus of 0.6% in Q4
India's current account deficit improved significantly to 0.7% of GDP, or $23.2 billion in FY24, down from 2% of GDP, or $67 billion the previous year, attributed to a decrease in merchandise trade deficit, according to the Reserve Bank of India. The country's current account balance showed a surplus of 0.6% of GDP in Q4 FY24, a turnaround from deficits in earlier quarters.
Explained: What happens next in the EU investigation into Chinese EVs?
China and the European Commission plan talks to address proposed tariffs on Chinese-made electric vehicles entering the EU, potentially easing tensions. The EU intends to impose provisional duties on these vehicles, ranging from 17.4% to 38.1%, with the deadline set for July 4. Negotiations between the EU and China are expected, with stakeholders having until July 18 to provide feedback. The Commission will publish its findings by July 4, and decisions on provisional duties will follow.
CII calls for review of trade ties with China
The CII called for a review of trade ties with China due to the country's reliance on electronics components imports, posing a risk to domestic manufacturing sustainability.
Tech View: Nifty likely to trade in a range
Nifty's trajectory remains uncertain, influenced by sector rotation and FIIs' activities. Investors should focus on specific stocks and sectors for trading opportunities to capitalize on market movements.
Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.
China and European Union agree to talks in bid to head off trade war
China and the European Union have decided to initiate talks aimed at resolving an increasingly tense tariff dispute, with billions of dollars in trade hanging in the balance. According to the Chinese Commerce Ministry, discussions will be held between China's commerce minister, Wang Wentao, and the European Union's trade commissioner, Valdis Dombrovskis. The focus will be on addressing the European Union's proposal to impose tariffs on electric cars imported from China, a move that has sparked significant concern.
DGFT implements automated system for adhoc input-output norms fixation
The Directorate General of Foreign Trade (DGFT) has introduced a new automated system to establish adhoc input-output norms, aimed at facilitating foreign trade procedures. This initiative allows exporters to import duty-free raw materials for manufacturing goods meant for export under advance authorisation. Exporters can now apply for customized adhoc norms through a rule-based, automated process if standard norms do not meet their specific requirements.
EVs versus pork: China has its hand on a raw nerve of Europe
The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.
Counterstrike! China eyes trade war targets across Europe
Trade war: China is preparing to retaliate against the European Union over proposed tariffs on electric cars. Targeted products include brandy from France, pork from Spain, wine primarily from France, and cars from Germany. The potential trade barriers aim to comply with WTO rules but could impact European exporters significantly.
India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
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