The Indian stock markets hit major milestones on Monday with the Nifty crossing 20,000 for the first time ever and the Sensex regaining 67,000 levels. Strong buying by domestic institutional investors amid positive macroeconomic data and the successful hosting of the G20 summit drove the momentum. The Nifty hit an all-time high of 20,008 before closing just below 20k at 19,996, up 0.89%. The Sensex settled 0.79% higher at 67,127. Banking, auto, and oil & gas stocks led the rally. Analysts said the landmark reflects robust inflows from retail investors and confidence boosted by India's foreign policy wins. Lower vegetable prices also fueled optimism over easing inflation. 

Indian stock market indices touched new record highs on Monday with the Nifty50 crossing 20,000 points for the first time ever. The BSE Sensex closed 0.79% higher at 67,127 while the NSE Nifty settled 0.91% up at 19,996 after hitting an intraday peak of 20,008. All broader indices also ended in the green, with smallcaps and midcaps surging over 1%. Barring media, all sectoral indices closed higher led by PSU banks, auto, metals and banking stocks. The gains come ahead of key domestic economic data releases. Strong bullish sentiment propelled the markets to new milestones, overcoming global growth concerns.

According to a G20 policy document by the World Bank, India was able to achieve an 80% financial inclusion rate in just six years due to digital payment infrastructure like Jan Dhan accounts, Aadhaar and mobile phones. The report states this feat could have taken 47 years without such infrastructure. It highlights how digital tools like UPI enabled leapfrogging in financial access. The total value of UPI transactions last fiscal was nearly 50% of India's GDP. Overall, India did total savings of $33 billion through direct benefit transfers. To read full article, click on the link below.

Tata Group's consumer unit is in acquisition talks with popular Indian snack maker Haldiram's to buy at least 51% stake but faces resistance over the $10 billion valuation sought. If successful, the deal would see Tata directly compete with Pepsi and Reliance Retail. However, Tata feels Haldiram's valuation demand is very high. Family-run Haldiram's, renowned for its affordable snacks, has around 13% share of India's $6.2 billion savoury snack market and a significant overseas presence. Besides Tata, Haldiram's is also in talks with private equity firms including Bain Capital for a 10% stake sale. The potential deal with Tata represents an exciting consumer space opportunity, but the high valuation sought by Haldiram's poses a roadblock.

RBI Governor Shaktikanta Das stated that Unified Payments Interface (UPI) has emerged as the backbone of India's digital payments ecosystem. Speaking at the G20 TechSprint event, Das said UPI has revolutionized payments and promoted financial inclusion by bringing unbanked individuals into the formal system. He shared that UPI exceeded 10 billion monthly transactions in August 2023, underscoring its pivotal role. Over 70 apps and 50 million merchants across India now accept UPI payments. Das praised India's thriving startup culture and commitment to digital transformation that is leveraging technology for empowerment and inclusion. Under India's G20 presidency, RBI and BIS Innovation Hub have jointly organized the G20 TechSprint to showcase how technology can facilitate efficient cross-border payments globally.

According to a report by The Guardian, UK PM Rishi Sunak has dismissed the possibility of a swift trade agreement with India, dashing hopes of reaching a deal in time for the G20 summit in Delhi. The rejection of an "early harvest" deal, primarily focusing on lowering tariffs on goods like whisky while excluding complex areas like professional services, has complicated negotiations. This implies that the likelihood of a UK-India free trade agreement, previously touted as a prime post-Brexit opportunity for Britain, still remains elusive. Despite earlier promises, substantial disagreements still impede progress, leaving the deal's fate uncertain. [file photo: Reuters]

Naresh Goyal, founder of the now-defunct Jet Airways, was arrested on Friday by the Enforcement Directorate in a ₹538 crore fraud case involving Canara Bank. Goyal was detained for questioning after missing two previous summons related to a CBI FIR filed in May over allegations of cheating, conspiracy and misconduct. Searches were conducted at Goyal's Mumbai residence and offices. The CBI complaint alleges he caused wrongful loss of ₹538.62 crore to Canara Bank. Jet Airways shut operations in April 2019 after 25 years due to heavy losses and failure to raise funds. Goyal's arrest comes amid probes into the airline's financial troubles before its collapse.

Reserve Bank of India Governor Shaktikanta Das has been rated "A+" in the Global Finance Central Banker Report Cards 2023 published by New York-based magazine Global Finance. He was ranked first among three central bank chiefs in the top A+ category. This recognition follows Das being named "Governor of the Year" for 2023 by Central Banking journal in March. The Global Finance report graded 101 central bank governors on originality, ingenuity and tenacity in handling economic conditions. Das was lauded for keeping Indian inflation under control and supporting growth amid global uncertainty. The full report will be published in Global Finance's October print and digital editions.

Indian-American CEO Kishore Kethineni, based in California, received a two-year prison sentence for bank fraud and evading over $2 million in employment taxes. Kethineni pleaded guilty to orchestrating a scheme with his brothers to fraudulently secure over $3.1 million in loans under the Paycheck Protection Program (PPP). While he owned and led four companies involved, his brothers managed three others. They submitted deceptive PPP applications with falsified data. Kethineni diverted substantial loan funds for personal use instead of authorized expenses. He also admitted to evading employment taxes, resulting in a $2 million liability over five years.

Elara Capital's leading annual conference, Ashwamedh, will take place from 4th to 6th September 2023 at Trident BKC in Mumbai. This year's conference brings together over 30 distinguished speakers and 175 corporate honchos along with thought leaders, policy makers, experts and business executives to discuss pressing global issues including macroeconomics, geopolitics, trade, digitisation, self-reliance in India, and commodities. With dialogues by eminent speakers like Nicholas Lardy, Alfredo Montufar-Helu, Josh Foulger, AK Bhattacharya, Douglas Fuller, and many more, the event aims to enable strategic conversations and insights on trends, challenges and opportunities for India in the global landscape. As part of its objective to provide a premier platform for dialogues, Elara Capital organises the Ashwamedh conference annually to allow stakeholders across government, industry and academia to come together.