Rupee Hits New Low: Falls to 83.69 Against US Dollar After Budget Announcement

Brief by Shorts91 Newsdesk / 08:59am on 23 Jul 2024,Tuesday Business

The Indian rupee fell to a new low of 83.69 against the US dollar, down from 83.6275 before the Budget announcement. The decline came after the government proposed increasing capital gains tax, leading to a stock market drop. The exemption limit for certain financial assets will be raised to ₹1.25 lakh per year for middle and upper-middle-class individuals. The rupee's slide continues amidst global economic uncertainty. The previous low of 83.6775 was breached, marking a new record. The government's Budget moves aim to balance revenue and growth, but their impact on markets is being closely watched.

Read More at NDTV

Sensex Plunges Over 1,000 Points After Budget Announcement; Nifty Also Falls

Brief by Shorts91 Newsdesk / 07:48am on 23 Jul 2024,Tuesday Business

Following Finance Minister Nirmala Sitharaman's Budget announcement, which included an increase in the Securities Transaction Tax (STT) on Futures and Options (F&O) and a raise in capital gains exemption limits, the Sensex fell dramatically. The index dropped 1,266.17 points to 79,235.91, while the Nifty fell 435.05 points to 24,074.20. The drop was exacerbated by the market's reaction to increased taxes on F&O securities. Despite the decline, the finance minister noted India's economic growth, with inflation stabilizing at 4% and core inflation at 3.1%.

Read More at The Times of India

Indian Stock Market Opens Higher Ahead of Union Budget Announcement

Brief by Shorts91 Newsdesk / 04:12am on 23 Jul 2024,Tuesday Business

The Indian stock market opened on a positive note ahead of the Union Budget announcement by Finance Minister Nirmala Sitharaman. The NSE Nifty 50 rose 0.24% to 24,568.9, while the S&P BSE Sensex gained 0.28% to 80,724.3. Financials and public sector companies led the gains as investors eagerly await policy announcements in the Budget. The market is expecting key reforms and initiatives that could boost economic growth. The Budget speech is expected to outline the government's fiscal plans and priorities for the upcoming year, which could impact market trends and investor sentiment.

Read More at The Indian Express

Airbus to Establish H125 Helicopter Assembly Line in India by 2026

Brief by Shorts91 Newsdesk / 04:45am on 22 Jul 2024,Monday Business

Airbus has shortlisted eight locations for its first final assembly line (FAL) in India's private sector, set to produce H125 helicopters starting in 2026. Executive Vice President Olivier Michalon stated the final decision will be announced soon. Initially, the plant will produce ten helicopters annually, with plans to increase based on demand. The move follows Airbus' strategic partnership with Tata Group, aiming to meet the projected regional demand for 500 H125 helicopters over the next 20 years. The Indian FAL will handle major assembly, testing, and delivery, enhancing Airbus' presence in the Indian market.

Read More at The Times of India

Sebi Finds No Evidence of Market Manipulation or Insider Trading Post Exit Polls

Brief by Shorts91 Newsdesk / 02:06pm on 19 Jul 2024,Friday Business

The Securities and Exchange Board of India (Sebi) has cleared allegations of market manipulation and insider trading related to the exit polls conducted on June 3, 2024. Following the release of exit poll results, which initially led to a stock market surge, a sharp decline on June 4 resulted in losses exceeding Rs 31 trillion. Trinamool Congress MP Saket Gokhale had requested Sebi to investigate potential manipulation by the BJP and polling agencies. However, Sebi’s analysis, after reviewing data from all market institutions, found no evidence supporting these claims. The market behavior was attributed to the discrepancies between exit polls and actual election results.

Read More at India Today

Sensex Surges 400 Points to Reach 81,114; Up 0.50% Intraday

Brief by Shorts91 Newsdesk / 07:59am on 18 Jul 2024,Thursday Business

The BSE Sensex surged 400 points or 0.50% to reach 81,114 as of 13:27 pm today. This significant gain indicates a positive trend in the market, reflecting investor confidence. The benchmark index has been on a steady rise, driven by strong market sentiment and favorable economic conditions. Today's upswing adds to the ongoing rally, signaling a bullish market. Investors are optimistic about the growth prospects, leading to increased buying activity. The Sensex's ascent is a promising sign for the Indian stock market, hinting at a potential new high.

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LT Foods Opens New Facility in the UK to Boost Rice Market Presence, Which is Estimated to be a £1 Billion Market

Brief by Shorts91 Newsdesk / 12:20pm on 16 Jul 2024,Tuesday Business

LT Foods, a well-known Indian-origin food company, has opened a new, advanced facility in the United Kingdom. This move aims to meet the rising demand for premium rice and rice-based products in the UK, which is a £1 billion market. The new facility, located in Harlow, covers 100,000 square feet. It features the latest technology to ensure high-quality products. LT Foods plans to offer both branded and private-label products from this facility. The company has already partnered with four leading UK retailers and aims to expand further. LT Foods has invested £7 million initially in the facility, with plans to invest up to £50 million in the coming years. They expect to generate £50 million in revenue over the next two years, aiming for £100 million within five years. The facility can produce 60,000 tonnes of rice per year, creating job opportunities for local talent. Mr. Vijay Arora, Chairman & Managing Director of LT Foods, said, "We are very excited about our newest cutting-edge facility in the UK. It is an important market for our future growth as we intend to make deep inroads in this market. LT Foods long-term goals include solidifying its market presence in the UK, becoming a leader in the rice and rice-based food segment, and continually innovating to meet the evolving demands of consumers. This new facility is a critical step in achieving these objectives and furthering LT Foods' mission of delivering high-quality rice products to global consumers." Mr. Ashwani Arora, Managing Director & CEO, emphasized the company's commitment to stakeholders. "Our stakeholders have always been at the heart of our success. By expanding into the UK, we aim to bring our high-quality offerings closer to consumers while ensuring that we continue to provide exceptional value to our stakeholders. The UK presents a unique opportunity for us to expand our market reach and cater to a diverse consumer base. This new facility is a testament to our strategic vision and our ability to adapt and grow in dynamic markets. With this new facility, we are confident that we will be able to enhance our market presence, drive growth, and deliver sustained value to all our stakeholders." Mr. Vikas Magoon, Managing Director of LT Foods Europe B.V., also shared his enthusiasm. "The opening of this new state-of-the-art facility in the UK is a testament to our commitment to meeting the rising demand for high-quality rice products among the consumers in the UK. This strategic expansion aligns perfectly with our vision to bring our quality offerings closer to our consumers. The UK market presents a tremendous opportunity for LT Foods to grow and innovate. With our new facility in Harlow, we are well-positioned to leverage this potential, ensuring efficient delivery of our food brands and enhancing our market presence. Our investment here reflects our belief in the UK market's potential and our dedication to contributing positively to the local economy." With this new facility, LT Foods aims to enhance its market presence and deliver quality rice products to UK consumers.

Read More at Shorts91

Zomato CEO Deepinder Goyal Joins Billionaire Club After 300% Stock Surge Driven by Blinkit’s Success

Brief by Shorts91 Newsdesk / 12:57pm on 15 Jul 2024,Monday Business

Zomato’s Founder and CEO, Deepinder Goyal, has joined the billionaire club after a 300% surge in Zomato’s stock since July 2023. The stock reached a new high of Rs 230, driven by the expected success of its quick commerce business, Blinkit. Goyal, now India's wealthiest professional manager, holds a 4.24% stake in the company, with a net worth exceeding Rs 8,300 crore. Blinkit’s valuation surged to $13 billion, further boosting investor confidence.

Read More at News18

Sensex and Nifty Reach Record Highs Driven by Gains in PSU Banks and Strong FII Inflows

Brief by Shorts91 Newsdesk / 11:56am on 15 Jul 2024,Monday Business

Benchmark indices Sensex and Nifty closed at record high levels on Monday, driven by fresh foreign fund inflows and gains in PSU banks, notably State Bank of India. The 30-share BSE Sensex rose 145.52 points (0.18%) to a new high of 80,664.86, while the NSE Nifty gained 84.55 points (0.35%) to close at an all-time high of 24,586.70. Key gainers included SBI, NTPC, and Tata Motors, while Asian Paints and Tata Steel lagged. Positive trends in Seoul and Shanghai markets contributed, despite European markets trading lower.

Read More at The Hindu

Ola CEO Endorses 70-Hour Work Week Despite Health Risks, Neurologist Warns of Severe Illness

Brief by Shorts91 Newsdesk / 07:09am on 14 Jul 2024,Sunday Business

Ola CEO Bhavish Aggarwal has publicly supported a 70-hour work week, echoing Narayana Murthy's call for Indian competitiveness. However, a neurologist from Hyderabad warns that working long hours increases risks of stroke by 35% and ischemic heart disease mortality by 17%. Sudhir Kumar highlighted studies linking extended work hours to obesity, diabetes, and depressive symptoms, leading to over 800,000 annual fatalities. He urged for balanced work-life policies, noting CEOs often prioritize profit over employee well-being. This debate underscores health concerns amid corporate demands for increased productivity.

Read More at Buisness Today