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IndiaTV Business: Google News Feed: Digest for September 27, 2023

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The users will experience several changes in personal finance from October 1 this year with the deadlines for adding nominees for mutual fund folios, demat account, and trading accounts ending on 30 September 2023.
Tata Projects has announced its partnership with Micron Technology to build a state-of-the-art semiconductor assembly and testing facility in Sanand, Gujarat. In a statement, the company said that the contract granted to Tata Projects solidifies the company's expertise in substantial, eco-friendly infrastructure development within the Indian manufacturing sector.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks.
The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities. Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Tata Projects has announced its partnership with Micron Technology to build a state-of-the-art semiconductor assembly and testing facility in Sanand, Gujarat. In a statement, the company said that the contract granted to Tata Projects solidifies the company's expertise in substantial, eco-friendly infrastructure development within the Indian manufacturing sector.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks.
The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities. Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Indian equity benchmark indices opened flat amid mixed global cues on Tuesday, September 26. The 30-share BSE Sensex was up by 7.93 points at 66,031.62. The Nifty was up by 6.40 points to 19,680.90. 
Tata Projects has announced its partnership with Micron Technology to build a state-of-the-art semiconductor assembly and testing facility in Sanand, Gujarat. In a statement, the company said that the contract granted to Tata Projects solidifies the company's expertise in substantial, eco-friendly infrastructure development within the Indian manufacturing sector.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks.
The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities. Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Amid weak Asian markets and continuous foreign fund outflows, the equity benchmark indices fell in early trade on Tuesday. The 30-share BSE Sensex fell 98.14 points to 65,925.55. The Nifty declined 18.75 points to 19,655.80.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks.
The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities. Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Amid weak Asian markets and continuous foreign fund outflows, the equity benchmark indices fell in early trade on Tuesday. The 30-share BSE Sensex fell 98.14 points to 65,925.55. The Nifty declined 18.75 points to 19,655.80.
The Income Tax department has notified an "Angel Tax" rule for valuing equities and compulsorily convertible preferred shares issued by startups to resident and non-resident investors. The Central Board of Direct Taxes (CBDT) stipulates that the valuation of Compulsorily Convertible Preference Shares (CCPS) can also be based on the fair market value of unquoted equity shares in accordance with the amendments to Rule 11UA of I-T rules, which comes into effect from September 25.
Foreign Portfolio Investors (FPIs) have pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks.
iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Amid weak Asian markets and continuous foreign fund outflows, the equity benchmark indices fell in early trade on Tuesday. The 30-share BSE Sensex fell 98.14 points to 65,925.55. The Nifty declined 18.75 points to 19,655.80.
The Income Tax department has notified an "Angel Tax" rule for valuing equities and compulsorily convertible preferred shares issued by startups to resident and non-resident investors. The Central Board of Direct Taxes (CBDT) stipulates that the valuation of Compulsorily Convertible Preference Shares (CCPS) can also be based on the fair market value of unquoted equity shares in accordance with the amendments to Rule 11UA of I-T rules, which comes into effect from September 25.
The Indian stock market witnessed a mixed closing today, with key indices ending in a narrow range. At the closing bell, the Sensex was down by 78.22 points or 0.12 percent, settling at 65,945.47. Similarly, the Nifty ended the day lower by 9.80 points or 0.05 percent, closing at 19,664.70.
iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Amid weak Asian markets and continuous foreign fund outflows, the equity benchmark indices fell in early trade on Tuesday. The 30-share BSE Sensex fell 98.14 points to 65,925.55. The Nifty declined 18.75 points to 19,655.80.
The Income Tax department has notified an "Angel Tax" rule for valuing equities and compulsorily convertible preferred shares issued by startups to resident and non-resident investors. The Central Board of Direct Taxes (CBDT) stipulates that the valuation of Compulsorily Convertible Preference Shares (CCPS) can also be based on the fair market value of unquoted equity shares in accordance with the amendments to Rule 11UA of I-T rules, which comes into effect from September 25.
The Indian stock market witnessed a mixed closing today, with key indices ending in a narrow range. At the closing bell, the Sensex was down by 78.22 points or 0.12 percent, settling at 65,945.47. Similarly, the Nifty ended the day lower by 9.80 points or 0.05 percent, closing at 19,664.70.
Capital markets regulator Sebi on Tuesday extended the deadline by three months to December-end for existing demat account holders to provide choice of nomination or formally opt out of nomination through a declaration form.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Amid weak Asian markets and continuous foreign fund outflows, the equity benchmark indices fell in early trade on Tuesday. The 30-share BSE Sensex fell 98.14 points to 65,925.55. The Nifty declined 18.75 points to 19,655.80.
The Income Tax department has notified an "Angel Tax" rule for valuing equities and compulsorily convertible preferred shares issued by startups to resident and non-resident investors. The Central Board of Direct Taxes (CBDT) stipulates that the valuation of Compulsorily Convertible Preference Shares (CCPS) can also be based on the fair market value of unquoted equity shares in accordance with the amendments to Rule 11UA of I-T rules, which comes into effect from September 25.
The Indian stock market witnessed a mixed closing today, with key indices ending in a narrow range. At the closing bell, the Sensex was down by 78.22 points or 0.12 percent, settling at 65,945.47. Similarly, the Nifty ended the day lower by 9.80 points or 0.05 percent, closing at 19,664.70.
Capital markets regulator Sebi on Tuesday extended the deadline by three months to December-end for existing demat account holders to provide choice of nomination or formally opt out of nomination through a declaration form.
The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts. The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The benchmark indices are trading lower in the pre-opening session amid mixed global cues on Monday. The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.
Indian stock markets experienced a day characterized by cautious trading and a largely rangebound session, ultimately concluding Monday's trading with minimal gains. Despite the relatively flat performance of benchmark indices, the broader markets exhibited strength, offering some relief to investors.

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Monday 25 September 2023 04:52 PM UTC+00
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', it said in a statement.
The small-cap equity index is firing on all cylinders. Given the recent run-up, several small-cap stocks have turned out to be multibaggers, resulting in wealth for investors. In the equity market, multibagger stocks are nothing but equity shares that generate higher returns; usually, they multiply in price.
Amid weak Asian markets and continuous foreign fund outflows, the equity benchmark indices fell in early trade on Tuesday. The 30-share BSE Sensex fell 98.14 points to 65,925.55. The Nifty declined 18.75 points to 19,655.80.
The Income Tax department has notified an "Angel Tax" rule for valuing equities and compulsorily convertible preferred shares issued by startups to resident and non-resident investors. The Central Board of Direct Taxes (CBDT) stipulates that the valuation of Compulsorily Convertible Preference Shares (CCPS) can also be based on the fair market value of unquoted equity shares in accordance with the amendments to Rule 11UA of I-T rules, which comes into effect from September 25.
The Indian stock market witnessed a mixed closing today, with key indices ending in a narrow range. At the closing bell, the Sensex was down by 78.22 points or 0.12 percent, settling at 65,945.47. Similarly, the Nifty ended the day lower by 9.80 points or 0.05 percent, closing at 19,664.70.
Capital markets regulator Sebi on Tuesday extended the deadline by three months to December-end for existing demat account holders to provide choice of nomination or formally opt out of nomination through a declaration form.
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