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IndiaTV Business: Google News Feed: Digest for June 25, 2024

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Indian equity markets opened positively on Thursday, with the BSE Sensex rising 102 points to 77,440 and the Nifty increasing 17 points to 23,533. Kotak Mahindra Bank, SBI Life, L&T, Bharti Airtel, IndusInd Bank, HDFC Bank, Hindalco, Tata Motors, and M&M were the top gainers, rising up to 1.7%. Conversely, Sun Pharma, Bajaj Finance, HDFC Life, Divis Labs, Nestle India, and ONGC were among the top laggards.
Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments.
The Bank of England kept its main interest rate unchanged at a 16-year high of 5.25% on Thursday ahead of a July 4 election, but some policymakers said their decision not to cut rates was now "finely balanced". The BoE's Monetary Policy Committee voted 7-2 to keep rates on hold, in line with economists' expectations in a Reuters poll. Deputy Governor Dave Ramsden and external MPC member Swati Dhingra remained the only policymakers to support a cut to 5%.
Market closing update: Halting their record-breaking rally, equity benchmark indices Sensex and Nifty buckled under selling pressure as investors pared exposure to oil and gas, capital goods and Fast-moving consumer goods (FMCG) stocks amid a bearish trend in global markets.
In its latest report, the Reserve Bank of India said that India's foreign exchange reserves witnessed a decline of USD 2.922 billion to reach USD 652.895 billion as of June 14. The previous week had seen a significant increase, with reserves soaring from USD 4.307 billion to a record high of USD 655.817 billion. This recent decrease follows several weeks of consecutive growth in the country's reserves, the RBI stated.
As the nation awaits the Union Budget for 2024-25, the government is making preparations in that direction. Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget meeting. She held the meeting with Finance Ministers of all the States and Union Territories.
CNG price hike: CNG price in the national capital and adjoining cities was hiked by Rs 1 per kg today (June 22) on the back of a reduction in domestic gas supplies. CNG price was hiked from Rs 74.09 to Rs 75.09 per kg, while in Noida, Greater Noida and Ghaziabad the rate went up from Rs 78.70 to Rs 79.70 per kg, according to information posted by IGL on its website.
Union Finance Minister Nirmala Sitharaman on Saturday (June 22) chaired the 53rd GST council meeting, and made several announcements ahead of the Budget. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," she said.
GST council meeting: Union Finance Minister Nirmala Sitharaman today (June 22) said the intention of the central government has always been to bring petrol and diesel under Goods and Services Tax (GST), and it is now up to the states to come together and decide on the rate.
Canara Bank's official social media handle on X (formerly Twitter) has been hacked. The hacker changed the username of the handle to 'ether.fi'.  Currently, Canara Bank's official account (@canarabank) has 2.55 lakh followers. However, the bank has yet to take action in response.
Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70 per cent in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), annual data from Switzerland's central bank showed on Thursday. The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments.
The Bank of England kept its main interest rate unchanged at a 16-year high of 5.25% on Thursday ahead of a July 4 election, but some policymakers said their decision not to cut rates was now "finely balanced". The BoE's Monetary Policy Committee voted 7-2 to keep rates on hold, in line with economists' expectations in a Reuters poll. Deputy Governor Dave Ramsden and external MPC member Swati Dhingra remained the only policymakers to support a cut to 5%.
Market closing update: Halting their record-breaking rally, equity benchmark indices Sensex and Nifty buckled under selling pressure as investors pared exposure to oil and gas, capital goods and Fast-moving consumer goods (FMCG) stocks amid a bearish trend in global markets.
In its latest report, the Reserve Bank of India said that India's foreign exchange reserves witnessed a decline of USD 2.922 billion to reach USD 652.895 billion as of June 14. The previous week had seen a significant increase, with reserves soaring from USD 4.307 billion to a record high of USD 655.817 billion. This recent decrease follows several weeks of consecutive growth in the country's reserves, the RBI stated.
As the nation awaits the Union Budget for 2024-25, the government is making preparations in that direction. Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget meeting. She held the meeting with Finance Ministers of all the States and Union Territories.
CNG price hike: CNG price in the national capital and adjoining cities was hiked by Rs 1 per kg today (June 22) on the back of a reduction in domestic gas supplies. CNG price was hiked from Rs 74.09 to Rs 75.09 per kg, while in Noida, Greater Noida and Ghaziabad the rate went up from Rs 78.70 to Rs 79.70 per kg, according to information posted by IGL on its website.
Union Finance Minister Nirmala Sitharaman on Saturday (June 22) chaired the 53rd GST council meeting, and made several announcements ahead of the Budget. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," she said.
GST council meeting: Union Finance Minister Nirmala Sitharaman today (June 22) said the intention of the central government has always been to bring petrol and diesel under Goods and Services Tax (GST), and it is now up to the states to come together and decide on the rate.
Canara Bank's official social media handle on X (formerly Twitter) has been hacked. The hacker changed the username of the handle to 'ether.fi'.  Currently, Canara Bank's official account (@canarabank) has 2.55 lakh followers. However, the bank has yet to take action in response.
Indian stock market indices BSE Sensex and Nifty50 opened lower on Monday, with Sensex falling 463.96 points to 76,745.94 and Nifty50 declining 149.6 points to 23,351.50. By 9:20 AM, Sensex was trading at 76,898.86, down 311 points or 0.40%, while Nifty50 was at 23,384.15, down 117 points or 0.50%. 
Market closing update: Halting their record-breaking rally, equity benchmark indices Sensex and Nifty buckled under selling pressure as investors pared exposure to oil and gas, capital goods and Fast-moving consumer goods (FMCG) stocks amid a bearish trend in global markets.
In its latest report, the Reserve Bank of India said that India's foreign exchange reserves witnessed a decline of USD 2.922 billion to reach USD 652.895 billion as of June 14. The previous week had seen a significant increase, with reserves soaring from USD 4.307 billion to a record high of USD 655.817 billion. This recent decrease follows several weeks of consecutive growth in the country's reserves, the RBI stated.
As the nation awaits the Union Budget for 2024-25, the government is making preparations in that direction. Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget meeting. She held the meeting with Finance Ministers of all the States and Union Territories.
CNG price hike: CNG price in the national capital and adjoining cities was hiked by Rs 1 per kg today (June 22) on the back of a reduction in domestic gas supplies. CNG price was hiked from Rs 74.09 to Rs 75.09 per kg, while in Noida, Greater Noida and Ghaziabad the rate went up from Rs 78.70 to Rs 79.70 per kg, according to information posted by IGL on its website.
Union Finance Minister Nirmala Sitharaman on Saturday (June 22) chaired the 53rd GST council meeting, and made several announcements ahead of the Budget. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," she said.
GST council meeting: Union Finance Minister Nirmala Sitharaman today (June 22) said the intention of the central government has always been to bring petrol and diesel under Goods and Services Tax (GST), and it is now up to the states to come together and decide on the rate.
Canara Bank's official social media handle on X (formerly Twitter) has been hacked. The hacker changed the username of the handle to 'ether.fi'.  Currently, Canara Bank's official account (@canarabank) has 2.55 lakh followers. However, the bank has yet to take action in response.
Indian stock market indices BSE Sensex and Nifty50 opened lower on Monday, with Sensex falling 463.96 points to 76,745.94 and Nifty50 declining 149.6 points to 23,351.50. By 9:20 AM, Sensex was trading at 76,898.86, down 311 points or 0.40%, while Nifty50 was at 23,384.15, down 117 points or 0.50%. 
Quant Mutual Fund, a prominent player in India's financial landscape, is currently under investigation by the Securities and Exchange Board of India (Sebi) over allegations of engaging in front-running activities. Front-running is an illegal practice in the stock market where a trader executes orders on a security for their account while taking advantage of advanced, non-public information received from a broker or analyst before their clients. This practice undermines fair market principles by allowing the trader to benefit from information that is not yet available to the public.
Bank Holidays July 2024: The banks across the country will remain closed for 12 days in July this year due to regional holidays and weekend closures. The Reserve Bank of India (RBI) has issued the complete list of bank holidays for the year and as per the RBI's holiday list, banks across the country will be closed for a total of 12 days this month, including both the second and fourth Saturdays as well as Sundays. Banks operate on the first and third Saturdays of each month but remain closed on the second and fourth Saturdays. Despite the closures, online banking services will remain operational, allowing customers to conduct transactions through bank websites, mobile apps, or ATMs for urgent requirements. However, customers are urged to plan visits to bank branches carefully, considering the non-working dates.
As the nation awaits the Union Budget for 2024-25, the government is making preparations in that direction. Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget meeting. She held the meeting with Finance Ministers of all the States and Union Territories.
CNG price hike: CNG price in the national capital and adjoining cities was hiked by Rs 1 per kg today (June 22) on the back of a reduction in domestic gas supplies. CNG price was hiked from Rs 74.09 to Rs 75.09 per kg, while in Noida, Greater Noida and Ghaziabad the rate went up from Rs 78.70 to Rs 79.70 per kg, according to information posted by IGL on its website.
Union Finance Minister Nirmala Sitharaman on Saturday (June 22) chaired the 53rd GST council meeting, and made several announcements ahead of the Budget. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," she said.
GST council meeting: Union Finance Minister Nirmala Sitharaman today (June 22) said the intention of the central government has always been to bring petrol and diesel under Goods and Services Tax (GST), and it is now up to the states to come together and decide on the rate.
Canara Bank's official social media handle on X (formerly Twitter) has been hacked. The hacker changed the username of the handle to 'ether.fi'.  Currently, Canara Bank's official account (@canarabank) has 2.55 lakh followers. However, the bank has yet to take action in response.
Indian stock market indices BSE Sensex and Nifty50 opened lower on Monday, with Sensex falling 463.96 points to 76,745.94 and Nifty50 declining 149.6 points to 23,351.50. By 9:20 AM, Sensex was trading at 76,898.86, down 311 points or 0.40%, while Nifty50 was at 23,384.15, down 117 points or 0.50%. 
Quant Mutual Fund, a prominent player in India's financial landscape, is currently under investigation by the Securities and Exchange Board of India (Sebi) over allegations of engaging in front-running activities. Front-running is an illegal practice in the stock market where a trader executes orders on a security for their account while taking advantage of advanced, non-public information received from a broker or analyst before their clients. This practice undermines fair market principles by allowing the trader to benefit from information that is not yet available to the public.
Bank Holidays July 2024: The banks across the country will remain closed for 12 days in July this year due to regional holidays and weekend closures. The Reserve Bank of India (RBI) has issued the complete list of bank holidays for the year and as per the RBI's holiday list, banks across the country will be closed for a total of 12 days this month, including both the second and fourth Saturdays as well as Sundays. Banks operate on the first and third Saturdays of each month but remain closed on the second and fourth Saturdays. Despite the closures, online banking services will remain operational, allowing customers to conduct transactions through bank websites, mobile apps, or ATMs for urgent requirements. However, customers are urged to plan visits to bank branches carefully, considering the non-working dates.
Union Budget 2024: During a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday, trade union leaders put forth several key demands, emphasising the constitution of the 8th Pay Commission, an increase in tax rebates for the salaried class, and the restoration of the Old Pension Scheme. The union representatives stressed the necessity of stopping the government's ongoing privatisation efforts of Public Sector Undertakings (PSUs). In addition, they also called for the scrapping of the New Pension Scheme, advocating instead for a return to the Old Pension Scheme.
The Reserve Bank of India (RBI) on Monday stated that India recorded a current account surplus of USD 5.7 billion, equivalent to 0.6 per cent of Gross Domestic Product (GDP), for the March quarter. This marks a significant improvement from the same period last year, when the current account deficit was USD 1.3 billion or 0.2 per cent of GDP. Additionally, in the preceding quarter ending December 2023, the deficit stood at USD 8.7 billion or 1 per cent of GDP.
As the nation awaits the Union Budget for 2024-25, the government is making preparations in that direction. Union Finance Minister Nirmala Sitharaman on Saturday chaired a pre-budget meeting. She held the meeting with Finance Ministers of all the States and Union Territories.
CNG price hike: CNG price in the national capital and adjoining cities was hiked by Rs 1 per kg today (June 22) on the back of a reduction in domestic gas supplies. CNG price was hiked from Rs 74.09 to Rs 75.09 per kg, while in Noida, Greater Noida and Ghaziabad the rate went up from Rs 78.70 to Rs 79.70 per kg, according to information posted by IGL on its website.
Union Finance Minister Nirmala Sitharaman on Saturday (June 22) chaired the 53rd GST council meeting, and made several announcements ahead of the Budget. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," she said.
GST council meeting: Union Finance Minister Nirmala Sitharaman today (June 22) said the intention of the central government has always been to bring petrol and diesel under Goods and Services Tax (GST), and it is now up to the states to come together and decide on the rate.
Canara Bank's official social media handle on X (formerly Twitter) has been hacked. The hacker changed the username of the handle to 'ether.fi'.  Currently, Canara Bank's official account (@canarabank) has 2.55 lakh followers. However, the bank has yet to take action in response.
Indian stock market indices BSE Sensex and Nifty50 opened lower on Monday, with Sensex falling 463.96 points to 76,745.94 and Nifty50 declining 149.6 points to 23,351.50. By 9:20 AM, Sensex was trading at 76,898.86, down 311 points or 0.40%, while Nifty50 was at 23,384.15, down 117 points or 0.50%. 
Quant Mutual Fund, a prominent player in India's financial landscape, is currently under investigation by the Securities and Exchange Board of India (Sebi) over allegations of engaging in front-running activities. Front-running is an illegal practice in the stock market where a trader executes orders on a security for their account while taking advantage of advanced, non-public information received from a broker or analyst before their clients. This practice undermines fair market principles by allowing the trader to benefit from information that is not yet available to the public.
Bank Holidays July 2024: The banks across the country will remain closed for 12 days in July this year due to regional holidays and weekend closures. The Reserve Bank of India (RBI) has issued the complete list of bank holidays for the year and as per the RBI's holiday list, banks across the country will be closed for a total of 12 days this month, including both the second and fourth Saturdays as well as Sundays. Banks operate on the first and third Saturdays of each month but remain closed on the second and fourth Saturdays. Despite the closures, online banking services will remain operational, allowing customers to conduct transactions through bank websites, mobile apps, or ATMs for urgent requirements. However, customers are urged to plan visits to bank branches carefully, considering the non-working dates.
Union Budget 2024: During a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday, trade union leaders put forth several key demands, emphasising the constitution of the 8th Pay Commission, an increase in tax rebates for the salaried class, and the restoration of the Old Pension Scheme. The union representatives stressed the necessity of stopping the government's ongoing privatisation efforts of Public Sector Undertakings (PSUs). In addition, they also called for the scrapping of the New Pension Scheme, advocating instead for a return to the Old Pension Scheme.
The Reserve Bank of India (RBI) on Monday stated that India recorded a current account surplus of USD 5.7 billion, equivalent to 0.6 per cent of Gross Domestic Product (GDP), for the March quarter. This marks a significant improvement from the same period last year, when the current account deficit was USD 1.3 billion or 0.2 per cent of GDP. Additionally, in the preceding quarter ending December 2023, the deficit stood at USD 8.7 billion or 1 per cent of GDP.
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