CAPITAL REDUCTION
Prices of premium Scotch set to fall in Delhi after customs duty cut on British spirits
Prices for premium Scotch whiskies in Delhi are expected to decline shortly due to changes in customs duty. The reduction in import duty follows the Comprehensive Economic and Trade Agreement between India and the UK. Initially, the duty on British spirits will decrease from 150 to 75 percent, further dropping to 40 percent over the next ten years.
Silver prices jump over 4% to reclaim $51/oz as Democrats secure US midterm victory. What’s happening?
Silver prices surged over 4% to reclaim the $51/oz mark after Democrats secured a victory in the US midterm elections, weakening the dollar and Treasury yields. However, HSBC expects further gains to be limited as silver trades close to levels justified by fundamentals. Industrial and jewellery demand may weaken, while institutional buying and supply constraints could offer support.
Delhi air turns hazardous; AQI touches 605, GRAP-II vehicle curb enforced at Gurgaon border
Delhi AQI: Among the worst-affected locations, Punjabi Bagh recorded an AQI of 452, followed by Dhaula Kuan at 417, ITO at 418, RK Puram at 423 and Ghazipur at 410. The air quality around India Gate stood at 414, with all these locations falling in the severe category.
FPIs pour Rs 21,715 crore into Indian stocks in 10 days; is record sell-off finally reversing?
Foreign portfolio investors infused $2.29 billion into Indian equities over 10 days, signalling improving sentiment. Strong corporate earnings, attractive valuations and potential LTCG tax relief could revive foreign inflows, while crude oil prices remain a key risk.
India's data centre capacity set for 5x surge by 2030
By March 2030, India’s data centre capacity is projected to soar to 7.5 gigawatts, fueled by escalating demand from global hyperscalers and the emergence of generative artificial intelligence. However, challenges such as power infrastructure and project execution timing loom large. To mitigate these risks, pre-commitments and long-term contracts are essential, alongside the industry's flexibility to adapt to changing computing needs, which will dictate its future profitability.
Record-breaking FII selling may have peaked, says Nomura. Why the Nifty target could rise
FIIs may be nearing the end of their record selling spree in Indian equities as outflows ease, earnings beat expectations and valuations fall below post-pandemic averages, according to Nomura. Foreign investors sold around $8.8 billion since September 15, although the pace has moderated. Meanwhile, companies in Nomura’s BSE 200+ universe reported 34% year-on-year profit growth, beating consensus estimates by 18%.
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Asian companies to ramp up investments in US amid supply-chain shifts
Citi expects investments by South Korean, Japanese and Taiwanese companies in the US to rise as global supply chains shift. The bank also sees growing cross-border business flows involving India and China, creating opportunities in transaction banking and financial services.
American companies brace for a pivot as US midterm elections get underway
US midterms: Corporate America is anticipating a potential shifts in Washington's power dynamics. Analysts predict that a strong Democratic showing could benefit sectors such as clean energy, housing and healthcare. Conversely, AI and defence stocks may face increased scrutiny from lawmakers.
Lowering LTCG isn't a magic bullet
A reduction in Long-Term Capital Gains (LTCG) tax could uplift sentiment in India's equity market, especially as foreign investors withdraw. The current landscape is shaped more by external economic influences than tax adjustments. The reinstatement of LTCG has rendered India less appealing compared to rivals like Hong Kong and Singapore. A strategically planned tax cut may provide clearer policy stability for investors while preserving fiscal responsibility.
India's economic pillars show 'no fragility', says Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman highlighted the government's commitment to increasing capital expenditure to promote economic growth. She remarked on the importance of fiscal prudence while implementing spending strategies effectively. Sitharaman emphasized the need for public investment to enhance welfare programs and improve access to essential services. The government aims to provide comprehensive insurance coverage by 2047 to foster financial inclusion.
Big tech share buybacks plunge 83% as AI spending hits cash flows
Major US technology companies sharply reduced dividends and share buybacks as record AI infrastructure spending pushed their combined free cash flow into deficit. The shift raises concerns about shareholder returns and places greater pressure on Big Tech to deliver profit growth from its AI investments.
Nasdaq Outlook: Is the worst over for AI-fuelled tech stocks?
Wall Street’s AI-led rally faced a sharp setback as the Nasdaq recorded its biggest single-day fall since June. Heavy losses in technology stocks reflected growing investor concerns over hyperscaler spending and the returns on artificial intelligence investments.
Sebi backs removal of LTCG tax for foreign investors: Report
To boost foreign investment interest, India's Securities and Exchange Board has put forth a proposal to scrap long-term capital gains tax for foreign investors and extend tax relief to mutual fund investors. This move is designed to counteract the high capital gains taxes and transaction costs faced by foreign entities, aiming to enhance the overall attractiveness of India's equity market.
India likely to meet FY27 fiscal deficit target despite spending pressures: Goldman Sachs
The Centre appears on track to meet the fiscal deficit target set for FY27. Strong corporate tax collections are offsetting some revenue pressures observed in the first half of the fiscal year. The government's fiscal position improved significantly in September compared to August, aided by higher direct tax revenues. Focused expenditure reallocation will be crucial in achieving the deficit goals.
ET Wealth Expo: How should investors deploy Rs 10 lakh over next 10 years? Prateek Agrawal of Motilal Oswal AMC explains
Investors building a Rs 10 lakh mutual fund portfolio with a 5-10 year horizon should focus on growth-oriented strategies and consider diversifying across two fund managers, says Prateek Agrawal of Motilal Oswal AMC. He highlights flexi-cap funds, emerging sectors and AI-linked businesses as opportunities, while advocating focused investing and a mix of growth and value strategies.
Delhi-Lucknow bullet train journey in 2 hours 12 minutes compared to 6 hours 25 minutes by Vande Bharat: What the Northern Corridor proposes
Delhi and Lucknow could be connected by a bullet train in 2 hours and 12 minutes under the proposed Northern Corridor approved by Prime Minister Narendra Modi. Railway Minister Ashwini Vaishnaw has also shared estimated travel times for Agra, Kanpur and Varanasi as the planned network is set to extend from Delhi to Guwahati.
Sudhanshu Trivedi targets Congress over mock Parliament, cites World Bank report
Sudhanshu Trivedi criticized the Congress party for organizing a mock Parliament after their recent failures. He emphasized the significant reduction in poverty in India under Prime Minister Narendra Modi's leadership from 2011 to 2023. Trivedi referenced the World Bank's report claiming only 2.6 percent of the population remains in extreme poverty today. The Gini Index results also showed that India ranks among the most economically equal countries globally.
Noel Tata seeks board scrutiny of SP Group's Rs 25,000 crore exit plan, Tata Sons restructuring
Noel Tata has asked the Tata Sons board to examine Shapoorji Pallonji Group's Rs 25,000-crore funding proposal through a capital reduction and separately evaluate Tata Trusts' restructuring plan to preserve the holding company's unlisted status. Both proposals are slated for discussion at the November 26 board meeting.
Noel Tata sends two letters over SPG's Rs 25,000 crore request and to evaluate merger options to avoid D-St listing
Noel Tata sends two letters to Tata Sons Board today: to examine a Rs 25,000 crore funding request from minority shareholder Shapoorji Pallonji (SP) Group through a proposed capital reduction and detailed evaluation of a restructuring proposal made by Sir Dorabji Tata Trust and Sir Ratan Tata Trust on September 28 to merge two operating subsidiaries, Tata Electronic Systems Solutions (TESS) and Tata Consulting Engineers (TCE), with Tata Sons.
Advance-decline ratio hits 7-month low as market breadth weakens
The advance-to-decline ratio in the stock market indicates underlying weakness, despite some index gains. The BSE MidCap 150 and BSE SmallCap 250 have both seen declines this month. Various factors such as profit-booking and high valuations contribute to this market trend. Institutional money is increasingly favoring larger companies with stable earnings. Overall market conditions remain uncertain due to external economic pressures and geopolitical risks.
Abolish LTCG, rationalise STCG, STT rates on equities: PHDCCI to Finance Ministry
PHDCCI has recommended abolishing Long Term Capital Gains tax and modifying short-term capital gains taxes. The chamber suggests increasing the holding period for long-term investments to attract genuine investors. It emphasizes that current tax structures discourage investment due to double taxation on equities. Foreign Portfolio Investors have withdrawn significant funds from Indian equities, impacting investment levels. Government analysis of these recommendations may lead to changes in tax policy and structure.
City Union Bank shares rally 7% after Q2 net profit grows 27% YoY to Rs 416 Crore
City Union Bank shares rose sharply on Thursday after the lender reported a 27% year-on-year rise in Q2 FY27 net profit to Rs 416 crore. Net interest income grew 31%, while asset quality improved, with gross NPAs falling to 1.44%. Deposits and advances also recorded strong growth during the quarter.
Potential LTCG tax cut could revive FIIs’ India bet, says Jefferies: Which stocks may benefit most?
Jefferies sees a potential long-term capital gains tax (LTCG) cut as a possible trigger for foreign investors to return to Indian equities after record outflows. Banks, Reliance Industries, utilities and real estate stocks could be the biggest beneficiaries. Here’s where foreign investors are positioned and what a tax cut could mean.
Green financing in India rises to $82 billion, but flows mostly to established sectors: Report
The Landscape of Green Finance in India, now in its fourth edition, maps actual finance flows or disbursements across sources, instruments, sectors, and subsectors for financial years 2022-23 and 2023-24. According to the report, while green finance has increased substantially between 2016-17 and 2023-24, financial flows remain concentrated in established sectors and technologies.
US demand slowdown hits apparel, diamond exporters as factories shut and orders dry up
The apparel industry in Noida is experiencing significant upheaval, with a reduction of operational units from 2,400 to 1,800 in just six months, all due to a decline in orders. The unpredictable US tariffs have caused confusion in negotiations and production timelines. In a related trend, Surat's diamond manufacturers have extended their Diwali shutdowns, resulting in the closure of roughly 300 small businesses.
Metals thrust, strong growth engines power Vedanta's stellar July-September
The metals-to-oil conglomerate's profit in Q2 was boosted by higher base metal prices. Vedanta attributed its robust Q2 show to higher commodity prices and favourable foreign exchange movements, among other things.
Adani Green’s debt maths: Why leverage may fall below 4x as capex cycle matures
Adani Green Energy Limited is looking forward to a decrease in leverage as its upcoming projects start functioning and yield cash flow. With a substantial ₹2.4 lakh crore earmarked for capital expenditures by FY30, the company aims to enhance its renewable energy capacity. As project loans are paid off, leverage is expected to dip below four times.
Tata Capital Q2 Results: Profit jumps 51% to Rs 1,660 crore; NII up 23%
Tata Capital’s September-quarter net profit surged 51% year-on-year to Rs 1,660 crore, driven by loan growth, higher interest income and lower provisions. Its loan book crossed Rs 3 lakh crore, while improving margins and asset quality strengthened profitability.
Jio IPO: Can India’s biggest-ever issue buck the trend of muted listing gains among mega IPOs?
Jio Platforms is gearing up for a groundbreaking debut on October 28, following a remarkable Rs 30,188 crore IPO. Historical insights indicate a varied trajectory for past mega IPOs in India. The overwhelming demand is evident from Jio's impressive 22.19 times oversubscription. Analysts are weighing Jio's market dynamics and valuation as they predict potential listing advantages, with investor strategies hinging on both immediate valuations and sustained business growth.
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