Economy news

• Budgetary allocation raised by 300 percent in the last 9 years: Farmers body FAIA

  15-05-2024 18:07 via timesofindia.indiatimes.com
  
  FAIFA's recent study unveils a notable surge of over 300 percent in budget allocation for agriculture over the past nine years. The organization highlights the substantial impact of government initiatives on farmers' livelihoods, noting that more than 11 crore farmers have reaped the benefits of the PM Kisan scheme. Additionally, FAIFA reports a staggering 7350 percent increase in pulses procurement at MSP.
  
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• 10-year bond yield posts its biggest rise in 6 months

  31-10-2024 21:37 via timesofindia.indiatimes.com
  
  India's 10-year benchmark government bond yield experienced its largest increase in six months in October, driven by a surge in US Treasury yields. Local yields rose 10 basis points, closing at 6.85%, despite the Reserve Bank of India easing its policy stance to 'neutral'.
  
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• UPL, promoter Shroff settle Sebi case

  31-10-2024 21:35 via timesofindia.indiatimes.com
  
  United Phosphorus (UPL) and its main promoter Jaidev Shroff settled with Sebi by paying over Rs 20 crore for routing funds to artificially boost UPL's stock price in 2006. The settlement includes disgorgement of unfair gains, interest, and penalty, hence concluding the adjudication process.
  
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• Swiggy IPO gets $15 billion bids from Norway's wealth fund, fidelity

  31-10-2024 21:22 via timesofindia.indiatimes.com
  
  Swiggy has received enthusiastic investor interest for its $1.4-billion IPO in India, with bids from big investors like Norges Bank and Fidelity exceeding $15 billion. The IPO, launching next week, has seen its valuation reduced to $11.3 billion due to a recent market correction.
  
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• Rupee ends October near record low amid outflows

  31-10-2024 21:22 via timesofindia.indiatimes.com
  
  The rupee closed near an all-time low against the dollar, ending at 84.08, with RBI intervention keeping it steady amid US election anxiety. The rupee dipped 0.3% in October, trading between 83.79 and 84.1. With potential Trump win, RBI prepped for sudden outflows, though importers and exporters may overlook rising global risks.
  
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• BPL founder TPG Nambiar passes away

  31-10-2024 20:51 via timesofindia.indiatimes.com
  
  TPG Nambiar, the visionary founder of BPL and a pioneer in India’s consumer electronics industry, passed away at the age of 95. He established BPL in 1963 and led the company to prominence in the 1980s with high-quality electronic products. Despite its decline in the early 2000s, BPL left a lasting impact in the electronics sector.
  
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• Are India's consumption hiccups signalling stress?

  31-10-2024 20:29 via timesofindia.indiatimes.com
  
  India's urban middle class is cutting back on spending due to inflation and unemployment, revealing weakness in urban demand for the second consecutive quarter. Major companies like Hindustan Unilever and Reliance's retail unit have reported softer consumption, impacting their earnings and the broader economic outlook.
  
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• Inflation fails to dampen Diwali snacking as gifts pack a punch

  31-10-2024 19:48 via timesofindia.indiatimes.com
  
  This Diwali, consumer spending on snacks and gifts soared despite inflation concerns. Companies like Naturals Ice Cream, Dabur, and Parle Products saw significant sales boosts through affordable gift packs and strategic pricing. Urban areas showed budget caution, while rural demand remained steady. Further festive purchases are expected to maintain momentum.
  
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• Diwali 2024 Muhurat Trading: Date, Time, Significance, And History Explained

  31-10-2024 16:39 via zeenews.india.com
  
  During the Muhurat trading session, normal trading takes place in all segments of the market and one can trade in derivatives along with equity. 
  
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• BPL Group Chairman T.P.G. Nambiar Passes Away, Top Leaders Express Condolences

  31-10-2024 15:51 via zeenews.india.com
  
  Condoling the death of Nambiar, Prime Minister Narendra Modi, in a post on X, said: "Shri TPG Nambiar Ji was a pioneering innovator and industrialist, who was a strong votary of making India economically strong. 
  
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• IMF Approves Reviews For Kenya To Receive 606 Million USD

  31-10-2024 15:36 via zeenews.india.com
  
  The funds will support Kenya's efforts to rebuild fiscal and external buffers as well as enhance resilience to climate shocks, the IMF said in a statement issued Wednesday evening.
  
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• BPL founder TPG Nambiar passes away, PM Modi condoles industrialist's death

  31-10-2024 14:05 via timesofindia.indiatimes.com
  
  T P Gopalan Nambiar, founder of Indian electronics company BPL Group, passed away on Thursday. Prime Minister Narendra Modi and former Chief Minister B S Yediyurappa expressed their condolences, acknowledging Nambiar's role as a pioneering innovator and industrialist. Nambiar, known for promoting economic strength in India, was also the father-in-law of BJP leader Rajeev Chandrasekhar.
  
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• HDB Financial Services files draft documents for Rs 12,500 crore IPO

  31-10-2024 14:03 via timesofindia.indiatimes.com
  
  HDB Financial Services, a subsidiary of HDFC Bank, has filed draft documents with Sebi to raise Rs 12,500 crore via an IPO, comprising Rs 2,500 crore in fresh shares and Rs 10,000 crore through an OFS by HDFC Bank. The funds will bolster its Tier-I capital and support business expansion.
  
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• Stock Market Ends In Red On Diwali, IT Stocks Bleed

  31-10-2024 12:15 via zeenews.india.com
  
  Selling was seen in all sectors of Nifty, except pharma, media and energy. 
  
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• PM Suryaghar Yojana: Rooftop Solar Capacity Surges Over 50% In Just 6 Months

  31-10-2024 11:53 via zeenews.india.com
  
  The PM Surya Ghar: Muft Bijli Yojana was approved on February 29 with an outlay of Rs 75,021 crore. The programme aims to increase the share of solar rooftop capacity. It will also empower residential households to generate their own electricity. 
  
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• Domestic Institutional Investors Pour Record Over Rs 1 Lakh Crore In Equities In October

  31-10-2024 10:14 via zeenews.india.com
  
  This sustained DII activity came as the cumulative foreign portfolio investor (FPI) selling in equity through the Indian stock exchanges stood at Rs 102,931 crore (till October 24).
  
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• Samsung Electronics Q3 Net Profit Surges, But Chip Business Remains Sluggish

  31-10-2024 09:29 via zeenews.india.com
  
  The company's chip division saw its operating profit reach 3.86 trillion won for the third quarter, shifting from a deficit of 2.18 trillion won a year earlier.
  
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• RBI’s Secret Diwali Mission: 102 Tonnes Of Gold Brought India From England

  31-10-2024 08:46 via zeenews.india.com
  
  India, like many other countries, keeps a portion of its gold reserves with the Bank of England for easy access to the London bullion market. 
  
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• 'Scammed By Blinkit': Customer Claims He Received 0.5 Gram Gold Coin Instead Of 1 Gram Mata Lakshmi Gold Coin

  31-10-2024 08:31 via zeenews.india.com
  
  Blinkit customer Mohit Jain said he had ordered a 1-gram gold and 10-gram silver coin from Malabar Gold and Diamonds, but he received a 0.5-gram gold coin instead. 
  
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• Debit Card-Based Transactions Drop 8% In September As UPI Payments Surge: RBI Data

  31-10-2024 06:01 via zeenews.india.com
  
  On the other hand, credit card transactions grew in the country, which saw a nearly 5 per cent increase in the month of September at Rs 1.76 lakh crore, from Rs 1.68 lakh crore in August, according to the latest data from the central bank.
  
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• Kanda Express Train With 840 Metric Tonnes Of Onion Arrives In Delhi; Part Stock To Be Sold At Rs 35 Per Kg In Retail

  31-10-2024 05:56 via zeenews.india.com
  
  This is the second bulk transportation of onions by train to Delhi-NCR after NCCF brought 1,600 MT of onions to Kishanganj Station on 20th October, 2024 by Kanda express. 
  
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• Stock market today: BSE Sensex opens in red; Nifty50 near 24,300

  31-10-2024 04:50 via timesofindia.indiatimes.com
  
  Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in red on Thursday. While BSE Sensex was down over 100 points, Nifty50 was near 24,300.
  
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• Stock market today: BSE Sensex ends over 550 points down; Nifty50 closes near 24,200

  31-10-2024 04:50 via timesofindia.indiatimes.com
  
  Stock market today: BSE Sensex ended the day down 553.12 points or 0.69 per cent, closing at 79,389.06, after dropping 654.25 points or 0.81 per cent to 79,287.93 during trading hours. The NSE Nifty declined by 135.50 points or 0.56 per cent to 24,205.35.
  
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• Swiggy's $1.3 billion listing battles curse of blockbuster IPOs in India

  31-10-2024 04:49 via timesofindia.indiatimes.com
  
  Traders hope Diwali boosts stocks, while Nifty faces its worst monthly drop in four years. Swiggy’s IPO shows tepid enthusiasm, mirrored in Zomato’s recent decline. Options traders are preparing for post-US election volatility. October car sales data may disappoint, with Nomura predicting weak growth. Adani bonds excel, recovering from last year's setback.
  
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• How To Spot Digital Arrest Scam And Protect Yourself --Explained

  31-10-2024 03:23 via zeenews.india.com
  
  During his recent Mann ki Baat address, Prime Minister Narendra Modi warned the country about the surge of digital arrest frauds.
  
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• Core sector growth back in black, cement leads

  31-10-2024 01:14 via timesofindia.indiatimes.com
  
  Growth in India's core sector rebounded in September with significant contributions from cement and electricity. The sector grew by 2%, recovering from August's 1.6% contraction. Cement production hit a six-month high. Data also indicated a narrowed fiscal deficit supported by robust tax revenues and RBI’s dividend payment.
  
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• UK budget: Taxes raised by $52 billion, most in 30 years

  31-10-2024 01:06 via timesofindia.indiatimes.com
  
  UK Chancellor Rachel Reeves announced a 40 billion pound tax hike, the largest in 30 years, to address a fiscal shortfall left by the previous government. Measures include increasing the national insurance payroll tax and freezing fuel duty. Borrowing will be ramped up to invest in public services.
  
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• US economy sees 2.8% growth as consumer spends rise

  31-10-2024 01:01 via timesofindia.indiatimes.com
  
  The US economy showed strong growth in Q3, driven by increased household spending and higher federal defense expenditure. Inflation-adjusted GDP grew at an annual rate of 2.8%, with consumer spending rising 3.7%. These figures reflect solid domestic demand as the Federal Reserve eases its stringent monetary policies, just ahead of the upcoming election.
  
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• Global play: Suzuki to supply India-made e-SUV to Toyota

  31-10-2024 00:57 via timesofindia.indiatimes.com
  
  Japan's Suzuki will supply India-made electric SUVs to Toyota for global markets as they extend their collaboration beyond petrol products. The BEV SUV, developed by Suzuki, will be manufactured from 2025 and aims to achieve economies of scale while promoting carbon neutrality.
  
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• India's developers among fastest-growing: GitHub

  31-10-2024 00:53 via timesofindia.indiatimes.com
  
  India's developer community on GitHub saw a 28% growth, making it the second largest worldwide. With 17 million coders, India's contributions to AI projects are significant. The National Education Policy has boosted coding and AI learning in schools. This growth positions India to potentially surpass the US in developers by 2028.
  
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