Nearly $1 billion outflow! MSCI reduces weights of these 15 Nifty stocks
MSCI Inc has reduced the weightage of 15 Nifty50 stocks as part of its May global index review. The downgrades will cause net outflows of nearly $1bn. Weights of Tech Mahindra, Tata Consultancy Services, Infosys and Mphasis have been cut. Weights for Axis Bank, Bajaj Finance, Divis Laboratories, ICICI Bank, HDFC, Hindalco Industries, Bharat Petroleum Corp and JSW Steel have also been reduced. The weights of eight index stocks, including Kotak Mahindra Bank, NTPC and UltraTech Cement have been increased, resulting in net inflows of approximately $400m. Key Points
Economic TimesLatest PNB FD interest rates after it raises FD rate on one tenor, cuts for another
PNB has increased interest rates of select fixed deposits (FDs) on certain tenures and has reduced rates on certain tenures. The new rates are effective from May 18, 2023, according to the PNB website. Key Points
Economic TimesCommercial LPG cylinder prices slashed by Rs 171.5 per unit
India Business News: After the move, the latest retail price of a 19 kg LPG cylinder in Delhi now stands at Rs 1,856.50. Last month, too, their prices were reduced by Rs 9 Key Points
Times Of IndiaEuphoria fizzling out? MFs exit 10 smallcap stocks in February, reduce exposure in 17 others
Mutual funds reduced holdings and exited several midcap and smallcap stocks. Notable exits include Capri Global, Rama Steel Tubes, and SJVN. Meanwhile, funds reduced exposure to City Union Bank, Ashok Leyland, and Life Insurance Corp of India. Key Points
Economic TimesDitched! FIIs dump these 17 stocks in Q1; 2 Adani cos in hit list
In as many as 541 companies, foreign investors reduced their stake in the quarter gone by, and among these, 17 companies saw sharp cuts in their holding. With the bears growling, these 17 companies corrected up to 83% so far in 2023. Key Points
Economic Times
View: The one thing that can slow AI's breakneck speed
Promoters of AI sell hope and assurance like previous revolutions. AI may make labor functions redundant, lead to reduced work hours, and render developers/champions unnecessary. Investments in human-like robots and hiring freezes indicate a possible future of RHRP. Key Points
The Economic TimesInstallation of rooftop solar units now easier & quicker
The government has amended the electricity rules to exempt households from a technical feasibility study for power systems up to 10 kW capacity. Consumers can obtain separate electricity connections for charging electric vehicles. The time frame for obtaining a new electricity connection has been reduced. An additional meter will be installed for verifying consumption and ensuring accuracy in billing. Key Points
Economic TimesChina central bank cuts benchmark lending rate to boost economy
The one-year rate was last lowered in August, while the five-year LPR had previously been reduced in June. Closely followed by markets, both rates are at historic lows. Tuesday's moves are aimed at encouraging commercial banks to grant more credit and at more advantageous rates. Key Points
Economic TimesPut money in select midcaps; one stock that can give 50% return in next 3 months: Sanjiv Bhasin
Sanjiv Bhasin believes that the odds of continuation of the government and policies are getting stronger after three straight elections, with Bihar turning Paltu being a significant event. He also highlights the outperformance of PSUs, the moderation of inflation numbers by the Fed, and the upcoming election verdict as factors contributing to reduced uncertainty. Bhasin suggests investing in midcaps, specifically mentioning Electro Force as a stock that can potentially provide a 50% return in the next three months. Key Points
Economic Times8 Indian ex-Navy personnel get relief as Qatar commutes death sentence
The Ministry of External Affairs (MEA) announced on Thursday that the death sentences of eight former Navy personnel employed by the Al Dahra company in Qatar have been reduced by the Court of Appeal of Qatar. The initial death penalty was handed down by the Court of First Instance in October, accusing the individuals of spying on a submarine program. Key Points
Economic Times
How will lower import tax duties for Tesla EVs impact Indian car makers?
The Indian government is considering a new electric vehicle (EV) policy that would reduce import taxes for car companies, potentially allowing high-end EV manufacturers like Tesla to enter the Indian market. Under the policy, carmakers committed to local manufacturing would receive a substantial tax cut. Presently, cars priced above $40,000 face a 100% import tax, but the new policy could lower the tax rate to as low as 15%. This move could benefit Tesla and other luxury car manufacturers, but may pose challenges for local mass-market car manufacturers. Key Points
Economic TimesGovt cuts windfall tax on domestic crude, export of diesel, ATF
New Delhi, Oct 17 (PTI) The government on Tuesday cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/tonne with effect from October 18. In the last fortnightly review on September 29, windfall tax on domestically produced crude oil was set at Rs 12,200/tonne. Besides, the SAED or duty on export of diesel […] Key Points
ThePrintRs 51,000-crore Eastern Dedicated Freight Corridor (EDFC) completed
The first commercial service on this route is scheduled for November 1. Its counterpart, the 1046 km long Western DFC connecting Khurja to Jawaharlal Nehru Port (Maharashtra) is estimated to cost Rs 72,000 crore when complete during the next fiscal. Key Points
Economic TimesAfter Domestic LPG price reduction, Commercial LPG prices slashed by Rs 158
In Delhi, the commercial cylinder has now become Rs 1522.50 after being reduced by about Rs 158. These rates are applicable from today, September 1 Key Points
Business TodayIndia's Pidilite Industries posts Q1 profit rise on strong demand, easing costs
India's Pidilite Industries (PIDI.NS), maker of adhesive brand Fevicol, reported a more than 32% rise in first-quarter profit on Thursday, aided by strong demand and reduced input costs. Key Points
Reuters
Is China's stimulus at work? 5 metal stocks which can deliver up to 35% returns, as per analysts
China is one of the biggest consumers of metals. Be it copper, aluminum or steel. When the global market gets indication that the Chinese government is planning a push for its real estate market or giving any kind of stimulus then metal prices tend to firm up. One of the reasons why only large companies are in focus could be the fact that with the bumper earnings which these companies have made in the last two years,some of them have reduced their debt. Key Points
Economic TimesL&T Finance Q1: Surpasses targets with record Q1 profits and rapid retail expansion
L&T Finance Holdings reported a 103% growth in Q1FY24 profit, reaching Rs. 531 crore. The company achieved its Lakshya 2026 goal and saw strong retail disbursements. The PLANET app has surpassed 44 lakh downloads. The wholesale book has been reduced by 65% YoY. Key Points
mintStatus quo is not an option for Tata Steel UK: MD, TV Narendran
The Rishi Sunak-led government's earlier proposal barely covered a fifth of the estimated capital cost required at Port Talbot Steelworks, Narendran said. The company's European operations continued to be a drag on its consolidated financials. Edited excerpts: Key Points
Economic TimesJames Murdoch’s Bodhi Tree slashes planned investment in Reliance JV Viacom18
Reliance is now leading the investment with a 108.39 billion rupees infusion. A source familiar with the matter said the investment amount was reduced due to a broader funding squeeze amid a slowdown in dealmaking. Key Points
FinancialexpressJames Murdoch's Bodhi Tree slashes planned investment in Reliance JV Viacom18 by 70% to Rs 4,306 crore
Bodhi Tree, a joint venture between James Murdoch and a former Star India executive, has reduced its planned investment in Reliance's broadcast venture Viacom18 by 70%, investing Rs 4,306 crore ($527.84 million). Reliance Industries will lead the investment with a Rs 10,839 crore infusion. Key Points
Economic Times
Torrent Gas reduces CNG, PNG prices across seven Indian states
Torrent Gas reduced CNG prices by Rs 6 per kg and PNG prices by Rs 5 per SCM in Pune and Punjab. In Uttar Pradesh and Rajasthan, the prices of CNG has been reduced between Rs 6 and Rs 8.25 per kg, while prices of domestic PNG has been reduced by Rs 4-5 per SCM. Key Points
The Indian ExpressWhat we can learn from returning NRIs
Loneliness and isolation are becoming increasingly common in urban India, exacerbated by the focus on individual goals and the decline of multigenerational family structures. Housing options in India now cater to smaller nuclear families, with wider familial fallback options being drastically reduced. Concurrently, long-resident Indians based abroad are returning in search of a more sociable and caring retired life. Key Points
Economic Times