The Hindu Business News

Sun Pharmaceutical Industries Ltd. reported that its fourth quarter consolidated net profit grew to ₹1,984.5 crore compared with net loss of ₹2,277.3 crore in the same period last year, due to improved performance.

Mahindra & Mahindra Ltd. (M&M) reported that its fourth quarter consolidated net profit grew 18% to ₹2,637 crore from the same quarter last year led by enhanced profit from its auto and farm divisions. Profit from its hospitality and real estate businesses also contributed to the growth in profits.

The dollar index is trading above the 104-level on safe-haven appeal, as U.S. President Joe Biden and Republican House Speaker Kevin McCarthy are reportedly close to reaching an agreement on the U.S. debt ceiling.

Sensex, Nifty extended their rally on May 26, with the Sensex climbing 1%

Three international civil society organisations on May 26 highlighted an upcoming proposal for Meta to evaluate its human rights situation in India.  

India has appealed against a ruling of the World Trade Organization’s (WTO) trade dispute settlement panel which stated that the country’s import duties on certain information and technology products are inconsistent with the global trade norms.

Mr. Brende, who was on a short visit to India, had discussions about ongoing collaborations as well as India’s G-20 presidency with stakeholders. He met various Union ministers and company executives, among others.

Equity benchmark indices extended their previous day’s rally on May 26 amid buying in index major Reliance Industries, fresh foreign fund inflows and a largely positive trend in global markets.

The Hindu’s Morning Digest brings readers a select list of stories to start the day

IRDA is devising an affordable product covering health, life, property, accident risks to give citizens protection, expedite claim settlements by linking death registries onto one industry platform

Wipro Limited announced its partnership with NEB Sports as the title sponsor of the Bengaluru Marathon for the next three years, the company in a regulatory filing said on May 25.

The DGCA has demanded that Go First submit a “comprehensive” revival plan within 30 after the regulator found the airline’s response to its showcause notice dissatisfactory.

Wipro executive chairman Rishad Premji has taken a 50% pay cut in fiscal 2022-23, as per a regulatory filing made by the Bengaluru-based tech firm on Thursday.

TVS Supply Chain Solutions Executive Vice Chairman R. Dinesh on Thursday assumed office as the Confederation of Indian Industry (CII) President for 2023-24 while ITC Managing Director Sanjiv Puri named President-designate.

The government has notified a hike in the tax exemption limit for leave encashment benefits received by salaried employees at the time of retirement from ₹3 lakh to ₹25 lakh, as promised in the Union Budget.

The rupee fell 7 paise to close at 82.75 against the U.S. dollar on May 25.

Equity benchmark indices bounced back from intra-day lows to settle in positive territory on May 25

New figures show the German economy suffered an unexpected dip in the first quarter of this year, putting the country formally into recession

Sensex turn volatile in forenoon trade on May 25

India’s market regulator has asked all foreign funds investing in the country to identify their parent financial institution to help unravel opaque ownership structures, according to a letter seen by Reuters.

Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to ₹13,191 crore for the fourth quarter ended March 2023.

Reserve Bank of India Governor Shaktikanta Das asserted on Wednesday that there will be no disruption to the economy owing to the ₹2000 currency note’s withdrawal, and said high denomination currencies lingering in the economy can create “collateral issues”.

Tamilnadu Petroproducts Ltd., (TPL) reported a 58% contraction in its stand alone net profit over the year earlier period to ₹10 crore on account of escalating input costs and global uncertainty.

ALL Q4 profit drops 17%

The rupee appreciated by 15 paise to 82.70 against the U.S. dollar on Wednesday, supported by foreign capital inflows.

Benchmark stock indices closed lower on May 24, snapping their three-day gaining streak following profit-taking in financials, metal and oil shares amid a bearish trend in the global markets.

India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years, Commerce and Industry Minister Piyush Goyal said on May 24.

The RBI issued the withdrawal of all ₹2,000 currency notes on May 19, and has given the public till September 30 to deposit or exchange all the notes at banks.

Aviation regulator DGCA will conduct an audit of Go First’s preparedness before approving resumption of flights by the crisis-hit carrier, according to a communication.

Union Finance Minister Nirmala Sitharaman had an interaction with a delegation from Boeing comprising their global senior leadership team, led by its president Salil Gupte.

Equity benchmark indices began the trade on a weak note on May 24 following a bearish trend in the global markets as investors preferred to remain on the sidelines ahead of the release of the U.S. Federal Open Market Committee (FOMC) meeting minutes.

The rupee gained 8 paise to 82.77 against the U.S. dollar in early trade on May 24, 2023 supported by foreign fund inflows

Understanding the EU’s new carbon tax where producers will be taxed for the carbon emissions emitted in their production process

Uncertainty prevails over the resumption of Go First flights as the airline failed to provide a definite plan to the DGCA in response to a showcause notice.

The Reserve Bank of India (RBI) on Tuesday told the Delhi High Court that withdrawal of ₹2,000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience

IndiaJets operates a 6-seat business jet, which is stationed in Bengaluru. The company plans to induct another 32 aircraft, including medium to large jets, over the next few years.

The Income Tax department has enabled online filing of Income Tax Returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal

All Adani Group stocks with Adani Enterprises climbed nearly 18% after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies while a separate Sebi probe into alleged violation of money flows from offshore entities drew a blank.

SMEV on May 23 said the sudden reduction of subsidy of electric two-wheelers may lead to a major decline in EV adoption, impacting the entire industry for a considerable period of time

The Rupee gained 3 Paise to 82.81 against the US dollar in early trade, supported by foreign fund inflows and a positive trend in domestic equities on May 23.

Small queues were witnessed at some bank branches on May 23, 2023 for the exchange of ₹2,000 notes against smaller denominations as part of the withdrawal exercise.

Benchmark indices began the trade on a positive note on May 23, rallying for the third day running, amid fresh foreign fund inflows and continuous buying in IT counters.

The Hindu’s Morning Digest brings readers a select list of stories to start the day

Transworld Holdings Ltd. (THL), has announced to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd. (SSL) as per Securities and Exchange Board of India (SEBI) delisting norms from NSE and BSE on which SSL’s equity shares are listed.

There is a need to shape the future through design innovations said Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council (GJEPC).

Seeking to allay concerns about the legal tender status of ₹2,000 currency notes after the September 30 deadline for their exchange or deposit, Reserve Bank of India Governor Shaktikanta Das stressed there is no need to rush to the banks and signalled the last date is only meant to nudge people to return the notes soon.

Almost four months after a scathing report by a U.S.-based short seller accusing fraud, shares of Gujarat-based Adani Group firms continued their rally on Monday, with the group’s flagship Adani Enterprises climbing nearly 19%.

A consortium led by Tata Consultancy Services Ltd has received an Advance Purchase Order valued at over ₹15,000 crore from BSNL for the deployment of a 4G network across India

The Finance Ministry of India reports that the first month of the 2023-24 fiscal year has witnessed robust economic activity with a positive outlook for strengthening demand. Despite higher interest rates, signs of a virtuous investment cycle are already evident. The ministry highlights steady consumption growth, traction in capacity creation and real estate investment, and anticipates a stronger demand as inflation recedes. While downside risks exist, the ministry expects prices of commodities, except precious metals, to moderate and predicts enhanced rural economy due to higher crop support prices and government spending

Reserve Bank Governor Shaktikanta Das on Monday met the board of directors of all public sector banks to discuss issues related to governance and ethics.