Новости за 22.06.2024

The Indian Union Budget preparation is a meticulous process overseen by the Ministry of Finance (MoF), involving NITI Aayog and other ministries. It begins around August-September, culminating in the February 1 presentation, in a non-General Election year. Defined by Article 112 of the Constitution, it forecasts revenues and expenditures, balancing fiscal prudence with developmental goals through circular issuance, revenue scrutiny, stakeholder consultations, allocation decisions, and the symbolic Halwa Ceremony.

Nifty and Sensex are on an upward trend post Lok Sabha election results. Nifty found support near 23,400 while Sensex faced resistance at 77,850. Analysts remain positive despite weekly red closes.

In Tamil Nadu, 250 liters of illicit liquor were seized and disposed off in Tiruchirapalli district following the deaths of 50 people in Kallakurichi. District Collector Pradeep Kumar and Superintendent of Police Varun Kumar spoke to locals about the harmful effects of illicit liquor and made them take an oath not to consume it.

In 2020-21, India's government abolished the Dividend Distribution Tax (DDT), shifting the tax burden on dividends from companies to shareholders directly. The move aimed to simplify taxation, enhance market appeal for Indian equities, stimulate domestic investment, and potentially attract more Foreign Direct Investment (FDI) into the country's economy.

Two people were killed in an explosion at a fireball manufacturing factory in Gurugram's Daulatabad Industrial Area. The incident occurred late at night on Friday, prompting the deployment of 24 fire tenders that managed to bring the fire under control. At least three to four individuals were injured and taken to the hospital. Nearby buildings suffered damage.

​I mean there is obviously the broader structural kind of under penetration story behind it, but I think the sector had not done well in the last a couple of years because of these issues and both in terms of numbers but also in terms of the regulatory overhang.

Budget 2024: India’s Finance Minister Nirmala Sitharaman will present the Budget for 2024-2025 in late July amidst global uncertainties and conflicts. Business leaders have called for reduced income taxes, increased capital expenditure, and measures to control food inflation. Emphasis is also on bolstering infrastructure and the MSME sector to sustain economic growth.

The India-US Defence Acceleration Ecosystem has marked the first anniversary of its initiative to build a defence innovation bridge under the Critical and Emerging Technology Initiative (iCET). Launched on June 21, 2023, during Prime Minister Narendra Modi's state visit to Washington, DC, INDUS-X enhances the strategic and defence partnership between India and the US. This initiative has bolstered private sector cooperation and facilitated partnerships among defence technology companies, investors, and researchers. Читать дальше...

Kabirdas Jayanti 2024: Kabir Jayanti, celebrated on June 22, 2024, marks the birth anniversary of the revered poet-saint Sant Kabir Das. Known for his timeless teachings on unity, spirituality, and social justice, Kabir’s legacy continues to inspire generations. This festival not only commemorates his life but also emphasizes the significance of love, tolerance, and the rejection of religious extremism. Through his poignant poetry, Kabir's message remains relevant, advocating for a harmonious society.

Despite financial institutions promoting complex investment strategies to clients worried about economic instability and Federal Reserve decisions, the most profitable approach remains the straightforward strategy of buying and holding onto the S&P 500 index.

The blistering rally in U.S. big tech stocks, particularly in the S&P 500, may be due for a breather amidst concerns of overheating, especially with Nvidia Corp's significant gains. Market segments like utilities are lagging behind tech stocks, prompting investors to consider value stocks as potential bargains.

Asian shares ended the week lower as profit-taking followed a rally to 26-month highs. The U.S. dollar's strength pushed the Japanese yen towards intervention levels.

Heatwave deaths: The Union health ministry reported 143 confirmed heatstroke deaths in India, but data from states suggests a total of 448 confirmed and suspected fatalities this summer. Uttar Pradesh recorded the highest number of deaths, with Delhi leading in confirmed cases. The ministry anticipates the toll may rise as investigations continue.

EU naval force in Red Sea, combating Houthi rebels' attacks, needs to double in size due to escalating threats.

The dollar strengthened against major currencies on positive U.S. economic data. U.S. business activity surged in June, easing inflation concerns. Dollar index rose to 105.81, erasing weekly declines. Thierry Wizman predicts continued dollar strength amid European political uncertainty.

Kabirdas Jayanti, or Kabir Prakat Diwas, honors the birth anniversary of the revered mystic poet and social reformer Kabir Das. Celebrated on the full moon of Jyeshtha (May or June), this day in India pays tribute to Kabir's legacy of love, tolerance, and social harmony. His teachings, emphasizing the unity of God and the futility of religious divisions, continue to inspire people worldwide. Kabir's poetry, sermons, and aphorisms reflect his profound impact on spiritual thought, making Kabirdas Jayanti... Читать дальше...

WTI fell out of overbought territory as Fed's interest rate hikes to curb inflation impacted oil demand. The decline in crude prices was influenced by rising U.S. dollar and negative global economic news. U.S. business activity rose to a 26-month high in June with an employment rebound. Geopolitical tensions escalated with warnings of a trade war over electric vehicle imports.

Kerala Chief Minister Pinarayi Vijayan and Congress have criticized the Centre over the pro-tem Speaker appointment issue, with the BJP asking for Kodikunnil Suresh to be appointed as the Opposition leader in the Lok Sabha. The BJP state chief K Surendran criticized the Centre's decision, calling Suresh "brilliant" and a member of the Dalit community. Suresh criticised the Centre's decision as threatening parliamentary democracy and indicating the BJP's continued use of parliamentary procedures for its own interests.

Climate change effects are evident globally, urging immediate action to prevent irreversible damage by 2030.

S&P 500 and Nasdaq closed slightly lower on Friday, impacted by Nvidia's decline. Market volatility was observed due to triple witching, with positive PMI data.

Indian national Nikhil Gupta extradited to the US from Czech Republic for alleged foiled plot to murder Khalistan separatist Gurpatwant Singh Pannun, involving hitman hired by Indian government official. US Department of Justice claims Pannun targeted for exercising freedom of speech. Extradition coincided with US National Security Advisor Jake Sullivan's visit to India, overshadowing iCET talks.

Nvidia Corp became the world's most valuable company, driving record inflows into tech funds. Bank of America Corp strategists noted $8.7 billion inflow in tech funds via EPFR Global data, with strategist Michael Hartnett commenting on the impact of Nvidia's success.

A group of 317 Sikh pilgrims, led by SGPC interim committee member Khushvinder Singh Bhatia, departed for Pakistan to pay homage to Maharaja Ranjit Singh on his death anniversary. They aim to connect with his historical and cultural legacy by visiting revered sites. The journey holds profound significance as they seek to explore the spiritual and religious landmarks associated with the revered Sikh king, with a return scheduled for June 30.

Euro-area private-sector business activity lost momentum as France's snap election outcome weighs on firms. S&P Global's PMI fell to 50.8 in June, disappointing analysts. Europe's economy, recovering from last year's recession, faces challenges.