Indian blue-chip equity indices reversed their earlier gains and closed lower on Tuesday, contrasting a broadly positive global momentum, dragged by profit booking with analysts citing valuation concerns and global uncertainties as factors denting sentiment.
Adani Enterprises clarified on Tuesday that Gautam Adani was misquoted in a report about the succession plan for his $213 billion empire. The company stated that Adani's remarks on succession planning were misinterpreted and that he did not specify a timeline for retirement or transition. Adani had mentioned involving his sons and nephews in the group's businesses, but the report incorrectly suggested details about heirs and their equal interest in the family trust.
The Boilers Bill 2024 was introduced in Rajya Sabha to replace the obsolete Boilers Act 1923. The new bill seeks to decriminalise three offences and improve safety measures for workers. It aims to streamline business operations by converting fines into penalties, ensuring faster resolution of non-criminal offences.
Kirloskar Brothers Ltd (KBL) withdrew its Supreme Court appeal concerning Kirloskar Oil Engines Ltd's (KOEL) non-disclosure of a 2009 family settlement. The conflict arose over the retrospective application of a 2015 regulation to the 2009 agreement. The court allowed KBL to submit a fresh complaint to SEBI, leaving all issues open for legal resolution.
Union minister Pralhad Joshi announced in Rajya Sabha that an investment of Rs 30 lakh crore is anticipated for India to achieve 500 GW renewable energy capacity by 2030. He emphasized the government's commitment by citing increased budget allocations and significant progress in recent years. Opposition members questioned the feasibility of these ambitious targets.
Auto components maker Bosch on Tuesday said its consolidated profit after tax rose 14 per cent to Rs 466 crore for the first quarter ended June 30, 2024. The company had reported a profit after tax of Rs 409 crore in the April-June quarter of last fiscal.
Governor Thawarchand Gehlot met activist TJ Abraham, who is pressing for Chief Minister Siddaramaiah's prosecution in a site allotment scandal involving his wife. Gehlot demanded Siddaramaiah's explanation, sparking reactions from the Congress and intensifying political tensions. The Congress may mount a legal challenge if the Governor permits prosecution.
IIT Madras received a record donation of Rs. 228 Crore from alumnus Dr. Krishna Chivukula. The funds will support scholarships, research, and infrastructure including an academic block named after him. The institute raised a total of Rs. 513 Crore in 2023-24, marking a 135% increase from the previous year.
Indian equity markets fell on Tuesday, with banking and financial stocks dragging them down. The S&P BSE Sensex dropped 0.21% to 78,593, while the NSE Nifty50 ended below 24,000.
The Mumbai bench of NCLT was expected to consider an application from Reliance Capital's Administrator, urging IIHL to implement a resolution plan by August 10. The Administrator had requested the immediate transfer of Rs 2,750 crore to designated escrow accounts, alleging that IIHL had failed to comply with a previous NCLT order.
The Delhi Electricity Regulatory Commission announced regulations for compensating victims of electrical accidents, effective July 25, 2024. Compensation includes Rs 7.5 lakh for fatalities and Rs 5 lakh for severe disabilities. Injuries and livestock losses are also covered. Organizations must appoint a Concerned Authority and ensure timely payments to claimants.
Kamala Harris selected Governor Tim Walz of Minnesota as her Vice Presidential running mate. Walz, a veteran, former teacher, and current governor, has a strong record in progressive policy implementation and was a key figure during the George Floyd protests and COVID-19 pandemic. His legislative experience extends six terms in Congress and two as governor.
Suzlon Energy board on Tuesday said it will acquire a 76 per cent stake in Renom Energy Services for Rs 660 crore in two tranches from Sanjay Ghodawat Group.
PB Fintech runs insurance marketplace Policybazaar and credit marketplace Paisabazaar. In the June quarter, while the total insurance premium processed by Policybazaar climbed 61% to Rs 4,871 crore from Rs 3,011 crore a year ago, the business of Paisabazaar suffered a slowdown in growth.
Crypto exchange WazirX on Tuesday said an FIR has been filed in the case of a $230 million security breach that happened at the platform last month.
The Indian gold industry, with support from major trade bodies and the World Gold Council, announced the formation of the Indian Association for Gold Excellence and Standards (IAGES). This self-regulatory organization aims to enhance consumer confidence and regulatory transparency by promoting fair, transparent, and sustainable practices in the gold trade. IAGES is expected to be operational by early 2025.
Footwear firm Bata India Ltd reported a 61.7% increase in standalone net profit to Rs. 174.37 crores in the first quarter ended June 2024, compared to Rs. 107.84 crores in the corresponding quarter of the previous year.
The state-owned NHAI reported saving approximately Rs 1,000 crore in interest payments by pre-paying Rs 15,700 crore of its debt. This move has significantly reduced NHAI's total debt to around Rs 3,20,000 crore. The organization also secured lower interest rates from banks, dropping from 8.10% to 7.59%.
Paris Olympic star Nadia Comaneci is currently making headlines after calling out on judges over a rule change in the floor exercise event, which is deemed controversial in nature. Here are some more details around the rule change in this event along with Comaneci's reactions around the same.
Power & Instrumentation (Gujarat) Limited (PIGL) on Tuesday announced its board has approved a fundraising plan of Rs 71.48 crore through the issuance of equity shares and warrants.