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<ul><li>Among Sensex shares, <keyword id="6357147" type="General" weightage="50" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>, Larsen &amp; Toubro, ICICI Bank, HCL Technologies, <keyword id="6354512" type="General" weightage="50" keywordseo="infosys" source="Orion">Infosys</keyword> and Axis Bank were among the winners.</li><li>Bharti Airtel, Hindustan Unilever, IndusInd Bank, HDFC and Bajaj Finance were among the laggards.</li><li>The market was also bolstered by expectations on Q2 results session, with improvement in sectors like metal, IT, and realty. </li></ul> <keyword id="2825469" type="General" weightage="50" keywordseo="benchmark-bse-sensex" source="Orion">Benchmark BSE Sensex</keyword> rose by 156 points while the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> closed above the 17,300 level on Thursday after gains in metal, IT and capital goods shares amid foreign capital inflows. Rising for the second straight session, the 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> benchmark advanced 156.63 points or 0.27 per cent to settle at 58,222.10. The index opened higher and later jumped 513.29 points or 0.88 per cent to a day's high of 58,578.76 on gains in metal, FMCG, IT and oil stocks. However, profit booking in select banking and teck stocks in the closing session trimmed the gains. The broader <keyword id="372424" type="General" weightage="50" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> advanced 57.50 points or 0.33 per cent to end at 17,331.80 as 27 of its shares ended in the green. Among Sensex shares, Tata Steel, Larsen &amp; Toubro, ICICI Bank, HCL Technologies, Infosys and Axis Bank were among the winners. However, Bharti Airtel, Hindustan Unilever, IndusInd Bank, HDFC and Bajaj Finance were among the laggards. <keyword id="224336" type="General" weightage="50" keywordseo="vinod-nair" source="Orion">Vinod Nair</keyword>, Head of Research at Geojit Financial Services said, "The Indian market is maintaining its resilience despite mixed cues from global equities and surging oil prices. Both domestic and foreign investors are supporting the rally." The market was also bolstered by expectations on Q2 results session, with improvement in sectors like metal, IT, and realty, Nair added. "Weakness in European indices and <keyword id="90570" type="General" weightage="50" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword> slipping into the red prompted investors to cut their bullish bets. But key domestic benchmarks still ended in the green thanks to traders betting big on IT, metal and realty stocks. "However, inflationary concerns worldwide and central banks hiking interest rates persistently has spooked markets and kept investors on tenterhooks on worries of a global slowdown," <keyword id="131488" type="General" weightage="50" keywordseo="shrikant-chouhan" source="Orion">Shrikant Chouhan</keyword>, Head of Equity Research (Retail), Kotak Securities Ltd, said. In the broader market, the BSE smallcap gauge jumped 1.30 per cent and midcap index climbed 1.13 per cent. Among the BSE sectoral indices, metal jumped 3.89 per cent, capital goods (2.34 per cent), realty (2.15 per cent), industrials (1.96 per cent), commodities (1.67 per cent) and power (1.61 per cent). FMCG and telecommunication were the laggards. Elsewhere in Asia, markets in Seoul and Tokyo ended higher, while Shanghai and Hong Kong settled lower. Stock exchanges in Europe were trading in the negative territory in mid-session deals. The US markets ended marginally lower on Wednesday. The domestic equity markets were closed on Wednesday for the Dussehra festival. In the previous session on Tuesday, the BSE benchmark had jumped 1,276.66 points or 2.25 per cent to settle at 58,065.47. The Nifty rallied 386.95 points or 2.29 per cent to end at 17,274.30. Meanwhile, the international oil benchmark Brent crude futures climbed 0.14 per cent to 93.50 per barrel. Foreign institutional investors were net buyers as they bought shares worth Rs 1,344.63 crore on Tuesday, according to data available with BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pepsicos-quaker-oats-cuts-down-sugar-content-by-30-to-make-breakfast-cereals-more-healthy/articleshow/94684033.cms">PepsiCo’s Quaker Oats cuts down sugar content by 30% to make breakfast cereals more healthy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-bank-downgrades-indias-economic-growth-forecast-to-6-5-for-fy23/articleshow/94684137.cms">World Bank downgrades India's economic growth forecast to 6.5% for FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bank-of-baroda-enables-digital-loans-through-the-account-aggregator-framework-heres-what-it-means-and-how-to-use-it/articleshow/94683894.cms">Bank of Baroda enables digital loans through the Account Aggregator framework – here’s what it means and how to use it</a>

Sensex gains 156 points led by metal, IT and capital goods amid foreign capital inflows

The rupee stayed range-bound and closed 3 paise lower at 83.46 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Thursday amid a strong American currency and rising crude oil prices in global markets. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said positive sentiment in the domestic equity markets and the inflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword> capped a sharp fall in the domestic currency. At the interbank foreign exchange, the domestic unit opened strong at 83.41 and touched the intra-day low of 83.49 against the greenback. The local unit finally settled at 83.46 (provisional) against the dollar, down 3 paise from its previous close. The rupee had settled 2 paise higher at 83.43 against the dollar on Tuesday, a day after losing 7 paise on Monday. The foreign exchange market was closed on Wednesday on account of Maharashtra Day. On Wednesday, the US Federal Reserve decided to maintain the status quo on the benchmark interest rates, in line with the market expectations. Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said the rupee fell on disappointing <keyword id="20313555" type="General" weightage="20" keywordseo="PMI-data" source="keywords">PMI data</keyword> from India. "However, positive domestic markets...cushioned the downside." Meanwhile, India's manufacturing PMI fell to 58.8 in April 2024 from 59.1 in the previous month. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI), however, recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand, a monthly survey said on Thursday. "We expect the rupee to trade with a slight negative bias on dismal PMI data and expectations of a recovery in the US dollar amid further delay in rate cut by Fed. However, weak crude oil prices and positive domestic markets may support the rupee at lower levels," Choudhary said, adding, "USD-INR spot price is expected to trade in a range of Rs 83.25 to Rs 83.70". Analysts also said market participants are expected to keep a close watch on the US non-farm payroll data to be released on Friday. Besides, weekly unemployment claims, trade balance and factory order data from the US may provide further cues. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 105.67. Brent crude futures, the global oil benchmark, climbed 0.91 per cent to USD 84.20 per barrel. On the domestic equity market front, Sensex climbed 128.33 points, or 0.17 per cent, to settle at 74,611.11, and Nifty rose 43.35 points, or 0.19 per cent, to close at 22,648.20. Foreign institutional investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,071.93 crore on a net basis, according to exchange data. India's Goods and Services Tax (GST) collections grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports, the finance ministry said on Wednesday. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Rupee falls 3 paise to settle at 83.46 against US dollar

<ul class="summary-list"><li>Foreign investors are giving up on China as the country's post-COVID rebound fizzles.</li><li>They resumed dumping Chinese stocks and bonds after Beijing's pledges to boost the economy briefly lifted hopes.</li></ul>Foreign investors are giving up on China as the economy's post-COVID recovery continues to fizzle with little hope of relief from Beijing.In recent weeks, global investors have resumed dumping Chinese stocks and bonds after briefly seeing inflows last month, when the government pledged more help for the economy. Hong Kong's Stock Connect trading scheme, which allows foreigners to trade mainland-listed stocks, had seen 54 billion yuan ($7.4 billion) of net purchases after a July 24 promise from the Communist Party's politburo for support. But <a href="https://www.ft.com/content/5b4e0042-49c0-463c-b679-e97de96de12d" target="_blank" rel="noopener">according to the Financial Times</a>, those gains are now nearly all gone.In addition, stock exchanges in Shanghai and Shenzhen have seen nine straight days of outflows among overseas traders, <a href="https://www.bloomberg.com/news/articles/2023-08-17/foreign-funds-flee-china-stocks-in-record-selling-streak" target="_blank" rel="noopener">according to Bloomberg</a>, tying a record streak. During that span, foreign investors sold 46.2 billion yuan of mainland Chinese stocks.Meanwhile, foreign institutional investors shed 37 billion yuan worth of Chinese bonds in July, according to data out Wednesday from China's foreign exchange regulator.While officials in Beijing raised hopes last month with bullish talk of aggressive support, they have failed to deliver on actual policies that indicate expansive moves, and analysts don't expect any to come as the central government is seen as wary of adding too much debt.Recent weeks have also seen fresh signs that the Chinese economy is getting worse, with retail sales and industrial output slowing further and consumer prices slipping in deflationary territory.Portfolio managers told the FT that the pace of selling has picked up this month and will likely accelerate further, even after a surprise rate cut from the central bank this week.The pessimism among global investors is translating to China's benchmark stock gauge as well. The CSI 300 index of Shanghai- and Shenzhen-listed shares have nearly given back all of its 5.7% gain after the July politburo meeting.Meanwhile, the yuan has also felt the effects of the reversal and has dropped 2.4% against the dollar this month. That prompted Beijing to <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-yuan-china-banks-currency-markets-financial-beijing-economy-2023-8">pressure state-run banks to intervene in currency markets</a> this week to prop up the yuan.The recent outflow of capital on the part of global investors <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-china-chinese-economic-rebound-recovery-investment-stocks-demand-2023-6?utm_medium=ingest&amp;utm_source=markets">picks up where they left off in the spring</a>, as weakness in China's economy was becoming clear following a first-quarter bounce.According to <a href="https://finance.yahoo.com/news/foreigners-pull-more-money-china-061859286.html" target="_blank" rel="noopener nofollow">Reuters</a>, $1.71 billion worth of mainland shares were sold by foreigners in May, outpacing April's $659 million withdrawal. Following China's ending of its COVID-19 restrictions in December, bullish hopes for an economic rebound led to investments worth $25.05 billion in the first five months of 2023. That's compared to $6.36 billion in the entirety of 2022, Reuters reported. But the hopes that fueled this year's heavy investment have been dashed as growth continues to cool across a number of Chinese sectors. In addition to the consumer and manufacturing sectors, the real estate market — which serves as a key store of wealth in China's economy — has also been getting worse. In July, <a href="https://www.businessinsider.com/china-economy-housing-market-home-prices-beijing-growth-rebound-pandemic-2023-8">China's new-home prices fell for a second consecutive month</a> and at a faster pace.

Foreign investors are giving up on China as capital flows reverse

<keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">Real Estate</keyword> sector has been stagnant and unregulated for years now. Rising prices of property, delayed construction, no clarity on Foreign Direct Investment and REITS, ghost buyers are some of problems crippling the growth of the sector. But with the various ambitious projects announced by the new Modi Government there’s a silver lining. As per recent government data, economic growth reached 7.4% in the second quarter of the current financial year, riding on a spike in manufacturing and a pickup in investment. 

	Where it stands?
 Globally positioning India as an investment destination and improving India’s diplomatic and trade relation, Narendra Modi’s foreign stints have helped India attract more <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword>. From the nations he visited during the financial year 2014-15, India received FDI of USD 19.78 billion. Moreover, FDI in India increased by 27% in 2014-15 to USD 30.93 billion, said Anuj Puri, Chairman and country head at JLL India in his blog. But a recent <keyword id="6355001" type="CITY" weightage="100" keywordseo="FICCI">FICCI</keyword> survey of the year 2015 (Impact of FDI reforms in the Indian real estate sector) shows how disoriented the sector still is. Though there has been overall growth in FDI in the sector, FDI in construction development sector has declined over the past few years. The following table shows that. 

	
 

	Overall sentiment happy
 Still revival hopes are high! The real impact of latest FDI liberalisation measures on foreign <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> in Indian real estate will be reflected over a period of time, the industry feels, as per the survey. 

	1. Industry is happy and satisfied with current FDI reforms in construction development sector 
 

	Majority are happy with the recent steps of the Central Government and are satisfied with the policy development. 
 

	2. Increased confidence and optimism in industry towards future flow of FDI in real estate 
 Industry has shown high level of confidence and optimism towards future flow of <keyword id="136566" type="UNKNOWN" weightage="100" keywordseo="foreign-capital">foreign capital</keyword> into realty sector. They feel that FDI reform measures will certainly increase flow of FDI into realty sector in coming months. 

	3. Commercial &amp; Retail and Residential real estate will gain significantly from the liberalisation of FDI in the sector
 

	4. 100% FDI under automatic route in completed projects
 

	100% FDI under automatic route in completed projects for operation and management of townships, malls/shopping complexes and business centres is a significant step taken by the Government, the industry feels.
 

	What more should be done in the upcoming <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">budget 2016</keyword>?
 

	1. Quick implementation of the Real Estate Regulatory Bill (RERA) to enable the <keyword id="46631" type="UNKNOWN" weightage="100" keywordseo="Realty-market">realty market</keyword> to attract FDI 

	2. Government of India should bring more clarity over the entry and exit norms and processes to be followed by investors. 
 

	3. Both Centre and State must work together to ensure removal of bottlenecks for faster implementation of reform measures for foreign investments in real estate. 
 

	4. Government of India could also consider a reduced lock-in-period applicable for FDI investments from 3 years currently to 1-2 years to further enhance investor interests. 
 

	The real estate industry is maturing. There is a wedge between demand and supply of housing. However, with increased market transparency, this demand/supply mismatch can offer immense opportunities for developers and investors alike. But a well regulated and consolidated industry is not a near future dream. 
	 
	(Image credits: FICCI, indiatimes)

Budget 2016: Impact of FDI in real estate sector and future expectations

The rupee fell 4 paise to 83.48 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Thursday due to firm American currency and an upward trend in <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> overseas. The local unit resisted the fall amid the unabated inflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword> but gave in to the pressure due to a muted trend in the domestic equity markets, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened at 83.43 and lost further to 83.48 against the greenback, registering a fall of 4 paise from its previous close. On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar. "The local currency's upward momentum was halted by a strong US dollar and rising crude oil prices in the international market," said Anand James, Chief Market Strategist, Geojit Financial Services. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.02 per cent at 104.90. Brent crude futures, the global oil benchmark, advanced 0.02 per cent to USD 85.09 per barrel. In the domestic equity markets, the 30-share BSE Sensex fell 72.43 points, or 0.09 per cent, to 77,265.16 points. The broader NSE Nifty declined 30.25 points, or 0.13 per cent, to 23,485.75 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 7,908.36 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-civi-review/articleshow/111116956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-civi-review/articleshow/111116956.cms" target="_blank">Xiaomi 14 CIVI review – affordable flagship with premium cameras</a><a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms" target="_blank">As Nvidia dethrones Microsoft, check out the world's top 10 most valuable companies</a><a href="https://www.businessinsider.in/tech/apps/news/google-gemini-app-launched-in-india-with-support-for-nine-languages/articleshow/111080854.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-gemini-app-launched-in-india-with-support-for-nine-languages/articleshow/111080854.cms" target="_blank">Google Gemini app launched in India with support for nine languages</a>

Rupee falls 4 paise to 83.48 against US dollar in early trade

(Image source- Reuters) <ul><li>A special committee appointed by the Securities and Exchange Board of India has recommended that Indian companies be allowed to directly list their shares on <keyword id="6385821" type="UNKNOWN" weightage="20" keywordseo="FOREIGN">foreign</keyword> bourses, citing the “internationalisation of capital markets”. </li><li>However, this will only extend to those countries that have information-sharing treaties with India and strong anti-money laundering regulations. </li><li>The move will likely be welcomed by India Inc as it will open a new source of capital, especially for Indian companies with a global footprint, and allow them to service their foreign currency-denominated debt in an easier manner. </li></ul>A special committee appointed by the Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) has recommended that Indian companies be allowed to directly list their shares on foreign bourses, according <a href="https://www.livemint.com/Money/kAiqcwyiYaUOYr7zUdUPWK/Sebi-panel-votes-for-overseas-listing-of-Indian-companies.html">to media reports</a>, owing to the "internationalisation" of capital markets. The move follows a <a href="https://www.livemint.com/Money/5l70fVoFY7au71RmSuPpiO/Sebi-proposes-direct-overseas-listing-of-companies.html?utm_source=scroll&amp;utm_medium=referral&amp;utm_campaign=scroll">proposal for the same </a>earlier this year from the securities regulator, after which it formed the panel to examine the implications of such a policy. Interestingly, China was cited as an example of a country whose companies have benefited from this policy, with as many as <a href="https://www.bloombergquint.com/business/sebi-panel-pitches-for-direct-listing-of-indian-companies-overseas#gs.YM3laqg">91 Chinese firms</a> listing overseas in the last five years and raising tens of billions of dollars in the process. However, the SEBI panel’s recommendation came with two conditions. Firstly, this will only extend to those countries that have information-sharing treaties with India and strong anti-money laundering regulations, as indicated by their membership of the Financial Action Task Force. In its report, the panel specified 10 countries, the likes of which include US, UK, Switzerland, Germany, Hong Kong, Japan and China, that fulfilled these requirements. Secondly, Indian companies need to comply with certain liquidity and capital requirements before being allowed to list overseas. These include a requirement that at least 10% of their paid-up capital be listed on an Indian bourse. In addition, the listing size has to be at least ₹10 billion and should have subscription guarantees from 200 investors or more. The move will likely be welcomed by India Inc as it will open a new source of capital, especially for Indian companies with a global footprint, and allow them to service their foreign currency-denominated debt in an easier manner. It will also increase brand visibility, lead to better valuations and encourage Indian companies to compete on a global scale. As per the existing policy, no <keyword id="24975" type="ORGANIZATION" weightage="20" keywordseo="company">company</keyword> that is incorporated in India is allowed to directly list their stocks overseas despite being allowed to sell debt securities on foreign exchanges. That is largely because the government has feared that this will lead to <keyword id="701527" type="PERSON" weightage="20" keywordseo="capital-flight">capital flight</keyword> and that it would hinder the growth of the domestic stock market. Hence, the only avenue available to Indian companies is the sale of depositary receipts. Similarly, foreign companies aren’t allowed to directly list their shares on Indian stock exchanges. The SEBI panel suggested a revision of this policy as well. Should the Indian government decide to implement the recommendations, it will require significant amendments not only to the Companies Act, but also to the <keyword id="88944" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Exchange-Management-Act">Foreign Exchange Management Act</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/indias-securities-regulator-is-forcing-rating-agencies-to-comply-with-stricter-assessment-norms-to-prevent-a-repeat-of-the-ilfs-crisis/articleshow/66616962.cms">India’s securities regulator is forcing rating agencies to comply with stricter assessment norms to prevent a repeat of the IL&amp;FS crisis</a> <a href="https://www.businessinsider.in/india-sebi-just-made-it-a-lot-cheaper-for-you-to-invest-in-mutual-funds/articleshow/65867646.cms">India, SEBI just made it a lot cheaper for you to invest in mutual funds</a> <a href="https://www.businessinsider.in/indias-securities-regulator-wants-to-develop-indias-corporate-bond-market-so-it-has-ordered-large-companies-to-raise-at-least-25-of-their-long-term-debt-from-bond-sales/articleshow/66823456.cms">India’s securities regulator wants to develop India’s corporate bond market — so it has ordered large companies to raise at least 25% of their long-term debt from bond sales</a>

India’s markets regulator could soon allow the direct listing of Indian companies on foreign stock exchanges

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> stayed on the upward track for the second straight session and appreciated 6 paise to 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Wednesday, boosted by sustained inflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword> and firm <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword>. The local unit, however, faced resistance due to a stronger American currency and higher <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> overseas, <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">forex</keyword> traders said. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened strong at 83.39 and gained further to 83.34 against the greenback in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close. On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.90. Analysts said the dollar index fell initially as the US data showed the growth in retail sales was lower than expected, though the currency recovered with May industrial output numbers topping the forecast. Officials of the US Federal Reserve indicated a hawkish stance to continue, dousing hopes of an interest rate cut until December. "The dollar eased against the euro on Tuesday after US retail sales data showed slower growth, suggesting potential Federal Reserve rate cuts later this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, rose 0.02 per cent to USD 85.35 per barrel. In the domestic equity markets, the 30-share BSE Sensex rose 199.63 points, or 0.26 per cent, to 77,500.77 points. The broader NSE Nifty climbed 25.55 points, or 0.11 per cent, to 23,583.45 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 2,569.40 crore, according to exchange data. Analysts attributed the strong FII buying to the firm domestic macroeconomic outlook and a sharp fall in the US treasury yield. The government data showed the net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal on higher advance tax payments by corporates, reflecting robust economic activity. Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment.

Rupee moves upward for second straight session, rises 6 paise to 83.37 against US dollar in early trade

The central government has approved eight <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) proposals worth Rs 34.77 crore. “Based on the recommendations of <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (<keyword id="6360345" type="ORGANIZATION" weightage="20" keywordseo="FIPB">FIPB</keyword>)...government has approved eight proposals of foreign direct investment amounting to Rs.34.77 crore approximately,” revealed an official release. 
 
UK-based CSC Computer Sciences International Operations had asked for the government’s approval to set up a limited liability partnership (LLP) worth Rs 30 crore. Proposals of Mahanagar Gas Limited, Medicamen Biotech Ltd, TutorVista Global Private Ltd, Ventura (India) Pvt Ltd, Syssmart Services LLP and Mahindra CIE Automotive Ltd also the government’s clearance. 
 “In the FIPB meeting, a proposal relating to <keyword id="131506" type="CITY" weightage="20" keywordseo="Lupin-Ltd">Lupin Ltd</keyword> was recommended for consideration of Cabinet Committee on Economic Affairs (CCEA) as the investment involved was above Rs1,200 crore,” the release stated. Decision on as many as 12 proposals, including Syngene International Ltd, India Value Fund IV, SME <keyword id="6357264" type="ORGANIZATION" weightage="20" keywordseo="capital-market">Capital Market</keyword> Corporation, SNC-Lavalin Mauritius Ltd and Verint Systems (India) Pvt Ltd, were put off.

8 FDI Proposals Worth Rs 35 Crore Gets Govt’s Nod

The rupee depreciated 9 paise to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Monday amid rising <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> and outflow of <keyword id="20480744" type="General" weightage="20" keywordseo="foreign-capital" source="keywords">foreign capital</keyword>. The domestic unit, however, found support due to a softening American currency and positive equity market sentiment, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the greenback in initial deals, registering a fall of 9 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar. Meanwhile, the <keyword id="19976503" type="General" weightage="20" keywordseo="dollar-index" source="keywords">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading at 105.30, lower by 0.23 per cent. "The US dollar eased slightly on Friday after data showed inflation subsided, reinforcing expectations of Federal Reserve rate cuts this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, advanced 0.52 per cent to USD 85.44 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced 136.09 points, or 0.17 per cent, to 79,168.82. The broader NSE Nifty rose 41.75 points, or 0.17 per cent, to 24,052.35. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 23.09 crore, according to exchange data. India's forex reserves jumped by USD 816 million to USD 653.711 billion in the week ended June 21, the RBI said on Friday. In the previous week, the overall reserves had dropped by USD 2.922 billion to USD 652.895 billion. The eight key infrastructure sectors' growth rose by 6.3 per cent in May on healthy expansion in the production of coal, natural gas, and electricity, though the growth rate was lower than in April, according to official data released on Friday. The central government's fiscal deficit was at 3 per cent of the annual estimates at May-end 2024-25, the first two months of the financial year during which model code of conduct was in place due to Lok Sabha elections. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-review/articleshow/111385109.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-review/articleshow/111385109.cms" target="_blank">Vivo V30e review – mid-range smartphone with a large battery and sleek design</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a>

Rupee falls 9 paise to 83.43 against US dollar in early trade

New Delhi, Feb 24 () Aditya Birla Capital on Monday said it has received a foreign investment of Rs 1,000 crore from Jomei Investments Ltd in lieu of preferential allotment of shares. The Department of Economic Affairs (DEA), vide its letter dated February 21, has communicated its approval to the company for foreign investment by Jomei for the purpose of subscription to the preferential issue of the company, Aditya Birla Capital said in a regulatory filing on Monday. It said the company is proposed to allot 10 crore equity shares at a price of Rs 100 apiece for an aggregate consideration of Rs 1,000 crore to Jomei. "With such approval being received, we confirm that all regulatory approvals in relation to preferential allotment of equity shares to Jomei have now been received and, thus, allotment of equity shares to Jomei is proposed to be completed within 15 days from the date of receipt of DEA approval," it said. Shares of the company closed at Rs 87.15 apiece on the BSE, down 3.27 per cent from the previous close. KPM HRS

Aditya Birla Capital gets Rs 1,000 cr foreign investment from Jomei

The rupee climbed 9 paise to 83.37 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, tracking strong sentiment in the <keyword id="20226142" type="General" weightage="20" keywordseo="domestic-equity-markets" source="keywords">domestic equity markets</keyword> and a weak American currency against major rivals overseas. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency. At the interbank foreign exchange, the domestic unit opened strong at 83.40 and touched the intra-day peak of 83.36 against the greenback. The local unit later traded at 83.37 against the dollar in the morning deals, registering a gain of 9 paise from its previous closing level. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday. According to Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, the dollar was weighed down against major crosses after the US Federal Reserve kept the key interest rate unchanged for the sixth consecutive time. Also, the ongoing pressures and a tight labour market indicated a stall in progress toward bringing inflation back to its 2 per cent target this year. Analysts also said market participants are expected to keep a close watch on the US non-farm payroll data to be released on Friday. Besides, weekly unemployment claims, trade balance and factory order data from the US are likely to provide further cues. "Today, the focus will be on the non-farm payrolls data, which is expected to come in marginally lower and that could weigh on the greenback. Apart from payrolls, services PMI number is also likely to trigger volatility for the dollar. We expect USD-INR (Spot) to trade sideways and quote in a range of 83.20-83.50," Somaiya said. India's manufacturing PMI fell to 58.8 in April 2024 from 59.1 in the previous month, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI), however, recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.04 per cent to 105.13. Brent crude futures, the global oil benchmark, rose 0.36 per cent to USD 83.97 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 463.87 points or 0.62 per cent higher at 75,074.98. The broader NSE Nifty soared 136.65 points or 0.60 per cent to 22,784.85. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they sold shares worth Rs 964.47 crore on a net basis, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank" style="">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Rupee jumps 9 paise to 83.37 against US dollar in early trade

The <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> has decided to relax the lock-in requirements for promoter shareholding in terms of initial public offerings (IPO) and further public offerings (<keyword id="46435" type="ORGANIZATION" weightage="20" keywordseo="FPO">FPO</keyword>). In its meeting on Friday, the SEBI board decided that the lock-in of promoters shareholding to the extent of minimum promoters contribution (20 per cent of post issue capital) shall be for a period of 18 months from the date of allotment in IPO/FPO instead of existing three years, if the object of the issue involves only offer for sale and if the object of the issue involves only raising of funds for other than for capital expenditure for a project. Further, the relaxation would be provided also in case of combined offering (fresh issue and offer for sale) if the object of the issue involves financing for other than capital expenditure for a project. In a statement, the SEBI said that in all the conditions, the promoter shareholding in excess of minimum promoter contribution shall be locked-in for a period of 6 months instead of existing 1 year. The lock-in of pre-IPO securities held by persons other than promoters shall be locked-in for a period of 6 months from the date of allotment in IPO instead of existing 1 year, it said. The period of holding of equity shares for Venture Capital Fund or Alternative Investment Fund (AIF) of category I or II or a <keyword id="5183194" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Venture-Capital-Investor">Foreign Venture Capital Investor</keyword> shall be reduced to 6 months from the date of their acquisition of such equity shares instead of existing 1 year. A SEBI consultation paper dated May 11, 2021 had provided detailed rationale for the reduction in lock-in period such as demonstration of skin in the game by promoters, existence of private equity firms and AIFs several years before proposing listing, much less greenfield financing through IPOs, and others. The board also decided to approve the certain measures to reduce the disclosure requirements at the time of IPO. The definition of promoter group shall be rationalised, in case where the promoter of the issuer company is a corporate body, to exclude companies having common financial investors. The disclosure requirements in the offer documents, in respect of group companies of the issuer company, shall be rationalised to, <keyword id="11806650" type="UNKNOWN" weightage="20" keywordseo="inter-alia">inter-alia</keyword>, exclude disclosure of financials of top 5 listed/unlisted group companies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/indias-first-apple-store-delayed-due-to-covid-19/articleshow/85102306.cms">Launch of India’s first Apple store delayed due to Covid-19</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/apple-pay-and-google-pay-are-coming-to-coinbase-allowing-users-to-buy-cryptocurrencies/articleshow/85096650.cms">Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well</a>

IPO/FPO: SEBI eases lock-in norms for promoter shareholding

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li>Roughly 40% of foreign direct investment is "phantom capital" being used to avoid or pay lower corporate taxes, according to a new <a href="https://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm" target="_blank" rel="noopener">study</a> by the IMF and University of Copenhagen. </li><li>While foreign direct investment can be beneficial to economies hosting money, using shell companies to pay lower taxes is "financial and tax engineering," according to the study. </li><li>Tax havens like Luxembourg hold the majority of phantom foreign direct investment, the study found. </li><li><a href="https://markets.businessinsider.com/">Read more on Markets Insider. </a></li></ul>About 40% of all foreign direct investment is "phantom capital" that's being used by multinational firms to pay lower corporate taxes, according to a <a href="https://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm">new study by the International Monetary Fund</a> and the University of Copenhagen. That's about $15 trillion globally - or roughly the size of annual gross dometic product for China and Germany combined, the study showed. Phantom investment has picked up in the last decade, expanding to 40% of all FDI from 30%. That growth rate is faster than global GDP over the same timeframe. FDI, defined as "cross-border financial investments between firms belonging to the same multinational group," can be hugely beneficial to countries, the study said. Countries even have policies to attract it because of its ability to drive integration, stimulate growth, create jobs, and boost productivity in local economies. But phantom FDI - or investments that pass through empty corporate shells that don't do any real business - is "financial and tax engineering," blurs statistics, and makes it difficult to understand the true economic integration, the study said.<a href="https://www.surveymonkey.com/r/BI-Young-Investor-Panel" target="_blank" rel="noopener">Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.</a>The vast majority of phantom FDI is being held in well-known tax havens. Luxembourg and the Netherlands hold nearly half, the study showed. Add in Hong Kong, British Virgin Islands, Bermuda, Singapore, the Cayman Islands, Switzerland, Ireland, and Mauritius and more than 85% of phantom FDI is accounted for. Some countries attract phantom FDI, even luring foreign investment by offering benefits like low or no corporate tax rates. This is because even if shell companies pay little taxes and have few employees, they still boost local economies by buying tax advisory, accounting, and other financial services.They also pay registration and incorporation fees. In the Caribbean, these fees account for most of GDP, along with tourism. But overall, heavy investment in foreign empty shells could indicate that both domestically controlled and foreign multinationals are trying to avoid paying taxes, either to the host economy or the home economy. "Unsurprisingly, an economy's exposure to phantom FDI increases with the corporate tax rate," the study said.

You Searched For "foreign capital" and got 13 results

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8 FDI Proposals Worth Rs 35 Crore Gets Govt’s Nod

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