Category: BUSINESS

Mumbai: The Indian benchmark indices opened lower on Tuesday amid weak global cues, as selling was seen in the auto and IT sectors in the early trade.

At around 9.30 am, Sensex was trading 363.22 points or 0.50 per cent down at 72,722.72 while the Nifty declined 125.80 points or 0.57 per cent at 21,993.50.

Uncertainty unleashed by US President Donald Trump is aggravating in global trade, according to experts.

“The 25 per cent tariff on Canada and Mexico and the 20 per cent tariff on China (with the additional 10 per cent imposed now) kicking in the threats are turning into action. The retaliation to these Donald Trump tariffs is yet to be known. Certainly there will be responses,” they added.

In response to Trump administration tariff hike, Canada will impose 25 per cent tariffs on US imports worth 30 billion Canadian dollars from Tuesday. It will impose tariffs on additional US imports worth 125 billion Canadian dollars in coming 21 days.

Meanwhile, Nifty Bank was down 91.80 points or 0.19 per cent at 48,022.50. The Nifty Midcap 100 index was trading at 47,100.65 after dropping 883.50 points or 1.84 per cent. Nifty Smallcap 100 index was at 14,409.35 after declining 251.50 points or 1.72 per cent.

According to market watchers, Nifty has immediate support at 22,000, followed by 21,850 and 21,600, while resistance is placed at 22,500, 22,600, and 22,800.

“A breakdown below 22,000 could accelerate selling pressure toward 21,800, whereas a recovery above 22,500 might trigger a relief rally. The index remains in a sideways to bearish phase, and a decisive breakout is required for a trend reversal,” said Mandar Bhojane of Choice Broking.

Meanwhile, in the Sensex pack, Tech Mahindra, HCL Tech, Nestle India, Infosys, Tata Steel, M&M and Titan were the top losers. Whereas, only ICICI Bank, HDFC Bank and SBI were the top gainers.

In the last trading session, Dow Jones declined 1.48 per cent to close at 43,191.24. The S&P 500 declined 1.76 per cent to 5,849.72 and the Nasdaq declined 2.64 per cent to close at 18,350.19.

In the Asian markets, Only Bangkok was trading in the green. China, Japan, Seoul, Jakarta and Hong Kong were trading in red.

The foreign institutional investors (FIIs) continued their selling on eighth day in a row, as they sold equities worth Rs 4,788.29 crore on March 3. However, domestic institutional investors (DIIs) bought equities worth Rs 8,790.70 crore, on the same day.

Mumbai: The Bombay High Court on Monday asked the ACB not to act until March 4 on an order directing it to lodge an FIR against former Sebi chairperson Madhabi Puri Buch and five other officials for alleged stock market fraud and regulatory violations.

Buch, Bombay Stock Exchange MD Sundararaman Ramamurthy and the others moved the HC on Monday, seeking to quash the March 1 order passed by a special court here directing the state ACB to register an FIR against them pertaining to certain allegations of fraud committed in 1994 while listing a company on the BSE.

The pleas were mentioned before a single bench of Justice S G Dige for urgent hearing.

The bench said it would hear the pleas on Tuesday and added that until then, the state Anti-Corruption Bureau (ACB), which was directed to probe the case, shall not act upon the special court order.

Solicitor General Tushar Mehta appeared for Buch and three current whole time SEBI directors – Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney.

Senior counsel Amit Desai appeared for the Bombay Stock Exchange’s Managing Director and Chief Executive Officer Sundararaman Ramamurthy and its former chairman and public interest director Pramod Agarwal.

The pleas sought quashing of the special court order, terming it as illegal and arbitrary.

The order was not legally sustainable as the petitioners were not even issued a notice or heard before a decision was taken, the pleas said.

Special ACB court judge, S E Bangar, in the order on March 1 said there was prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe.

The ACB court also said it will monitor the probe, and sought a status report within 30 days.

The order was passed on a complaint filed by Sapan Shrivastava, a media reporter, seeking investigation into the alleged offences committed by the accused, involving largescale financial fraud, regulatory violations and corruption.

The allegations pertain to the fraudulent listing of a company on the stock exchange in the year 1994 with the active connivance of regulatory authorities, particularly the Securities and Exchange Board of India, without compliance under the SEBI Act, 1992 and rules and regulations thereunder.

The Sebi in a statement on Sunday said it “would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters”.

The market regulator said the application, which sought directions to the police to register an FIR and investigate alleged irregularities in granting listing permission to a company on the Bombay Stock Exchange in 1994, was allowed by the court “even though these officials were not holding their respective positions at the relevant point of time”.

The Bombay Stock Exchange has in a statement termed the application as “frivolous and vexatious in nature”.

Mumbai: The Indian benchmark indices opened higher on Monday as key economic indicators, including GDP growth and strong GST collections, were in line with the expectations. Buying was seen in the auto and IT sectors in the early trade.

At around 9.39 am, Sensex was trading 133.58 points or 0.18 per cent up at 73,331.68 while the Nifty added 46.25 points or 0.21 per cent at 22,170.95.

Nifty Bank was up 35.50 points or 0.07 per cent at 48,380.20 The Nifty Midcap 100 index was trading at 47,947.55 after adding 32.35 points or 0.07 per cent. Nifty Smallcap 100 index was at 14,732.40 after gaining 32.20 points or 0.22 per cent.

According to experts, there is good news on India’s growth front.

The Q3 GDP growth numbers picking up from 5.6 per cent in Q2 to 6.2 per cent in Q3 and suggesting above 7 per cent growth in Q4 is indicative of cyclical recovery which bodes well for the stock market, they said.

According to market watchers, Nifty may face key resistance at 22,300, and a breakout above this level could drive further gains towards 22,530 and 22,670.

“On the downside, immediate support is placed at 21,929, a crucial level for monthly trends. A breakdown below this mark could push the index lower towards 21,718, reinforcing a cautious outlook as Nifty struggles to maintain support at critical levels,” said Hardik Matalia from Choice Broking.

Meanwhile, in the Sensex pack, UltraTech Cement, M&M, Infosys, Zomato, L&T, Adani Ports, PowerGrid, ICICI Bank, TCS, Tata Steel, HDFC Bank and Bharti Airtel were the top gainers. Whereas, IndusInd Bank, Bajaj Finserv, NTPC, Axis Bank and Kotak Mahindra Bank were the top losers.

In the last trading session on Friday, Dow Jones added 1.39 per cent to close at 43,840.91. The S&P 500 climbed 1.59 per cent to 5,954.50 and the Nasdaq added 1.63 per cent to close at 18,847.28.

In the Asian markets, Only Bangkok was trading in the red. China, Japan, Jakarta and Hong Kong were trading in green.

The foreign institutional investors (FIIs) continued their selling on seventh day in a row, as they sold equities worth Rs 11,639.02 crore on February 28. However, domestic institutional investors (DIIs) bought equities worth Rs 12,308.63 crore, on the same day.

Mumbai: A special court here has directed the Anti-Corruption Bureau (ACB) to register an FIR against former Sebi chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations.

“There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe,” the special ACB court judge, Shashikant Eknathrao Bangar, said in the order passed on Saturday.

The court said it will monitor the probe, and sought a status report (of the case) within 30 days.

The court order also noted that the allegations disclose a cognisable offence, necessitating an investigation.

The inaction by law enforcement (agencies) and the Securities and Exchange Board of India (SEBI) necessitates judicial intervention under the provisions of the CrPC (Criminal Procedure Code), it added.

The complainant, a media reporter, had sought an investigation into the alleged offences committed by the proposed accused, involving largescale financial fraud, regulatory violations and corruption.

The allegations pertain to the fraudulent listing of a company on the stock exchange with the active connivance of regulatory authorities, particularly the Sebi, without compliance under the SEBI Act, 1992 and rules and regulations thereunder.

The complainant claimed that the SEBI officials failed in their statutory duty, facilitated market manipulation, and enabled corporate fraud by allowing the listing of a company that did not meet the prescribed norms.

Despite approaching the police station and regulatory bodies concerned on multiple occasions, no action has been taken by them, the complainant said.

The court, after considering the material on record, directed the ACB Worli, Mumbai Region, to register an FIR under relevant provisions of the IPC, Prevention of Corruption Act, SEBI Act, and other applicable laws.

India’s first woman Sebi chief Buch, who faced conflict of interest allegations by the US-based short-seller Hindenburg and also political heat thereafter, completed her three-year tenure on Friday.

Although, Buch in her tenure made significant strides in areas like faster settlements in equities, enhanced FPI disclosures and increasing mutual fund penetration through Rs 250 SIP, the last year of her tenure saw heightened controversy, when she battled a series of allegations by Hindenburg and the Congress party, while simultaneously dealing with in-house employee protests against “toxic work culture”.

In August last year, Buch faced pressure to resign after the Hindenburg Research accused her of having conflict of interest that prevented a thorough examination of manipulation and fraud claims at the Adani Group.

Hindenburg accused Madhabi Puri Buch and her husband Dhaval Buch of investing in offshore entities that were allegedly part of a fund structure in which Vinod Adani — the elder brother of Adani group founder chairman Gautam Adani — also had investments.

Buchs have denied the allegation, saying the investments were made before she joined the regulator and she had complied with all disclosure requirements.

Hindenburg recently announced shutting down its business.

New Delhi: The good news is that India’s growth is becoming more balanced as private consumption’s share in GDP rose in fiscal 2025, according to a Crisil report.

The mild revision of 10 basis points (bps) in the second advanced estimate to 6.5 per cent takes the expected real GDP growth this fiscal closer to the average of 6.6 per cent seen in the decade pre-pandemic.

“And this is over a sharp upward revision of 100 bps in the previous year’s growth to 9.2 per cent,” said Dharmakirti Joshi, Chief Economist, Crisil.

“We expect the GDP growth at 6.5 per cent next fiscal, supported by normal monsoons, lower food inflation and rate cuts of 75-100 basis points in the current cycle that began earlier this month,” he mentioned.

As anticipated, public and household investments were the faster-growing investment components in fiscal 2024.

The financial flexibility and low leverage that corporates enjoy are yet to translate into healthy investments.

The ongoing tariff wars and fear of dumping from China keep the corporate sector cautious on investments.

“The complexity of risks from tariff actions – already initiated and likely to be followed by more such measures in the coming months – is evolving and creates a downside bias to our forecasts,” said Joshi.

The GDP growth accelerated to 6.2 per cent in the third quarter (October-December) of 2024-25, up from a revised figure of 5.6 per cent in the second quarter of the financial year.

The growth rate for the financial year 2024-25 is now estimated at 6.5 per cent while the economic growth rate for 2023-24 has been revised to a 12-year high of 8.2 per cent.

Meanwhile, the fiscal deficit for the first 10 months of the current financial year (April-January) stood at Rs 11.70 lakh crore or 74.5 per cent of annual estimates.

Mumbai: With the Modi government’s sound policies playing the role of an enabler for entrepreneurs and innovators to take advantage of the new digital wave, India will be at the forefront of the AI age, Commerce and Industry Minister Piyush Goyal said.

“I am also confident that Mumbai can become India’s tech hub with the incredible investment that is being made in necessary infrastructure, capital, and skill availability,” the Minister further stated in his interaction at the Mumbai Tech Week 2025.

He said that India’s commercial capital has all the ingredients needed to be a major tech hub.

“Had an excellent interaction at the Mumbai Tech Week 2025, where I had the opportunity to speak at length about India’s huge advantage in adopting AI and contributing to its ethical usage,” the Minister posted on X.

India is establishing a leadership position in the adoption of artificial intelligence. The country recorded three billion AI-related app downloads in 2024, which was far ahead of the US’s number of 1.5 billion and China’s 1.3 billion.

According to Microsoft CEO Satya Nadella, this shows that India is the “use case capital of AI”, which means that the country is not just talking about AI or doing research in AI; it is actually implementing it on a large scale.

At the AI Action Summit in Paris last month, which India co-chaired with France, Prime Minister Narendra Modi spoke about how AI is not just a national issue but a global responsibility. It is very important to have an AI which is ethical, inclusive and trustworthy, he emphasised.

In his address, PM Modi noted that the world was at the dawn of the AI age, where this technology was fast writing the code for humanity and re-shaping “our polity, economy, security and society”.

Emphasizing that AI was very different from other technological milestones in human history in terms of impact, he called for collective global efforts to establish governance and standards that uphold shared values, address risks and build trust. He further added that governance was not just about managing risks but also about promoting innovation and deploying it for the global good.

In this regard, he advocated for ensuring access to AI for all, especially the Global South. He called for democratizing technology and its people-centric applications so that achieving the Sustainable Development Goals becomes a reality. Alluding to the success of the India-France sustainability partnership through initiatives such as the International Solar Alliance, the PM stated that it was only natural that the two countries were joining hands to forge an innovation partnership for a smart and responsible future.

The Prime Minister highlighted India’s success in building a Digital Public Infrastructure for its 1.4 billion citizens based on open and accessible technology. Talking about India’s AI Mission, the PM noted that India, considering its diversity, was building its own Large Language Model for AI. He underlined that India was ready to share its experience to ensure that the benefits of AI reach everyone. The Prime Minister also announced that India will be hosting the next AI Summit.

Seoul: Hyundai Motor, South Korea’s top automaker, saw its sales in the United States climb 3 per cent from a year ago in February, marking its biggest sales for the month, the company said on Sunday.

Hyundai Motor’s U.S. sales reached 62,032 units last month, compared with 60,341 units sold in the same month last year, according to the automaker.

The figure marked the largest for any February, the company added.

The growth was driven by a 194 per cent surge in sales of the Santa Fe hybrid electric vehicle (HEV) and a 12 per cent increase in sales of the Ioniq 6 EV.

Kia Corp., Hyundai’s sister company and South Korea’s second-largest carmaker, also set a U.S. sales record for the month, according to the company, with sales rising 7.2 percent on-year to 63,303 units.

The company attributed the increase in sales to its lineup of sport utility vehicles (SUVs) and solid sales of the new K4 sedan.

Earlier, Hyundai Motor’s total monthly sales for January dropped 2.3 per cent from a year earlier due to a reduced number of business days. The automaker sold 310,399 vehicles last month, down from 317,823 units the same month last year.

Domestic sales fell 7.5 per cent on-year to 46,054 units, while overseas sales shed 1.4 per cent to 264,345 units.

Hyundai Motor attributed the reduction in sales to the reduced business days from last month’s extended Lunar New Year holiday, reports Yonhap news agency.

At home, the bestselling model was the Grandeur sedan, selling 5,711 units. The Sante Fe was the most popular sport utility vehicle (SUV) domestically, selling 4,819 units.

Kia said its monthly sales for January fell 2.4 per cent due to the reduced number of working days amid the Lunar New Year holiday.

New Delhi: Despite the short-term sell-off, the combination of strong macro fundamentals, robust earnings growth, and attractive valuations makes this an important period for investors to focus on the long-term opportunity rather than the immediate volatility, according to market watchers.

On the macro front, conditions remain stable. Fiscal deficits are under control, tax cuts are expected to boost consumption, inflation is low at 4.31 per cent, and rate cuts have started, which should support economic growth.

“Domestic investors continue to pump money into mutual funds, offsetting some of the foreign selling pressure. While it is impossible to predict an exact market bottom, excessive negativity often signals a turning point,” said Krishna Appala at Capitalmind Research.

The GDP growth accelerated to 6.2 per cent in the third quarter (October-December) of 2024-25, up from a revised figure of 5.6 per cent in the second quarter of the financial year.

The GDP growth rate for the financial year 2024-25 is now estimated at 6.5 per cent while the economic growth rate for 2023-24 has been revised to a 12-year high of 8.2 per cent.

India’s Q3 FY25 GDP data met expectations, with a slight upward revision to 6.5 per cent for the fiscal year, according to experts.

The agriculture sector posted steady growth in Q3, indicating a likely improvement in the kharif crop, which could support rural consumption.

“Investors will be closely watching key upcoming events, including the tariff policy, U.S. Core PCE Price Index, and jobless claims. In the near term, market conditions are expected to remain weak, with a gradual recovery anticipated as earnings improve from Q1 FY26 and global trade policy uncertainties subside,” said Vinod Nair, Head of Research, Geojit Financial Services.

Markets do not move in a single direction forever, experts added.

Meanwhile, the confluence of a favourable fiscal policy that supports both capex and consumption and easing monetary policy across all its levers — rates, liquidity and regulations and robust services exports – that augur well for the job market outlook are likely to aid the growth momentum for India, a Morgan Stanley report has said.

New Delhi: The Enforcement Directorate has sent a notice to Paytm-owner One97 Communications for alleged violation of certain FEMA rules by the company and its two subsidiaries- Little Internet and Nearbuy, with respect to certain investment transactions, according to an exchange filing.

Paytm clarified that the alleged breach pertains to the period when the two companies were not its subsidiaries.

“We hereby inform you that a show cause notice…has been received by the Company on February 28, 2025…from the Directorate of Enforcement. This is in relation to alleged contraventions for the years 2015 to 2019 of certain provisions of the “FEMA” by the Company, in relation to its acquisition of two subsidiaries namely Little Internet Private Limited (“LIPL”) and Nearbuy India Private Limited (“NIPL”) erstwhile Groupon, along with certain Directors and Officers,”

Fintech firm One97 Communications (OCL), which owns the Paytm brand, informed BSE that it has received a FEMA violation notice from the Enforcement Directorate on February 28 which does not specify financial impact but alleges contraventions in respect of aggregate amount of over Rs 611 crore.

According to the break-up shared by the company, OCL transactions amounting to over RS 245 crore, LIPL’s about Rs 345 crore and NIPL about Rs 21 crore have been listed in the alleged breach.

“The alleged contraventions relate to certain investment transactions relating to OCL, LIPL and NIPL,” it explained.

“Certain alleged contraventions attributable to two acquired companies – Little Internet Private Limited and NearBuy India Private Limited – pertain to a period when these were not subsidiaries of the Company,” the filing said.

Paytm said the matter is being addressed with a focus on resolving it in accordance with applicable laws and there is no impact of this matter on Paytm’s services to its consumers and merchants, and all services are fully operational and secure, as always.

“To resolve the matter in accordance with applicable laws and regulatory processes, the Company is seeking necessary legal advice and evaluating appropriate remedies,” the filing said.

Paytm had acquired the two companies in 2017.

The Groupon India business was started by Ankur Warikoo as its founding CEO in 2011. Warikoo and the core management team of Groupon India bought the India business of Groupon in 2015 and made it an independent entity.

Mumbai: The Reserve Bank on Saturday said 98.18 per cent of the Rs 2000 banknotes have been returned to the banking system, and only Rs 6,471 crore worth such notes are still with the public.

On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes from circulation.

The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, declined to Rs 6,471 crore at the close of business on February 28, 2025, RBI said.

“Thus, 98.18 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,” it said in a statement.

The facility for deposit and/or exchange of the Rs 2000 banknotes was available at all bank branches till October 7, 2023. However, this facility is still available at the 19 issue offices of the Reserve Bank.

Since October 9, 2023, RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts.

Further, members of the public can also send Rs 2000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts.

The Rs 2000 banknotes continue to be legal tender.