Category: BUSINESS

New Delhi: Commerce and Industry Minister Piyush Goyal announced on Tuesday that two MoUs have been signed between the Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII) and another between Invest Qatar and Invest India. The Minister also announced the elevation of the Joint Working Group on Trade and Commerce to the Ministerial level.

Speaking at the inaugural session of the India–Qatar Business Forum here, Goyal highlighted that the future partnership between the two countries will rest on the pillars of sustainability, technology, entrepreneurship and energy. His Qatari counterpart Sheikh Faisal bin Thani bin Faisal Al Thani was the Guest of Honour at the session.

Goyal invited companies from Qatar to be a part of India’s journey of growth in investments, manufacturing, renewable energy, expansion of smart cities and infrastructure development. Qatar Vision 2030 and India’s Viksit Bharat 2047 will together define a much bigger and brighter future for the people of the two countries, the Minister said.

Goyal said that the terms of trade are undergoing a change, evolving from energy trade to emerging technologies like artificial intelligence, the Internet of Things (IoT), quantum conducting and semiconductors. The entire world is going through a major shift in the context of geopolitical tensions, climate change, cybersecurity threats and the focus on localisation around the world, he added.

The Minister stated that India and Qatar complement each other and can work together for prosperity and a better future.

Quoting Prime Minister Narendra Modi, the Minister said, “Today be it major nations or global platforms, the confidence in India is stronger than ever before,” and urged the business leaders to work together with the same spirit and confidence.

The Minister noted that India offers a vibrant economy, a rich demography with a young population, reforms in every sphere of business, a focus on ease of doing business and quality at the centrepiece of our industrial evolution. India today provides an oasis of stability, predictability and continuity, he added.

Seoul: Samsung Electronics said on Tuesday it has decided to cancel 3 trillion won ($2.01 billion) worth of treasury stocks as part of its buyback plan to enhance shareholder value.

Around 50.1 million common stocks and 6.9 million preferred shares will be retired, according to the company in a regulatory filing.

Samsung Electronics said the cancellation follows the decision made at a board meeting in November to repurchase its own shares worth a combined 10 trillion won over the ensuing year, reports Yonhap news agency.

As a first step, it said it was planning to buy back 3 trillion won of shares within three months and cancel all of them.

By reducing the total number of outstanding shares, the company aims to boost earnings per share and support its stock price, ultimately benefiting investors.

Meanwhile, Samsung Electronics Chairman Lee Jae-yong received the largest amount of dividends in South Korea last year, a corporate data tracker said on Tuesday.

Leaders Index surveyed 560 companies, which provided dividends in the form of cash and cash equivalents to their shareholders in 2024 to count up their overall dividends.

The 560 firms provided a total of 40.7 trillion won (US$28.2 billion) in dividends to their shareholders last year, up 10.4 per cent from a year earlier, the survey showed.

Lee received 346.5 billion won in dividends last year, up 7.1 per cent from a year ago.

Hyundai Motor Group Honorary Chairman Chung Mong-koo and his only son, Euisun Chung, executive chair of the group, ranked second and third, respectively, with dividends of 189.2 billion won and 174.7 billion won.

SK Group Chairman Chey Tae-won ranked seventh with an annual dividend of 91 billion won.

Among the surveyed companies, 285 companies provided more dividends last year, 94 firms maintained the same dividend levels compared with 2023, and 181 firms cut them.

SK hynix, a key affiliate of SK Group, nearly doubled its dividends after reporting record earnings results last year on higher demand for artificial intelligence (AI) chips.

Seoul: Samsung Electronics said on Tuesday it has decided to cancel 3 trillion won ($2.01 billion) worth of treasury stocks as part of its buyback plan to enhance shareholder value.

Around 50.1 million common stocks and 6.9 million preferred shares will be retired, according to the company in a regulatory filing.

Samsung Electronics said the cancellation follows the decision made at a board meeting in November to repurchase its own shares worth a combined 10 trillion won over the ensuing year, reports Yonhap news agency.

As a first step, it said it was planning to buy back 3 trillion won of shares within three months and cancel all of them.

By reducing the total number of outstanding shares, the company aims to boost earnings per share and support its stock price, ultimately benefiting investors.

Meanwhile, Samsung Electronics Chairman Lee Jae-yong received the largest amount of dividends in South Korea last year, a corporate data tracker said on Tuesday.

Leaders Index surveyed 560 companies, which provided dividends in the form of cash and cash equivalents to their shareholders in 2024 to count up their overall dividends.

The 560 firms provided a total of 40.7 trillion won (US$28.2 billion) in dividends to their shareholders last year, up 10.4 per cent from a year earlier, the survey showed.

Lee received 346.5 billion won in dividends last year, up 7.1 per cent from a year ago.

Hyundai Motor Group Honorary Chairman Chung Mong-koo and his only son, Euisun Chung, executive chair of the group, ranked second and third, respectively, with dividends of 189.2 billion won and 174.7 billion won.

SK Group Chairman Chey Tae-won ranked seventh with an annual dividend of 91 billion won.

Among the surveyed companies, 285 companies provided more dividends last year, 94 firms maintained the same dividend levels compared with 2023, and 181 firms cut them.

SK hynix, a key affiliate of SK Group, nearly doubled its dividends after reporting record earnings results last year on higher demand for artificial intelligence (AI) chips.

Mumbai: The Indian benchmark indices opened lower on Tuesday as selling was seen in the PSU bank, metal and realty sectors in the early trade.

At around 9.37 am, Sensex was trading 193.10 points or 0.25 per cent down at 75,803.76 while the Nifty declined 76.95 points or 0.34 per cent at 22,882.55.

Nifty Bank was down 145.65 points or 0.30 per cent at 49,113.25. Nifty Midcap 100 index was trading at 49,758.60 after declining 91.25 points or 0.18 per cent. Nifty Smallcap 100 index was at 15,390.25 after dropping 22.85 points or 0.15 per cent.

Experts said that ‘Track a Falling Wedge’ pattern connected the major lows of August and November. However, a closer look at recent price action reveals another ‘Falling Wedge’ on a shorter timeframe, linking the lows of November and January.

“Looking ahead, strong support is evident at every 100-point interval, ranging from 22800–22700 (lower end of the wedge) to 22600–22500, which coincides with the 127 per cent retracement of the early February rebound,” according to Sameet Chavan, Head Research, Technical and Derivative – Angel One.

Meanwhile, in the Sensex pack, Tech Mahindra, Zomato, Bharti Airtel, Infosys, HCLTech, Sun Pharma, Kotak Mahindra Bank, Axis Bank, Maruti and Bajaj Finance were the top gainers. Whereas, UltraTech Cement, Titan, NTPC, SBI, Tata Steel and IndusInd Bank were the top losers.

In the last trading session on Friday Dow Jones declined 0.37 per cent to close at 44,546.08. The S&P 500 declined 0.01 per cent to 6,114.63 and the Nasdaq climbed 0.41 per cent to close at 20,026.77.

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

On the institutional front, foreign institutional investors (FIIs) extended their selling streak offloading equities worth Rs 3,937.83 crore on February 17. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Rs 4,759.77 crore on the same day.

Mumbai: Finance Minister Nirmala Sitharaman on Monday said that Prime Minister Narendra Modi-led government’s “big shift in Budget-making” is ensuring a responsible approach to handling taxpayers’ money which is reflected in borrowings directed toward capital asset building.

“If we borrow, we borrow to build,” she remarked.

In her address at a post-budget conference with industry stakeholders, the Finance Minister highlighted that the Budget for 2025-16 has committed to a fiscal deficit path of below 4.5 per cent of GDP set in the July Budget.

She said that the Capex (capital expenditure) in the Budget 2025-26 has increased by 10.2 per cent compared to last year with close to Rs 16 lakh crore being allocated for it.

“It is true that we have significantly enhanced the Budget for capital expenditure,” the Finance Minister said.

Sitharaman’s statement comes as a sharp riposte to the opposition’s claim that capex outlay had not been increased in the Budget.

The Finance Minister also highlighted that the Budget offers concessions to taxpayers while also ensuring provisions for capital asset building. The budget gives taxpayers flexibility whether to save, spend, or invest, she added.

She thanked the Prime Minister for considering and rewarding taxpayers for income tax relief up to those earning up to Rs 12 lakh a year. As many as 1 crore taxpayers in the middle-income class are expected to benefit from the move.

Sitharaman is engaging with industry stakeholders in the commercial capital to address key concerns and opportunities arising from the Union Budget 2025. This interaction is part of a broader outreach programme to engage with business leaders and policymakers on economic priorities.

The discussion is expected to cover policy measures, taxation, and industry-specific initiatives outlined in the Budget.

The Budget for 2025-26 aims to accelerate employment-led inclusive growth, propelled by investments in the agricultural and rural sector, MSMEs and exports while sticking to the fiscal consolidation path.

Apart from infrastructure, rural development and agriculture will be driving the growth in spending. The Centre’s overall expenditure is estimated to increase from Rs 47.2 lakh crore in FY25RE to Rs 50.7 lakh crore in FY26BE.

The key domains covered in the Union Budget include taxation, power, urban development, mining, the financial sector, and regulatory reforms. These areas are central to the government’s focus on driving growth, improving infrastructure, enhancing governance, and ensuring sustainable development across various sectors.

Mumbai: The Indian benchmark indices opened lower on Monday amid mixed global cues as selling was seen in auto, IT and PSU bank sectors in the early trade, as the upcoming reciprocal trade tariffs announced by the US government stayed on top of the investors’ mind.

At around 9.34 am, Sensex was trading 423.88 points or 0.56 per cent down at 75,515.33 while the Nifty declined 126.45 points or 0.55 per cent at 22,802.80.

Nifty Bank was down 177.75 points or 0.36 per cent at 48,921.70. Nifty Midcap 100 index was trading at 49,503.50 after declining 150.65 points or 0.30 per cent. Nifty Smallcap 100 index was at 15,430.75 after rising 23.55 points or 0.15 per cent.

Experts said that as they observe the price action testing both the swing low and the lower boundary of the ‘Falling Wedge’ pattern, it indicates a bearish sentiment in the market.

“If a breakdown occurs, it could trigger a significant sell-off, leading to increased volatility and further downward movement in asset prices,” according to Sameet Chavan Of Angel One.

From a technical standpoint, any decisive breakdown below the 22800-22700 zone (lower band) could trigger fresh room for 22500-22400 in the near period, potentially a decline of nearly 15 percent from the all-time high, he noted.

Meanwhile, in the Sensex pack, M&M, Tata Steel, Infosys, TCS, Nestle India, NTPC, ICICI Bank and Kotak Mahindra Bank were the top losers. Whereas Bajaj FinServ, Sun Pharma, Asian Paints, Tata Motors and IndusInd Bank were the top gainers.

In the last trading session Dow Jones declined 0.37 per cent to close at 44,546.08. The S&P 500 declined 0.01 per cent to 6,114.63 and the Nasdaq climbed 0.41 per cent to close at 20,026.77.

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

On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the eighth consecutive session, offloading equities worth Rs 4,294.69 crore on February 14. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Rs 4,363.87 crore on the same day.

Seoul: Despite the recent upbeat stock market, foreign ownership of South Korean shares has fallen to the lowest level in nearly one and a half years, data showed on Sunday.

Foreign investors’ holdings of Korean stocks on the benchmark Korea Composite Stock Price Index (KOSPI) accounted for 31.96 percent, or 676.43 trillion won ($468.53 billion), of the total market capitalization as of Thursday, according to the data compiled by Yonhap Infomax, the financial data firm of Yonhap News Agency.

It marked the lowest level since September 20, 2023, when offshore investors owned 31.97 percent of KOSPI-listed stocks.

Foreign investors net sold local stocks for the sixth consecutive month in January. This month alone, they have sold a net 1.75 trillion won worth of stocks on the main bourse, even though the KOSPI has risen 8 per cent so far this year.

Foreign sell-offs came amid concerns about the impact of U.S. President Donald Trump‘s sweeping tariffs on the South Korean industry and the broader economy.

Investors also remained wary of the domestic political situation following now-suspended President Yoon Suk Yeol’s shocking martial law declaration on Dec. 3, 2024, as well as weak growth momentum, according to experts.

“The tariff issue could further affect the domestic stock market, as chances seem limited for South Korea to have negotiations with the U.S. and adjust the policy through top-level talks given domestic circumstances,” said Lee Young-won, an expert from Heungkuk Securities.

Foreigners have sold 1.82 trillion won worth of top-cap Samsung Electronics so far this year, followed by shares of No. 1 carmaker Hyundai Motor, worth 701 billion won, and leading financial firm KB Financial Group shares, worth 316 billion won, the data showed.

On Friday, the KOSPI rose 0.31 per cent to close at 2,591.05, marking the highest level since October 30, 2024.

Mumbai: The Reserve Bank of India’s (RBI) restrictions on New India Co-operative Bank, located in Bandra, Mumbai, have triggered panic among customers, who are now unable to access their deposits. People are queuing up outside the bank to withdraw their deposits.

On Friday morning, customers received messages informing them of the RBI’s decision. The bank has been barred from accepting new deposits or allowing withdrawals, leaving account holders in distress.

Ajay More, a long-time customer, expressed his frustration to IANS: “I have been banking here for 22 years. My wife and I have all our savings in this bank. Without any prior notice, we are now unable to access our money. We’ve been told to wait for 90 days — but how are we supposed to manage until then?”

Many customers criticised the RBI’s abrupt move, saying they should have been warned in advance.

Arbaaz Khan, another customer, told IANS, “We rely on this bank for daily expenses. Had we been informed earlier, we could have secured our funds. This sudden freeze is unfair.”

Although the RBI has allowed limited withdrawals under specific conditions, customers argue that the amount permitted is insufficient.

Vidya, a depositor with fixed deposits in the bank, told IANS, “Now we’re told we can withdraw only under certain rules. If we had prior notice, we could have planned our finances better.”

The RBI imposed these restrictions due to supervisory concerns and liquidity issues. The directive, effective from Thursday, bars the bank from allowing withdrawals but permits loan adjustments against deposits. Essential expenses like employee salaries, rent, and electricity bills can still be covered.

“Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor but is allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions. The bank may incur expenditure in respect of certain essential items such as salaries of employees, rent, electricity bills, etc,” the RBI said in a statement on Thursday.

“The eligible depositors would be entitled to receive deposit insurance claim amount of their deposits up to a monetary ceiling of Rs 5,00,000 in the same capacity and in the same right, from the Deposit Insurance and Credit Guarantee Corporation (DICGC), as applicable under the provisions of the DICGC Act, 1961, based on submission of willingness by the depositors concerned and after due verification,” the statement said further.

Mumbai: Streaming platforms JioStar, the recently formed JV with the merger of Viacom18 and Star India, on Friday morning formerly announced the launch of JioHotstar, bringing together the streaming platforms JioCinema and Disney+ Hotstar.

The new platform now comprises close to 3 lakh hours of entertainment, live sports coverage, and more than 50 crore users, according to a statement.

“At the core of JioHotstar is a powerful vision—to make premium entertainment truly accessible to all Indians. Our promise of Infinite Possibilities ensures that entertainment is no longer a privilege, but a shared experience for all. By integrating AI-driven recommendations and offering streaming in over 19 languages, we are personalizing content like never before,” Kiran Mani, CEO – Digital, JioStar said on the launch of JioHotstar.

JioHotstar provides subscription plans tailored to diverse audience needs, starting at Rs. 149/quarter. Existing JioCinema and Disney+ Hotstar subscribers will be able to seamlessly transition and set up their JioHotstar subscriptions.

JioHotstar will offer the best of Hollywood, with Disney, NBCUniversal Peacock, Warner Bros. Discovery HBO, and Paramount – all on the same platform. Additionally, the platform introduces ‘Sparks’, a flagship initiative spotlighting India’s biggest digital creators through innovative and engaging formats.

“JioHotstar is setting a new benchmark for digital-first entertainment. The platform is immersive, inclusive, and audience centric.While we have endless entertainment to offer, we are committed to continually innovate and elevate storytelling, ensuring that every Indian, regardless of language, discovers content they love,” added Kevin Vaz, CEO – Entertainment, JioStar, while elaborating on the entertainment offering.

JioHotstar, which premiers tournaments like ICC events, IPL, and WPL, will also spotlight grassroots cricket with the Indian Street Premier League and pathway events from BCCI, ICC, and state associations. Beyond cricket, it brings global sporting excellence with the Premier League and Wimbledon while powering domestic leagues like Pro Kabaddi and ISL.

Emphasizing the platform’s transformative role in sports, Sanjog Gupta, CEO – Sports, JioStar, said, “Sports in India is more than just a game—it’s a shared experience that unites millions. JioHotstar is revolutionizing how fans experience live sports, combining the best of technology, access, storytelling, and innovation with the fan at the heart of everything.”

“Whether it’s the pride in India Cricket, the electric atmospherics of Premier League, passion for India’s indigenous sports or exposure for grassroot-level competitions, we will deliver a range of experiences, catering to both ‘lean in’ and ‘lean back’ behaviours across a billion screens. We are now taking this philosophy beyond sports by bringing culture-defining live experiences to our audiences”