All posts tagged: business news stories

US-Iran peace hopes spark market rally, indices surge 2% | Business News

US-Iran peace hopes spark market rally, indices surge 2% | Business News

Published by Parlour News

2 min readMumbaiJun 13, 2026 03:53 AM IST Indian stock markets staged a strong rally on Friday, with benchmark indices surging more than 2% amid expectations of a possible diplomatic breakthrough between the US and Iran that could lead to the end of West Asia conflict. Indices jumped as aggressive short covering, easing geopolitical concerns in the West Asia, a sharp decline in global crude oil prices and a strong recovery in the Indian rupee boosted the sentiment. The benchmark BSE Sensex jumped by 1,695.40 points, or 2.30%, to close at 75,527.95, while the NSE Nifty50 advanced 461.30 points, or 1.99%, to settle at 23,622.90. The Nifty reclaimed the crucial 23,600 level and ended comfortably above it, reflecting renewed confidence among investors after recent bouts of volatility. Positive global market cues and sustained domestic institutional buying further strengthened investor sentiment throughout the trading session. While domestic institutions led by insurance companies and mutual funds pumped Rs 5,341 crore into the market, foreign investors pulled out Rs 1,082 crore on Friday. Market participants attributed the sharp …

Govt puts on hold new wastage norms for gold, silver jewellery exports till July 31 | Business News

Published by Parlour News

The government on Tuesday put on hold the new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports until July 31, 2024, just a day after the notification after the gems and jewellery industry raised serious concerns on the new standards. The government on Monday notified revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The industry claimed that the norms were notified without any consultation. The Directorate General of Foreign Trade (DGFT) on Tuesday that now keeping in view the representation of the Gem and Jewellery Export Promotion Council highlighting the difficulties to their sector from the revised norms, another opportunity will be given to the industry for submission of their views. The DGFT said that the industry and the council can provide information/data to the concerned norms committee within one month. “Accordingly DGFT…hereby places the Public Notice…dated May 27, 2024 in abeyance up to July 31, 2024 with immediate effect,” a public notice by …

Promoters’ pledged holdings decline to 1.1% in March quarter: Report | Business News

Published by Parlour News

The percentage of promoters’ pledged holdings dropped to 1.1 per cent in the March 2024 quarter from 1.17 per cent in October-December 2023 quarter, a report by Kotak Institutional Securities said. In the last quarter of FY24, promoters of 73 companies in the BSE-500 Index have pledged part of their holdings. The value of pledged promoter holdings stood at Rs1.96 lakh crore or about 0.56 per cent of the total BSE-500 Index’s market capitalisation. “Our analysis of the pledged holdings of BSE-500 stocks shows that the value of the promoter (majority shareholder) pledged holding as a percentage of the promoter holding has come down marginally to 1.10 per cent in the March 2024 quarter from 1.17 per cent in the December 2023 quarter,” the report said. Promoters pledge shares as collateral to secure loans to meet any funding requirement. It is common practice followed by companies. The report said the BSE-500 companies in which pledged promoter holdings declined during the fourth quarter of FY24 included Kalpataru Projects, Bharat Forge, GMR Airports, Lemon Tree and Tata …

Vedanta to invest $20 billion in 4 years in India: Anil Agarwal | Business News

Published by Parlour News

Banking on the country’s growth potential, Vedanta Group is planning to invest $20 billion in India in the next four years, said chairman Anil Agarwal. The investments will happen mostly in the technology, electronics, semiconductors and glass segments, he added. “Investments in electronics, technology and glass are important to create a lot of industries and jobs. Semiconductors and glass – used in making smartphones and laptops screens – are very essential from a future perspective, and for both we have factories in Taiwan and Korea,” Agarwal said on the sidelines of an event in Mumbai. For its semiconductor business, Vedanta Group has bought land in Gujarat, while it is making progress on the glass business. “We are already making glass, but now we have to make that in India,” he said, adding the group is keen on partnerships. He said that some of the developed nations have exploited natural resources to become rich. He rued that there are concerns on the environmental impact of mining in India. “We cannot depend on imports; we have the …

Godrej family reaches an agreement to split the 127-year-old conglomerate into two branches | Business News

Published by Parlour News

The founding family of 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, has reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai. The group has been split between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other, according to a statement issued by the group. Godrej Enterprises Group — comprising Godrej & Boyce and its affiliates that have a presence across multiple industries spanning aerospace and aviation to defence, furniture and IT software — will be controlled by Jamshyd Godrej as chairperson and managing director. His sister Smita’s daughter Nyrika Holkar, 42, will be the executive director. Their families will control this arm that also will hold the land bank, …

RBI tweaks norms for investment in AIFs by lenders | Business News

Published by Parlour News

The Reserve Bank of India (RBI) on Wednesday modified the norms for investment of banks, non-banking financial companies and other lenders in alternative investment funds (AIF). In December last year, the RBI directed banks, NBFCs and other lenders not to invest in any scheme of alternative investment funds (AIFs) which has downstream investments in a debtor company. Downstream investments mean the actual investment by the AIF in a company using the funds they have raised from AIF investors. “With a view to ensuring uniformity in implementation among the REs (regulated entities), it is advised that downstream investments shall exclude investments in equity shares of the debtor company of the RE, but shall include all other investments, including investment in hybrid instruments,” the RBI said in a release on Wednesday. In December, the RBI said that if an AIF scheme, in which RE is already an investor, makes a downstream investment in any such debtor company, then the RE should liquidate its investment in the scheme within 30 days from the date of such downstream investment …

NCLAT directs banks not to take action against IL&FS, directors | Business News

Published by Parlour News

The National Company Law Appellate Tribunal (NCLAT) has directed 11 public sector lenders not to take coercive action against IL&FS group companies and directors till its next hearing on May 14. A two-member NCLAT bench also issued notices to the banks, along with the Reserve Bank of India (RBI), directing them to file a reply. “In view of the order dated October 15, 2018, the Respondents (banks) shall not proceed to take any coercive action against the Applicant (IL&FS and group companies) till the next date,” NCLAT said. On October 15, 2018, the NCLAT stayed all proceedings against IL&FS and other group companies till its further order. It had also restrained creditors of IL&FS from filing suits, in the case of non-repayment of loans. “Despite several protective orders passed by this Tribunal and the National Company Law Tribunal, Mumbai restraining creditors from taking any coercive action against the IL&FS companies, including their directors, the respondent banks under the garb of taking procedural action have been harassing the directors of the IL&FS companies by issuing show …

Auditing regulator plans innovation lab, Sandbox | Business News

Published by Parlour News

National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey on Wednesday said it has plans to set up an Innovation Lab or Sandbox for audit innovations to “support cutting edge auditing techniques”. Pandey said NFRA intends to engage with Audit Committees and Independent Directors at time of inspections to gather perspective as part of larger efforts to improve audit quality as well as corporate governance. Amid the fourth industrial revolution and the growing use of technology in various facets of audit ranging from detection of frauds to identification of related party transactions (RPTs), NFRA is looking at establishing an Innovation Lab or Sandbox to support cutting-edge auditing techniques, Pandey said at a Confederation of Indian Industry (CII) summit.Pandey said the investor community expects auditors to exercise professional scepticism and follow path of ‘Trust but Verify’ and emphasised the need for Indian audit firms to start ‘risk-based’ pricing for their audits. NFRA chief recognised the pace at which non-financial reporting is moving and emphasized on the need for global convergence on reporting standard and assurance standard …

Will have to seek an extension for PSBs to comply with minimum public shareholding: Vivek Joshi | Business News

Published by Parlour News

With a lag in monetary transmission reflecting through slower deposit growth, public sector banks are being pushed to reach out to customers for shoring up deposits, said Financial Services Secretary Vivek Joshi, adding that the credit growth in the banking sector is likely to be 13.5-14.per cent in the financial year 2023-24 and is expected to further improve next financial year due to an uptick in private investment. In an interview with Aanchal Magazine, Joshi also said that a further extension will be sought for public sector banks to comply with minimum public shareholding norm (25 per cent) as it looks unlikely that some PSBs will reach the milestone by August this year. Edited excerpts: Q: How are you assessing the recent action taken by the RBI against Paytm? A: Regulatory action has been taken by the RBI. RBI’s steps are in public interest as there is a large customer base. Customers should not suffer. In general, startups and payment banks should follow the norms set by the RBI. Q: While credit growth has been …