Business

Sensex and Nifty opened higher on Thursday after the US Federal Reserve announced a 50 basis points (bps) rate cut. Sensex climbed 575 pts to 83,521 and Nifty rose 163 points to 25,540 in early deals. The indices also hit their record highs of 83,563 and 25,559 today. 

Industrialist Gautam Adani-led Adani Group on Monday said it has not issued any press releases linked to its operations in Kenya, rejecting the “fraudulent” press releases that have been circulating. The company blamed “vested interests with malicious intent” for the incident, noting that a viral press release titled ‘Adani Group denounces baseless accusations and threats’ is fake. “We categorically state...

India has said Iran’s supreme leader Ayatollah Ali Khamenei’s comments on Indian Muslims are “unacceptable”. Posting on X on the birth anniversary of Prophet Mohammed, the Iranian leader had clubbed Indian Muslims with those in Gaza, talking about their sufferings. “We strongly deplore the comments made regarding minorities in India by the Supreme Leader of Iran,” the foreign ministry has...

Inc., the American investment firm, is expected to bid nearly ₹40,000 crore for a 51 per cent stake in the iconic Indian snack brand Haldiram’s, Moneycontrol reported on Monday, July 29, quoting people aware of the matter. The investment firm has increased its offer for the stake sale at Haldiram’s, which is a move for Blackstone to get into India’s lucrative snacks...

Reliance Jio- the telecom unit of Reliance Industries Ltd- could be headed for a major initial public offering (IPO) in 2025. The potential valuation of the listing could be more than ₹9.3 lakh crore, Jefferies said in a note. Jio ‘could list at $112 billion valuation’ and add ‘7-15 percent upside’ to the Reliance Industries share price, the brokerage said. “Jio...

Executive Chairman and co-founder Jeff Bezos has sold another $863.5M in stock, the company disclosed on Tuesday. The sale, disclosed in an 8-K filing, comes just days after Bezos disclosed that he had sold nearly $5B worth of Amazon. The sales are part of a February disclosure by the company noting that Bezos had adopted a plan that would let him sell as many as 50M...

India and Russia are looking to raise bilateral trade to $100 billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union (EAEU)-India Free Trade Area. A joint statement issued after multiple rounds of talks between Prime Minister Narendra Modi and Russian President Vladimir Putin on Tuesday also announced that both...

Policy guidelines on the Centre’s “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI), which include provisions for reduced customs duties on imported cars if there is a concomitant investment commitment in India, are expected to come by September, according to officials. According to government officials working on the scheme, the portal for original equipment manufacturers (OEMs) to...

Elon Musk has seen the biggest fall in his net worth in the first six months of 2024 as compared to any other billionaire in the world. According to Forbes’ estimates, Tesla CEO Elon Musk’s net worth declined from $251.3 billion on December 31, 2023, to $221.4 billion on June 28, 2024. This is more than any other billionaire as...

Bajaj Auto has introduced the Freedom 125, marking the debut of the world’s first motorcycle to run on Compressed Natural Gas (CNG). This 125 cc commuter bike operates on both petrol and CNG, aiming to significantly lower operational costs for riders in its category. Priced between ₹95,000 and ₹1.10 lakh (ex-showroom), bookings for the Freedom 125 have commenced today. The initial rollout...