India's economy likely to sustain high growth due to investment and consumption growth: ITC

ITC's annual report forecasts sustained high growth for the Indian economy in FY2024-25, driven by fixed investments and private consumption. Factors like rural market recovery, manufacturing, services, good harvests, and demographic trends contribute to growth. Government interventions in infrastructure, manufacturing, and agriculture are expected to further boost the economy. Despite external uncertainties, policy measures aim to support livelihoods and inclusive growth.

RBI imposes ₹29.60 lakh fine on HSBC Bank for card rule violations

RBI imposes ₹29.6 lakh penalty on HSBC for non-compliance with card-related directions. The penalty is for not following RBI guidelines on credit, debit, and co-branded prepaid card operations. The penalty was imposed after a supervisory evaluation found non-compliance with directions. The penalty is based on regulatory deficiencies and not on the validity of transactions with customers.

Sebi regulates finfluencers, bans registered entities from associating with them

Sebi is regulating finfluencers to address concerns of potential risks associated with biased or misleading advice. They approved norms to restrict associations between regulated entities and unregistered individuals. Sebi also created a closed ecosystem for fee collection by registered Investment Advisers and Research Analysts to ensure payments reach only legitimate professionals, helping investors avoid unregistered entities. The mechanism aims to create trust and recognition for registered professionals.

Bank unions ask finance minister to merge regional rural banks with sponsor banks

Two bank unions, AIBOC and AIBEA, are demanding the merger of Regional Rural Banks (RRBs) with their Sponsor Banks for operational efficiency. The unions believe that this merger will lead to technological upgradation, skill enhancement of employees, increased supervision, and better rural outreach. There are currently 43 RRBs sponsored by 12 commercial banks with a significant presence in rural and semi-urban areas.

Sensex breaches historic 79,000-mark; Nifty hits new record peak

Benchmark indices rebounded on Thursday, with Sensex surpassing 79,000 for the first time and Nifty reaching a new high, driven by buying in blue-chip stocks like Reliance Industries and ICICI Bank. Sensex rose by 339.51 points to 79,013.76, while Nifty climbed 97.6 points to 23,966.40. Market is expected to remain bullish, led by largecaps in banking and telecom sectors. Foreign investors sold equities worth Rs 3,535.43 crore on Wednesday.

Sri Lanka finalises debt restructure agreement with official creditor committee

Sri Lanka finalizes a debt restructuring agreement for $5.8 billion with bilateral lenders, meeting IMF bailout conditions. President Wickremesinghe announces significant debt relief to allocate funds for public services and secure financing. The agreement restructures half of the government's external debt, with details pending. A special parliamentary session is called on July 2 to discuss the deal. Presidential elections expected in coming months.

Foxconn didn't hire married women at Tamil Nadu iPhone plant, centre seeks report

The Indian government has requested a report from Tamil Nadu regarding Apple supplier Foxconn's practice of rejecting married women from iPhone assembly jobs, citing the Equal Remuneration Act. Foxconn's reasons included family duties and higher absenteeism. Apple and Foxconn acknowledged hiring practice issues in 2022 but did not address incidents in 2023 and 2024. The companies' policies prohibit discriminatory hiring practices.

India's telecom spectrum auction ends early on day two, only 12% of spectrum sold

India's spectrum auction saw telcos buying only 12% of the estimated value, totaling ₹11,340 crore. The auction included 10 GHz of spectrum from 800 MHz to 26 GHz, with limited bidding as telcos focused on renewals. Reliance Jio, Bharti Airtel, and Vodafone Idea participated. This year's auction was notably lower-key compared to the previous record-breaking one in 2022.

Reliance, private banks power Indian shares to second straight record-high close

Indian benchmarks hit record highs for the second consecutive day, with Nifty up 0.62% and Sensex up 0.8%. Reliance Industries and private banks led the gains. Reliance hit an all-time high, while ICICI Bank rose for the seventh session. Investors are moving between sectors for better valuations and safety. Metals stocks fell, while small-caps rose and mid-caps declined.

Closing arguments starting in class-action lawsuit against NFL by 'Sunday Ticket' subscribers

The jury in the "Sunday Ticket" class-action lawsuit will hear closing arguments and receive instructions before deliberations. U.S. District Judge Gutierrez will issue instructions, plaintiffs will give final statements, followed by the NFL. The lawsuit covers 2.4 million subscribers and 48,000 businesses, alleging NFL broke antitrust laws by selling the package at an inflated price. Potential damages could reach $21 billion. Plaintiffs claim NFL's antitrust exemption doesn't cover pay TV. The losing side is expected to appeal.

Artificial intelligence firms lead Chinese shares higher

Chinese shares rebounded on Wednesday, with the CSI AI Index jumping 3.7% on gains in artificial intelligence stocks. The CSI300 index remained at four-month lows due to concerns over economic data. U.S. firm plans to limit API access in China. Asian markets were mixed, with investors cautious over Fed comments and upcoming U.S. inflation data. Shanghai Composite up 0.76%, Hang Seng up 0.09%.

India must focus on cutting inflation to 4%, says RBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das emphasized the need for India to focus on lowering inflation to its 4% target. Despite May's inflation falling to 4.75%, Das warned against policy errors that could hinder growth. India's economy is expected to grow by 7.2% in the current fiscal year, with potential for sustained 8% growth. Private sector investments are increasing, but a multi-sectoral approach is crucial for long-term growth, Das stated.

Water crisis creates risk to India’s credit strength: Moody’s report

Moody's Ratings warns that India's water stress threatens its sovereign credit strength, economy, and sectors like coal power and steel. Water scarcity can lead to food inflation, social unrest, and economic volatility. Climate change exacerbates the crisis, with major cities facing severe shortages. The government and companies are working to improve water infrastructure and efficiency.

Adani to invest ₹2 lakh crore for increasing renewable energy capacity by 2030

Adani Group aims to invest Rs 2 lakh crore by 2030 for 40 GW of renewable energy capacity, targeting net zero emissions by 2050. Adani Green Energy Ltd plans to add 6-7 GW annually to reach 50 GW by 2030, with solar comprising 80%. It has projects like a 5 GW pump storage capacity and making 3 MW wind turbines for lower wind speed areas. AGEL's current operating capacity is 10,934 MW.

India plans to expand production-linked incentives for small textile firms: minister

India plans to expand production linked incentives for small textile firms to boost garment exports to $50 billion by 2030. The federal textile minister highlighted the success of the current scheme in attracting investments. The industry aims to surpass China and Bangladesh, as exports declined to $35.94 billion in the 2023/24 fiscal year. Garment exporters seek lower investment thresholds and higher subsidies.