July 18, 2024

Personalised for *|FNAME|*

Sign In | Forward to Friend

IMC Digital Processes have changed with online features, to experience the new processes visit us at https://www.imcnet.org

IMC EVENTS

NOTICE

OTHER EVENTS

 

24
Jul

Unlock Growth in Africa Business Opportunities in Nigeria LFZ Roadshow 2024

Click here for more details

31
Jul

Maharashtra Startup Week 2024

Click here for more details

23
Sep

Nairobi International Trade Fair (NITF) on the theme ‘Promoting Climate Smart Agriculture and Trade Initiatives for Sustainable Economic Growth’- 23rd to 29th September 2024

Click here for more details

Notifications

 
CUSTOMS

17
Jul

Notification No. 49/2024 (Delhi)
S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962

RBI

15
Jul

RBI/2024-25/51 (Delhi)
Withdrawal of Circulars – Internal Review

You will be redirected on the external link. You will be redirected on IMC online membership renewal page

LIVE MARKET

NSE (NIFTY)

0

BSE (SENSEX)

0

NASDAQ

0

FTSE 100

0

USD

0

EURO

0

GBP

0

GOLD

0

SILVER

0

INDIAN ECONOMY

Taiwan firms shift supply chains to India from China, trade body chief says

Taiwan firms are shifting supply chains to India from China, as Taipei and New Delhi strengthen economic ties, the head of the island's key trade body told Reuters, as global trade tension rises among major economies. Trade conflict between the United States and China drove up Taiwan's foreign direct inves...

Read More

India, Switzerland discuss ways to realise EFTA's $100-billion FDI promise

Trade Minister Piyush Goyal met with his Swiss counterpart Federal Councillor Guy Parmelin during his recent visit to Switzerland. The two discussed ways to identify and realise the ambitious target of $100-billion in investments and creation of one million jobs in India by European Free Trade Association (EF...

Read More

Farmers in India face income decline amid rising costs: Madhura Swaminathan

Agricultural income in India continues to decline, leaving rural households barely earning adequate income and farmers facing precarious returns, said Madhura Swaminathan, professor at the Indian Statistical Institute, Bangalore. Delivering the Durgabai Deshmukh Memorial Lecture on “The Agrarian Economy: Per...

Read More

Q2 inflation seen to top RBI forecast by up to 50 bps

Economists have raised their retail inflation forecasts for the July-September quarter of FY25 by 40-50 basis points (bps), as they expect prices of key food items, mainly vegetables, to stay elevated in the near-term, along with rising core inflationary pressures. An uptick to the Q2FY25 forecasts also po...

Read More

IMF boosts India’s FY25 growth forecast to 7% from 6.8%; maintains global growth outlook

The International Monetary Fund (IMF) on Tuesday increased India’s growth projection for FY25 to 7% — 20 basis points higher than its April estimate. The IMF in its latest World Economic Outlook (WEO) update for July attributed this rise to improved prospects for private consumption, especially in rural areas...

Read More

MARKET & FINANCE

Unable to pay your loan EMIs? know these legal protections you have as a borrower

Loan default can be a nightmare for a borrower as it not only disturbs the person’s mental peace but also threatens his financial stability. Despite all the diligence and financial discipline, contingencies do show up and take the best of you at times. If you find yourself in such a situation ever, the best t...

Read More

Sebi proposes new asset class placed between MFs and PMS for higher risk takers

The market regulator has proposed a new asset class that could bridge the the gap between Mutual Funds and Portfolio Management Services (PMS-es) in terms of flexibility in portfolio construction. It has proposed that the asset class be allowed to invest even in derivatives for purposes other than hedging and...

Read More

Indian bonds in demand as global stock investors seek collateral

India’s sovereign bond market is attracting foreign equity investors, who are using the securities as collateral for trade margin requirements. The inclusion of the nation’s government debt in JPMorgan Chase & Co.’s emerging- market bond index last month has enhanced their acceptance as collateral. This de...

Read More

NSE tightens margin funding rules, excludes 1010 stocks including Paytm

In a recent circular, the National Stock Exchange (NSE) has significantly narrowed the list of stocks eligible for collateral in margin funding, according to a report by Moneycontrol. Of the 1,730 stocks previously eligible, the NSE has removed 1,010, including notable companies like Adani Power, Yes Bank, S...

Read More

GLOBAL CORPORATE

Thai Industrial Sentiment Hits 2-Yr Low in June, Business Federation Says

The Thai industrial sentiment index fell for a third straight month to its lowest in two years in June due to a slow economy, weak demand and bad debt problems, the Federation of Thai Industries (FTI) said on Wednesday. The FTI said its industrial sentiment index dropped to 87.2 in June from 88.5 in May....

Read More

US Considering Tougher Trade Rules in Chip Crackdown on China, Bloomberg News Reports

The Biden administration has informed allies that it is considering using the most severe trade restrictions available for China if companies including Tokyo Electron and ASML Holding NV continue giving the country access to advanced semiconductor technology, Bloomberg News reported on Tuesday. The US is w...

Read More

China making youth unemployment a 'top priority'

At a job fair for soon-to-be graduates in central Shanghai, recruiters sat bored under washed-out tarpaulins as rain and an apparent lack of interest kept potential young employees away. The empty seats belied China's stubbornly high youth unemployment rate -- a problem so pressing that President Xi Jinping ...

Read More

BofA's Q2 profit declines to $6.9 bn on shrinking interest income

Bank of America's profit fell in the second quarter as its income from interest on loans shrank and it set aside more money to cover potential credit losses. A better-than-expected forecast for fourth-quarter net interest income (NII), however, sent shares up 1% in premarket trade. "The strength and earn...

Read More

INCOME TAX

Extension of ITR filing deadline? 11 glitches on e-filing portal; difficulty in logging in, e-verification, discrepancy in forms

The last date to file income tax return (ITR) is July 31, 2024, which just a few weeks away. According to the Income Tax Department website, “over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13% more compared to returns filed during the same period last year.” Even though there are about th...

Read More

Banking

Individual notices by banks may delay loan recovery

The Reserve Bank of India (RBI)’s recent circular mandating banks to send individual notices to the defaulter in cases of consortium lending may delay recovery process, say bankers. The circular, issued on Monday, says in case of consortium lending, all banks will be required to send separate show-cause notic...

Read More

GLOBAL ECONOMY

Trade Report
Country Month Link
Switzerland July 2019 Click
IMF Revises Saudi GDP Growth Down on Oil Cuts

The International Monetary Fund on Tuesday revised downwards Saudi Arabia's economic growth by nearly one percentage point, mainly due to oil production cuts. The revision was the biggest among major economies and dragged down ...

Read More

Canada's Economy Appears to Have Achieved Soft Landing, Says IMF

Canada's economy appears to have achieved a soft landing, the IMF said on Tuesday, essentially referring to a scenario where interest rates are high enough to bring inflation down to the central bank's target without causing a rec...

Read More

Brazil's Lula Questions Need for Spending Cuts, Hints at Missing Fiscal Target

Brazilian President Luiz Inacio Lula da Silva said he needs convincing on the need for his government to cut spending, and did not rule out the possibility of Brazil not complying with its fiscal target, according to extracts of a...

Read More

Argentina Posts Six Months of Fiscal, Financial Surpluses

Argentina posted primary fiscal and financial surpluses in June, the economy ministry said on Tuesday, showing the fruits of a drastic austerity package rolled out by libertarian President Javier Milei, who took office in December...

Read More

Japan's Mixed Business Sentiment Highlights Patchy Economic Outlook

Japanese manufacturers became more confident about business conditions in July whereas those in the service sector cooled, the monthly Reuters Tankan survey showed on Wednesday, reflecting a patchy economic outlook. The poll of...

Read More

ADB Slightly Raises 2024 Growth Forecast for Developing Asia

The Asian Development Bank (ADB) slightly raised its growth forecast for developing Asia this year due to stronger domestic demand and export growth, but said downside risks from a series of important elections and geopolitical te...

Read More

Singapore's June Exports Fall Steeper Than Forecast

Singapore's non-oil domestic exports in June fell 8.7% from the same month a year earlier, data showed on Wednesday, weighed down mainly by weakness in non-electronic products. The decline compared with a Reuters poll forecast ...

Read More

China's June Jobless Rate for 16-24 Year Olds at 13.2%, Stats Bureau Says

The jobless rate for 16 to 24 year olds in China, excluding college students, was at 13.2% for the month of June, the country's statistics bureau said on Wednesday. The rate was 6.4% for 25-29 year olds, also excluding college ...

Read More

US retail sales unchanged in June, beating forecasts for slight drop

.S. retail sales were unchanged in June and the underlying trend was strong, which could boost economic growth estimates for the second quarter. The flat reading in retail sales last month followed an upwardly revised 0.3% gain...

Read More

IMF keeps global growth forecast unchanged at 3.2% for 2024

The International Monetary Fund, on July 16, predicted the global economy to register 3.2 percent growth in 2024, unchanged from April. The multilateral institution predicted a stable path to growth, with 2025 expected numbers ...

Read More

'Luxury shame' hits China's luxury market as elites dial down on austerity

A recent wedding in one of India's wealthiest families turned into a spectacle that captivated the rich and influential around the world. Millions of Indians watched the clips of the extravagant affair with great enthusiasm. The ...

Read More

Canada inflation cools more than expected to 2.7% ahead of rate decision

Canada's annual inflation rate cooled a tick more than expected to 2.7 per cent in June, largely due to softer growth in gas prices, while core inflation measures were marginally down, data showed on Tuesday, ahead of the central ...

Read More

INDIAN CORPORATE

NCLT admits GVK Power & Infra with dues of Rs 18k cr to insolvency

The Hyderabad bench of the National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against GVK Power & Infrastructure (GPIL) in response to a petition by ICICI Bank and joined by five other banks seekin...

Read More

Suzuki outlines tech strategy for next 10 years for various markets including India

Suzuki Motor Corporation on Wednesday said it will focus on aspects like light body structures and usage of small batteries to power its models including electric vehicles across various markets, including India. Outlining the com...

Read More

Adani Group, Wilmar exploring to sell equal stakes in JV Adani Wilmar

The Adani Group and Wilmar International are said to be in early talks to sell a minority stake in the joint venture Adani Wilmar, Bloomberg News reported on July 16 citing people familiar with the development. Moneycontrol is ...

Read More

TV18 Broadcast Q1 consolidated revenue at Rs 3,069 crore, driven by Sports, News segments

TV18 Broadcast Ltd on 16 July reported a consolidated revenue from operations of Rs 3,069 crore for Q1 FY25. The broadcaster's revenue was driven by Sports and News segments, even as unit Viacom18 continued to make investments in ...

Read More

Tata Power to invest Rs 20,000 crore capex in FY25: N Chandrasekaran

Tata Power will invest Rs 20,000 crore capex in FY25, the electric utility company's chairman said on July 16 during its 105th Annual General Meeting (AGM) for the Financial Year 2023-24. Natarajan Chandrasekaran, in his speech...

Read More

Bajaj Auto Q1 Results: Cons PAT jumps 18% YoY to Rs 1,942 crore, revenue rises 16%

Two-wheeler major Bajaj Auto reported a consolidated net profit of Rs 1,942 crore (attributable to shareholders of the company) for the quarter ended June 30, 2024, marking an 18% increase from Rs 1,644 crore reported in the year-...

Read More

Byju’s, once valued at $22 billion, faces insolvency proceedings

An Indian tribunal court on Tuesday initiated insolvency proceedings for Byju’s, once India’s most valuable startup, in response to a petition from the country’s cricket board. The ruling effectively installs an interim resolution...

Read More

Ola Electric likely to drive in IPO at a lower valuation of $4.5 billion

Ola Electric, the SoftBank-backed electric vehicle (EV) maker, is likely to pursue a valuation of approximately $4.5 billion in its upcoming initial public offering (IPO), marking about 18 per cent decrease from its last funding r...

Read More

Debt, cashflow from biz to fund Tata Power capex: N Chandrasekaran

Tata Power looks to fund its capital expenditure (capex) through debt and cash flow generated from its multiple businesses, said company chairman N Chandrasekaran. The chairman was addressing the company’s shareholders at its ann...

Read More

L&T Finance Q1 results: Consolidated net up 29% on healthy margins, fees

L&T Finance Ltd (LTF) posted a 29 per cent year-on-year (YoY) growth in consolidated net profit at Rs 686 crore in the first quarter ended June 2024 (Q1FY25), on the back of healthy net interest margins (NIM) and fees. Its net pro...

Read More

GST

Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals

GSTN wish to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18th July 2024 on sandbox portals and 1st Aug 2024 on the production portals. These portals run in parallel and now allow for seamlessly inter-operations. The highlights of the portal are as follows: ...

Read More

IMC Chamber of Commerce and Industry has sent this e-mail to you because your subscription preferences indicate that you want to receive latest news alerts on this email ID. For suggestions and feedback news alerts on this email ID. For suggestions and feedback click here .

Head Office :
IMC Bldg., IMC Marg, Churchgate, Mumbai - 400 020 India
Tel : 91-22-71226633 | Fax : 91-22-22048508 / 22838281

E-Mail : imc@imcnet.org
Website : www.imcnet.org