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Tata Sons chairman N Chandrasekaran highlighted the impact of AI on productivity and job losses. "It's a mixed bag. We need to reskill and upskill to handle this change. While there will be job losses, AI will create jobs in data management," Chandrasekaran, who is also TCS chairman, said at the company's AGM held virtually on Friday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/zwkTBSt

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Finance Minister Nirmala Sitharaman stated on Thursday that the seven-year-old Insolvency & Bankruptcy Code (IBC) has facilitated the rescue of 3,171 distressed companies and aided in the closure of those that are unviable. She pointed out that this is a significant improvement compared to the less than 3,500 cases resolved by the Board of Industrial and Financial Reconstruction (BIFR) during its over 30-year tenure, starting from 1987. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iBkIPq1

Reserve Bank of India has moved 100 tonnes of gold from the UK to its vaults in India, marking a significant shift in gold storage. The transfer was for logistical and storage diversification reasons. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/vhOxs3G

RBI has imposed restrictions on ECL Finance and EARCL, companies of the Edelweiss group, for 'evergreening' stressed loans, where lenders extend credit to borrowers unable to repay existing loans. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TbQzdW2

MSMEs are facing challenges in availability and employability of technical school graduates and diploma holders. CEOs at a roundtable emphasized the need for a common platform for recruitment and training. Automation, digitalisation, and AI can address manpower shortage and quality issues. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/FZX7akn

SBI prohibits employees from opening demat or trading accounts outside SBI Group without permission. They must close unauthorized accounts within six months to monitor stock market activities. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/dDkXE37

Reliance Industries to launch quick commerce service through JioMart to compete with Blinkit, BigBasket, Instamart, and Zepto. JioMart plans to deliver groceries in 30 minutes across 1,000 cities, leveraging Reliance Retail's network. Walmart's Flipkart also entering quick commerce. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/D3c2MAL

Adani Enterprises, part of Gautam Adani's Adani Group, secured board approval to raise Rs 16,600 crore ($2 billion), following Adani Energy Solutions' approval for Rs 12,500 crore ($1.5 billion), backed by investments from Rajiv Jain's GQG, Qatar Investment Authority, and TotalEnergies, overcoming challenges from a previous Hindenburg short-seller attack. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2ChdXf1

Adani Group chairman Gautam Adani is considering buying a stake in One 97 Communications, the company behind Paytm, as confirmed by sources. This potential deal would mark Adani Group's entry into the fintech sector, competing with major players like Google Pay and Jio Financial. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Q0Av6Uh

Sweden-based private equity firm EQT closed a new $1.6 billion Asia-focused fund, with India expected to receive the largest capital allotment. The PE firm raised more than its $750 million target and has already invested in the healthcare, financial services, and technology sectors in India, including acquiring a majority stake in Chennai's Indium Software. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/IKscGQU

Sensex and Nifty faced profit booking and volatility ahead of major events, with investors cautious of knee-jerk reactions. Market awaits key economic data for near-term direction. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1Yue52h

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India's agrochemical sector, currently valued at approximately USD 10 billion, is expected to experience significant growth, reaching a projected value of over USD 14.5 billion by the conclusion of the 2027-28 financial year, according to a report published by Rubix Data Sciences, an analytics services provider. However, the industry encountered a 3% decline in the recently concluded 2023-24 financial year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/SxQeFqW

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Several factors could have contributed to the record profit, including the significant increase in interest rates in the United States, where the RBI invests a substantial portion of its $644 billion foreign exchange reserves (Rs 54 lakh crore). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sZXGe2c

A new paper by the World Inequality Lab proposes an annual wealth tax and an inheritance tax for those with net wealth exceeding Rs 10 crore. The paper, authored by Thomas Piketty, Nitin Kumar Bharti, and others, aims to tackle wealth concentration at the top. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ltcuJOx

Google has invested $350 million in Flipkart as part of a funding round led by Walmart, increasing Flipkart's valuation to over $35 billion. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Xk2LJ65

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Patients who visit a hospital for treatment provide their insurance policy details or a card issued by the third-party administrator (TPA) or insurance company. The hospital then accesses the claim processing portal of the company and uploads the required documents for pre-authorisation or claim approval. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5co0Owa

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PM Narendra Modi praised banks for record profits in FY24, aiding the poor, farmers, and MSMEs. Challenges like bad loan provisions, bank insolvency, and govt recapitalisation were overcome, leading to a significant banking sector turnaround. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TfFGyag

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A finance ministry official raised concerns about the impact of futures and options trading volumes on capital market growth and household savings. The discussion included financial sector development, Nirmala Sitharaman's caution, and various financial indicators like investments in physical assets, bank advances, and mutual funds. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/a9cvgNV

Finance minister Nirmala Sitharaman advocated for higher manufacturing investment, contrary to some economists' advice. She emphasized collaboration with the private sector and addressed Raghuram Rajan's support for a services-led strategy. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ml5DWFz

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Anil Agarwal-led Vedanta plans to raise Rs 8,500 crore in the fiscal year to reduce its debt of over Rs 56,300 crore through shares or debt securities, subject to shareholder approvals. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5ValR06

Norges Bank excludes Adani Ports from its pension fund over ethical concerns following COE's recommendations. Adani Ports' ties with Myanmar's armed forces led to the exclusion. The sale of its Myanmar port to Solar Energy raises questions about its current connections. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TIrmD24

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Dalal Street witnessed ongoing volatility with the sensex fluctuating over 1,200 points intraday, driven by domestic fund buying. India VIX surged, FIIs sold off funds, and news of new stocks on the MSCI index hinted at fresh FPI flows. Prashanth Tapse commented on the market's volatile trading session. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/pQyv3Gk

SBI increases short-term deposit rates by up to 75 basis points to boost liquidity, replacing wholesale deposits. The move follows GST outflows and equity sales by foreign institutional investors, pushing rivals to review rates too. Mention of MSID 110157382, public sector banks, Bank of Baroda, Yes Bank, IndusInd Bank, IDFC Bank, and Dinesh Khara's statements. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OyKL4tl

According to the most recent official data issued Wednesday, the unemployment rate for people aged 15 and up in metropolitan areas fell slightly to 6.7% in the January-March quarter of 2023-2024, down from 6.8% the previous year. Joblessness rate, which had soared to double digit during Covid, has stabilised over the months as curbs to ward off the pandemic lifted and economic activity gathered momentum. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/THWGFsI

Ilya Sutskever, co-founder and chief scientist of OpenAI, departs from the company following the removal of CEO Sam Altman, marking the end of a narrative that shocked Silicon Valley. Sutskever mentioned starting a new project, with Jakub Pachocki taking over as chief scientist and OpenAI unveiling a new edition of its ChatGPT chatbot, showcasing advancements in generative AI technology. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/hsK5kAD

Finance minister Nirmala Sitharaman emphasized the importance of preventing an 'explosion' in retail futures & options to maintain investor confidence amid a shift to capital markets, while also addressing dollar appreciation, rupee trade, stability under PM Modi, and promoting an investment-led growth strategy with greater openness and transparency. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/aHziqEg

The Sensex experienced significant fluctuations, dropping almost 200 points before recovering and closing with a slight increase. Market sentiment is influenced by uncertainties related to polls and foreign fund selling activities. Foreign investors have sold stocks worth Rs 22,800 crore in May, while domestic investors have purchased stocks worth close to Rs 23,000 crore. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/SQonsxK

Foreign fund managers in Mumbai are withdrawing funds due to increased market volatility caused by uncertainty about the Lok Sabha election results. Domestic institutions, especially mutual funds, have been significant purchasers on Dalal Street. Market players cite concerns related to polls and a surge in Chinese stocks as reasons for the fund outflow from India to China and Hong Kong. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/hD6pWsP

PM Surya Ghar Muft Bijli Yojana: The ministries of renewable energy and skill development and entrepreneurship have collaboratively developed a "skilling plan" from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/BX3oet2

N Chandrasekaran, the chairman of Tata Consultancy Services (TCS), highlighted in the annual report 2024 the significant impact that generative artificial intelligence (GenAI) technologies will have on various sectors and countries in the future. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/lMxJynL

Bhavish Aggarwal, the founder and CEO of Ola, announced the company's move to shift its workloads from Microsoft's Azure to its proprietary cloud platform named Krutrim. The decision was influenced by Aggarwal's concerns about cultural assimilation and ideological enforcement by Western tech giants. Ola's transition to Krutrim aims to promote Indian technology platforms and independence from Western monopolies. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/U0JjNe2

The Insurance Regulatory and Development Authority of India has given approval for a third Indian investor to hold 26% in Reliance Nippon Life, Reliance General, and Reliance Health insurance companies. This move paves the way for IndusInd International Holdings (IIHL) to acquire Reliance Capital. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/UYGgq16

Numbers released by the National Statistical Office on Friday showed the index of industrial production (IIP) rose an annual 4.9% in March, slightly lower than the downwardly revised 5.6% in Feb but above the 1.9% posted in March last year. For the 2023-24 fiscal year, industrial output growth rose to 5.8% from 5.2% in the previous year. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/H0xa3Ph

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From an intra-day low at 72,334, sensex closed at 72,404, down 1,062 points. It was the second biggest fall this year. Nifty lost 345 points to close at 21,958 points. "Investors turned risk averse in the ongoing poll season and further lightened equity exposure to avoid being caught off guard," said Prashanth Tapse, Senior VP (Research), Mehta Equities. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/dsOqhVv