Share market and trading News

Mumbai's Sensex plummeted over 700 points as RBI's unchanged interest rates and hawkish tone spooked investors. Private banks, notably Kotak, ICICI, and Axis, took a hit, while SBI surged. Foreign funds led selling with Rs 4,934 crore outflow, outweighing domestic buying. ITC suffered after its major shareholder hinted at stake reduction. Market capitalization dipped by Rs 1.2 lakh crore. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/JYaX4up

RBI maintains rates but surprises with a 7% growth projection for 2024-25. Governor Das highlights incomplete transmission of rate increases and persistent inflation challenges. MPC votes 5:1 to hold repo rate at 6.5%, emphasizing gradual withdrawal of accommodation. Global growth remains steady but Red Sea crisis adds uncertainty. India's economic momentum expected to continue. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1CvcMI6

RBI indicated ongoing issues beyond KYC compliance with Paytm Payments Bank, with restrictions unlikely to be lifted. The regulator clarified the ban applies to PPBL and the digital wallet but not the UPI app. RBI emphasized bilateral engagement and corrective actions before resorting to business restrictions, highlighting the importance of consumer protection and systemic stability. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/G8kPVvu

Delhi leads in GST evasion by bogus firms, with 483 detected in Q3 FY24, totaling Rs 3,028 crore. Nationwide, 4,153 such firms were found, evading Rs 12,036 crore in input tax credit. Delhi's crackdown resulted in blocking Rs 90 crore in tax credits and 11 arrests. Measures are in place to prevent entry of fake firms. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QhbcfnV

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N Chandrasekaran, Tata Sons chairman, appoints Naveen Tahilyani as CEO of Tata Digital and Venkatachalam H as CEO of Tata AIA Life Insurance to bolster performance. Pratik Pal, previously leading Tata Digital, retains a role to ensure continuity. Tahilyani brings consumer expertise to drive Tata Digital's growth, focusing on Tata Neu super app. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/onBbg5p