The rebound suggests the conglomerate, once termed "deeply overleveraged" by research firm CreditSights, is finding favor with investors again

Image: Bloomberg

Bloomberg

Ahuja was appointed as MD and CEO in May 2018. Manu Ahuja was an alumnus of XLRI Jamshedpur and Thapar Institute of Engineering, Patiala

Manu Ahuja

Business Standard

Foreign portfolio investors (FPIs) injected Rs 26,505 crore into the Indian equity markets in the first six trading sessions of this month on expectations of political stability after the BJP stormed to power in three major states and robust economic growth.
This came following a net investment of Rs 9,000 crore in October. Before this, overseas investors withdrew 39,300 crore in August and September, data with the depositories showed.
Going forward, FPI inflows are likely to continue, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
According to the data, FPIs made a net investment of Rs 26,505 crore in Indian equities in this month (till December 8).
Kislay Upadhyay, the founder of FidelFolio Investments, attributed the FPI inflows to the outcome of major state elections that signalled political stability going forward..
"The indication of political stability after the 2024 General elections, strong growth momentum in the Indian economy, inflation

Press Trust of India

A constitution bench has reviewed the challenge to the abrogation of Article 370, exploring the constitutionality of the process and its impact on Jammu and Kashmir's special privileges

Supreme Court, Manipur violence

The combined market valuation of seven of the 10 most valued firms climbed Rs 3,04,477.25 crore last week, with HDFC Bank and LIC emerging as the biggest gainers amid an overall optimistic trend in equities.
Last week, the BSE benchmark rallied 2,344.41 points or 3.47 per cent. On Friday, the 30-share BSE Sensex rose 303.91 points, or 0.44 per cent, to hit its new peak of 69,825.60. The index touched the highest intra-day level of 69,893.80.
HDFC Bank, Life Insurance Corporation of India (LIC), ICICI Bank, Tata Consultancy Services, and Reliance Industries were among the companies that recorded additions in their market valuation.
HDFC Bank's valuation soared by Rs 74,076.15 crore to Rs 12,54,664.74 crore.
The market capitalisation (mcap) of Life Insurance Corporation of India jumped by Rs 65,558.6 crore to Rs 4,89,428.32 crore at close on Friday. LIC had reclaimed the Rs 5 lakh crore-mark after the shares of the company hit a 52-week high on the bourse on Thursday.
However, at cl

HDFC Bank

RBI monetary policy: The RBI also decided to maintain its policy stance at "withdrawal of accommodation"

RBI Governor Shaktikanta Das at the central bank’s headquarters in Mumbai to announce the monetary policy review on Friday. 	photo: pti

RBI Governor Shaktikanta Das at the central bank's headquarters in Mumbai to announce the monetary policy review on Friday. 	photo: pti

Stocks to Watch: The Securities Appellate Tribunal (SAT) has set aside the order by Sebi restricting IIFL Securities from taking new clients for two years

market, stocks, buy, sell, stock calls, stock market trading, stock market

Hunter Biden has been indicted on nine tax charges in California as a special counsel investigation into the business dealings of the president's son intensifies against the backdrop of the looming 2024 election.
The new charges  three felonies and six misdemeanors  come in addition to federal firearms charges in Delaware alleging Hunter Biden broke a law against drug users having guns in 2018.
He had been previously expected to plead guilty to misdemeanor tax charges as part of a plea deal with prosecutors who said he failed to pay taxes on USD4 million in personal income in 2017 and 2018. Defence attorneys have signalled they plan to fight any new charges.
The agreement imploded in July after a judge raised questions about it. It had also been pilloried as a sweetheart deal by Republicans investigating nearly every aspect of Hunter Biden's business dealings as well as the Justice Department's handling of the case.
Congressional Republicans have also pursued an impeachment inquiry

Hunter Biden

Tata wants to construct the factory in Hosur in the southern Tamil Nadu state, according to people with knowledge of the matter.

iPhone

The UN Security Council scheduled an emergency closed meeting Friday at the request of Guyana following Venezuela's weekend referendum claiming the vast oil- and mineral-rich Essequibo region that makes up a large part of its neighbor.
In a letter to the council president, Guyana's foreign minister, Hugh Hilton Todd, accused Venezuela of violating the UN Charter by attempting to take its territory.
The letter recounted the arbitration between then-British Guiana and Venezuela in 1899 and the formal demarcation of their border in a 1905 agreement. For over 60 years, he said, Venezuela accepted the boundary, but in 1962 it challenged the 1899 arbitration that set the border.
The diplomatic fight over the Essequibo region has flared since then, but it intensified in 2015 after ExxonMobil announced it had found vast amounts of oil off its coast.
The dispute escalated as Venezuelan President Nicolas Maduro held a referendum Sunday in which Venezuelans approved his claim of sovereignty o

United Nations Human Rights Council, UNHRC

The 14-year political journey of TMC leader Mahua Moitra has encountered both upheaval and elevation, as her expulsion from Parliament in a cash-for-query case marked the culmination of her tumultuous parliamentary term.
Despite the abrupt brakes to her parliamentary career for the time being, the opposition's unwavering support painted a contrasting picture, underscoring Moitra's enduring impact in present-day Indian politics.
Moitra, a first-time MP representing Krishnanagar Lok Sabha seat, found herself expelled from the Lok Sabha on Friday.
The Ethics Committee's report, holding her accountable for accepting gifts and illegal gratification, paved the way for her expulsion.
Following a contentious debate where Moitra was denied the opportunity to speak, Parliamentary Affairs Minister Pralhad Joshi proposed a motion to expel the Trinamool member for "unethical conduct," a motion that was adopted through a voice vote.
In response to her expulsion, Moitra strongly criticised the .

Mahua Moitra

The point is that businessmen look to prosper; what they seek to minimise is uncertainty, which denotes risk. Beyond that they are politically agnostic, writes T N Ninan

Modi, narendra modi, BJP

RBI MPC: Reserve Bank's Monetary Policy Committee decides to keep the repo rate unchanged at 6.5% and also keeps the FY24 inflation forecast unchanged at 5.4%

RBI Governor Shaktikanta Das kept the repo rate unchaged on friday but raised GDP projections

The price of 22-carat gold remained stable, with the yellow metal selling at Rs 57,150.

gold silver

Here is the best of Business Standard's opinion pieces for today

Climate Change

Technology transfer and finance for low-carbon transition of hard to abate sectors like iron, steel, cement, and transport remains a challenge, Environment Minister Bhupender Yadav said at the UN climate talks on Sunday.
Addressing an event, he said the global industrial landscape has seen a significant shift since the launch of LeadIT, an initiative focusing on low-carbon industrial, in 2019.
"However, the real transition challenges of technology transfer and finance are yet to be addressed," he said.
Yadav emphasised collaborative international mechanisms to tackle challenges, particularly barriers like intellectual property rights for technology transfer.
He described the India-Sweden LeadIT partnership as an alliance to address the climate crisis and harmonise industries with the environment.
The minister encouraged stakeholders to collaborate on innovation, technology, and collaboration to build a sustainable, inclusive industry for the future.
Swedish Minister of Climate an

Environment Minister Bhupender Yadav

Iran on Sunday held the first hearing for a Swedish citizen who was detained last year on charges of spying for Israel, media reported.
A report by Mizanonline.ir news website, which is affiliated with the country's judiciary, said that the prosecutor accused the man who was identified as Johan Floderus of having links with Israeli elements" and gathering information for Israel in the framework of projects through American, Israeli and European institutes that were active against the Islamic Republic of Iran.
The prosecutor said Floderus had traveled to Israel, worked with Swedish intelligence and transferred money to Iran for projects aimed to toppling its government. He asked the judge to prosecute Floderus based on articles of Iranian law that carry penalties from six months to capital punishment.
Judge Iman Afshari said a date for the next session will be decided later.
The report also published images of Floderus and his lawyers in the courtroom. The report did not say anythin

Iran

Traders on Sunday staged a demonstration in East Delhi's Gandhi Nagar and threatened to shut down the popular garment market against the MCD's collection of user charge to lift garbage against set norms.
No immediate response was available by the civic body when approached for a comment.
Around 100-150 shopkeepers, who were joined by Gandhi Nagar ward councillor Priya Kamboj, staged a demonstration in the market alleging that the MCD was randomly collecting a user charge of Rs 1,000 from shopkeepers flouting rules.
"The MCD is randomly collecting a user charge of Rs 1,000 from shopkeepers in the Gandhi Nagar market without complying to the rules. There is mismanagement in the collection process as shopkeepers are being charged regardless of their shop size," the BJP councillor said.
As per the Municipal Solid Waste Management Rules 2016, commercial properties have to pay a user charge ranging from Rs 500 to Rs 5,000 depending on the size of the plot or its seating capacity.
The BJ

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Best of BS Opinion: World's climate future, inflation fight and more

Tech transfer, finance for energy transition still a challenge: Min Yadav

Iran charges Swedish national Johan Floderus with spying for Israel

Gandhi Nagar traders threaten to shut down market over user charge by MCD

WTO's trade policy toolkit for climate action

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Adani's bond rebound almost erase losses incurred from Hindenburg report

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FPIs invest Rs 26,505 cr in equities in first six sessions of December

All you need to know about Article 370 before SC's verdict on Monday

M-cap of 7 most valued cos add Rs 3.04 trn; HDFC Bank, LIC biggest gainers

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