NRIs returning to India permanently are advised to promptly convert NRE/NRO accounts to resident status and update KYC details. Reviewing foreign investments, understanding ROR/RNOR tax implications, and securing Indian health and life insurance are crucial steps for a smooth financial transition and compliance with RBI regulations.
Finance Minister Nirmala Sitharaman launched GIFT City’s foreign currency settlement system, enabling local settlement of international transactions. She also highlighted India’s AI advancements and the impact of Direct Benefit Transfers, while emphasizing support for Global Capability Centres and fintech’s role in democratizing finance.
US immigration policies are making Indian families reconsider marriages with relatives abroad. Concerns over job security and visa status, particularly with H-1B visa changes, are causing panic and slowing down interest in NRI grooms. Matchmakers are adapting by adding visa filters, while some families now explore options in Canada, the UK, and Europe.
Tata Capital IPO: Tata Capital’s Rs 15,512 crore IPO, while lauded by analysts for strong fundamentals, faces subdued grey market sentiment. Limited listing gains are expected due to IPO pricing and recent merger-related asset quality concerns. Despite this, the company is viewed as a reliable long-term investment.
LG Electronics India IPO: LG Electronics India’s Rs 11,607 crore IPO opened for subscription, attracting strong investor interest with a 24% grey market premium. The offer for sale, priced between Rs 1,080 and Rs 1,140, is supported by analysts due to the company’s market leadership, robust financial performance, and competitive valuation. The IPO concludes on…
President Trump has approved a 211-mile road project in Alaska to access valuable mineral deposits, reversing a Biden administration halt. The Ambler Road aims to unlock billions in resources, including copper and cobalt, crucial for national security and the “AI arms race.” However, the project faces strong opposition from Native tribes concerned about subsistence hunting…
Asian markets saw mixed trading, with Japan’s Nikkei 225 reaching a new record high on optimism surrounding potential government stimulus. Meanwhile, Wall Street continued its rally, driven by strong investor sentiment in artificial intelligence. Key corporate news included a significant surge for AMD following an OpenAI deal and a major banking acquisition.
Banks across several Indian states, including Karnataka, Odisha, Chandigarh, and Himachal Pradesh, are closed today, October 7, for Maharshi Valmiki Jayanti and Kumar Purnima. The Uttar Pradesh government also declared a public holiday for Valmiki Jayanti, separate from the RBI calendar. These closures highlight the observance of significant cultural and religious festivals.
Stock market recommendations: Mirae Asset Sharekhan’s Somil Mehta recommends buying Mahindra & Mahindra (M&M) and Bharat Forge. M&M is expected to resume its uptrend after completing a corrective pattern, with a target of Rs 3,720. Bharat Forge has broken out of a triangle pattern and is poised for an uptrend, aiming for Rs 1,335.
India’s housing market experienced a 3.1% demand surge in Q3, driven by buyers favoring smaller 1 and 2 BHK homes due to affordability concerns. This shift reversed a two-year decline. Despite a 4.5% drop in overall supply year-on-year, prices climbed, with Pune, Mumbai, and Greater Noida leading the surge. Under-construction properties commanded higher premiums.
