It was a week to remember for the Indian financial markets. The benchmark indices, Nifty 50 and Sensex hit record highs, crossing the 19,000 and 64,000 marks respectively. Among the week’s highlights was the Adani Group responding to reports of a probe by U.S. regulators, followed by a significant show of confidence from Rajiv Jain’s GQG. The Indian Ministry of Finance also made headlines by deferring the implementation of a proposed controversial 20% TCS on overseas money transfers via credit cards.
Meanwhile, the impending merger between HDFC, a major housing finance company, and HDFC Bank, the country's largest private lender, is set to take effect on July 1, marking a significant shift in the banking sector. And in the world of cryptocurrency, business magnate Ratan Tata firmly refuted rumours of his involvement in crypto investments, warning against scams and misinformation. We bring you all that transpired this week in Indian finance.
Adani Group’s Regulatory Challenges and GQG’s Vote of Confidence
Amidst reports of a probe by U.S. regulators, the Adani Group responded by stating that it has acted as per the regulations and accounting standards of the jurisdictions in which they operate. This was followed by Rajiv Jain’s GQG doubling down on their bet on Adani Group, injecting another $1 billion into the conglomerate’s stocks. Read the full article here.
Finance Ministry Pauses 20% TCS On Credit Card Payments Abroad
The Ministry of Finance in India has deferred the implementation of a proposed 20% tax, known as Tax Collected at Source (TCS), on overseas money transfers via credit cards. The changes, initially slated for July 1, will now take effect on October 1. Read the full article here.
Decoding the HDFC-HDFC Bank Merger
The merger between HDFC, a major housing finance company, and HDFC Bank, the country's largest private lender, will take effect on July 1. The merged entity is projected to be the largest bank in the world with a market cap of ₹14.7 lakh crore. Read the full article here.
Ratan Tata’s Firm No to Crypto Investments
Business magnate Ratan Tata, Chairman Emeritus of the Tata Group, has strongly refuted rumours of his involvement in cryptocurrency investments. He firmly stated, "If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens." Read the full article here.
Indian Markets At Record Highs
The Indian markets charted history this week as benchmark indices Nifty 50 and Sensex hit record highs. Sensex crossed the 64,000 mark, while Nifty 50 crossed the 19,000 mark for the first time. The surge was attributed to buying from institutions and retail/HNI segments, according to Dhiraj Relli, MD & CEO, HDFC Securities. Read the full article here.
Editor's Note: Artificial intelligence was used as a secondary aid in the writing of this story.
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