Business News at 05:30 pm on 13th November 2023

“Let’s begin, Substantial increases in promoter stakes across diverse industries have not only bolstered the confidence of investors but have also significantly contributed to the surge in market capitalization. The strategic moves by promoters reflect a positive outlook on the economic recovery and growth prospects in India’s financial markets. Here are the top companies in which promoters increased stakes by 1% or more in Q2 FY24….Adani Enterprises Ltd, Adani Energy Solutions Ltd, Adani Ports and Special Economic Zone Ltd., Camlin Fine Sciences Ltd., TCNS Clothing Co. Ltd., Filatex Fashion Ltd., Unichem Laboratories Ltd., Bombay Burmah Trading Corporation Ltd., Rallis India Ltd., Mangalam Industries (India) Ltd., Sagar Cements Ltd., Authum Investments & Infrastructure Ltd. and others.
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“On the other hand, A new report from the Institute for Canadian Citizenship (ICC), The Leaky Bucket, finds that growing numbers of immigrants to Canada are deciding to leave rather than stay. One of the key findings of the report is on Onward migration — immigrants leaving Canada — that shows an increasing trend among more recent cohorts of immigrants, which suggests immigrants may not be seeing the benefits of moving to Canada. According to a report prepared for the International Criminal Court by the Conference Board of Canada, immigration out of Canada has been gradually rising for several decades, but in 2017 and 2019, it unexpectedly increased. The report also finds that most onward migration occurs in the first 10 years after arrival.
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“Now let’s talk money, a Will is a legal instrument which documents and clearly sets forth your plans about distribution of your assets among your family members and heirs. It is worth remembering that a Will intends to spell out your wishes and intentions to take care of your children by not only distributing your assets after your death but also assigning the liabilities. This helps the next generation avoid unnecessary hassles and probable hardships. Here are the five points one needs to keep in mind while drafting a Will – Declarations, Asset Identification, Executor, Beneficiaries and Witnesses.
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“Let’s move on to the latest update of Israel-Hamas War. Lebanon’s Hezbollah group carried out an attack on Sunday that resulted in seven Israeli troops and 10 other people being wounded, according to Israel’s military and rescue services. The clashes mark a significant incident involving civilians along the Lebanon-Israel border, amid escalating tensions between the Iran-backed Hezbollah and the Israeli military. The assault follows earlier incidents, including an Israeli airstrike in south Lebanon on November 5 that resulted in casualties. The Israeli military expressed concern about the seriousness of the Hezbollah attack and emphasized its preparedness in the north. The clash involved mortar shell launches in the Manara area, with seven IDF soldiers lightly injured.
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“Meanwhile, Indian Railways has cancelled the operations of several trains over the Nilgiri Mountain Railway (NMR). The move comes following the heavy rainfall and landslides affecting the century-old rail route. Due to the adverse weather, several trees have fallen on the track between Kallar-Coonoor section of NMR. The track restoration work is underway in full swing. The rail traffic has been suspended till November 16, 2023 (Thursday). The NMR falls under the administrative jurisdiction of Southern Railway (SR). The Nilgiri Mountain Railway (NMR), is one of the most scenic destinations in the country.
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“Next up, Singapore Airlines said that the proposed merger of Air India and Vistara is still on track, pending approvals from regulatory and competition authorities in various jurisdictions. After the merger is completed, Singapore Airlines (SIA) will hold a 25.1 percent stake in Air India. SIA owns a 49 per cent share in Vistara, while the remaining 51 per cent is owned by the Tata Group. In a statement, SIA Group mentioned that the Competition Commission of India has already approved the transaction in September 2023. However, it still requires foreign direct investment approval and nods from other regulatory bodies and competition authorities, including India’s Directorate General of Civil Aviation, Ministry of Civil Aviation, National Company Law Tribunal, and the Competition and Consumer Commission of Singapore.
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Lastly, the share market. Let’s see how the stock market performed today. The benchmark equity indices ended Monday’s trading session in the negative territory. The NSE Nifty 50 dropped 82 points or 0.42% to settle at 19,443.55, while the BSE Sensex dropped 325.58 points or 0.50% to 64,933.87. The broader indices ended largely in negative territory, with down fall led by Consumer Durable and IT stocks. Bank Nifty index dropped 105.40 points or 0.24% to settle at 43,891.25. Smallcap and Midcap stocks gained marginally among the other sectoral indices while Consumer Durables and IT stocks shed. Coal India, Eicher Motors, Hindalco, Mahindra & Mahindra and BPCL were the top gainers on the NSE Nifty 50, while the laggards included SBI Life Insurance, Bajaj Finance, Grasim, Infosys and Nestle India.