Discover the top business headlines that are trending across the world today!
Benchmark stock market indices opened higher on Tuesday, building on recent gains with support from IT sector stocks.
As of 9:30 AM, the S&P BSE Sensex rose 238.80 points to 80,348.65, while the NSE Nifty50 gained 79.70 points to 24,301.80.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, cautioned that the two-day rally might not sustain due to ongoing earnings concerns. He noted that short covering and positive sentiment from Maharashtra election results would be temporary. The recent surge in FII buying, driven by MSCI rebalancing with increased HDFC Bank weightage, may not indicate a long-term trend.
Looking ahead, market attention will shift to U.S. fiscal policies, with Scott Bessent's potential appointment as Treasury Secretary seen as a positive for bond yields and emerging markets. However, sustained market rallies depend on signs of earnings revival, which remain distant, Vijayakumar added.
India has launched a probe into Byju’s financial and accounting practices following earlier findings of corporate governance lapses, according to sources familiar with the matter. The Registrar of Companies' Hyderabad office has been tasked with investigating potential misreporting of financial statements and possible fund misappropriation.
The scrutiny follows an earlier inspection by the Ministry of Corporate Affairs, which identified governance issues but no wrongdoing. Byju’s, once valued at $22 billion, is now embroiled in insolvency proceedings in India and the U.S., with its founder, Byju Raveendran, admitting the company's value has dropped to zero.
The firm is currently under the control of an insolvency resolution professional. Some major investors, including Prosus NV, have written off their stakes. Despite repeated inquiries, responses from the Ministry of Corporate Affairs and the insolvency professional remain pending.
Adani Green Energy Limited (AGEL) has denied claims that TotalEnergies, the French energy giant, has halted financial commitments due to allegations made by the US SEC. In a statement, AGEL clarified that no new financial commitments were under discussion with TotalEnergies, and the media reports would not impact its operations or growth plans.
TotalEnergies, which holds a 19.75% stake in AGEL and investments worth $3.2 billion, announced it would pause new investments in the Adani Group until allegations of bribery against Gautam Adani and others are resolved.
This isn’t the first such pause; in February 2023, TotalEnergies delayed a stake acquisition in Adani New Industries Limited following Hindenburg Research’s allegations. The announcement caused a sharp sell-off in Adani Group stocks, with AGEL shares dropping 8.1% after intraday gains of 6.4%.
The Cabinet Committee on Economic Affairs (CCEA) has approved PAN 2.0, a Rs 1,435 crore initiative to modernize the PAN and TAN system. This technology-driven project aims to streamline taxpayer registration, making it faster, smarter, and more secure.
PAN cards are crucial for taxation and serve as key identification for financial activities like opening bank accounts, investing in mutual funds, or applying for credit cards. PAN 2.0 will upgrade the existing ecosystem, enhancing IT infrastructure and centralizing PAN/TAN services on a single digital platform.
Aligned with the Digital India initiative, the project introduces advanced cybersecurity to protect user data. Additionally, it positions PAN as a universal business identifier across government agencies, ensuring seamless integration and accessibility.
