Tag: Finance

  • IIFL Finance Share Price: Market Witnesses Sudden Surge as IIFL Finance Shares Soar

    IIFL Finance Share Price: Market Witnesses Sudden Surge as IIFL Finance Shares Soar

    In an unexpected turn of events, IIFL Finance shares experienced a meteoric rise as soon as the market opened today, sending shockwaves through the financial sector. The surge, characterized by aggressive trading and bullish sentiment, marks a significant development for the company.

    IIFL Finance Ltd, a leading non-banking financial company in India, witnessed a dramatic increase in its share price as investors rushed to capitalize on what appears to be a bullish trend. The stock, which opened at INR 180.00, quickly scaled new heights, surging to INR 235.50 within the first hour of trading. This represents a staggering 31% increase from the opening price.

    Market analysts were taken by surprise as the surge seemed to defy earlier predictions. Ramesh Sharma, a senior analyst at TradeSmart Securities, commented, “IIFL Finance has certainly become the center of attention today. The market sentiment around the stock has shifted dramatically overnight, catching many off guard.”

    The sudden spike in IIFL Finance shares can be attributed to a combination of factors. Market experts point to the company’s robust financial performance, a favorable economic climate, and renewed investor confidence in the non-banking financial sector as key drivers behind the surge.

    Ankur Kapoor, a portfolio manager at Alpha Capital Management, noted, “IIFL Finance has consistently demonstrated its resilience and ability to navigate challenging market conditions. This performance, coupled with the overall positive sentiment in the market, has made it an attractive option for investors seeking growth.”

    The surge in IIFL Finance shares also reflects broader market trends. As the Indian economy continues its recovery from the pandemic-induced slowdown, investors are increasingly seeking opportunities in financial companies poised for growth. IIFL Finance, with its diversified portfolio of financial products and services, appears to fit the bill.

    The sudden surge in share price has led to increased trading volumes, with investors rushing to buy and sell IIFL Finance shares. Trading on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) has been exceptionally brisk, and the stock is currently one of the most actively traded on both exchanges.

    Market participants are closely monitoring the situation, with many speculating on whether this surge will be sustained over the coming days or if it represents a short-term anomaly. IIFL Finance’s management has yet to release an official statement regarding the sudden increase in share price.

    For now, all eyes remain firmly fixed on IIFL Finance shares as the market continues to grapple with this unexpected turn of events.

  • Mughal road accident: Bodies of Dir Finance, son recovered

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    M S Nazki

    Jammu, July 10 (GNS): Bodies of Ranbir Singh Bali, Director of Finance, Forest, Ecology and Environment Department, and son were recovered from a gorge near Pannar bridge along Mughal road on Monday.

    Official sources told GNS that the accident took place at 1940 hours yesterday when a swift car (JK02BD -4635) on way to Surankote from Kashmir Valley via Mughal road. Three among those travelling in the car died on the spot and another was injured and evacuated to nearby hospital by rescuers including locals and police.

    The deceased included Ranbir Singh Bali (Director of Finance, Forest, Ecology and Environment Department), his wife Parvinder Kour and son Irvan Singh. Condition of his daughter Mahreen Kour  is stated to be out of danger. Later, they said, body of Parvinder Kour was retrieved but that of Bali and Irvan Singh could not be recovered immediately, they said. This morning,  they said, both bodies were recovered by locals, police, SDRF, DGPC Poonch and army’s 16RR after hectic efforts.

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    #Mughal #road #accident #Bodies #Dir #Finance #son #recovered

    ( With inputs from : thegnskashmir.com )

  • AP lone state to slash taxes on several local products: Finance Minister

    AP lone state to slash taxes on several local products: Finance Minister

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    Rajamundry: Andhra Pradesh is the lone state in India that has managed to reduce taxes on several local products through the Goods and Service Tax Council, Finance Minister Buggana Rajendranath said on Thursday.

    He said AP succeeded in waiving taxes, ushering reforms and reducing and correcting taxes on several products such as mangoes, mango pulp, extra-neutral alcohol and other items.

    “After extensive deliberation and research, we succeeded in waiving tax on tamarind (chintapandu), an essential ingredient for cooking food,” said Rajendranath in a press release shared by the state government.

    MS Education Academy

    He said the government had received petitions for excluding tamarind from GST from Chittoor and Anantapur districts.

    The finance minister observed that even the British government during colonial times had introduced a “Tamarind Tree Law”, which mandated that no such tree should be felled without the permission of the district collector, considering the crucial nature of this ingredient in cooking food.

    Rajendranath noted that the tax was waived on reasoning with the Central government about the ubiquitous nature of tamarind, including reminding it of a colonial precedent of exempting the sour spice from taxation.

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    #lone #state #slash #taxes #local #products #Finance #Minister

    ( With inputs from www.siasat.com )

  • UAE approves additional $1 billion funding to Pakistan: Finance Minister Dar

    UAE approves additional $1 billion funding to Pakistan: Finance Minister Dar

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    Islamabad: Pakistan’s Finance Minister Ishaq Dar on Friday announced that the UAE has approved USD 1 billion in financial support, taking the cash-strapped nation a step closer to unlocking the crucial IMF bailout.

    Pakistan is tackling a major economic crisis as it awaits a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund, part of a USD 6.5 billion bailout package the IMF approved in 2019.

    Finance Minister Dar said the Gulf nation has confirmed its commitment to the International Monetary Fund, paving way for the staff-level agreement to unlock a USD 1.1 billion loan by the global lender.

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    “UAE authorities have confirmed to IMF for their bilateral support of USD 1 billion to Pakistan,” Dar said in a tweet, adding that the State Bank of Pakistan (SBP) was now “engaged for needful documentation for taking the said deposit from UAE authorities”.

    The UAE rolled over its deposits of USD 2 billion in January this year too, providing critical support to cash-starved Pakistan’s depleting foreign exchange reserves.

    In another tweet, Dar announced that the apex bank is getting the third and last disbursement from the Industrial and Commercial Bank of China (ICBC), worth USD 300 million, out of its USD 1.3 billion loan.

    “Out of Chinese bank’s ICBC approved facility of USD 1.3bn (which was earlier repaid by Pakistan), State Bank of Pakistan would receive back third and last disbursement today in its account amounting to USD 300mn,” the finance minister tweeted.

    The ICBC approved a rollover of a USD 1.3 billion loan for Pakistan on March 3 and made the first payment of USD 500 million on the same day, while the second payment of the same amount was made on March 17.

    The IMF lowered its forecast for Pakistan’s economic growth rate days ago from 2 per cent to just 0.5 per cent for the current fiscal year amid high inflation and a growing unemployment rate in the cash-strapped country.

    The new development brought debt-struck Pakistan closer to signing the staff-level agreement with the IMF and getting access to multilateral loans.

    Pakistan is tethering on the verge of default with just over USD 4 billion in reserves as it grapples with high external debt and a weak local currency.
    All its hopes are tied to the IMF reviving the USD 7 billion bailout programme and releasing a USD 1.1 billion tranche, originally due to be disbursed in November last year.

    The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.

    The IMF programme, signed in 2019, will expire on June 30, 2023, and under the set guidelines, the programme cannot be extended beyond the deadline.

    Pakistan and the IMF have been negotiating the programme’s resumption for months but have yet to reach an agreement.



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    #UAE #approves #additional #billion #funding #Pakistan #Finance #Minister #Dar

    ( With inputs from www.siasat.com )

  • Sikkim Assembly seeks clarification on Sikkimese definition in Finance Act from Centre

    Sikkim Assembly seeks clarification on Sikkimese definition in Finance Act from Centre

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    Gangtok: The Sikkim Assembly on Monday passed a resolution seeking clarification from the Centre on the expansion of the definition of Sikkimese in the recently passed Finance Act, 2023.

    The House adopted the resolution by a voice vote during a day-long session convened to discuss the matter.

    As soon as House assembled, Education Minister Lunga Nima Lepcha tabled the resolution with permission from Speaker Arun Upreti.

    MS Education Academy

    Dramatic scenes were witnessed as Sikkim Democratic Front (SDF) supremo and former chief minister Pawan Kumar Chamling was marshalled out of the House for disrupting Chief Minister Prem Singh Tamang’s reply.

    Chamling, who was the CM for 25 years, charged his successor of “misleading” the House on the impact of the Finance Act on Article 371F, which grants special rights to Sikkimese people.

    The SDF president wanted to raise a point of order while the CM was speaking but the Speaker disallowed him from doing so, and chastised the former chief minister for disrupting the House, before ordering him to be marshalled out.

    Consequently, 73-year-old Chamling was escorted out of the House, where in a brief media interaction, he insisted that the provisions of Article 371F applicable exclusively to Sikkim stood diluted after the enactment of the Finance Bill, 2023 by expanding the definition of Sikkimese people by including the old settlers and their descendants.

    “Over the next few years, the doors have been opened for more outsiders to come to Sikkim and enjoy the exclusive rights,” he said.

    Later, addressing a press conference, the CM asserted that the rights of the Sikkimese people have not been compromised in any way and that Union Finance Minister Nirmala Sitharaman has clarified that the expansion of the Sikkimese definition was only for Income Tax exemption.

    “What are we supposed to lose if the old settlers and their descendants get exemption from Income Tax?” he said.

    Article 371F has remained untouched in Finance Act, which is an amendment to the Income Tax Act, 1961.

    On his predecessor being marshalled out from the House, Tamang said he has nothing to say on the matter as it was the decision of the Speaker.

    Tamang said he has suggested that the Speaker establish an all-party delegation, which will meet representatives of the Centre to seek clarification on the expansion of the definition of Sikkimese.

    He said 14 people have been arrested so far for their involvement in recent violence in Singtam, in which a Joint Action Council office-bearer was injured in an attack while he was mobilising people to bring out a protest rally against the Finance Act.

    Meanwhile, two BJP leaders — S B Karki and Laten Sherpa resigned from the primary membership of the party in protest against the alleged dilution of Article 371F following the enactment of the Finance Act.

    Sherpa had contested the lone Lok Sabha seat from Sikkim in 2019 on a BJP ticket, while Karki was the vice-president of the party’s state unit.

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    #Sikkim #Assembly #seeks #clarification #Sikkimese #definition #Finance #Act #Centre

    ( With inputs from www.siasat.com )

  • Finance Bill passed in Lok Sabha amid opposition protest

    Finance Bill passed in Lok Sabha amid opposition protest

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    New Delhi: The Lok Sabha on Friday passed the Finance Bill 2023 without any discussion through voice vote, amid protests by the Congress-led opposition.

    Finance Minister Nirmala Sitharaman announced that a panel under the finance secretary would be set up to look into the issue of pensions.

    As many as 75 amendments are there in the Finance Bill, all of which were approved through voice vote, even as the Congress members protested in the well of the House, shouting slogans and seeking a JPC probe in the Adani matter.

    The opposition MPs raised slogans and showed placards saying “Allow Rahul Gandhi to speak in the House” and “We fought the British, we will fight Modi and RSS”.

    Meanwhile, Sitharaman announced while speaking on the bill, that a committee under the finance secretary would be set up to look into the issue of pensions and for evolving an approach which addresses the needs of employees, while maintaining fiscal prudence to protect common citizens.

    She also informed the House that the approach will be designed for adoption by both the central government and state governments.

    Sitharaman further said, “It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) and they escape tax collection at source. The RBI is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon.”

    Soon after the finance bill was passed, the Lower House was adjourned till March 27.

    Opposition members could be seen tearing their placards and throwing them at the Speaker’s chair after the House was adjourned.

    The Finance Bill 2023, gives effect to the financial proposals of the central government for 2023-24.

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    #Finance #Bill #passed #Lok #Sabha #opposition #protest

    ( With inputs from www.siasat.com )

  • Budget session: Nirmala Sitharman to move Finance Bill 2023 today

    Budget session: Nirmala Sitharman to move Finance Bill 2023 today

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    Delhi: Union Finance Minister Nirmala Sitharaman on Friday, will move the Finance Bill 2023, to give effect to the financial proposals of the central government.

    This comes a day after the demand for grants was passed in Parliament.

    The Finance Bill 2023, gives effect to the financial proposals of the central government for the financial year 2023-24 to be taken into consideration.

    Earlier on Thursday, the Lok Sabha on passed demands for grants authorising expenditure of about Rs 45 lakh crore for 2023-24. The proposal was passed by voice vote amid protests by opposition members over their demand for a JPC probe into the Adani issue.

    Lok Sabha Speaker Om Birla applied for the Guillotine when the House met at 6 pm following two adjournments earlier.
    Finance Minister Nirmala Sitharaman moved the Bill to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of India for the services of the financial year 2023-24 for passage in the House amid the din.

    It was passed amid the din and the House was later adjourned for the day.

    The two Houses of Parliament have been witnessing adjournments over the repeated logjam. While the BJP has been demanding an apology from Congress leader Rahul Gandhi over his remarks in the United Kingdom, the opposition has been demanding a Joint Parliamentary Committee probe into the Hindenburg-Adani row.

    The second half of the budget session began on March 13 and will commence on April 6.

    The Finance Minister presented the Union Budget on February 1.

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    #Budget #session #Nirmala #Sitharman #move #Finance #Bill #today

    ( With inputs from www.siasat.com )

  • Discussion on G20 Sustainable Finance Working Group work plan held in Udaipur

    Discussion on G20 Sustainable Finance Working Group work plan held in Udaipur

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    Jaipur: Detailed discussion on the G20 Sustainable Finance Working Group (SFWG) work plan in 2023 was held in a three-day meeting of the group under the G20 India presidency in Udaipur.

    The meeting concluded on Thursday.

    “Discussion on SFWD work plan comprising three identified priority areas of mechanisms for mobilisation of timely and adequate resources for climate finance; enabling finance for the Sustainable Development Goals; and capacity building of the ecosystem for financing toward sustainable development were held in the meeting,” according to a release.

    The meeting held on March 21-23 was attended by 93 delegates from G20 member countries, 10 invitee countries and 18 international organisations, including Asian Development Bank and United Nations Development Programme, among others.

    “Keeping up with a collaborative spirit and arriving at a consensus, members agreed upon the way forward for important deliverables for the year that include a set of options for mobilising financial resources for climate action, developing an analytical framework for SDG-aligned finance and the G20 Sustainable Finance Technical Assistance Action Plan (TAAP),” the release said.

    During the plenary sessions, members’ discussions and interventions were held on the three priority areas of the SFWG.

    On the priority of mobilising finance for climate action, the G20 members agreed that MDBs play an important role in catalysing private finance and that they must strengthen this role.

    “The catalytic role of the public sector was also stressed. The importance of creating an enabling environment in scaling up finance for climate action was underscored,” the release said.

    On financing the SDGs, the members deliberated upon developing an analytical framework for SDG-aligned finance with discussions on best policies and approaches for scaling up wider adoption of social impact investment instruments and necessary frameworks to incorporate nature-related risks and opportunities into investment decisions of financial institutions and companies.

    SFWG is working to develop a G20 Technical Assistance Action Plan that would include the identification and analysis of existing capacity-building activities and identifying the existing sustainable finance skill gaps.

    “There were discussions on how various stakeholders can work together to develop capacity-building programmes that effectively address the unique needs of different groups while fostering collaboration and knowledge sharing in sustainable finance,” the release noted.

    The delegates also participated in local sightseeing, such as a visit to the City Palace to witness the magnificent light and sound show, boat rides on the banks of lake Pichola along with several cultural programmes displaying the cultural heritage of Rajasthan.

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    #Discussion #G20 #Sustainable #Finance #Working #Group #work #plan #held #Udaipur

    ( With inputs from www.siasat.com )

  • G20 workshop on enabling finance for SDGs held in Rajasthan

    G20 workshop on enabling finance for SDGs held in Rajasthan

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    Udaipur: A G20 workshop on enabling finance for the Sustainable Development Goals (SDGs) was organised on the second day of the G20 Sustainable Finance Working Group (SFWG) meeting in Udaipur on Wednesday.

    The three-day G20 Sustainable Finance Working Group (SFWG) meeting began on Tuesday. It is the second meeting of this group under India’s G20 Presidency.

    “The workshop presented the views and experiences of a wide range of stakeholders, including the public sector, private sector, and academia on the use of social impact investing as a tool for channeling finance towards social SDGs and measures to improve nature-related financial information in the future,” a release said.

    The outcomes of the workshop will contribute to building an understanding among G20 members and strengthen policy and other recommendations for actions to achieve SDGs.

    The workshop had three sessions focusing on existing approaches to finance SDGs as well as identifying new methods to mobilise greater finance for SDGs.

    The workshop was attended by delegates from G20 member countries, 10 invitee countries and 14 international organisations. Many delegates joined the workshop virtually, the release added.

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    #G20 #workshop #enabling #finance #SDGs #held #Rajasthan

    ( With inputs from www.siasat.com )

  • The list of top finance scholarships in the U.S. in 2023

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    The United States is a major destination for students who want a first-rate and widely recognized international education. Unfortunately, education in the United States is not only famous for its high quality but also for its high price. However, everyone has the opportunity to apply for a financial scholarship.

    Together with a professional personal statement writer from EssayShark, we have compiled a list of complete scholarships for students in the U.S. to make your search easier. Getting any of these scholarships can help reduce your financial burden.

    How to get an academic scholarship?

    Virtually every U.S. university has a pool of academic scholarships. However, their size, as well as the requirements for applicants, can vary greatly. Some of the scholarships allow you to offset a tiny portion of the cost of your studies, while others offer full financial coverage but with extremely strict eligibility requirements. And one of the most important issues for the applicant is to choose the right university. One that will meet the requirements for the quality of education, the size of the scholarship, and which is actually possible to enter.

    The average academic scholarship in the United States is $15,000-$25,000. This amount allows you to cover all or part of the cost of the student’s education. The amount of funding is determined for each applicant individually, depending on the level of academic performance the student has demonstrated in school (GPA), scores in the language and academic tests (TOEFL and SAT, respectively), and their personal qualities, such as initiative, focus on results, leadership abilities. Simply said, a student who is actively involved in the social life of the school and involved in sports and creative activities has a better chance of getting a good scholarship than an excellent student who is not interested in anything except the studies.

    You can show yourself as a person who is responsible, purposeful, and has an active position in life through the essay. The application should be accompanied by all available documents confirming the student’s extracurricular activities, from prizes at sports competitions to publications from the school newspaper, so as not to be unsubstantiated.

    American University Scholarships

    American University (A.U.) is one of the universities offering full scholarships to international students in the United States.

    It awards a limited number of generous partial merit scholarships to first-year undergraduate international students with academic qualifications.

    However, this internationally-friendly U.S. university does not offer any need-based financial aid to international students. The scholarship for international students at A.U. is a merit-based scholarship.

    This merit scholarship ranges from USD 8,000 to USD 22,000 per academic year and is renewable depending on conditions.

    Clark University Scholarships

    The Clark Global Scholars Program is open to first-year applicants (not transfer students) who have an experience of at least four years of studying abroad.

    This scholarship program is also open to foreign nationals attending school in the United States. The program awards a $15,000 scholarship at $25,000 per year (for four years, subject to academic standards for renewal).

    It also provides a guaranteed $2,500 taxable tuition scholarship for a paid internship or placement that the student takes for academic credit during the summer following their sophomore or junior year. It is one of the best universities in the U.S. for international student scholarships.

    Colby-Sawyer Scholarships

    Colby-Sawyer international students are eligible for merit-based financial aid offered by an American college.

    The amount of the scholarship increases based on academic ability (measured in GPA) and ranges from $20,000 all the way up to $26,000 per year. However, the college does not fully meet the financial need.

    Dartmouth College Scholarships

    Dartmouth College meets the needs of all enrolled students, including those from other countries.

    This international, student-centered college offers scholarships and loans for international students, including an allowance for travel to the United States.

    Illinois Wesleyan University Scholarships

    Illinois Wesleyan University (IWU) is one of the U.S. universities with full scholarships for international students.

    It offers merit-based scholarships to qualified international applicants with outstanding academic achievement and entrance exam scores. It ranges from $10,000 to $25,000 a year, with the option to renew for up to four years.

    In addition, two Presidential Scholarships for full-time international students may be awarded annually to qualified international students for up to four years.

    Michigan State University International Scholarships

    The University of Michigan is one of the top universities offering scholarships to international students in the United States.

    MSU offers a limited number of scholarships and grants to deserving international students at the undergraduate and graduate levels. These financial packages do not cover the full academic program at MSU.

    Scholarships for international students at MSU include the International Study Grant, #YouAreWelcomeHere Scholarships, Honors Scholarships, and many others. These scholarships range from $1,000 to $25,000.

    NYU Wagner Scholarships

    New York University, NYU offers merit scholarships to a limited number of enrolled students in each application cycle, including international students.

    Scholarships range from partial to full tuition, ranging from $25,000 to $47,000. NYU considers all full- and part-time Wagner Scholarship applicants.

    In addition, students in non-degree/advanced certificate programs and NYU employees are not eligible for merit-based scholarships.

    University of Oregon Scholarships

    The University of Oregon provides more than one million dollars in financial aid and scholarships to students annually.

    ICSP Scholarship is one of the programs. It grants 30-40 competitive scholarships to international students each year. Selected ICSP students receive tuition-free scholarships ranging from $7,500 – $30,000.

    East Tennessee State University

    East Tennessee State University (ETSU) is one of the U.S. universities offering full scholarships to international students.

    It provides an International Student Scholarship for new international students seeking a master’s or bachelor’s degree. ETSU is one of the few universities in the U.S. to offer merit-based scholarships to international students.

    The scholarship covers only 50 percent of the total in-state and out-of-state tuition and fees. This scholarship for international students does not cover any other expenses. Also, the scholarship can only be used for tuition and fees at ETSU.

    Concordia College Scholarships

    Concordia values the contributions of international students on campus and is pleased to provide partial financial aid to its international students.

    It is one of the colleges that provides scholarships to international students.

    The Concordia College International Student Scholarship is based on academic excellence as well as family need and is up to $25,000 per year.

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    ( With inputs from : kashmirlife.net )