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Non-resident Indians do not need to wait until 58 years of age to withdraw their Employees' Provident Fund corpus. Those relocating permanently abroad can initiate a complete withdrawal after finishing necessary formalities. The balance continues to earn interest at an 8.25% per annum rate if they choose to keep it.
The Central Bureau of Narcotics and PHARMEXCIL signed an MoU on Monday to boost pharmaceutical exports. This agreement aims to streamline trade procedures while preventing the diversion of pharma products. The finance ministry said, "The pharma industry will endeavour to nominate 'Contact Persons' from member companies to coordinate matters."
Niti Aayog vice-chairman Ashok Lahiri said on Sunday that India must diversify its export basket and state participation to reduce concentration risks. Five states currently account for nearly 70 per cent of shipments. He added, "The goal may be missed due to the global uncertainties in general and tariff war."
Gold and silver prices fell on the MCX on Tuesday morning as the US dollar and bond yields rose. October gold contracts dropped 0.05% to ₹1,63,141, while September silver futures fell 0.69% to ₹2,42,544. Investors are now waiting for US inflation data and the Jackson Hole Symposium later this week.
Egg prices fell during Shravan due to lower demand, reaching ₹5.20 in Namakkal on Monday. Despite this, poultry farmers struggle as feed costs rose by 40-60 percent. Suresh Chitturi said, "Feed costs have gone up by 40-60 per cent, increasing the overall cost of production sharply." Prices will likely rise soon.
EPL raised its revenue growth guidance to high-teens after delivering 25.3% growth in Q1. CEO Hemant Bakshi said strong momentum in Beauty and Cosmetics, plus a recovery in Oral Care, helped the company. They also expect the Indovida merger and Thailand operations to support margins around 20% moving forward.
Shares of Chinese robot maker Unitree fell 45% since their Shanghai debut last Wednesday. The sharp drop sparked worries about bubble risks and flaws in the IPO system. Dong Baozhen said, "Investors were carried away by the technology revolution narrative," as the company struggled to turn its robots into commercial success.
TCS stock will be in focus on August 25 after its Euro 320-million acquisition of MHP drew a cautious response from brokerages. Analysts flagged integration risks and falling revenue at the firm. HSBC said, "Integration could prove challenging." TCS shares fell 0.78 percent on August 24 before the deal announcement.
Anil Rego said India’s equity market is moving from a valuation-driven phase to an earnings-led one. He believes the worst of the correction is behind us. Rego favours financials, autos, and industrials. He said, "We see the current phase more as a period of consolidation and base-building than a breakdown."
Indian economic growth likely slowed to 7.1% in the April-June quarter, according to a Reuters poll. While consumer spending and government expenditure supported the economy, rising oil prices and geopolitical uncertainty kept private investment weak. Even with this slowdown, India remains the world’s fastest-growing major economy for the current period.
Reliance is exploring an entry into the aluminium sector, potentially setting up a showdown with the Adani Group. The company participated in the recent auction of the Karlapat bauxite block in Odisha. This move could link Reliance’s coal resources with metals production as domestic demand for aluminium continues to grow.
Wealth management startup Nexedge Capital raised $20 million in a maiden funding round led by Elev8 Venture Partners and Mirae Asset Venture Investment. The firm plans to use the money to expand its team and technology. Founder Anirudha Taparia said, "The company plans to deploy the capital towards expanding its team."