Foreign Portfolio Investments Drop To Rs 2,916 Cr On Back Of High Valuations, Capital Gain Tax Hike

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Foreign Portfolio Investments Drop To Rs 2,916 Cr On Back Of High Valuations,...

by Shambhu Datta Mishra

NEWS HIGHLIGHTS

So far in July, the net investment by FPIs in the equity market stands at Rs 33,688 crore and this year's total investment by foreign investors has now surged to Rs 1,39,010 crore

Countries like Brazil, Indonesia, Malaysia, Philippines, and South Korea have witnessed FPI inflows this week while the markets in Taiwan, Thailand, and Vietnam have experienced outflows

New Delhi, July 27: Net investments by Foreign Portfolio Investors (FPIs) in the Indian equity market declined to Rs 2,916 crore for the week ending July 26, due to investor selling amid budget uncertainty.

As per data from the National Securities Depository Limited, last week foreign investors injected Rs 15,420 crore into Indian markets, but their buying declined significantly for the week July 22-26.

So far in July, the net investment by FPIs in the equity market stands at Rs 33,688 crore. This year's total investment by foreign investors has now surged to Rs 1,39,010 crore.

"The Budget 2024-25 has not sparked any significant excitement in the market, while it was both populist and prudent. The increase in short- and long-term capital gains taxes added to the volatility on budget day. Although the government's emphasis on fiscal discipline and growth is appealing, FIIs are cautious due to current high valuations and muted expectations for Q1FY25 results" said Vinod Nair, Head of Research at Geojit Financial Services.

He further added, "Meanwhile, DIIs continue to employ a 'buy on dips' strategy, which contributed to market gains on the week's last trading day, particularly in the pharma, auto, metal, IT, and FMCG sectors."

The volatility of FPI flows extends beyond India, affecting other markets as well. Countries like Brazil, Indonesia, Malaysia, Philippines, and South Korea have witnessed FPI inflows this week while the markets in Taiwan, Thailand, and Vietnam have experienced outflows.

"Market focus has swiftly moved on from the Union Budget, unveiled in the week, to the ongoing Q1FY25 earnings season. The FY2025 Union Budget delivered a judicious balance between capital expenditure, fiscal prudence, and welfarism. FPI flows are expected to remain volatile" said Shrikant Chouhan, Head of Equity Research, Kotak Securities.

This year's trend in foreign investment has been erratic. Foreign investors were net sellers in January, April, and May, cumulatively selling equities worth around Rs 60,000 crore. However, they turned into net buyers in February, March, and June, with cumulative purchases amounting to Rs 63,200 crore.

(ANI)

Read more: Business News

Paris Paralympics: Navdeep's Medal Upgraded To Gold In Men's Javelin F41

by Hemanta Pande

Paris, Sep 8: Para-athlete Navdeep made history in the Paralympic Games when his silver was upgraded to a gold medal in the Men's Javelin throw F41 category with a personal best distance of 47.32 metres here on Saturday, bagging India's seventh gold medal in the French Capital. Navdeep had initially finished second in the competition behind Iranian Beit Sayah Sadegh, who had achieved a Paralympic Games record of 47.65 metres.

However, the Indian javelin thrower's medal was upgraded after the Iranian athlete was disqualified for violation of rule 8.1 of the World Para Athletics Rules and Regulations (Code of Conduct and Ethics).

According to the rule, “World Para Athletics (WPA) is committed to maintaining the highest standards of integrity, ethics, and conduct in the sport of Para athletics. All participants in the sport, including athletes, coaches, officials, and administrators, have a responsibility to uphold these standards and ensure that the sport is conducted in a fair, honest, and transparent manner.”

Havdeep thus won the gold medal in the Men's Javelin F41 category with a personal best throw. This is India's first-ever gold medal in the Men's Javelin F41 category in Paralympic Games. This took India's overall medal tally to 29 (7 gold, 9 silver, 13 bronze).

On Saturday, Navdeep started with a foul before he hurled the spear to 46.39 metres on the second throw before hurling it to 47.32 in the third. A foul later, Navdeep could manage only 46.06 metres before ending his campaign with another foul.

China's Sun Pengxiang got the silver medal in 44.72m while Iraq's Wildan Nukhailawi was upgraded to bronze in 40.46m.

A talented para-athlete from Panipat, Haryana, Navdeep has overcome the challenges of his short stature to excel in the world of sports. The 24-year-old completed his education at Unique Public School and Delhi University, where he studied B.A. Hindi (Hons.).

Inspired by his father who was a national-level wrestler, Navdeep started his sports journey in athletics before only focusing on javelin throw. He received professional coaching in 2017 and made his international debut at the Asian Youth Para Games that year, where he won the gold medal in the javelin throw. he had finished fourth in the Tokyo Paralympic Games and had a similar fate in the Asian Para Games in Hangzhou.

Navdeep has won five gold medals at the national level. In 2021, he participated in the Fazza International Championship in Dubai and secured the gold medal. (IANS)

Horoscope, Sep 8: Good Conjugal Life On The Cards For Gemini, Libra May Purchase Property

by Hemanta Pande

All zodiac signs have their characteristics and traits which define someone’s personality. Know all about the astrological events and influences that will be affecting each of the 12 zodiac signs. Read on to find out whether the odds will be in your favour today.

Aries

You may get rid of physical problems. You may get new opportunities for improvement in life. You may have more work in the office. You may try to complete office work on time. People in the field of arts may perform well

Favourable colour – Red

Favourable number – 9

Remedy - Chant “Om Hring Sring Mangalaya Namah”.

Taurus

You may achieve lofty ambition by dint of hard work. Job seekers may get good jobs. You may be rewarded for your sharp intelligence. Students may get an opportunity to pursue higher education. Your diet may not be good due to busy work in office.

Favourable colour – White

Favourable number – 6

Remedy – Worship Goddess Bhargavi.

Gemini

Your health may improve. Good conjugal life on the cards. You are advised not to be angry with the staff in the office. You are advised to be careful while driving. You may get opportunity to purchase property.

Favourable colour – Green

Favourable number – 5

Remedy – Recite Maa Dattatreya's mantra.

Cancer

You may be blessed with social status and good fortune. Except for minor disputes, everything may be favorable for you. You may get an opportunity to live with leaders or high-ranking officials. Students may be more concerned over their studies.

Favourable colour- White

Favourable number- 2

Remedy – Touch elders’ feet.

Leo

Your health problems may be reduced. You may be able to solve all problems with understanding in the family. You may consider conducting auspicious work at home. With any big investment, you may experience financial growth.

Favourable colour- Orange

Favourable number- 1

Remedy- Hold Yantrika Mahakabach of Goddess Sri Matangi.

Virgo

Despite the financial crisis, you may be determined to start a new business. You may get a new opportunity today. You may be happy with obtaining vehicles, profits and engaged in entertainment and auspicious work. The support of others may help you in achieving success.

Favourable colour- Green

Favourable number- 5

Remedy - Recite Buddha's Mantra.

Libra

You may get success in the book business and cosmetics business. Students may get teacher's help in their studies. Nothing may go in your favor in the meetings. You may get satisfactory results from the financial aspect. You may get an opportunity to purchase property.

Favourable colour- White

Favourable number- 6

Remedy – Donate pulses, rice to the Goddess temple.

Scorpio

There may be an atmosphere of joy among the employees. Your physical sufferings may disappear. Your reputation and income may increase from all sides. You may be rewarded according to your efforts. In trouble, you may show resentment. You may not keep a promise to a friend.

Favourable colour- Red

Favourable number- 9

Remedy – Worship Lord Narasimha Puja and Chant the mantra.

Sagittarius

You may take new steps to improve business. You may devote more time to your family and pass the day happily. The sportspersons may be praised by the critics by performing well. You may consider the new proposal.

Favourable colour- Yellow

Favourable number- 3

Remedy – Hold Yantrika Mahakabach of Goddess Tara.

Capricorn

Loversbirs may try to strengthen their bondings. You may improve in the travel, trade and business sectors. Even if there is a family problem, you may take bold steps to solve it. You may commit mistakes in duty while being bound by the bonds of friendship.

Favourable colour- Blue

Favourable number- 8

Remedy – Recite Lord Shani's Gayatri Mantra.

Aquarius

Employess may get higher position. People who are interested in music may find a good teacher. It may cost you more to buy essential items. You may try to make proper use of wealth. You may be able to afford a new vehicle

Favourable colour- Blue

Favourable number- 8

Remedy – Hold Yantrika Mahakabach of Goddess Dakshinkali.

Pisces

Even if your body is fine, you may have fear in the mind. You may have a slight improvement in income. You may eat together with friends. In a dispute between two people regarding parental property, the third person may be the beneficiary. You may take up any important work in politics.

Favourable colour- Yellow

Favourable number- 3

Remedy – Worship Maa Tara.

After Putin, Italian PM Meloni Says That India Can Resolve Russia-Ukraine Conflict

by Hemanta Pande

Rome, Sep 7: Italian Prime Minister Giorgia Meloni on Saturday said that countries like India and China can play a role in resolving the conflict in Ukraine.

Meloni's remarks, made at the Ambrosetti Forum in northern Italy's Cernobbio city on Saturday - where she also held a meeting with the visiting Ukrainian President Volodymyr Zelensky - came less than 48 hours after Russian President Vladimir Putin also highlighted India's efforts in solving the ongoing crisis in the region.

"It is obvious that if the rules of international law are broken we will get a multiplication of chaos and crisis, but it is also obvious that with the multiplication of crisis, we will have a natural fragmentation of the geo-economic space, that is, in the long run, economic globalization and questioning of the rules of international law will not walk together. This is what I also said to my Chinese counterparts, we must choose, because the two things do not go together, it is also the reason why I think that in the end nations, like China and India, can play a role and must play a role in resolving the conflict in Ukraine," said Meloni.

On Thursday, while addressing the 9th Eastern Economic Forum in Vladivostok, Russian President Vladimir Putin had also mentioned India's role in providing a "helping hand" in resolving the issue.

"We respect our friends and partners who I think are sincerely interested in addressing and resolving all the issues associated with the conflict (with Ukraine). China, Brazil, India... I am in contact with my partners and I have no doubt that the leaders of these countries, and we have the relations of trust and confidence with one another, will be really interested in providing a helping hand," said Putin.

Meloni's comments came after her meeting with Zelensky met on the sidelines of the Ambrosetti Forum on Saturday where the two leaders discussed the latest developments on the ground and Ukraine's "most urgent needs" ahead of winter.

"The Head of State thanked for all the allocated military and technical assistance packages and emphasised the importance of transferring the relevant weapons to Ukraine as soon as possible," said Zelensky's office after the meeting.

It mentioned further that the Ukrainian President informed Meloni about the situation on the battlefield, the recent shelling of the country's civilian and critical infrastructure and spoke about current defence needs.

"The leaders discussed steps to implement the decision of the G7 to provide Ukraine with nearly USD 50 billion from frozen Russian assets," Kyiv asserted.

It added that the restoration and reconstruction of Ukraine, in particular of its energy system, was one of the issues discussed during the meeting.

The Italian PM's office stated that Meloni reiterated that support for Ukraine is a top priority on the Italian G7 Presidency's agenda and reaffirmed the ongoing commitment to Ukraine's legitimate defence and to a just and lasting peace.

The two leaders, it said, paid particular attention to the issue of reconstruction, also ahead of the next Ukraine Recovery Conference which will be held in Italy in 2025.

Later, in her address at the 50th edition of The European House – Ambrosetti Forum at Villa d'Este in Cernobbio, Meloni also highlighted the risks of destabilization for the geo-political and economic global space, and said she believed global actors such as China and India "will be able to play a role in resolving the conflict." (IANS)

Foreign Portfolio Investments Drop To Rs 2,916 Cr On Back Of High Valuations, Capital Gain Tax Hike

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