;Reliance Power Gains 6%; BSE POWER Index Down 0.1% Thu, 24 Apr 9:36 ;-Equity master

 

Reliance Power share price has zoomed 6% and is presently trading at Rs 45.3.

Meanwhile, the BSE POWER index is at 6,885.3 (down 0.1%).

Among the top gainers in the BSE POWER index today are Thermax (up 4.9%) and ADANI ENERGY SOLUTIONS (up 0.6%).

ABB (down 0.6%) and Power Grid Corp. (down 0.5%) are among the top losers today.

Over the last one year, Reliance Power has moved up from Rs 28.1 to Rs 45.3, registering a gain of Rs 17.1 (up 60.9%).

On the other hand, the BSE POWER index has moved down from 6,929.6 to 6,885.3, registering a loss of 0.6% during the last 12 months.

The top losers among the BSE POWER index stocks during this same period were Siemens (down 49.9%), ADANI GREEN ENERGY (down 46.7%) and Thermax (down 21.3%).

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What About the Benchmark Indices?

The BSE Sensex is at 79,902.3 (down 0.3%).

The top losers among the BSE Sensex today are ZOMATO (down 1.5%) and Bharti Airtel (down 1.2%). The most traded stocks in the BSE Sensex are Tata Motors and ZOMATO.

In the meantime, NSE Nifty is at 24,319.3 . Tata Consumer Products and ZOMATO are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 73,648.6 to 79,902.3, registering a gain of 6,253.7 points (up 8.5%).

Reliance Power Financial Update...

Reliance Power net profit grew 103.3% YoY to Rs 420 million for the quarter ended December 2024, compared to a loss of Rs 12,570 million a year ago. Net sales declined 4.7% to Rs 18,528 million during the period as against Rs 19,438 million in October-December 2023.

For the year ended March 2024, Reliance Power reported 553.9% decrease in net profit to Rs -22,422 million compared to net loss of Rs 3,429 million during FY23. Revenue of the company grew 5.0% to Rs 78,926 million during FY24.

The current Price to earnings ratio of Reliance Power, based on rolling 12 month earnings, stands at 7.6.

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ICAI to probe books of Gensol, BluSmart:-ET

New Delhi: The Institute of Chartered Accountants of India (ICAI) will review the FY24 financial statements and statutory audit reports of Gensol Engineering and its related party BluSmart Mobility amid allegations of fraud, ICAI president Charanjot Singh Nanda told ET.

This is the second case-after IndusInd Bank-that ICAI's Financial Reporting Review Board (FRRB) has taken up suo motu in just over a month, as a proactive step towards ensuring auditor accountability.

If FRRB finds that the financial statements of the relevant entities are not "true and fair", the case may be referred to ICAI's disciplinary committee for subsequent action against the auditors.

Last week, Securities and Exchange Board of India (Sebi) had barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing stock markets and ordered a forensic probe into their listed renewable energy firm.

An interim report of the markets regulator pointed to fund diversion by the brothers and governance failures within the company. The brothers face allegation of misuse of term loans availed of by Gensol from state-run IREDA and PFC.

Gensol's share price has crashed by over 22% since the release of Sebi's interim report. The shares closed at ₹100.80 apiece on the BSE on Wednesday.

As per the markets regulator, Gensol secured ₹977.75 crore in loans, of which ₹663.89 crore was to be used specifically for the purchase of 6,400 electric vehicles (EVs). These vehicles were to be leased to BluSmart, a related party. But Gensol admitted in its response to Sebi in February that it had procured only 4,704 EVs.

FRRB was constituted in 2002 to bring improvements in financial reporting practices and promote investor confidence in audited financial statements. The board reviews compliance with generally accepted accounting principles in the preparation of financial statements. It also scrutinises compliance with disclosure requirements and reporting obligations of auditors.

India acts tough after Pahalgam attack: Military options on table, diplomacy downgraded:-ET

 

Following a deadly attack in Jammu and Kashmir, India is considering military options and has downgraded diplomatic ties with Pakistan. Actions include holding the Indus Waters Treaty in abeyance, expelling Pakistani diplomats, and closing the Wagah-Attari border.

Elon Musk makes big announcement of visiting India after call with PM Modi:-ET

 

Elon Musk expressed his gratitude for the opportunity to speak with Indian Prime Minister Narendra Modi, highlighting the growing collaboration between India and his companies. They discussed technology and innovation, building upon previous discussions held in Washington D.C. Musk anticipates visiting India later this year, signaling further engagement.

YES Bank Q4 results: Net profit jumps 63% YoY, NII up 6%:-ET

 

Private sector lender YES Bank on Saturday reported that its March quarter standalone profit rose 63.3% year-on-year (YoY) to Rs 738 crore while its net interest income (NII) surged 5.7% YoY to Rs 2,276.3 crore.

Both the net profit and NII figures were above Street estimates. During the quarter, the bank's interest income rose 2.3% YoY to Rs 7,616 crore while net NPA (non-performing asset) came at 0.3% against 0.5% quarter-on-quarter.

YES Bank's gross NPA was flat sequentially at 1.6% while provisions came in at Rs 318.1 crore, up 23% sequentially.

The bank's advances rose 8.1% YoY to Rs 2.46 lakh crore while the deposit book rose 6.8% to Rs 2.85 lakh crore in Q4.

"The Bank exited the year with quarterly RoA of 0.7%, b) achieved 100% PSL compliance, c) further improved its Gross NPA and Net NPA ratios to 1.6% and 0.3% respectively – lowest levels since Mar’20, d) Brought down the net carrying value of Security Receipts to ‘NIL’ and e) Furthered expanded the CASA ratio by 340 bps Y-o-Y to 34.3% in FY25," YES Bank MD and CEO Prashant Kumar said.

The lender's Q4 net interest margin (NIM) came in at 2.5% vs 2.4% in the year-ago period. NIM for FY25 stood at 2.4%. Its total balance sheet grew 4.4% YoY while CASA ratio stood at 34.3% vs 30.9% in Q4FY24 and 33.1% QoQ.

Gross slippages for Q4 came in at Rs 1,223 crore (2% of advances) vs Rs 1,348 crore (2.2% of advances) in Q3FY25.

Kumar said YES BANK’s core franchise has gained significant momentum and is quite well placed to continue to thrive.

The Bank remains disciplined and focused on its execution with its strategy and actions remain fully anchored around further improving its Positioning and Profitability, he said, adding that e Q4FY25 marked yet another important quarter for YES BANK as it continued to make steady improvements across several key metrics and progressed well on the strategic objective of improving its profitability.

The last trading session on Thursday saw YES Bank shares ending 1.2% higher at Rs 18.09. The stock is down 24.5% in the last one year.

Read more at:
https://economictimes.indiatimes.com/markets/stocks/earnings/yes-bank-q4-results-net-profit-jumps-63-yoy-nii-up-6/articleshow/120427734.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

No GST on UPI transactions over Rs 2,000, clarifies govt; terms rumors as baseless:-ET

The Ministry of Finance has categorically denied recent rumors suggesting that it is planning to impose Goods and Services Tax (GST) on Unified Payments Interface (UPI) transactions exceeding Rs 2,000.

In an official statement issued on Friday by the Press Information Bureau (PIB), the government called such claims “false, misleading, and without any basis.”

“The claims that the Government is considering levying Goods and Services Tax (GST) on UPI transactions over Rs 2,000 are completely false, misleading, and without any basis. Currently, there is no such proposal before the Government,” the statement clarified, reassuring users and merchants alike.

"The government remains committed to promoting digital payments via UPI," it further said.

GST is levied on charges, such as the Merchant Discount Rate (MDR), relating to payments made using certain instruments.

Effective January 2020, the Central Board of Direct Taxes (CBDT) has removed the MDR on Person-to-Merchant (P2M) UPI transactions through the Gazette Notification dated 30th December 2019.

Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions.

According to the ACI Worldwide Report 2024, India accounted for 49% of global real-time transactions in 2023, reaffirming its position as a global leader in digital payments innovation.

US offers to ease sanctions on Russia in Ukraine peace proposal:-ET

The US presented allies with proposals to enable a peace deal between Russia and Ukraine, including an outline of terms to end the fighting and ease sanctions on Moscow in the event of a lasting ceasefire.

The push comes even as US Secretary of State Marco Rubio suggested on Friday that the Trump administration is prepared to “move on” from its peace efforts unless progress is made quickly. US Vice President JD Vance, though, said in Rome on Friday he was “optimistic” about the chances of bringing the war to a close.

The contours of the US plan was shared during meetings in Paris on Thursday, according to European officials familiar with the matter.The proposal would effectively freeze the war, with Ukrainian territories now occupied by Russia remaining under Moscow’s control, said the people. Kyiv’s aspirations of joining NATO would also be off the table. The people declined to provide further specifics, citing the confidential nature of the discussions.

The Paris talks included a meeting between French President Emmanuel Macron and US envoy Steve Witkoff, as well as discussions among Rubio and national security advisers and negotiators from France, Germany, the UK and Ukraine.

US officials indicated that they want to secure a full ceasefire within weeks, Bloomberg reported earlier. The allies will gather again in London next week to follow up on their discussions.

One of the officials said the plans, which need to be further discussed with Kyiv, wouldn’t amount to a definitive settlement, and that European allies wouldn’t recognize the occupied territories as Russian. The officials stressed that talks would be moot if the Kremlin didn’t agree to stop the fighting, and that providing Ukraine with security guarantees to ensure that any deal holds up was essential.

On Friday, Rubio said that security guarantees aren’t an “illegitimate desire” on Ukraine’s part, but that negotiators so far haven’t drilled down to that level of specificity.

“Every sovereign nation on Earth has a right to defend itself. Ukraine will have a right to defend itself and to enter into whatever agreements it wants to enter into on a bilateral basis with different countries,” he said.

Spokespeople for the National Security Council didn’t immediately reply to requests for comment.

Following a call between Rubio and Russian Foreign Minister Sergey Lavrov, State Department spokesperson Tammy Bruce said in a statement that Trump and the US “want this war to end, and have now presented to all parties the outlines of a durable and lasting peace.”

Kyiv has already agreed to a ceasefire and its position is that Moscow needs to agree to one as well before discussing other matters, a person familiar with the matter said. In Paris, the Ukrainian delegation’s task was to discuss how any ceasefire would be monitored, as well as a peacekeeping contingent, the person said.

European officials called the Paris meetings constructive and positive. The discussions marked the latest attempt by Europe to influence the outcome by demonstrating that — together with Kyiv — they’re fully supportive of US efforts to end the war and that the onus was on Russia to prove that it’s serious about negotiating a ceasefire.

Departing Paris, Rubio told reporters he hoped the UK, France and Germany could help “move the ball” toward a resolution — but also suggested US patience with its own mediation efforts is wearing thin.

“We’re not going to continue with this endeavor for weeks and months on end,” Rubio said. “We need to determine very quickly now, and I’m talking about a matter of days, whether or not this is doable in the next few weeks. If it is, we’re in. If it’s not, then we have other priorities.”

Russia has continued to bomb Ukrainian cities after balking at a proposed partial truce covering the Black Sea. The Kremlin said a separate, 30-day partial truce covering energy infrastructure ended on Friday. A week ago, Russian forces fired ballistic missiles, including one equipped with cluster munitions, at Ukraine’s northeastern city of Sumy, killing 35 people.

The Paris talks also built on France-UK efforts to form a postwar “reassurance force” in Ukraine, as well as plans to ensure that Kyiv has an adequately resourced and manned military as part of a package of security guarantees.

Officials in Paris and London are hoping that that proposal would demonstrate that Europe is serious about committing its own resources to Ukraine’s postwar future, and persuade Trump to provide a backstop to those guarantees.

Lifting sanctions while Russia continues to occupy large areas of Ukraine could prove problematic for several of Kyiv’s allies. Removing European Union restrictions, including unfreezing immobilized assets, requires the backing of all member states.

Witkoff told Fox News this week that the key to an overall agreement revolves around “five territories,” without providing more details. Russia insists that its military seizure of parts of Ukraine since 2014, including the Crimean peninsula and large areas of four regions — Zaporizhzhia, Kherson, Luhansk and Donetsk — must be recognized in any accord.

Russia has also linked efforts to stop the fighting to relief from economic sanctions, and has demanded a suspension of arms deliveries to Ukraine as a condition for a ceasefire.

Speaking to reporters in Kyiv on Thursday, Ukrainian President Volodymyr Zelenskiy lashed out at Witkoff for “adopting Russian strategy,” and said that Trump’s envoy had no “mandate to discuss Ukrainian territories, because these territories belong to our people.”

“We do not discuss territories until the ceasefire,” Zelenskiy said. “We will never consider Ukrainian lands as Russian.”

India returns to space: After 40 years, India to send astronaut Shubhanshu Shukla to ISS in May:-ET

 

After a wait of four decades, Indian astronaut Shubhanshu Shukla is set to travel to the International Space Station next month as part of an Axiom-4 mission, Union Minister Jitendra Singh said on Friday.

"Group Captain Shukla's journey is more than just a flight – it's a signal that India is stepping boldly into a new era of space exploration," Singh said.

India plans to conduct two crewed space flights by 2028, minister of state for science and technology Jitendra Singh told parliament. The budget for this has been doubled to $2.32 billion from an initial outlay of $1.1 billion after the scope of the programme was expanded.Shukla’s experiences aboard the ISS will assist ISRO as he travels on the SpaceX Dragon spacecraft, which will be launched from NASA’s Kennedy Space Center in Florida. Former NASA astronaut Peggy Whitson will command this commercial mission, while Shukla, 39, will serve as pilot. He is expected to stay for about two weeks, during which he will conduct research and experiments.

Who is Shubhanshu Shukla?

Shukla, a Indian Air Force (IAF) pilot, will join a crew led by former NASA astronaut Peggy Whitson, who will serve as mission commander. He will be accompanied by two mission specialists—Slawosz Uznanski-Wisniewski from Poland and Tibor Kapu from Hungary. This mission will not only send the first ISRO astronaut to the ISS but will also mark the first stay aboard the station for astronauts from Poland and Hungary.

His journey began when he was commissioned into the IAF fighter wing in June 2006. As a combat leader and seasoned test pilot, he boasts an impressive 2,000 hours of flight experience across various aircraft, including the Su-30 MKI, MiG-21, MiG-29, Jaguar, Hawk, Dornier, and An-32. His ascent to the rank of group captain in March 2024 reflects his exceptional contributions.

In 2019, Shukla received a momentous call from ISRO. He embarked on rigorous training at the Yuri Gagarin Cosmonaut Training Center in Star City, Moscow, Russia--a year-long preparation that would shape his destiny.

On February 27, 2024, Indian Prime Minister Narendra Modi announced Shukla as one of the elite astronauts undergoing intensive training for India's maiden human spaceflight mission, Gaganyaan, scheduled for launch in 2025.

In August 2024, Shukla was selected as the 'Prime' astronaut for the upcoming Indo-US mission to the International Space Station (ISS). Group Captain Prasanth Balakrishnan Nair was selected as the 'Backup' astronaut.

Notably, the Gaganyaan project envisages the demonstration of human spaceflight capability by launching a crew of 3 members to an orbit of 400 km for a 3-day mission and bringing them back safely to earth by landing in Indian sea waters.

India's space sector has experienced significant growth and achievements over the past year, marking a new era of innovation and exploration.

From the successful Chandrayaan-3 lunar landing to the launch of the Aditya L1 Solar Mission, ISRO has demonstrated its capabilities on the global stage. The organisation has also made strides in its Gaganyaan human spaceflight program, conducted critical tests for reusable launch vehicles, and expanded its satellite portfolio with missions like XPoSat and INSAT-3DS.

On January 29, ISRO successfully launched their GSLV-F15 carrying the NVS-02 on 6:23 AM at Sriharikota, Andhra Pradesh. This was ISRO's 100th launch from the country's space port. Furthermore, the country has laid out ambitious roadmaps for lunar exploration and human spaceflight, including plans for an Indian space station by 2035.

New Passport update: Adding spouse’s name to passport no longer needs marriage certificate, says MEA- Details here The new rule introduces a joint photo declaration—Annexure J—as a valid substitute to the marriage certificateBT business today

 

In a move set to ease a longstanding hassle for Indian passport applicants, the Ministry of External Affairs (MEA) has announced that citizens can now add their spouse's name to their passport without furnishing a marriage certificate. The new rule introduces a joint photo declaration—Annexure J—as a valid substitute.

According to Pune’s regional passport officer Arjun Deore, Annexure J, signed by both husband and wife, now serves as a valid alternative to the traditional marriage certificate requirement, which many applicants previously struggled to fulfil, as reported by the Times of India.

A senior passport official explained that the change addresses significant regional disparities in marriage registration practices. While marriages in Maharashtra are typically registered by default, in many northern states they are not, which leaves applicants without formal marriage certificates.

The official added that the MEA introduced the option of the Joint Photo Declaration because many applicants often lack complete documentation.

Annexure J requires the couple to declare their names, address, and marital status, confirming that they have been living together as a married couple. The form includes a space for a self-attested joint photograph, and both parties must sign the declaration with the place and date clearly mentioned. Additional required details include the Aadhaar numbers, voter IDs, and passport numbers (if available) for both spouses.

Dr. Deore clarified that the form includes a dedicated space for a self-attested joint photograph, and the declaration is considered valid only if all fields are completed, including names, Aadhaar numbers, voter ID numbers, and passport numbers, where applicable.

The ministry has also made it clear that in order to remove a spouse’s name from a passport, a divorce decree or order is still mandatory. A source stated that to change the name of a spouse on the passport, applicants must provide a divorce decree, death certificate of the first spouse, a re-marriage certificate, or a Joint Photo Declaration (Annexure J) signed by both parties, along with updated identity documents featuring QR-code-enabled Aadhaar verification.

 

BEST PHOTO OF THE DAY RELATING TO TARIFF DIFFERENCES RESOLUTION BETWEEN USA AND CHINA

 

Jio Financial Q4 Results: Profit rises 2% YoY to Rs 316 crore; co declares Rs 0.5 per share dividend:-ET

 

Jio Financial Services on Thursday reported a marginal 2% growth in its consolidated net profit at Rs 316 crore in the fourth quarter of FY25, compared with Rs 311 crore in the same quarter of the last year.

The company's board has recommended a dividend of Rs 0.5 per share for the financial year ended March 2025.Revenue from operations during the reporting period rose 18% year-on-year (YoY) to Rs 493 crore. The same stood at Rs 418 crore in the previous year period.

On a sequential basis, revenue from operations rose 13%, while the profit after tax jumped 7% quarter-on-quarter.

Interest income during the fourth quarter fell marginally to Rs 276 crore in the January-March 2024 period, while the income from fee and commissions improved to Rs 39 crore.

In the lending and leasing department, Jio Finance's AUM stood at Rs 10,053 crore versus a meagre Rs 173 crore a year-ago.

The segment's physical presence expanded to 10 Tier-1 cities and the company also increased partnerships with wealth management

companies and banks for LAS and LAMF.

In the payment's business, Jio Payments Bank customer base expanded 3x YoY to 2.31 million. The Bank has a CASA plus wallet of Rs 295 crore, which is also up 3x YoY.

Meanwhile, Jio Payment Solutions received online payment aggregator license during the fourth quarter.

The insurance broking expanded supply with 34 insurance partners and 61 direct-to-customer plans. The company said it is refining customer journeys with digital DIY platform.

Jio Financial Services, formerly Reliance Strategic Investments, is a Mumbai-based financial services company and a subsidiary of Reliance Industries. The company offers a range of financial products, including lending, insurance broking, and digital payment solutions.

On Thursday, Jio Financial shares closed 1.6% higher at Rs 246.2 on NSE.

Trump signals tit-for-tat China tariffs may be near end; TikTok deal on ice:-ET

 

U.S. President Donald Trump indicated a possible easing of tariff tensions with China, suggesting he may not raise tariffs further to avoid discouraging consumer spending. While he previously imposed 10% tariffs and later increased rates on Chinese imports (totaling 145%), both the U.S. and China now appear less inclined to escalate the trade conflict.

Cab Company BluSmart Halts Services In Delhi, Mumbai, Bengaluru: Here's WhyUsers cannot book or schedule rides until May 7. Edited by: NDTV News Desk India News Apr 16, 2025 21:32 pm IST:-

 New Delhi:

Electric cab service BluSmart has temporarily suspended its operations in Delhi NCR, Mumbai, and Bengaluru. Although the app is available on the Play Store, it doesn't allow users to book or schedule rides until May 7.

This comes after the Securities and Exchange Board of India (SEBI) found potential violations related to funding and compliance. BluSmart, co-founded by Anmol Singh Jaggi and Puneet Singh Jaggi - the promoters of Gensol Engineering Limited (GEL) - has come under scrutiny after SEBI banned the brothers from accessing the securities market and suspended their company's proposed stock split.

In its interim order, SEBI said, "Funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high-end apartment in The Camellias, Gurugram, in the name of a firm where the MD of Gensol and his brother are designated partners."

The market regulator added, "It was separately noted that Rs 5 crore, which was initially paid as booking advance by Jasminder Kaur, mother of Anmol Singh Jaggi, was also sourced from Gensol."

"Further, it was noted that once DLF returned the advance to Kaur, the funds did not go back to the company but were instead credited to another related party of Gensol."

SEBI claimed that Anmol Singh Jaggi transferred Rs 25.76 crore from Gensol to personal accounts and associated companies, including a transfer to Ashneer Grover's company, Third Unicorn.

The market regulator temporarily disqualified the promoters from holding important managerial or directing positions after the disclosures and prohibited Gensol and related companies from trading on the securities market.

Apart from that, SEBI ordered the appointment of a forensic auditor to review the company's books.

Development Agency (IREDA) and Power Finance Corporation (PFC) provided Gensol Engineering with loans totalling Rs 978 crore between 2021 and 2024. Of this, Rs 664 crore was set aside specifically to purchase 6,400 EVs, which BluSmart planned to lease. In February 2025, the company disclosed in a stock exchange statement that it had only purchased 4,704 EVs to date.

The electric-ride-hailing app was already facing problems in late March when Refex Industries' green mobility division pulled the plug on a deal to buy 2,997 electric vehicles worth Rs 315 crore from Gensol.

Earlier this week, there were reports that BluSmart might be shutting down its main cab service and instead become a fleet partner for Uber. The startup may move around 700-800 electric cars to Uber's platform, according to a report in Business Standard.