Domestic institutional investors have taken the lead on Dalal Street, reclaiming their position as the top equity holders after more than two decades.
Here are the week’s top business stories.
Domestic institutional investors or DIIs have now overtaken foreign institutional investors, or FIIs, in their holdings of companies listed on the National Stock Exchange (NSE). In the March quarter, DII holdings rose to 17.62%, surpassing FII holdings at 17.22%. The data has been compiled by Primeinfobase.com and reported by The Economic Times.
Staying with the stock market – Indian equities ended higher in April, gaining for the second consecutive month. The Sensex and the Nifty rose by over 3% each, continuing the momentum from March, when both indices climbed 6%. The April rally has made Dalal Street one of the top performers across Asian equity markets.
Moving on to the Indian economy – India’s Goods and Services Tax or GST, collection has reached yet another historic high. GST revenues in April surged 12.6%, hitting an all-time high of ₹2.37 lakh crore.
India’s semiconductor ambitions were also in the spotlight this week – but for the wrong reasons. According to a Reuters report, the Adani Group has halted discussions with Israel’s Tower Semiconductor for a proposed plant in Maharashtra. The group had earlier planned to invest around ₹84,000 crore in the project. However, the plan has been shelved as it no longer aligns with Adani’s strategic and commercial goals, the report quotes sources as saying.
On to the latest in the Trump tariff tussle – China on Friday said it is considering a proposal from the United States to initiate trade talks. A statement from China’s Commerce Ministry said senior US officials had reached out multiple times, hoping to begin negotiations with Beijing. However, China reiterated that if the US wants to talk, it must first cancel the unilateral tariffs.
The other major global headline – Elon Musk on Thursday hit out at The Wall Street Journal over its report claiming that the Tesla board was considering removing him as CEO. Musk labelled the report “deliberately false.”
That’s all the time we have on this edition of the Hook Business News Wrap.
Log on to Hook.Online to catch our special report on the sunscreen battle simmering this summer. We’ll be back with more next Friday.
