Taking a bold call at the Business Standard BFSI Insight Summit, Raamdeo Agrawal, chairman and co-founder, Motilal Oswal Financial Services said on Tuesday that the benchmark Nifty50 index could double over the next five years, and may swell 4-times (4X) in 10 years.

"India is in a different cycle right now where we are seeing corporate upgrades. The aggregate earnings of India Inc, thus far in the July to September quarter (Q2FY24), have increased 32 per cent as against our expectation of 26 per cent.

India's second-quarter gross domestic product (GDP) growth figure, in all probability, will surprise everyone on the upside, Shaktikanta Das, governor of the Reserve Bank of India (RBI), said on Tuesday at the Business Standard BFSI Insight Summit 2023.

In a fireside chat with Tamal Bandyopadhyay, Das said, "Looking at the momentum of economic activity, looking at few early indicators, I can say that the second quarter GDP number, as and when it is released, at the end of November, in all probability will surprise everyone on the upside."

In a serious data breach, personally identifiable information of 815 million Indians has been up on the dark web for sale, according to a report by US-based cybersecurity firm Resecurity. Details such as Aadhaar and passport information along with names, phone numbers and addresses are available for sale online, it has said.

Media reports suggested that the Indian Council of Medical Research (ICMR) database might have been compromised, given the extensive scope and sensitive nature of the information. Queries sent to ICMR were not answered at press time.

The death toll in the rear-end collision between two passenger trains in Andhra Pradesh rose to 14 and the number of injured stood at 50.

The Sunday evening accident was the third fatal railway mishap in the past four months.

Between the deadly triple-train crash in Balasore in June, the derailment in Buxar earlier this month, and the latest accident in Vizianagaram.

The Securities Appellate Tribunal (SAT) on Monday set aside the order by the market regulator Securities and Exchange Board of India (Sebi) against Zee Entertainment Enterprises' promoter Punit Goenka, barring him from holding key positions in four Zee group firms and the merged entity with Sony Pictures Networks India.

With this, Goenka can now be appointed as the Managing Director (MD) of the merged entity.

The price of 24-carat gold declined by Rs 230 in early trade on Tuesday, with ten grams of the yellow metal selling at Rs 62,400, according to the GoodReturns website. Silver prices rose by Rs 1,000 per kilogram to Rs 75,600.

The price of 22-carat gold fell by Rs 210 and the precious metal is selling at Rs 57,200 per 10 grams.

Shares of KPIT Technologies hit a record high of Rs 1,249.95, as they rallied 5 per cent on the BSE in Tuesday’s intra-day trade in an otherwise volatile market after the company raised fiscal 2023-24 (FY24) growth outlook. In past two trading days, the stock has surged 11 per cent. In comparison, the S&P BSE Sensex was down 0.1 per cent at 64,051 at 09:311 AM. KPIT Technologies said it increased FY24 constant currency (CC) growth outlook to 37 per cent plus from 27 per cent - 30 per cent earlier.

Tata Motors on Monday said an arbitral tribunal has asked the West Bengal Industrial Development Corp to pay the company Rs 766 crore compensation in connection with losses incurred on its manufacturing site in Singur.

Tata Motors had to shift its plant to produce small car Nano from Singur in West Bengal to Sanand in Gujarat in October 2008 due to a land row. Tatas, by then, had already put over Rs 1,000 crore in Singur.

Reliance Jio has announced India's first satellite-based giga fiber service to provide high-speed broadband to previously inaccessible geographies within the country. Reliance Jio Infocomm Chairman Akash Ambani showcased the JioSpaceFiber technology to Prime Minister Narendra Modi at the seventh edition of the India Mobile Congress on Friday.

The move will intensify the race to provide satellite broadband services in India, with JiosSpaceFiber set to compete with Bharti-backed- satcom operator OneWeb.

Union Bank of India’s net profit for the quarter ended September (Q2FY24) grew by 90 per cent year-on-year (Y-o-Y) to Rs 3,511 crore, aided by over a 12 per cent rise in other income and a dip in provisions for bad loans. Sequentially, the public-sector lender’s profit went up 8.5 per cent from Rs 3,236 crore in the quarter ended June (Q1FY24).

Its stock closed 5.5 per cent higher at Rs 99.95 a share on BSE. The bank announced results after the close of trading hours.

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