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Grasim Industries to sell Grasim Bhiwani Textiles to Donear group

Garsim Industries Ltd, Aditya Birla Group firm, is going to sell its wholly owned subsidiary Grasim Bhiwani Textile to Rajendra Synthetics which is a part of Donear Group for an undisclosed amount.

The company has said in a statement that its is a part of the company’s strategy for consolidating its focus on the core business.

The company’s board has provided its approval to the agreement to transfer 100 percent stake in Grasim Bhiwani Textiles Ltd (GBTL) to Donear Group.

Grasim Industries said in a regulatory filing that “The company has entered into a definitive agreement for divesting the company’s total investment in GBTL to Rajendra Synthetics Pvt Ltd, Mumbai (part of Donear Group).”

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INDIA

Stronger US-India Alignment Possible in Trump’s Second Term, Says FIIDS Founder

Dhruva Kulkarni

There could be a stronger alignment between India and the United States during Donald Trump’s second term, potentially boosting diplomatic efforts on key global issues like the Russia-Ukraine crisis, according to the founder of a leading advocacy group for the Indian diaspora. Trump is set to return to the White House as US President on Monday.

Khanderao Kand, founder of FIIDS, believes Trump’s second term will bring a more mature approach, distinct from Biden’s, focusing on South Asia and the Indo-Pacific.

Kand mentions that India and Trump share a similar viewpoint regarding the Russia-Ukraine crisis, emphasising diplomatic engagement and negotiations for resolution.

During Trump’s second term, the US and India are expected to align better on foreign policy issues, such as Canada and Bangladesh.

In trade, Trump’s “America First” policy may lead to discussions on tariffs, but Kand expects a transactional approach for smoother progress.

Regarding H-1B visas, Kand highlights that Trump and tech leaders like Elon Musk and Vivek Ramaswamy support the need for tech immigrants to maintain America’s global competitiveness, especially in AI and cybersecurity.

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INDIA

98% of Land Records Digitised in 7-8 Years: PM Modi

Dhruva Kulkarni

PM Modi distributed over 65 lakh property cards under the SVAMITVA Scheme to beneficiaries across 50,000+ villages in 230 districts via video conferencing.

He highlighted the importance of the SVAMITVA Scheme, stating that over 65 lakh families in 50,000 villages have received property cards, bringing legal proof of ownership to villagers.

He criticised previous governments for neglecting land and ownership rights in villages and shared that his government began the Swamitva Yojana in 2014 to address this issue. Land and house mapping was carried out across the country using drones.

Modi also emphasised the government’s focus on village development, with property rights now helping resolve issues for Gram Panchayats and empowering them financially. He further mentioned that nearly 98% of land records have been digitised in the last 7-8 years.

He also announced decisions benefiting farmers, including continuing the Pradhan Mantri Fasal Bima Yojana and measures related to DAP fertiliser.

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INDIA

Government Looking to Waive a Substantial Portion of AGR Dues 

Ali Waghbakriwala

The government is preparing a new set of relief measures for the telecom industry. 

Following the removal of the bank guarantee requirement for past spectrum dues in December 2024, officials are now considering waiving a significant portion of adjusted gross revenue (AGR) dues levied on companies like Vodafone Idea and Bharti Airtel after the Supreme Court’s 2019 ruling.

This initiative could be a game-changer for India’s telecom sector, offering critical financial relief to struggling operators.

According to sources, the Department of Telecommunications (DoT) has held multiple discussions with telecom operators, including Vodafone Idea, where the companies emphasized their financial difficulties.

The proposed relief measures reportedly include waiving 50% of interest and 100% of penalties, along with interest on penalties. If implemented, this could provide telecom operators with financial relief exceeding Rs 1 lakh crore, with Vodafone Idea (Vi) benefitting the most, receiving over half of the relief due to its dire financial condition.

Under this proposal, Vi’s adjusted gross revenue (AGR) dues could be reduced by more than Rs 52,000 crore, Bharti Airtel’s by nearly Rs 38,000 crore, and Tata Teleservices’ by approximately Rs 14,000 crore.

The AGR issue originated from the Supreme Court’s October 2019 ruling, which upheld the government’s interpretation of AGR, leading to dues of Rs 1.47 lakh crore for telcos, including Rs 92,642 crore in license fees and Rs 55,054 crore in spectrum usage charges. Notably, 75% of these dues were attributed to interest, penalties, and interest on penalties.

Vodafone Idea, particularly burdened by these dues, faces questions about its survival, with repayments scheduled to begin in FY26. As of March 2025, industry estimates place Vi’s AGR dues at Rs 80,000–85,000 crore, Bharti Airtel’s at Rs 42,000–44,000 crore, and Tata Teleservices’ at Rs 17,000–19,000 crore.

Vi’s CEO, Akshaya Moondra, disclosed in September 2024 that the company had reopened discussions with the government after the Supreme Court rejected a curative petition for AGR re-computation.

In December 2024, the government eased Vi’s financial strain by waiving the requirement for bank guarantees on past spectrum dues, freeing up Rs 24,800 crore and enabling additional credit from lenders.

If approved, this latest proposal could provide a critical lifeline to Vodafone Idea, bring stability to India’s telecom sector, and promote fair competition among operators.

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ECONOMYINDIA

FICCI Projects India’s GDP Growth at 6.4% for 2024-25

Dhruva Kulkarni

The FICCI’s (Federation of Indian Chambers of Commerce & Industry) latest survey projects India’s GDP growth at 6.4% for 2024-25, down from 7% forecasted earlier and 8.2% achieved in 2023-24.

Their December 2024 survey forecasts India’s GDP growth at 6.4% for 2024-25, down from 7% projected earlier due to global headwinds and uneven recovery in advanced economies.

Agriculture is expected to grow by 3.6%, while industrial and services sectors are projected to expand by 6.3% and 7.3%, respectively.

CPI inflation is estimated at 4.8% for 2024-25, matching RBI’s forecast, with easing food inflation expected to boost rural demand.

Lower interest rates from RBI’s monetary easing are likely to drive consumption, though subdued private capital expenditure remains a concern.

Government investments in infrastructure, including roads and housing, will be key growth drivers in 2025-26.

Globally, inflation is easing unevenly, but geopolitical tensions and Middle East conflicts pose risks to energy markets and trade.

India stands to gain from global supply chain diversification in electronics and pharmaceuticals as businesses seek alternatives to China.

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INDIA

India Kicks Off 2025 with Accelerated Free Trade Negotiations

Ali Waghbakriwala

India is ramping up efforts to advance trade negotiations with multiple countries and economic blocs in 2025. Discussions are underway to finalize the Terms of Reference (TOR) for a potential Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Observer nations include Cuba, Moldova, and Uzbekistan. Chief negotiators from both sides held a virtual meeting on 9 January 2025.

The significance of this FTA is heightened by India’s reliance on petroleum imports from Russia, a trade disrupted by recent U.S. sanctions. In the fiscal year ending March 2024, Russia emerged as India’s top trading partner within the bloc, with India exporting $4.26 billion worth of goods and services while importing $61.43 billion.

India is also preparing to resume FTA talks with the United Kingdom in early February. These negotiations, which began in January 2022 and spanned 14 rounds, were paused in March 2024 due to elections in both nations.

Additionally, the 10th round of FTA negotiations with the European Union is scheduled for March 10–14 in Brussels. Key discussions will focus on an investment protection agreement and geographical indications (GIs). 

The previous round tackled issues such as trade in goods and services, investment, government procurement, rules of origin, sanitary and phytosanitary (SPS) measures, and technical trade barriers. In 2023, India exported $75.18 billion in goods and $31.13 billion in services to the EU, with imports totalling $63.44 billion.

Lastly, the next round of discussions for revising the existing FTA between India and ASEAN countries is set for 10 February in Indonesia.

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