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HUL, Kaveri Seeds among 5 stock picks this monsoon; check upside potential
Rex Cano Mumbai
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The monsoon season in India this year 2025 started earlier than anticipated on May 24, 2025 - almost a week earlier than the usual June 1 date, and the earliest since 2009. On Tuesday, the India Meteorological Department (IMD) raised its monsoon forecast for 2025, projecting rainfall at 106 per cent of the long-period average (LPA), and expects June rainfall to be "above normal", at over 108 per cent of the LPA. The Indian monsoon has a direct impact on the agriculture sector, and also boosts the rural income and overall economy. Shares from agriculture, auto

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Economic Times
20 minutes ago
- Economic Times
Tariff worries trigger rupee's steepest fall in nearly three months
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Indian rupee posted its steepest one-day drop since May and hit a five-month low on Wednesday, hurt by worries over steep U.S. tariffs on Indian exports alongside dollar demand from foreign banks and rupee hit a low of 87.5125 against the U.S. dollar before closing at 87.42, down 0.7% on the said that while the Reserve Bank of India likely stepped in to support the local currency, the intervention was not very aggressive.A 20%-25% tariff may be imposed on India's exports in the absence of a trade deal and as the Asian country holds off on offering fresh concessions ahead of Friday's deadline, Reuters reported on Tuesday.U.S. President Donald Trump said on Tuesday that a trade deal with India had not been finalised and higher tariffs were tariff threats, the psychological impact of the rupee breaching the 87 mark, and urgency among importers to hedge before the August 1 deadline has weighed on the rupee, said Dilip Parmar, a foreign exchange analyst at HDFC conditions remain the same, the rupee could fall below 88 in the coming weeks, Parmar said. The local unit had hit an all-time low of 87.95 in addition to trade uncertainty, persistent foreign portfolio outflows have also been a pain point for the rupee. Overseas investors have net sold over $1.5 billion of local stocks in among importers and the absence of inflows have kept the currency under pressure and that may persist in the near-term, a trader at a foreign bank Asian currencies were trading mixed and the dollar index was little changed at 98.8 as investors await the Federal Reserve's policy decision later in the Fed is widely expected to keep rates unchanged, with the focus on commentary from Chair Jerome Powell and whether the decision is unanimous.

Business Standard
20 minutes ago
- Business Standard
Rupee hits five-month low on US tariff warning, oil spike; ends at 87.42/$
The Indian Rupee weakened to its lowest level in over five months on Wednesday as sentiment soured following higher-than-expected tariff remarks by the US President and a surge in oil prices. The domestic currency closed 60 paise lower at 87.42 against the dollar on Wednesday, the lowest level since February 28 this year, according to Bloomberg. The local unit has depreciated 1.9 per cent so far this month and 2.12 per cent in this calendar year so far. This is so far the worst monthly fall since September 2022, when it fell 2.32 per cent. The weakness in currency came after Trump's statement that India may face a tariff rate of 20 to 25 per cent. He, however, cautioned that the final levy still was not finalised. India is racing to finalise a trade deal with the US as the 1 August deadline approaches. Officials from both countries are engaged in continuous negotiations, although major disagreements remain unresolved. Rupee traded weak, breaching the 87.40 mark as rising crude prices and a stronger dollar index weighed on sentiment, according to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. Market participants remain cautious ahead of the US Federal Reserve's policy announcement tonight, with additional key US data lined up this week likely to keep volatility elevated, he said. "The rupee is expected to trade within a broader range of 87.00-87.70." Adding to the downward pressure are persistent foreign portfolio investor (FPI) outflows from Indian equities, with capital being redirected toward developed markets that are currently trading at record highs, analysts noted. FPIs have sold Indian equities for the seventh straight session in the secondary market, according to data from NSE. On Tuesday, FPIs offloaded stocks worth ₹4,636.60 crore. In the last seven sessions, global funds have sold stocks worth ₹24271.98 crore. The dollar index is poised for the best month this year, with the measure of the greenback against a basket of six major currencies, down 0.05 per cent at 98.83.
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Business Standard
20 minutes ago
- Business Standard
Have money abroad? IT dept's new guide spells out what & how to report
To help taxpayers correctly report overseas income and assets, the Central Board of Direct Taxes (CBDT) has released a detailed guide explaining how to fill the foreign assets (FA), foreign source income (FSI), and tax relief (TR) schedules in the income tax return (ITR). These steps align with international obligations under the Common Reporting Standard (CRS) and the US-led foreign account tax compliance act (FATCA), aimed at curbing offshore tax evasion. Why CRS and FATCA matter CRS, developed by the OECD, and FATCA, enacted by the United States, are global frameworks that require financial institutions across countries to share details of foreign financial accounts with respective tax authorities. India receives such data annually, covering account balances, interest income, and more, which helps the Income Tax department detect unreported foreign assets or income held by resident taxpayers. What needs to be reported Indian residents must declare: All foreign financial accounts and assets (under Schedule FA) Income from any foreign source (under Schedule FSI) Tax relief for taxes paid overseas (under Schedule TR and Form 67) Failure to do so can trigger steep penalties under the Black Money Act, 2015. How to file: A quick overview Schedule FSI-reporting foreign income -Mention income from outside India under the correct head (e.g., salary, capital gains). -Use ISD codes for countries and provide TIN or passport details. -Claim tax relief under the applicable Double Taxation Avoidance Agreement (DTAA) article. -Ensure you also file Form 67 to claim credit. Schedule TR- tax relief claimed -Summarise tax paid overseas (as reported in FSI) country-wise. -Mention tax relief claimed under Sections 90, 90A or 91. Schedule FA-foreign assets disclosure Report all foreign assets held during the calendar year ending 31 December 2024, including: -Depository, custodian and insurance accounts -Foreign equities, immovable properties, trusts, and other capital assets -Signing authority in any foreign account Convert all amounts into Indian currency using SBI's telegraphic transfer buying rate as on the relevant date. Why this matters Transparent and accurate foreign asset disclosure: -Ensures legal compliance and avoids scrutiny -Helps claim tax credits and avoid double taxation -Reflects good governance and contributes to national development Final word The Income Tax department urges all resident taxpayers to disclose foreign assets and income fully and accurately in their ITRs. With automatic exchange of data under CRS and FATCA, concealment is riskier than ever. Timely and transparent disclosures are key to staying on the right side of the law.