City New Delhi Financial News

06.12 / 19:53

FIVE Digital Platform Mobile Pool country E-sports to be the next big bet

NEW DELHI : Online sporting (e-sports) events are emerging as a big revenue opportunity with growing enthusiasm for the nascent gaming sector in India, industry executives said. The country, with 42.5 crore gamers, second only to China, saw a string of e-sports events this year with substantial prize money on offer. On 27 August, e-sports firm Nodwin Gaming, a subsidiary of the only publicly-listed gaming company Nazara Technologies, concluded the second edition of its Battlegrounds India Master Series (BGMS).

06.12 / 16:13

FIVE information reports audit Regulator debars audit firm's partners for lapses in DHFL review

NEW DELHI : The National Financial Reporting Authority (NFRA) has debarred two partners of a Mumbai-based firm for alleged professional misconduct in auditing Devan Housing Finance Corp. Ltd’s FY18 accounts, as part of the watchdog’s efforts to improve audit quality. The regulator debarred a partner at Chaturvedi & Shah LLP for 10 years, and another for five years.

06.12 / 13:53

Manufacturing Mobile economy beautiful electronic reports NOT How this year’s festive season sales fared: “decent; not great, but decent”

NEW DELHI : By several accounts, Indians were set to splurge this festive season. And they did–shopping online and on cars and two-wheelers, but for many traditional retailers and consumer goods makers, the season was merely satisfactory. As the lights dimmed on the mega sales period that began in October and stretched on until Diwali in mid-November, a pattern’s emerging on how Indians shopped–making for an interesting narrative on the country’s growth and consumption patterns.

06.12 / 09:07

Progressive Enterprise reports Adani Ent. Adani Wilmar, Adani Power other group stocks gain up to 17%. Adani Power, Ambuja rise to pre Hindenburg level

Ambuja Cement and New Delhi Television Ltd but with the exception of ACC Ltd continued adding to their gains on Wednesday. The combined market cap of the 10 Adani group listed companies had increased by about ₹87,224 crore till noon on Wednesday. investor confidence got a boost post the news flow suggesting that US government agencies have found allegations levelled by Hindenburg against the Adani group as irrelevant and unsubstantiated.

06.12 / 03:49

Aviat Airlines Boeing SpiceJet flight diverted to Karachi due to medical emergency, passenger recovers after treatment

SpiceJet flight SG-15 made an emergency landing here around 9.30 pm on Tuesday and a passenger was given medical assistance. "The Boeing 737 aircraft was going from Ahmedabad to Dubai when a 27-year old passenger, Dharwal Darmesh, suffered a suspected heart attack and needed medical attention," a spokesperson of the Civil Aviation Authority (CAA) said here.

05.12 / 21:15

FIVE Booking Department 200 young paddlers stranded in Vijayawada due to Cyclone Michaung

Vijayawada brought joy and pain in equal measure for young Bengal paddler Sreosree Chakraborty, who is now stuck along with 300 others because of Cyclone Michaung, which has wreaked havoc on India's east coast. Cyclone Michaung made landfall in Bapatla, a coastal district of Andhra Pradesh, bringing heavy rainfall in Vijayawada, about 80km away, where the National Ranking TT tournament concluded on Monday. A Table Tennis Federation of India (TTFI) official told PTI on Tuesday that there are about 200 players in the age group of U-11 to U-19 stuck along with their family members.

05.12 / 18:43

Metro Highways Experts country Department prevention audit Plans afoot to rope in experts from IITs for tunnel audit team

New Delhi: India is looking to create a tunnel safety system as part of a broader effort to fortify the extensive tunnel network across highways, railways and metro systems in the country, people familiar with the development told ET. This will include forming an audit team with experts from various IITs and setting up a world-class tunnelling centre under IIT Delhi to research and propose enhanced safety measures for tunnels that are benchmarked to international levels, the people said. They added that the move is aimed at preventing recurrence of mishaps like the recent Silkyara tunnel collapse in Uttarakhand in future.

05.12 / 18:43

CEO pandemic cover Developers now focus on new growth menu: Food-only malls

While Bengaluru-based Prestige has recently opened a 125,000 sq ft mall housing only restaurants and cinema, it is planning a 500,000 sq ft mall on a similar concept. Delhi-based Omaxe Group is developing a mall in New Delhi's Chandni Chowk area where 70% of the space will be dedicated to restaurants; another listed developer Signature Global already runs a food-only mall in Ghaziabad.

05.12 / 18:16

FIVE Strategy track reports Acquisitions on the horizon in real-money gaming sector

NEW DELHI : India’s nascent real-money gaming industry is going through a phase of consolidation, with larger firms looking at smaller startups that may help improve the former’s net user base, and in the long run, revenue. Industry stakeholders such as Mumbai-based unicorn Games24x7, as well as publicly-listed gaming firm Nazara Technologies, are among those that believe that consolidation across the industry is inevitable—but finding offers with the right valuation poses a challenge. In an interview with Mint, Sudhir Kamath, chief operating officer of Nazara, said the company will make strategic acquisitions in the long run, as and when it finds the right opportunities.

05.12 / 14:07

Provident Action information guidelines NOT Go First resolution professional not providing access to aircraft records, lessors tell Delhi HC

NEW DELHI : Lessors of Go First have told the Delhi High Court that they have not received any records related to aircraft maintenance from the insolvent airline’s resolution professional since May, or been allowed to physically inspect its assets. Resolution, or insolvency, professionals are hired by lenders to run insolvent firms. Go First’s RP is in contempt of court for not complying with its order from two months earlier, the lessors argued before a single-judge bench on Tuesday.

05.12 / 14:07

Provident Cooper cover consequences Landowners’ dilemma under Insolvency and Bankruptcy Code

Typically, for development of immoveable property, landowners and developers execute a development agreement wherein the developer is made liable to ensure the construction and development of property and the landowner, in consideration for granting the land to the developer for construction thereon, may be entitled to sharing of profits or built-up area in the constructed property.

05.12 / 11:49

Target Reuters Manufacturing Apple show country electronic Apple warns India's EU-style charger rules will hit local production target

NEW DELHI : Apple has told India its local production targets will be hit if New Delhi follows the European Union and requires existing iPhones to have universal charging ports, a government document shows as the US tech giant lobbies for an exemption or delay. India wants to implement a European Union rule that will require smartphones to have a universal USB-C charging port, and has been in talks with manufacturers about introducing the requirement in India by June 2025, six months after the deadline in the EU.

05.12 / 09:01

Manufacturing Enterprise beautiful reports sanitizer Wipro Consumer adds three more soap brands with its 15th acquisition

NEW DELHI : Wipro Consumer Care and Lighting has acquired personal care brands Jo, Doy, and Bacter Shield from VVF (India) Ltd, marking the company’s 15th acquisition till date and the third in the last twelve months. The acquisition signals further expansion for Wipro Consumer Care in the personal wash segment, where it already sells brands such as Santoor and Chandrika.

04.12 / 18:02

FIVE Metro Adidas Experts country cover innovations cricket ‘Adidas hits a cricket jersey masterstroke’

NEW DELHI : The Indian arm of German sportswear giant Adidas is putting a strategic focus on key segments such as running, cricket and the lifestyle brand Adidas Originals to amplify its market presence in the country, Neelendra Singh general manager for the India market, said in an interview. For instance, it sold over half a million Indian team jerseys during the recent ODI World Cup on the back of its partnership with the BCCI as the official kit sponsor of the Indian cricket team. Adidas has a network of over 350 franchise stores and 75 company-owned stores in India.

04.12 / 18:02

Citi Manufacturing CEO economy Metro country Department ‘India markets similar to those in France’

NEW DELHI : Albeit small, India has long been seen as a promising market for luxury goods. But the market has been a challenge to navigate for many companies looking to enter.

04.12 / 15:45

Bill electronic Bills cleared to revitalise post offices, repeal obsolete laws

NEW DELHI : Two crucial Bills were passed in Parliament on Monday—the Post Office Bill, 2023 in the Rajya Sabha, and the Advocates (Amendment) Bill, 2023 in the lower house. The Post Office Bill will repeal the 125-year-old The Indian Post Office Act, 1898, and is meant to revive post offices and postal institutions. Significantly, the new legislation will allow the government to empower officers with powers to intercept, open or detain any item and deliver them to customs authorities.

04.12 / 14:56

Man Platform Action Southern hospital information reports Railways sets up emergency cell in Chennai, war room in Delhi to tackle 'Michaung' challenge

Railway Ministry has set up an emergency control cell in Chennai and a war room at the Rail Bhawan in New Delhi among various other measures to meet the challenges posed by the cyclonic storm 'Michaung'. «The Indian Railways has geared up its entire machinery in a big way to ensure and manage smooth and safe railway operations in the areas likely to be affected by the cyclonic storm 'Michaung',» a statement issued by the Railway Ministry said on Monday.

04.12 / 13:13

Aviat Action Airlines reports SpiceJet gets some respite as NCLT dismisses Willis Lease plea for insolvency

NEW DELHI : In some relief for SpiceJet, the National Company Law Tribunal on Monday dismissed a plea by aircraft lessor Willis Lease Finance Corp. to initiate insolvency proceedings against the cash-strapped airline. But apart from Willis Lease Finance, three other lessors—Celestial Aviation, Wilmington Trust, and Aircastle Ltd—have similar pleas pending with NCLT to admit SpiceJet into insolvency over unpaid dues.

04.12 / 02:21

Manufacturing economy Enterprise performer country medicines Russian beverage & aluminium majors eye JVs under Make in India initiative

Russian firms are planning to enter into joint ventures (JVs) in India to set up units in the aluminium and beverage sectors that will give a big push to Make in India. Russia’s premium wine maker Boris Titov is entering into a JV with an Indian partner to set up a unit near Delhi to produce sparkling wine. “I was recently in India to discuss a business plan. I have received a positive response.

04.12 / 01:47

Citi FIVE economy Fitch show performer stage India's construction sector levels up as housing demand spurs economy

By Manoj Kumar

03.12 / 20:15

Fighting President Assembly elections: INDIA Bloc to Take Stock, says Sharad Pawar

Congress alliance partners in Maharashtra reacted differently to the yearend assembly results. While INDIA bloc architect Sharad Pawar said the results were on expected lines, the Shiv Sena (UBT) blamed Congress leaders Digvijaya Singh and Kamal Nath for the defeat in MP. Pawar said the results would not impact the Lok Sabha polls.

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