City New Delhi Financial News

16.08 / 11:17

Career country VIP Industries elevates CFO as MD designate after Anindya Dutta resigns

New Delhi: Luggage maker VIP Industries Ltd. has announced the appointment of Neetu Kashiramka as the company’s managing director designate, effective August 15, following the resignation of Anindya Dutta, the company’s former managing director. Kashiramka will continue as the CFO with the company, while additionally taking over the responsibility of a managing director designate till 13 November.

16.08 / 06:43

Mobile Is it a bank holiday today in Maharashtra for Parsi New Year?

In Maharashtra, banks will work only for remaining three days as banks witnessed two back to back holidays on August 15, and 16. Banks across India were closed on August 15 on the occasion of the 77th Independence Day. In August, state-wise holidays include Tendong Lho Rum Faat, Independence Day, Parsi New Year (Shahenshahi), Tithi of Srimanta Sankardeva, First Onam, Thiruvonam, Raksha Bandhan, Raksha Bandhan/Sree Narayana Guru Jayanthi/Pang-Lhabsol.

16.08 / 04:13

COST UPS Waters Deloitte show Indian View: Indian tycoons Ambani and Adani won't step on each other's toes

Gautam Adani can’t afford a costly distraction. While his core infrastructure business is booming, there’s little reprieve from the governance issues that have dogged the Adani Group since New York-based Hindenburg Research’s allegations of stock-price manipulation and undisclosed related-party transactions earlier this year. Despite its strenuous denial of the short-seller’s report, the conglomerate’s market value has sagged more than $100 billion since January.

15.08 / 19:35

COST UPS FIVE EBAY Platform Strategy ‘India a priority market for eBay’

NEW DELHI : EBay, an online marketplace for buyers and sellers, generates 50% of its revenue from markets outside the US. India, which is classified under emerging markets, has remained an important market for eBay despite the company exiting the market in 2017. In an interview, Vidmay Naini, eBay’s general manager for global emerging markets, which include India and Southeast Asia, spoke about the challenges faced by India’s e-commerce exporters and the role of generative artificial intelligence (AI) in e-commerce ventures.

15.08 / 19:35

UPS Lowe's show How vegetables became inflation villain yet again

NEW DELHI : Vegetables’ contribution to retail inflation surged to a 42-month high in July while that of tomatoes rose to a 65-month high, unexpectedly taking the headline figure beyond the 7% mark for the first time in nearly a year, a Mint analysis showed. One-third (32%) of the total year-on-year (y-o-y) shift in the Consumer Price Index (CPI) in July came from the sharp rise in vegetable prices alone, with more than half of this coming from tomatoes, posing a dilemma for the Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) that has held rates steady since April. On a y-o-y basis, overall retail prices rose 7.4%, vegetable prices rose 37%, and tomato prices tripled last month, data released on Monday showed.

15.08 / 19:35

UPS Provident FIVE Maxim Strategy Mobile stage ‘More an overheated summer than a funding winter in FY23’

NEW DELHI : Prime Venture Partners is one of the few venture capital firms that has continued to invest in early-stage startups despite challenges in the past year that saw even larger investors turn cautious. Founded in 2012 by Sanjay Swamy, Shripati Acharya and Amit Somani, the homegrown VC fund (formerly known as AngelPrime) floated its first fund with a corpus of $8 million. The firm is currently deploying its $120 million fourth fund that closed in 2022.

15.08 / 19:35

Citi Provident Airlines Strategy Boeing AI, AI Express integration: Code share, route recast

NEW DELHI : Air India Express Ltd is set to sign a code-sharing agreement with Air India Ltd, pull out from all routes requiring business-class capacity, and relocate operational control centres for AirAsia India and Air India Express to a new Gurugram office starting this month, two airline executives said on condition of anonymity. These steps are part of a strategy that includes the merger of AirAsia India and Air India Express, which will operate as Air India’s low-cost unit, offering budget flights on non-trunk routes.

15.08 / 19:35

UPS Target love Shell country Time Crunch time for craft beer as pandemic, fees take their toll

NEW DELHI : Stiff fees, complex rules and the pandemic have snuffed out many of India’s small but promising craft beer brands, with the remaining shrinking operations and entering adjacent segments. Makers of Witlinger, Mad King and White Owl craft beers have either shut shop or started new ventures, while owners of Kati Patang, White Rhino and Beor 360 have scaled back their operations. Kati Patang beer, a runaway hit with its unique small-batch flavours like saffron, turmeric and lemon rind, has shrunk considerably in the six years since its launch.

15.08 / 18:57

UPS Provident Target Progressive country 2024 With an eye on 2024, PM unveils new plans

NEW DELHI : Prime Minister Narendra Modi expressed confidence about returning to power in 2024 even as he pledged measures to contain surging food prices and unveiled development initiatives, including the ₹15,000 crore Vishwakarma Yojana for workers skilled in traditional crafts and an urban housing plan aimed at providing interest rate relief for the poor. In his 90-minute Independence Day address from the Red Fort in New Delhi, about eight months before national elections are due, Modi also announced that the government is working with women self-help groups (SHGs) to create 20 million ‘Lakhpati Didis’ in villages.

15.08 / 18:57

UPS FIVE Racing Enterprise Shell ONGC, four others vie for Fortum projects

NEW DELHI : Oil and Natural Gas Corp. Ltd (ONGC) is in the fray for Finnish state-run power utility Fortum Oyj’s Indian solar projects totalling 185 megawatts (MW), two people familiar with the matter said, adding that the deal may have an equity value of around $130 million. Others in the race include Malaysia’s state-run oil and gas company, Petronas unit Gentari Sdn Bhd, Singapore’s Sembcorp Industries Ltd, Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy Ltd, and private equity firm Actis Llp.

15.08 / 16:57

UPS Lowe's FIVE HSBC performer Aurobindo shares more than double

NEW DELHI : Aurobindo Pharma Ltd saw its stock prices more than double during the last few months, from 52-week lows of ₹397.20 on the National Stock Exchange on 3 February to 52-week highs of ₹887.70 on 14 August. The turnaround in the company’s prospects has been aided by an improved outlook for its US formulations business, which contributes almost half of the company’s overall revenues. The base business in the US remains stable helped by lower competitive intensity.

15.08 / 16:33

UPS Digital Cooper Manufacturing stage electronic ‘Agri business cooperatives for every village to strengthen rural economy’

NEW DELHI : The government will set up agriculture-focused cooperative societies in every village where one doesn’t exist now, and will develop them into multi-sector units, giving a major fillip to the cooperative movement, NITI Aayog member Ramesh Chand said. “A big movement toward rural cooperatives is happening. The government plans to set up one cooperative in agri-business in every village, where they are not there.

15.08 / 16:33

Highways country Centre State border levies on taxis irk Centre

NEW DELHI : The ministry of road transport and highways has asked states and union territories to stop charging additional levies in the form of passenger tax, checkpost tax and border tax from tourist vehicles. In a letter to principal secretaries, transport secretaries and transport commissioners of states and UTs, the road ministry said vehicles with all India tourist permits have a mechanism where permit fees are shared with the states.

15.08 / 16:33

UPS MAIL Cooper Aware awards country India to step up defence ties with Philippines

NEW DELHI : India and the Philippines are looking to step up defence ties after the Southeast Asian nation’s high-profile purchase of a BrahMos missile. Negotiations on a defence line of credit have picked up, according to persons aware of the matter.

15.08 / 16:03

Highways country Centre Centre against state border tax levies

15.08 / 16:03

COST UPS show country Oil imports from Russia up nearly 3-fold

New Delhi Crude oil imports from Russia rose nearly three-fold in the first quarter of this fiscal compared to the same period of FY23, according to government data. Oil imports from Russia during the three months to June stood at $12.36 billion, 170.66% higher on a year-on-year basis. During the same period last fiscal, the imports stood at $4.57 billion, showed data from the ministry of commerce and industry.

15.08 / 15:39

UPS MAIL Cooper Aware awards country India, Philippines to step up defence ties

15.08 / 10:45

FIVE show country Explainer stake Mint Explainer: BRICS Summit is around the corner. What’s at stake?

BRICS Leaders’ Summit is set to be held from 22 August to 24 August, with leaders from Brazil, South Africa, India and China expected to meet in Johannesburg. Mint looks at what is the agenda. – Leaders of the BRICS nations, minus Russian president Vladimir Putin, will meet in later this month in South Africa for the 15th Summit.

15.08 / 08:17

Target Action Strategy performer track country Fast track action to remove non-tariff barriers key to realise trillion-dollar merchandise export goal: GTRI report

China and Japan, to achieve one trillion dollar outbound shipment target for goods by 2030, a report by think-tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) has suggested a two-pronged strategy to mitigate the influence of NTBs on exports.

15.08 / 07:27

UPS Progressive Remark country independence day Watch: Supriya Sule responds to PM Modi's ‘nepotism’ comment during Independence Day speech

In the wake of Prime Minister Narendra Modi's Independence Day speech, Member of Parliament (MP) Supriya Sule from the Nationalist Congress Party (NCP) has stepped up with her reactions, adding more fuel to the political fire. Addressing the nation on the momentous occasion of the 77th Independence Day from the iconic Red Fort in New Delhi, PM Modi delivered a message against corruption, nepotism and appeasement, branding them as the three major 'sins' plaguing the country's progress. Reacting to the PM's remarks on nepotism, Sule remembered Home Minister Amit Shah’s earlier comment.

15.08 / 04:21

Google Samsung Tapestry Celebrity country cover independence day Threads of unity: Google pays homage to India's rich textile heritage with special doodle on Independence Day

Independence Day, Google Doodle paid homage to the country's rich textile heritage, celebrating the vibrant tapestry of India's cultural identity. The intricate artwork, designed by New Delhi-based guest artist Namrata Kumar, is a patchwork ensemble of textiles from 21 different regions, representing the nation's diverse craft forms.

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