City New Delhi Financial News

04.08 / 18:37

UPS Citi Target Progressive stage Rlys to spend ₹24,470 cr to jazz up 508 stations

NEW DELHI : The Indian Railways will spend over ₹24,470 crore to redevelop 508 stations over the next year and a half to bring them on par with global standards. Prime Minister Narendra Modi will lay the foundation stone for the redevelopment over videoconferencing on 6 August. The stations to be redeveloped include 55 each in Uttar Pradesh and Rajasthan, 49 in Bihar, 44 in Maharashtra, 37 in West Bengal, 34 in Madhya Pradesh, 32 in Assam, 25 in Odisha, 22 in Punjab, 21 each in Gujarat and Telangana, 20 in Jharkhand, 18 each in Andhra Pradesh and Tamil Nadu, 15 in Haryana, and 13 in Karnataka.

04.08 / 18:37

Man Remark awards love performer SC stays conviction of Rahul Gandhi

NEW DELHI : The Supreme Court on Friday stayed Congress leader Rahul Gandhi’s conviction in a criminal defamation case on the grounds that the trial judge failed to explain why he deserved the maximum two-year punishment under the law and held that the continuation of his disqualification from Parliament would deprive proper representation to the people of his constituency. The decision paves the way for the revival of Gandhi’s status as an MP after being ineligible for 134 days and means that he could participate in the no-confidence motion debate against the Narendra Modi government’s council of ministers in the Lower House next week. Addressing a press briefing after the court’s stay, Gandhi said the “truth always triumphs".

04.08 / 18:37

Digital Apple Samsung show performer country Apple hits India sales record: Cook

NEW DELHI : Apple Inc.’s chief executive Tim Cook on Thursday said that the company achieved “strong double digits" growth to report record revenue in India for the June quarter. “We also opened our first two retail stores during the quarter. And it’s, of course, early going currently, but they’re currently beating our expectations in terms of how they’re doing.

04.08 / 18:15

UPS Assurant performer country NOT audit Audit unreliable, invalid if files not submitted: NFRA

NEW DELHI : Absence of audit documentation and failure to submit audit files to the regulator is clear evidence that the audit is unreliable and invalid, National Financial Reporting Authority (NFRA) has said in a regulatory order. NFRA said not maintaining audit files is viewed seriously by global regulators including Public Company Accounting Oversight Board of the US.

04.08 / 18:15

Provident Aviat Airlines Boeing electronic blues Air cargo in flux after covid, war: Blue Dart

NEW DELHI : The air freight sector is navigating a transition at a time the world is recovering from the covid pandemic and the intensified Russia-Ukraine conflict, Blue Dart Express Ltd managing director Balfour Manuel said. Unpredictable demand from the US and Europe, compounded by domestic disturbances, has posed difficulties for India’s air cargo sector, Manuel said in an interview, adding the company’s outlook remains buoyant for a bounceback in freight volumes. “Air cargo trade from India is facing challenges due to demand fluctuations from the US and Europe, along with certain domestic disruptions.

04.08 / 18:15

COST Lowe's FIVE Xiaomi electronic Smartphone demand drops for 4th qtr

NEW DELHI : Domestic demand for smartphones continued to be tepid at best, as India saw a fourth straight quarter of annualized shipment declines. A 3 August report by market researcher International Data Corp (IDC) India said shipments of smartphones in India fell 3% year-on-year (y-o-y) to 34 million units shipped during the period—after registering 16%, 27% and 10% y-o-y shipment drops in the three quarters preceding June.

04.08 / 17:56

Provident Digital Google Platform Mobile country HC dismisses pleas by startups against Google billing policy

NEW DELHI : The Madras High Court on Thursday dismissed 14 of 16 petitions against Alphabet Inc.’s Google for its in-app payment billing policy on the Play Store mobile app marketplace. Responding to appeals by startups such as Bharat Matrimony, audiobook platform Pratilipi, and ed-tech platform Unacademy, the high court ruled that the issue falls under the jurisdiction of the Competition Commission of India (CCI), and as such, any decision taken by the antitrust watchdog will be binding upon all parties.

04.08 / 17:55

UPS Target Platform electronic More perks for electronics store staff this festive season

MUMBAI/NEW DELHI : Foreign holidays, gold coins, travel vouchers, and cash incentives are some of the perks consumer electronic brands and retailers are offering store promoters and retail staff this festive season to accelerate sales. “We are doubling the incentives for our staff and also the brand promoters who work in the store. The brands are also expected to roll out higher incentives this festive season which can range from electronic goods to holiday packages," said Nikunj Patel, president of All India Mobile Retailers Association (AIMRA), Gujarat.

04.08 / 17:55

UPS Target Action Mobile show stage stake Won’t raise stake in RBL Bank without strategic value: M&M

NEW DELHI : Mahindra & Mahindra Ltd’s decision to buy a 3.53% stake in private lender RBL Bank Ltd for ₹417 crore is not a sign of wavering capital allocation discipline, Anish Shah, managing director and chief executive of the Mumbai-based automaker said on Friday. Explaining the rationale behind the surprise move, Shah said the company will make targeted investments to drive returns and focus on execution to “show outperformance", unlike in the past where the execution of its capital allocation actions wasn’t “strong enough". He, however, added that M&M doesn’t have any plan to enter the banking business or raise its stake unless there is a “compelling strategic reason in the future".

04.08 / 17:55

Entertainment Zara film shootings show audience Content is king as viewers troop back to cinemas

NEW DELHI : The theatrical business is starting to show green shoots of recovery buoyed by a slate of successful films from Hollywood such as Mission: Impossible Dead Reckoning Part One, Oppenheimer and Barbie and Hindi romantic comedy Rocky Aur Rani Kii Prem Kahaani. Theatre owners and producers say that the success, especially of the seemingly niche American titles underlines the willingness of audiences to come to theatres, as long as there is compelling content.

04.08 / 13:49

Provident Booking Aviat Airlines Parke NCLT asks Go First to provide aircraft maintenance data in 10 days

New Delhi: The National Company Law Tribunal (NCLT) today asked the Go First management to submit a maintenance report of aircraft along with additional affidavits within the next 10 days. The NCLT’s observation came during the hearing of a plea of aircraft and engine lessors on Friday.

04.08 / 13:21

COST MET Manufacturing Parke show country India still heavily reliant on China for life saving drugs despite PLI booster: Report

India’s overall pharma imports, bulk drugs continue to contribute 55-66 per cent and dependency on China for the same is expected to remain high in the coming years, report from CareEdge showed on Friday. The report revealed that India's 43 per cent of total pharma imports are from China, indicating a heavy dependency and raising concerns due to the on-going geopolitical tensions between the two Asian countries. «The contribution of bulk drug imports from China has exhibited significant growth in both value and volume terms, increasing from 64% and 62% during FY14 to 71% and 75% during FY23, respectively,» the report said.

04.08 / 08:23

Manufacturing Apple Samsung country electronic Apple, Samsung stop India laptop imports after sudden curbs: Report

Apple Inc., Samsung Electronics Co. and HP Inc. are among the biggest names freezing new imports of laptops and tablets to India after the South Asian country abruptly banned inbound shipments without a license.

03.08 / 20:43

Citi peace India will participate in Saudi-hosted Ukraine peace meet

New Delhi will participate in a peace conference aimed at the war in Ukraine hosted by Saudi Arabia this month, confirmed MEA Spokesperson Arindam Bagchi. “India will participate in this event. Our participation is in consonance with our long-standing position that dialogue and diplomacy is the way forward," he said at a press briefing.

03.08 / 18:45

UPS BLOCK Waters Aware Continental exclusive open Offshore mining to open up for private sector by December

NEW DELHI : The government will put up over 12 offshore mineral-bearing areas for auction to the private sector before the end of 2023, an official aware of the plans said. The Geographical Survey of India has estimated 79 million tonnes of heavy minerals lying untapped off the country’s 7,517-km long coastline.

03.08 / 18:45

UPS Platform Omni Nestle track country Consumers are now buying staples across multiple channels

New Delhi: Urban consumers are shopping for daily essentials across multiple channels including visiting their neighbouring stores and ordering shampoo and chips on quick commerce platforms helping the share of such “omni-channel" households double over the last two years, researcher Kantar said. The move is shift from several years ago, when consumers preferred one mode of shopping—with general trade dominating consumer preference. However, the market has since proliferated with online commerce making it convenient for consumers to buy daily staples.

03.08 / 17:39

Airlines IBC Go First moves SC against HC order

New Delhi: The Resolution Professional (RP) of the Go First Airline informed the Delhi high court about their appeal to the Supreme Court against a division bench order. This order, upheld by the division bench, allowed lessors to inspect aircraft and rejected Go First’s plea.

03.08 / 17:39

UPS Cooper Citizens Progressive stage country India, UK may work jointly on Sri Lanka

New Delhi: Crisis-hit Sri Lanka has emerged as a key country of interest for India and the UK as they set out to operationalize a Global Innovation Partnership that allows them to cooperate in development projects in third countries. The partnership, which is expected to focus on climate-smart innovations, is expected to come out with a list of priority countries and sectors next year. The two countries have had early- stage talks about cooperation in Sri Lanka’s power and energy sector.

03.08 / 17:39

Manufacturing performer country electronic Domestic demand, investment to drive growth, says Economic Review

New Delhi: The Indian economy will grow on the strength of domestic demand and investment despite a rise in global uncertainties and moderation in global output, the economic review for June released on Thursday said. However, negative cross-border spillovers and adverse global developments can act as a deterrent to achieving the potential high-growth path in the current financial year, the report added.

03.08 / 17:39

Citi Target Manufacturing Mobile Align country India’s GDP to grow at 6.7% till FY31 to touch $6.7 tn, says S&P

New Delhi: S&P Global expects India’s GDP to grow 6.7% annually from FY24 to FY31, catapulting it from $3.4 trillion during the current fiscal to $6.7 trillion in FY31, the rating agency said in a report on Thursday. However, India will face macro challenges in the upcoming decade to turn traditionally uneven growth into a high and stable trend.

03.08 / 16:51

Art Cooper Entertainment awards film Nitin Desai Death Case: Edelweiss ARC issues statement on insolvency proceedings against art director's company

Edelweiss ARC on Thursday issued a statement regarding insolvency proceedings against art director Nitin Desai's company, ND's Art World Private Limited. The investment and financial services company said, «We are deeply saddened by the demise of Shri Nitin Desai and express our deepest condolences to his family as they navigate through this difficult time.» The company in its statement also said that Desai's company had total outstanding dues of Rs 252 crore. Regarding this development, The NCLT's Mumbai bench, in its judgement, ordered an 'initiation of Corporate Insolvency Resolution Process' against Nitin Desai's company, ND's Art World Private Limited, on July 25, 2023.

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