City New Delhi Financial News

17.07 / 17:07

UPS India, Iran in new push for trade through Chabahar

NEW DELHI : India and Iran plan to step up operationalizing the International North South Trade Corridor (INSTC) in a move to boost trade with Russia, according to Mohammad Miri, an advisor to the Chabahar Free Zone in Iran. Following up on earlier agreements, a trial shipment to test trade links from Russia to India will be attempted in the next 6-8 months. The shipment will go through the strategically vital Chabahar Port, while an earlier shipment in 2022 went through the more established Bandar Abbas port.

17.07 / 17:01

UPS HSBC PEP Indian Improved US performance to pep up Indian pharma Q1 show

NEW DELHI : The Indian pharma market (IPM), which is estimated to have grown 4.5% year-on-year (y-o-y) in June, will find support from strong performance in the US even as domestic growth rem-ains slow in the June quarter. Analysts at Jefferies India Private Ltd expect strong US but tepid India growth for pharma companies during Q1. In the US, analysts at Jefferies expect sequential improvement for all the major exporters except Cipla.

17.07 / 17:01

CEO Action India to host global summit of food safety regulators

NEW DELHI : India is organizing a global food regulators’ summit to discuss crucial aspect of food safety measures, health minister Mansukh Mandaviya said on Monday while unveiling the logo and brochure of the event. “We have been talking on food regulation but discussions on food safety are being organized for the first time in India. India is one of the countries which discussed food safety centuries ago—around 2000 years back—through preventive actions.

17.07 / 17:01

UPS India, Iran to renew push to start trade corridor

17.07 / 16:13

Target Progressive Waters 13.5 cr Indians out of multidimensional poverty during FY16-21: Niti Aayog report

New Delhi: As many as 13.5 crore people moved out of multidimensional poverty between financial years 2015-16 and 2019-21, according to NITI Aayog’s ‘National Multidimensional Poverty Index. The report titled ‘National Multidimensional Poverty Index: A Progress Review 2023’ released on Monday showed a decline of 9.89 percentage points in the number of India’s multidimensionally poor from 24.85% in FY16 to 14.96% in FY21, according to the second edition of the National Multidimensional Poverty Index (MPI).

17.07 / 15:29

Cooper Argentina Defence Minister arrives in India on four-day visit

Defence Minister Jorge Enrique Taiana on Monday arrived here on a four-day visit to India during which he will hold talks with his Indian counterpart Rajnath Singh to further consolidate the defence cooperation between the two countries, officials said. The visiting dignitary will also lay a wreath at the National War Memorial here and pay homage to the fallen heroes, the Ministry of Defence said in a statement here.

17.07 / 13:37

Provident Target Career CEO Mobile Gentari appoints Navjit Gill as India’s country head

New Delhi: Malaysia-based clean energy solutions provider Gentari has appointed Navjit Gill as its new country head for India, effective 10 July, the company said in a press release. Navjit brings 34 years of experience in the energy and marine sectors to his new role, and was previously the CEO of First Energy Pvt Ltd and the Chief Commercial Officer at SB Energy.

17.07 / 13:17

Microsoft Waters Manufacturing CEO Align Samsung Salil Kapoor appointed as CEO Hindware Home Innovation

New Delhi: Consumer appliances company Hindware Home Innovation Ltd on Monday announced the appointment of Salil Kapoor as the company’s new chief executive officer (CEO), effective 11 July. Kapoor will lead the consumer business overseeing both consumer appliances and retail divisions along with the water heater JV with Groupe Atlantic of France. Kapoor joins from Orient Electric where he was business unit head of appliances.

17.07 / 12:05

COST Provident CEO Strategy Mobile Parke Mobility options for consumers key to environment sustainability, efficient resource utilization

New Delhi: Strategies aimed at promoting Mobility as a Service (MaaS) should prioritize seamless integration and offer multiple options to consumers to encourage the adoption of shared mobility, according to a report released by the Confederation of Indian Industry (CII). The report, titled “MaaS (Mobility as a Service)," recommends the establishment of a first loss fund mechanism to facilitate increased lending for the purchase of electric vehicles (EVs).

17.07 / 12:05

authorisation Centre Centre eases norms for exporters to facilitate benefits under advance authorisation scheme

New Delhi: To enhance trade facilitation and ease the process for exporters, the Directorate General of Foreign Trade (DGFT) has introduced new measures under the advance authorisation scheme. The scheme enables duty-free import of inputs for export purposes, with the eligibility of inputs determined by sector-specific norms committees based on input-output norms.

17.07 / 12:05

COST Provident CEO Strategy Mobile Parke Mobility options for consumers key to environment sustainability, efficient resource utilization: Report

17.07 / 12:05

UPS ESIC-run social security scheme adds over 20.23 lakh new members in May

New Delhi: Over 20.23 lakh new members joined the Employees‘ State Insurance Corp., or ESIC-run social security scheme, in May, according to provisional data. The data highlights a positive trend in job creation, with approximately 24,886 new establishments registering and bringing their employees under the social security umbrella of ESIC during May, ensuring wider coverage and protection for workers.

17.07 / 11:03

Enterprise Indian Fitch affirms Indian Oil Corp at ‘BBB-’; outlook stable

New Delhi: Credit rating agency Fitch Ratings has affirmed Indian Oil Corp Ltd’s (IOC) long-term foreign-currency issuer default rating (IDR) at ‘BBB-’ with a stable outlook. The agency also maintained the senior unsecured rating and the ratings on the outstanding senior unsecured debt of IOC at ‘BBB-’. “The IDR and outlook are equalised with the largest shareholder, the state of India (BBB-/Stable), under our Government-Related Entities (GRE) Rating Criteria, reflecting a very strong likelihood of state support," Fitch Ratings said.

17.07 / 09:09

Manufacturing Enterprise Manufacturing sentiment positive in first quarter: Ficci survey

New Delhi: Despite global headwinds, Indian manufacturers maintained positive sentiment in the first quarter of fiscal year 2023-24 (Q1FY2024), according to a quarterly survey conducted by the Federation of Indian Chambers of Commerce and Industry (Ficci). The survey findings revealed that the growth momentum witnessed in the previous fiscal year has continued into subsequent quarters.

17.07 / 09:09

Aware Fighting Amit Shah oversees destruction of 1.44 lakh kg drugs worth ₹2,378 crore; calls for 'maximum awareness' among youth

₹2,378 crore. The Home Minister requested the chief minister and governors of all states to take similar steps. “ I request all Chief Ministers and Lieutenant Governors to implement this step in all states...the biggest step to win this fight is to create maximum awareness.

17.07 / 07:19

Citi Target Over 1.40 lakh kg drugs worth Rs 2,381 crore destroyed, Union Home Minister Amit Shah watches virtually

Amit Shah, officials said. Destruction of the narcotics, the bulk of it from Madhya Pradesh, were carried out in different cities as Shah watched through video conferencing from New Delhi while attending a conference on 'Drugs Smuggling and National Security'.

17.07 / 06:59

UPS Career Action independence day Chiranjeevi’s next film set for Independence Day clash

New Delhi: Telugu star Chiranjeevi’s next film Bhola Shankar will release in cinemas on 11 August for the Independence Day weekend. Also featuring Keerthy Suresh and Tamannaah Bhatia, it will be up for a massive clash in cinemas that week, with Rajinikanth’s Jailer, period drama Gadar 2 and Akshay Kumar’s OMG 2. Born Konidela Sivasankara Varaprasad, in a career spanning over four decades, Chiranjeevi has starred in over 150 feature films predominantly in Telugu, as well as some in Hindi, Tamil and Kannada.

17.07 / 01:43

COST UPS IPO Manufacturing Mobile ICE SoftBank Ola advances plan for IPO as electric scooters take off in India

Ola Electric Mobility Pvt. is in line for an initial public offering sooner than its founder previously imagined, reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021.

16.07 / 20:11

Citi Provident FIVE Remark Metro Rolex Indian New collectors drive Indian art market surge, says Christie’s

NEW DELHI : The art market in India, riding on a decade-long upward trend, has seen a significant boost during the pandemic, led by a small group of dedicated Indian collectors. The emergence of a new category of Indian buyers who collect luxury products through auction houses highlights the growing interest in art. Although Christie’s discontinued its India auctions business a few years ago, the British art auction house remains positive about collector interest from the Indian subcontinent.

16.07 / 20:11

UPS Digital Racing Parke Global firms eye India entry via franchises

₹2,000-crore market within 12 months. “We are representing over 125 market entries. Domestic business is very big— 800-odd Indian businesses are here.

16.07 / 20:11

Target Aviat Aware Mobile Electricity assets worth ₹15K cr set for monetization

NEW DELHI : The Union power ministry aims to raise around ₹15,000 crore through asset monetization in FY24, close to the previous year’s target of ₹15,308 crore, a person aware of the development said. However, the government could raise only around ₹9,400 crore in FY23. “The ministry is likely to target ₹15,000 crore worth of asset monetization this year.

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