City New Delhi Financial News

NEW DELHI : Indian Railways is preparing to purchase Kavach automatic train protection (ATP) systems at a cost of ₹5,000 crore following the triple-train crash in Odisha’s Balasore that killed nearly 300 people, two people aware of the matter said. Two tenders for Kavach covering a total of 12,000 kilometres (km) will be issued within a year against a tender for 3,000 km that was issued in 2021, the people said on condition of anonymity. Kavach prevents head-on crashes even if the train pilot fails to see and act on signals.

New Delhi: Amid a series of fatalities among Cheetahs, and concerns that the radio collars on the neck may have led to an infection, the National Tiger Conservation Authority (NTCA), has said that all the deaths have been caused due to natural causes. In a statement on Sunday, the ministry of environment, forest and climate also cited experiences in Africa which showed initial fatalities post reintroduction of Cheetahs.

New Delhi: The draft of the leaders’ declaration to be presented at the G20 heads of state meeting in September in New Delhi has been formulated at the three-day gathering of G20 Sherpas, that concluded on Sunday in Hampi, Karnataka, according to an official statement. Over 120 delegates representing G20 members, international organizations, and other nations collaborated in crafting the ‘Leaders Declaration,’ with Indian G20 Sherpa Amitabh Kant charing the meeting.

NEW DELHI : The government is at an advanced stage of formulating a new piece of legislation to offer investors ready approvals for all requirements and replace the special economic zones (SEZ) Act and non-tax measures remain the preferred route for promoting new investments in the country, revenue secretary Sanjay Malhotra said in an interview. Finance minister Nirmala Sitharaman announced the Development of Enterprise and Service Hubs (DESH) Bill in February 2022. The proposed law will replace the existing one governing SEZs.

India will attempt to push for substantive outcomes at the G20 on a global framework for crypto assets, multilateral development bank reforms, debt resolution, and digital public infrastructure. A synthesis paper with a summary of the International Monetary Fund report on macro-economic stability and the Financial Stability Board's report on regulation for crypto assets along with New Delhi's input note would be presented to the leaders for deliberation at their summit in September, people privy to the matter said.

New Delhi: Prices of retail milk are expected to go up 4-5% year-on-year in FY24 because of dairy processors fail to recover the cost, which has been hit throughout pandemic, especially during the second wave amid higher commodities prices pushing up fodder prices and weighing on milk productivity, Crisil director Pushan Sharma told Mint in an interview. This comes at a time when retail milk prices have shot up by 10% in a year and nearly 22% in three years.

Yamuna river will remain closed on July 17 and 18, the Directorate of Education (DoE) said on Sunday. All flood-hit schools may arrange online classes, it said.

NEW DELHI : Reliance Industries Ltd (RIL) saw its stock surge to a 52-week high of ₹2,802 last week aided by the announcement of the record date for demerger of its financial services business, and analysts expect the conglomerate to remain in focus ahead of its June quarter results. The record date for demerger is 20 July and RIL shareholders will be issued Jio Financial Services (JFS) shares in a ratio of 1:1 (one equity share of Jio Financial Services for every share held in RIL).

Finance Minister Nirmala Sitharaman on Sunday made a case for further strengthening of global architecture to combat financial crimes, money laundering and sharing of information about different asset classes including crypto currencies. Addressing a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering', the minister exuded confidence that G20 will continue to assist the jurisdictions in enhancing their law enforcement capacity.

India's G20 presidency intends to preserve the grouping's identity and ethos as a forum for growth that brings together developed and emerging economies on a common platform. This is stated in an official statement released on Sunday at the end of a three-day Sherpas' meeting that was chaired by India's G20 Sherpa Amitabh Kant in the historic city of Hampi.

World Bank President Ajay Banga on Sunday said there is a need to replicate the 'Control and Command Centre', also called 'Vidya Samiksha Kendra', in Gandhinagar in Gujarat in not just other parts of the country but also the world as a model of leadership. Banga along with the United States Secretary of the Treasury Janet Yellen visited the centre, which gathers and analyses academic and administrative data of 11.5 million students, nearly half a million teachers, and 50,000 schools across Gujarat.

New Delhi: India lodged 56 fresh covid-19 cases in the previous 24 hours, union health ministry data showed on Sunday, as the country continued to report a low number of daily infections. The number of active cases stood at 1,432 on Sunday. India has reported more than 4.50 crore covid cases since the pandemic begain in early 2020.

Airport after successfully completing his France and UAE visit."Concluding a productive UAE visit. Our nations are working together on so many issues aimed at making our planet better.

NEW DELHI : Indians were over the Moon with the launch of Chandrayaan-3 by the Indian Space Research Organisation (ISRO) on Friday. Since Chandrayaan-2 failed about four years ago, scientists are hopeful that this third lunar mission's lander Vikram and rover Pragyaan will descend softly and safely on the Moon on 23 August.

UAE), Prime Minister Narendra Modi on Sunday shared a video bearing highlights from his trip to the Gulf nation and said both the countries will continue to work closely for global good. Sharing a video on Twitter on Sunday that featured him attending important events in the UAE, PM Modi, wrote, «India and UAE will keep working closely to further global good.» On July 15, Prime Minister Modi reached Delhi Airport after successfully completing his France and UAE visit.

Pragati Maidan late on Saturday night as the Yamuna river continues to overflow, officials said. Due to waterlogging, nearby areas and important routes in Delhi are still impacted. Workers from the New Delhi Municipal Council (NDMC) also carried out a special night drive to remove water from Mathura Road, close to the Supreme Court area, as the area and important roads are still flooded from Saturday's heavy rains.

By Shivangi Acharya, Sarita Chaganti Singh and Nikunj Ohri

overflowing Yamuna River continue to grapple the national capital on Sunday causing waterlogging, traffic snarls, and affecting the lives of millions of people. Commuters were witnessed pushing their motorcycles through the water. In a tweet, Delhi Police issues a traffic alert on Sunday morning and said that vehicular movement on Bhairon Marg is restricted due to waterlogging under Railway Bridge.

Uday Kotak, Asia's richest banker, who single-handedly built one of the country's most-valued lenders bearing his family name, will likely take a non-executive role soon at Kotak Mahindra Bank, having shepherded it through capital scarcity of an autarkic licence raj four decades ago, to the visible abundance of a liberalised India that is among the world's primary growth engines. In a letter to shareholders on Saturday, Kotak, 64, said the alignment of stock owners, board and management will help navigate the country's fourth most-valued bank — after HDFC Bank, ICICI Bank and State Bank of India — through unprecedented transformation that has already put New Delhi at the top of the list of major economies driving growth through financial inclusion.

Amit Shah is likely to visit Bengal in August even as violence continued in West Bengal following Panchayat polls. BJP State President Sukanta Majumdar said in Kolkata on Saturday after returning from New Delhi following a meeting with Shah, said, «The Union Home Minister will visit Bengal in August. Shah is keeping an eye on Bengal's situation in the state. He is taking all measures to prevent loss of lives following Panchayat polls and taking necessary measures in this regard. »It is a matter of relief that the Central forces will stay in Bengal days after the polls which will help to curb the troubled situation," Majumdar said. Violence still continues even seven days after Panchayat polls. The BJP State President said that he has given all data regarding death of people in connection with pre-poll, poll-day and post-poll violence in Bengal. «I have given a list of all deceased, including Trinamool Congress,» Majumdar said.

Hindustan Times informed in an exclusive report that the scuffle erupted over the basic rules onboard aircraft and the aviation regulator Directorate General of Civil Aviation (DGCA) was informed about the incident. “The airline’s head of the inflight services department, Sandeep Verma, who was flying from Sydney to Delhi on AI 301 was hit by a Delhi-based passenger. However, no action was taken against him," an official close to the matter told HT.