City New Delhi Financial News

New Delhi: India has to balance between energy security, energy equity and environmental sustainability said VK Saraswat, member, Niti Aayog. Delivering the keynote address at the 11th Subir Raha Memorial Lecture, Saraswat stressed on the need to adopt newer technologies like carbon capture utilization & storage (CCUS).

NEW DELHI : Prices of 16 more food items, including eggs, millets, and spices, may be tracked by the government on a daily basis, given the recent spike in retail prices of several essential commodities. Currently, the department of consumer affairs (DoCA) tracks the daily prices of 22 commodities, including grains, pulses, edible oil, and vegetables.

NEW DELHI : Bollywood continues to languish despite cinemas operating at full capacity for more than a year now after the lifting of pandemic-induced curbs with film business in the Hindi-speaking market nearly 40% less than the pre-covid levels. The first half of 2023, which clocked in about ₹1,900 crore in the Hindi belt, according to three trade experts, has seen only one notable Bollywood hit in Pathaan besides occasional hits like The Kerala Story, Zara Hatke Zara Bachke and dubbed versions of regional hits like Ponniyin Selvan-II. Moreover, Hindi film releases have remained mostly inconsistent during the period with several weeks seeing no new movies.

NEW DELHI : H &M, the Swedish fast-fashion retailer, is set to expand its presence in India by opening six more stores and enter three cities by the end of 2023, besides focusing on boosting its online sales, said a top company executive. “India is a growth market for us. The group understands the potential India has.

NEW DELHI : Singapore’s Sembcorp Industries Ltd is in talks to acquire green energy projects totalling 1.1 gigawatts (GW) from ReNew Energy Global Plc, with the deal estimated to be valued at $1.2 billion at the enterprise level and around $450 million in terms of equity, two people familiar with the development said. Mint had earlier reported that Ahmedabad-based Torrent Power had submitted a non-binding offer for the same projects comprising solar and wind power assets of 350 megawatts and 750MW, respectively. Sembcorp and Torrent Power had been vying for the acquisition of India Infrastructure Fund II, a private equity firm owned by US’s Global Infrastructure Partners, to buy Vector Green Energy Private Ltd, which Sembcorp Green Infra Ltd eventually acquired for an equity value of S$474 million, or $345 million.

New Delhi: Hewlett Packard Enterprise has partnered with original design equipment maker VVDN to begin manufacturing high-volume servers in India under the revised production linked incentive or PLI scheme. The US-headquartered computing technology and solutions provider will make servers worth over $1 billion over next five years from VVDN’s plant in Manesar, Haryana, the company said on Tuesday.

NEW DELHI : The SUV market in India, particularly in the popular mid-SUV category, is experiencing a surge in competitive intensity, triggering a price war, Kia India chief executive and managing director Tae Jin Park said on the sidelines of the launch of the new, mid-life facelift of its best-selling SUV Seltos. Kia is investing heavily to expand its capacity, sales network, as well as product development, in India, and is ready to take a hit on profitability to grow its market share to counter a series of launches of aggressively-priced vehicles by Japanese and Indian automakers. Kia is betting on doubling its market share from 5% to 10% within five years, and launch hybrid products in the next two years.

NEW DELHI : Epsilon Advanced Materials (EAM), a battery material firm based in Mumbai, is planning to enter the US market with financial support from the car manufacturers it will be supplying its products to, said Vikram Handa, managing director, EAM. The company is also looking for a strategic partner and may look at tapping the equity market after 2025, he added. Elaborating on its strategy to fund a large capital expenditure plans, Handa said a firm like Epsilon enter long-term contracts with key automobile manufacturers, who fund the capex plan.

NEW DELHI : The Delhi bench of National Company Law Tribunal (NCLT) on Tuesday adjourned the ongoing case involving aircraft engine lessor Willis Lease Finance Corporation’s petition to initiate the corporate insolvency resolution process against SpiceJet. The matter is now scheduled to be taken up by the tribunal on July 21. While doing so a bench led by Justice Mahendra Khandelwal questioned the maintainability of the petition since a similar petition was already filed by the lessor in May this year.

New Delhi: Alstom on Tuesday launched its flagship Young Engineering Graduate Program (YEGP) 2023 with a target to onboard 700 young graduate engineers in India over the next two months. This is the highest-ever intake under this initiative in the country.

NEW DELHI : Indian companies’ ability to service debt from earnings has improved in recent quarters, a Mint analysis of BSE 500 companies showed. According to experts tracking the sector, further improvement is likely in the days ahead. Interest coverage ratio (ICR), a measure of how efficiently a firm can pay interest from its earnings, has been improving in recent quarters despite higher interest rates.

NEW DELHI : Government laboratories have received around 300 cough syrup samples for quality testing after the embarrassment of toxic syrups causing deaths abroad. Indian-made cough syrups have been linked to the death of dozens of children in Uzbekistan and Gambia, prompting the government to tighten the export policy for cough syrups.

NEW DELHI : Fast moving consumer goods company Dabur India added five new brands with sales greater than ₹100 crore in FY23, the company said in its fiscal 2023 annual report released to the exchanges on Tuesday. “Today, we have a portfolio of 23 billion rupee brands, brands with sales greater than ₹ 100 crore. The year 2022-23 saw five brands joining this list.

New Delhi: The Competition Commission of India (CCI) on Tuesday gave its approval for the acquisition of Marnix Lux SA by Concentrix Corporation, as well as the acquisition of approximately 22% shareholding in the combined company by the shareholders of Marnix Lux. Concentrix Corporation, a publicly listed company based in the United States, specializes in providing customer experience services within the Information Technology and Information Technology-enabled Services sector.

New Delhi: HPCL Rajasthan Refinery Limited (HRRL) on Tuesday secured a significant financial boost for its upcoming project in Barmer, Rajasthan, as the Rural Electrification Corporation Limited (REC) extended a loan of ₹4,785 crore.  “HPCL Rajasthan Refinery Limited (HRRL) executed a loan agreement on 4 July 2023 under a consortium arrangement for Rs.48,625 crore wherein the share of state-run REC Ltd is ₹4,785 crore," the company said in a press release. HRRL, a joint venture between HPCL and Rajasthan government, aims to establish a state-of-the-art greenfield refinery cum petrochemical complex in Barmer district with an estimated project cost of ₹72,937 crore.

New Delhi: The government is set to host the International Conference on Green Hydrogen (ICGH-2023) in New Delhi from 5-7 July, 2023. The conference aims to bring together global leaders in scientific research, policy-making, academia, and industry to discuss advancements and emerging technologies in the green hydrogen sector. Organized by the ministry of new and renewable energy in collaboration with the ministry of petroleum and natural gas, council of scientific and industrial research, office of the principal scientific advisor to the government, and the Confederation of Indian Industry (CII), the conference seeks to foster a sustainable ecosystem in the green hydrogen sector.

New Delhi: Reliance Jio's new internet enabled 4G featurephone at ₹999 could disrupt the 2G market and help Jio gain market share by revenue as well as gain about 100 million subscribers, said brokerage houses.  With the JioBharat phone, the No 1 carrier is once again aiming at the bottom of the pyramid which is bound to bring to halt any incremental tariff increases by Bharti Airtel and Vodafone Idea or any tariff corrections, which will be a negative impact on the No 2 and No 3 carriers.   Jio announced the JioBharat 4G V2 phone on Monday, which will be priced at Rs999 -- about 20-30% discount compared to existing average prices of featurephones -- will be available for sale from 7 July.   The device that will work only on Jio's network and comes with entertainment apps from the Jio stable such as Jio Cinema and Jio Saavn pre-installed. Jio has also come out with new tariffs for this device at Rs 123 for 28 days and  ₹1,234 annually.

New Delhi: Singapore’s sovereign wealth fund GIC will acquire a 74% stake in Genus Power & Infrastructure’s new smart metering solutions venture for $2 billion, the company said in a press release. Post the deal, Gem View Investment, an affiliate of GIC will hold a majority stake of 74% and controlling rights in the platform, while Genus will hold the remaining 26%, it added.

President Vladimir Putin says that the Russian people were “united as never before” as he sought to project confidence in the wake of a short-lived revolt at a meeting of a rare international organization where he can find a sympathetic audience

New Delhi: A majority of India’s Gen Z consumers aspire to become home owners, own a vehicle and realize the importance of savings to reach their goals, according to findings of a study by research firm Mintel. Mintel’s research suggests that 77% of Gen Z consumers—those between 18 to 26 years of age—aspire to become homeowners, 59% dream of buying a car and 55% expressed their desire to travel abroad. Over a third save from their pocket money and rely on parental support for spending.

New Delhi: Dream Sports-backed FanCode’s shop has become an merchandising partner to the ICC for the upcoming Men’s Cricket World Cup. The company will have a licensing and merchandising partnership with the International Cricket Council to curate official fan merchandise and accessories for the tournament. The digital broadcaster's shop will operate official in-venue outlets at host venues for merchandise of all ten 10 participating teams.