City New Delhi Financial News

New Delhi: Hewlett Packard Enterprise (HPE) 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: Pakistan will continue to face significant economic challenges despite the country’s recent staff-level agreement with the International Monetary Fund (IMF) for a $3 billion nine-month Stand-By Agreement (SBA), global credit rating agency Moody’s said. The agreement comes as Pakistan grapples with liquidity concerns and mounting external financing needs, placing its economic stability at risk.

New Delhi: Several parts of the national capital are likely to see moderate to heavy showers in the next couple of hours, the India Meteorological Department (IMD) said on Tuesday. “Intense cloud patch entering into Northwest Delhi likely to cause moderate to heavy spell over Northwest, Central and Southwest Delhi during next 1-2 hours," the weather office said.

Xi Jinping urged Russian, Iranian and other leaders on Tuesday to work towards safeguarding «regional peace» as he addressed a virtual summit of their Shanghai alliance. Xi «called for efforts to safeguard regional peace and ensure common security», state news agency Xinhua said, adding that he urged member states of the Shanghai Cooperation Organisation to «follow the right direction and enhance their solidarity and mutual trust».

On a recent Sunday evening, fans crowded into line outside a multiplex in India’s capital city of New Delhi. After the lights dimmed inside, they erupted in cheers, with some whistling and dancing in the aisle when their favorite character appeared on screen. India is the most movie-crazy country on the planet, and led the world in the number of tickets sold in 2022, according to Statista.

New Delhi: The Centre will organize a national conference on Wednesday aimed at strengthening India's food and nutritional security. The conference will serve as a platform to reflect upon the challenges and opportunities for achieving the transformation of food and nutrition security ecosystem in the country and lay down the roadmap for 2023-24.

Mankind Pharma Ltd. since its listing in Mumbai in May could trigger more consumer-related initial public offerings in India in the second half, according to bankers. The company, which raised 43.3 billion rupee ($528 million) in India’s second-largest new share sale this year, has seen its shares jump 57% in almost two months, drawing a rush of buy calls from analysts.

  New Delhi: Elon Musk stumped netizens once again with his move to limit the number of posts on microblogging site Twitter which he now owns. On 1 July tweet, he tweeted that unverified accounts and new unverified accounts would be limited to reading 600 posts a day and 300 posts per day, respectively, while verified accounts could read 6,000 posts a day.

US-based semiconductor company Microchip Technology has announced a $300 million investment plan to expand its operations in India, just days after similar moves from industry players Micron, Applied Materials, and Lam Research. To strengthen its presence in India, the company has inaugurated a new research and development (R&D) facility at One Golden Mile Office Tower in Hyderabad.

Iran, one of India's key neighbours, will formally become a full member of the Shanghai Cooperation Organization (SCO) at the summit held under New Delhi's presidency on Tuesday in what would further boost connectivity initiatives via INSTC and Chabahar Port. Although Iran originally requested to join the alliance 15 years ago, membership was not approved until 2021 as SCO follows a rigorous process of admission. Iran plays a key role in INSTC and Chabahar Port as India's outreach to Russia and Central Asia.

NEW DELHI : Go Airlines (India) Ltd will likely induct CFM engine-fitted Airbus A320 family aircraft when the bankrupt airline resumes flight operations as these have proven to be more reliable for the airline in the past, two people aware of the development said. “The airline is open to evaluating the CFM option, and preliminary discussions have taken place on the matter in view of the current scenario," one of the officials cited above said, requesting anonymity. CFM engines are produced by CFM International, an equal joint venture between France’s Safran Group and General Electric Co.

NEW DELHI : Hero MotoCorp on Monday stepped into India’s ballooning market for premium lifestyle motorcycles with the launch of Harley Davidson X440, a fully indigenized 440cc motorcycle it has co-created with the Milwaukee-based cult motorbike maker. The motorcycle comes at an aggressive starting price of ₹2.29 lakh ex-showroom, pricing that makes it a disruptive proposition given that it brings the cult brand within reach of the aspirational premium buyer.

Narendra Modi has asked his ministers to expedite work of ongoing projects and have them completed by the next Republic Day. Addressing the entire Union Council of Ministers at a meeting held for the first time at ITPO complex in New Delhi's Pragati Maidan on Monday, Modi asked his colleagues to inform people about the work done so far, according to people in government. The G20 summit will be held at the same venue later this year.

NEW DELHI : The government plans to introduce legislation during Parliament’s monsoon session to implement comprehensive reforms, including provisions for a composite insurance licence, relaxed entry barriers for companies, and simplified investment rules, in the insurance sector, two people aware of the development said. In the monsoon session starting 20 July, the Centre is expected to introduce two pieces of legislation—the Insurance Laws (Amendment) Bill, 2023, and the Insurance Bill, 2023, the people said on condition of anonymity.

NEW DELHI : Indian stocks extended their rally on Monday, led by gains in HDFC twin stocks and strong buying activity in other index heavyweights. Buoyed by gains in the US market, local stocks saw a gap-up opening on Monday. Favourable economic data and sustained foreign fund inflows propelled the Sensex beyond 65,000, with the Nifty 50 surpassing 19,300, maintaining the bullish trend.

NEW DELHI : Micron Technology, Inc.’s India plant is set to begin construction within four to six weeks, as the Gujarat government has allocated land for the semiconductor factory, said communications and IT minister Ashwini Vaishnaw on Monday. The facility in Sanand, Gujarat, will be producing the first ‘Make in India’ chip, and production is expected to start by December 2024, he added. Micron, the American semiconductor packaging firm, will invest $825 million in India to set up the assembly and testing facility, it’s first factory here.

NEW DELHI : While market leaders Bharti Airtel Ltd and Reliance Jio Infocomm Ltd have secured 5G spectrum and launched services, Vodafone Idea Ltd (Vi) is yet to do so. However, the lack of 5G has not had any major impact on the enterprise business as most solutions work on 4G, said Arvind Nevatia, chief enterprise business officer at India’s No. 3 telco.

NEW DELHI : Brands across various industries are increasingly finding it difficult to secure high-quality real estate as a result of steep rentals, and an increase in the store expansion plans of both large and small brands. Several major retailers have attributed their post-covid expansion plans to make up for the slower pace of growth in 2020 and 2021. Now, with improved mobility and return of consumers to physical outlets, the pace of real estate expansion has picked up, outpacing the available supply in the market.

New Delhi: The Central Bureau of Investigation (CBI) filed a second chargesheet against 17 accused in a 'Land for Job Scam', including the Ex-Union Minister of Railways, Lalu Prasad Yadav, his wife, and son, the investigative agency said in a statement today. It was alleged that the then Union Minister of Railways during the period 2004-2009 had obtained pecuniary advantages in the form of transfer of land in the name of his family members etc.

New Delhi: The government Monday scrapped the strategic disinvestment of Pawan Hans Ltd, a public sector enterprise under the ministry of civil aviation, after it disqualified the successful bidder Star 9 Mobility Pvt Ltd on grounds of one of its consortium partners of being embroiled in a separate legal case where adverse rulings have been issued by the company law tribunal.  Mint had reported in February, and April, that the government found that a partner of the winning bidder consortium had adverse rulings issued by the National Company Law Tribunal's Kolkata bench against it in another matter and that it had issued a show cause notice to the company concerned. Also, that the government intended to scrap the disinvestment process altogether.   "Government has decided that successful bidding consortium M/s Star 9 Mobility Pvt Ltd is disqualified from the process of strategic disinvestment of Pawan Hans Ltd in terms of provisions of PIM and RFP," the department of investment and public asset management (DIPAM) said in a statement Monday.

New Delhi: The Indian Cellular & Electronics Association (ICEA) has set up a task force to ensure that Indo-US electronics trade goes up from $8 billion to $ 100 billion within a decade, said the apex industry body in a statement.   This comes after India and the United States joined forces to drive forward transformative initiatives, following Prime Minister Narendra Modi’s state visit to the United States last month.    “This will give a major boost to our efforts to become a global hub for innovation and manufacturing," said ICEA chairman Pankaj Mohindroo. The industry body represents electronics ecosystem in India, including components, subassemblies, EMS, and finished goods across various ESDM verticals such as mobile phones, consumer electronics, and IT hardware.  The setting up of Critical and Emerging Technology (iCET) will aid in cooperation in futuristic areas such as artificial intelligence, quantum computing, space exploration, semiconductors, and defence technology, the statement added.