City New Delhi Financial News

BENGALURU:Silicon Valley-based venture capital (VC) firm General Catalyst has acquired New Delhi-based early-stage investor Venture Highway, with plans to invest $500 million-1 billion in India.The new entity will be called General Catalyst India and will focus on early- and growth-stage investments in the country. “The combined capabilities of the two firms will allow us to be much more hands-on and effective going forward in India.

NEW DELHI:The Employees’ State Insurance Corporation (ESIC) added 1.64 million new members in April, payroll data released on Wednesday said.The ministry of labour and employment, which released the data, said that of the new additions, 784,000 were young employees under the age of 25.The month also saw the inclusion of around 18,490 new establishments under the ESIC's social security scheme, expanding coverage to more workers.A gender analysis of the payroll data revealed that women accounted for 338,000 of the net enrolments in April, with 53 transgender employees also registering under ESI.Read Also: India's employment challenge: 20 million jobs need to be created each year"Through the data, it is noticeable that more jobs have been generated for the youth of the nation as out of the total 1.64 million employees added during the month, 784,000 employees amounting to around 47.60% of the total registrations belong to the age group of up to 25 years," the labour ministry said.Also Read: ESIC adds 1.59 mn new employees in November"Also, the gender-wise analysis of the payroll data indicates that the net enrolment of female members was 338,000 in April 2024.

NEW DELHI:Aditya Birla Group’s fashion and lifestyle venture TMRW has invested ₹125 crore for a 16% stake in Universal Sportsbiz Pvt. Ltd (USPL), the Accel and Virat Kohli-backed parent of clothing brand Wrogn.The minority investment comes with “an option for a path to majority stake acquisition" later, Aditya Birla Fashion and Retail Ltd said in an exchange filing on Wednesday.

New Delhi: The BJP on Tuesday ruled out any change in its leadership in Maharashtra after the party's poor showing in the recent Lok Sabha elections. The decision was taken at the Maharashtra BJP's core group meeting with party president JP Nadda and Union Home Minister Amit Shah. «There will be no change in leadership in Maharashtra,» Union Minister Piyush Goyal told reporters at the BJP headquarters. The meeting was attended by state BJP chief Chandrashekhar Bawankule, senior leaders Sudhir Mungantiwar, Chandrakant Patil, Pankaja Munde and Vinod Tawde, among others.

International Management Institute (IMI), New Delhi has announced the launch of its first batch of Post Graduate Diploma in Management (Online) programme. The programme is recognised by AICTE and will allow participants to excel in today's competitive business landscape.This 24-months Post Graduate Diploma in Management (Online) programme is designed for early to mid-career professionals seeking to broaden their foundational grasp of management and explore various domains to contribute effectively to business growth.

India and the U.S. have pledged to boost defense and technology cooperation and remove long-standing barriers to bilateral strategic trade, following a meeting between the national security advisers of both countries

NEW DELHI : New Delhi: Online gaming companies hoping for relief from the GST Council on retrospective taxes adding up to ₹1.12 trillion may have to wait longer. The federal indirect tax body is unlikely to consider the industry’s plea during its meeting on Saturday, according to two officials informed about the council’s plans. Companies with games involving real money have been treading a tightrope after authorities last year issued 71 notices for evasion of good and services tax for the period prior to 1 October, when a 28% GST rate was specifically prescribed on the full value of deposits made by players.

₹50,000-60,000 crore, the two people said. LIC, India’s biggest insurer and the largest investor in its stock market, owns assets worth over ₹51 trillion. “For the formal asset sale process, a fresh valuation work for the LIC-owned buildings may be carried out," said the second person.

NEW DELHI : Official statistics can sometimes seem at odds with ground realities. This is a debate usually confined to growth numbers, with the legitimacy of high growth often questioned on the basis of anecdotal evidence or an underlying data point. However, when it comes to inflation, it is no secret that the Consumer Price Index (CPI) needs a complete overhaul.

Kolkata: Following the rail accident on Monday, West Bengal Chief Minister Mamata Banerjee lashed out at the Centre for the lack of anti-collision devices in trains, the railway fare hike, lack of passenger amenities, negligence, lack of proper «care» for Railway employees and the absence of a Railway budget. Meanwhile, Railway Minister Ashwini Vaishnaw preferred to focus on passenger safety and restoration efforts. Banerjee said, «The Railways has become parent-less and has lost its beauty and glory,» adding «passenger amenities have been reduced while polls are rigged.» «There is no Railway budget anymore. You can see Railways at the time of inaugurations. It has become a fashion-statement of sorts.»

World Trade Organization (WTO) on the concessions the bloc can offer to New Delhi to mitigate the adverse impact of duties it levies on some steel imports. The two sides conducted consultations on June 7 on the EU's recent announcement of its decision to extend the existing safeguard measures on some steel product imports beyond the current termination date of June 30 for another two years. «India and the European Union were not able to reach an agreement,» India told the WTO on Monday. The measures hurt imports from many countries including India. «India requested the European Union to put forth its proposals for maintaining substantially equivalent level of concessions and other obligations and adequate trade compensation to mitigate the adverse effects of the proposed measure,» India said. India, China and Russia, along with five others have criticised the EU's decision to extend the levy on certain steel products, arguing that the measure, imposed after the US slapped additional duties on certain categories of steel imports from the bloc, in 2018, was inconsistent with the global trade body's rules.

Lutyens' Delhi since the Tilak Marg and Bengali Market underground water reservoirs are receiving less water from the Delhi Jal Board, NDMC officials said on Monday. There is a 40 per cent shortage in supply being received from the Delhi Jal Board (DJB) in the New Delhi Municipal Council (NDMC) area, they added. «As informed by DJB that production of potable water from Wazirabad water plant is not running at full capacity due to non-availability of raw water, hence water supply in command area of Tilak Marg underground water reservoir (UGR) and Bengali market UGR will be made available once in a day, preferably in morning time,» the official said. Due to this, water supply will be affected in areas like Bengali Market, Ashoka Road, HC Mathur Lane, Copernicus Marg, Purana Quila Road, Babar Road, Barakhamba Road, K G Marg, Windsor Place, Firozshah Marg, Canning Lane and surrounding areas.

NEW DELHI:Packaged foods company Nestle India has said it has benefitted "immensely" from its parent company's intellectual property rights, or IPRs, over the years, leading to greater speed of innovation as well as cost-savings to the business. The statement comes in the wake of a majority of shareholders rejecting a proposal to increase the royalty payout to its Swiss parent, Société des Produits Nestlé S.A., from 4.5% to 5.25% per annum.

NEW DELHI : Mumbai: Flipkart's much-anticipated plunge into quick commerce can be expected in India's top metro cities within “weeks", a top official said, as the Walmart-backed e-commerce company beefs up its supply chains to take on the likes of Swiggy Instamart, Zepto, and Zomato's Blinkit in a market growing at breakneck speed. “It'll be a few weeks from now; we'll start in a few large cities and progress as we move forward," Hemant Badri, senior vice president, head of supply chain, customer experience and recommerce business, Flipkart Group, said in an interview.

Ajit Doval on Monday held extensive talks with his American counterpart Jake Sullivan primarily focusing on implementation of the ambitious India-US Initiative on Critical and Emerging Technologies (iCET). The two top security officials are also learnt to have deliberated upon pressing global and regional issues of mutual interest. Sullivan, accompanied by a delegation of senior American officials and industry leaders, is on an official visit to New Delhi from June 17 to 18. Following the launch of the iCET by Prime Minister Narendra Modi and President Joseph Biden on the sidelines of the Quad summit in Tokyo in May 2022, the two NSAs have driven a concerted effort to engage in identified areas of collaboration in diverse domains of new and emerging technologies, including semiconductors, artificial intelligence, quantum computing, defence innovation, space and advanced telecommunications.

NEW DELHI : Private equity (PE) firm I Squared Capital and alternative investment firm Stonepeak are vying for Vodafone Group Plc’s 21.5% stake in Indus Towers Ltd in a deal potentially valued at around $2.3 billion, according to two people aware of the development. The talks are in advance stages, the people said. On 14 June, Reuters reported that Vodafone Group was looking to sell its entire stake worth $2.3 billion, as of Friday's closing stock price in Mumbai, in India's largest telecom tower company through stock market deals and had hired Bank of America, Morgan Stanley and BNP Paribas to manage the sale.

BJP and Aam Aadmi party (AAP) over the Delhi water crisis continued on Monday. The AAP Delhi government has blamed the BJP-ruled Haryana for not releasing water into the national capital, while BJP leaders in Delhi have organised a protest across the city. Delhi BJP chief Virendraa Sachdeva along with party workers held a ‘matki phod’ demonstration in Krishna Nagar, while BJP MP Manoj Tiwai held a protest in Mukherjee Nagar. «Delhi Jal Board is a department of Delhi government. What kind of Water Minister (of Delhi) is Atishi? Only to sell water to 'tanker mafias'? This is a very big question. That's why we are protesting with the people of Delhi,» said Tiwari.

NEW DELHI : Private retail chains and online grocers such as D-Mart, Reliance Retail, BigBasket, Amazon and Flipkart must now declare the amount of pulses they stock twice a week, as the government tries to curb the sharp rise in their prices. The government recently directed millers, retailers, wholesalers, big retail chains, importers, processors and stockists across the country to disclose stocks every week. However, the norm has recently been changed to twice a week for big private retail chains.

NEW DELHI : Private investments are taking off, and household consumption, which has crossed pre-pandemic levels, is growing, unlike in many countries, according to Sanjiv Puri, president of the Confederation of Indian Industry (CII) and chairman and managing director of consumer goods conglomerate ITC Ltd. Puri added that with global trade expected to do much better in 2024-25, India’s consumption and growth story will get further impetus. Quoting data from the ministry of statistics, Puri said investments in fixed assets like plant and machinery in nominal terms was at 23.8% of gross domestic product (GDP) in 2022-23 compared to 22.4% in the pre-pandemic year of 2019-20.

Indian Biogas Association (IBA) is demanding a fixed rate of Rs 90 per kg for procurement of biogas by oil and gas marketing companies, from the government, citing environmental benefits and to boost the sector. The IBA will soon put up the suggestion about fixing the procurement price of the biogas, along with other recommendations, for boosting the sector before the newly appointed Union Minister of New and Renewable Energy Minister Pralhad Joshi. While the retail selling price of compressed biogas (CBG) is aligned with CNG (compressed natural gas), the procurement price is unfortunately linked to the retail selling price (RSP) of CNG, IBA Chairman Gaurav Kedia told PTI. Consequently, he said with CNG prices in New Delhi hovering at Rs 75-80 per kg, the procurement price of CBG by oil and gas marketing companies falls to Rs 59 per kg (excluding GST).

NCP (SP) chief Sharad Pawar on Saturday described as "misuse of power" the Delhi Lieutenant Governor's sanction to prosecute author Arundhati Roy under the stringent UAPA for an alleged provocative speech in 2010. He was speaking to reporters during a joint press conference with Maha Vikas Aghadi allies Shiv Sena (UBT) chief Uddhav Thackeray and senior Congress leader Prithviraj Chavan. Asked about Delhi L-G VK Saxena's sanction to prosecute Roy under the Unlawful Activities (Prevention) Act, or UAPA, for an address at an event 14 years ago, the former Union minister said, «This is nothing but misuse of power.» Besides Roy, Saxena on Friday also gave the green signal for action under UAPA against former Central University of Kashmir professor Sheikh Showkat Hussain.