India Financial News

India has become the flavour of the US presidential elections. For the first time, two Americans of Indian origin, Nikki Haley and Vivek Ramaswamy, figured as possible candidates for the presidential elections. When JD Vance became former President Donald Trump's running mate, spotlight fell on his wife Usha Vance, an Indian American and practicing Hindu. With the nomination of Kamala Harris as the Democratic Party’s candidate for the presidency, once again India has come to foreground. In her speech on Thursday night in which she formally accepted the Democratic Party’s nomination for the presidency, Harris spoke at length about her childhood days when she was raised by her mother Shymala Gopalan alone, who had divorced from her Jamaican American husband. What Harris said about her mother Harris started her speech by remembering her mother. «But I’m no stranger to unlikely journeys. So, my mother, our mother, Shyamala Harris, had one of her own. And I miss her every day, and especially right now. And I know she’s looking down smiling. I know that,» she said.

Narendra Modi met Ukrainian President Volodymyr Zelenskyy here on Friday, he first shook hands and immediately gave him a warm hug. The hug to the top leader of the war-torn country came barely six weeks after Modi had similarly hugged the leader of Ukraine's arch enemy Russia, President Vladimir Putin. During a media briefing after the Modi-Zelenskyy talks, External Affairs Minister S Jaishankar was asked about the 'embrace' in a question meant to seek comments on apparent linkages with Modi's meetings with Putin earlier and Zelenskyy now. «In our part of the world, when people meet people, they are given to embracing each other, it may not be part of your culture but I can assure you it is part of our's. In fact, today, I think, I saw, Prime Minister (Modi) also embrace President Zelenskyy,» Jaishankar replied to a specific question by a Western reporter which mentioned in as many words about Modi's embrace of Putin a few weeks ago.

Zelenskyy on Friday said India supported his country's national sovereignty and territorial integrity, underlining that New Delhi's support was «critical» because everyone in the world must equally respect the UN Charter. «Today, history was made. The Prime Minister of India @narendramodi made his first visit to Ukraine since our country's independence, on the eve of our Independence Day,» Zelenskyy posted on X after holding talks with Modi. Modi arrived in Kyiv this morning on a special train on the first-ever visit to Ukraine by an Indian prime minister after it became independent in 1991. Zelenskyy noted that four documents between Ukraine and India, covering the medical field, agricultural cooperation, humanitarian relations, and culture, were signed.

Union telecom minister Jyotiraditya Scindia in second advisory committee meeting with telecom operators on Friday asked them to take lead in the development of 6G technology. According to sources, who were present in the meeting, telecom operators reiterated their old demand of easing right of way permits, rationalisation of power tariffs and lowering of levies in the meeting. «Had a productive meeting with the Advisory Group of Telecom Service providers. Discussed issues pertaining to quality of services, India's 6G vision and promoting research and development to take our sector to new heights of development,» Scindia said on social media platform X. Minister of State for Communications, Pemmasani Chandra Sekhar, Telecom Secretary Neeraj Mittal, Digital Communications Commission member (Finance) Manish Sinha and other senior officials from the Department of Telecom were present at the meeting.

Ola Electric has issued a legal notice to MapmyIndia but has yet to receive any response. "Empty vessels make more noise," Aggarwal remarked, emphasizing that Ola Electric is not even involved in the mapping business.

Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders. As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio of 15 per cent stipulated for NBFC-MFI, the RBI said, while cancelling its certificate of registration. As per the statutory audit, as on March 31, 2021, the NBFC was facing cash flow issues and defaulted on repayment of Rs 49.27 crore to its lenders. «Further, the auditors have observed that due to losses (Rs 187 crore) and high net NPAs (Rs 82.37 crore) there is material uncertainty which casts significant doubt on the company's ability to continue as a going concern,» the central bank said.

TriZetto sued Indian tech company Infosys in Texas federal court on Friday, accusing Infosys of stealing trade secrets related to its healthcare insurance software. Cognizant said in the lawsuit that Infosys unlawfully extracted data from its databases and used it to build and market competing software. Spokespeople for Cognizant and Infosys did not immediately respond to requests for comment on the complaint.

Coal India's financial impact may run into Rs 35,000 crore in a «worst-case» scenario if the Supreme Court's review on mining taxes yields no favourable outcome or if the company fails to recover the taxes from its customers, a top official said on Friday. The miner is awaiting final clarity before considering any «provisioning» in its accounts. «Two subsidiary companies — Mahanadi Coalfields Ltd and Central Coalfields Ltd — are being affected, while the rest of the subsidiaries remain unaffected. Mahanadi Coalfields in Odisha is the most impacted. In the worst case scenario, our impact could be about Rs 35,000 crore, if we are unable to recover from long-term fuel supply agreements (FSAs) customers,» Coal India Chairman P M Prasad said. Talking to reporters on the sidelines of a Bharat Chamber of Commerce interaction, he said Central Coalfields in Jharkhand will be affected by about Rs 350 crore.

Canara Bank has entered the Nifty Bank index at the cost of Bandhan Bank as part of the semi-annual rejig. Canara Bank's average free-float market capitalisation stood at Rs 38,973 crore over six months as against Bandhan Bank's Rs 15,945 crore. With its inclusion, Canara Bank is expected to receive flows of $ 84 million whereas Bandhan Bank might witness outflows of $ 47 million, according to a note from JM Financial.

NITI Aayog has constituted four technical inter-ministerial committees on standards, storage, transportation and utilization of carbon dioxide as India gears up to become net zero by 2070, the Aayog said. “The committees are tasked with preparing a robust policy framework to address the challenges related to Carbon Capture Utilization and Storage (CCUS) implementation in India, including technology readiness, high upfront capital costs, lack of infrastructure for its transportation transportation and storage, regulatory gaps, and public acceptance issues,” it said in a statement issued on Friday. The Aayog, in collaboration with US Department of State’s Bureau of Energy Resources organised a two-day workshop on the legal and regulatory frameworks and technical considerations for Carbon Capture Utilization and Storage (CCUS) which ended on Friday.

select matches of Premier League 2024/25 in 4K resolution. The platform is the official streaming partner of Premier League in India. The top-tier Premier League began on August 17 with the highly anticipated opening fixture between Manchester United and Fulham. Throughout the season, Disney+ Hotstar will stream over 100 matches in 4K on LR (living room) devices that are 4K-enabled. This feature will be available to Disney+ Hotstar users with a premium subscription via the English-language audio feed. This strategic selection ensures that fans will have the opportunity to witness some of the most thrilling and high-octane football action in the league, all in 4K resolution.

trainee pilot and his instructor, who were on board the two-seater aircraft, were found in the Chandil dam on Thursday. «The missing Cessna-152 aircraft is still traceless,» Sub-Divisional Magistrate of Chandil Subhra Rani told PTI. An Indian Navy team, that began its search on Thursday, continued the operation on Friday but without success.

Amazon India plans to set up rest points for its delivery associates across cities over the next couple of years under Project Ashray, a senior company official said on Friday. The Ashray centres will provide clean drinking water, phone charging stations, washrooms, and rest areas for delivery associates. As a pilot, five rest points will be set up in collaboration with Udyasa Foundation in Delhi NCR, Bengaluru, and Mumbai. «Our plan is to be able to go to every city we operate in. We have 1,800 delivery stations across the length and breadth of the country. In the next couple of years, you will find this in pretty much every city in India,» Amazon India, Vice President — Operations, Abhinav Singh said.

Goldman Sachs Group Inc. has lowered India’s growth forecast by 20 basis points each for this year and the next, citing a contraction in central government expenditure. The bank now expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025. The current year’s downgrade factors a 35% year-on-year contraction in government expenditure during the April-June quarter that coincided with the weeks-long general election, the US bank’s economist led by Santanu Sengupta wrote in a report Friday. India’s growth next year will be hampered by the government’s commitment in the budget to bring down the fiscal deficit to below 4.5% of gross domestic product. Expansion will also face headwinds from slower real consumption growth, driven by a slowdown in household credit due to the Reserve Bank of India’s stricter rules to control unsecured lending by banks, the economists said.

Reliance-owned Ajio on Friday announced the launch of British fashion brand ASOS on the e-tailor platform. This collaboration has marked ASOS's debut in the Indian online retail market with over 3000 options across its curated portfolio of subsidiaries that include ASOS Design, ASOS Edition, ASOS Luxe and Miss Selfridge. With this tie-up, Ajio has strengthened its repertoire of top exclusive international brands, the company said in a press release. “Indians are exposed to global fashion trends and pop culture now more than ever. With a growing appetite for international brands, ASOS is perfectly poised to tap into the Indian market with India’s favourite online fashion destination AJIO, catering to young Indian shoppers looking for the latest in global fashion,” Ajio’s CEO Vineeth Nair said.

BlackRock Inc. has picked up over 42,700 sq ft office space in a premium commercial tower in central Mumbai’s plush Worli locality through a long-term lease of five years. The financial institution’s India arm Blackrock Services India will be paying rental of Rs 325 per sq ft a month in the first year of the lease. The agreement includes a clause to escalate rentals by 5% in April 2025, by 10% a year after that and 5% each in 2027 and 2028. The New York-headquartered company has leased the space on the 4th floor of the commercial tower Altimus directly from the project’s developer K Raheja Corp.

JSW Sports and Inspire Institute of Sport (IIS) founder Parth Jindal has led a fresh round of funding in PadelPark India, a comprehensive ecosystem and market leader dedicated to the sport of Padel in India. PadelPark India will deploy the fresh funding in scaling up its infrastructure and enhancing the offerings of its academy and events. It plans to establish more than 100 Padel clubs across the country over the next few years through a combination of owned and franchise-run centres. The company is on track to deliver 40 Padel Courts in the next three months, open 15 Padel Centres/clubs in the next 60 days, and train 250 people from next month.

Also read: Perfect outdoor escapes: In search of wild greens Trail running has shown gradual growth over the last few years in pockets of the country with plenty of races in the Himalaya and the Western Ghats, while a few runners like Kieren D’Souza and Sannat Sachdev have shifted base to the mountains to train and race internationally— Kieren moved from Bengaluru to Manali; Sannat from Jaipur to Bir. “The standards are very high globally and we are just about catching up. In other countries, there are loads of local races and trail running clubs.

Reasons to buyReasons to avoidAlso Read: Best smartwatches under ₹25000 in India 2024: Top 5 picks that are stylish, functional and affordableThe Realme TFT-LCD Smartwatch is a budget-friendly option with essential fitness tracking features. The TFT-LCD display offers clear visibility, and the watch is resistant to water and dust, making it suitable for various activities.Reasons to buyReasons to avoidThe Realme Techlife Smart Watch SZ100 is a versatile wearable designed for health and convenience.

mutual funds have filed draft documents with Sebi in the last one week to launch eight new funds. Axis Mutual Fund has filed draft for two funds, WhiteOak Capital Mutual Fund, Groww Mutual Fund, ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, LIC Mutual Fund, and 360 One Mutual Fund have filed for one fund each.

ISRO on Friday threw open its scientific data gathered from the Chandrayaan-3 mission for researchers across the world for analyses to mark the first anniversary of India landing a spacecraft on the Moon. The space agency has granted access to over 55 gigabytes of data from the five payloads — three on the Vikram lander and two on the Pragyan rover — that created history on August 23 last year by making a soft landing near the unexplored south pole region of the Moon. «This data is not going to be confined with those scientists who have created those instruments, but it will be made available to all the researchers of the country and the world for furthering the outcome of this,» ISRO Chairman S Somanath said at the National Space Day celebrations here. The Chandrayaan-3 data sets are available on Policy-based data Retieval, Analytics, Dissemination and Notification System (PRADAN) portal of the Indian Space Science Data Centre (ISSDC) — www.pradan.issdc.gov.in.