India Financial News

Audi India Head Balbir Singh Dhillon. He noted that hybrid cars are not currently part of the company's strategy for the country and the focus firmly remains on petrol and electric models. Dhillon said subsidies are needed for the growth of the EV segment, «till the time we reach a decent penetration level». «There is no science behind this, it's just a gut feeling that maybe by the time we reach 50 per cent penetration in the luxury (electric) space, we need that support (lower GST) and thereafter it is driven by itself,» he added.

BCCI) has released the full schedule for India's tour of England for 2025, which includes five test matches. Prior to this the England team will be visiting India to play five T20Is and three ODIs. India's tour to Englad is particularly crucial for India, as they seek their first series win in England since 2007 and aim to strengthen their position in the ICC World Test Championship 2025-27 cycle. India last toured England in 2021 for a series of four Tests under the captaincy of Virat Kohli, leading 2-1 before the final match was rescheduled to July 2022 due to the COVID-19 pandemic. In that decisive Test at Edgbaston, led by Jasprit Bumrah, India lost by seven wickets, resulting in a 2-2 draw and missing the chance to secure a series win in England.

Rakesh Jhunjhunwala to launch a new airline. Jhunjhunwala made a risky bet and invested $35 million for a nearly 40 per cent stake in the airline under his wife’s name. Later, Jhunjhunwala is said to have increased stake with his family now holding around 46 per cent. Many called Jhunjhunwala the Warren Buffett of India for his legendary success in equity markets. If Jhunjhunwala had heeded to an observation once made by Buffett, he wouldn't have put his money into an airline, especially in a new airline in India which is known as the graveyard of airlines for so many of them going bust in initial years. “The worst sort of business is one that grows rapidly, requires significant capital to engender growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers," Buffett had said in a letter to the shareholders of his company. The risky bet of Jhunjhunwala, who died soon after the launch of the airline in August 2022, has now grown nearly fourfold in value, if a funding proposal is considered which values Akasa at over $350 million, more than four times the valuation at which the initial investment was made by the family of late Jhunjhunwala. ET has reported based on information from sources that a consortium of Premji Invest and Claypond Capital, the family offices of Wipro’s Azim Premji and the Manipal Group’s Ranjan Pai, respectively, are in talks to invest about $125 million for a significant minority stake in Akasa.

Supreme Court's suo motu case on the alleged rape and murder of a junior doctor in a state-run hospital in Kolkata. The Indian Medical Association (IMA) headquarters is also preparing the documents to appear before the task force formed by the court to formulate a protocol for ensuring safety and security of healthcare professionals. The alleged rape and murder of the junior doctor in the seminar hall of the West Bengal government-run RG Kar Medical College and Hospital triggered nationwide protests that have affected non-emergency services in several health facilities. «IMA will be filing an IA (interlocutory application) before the Honourable Supreme Court in the suo moto intervention case. IMA HQ is preparing the necessary documents to appear before the special task force,» an IMA communication to its officials, including those at its state and local branches, said.

Indian Army has issued a tender for acquiring next-generation artillery guns to be designed, developed, and manufactured domestically. In the initial phase, the army requires 400 of these gun systems, with the demand expected to increase as older equipment is replaced. The procurement mandates that the guns be designed in India with more than 50% indigenous content based on the contract value. Private defence manufacturing companies that have invested significantly in developing artillery systems in recent years are keen on the Rs 7,000 crore acquisition of new Towed Gun Systems. Among the top contenders are Larsen & Toubro, Bharat Forge, and Tata Advanced Systems Ltd. Larsen & Toubro has already supplied K9 Vajra self-propelled artillery guns to the army. Bharat Forge and Tata Advanced Systems Ltd have developed the Advanced Towed Artillery Gun System (ATAGS) in collaboration with the Defence Research and Development Organisation (DRDO) and are currently competing for the army order. «The advanced 155mm/52 caliber guns will be lighter and more versatile than the current artillery guns, including the ATAGS,» according to the report.

Reliance may force the companies to sell some lucrative cricket broadcast rights or commit to advertising price caps. Reuters reported earlier this week that the Competition Commission of India (CCI) has sent a warning notice to the companies expressing concern that the merged entity will effectively have a monopoly on cricket broadcast rights worth billions of dollars, allowing it to squeeze advertisers. Neither the companies nor the regulator have commented as the process is confidential.

Amit Khurana, Head of Equities, Dolat Capital, says a serious outperformance by India from here in the near term, looks a little bit of a challenge. But India remains the best emerging market to play over the next few years. But near term, some normalisation is required to get to healthy market levels and price levels that one can enter.

BC Jindal Group on Thursday announced its foray into India's renewable energy sector, with a plan to invest USD 2.5 billion in the next five years. With an existing portfolio of 1,200 MW thermal power generation in Angul, Odisha, BC Jindal Group has floated a dedicated entity to hold the renewable venture of the group, a statement said. The group plans to invest around USD 2.5 billion in the renewable energy sector in the next 5 years, the statement added. BC Jindal Group, India's leading conglomerate, with over Rs 18,000 crore turnover, will oversee the renewable power generation and solar cells and module manufacturing businesses.

Banijay Asia, part of content powerhouse Banijay Entertainment, has inked a deal with Sony Pictures Television, the global television production and distribution company, acquiring format rights to produce Indian remakes of five of its popular international scripted series. The five shows include Drop Dead Diva, La Prepago, Men At Work, Mob Doctor, and Rosario Tijeras. Drop Dead Diva is a blend of comedy and drama that follows the story of a fashion model who dies in a sudden car accident and reincarnates into the body of a brilliant, plus-sized lawyer.

Democratic National Convention's third day began with a unique spiritual dimension as Pandit Rakesh Bhatt, a renowned Hindu priest, led the session with a traditional Vedic prayer. The event, held at the United Center in Chicago, was a significant occasion for rallying support behind Democratic presidential nominee Kamala Harris. Pandit Bhatt’s prayer invoked the ancient Indian concept of 'Vasudhaiva Kutumbakam,' which translates to 'the whole world is one family.' Bhatt opened with a prayer that resonated across the hall, chanting verses in Sanskrit before translating them into English for the diverse audience. “Even if we have differences, when it comes to the nation, we have to be united,” Bhatt stated. “Let our minds think together. Let our hearts beat as one. All for the betterment of society. May this make us powerful so we can unite and make our nation proud.”

Akshay Urja Day on August 20th, it's a great time to take pride in how far India has come in using renewable energy. It is also time to look at how advanced technologies are going to shape our future brighter. This day, marking the birth anniversary of former Prime Minister Rajiv Gandhi, highlights the importance of renewable energy in our journey towards a cleaner, greener planet. Solar Power in Indian Homes India's use of solar energy has grown rapidly.

Indian Renewable Energy Development Agency (IREDA) jumped nearly 9% to Rs 259.3 in Thursday's trade on the BSE, as the company's board is expected to consider a proposal to raise Rs 4,500 crore in one or more tranches through a follow-on public offer (FPO) or other modes during its meeting on August 29. In its filing to the exchanges post-market hours on Wednesday, IREDA informed about its fundraising plan via FPO or other routes — qualified institutional placement (QIP), rights issue, or preferential issue. It could also be a combination of these, the filing said.

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Tube Investments of India Ltd. gained 1.15 per cent to Rs 4096.2 in Thursday's trade as of 10:50AM (IST). The stock hit a high price of Rs 4125.0 and low of Rs 4070.0 during the session.

The NSE Nifty index traded 39.35 points up at 24809.55, while BSE Sensex was up 115.13 points at 81020.43 as of 10:08AM(IST)on August 22.

On the options front, the maximum Call open interest (OI) is at the 25,000 strike, followed by the 25,500 strike, while the maximum Put OI is at the 24,500 strike, followed by the 24,600 strike.

TVS Motor Company Ltd.(up 1.15 per cent), Exide Industries Ltd.(up 1.03 per cent), Bharat Forge Ltd.(up 0.81 per cent), MRF Ltd.(up 0.67 per cent) and Eicher Motors Ltd.(up 0.33 per cent) were among the top gainers.

Professor Manas Kumar Bandopadhyay has been appointed the principal of RG Kar Medical College and Hospital in Kolkata. This development comes a week after Prof Suhrita Paul was appointed to the post. Paul has been appointed the principal of Barasat Government Medical College and Hospital, as per a notification issued by the West Bengal Health Department. Earlier, the Health Department cancelled the appointment of Prof Sandip Ghosh as the Principal of National Medical College & Hospital following the Calcutta High Court directive. Ghosh was the former principal of RG Kar Medical College and Hospital.

The NSE Nifty index was trading 28.71 points up at 24798.9, while BSE Sensex was up 79.07 points at 80984.37 at the time of writing this report.

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ABB India and Kfin Technologies, along with 33 other companies, are expected to be in focus today as they have set August 23 as the record date for determining shareholders eligible for dividend payments. This means today is the last day to purchase shares of these companies to qualify for the announced dividends.