India Financial News

MUMBAI : Zerodha on Wednesday stopped its popular referral programme after the National Stock Exchange of India's (NSE's) 14 August circular mandated that all referral fee earners be registered as “authorized persons" or APs with brokers and stock exchanges. The broking industry, as a whole, leveraged the power of financial influencers to grow their business with influencers earning referrals or affiliate commissions from brokers. These were essentially a cut of all the broking commissions their followers generated while trading.

The flight was put in isolation bay while the passengers are being evacuated, reported agency further. There were 135 passengers onboard, sources told PTI, adding details on the origin of the threat and other information are awaited.

Premier Energies has announced a price band of Rs 427-450 for its upcoming Rs 2,830 crore initial public offering (IPO) which will open on August 27. The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,291 crore and an Offer for Sale (OFS) of up to 3.42 crore shares by the selling shareholders, which is equivalent to nearly Rs 1,539 crore based on the upper band price of Rs 450.

T20 World Cup, two people familiar with the matter said. Sydney Morning Herald was the first to report that Star has pressed for a renegotiation. India lifted the ICC Men’s T20 World Cup, which was held in the US and the West Indies to promote cricket in newer geographies; however, many advertisers skipped the event since fewer Indians were likely to watch these matches due to inconvenient timings, in a setback for Star.

Reserve Bank of India allowed foreign currency cards on RuPay. In FY24, there were 968 million transactions via RuPay cards, lower than 1.26 billion in FY23. The quantum of transactions remained unchanged at ₹2.4 trillion across both years.

Buy or sell stocks today: The Indian domestic stock market index Nifty closed higher for the fifth consecutive session on Wednesday, August 21. The index was fueled by the gains from the domestic FMCG and IT sector, closing 0.29 per cent higher at 24,770.20 points, compared to 24,698.85 points at the previous market close. The Bombay Stock Exchange (BSE) Sensex closed 0.13 per cent higher at 80,905.30 points after Wednesday's session, compared to 80,802.86 points at the previous close.

Fed Chair Powell's speech in the Jackson Hole Symposium on Friday will be a key event to watch out for. «Hopes are running high for rate cuts in the September meeting followed by more rate cuts in subsequent meetings. The market thus is likely to consolidate this week,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

Mint in an interview. Rising investor interest has led to the Tata Group's retail company's shares appreciating 250% in the past one year to Wednesday's closing price of ₹6,776.70 apiece on the BSE. Trent's market capitalization of more than ₹2.40 trillion makes it the fourth-most valuable Tata company, behind Tata Consultancy Services Ltd, Tata Motors and Titan Ltd.

NEW DELHI : India's economic boom has opened up a lucrative new playground: the legal profession. The surge in corporate activity, fuelled by an accelerating economy and a burgeoning middle class, has created a voracious appetite for legal services. This, in turn, has sparked fierce competition among top-tier law firms to recruit law graduates.

Commerce minister Piyush Goyal has raised concerns over e-commerce platforms using predatory pricing to the detriment of traditional retailers. Goyal said the large amounts of investments being made by these platforms in India were to fund the losses that he suggested were a result of such pricing. “Are we going to cause huge, social disruption with this massive growth of e-commerce? I don’t see it as a matter of pride that half our market may become part of the e-commerce network 10 years from now; it is a matter of concern," he said.

regulator, the Securities and Exchange Board of India (Sebi) will have a new look as two members exit after the end of their respective terms to make way for two incoming candidates. The Sebi chief, while also a full-time member of the board, reports to it. IIM Bangalore professor V Ravi Anshuman and bureaucrat Manoj Govil, who joined the board in 2019 and 2022, respectively, are exiting. The former's five-year tenure with the regulator has ended and the latter's role is being reassigned from corporate affairs secretary to expenditure secretary at the Centre.

New Delhi: The Drugs Controller General of India (DCGI) is considering issuing and renewing licences only to those pharmaceutical firms that can prove they follow good manufacturing practices. The move—the first such—assumes significance given the growing size of the Indian pharmaceutical industry, currently at $65 billion, and the crisis of confidence faced by it. Good Manufacturing Practices, or GMP, prescribed in Schedule M of the Drugs and Cosmetics Rules, 1945, set the standards for pharma companies on the quality of raw materials, methods, machines, processes, personnel, facility and environment, among other things.

₹200 crore. The Indian cosmetics brand, created under the watch of the late J.R.D. Tata in 1952, had taken wing in 1952 when Simone Tata, Noel Tata's mother, joined the board.

Zomato has stopped using AI-generated food images. Artists and several others have also come out against such images. While there might be a compelling case for AI-generated images in some instances, platforms have to ensure transparency.

Goyal on Wednesday alleged that Amazon's proposed $1-billion investment in India is to compensate for its huge loss that «smells of predatory pricing,» and of no great service to the economy. He also questioned the impact of ecommerce on crores of small retailers. «Are we going to cause huge social disruption with this massive growth of ecommerce?» «I don't see it as a matter of pride. It's a matter of concern,» Goyal said.

National Company Law Tribunal (NCLT) approving its takeover of SKS Power Generation Ltd, winning bidder Sarda Energy and Minerals has deposited ₹1,950 crore into an escrow account with Bank of Baroda (BoB) — ahead of the 45-day deadline set by lenders. In a stock exchange filing Tuesday, Sarda Energy confirmed the payment, including ₹1,805 crore paid to financial creditors of SKS Power, State Bank of India and BoB, as well as additional expenses for the insolvency process. It also includes excess cash in the company to be given to lenders. The NCLT on August 13 approved the transaction, with BoB Capital as the process advisor. «The transfer was made on earlier this week well ahead of the 45-day timeline provided for in the resolution plan. Sarda has raised a majority of the funds from banks with about 30% from internal accruals,» said a person familiar with the deal.

inter-ministerial panel has cleared five-six investment proposals in the electronics manufacturing sector, which include some pure-play Chinese companies and others with connections to the neighbouring country, people familiar with the matter said. The development is significant as these are among the first such approvals in recent times given border tensions and the scrutiny that investments from China have been attracting in India. Prominent names that have recently got approval include Chinese electronics major Luxshare, which is also a vendor for Apple, and a joint venture (JV) between Bhagwati Products (Micromax) and Huaqin Technology, in which the Chinese company will own a minority stake. Other proposals cleared include some Taiwan-based firms listed in Hong Kong or having investments from there.

state machinery but also among many within civil society. 'Police', in the context of protests, has a similar effect, with notions of 'needful' acts of aggression jostling with those of 'needless' rampage.

data localisation requirements issued by RBI to be applied from January next year. Data localisation involves fragmenting operations for multinational banks, which increases costs and reduces competitiveness. Foreign banks have been winding down their presence in India, particularly in the retail segment, as local private banks have expanded their footprint.

NEW DELHI : Sinch AB, a Swedish communications platform service provider, will enable rich communication services (RCS) messaging to users of major Indian telecom companies. After partnering with Vodafone Idea Ltd and Reliance Jio Infocomm Ltd, Sinch has now onboarded Bharti Airtel Ltd as well. Global chief executive Laurinda Pang told Mint in an exclusive interaction that Apple enabling RCS on iPhones has opened up an opportunity for the technology in markets like the US and Europe.