India Financial News

Public Sector Banks may have the largest network base in the country but their ability to garner deposits is much lesser than their private peers. HDFC Bank, the largest Indian private sector lender raced miles ahead in garnering deposits even though its branch presence remained a third of the largest Indian lender State Bank of India. State Bank of India recorded the largest deposit base at Rs 49.01 lakh crore at the end of the June 2024 quarter. It added Rs 3.70 lakh crore of deposits in one year, with the June 2023 deposit base at Rs 45.31 lakh crore. SBI has garnered these deposits with a mammoth branch network of 22,580. Private sector lender HDFC Bank was the top performer among banks in bagging deposits, it added a whopping Rs 4.66 lakh crore in one year. Its deposit base stood at Rs 23.79 lakh crore at the end of June 24 quarter versus Rs 19.13 lakh crore in the year ago period. What is noteworthy is that these deposits have been accumulated with a branch network of 8851, almost a third of SBI's network.

Piyush Goyal on Wednesday questioned Amazon's announcement of USD 1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. He said that their huge losses in India «smells of predatory pricing», which is not good for the country as it impacts crores of small retailers. Launching a report on 'Net Impact of e-commerce on Employment and Consumer Welfare in India' here, the minister lambasted the e-commerce companies, questioning their business model that has been impacting small retailers in the country. «When Amazon says that we are going to invest a billion dollars in India and we all celebrate, and we forget the underlying story that the billion dollars are not coming in for great service or any great investment to support the Indian economy. They made a billion-dollar loss in their balance sheet that year, they had to fill in that loss.

The study reveals that passive funds AUM has grown to Rs 10.2 lakh crore with 17% of total market share. The AUM of active funds stands at Rs 50.9 lakh crore as of June 2024. The equities take away the majority of the share with 59.75% of total AUM, followed by 26.95% in debt, 8.85% in hybrid and 4.44% in others.

Premier Energies, India's second-largest integrated solar cell and solar module manufacturer, will open for subscription on August 27 and close on August 29. 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.

The leaders of India and Malaysia say they will seek to expand economic ties and strengthen cooperation on defense and security

Karnataka Bank and financial services company Navi Technologies have announced the launch of credit line on UPI, an offering by the National Payments Corporation of India (NPCI). The private sector lender will be offering credit lines through a strategic partnership with Navi, marking Karnataka Bank as one of the early adopters of this next-gen credit product. «This is currently offered to a closed group of select users who are pre-qualified for the product, and it will be launched to more users based on customer feedback,» a release said. It further said the bank is starting with a short-term monthly loan product and is in discussions for adding other variants, like EMI facilities, and working capital credit lines in the future, aligned to customers evolving needs.

Indian Medical Association (IMA) on Wednesday wrote a letter to Union Health and Family Welfare Minister J P Nadda requesting an Act for the protection of healthcare professionals. «We demand that the draft bill 2019 incorporating the amendment clauses of the Epidemic Diseases Amendment Act, 2020 and the Code Grey Protocol of Kerala Government 'Prevention Management of Violence against Healthcare workers' be proclaimed as an ordinance to instill confidence into the minds of the Doctors of India,» read the letter by IMA.

Indian shoppers are continuing to buy from retail chains especially when it comes to premium products and during big discount days or festive periods, as per a latest study by market researcher NielsenIQ. The study shows that these big shopping periods contribute 20% of incremental sales for FMCG and 60% for consumer electronic products. Non-food categories grow 1.8 times faster than food during these periods, driven by deep discounts and consumer preference for non-essentials. Categories such as toothpaste, toilet soap, and washing powder lead the charge, benefits with 20-30% incremental sales during big days, it said.

Union Finance Minister Nirmala Sitharaman on Wednesday asked the Income Tax department to work towards being identified as fair and friendly. The FM was speaking on the occasion of Income Tax day celebration, where she marked 165 years of Income Tax, and congratulated Indian taxpayers for the feat achieved. Furthermore, Sitharaman took this opportunity to emphasise on the need for the language of income tax notices and letters issued to the public to be simplified.

Online vendors have generated 15.8 million jobs in India, including 3.5 million for women, with about 1.76 million retail enterprises participating in e-commerce activity, says a report released on Wednesday. The report 'Assessing the Net Impact of e-Commerce on Employment and Consumer Welfare in India' was launched by Commerce and Industry Minister Piyush Goyal. «Plugging in data from our survey, we estimate that online vendors generate 15.8 million jobs, including 3.5 million jobs for women,» the report prepared by Pahle India Foundation (PIF), a Delhi-based policy research institute, said. E-commerce, according to the report, has been a key driver of employment generation In India. On an average, online vendors employ 54 per cent more people and almost twice the number of female employees, compared to offline vendors.

Aries Agro Ltd.(up 15.46%), Deepak Fertilisers & Petrochemicals Corporation Ltd.(up 9.62%), Khaitan Chemicals & Fertilizers Ltd.(up 5.11%), Chambal Fertilisers & Chemicals Ltd.(up 3.65%), Paradeep Phosphates Ltd.(up 2.34%), Madhya Bharat Agro Products Ltd.(up 1.98%), Gujarat State Fertilizer & Chemicals Ltd.(up 1.61%), The Fertilisers and Chemicals Travancore Ltd.(up 1.52%), Gujarat Narmada Valley Fertilizers & Chemicals Ltd.(up 1.45%) and Zuari Agro Chemicals Ltd.(up 1.12%) stood among the top gainers.

capital on Wednesday, according to the All India Sarafa Association. The yellow metal of 99.9 per cent purity had jumped Rs 1,400 to settle at Rs 74,150 per 10 grams in the previous session on Tuesday. However, silver prices declined Rs 150 to Rs 87,000 per kilogram against Rs 87,150 per kg in the previous close.

will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29. The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, a BSE filing said. IREDA, under Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.

Also Read: Becoming an investment advisor is about to get a lot easier The requirements to become a part-time IA/RA are similar to those for full-time advisors. Applicants must have a relevant finance-related degree, or a postgraduate degree from NISM, or a CFA charter. Additionally, they must clear the NISM 10-A and 10-B exams.

Super.Money has officially launched its credit-first Unified Payments Interface (UPI) application for the public, following a successful beta phase that saw over 10 million transactions. The Bengaluru-based startup has completed testing its credit on UPI solution and has introduced a wait-list programme. Super Money’s first credit solution is a Rupay credit card that functions as an interest-bearing wallet on UPI rails, it said. The company is working with Utkarsh Small Finance Bank, IndusInd Bank and Axis Bank to offer various financial services. Prakash Sikaria, founder and CEO of Super.Money, told ET that the company aims to be among the top five players in India’s competitive UPI market. Currently, Walmart-owned PhonePe and GooglePay dominate the market, accounting for over 85% of the 14.4 billion UPI transactions recorded in July.

Electrification and automation major ABB on Wednesday said it has surpassed 10GW in delivering solutions for renewable energy plants in India. This is a result of over 300 renewable energy projects across India utilizing ABB's IoT-based PLC solution, a company statement said. ABB's PLC-based SCADA (supervisory control and data acquisition) system is an automation control solution, which helps gather and analyze real-time data to run the plant optimally and enable low maintenance. With this, operators are also able to easily monitor and analyze key parameters of the plant and get complete visibility of plant operations.

Tasty Bite Eatables Ltd.(up 10.58%), Adani Wilmar Ltd.(up 10.00%), Patanjali Foods Ltd.(up 4.37%), LT Foods Ltd.(up 3.87%), Varun Beverages Ltd.(up 3.66%), Gillette India Ltd.(up 2.86%), Dabur India Ltd.(up 1.81%), JHS Svendgaard Laboratories Ltd.(up 1.64%), Prataap Snacks Ltd.(up 1.64%) and Umang Dairies Ltd.(up 1.60%) stood among the top gainers.

organ donation crisis persists as demand far exceeds supply. In India alone, over 300,000 patients are currently on the waiting list for donor organs, according to the Ministry of Health and Family Welfare. Successful organ donation hinges on multiple factors, including organ compatibility with the recipient’s body weight, height, size, and blood group. Even when a match is found, the viability of the organ, particularly the heart, can be compromised by the lack of oxygen and blood during the dying process, a TOI report stated. Revolutionary Procedure Expands Organ Availability A new technique, known as abdominal normothermic regional perfusion (A-NRP), could significantly improve organ availability. Developed by doctors in the US and Canada, this method involves connecting the deceased body to a portable heart and lung machine. This machine supplies blood to vital organs like the liver, pancreas, small intestine, and kidneys after circulatory death. By maintaining a steady flow of oxygen and nutrients, A-NRP enhances the condition of the organs, making them suitable for transplantation.

Indian astronaut is likely to fly to the International Space Station by April next year as part of the NASA-ISRO collaborative initiative, Science and Technology Minister Jitendra Singh said on Wednesday. Two Indian astronaut-designates Group Captains Shubhanshu Shukla and Prashanth Balakrishnan Nair are undergoing training in the US for the Axiom Space Ax-4 mission. ISRO has assigned Shukla for the Ax-4 mission while Nair would be the backup candidate. «An Indian astronaut will travel to the ISS by April next year,» Singh told a press conference here ahead of the first-ever National Space Day celebrations to mark the landing of Vikram lander on the Moon on August 23 last year. The theme for the National Space Day is 'Touching Lives while Touching the Moon: India's Space Saga'. On the occasion, ISRO will release on August 23 the scientific data collected by the Chandrayaan-3 mission that could be used by researchers.

credit cards with airport lounge access are immensely popular. Airport lounges are a terrific place for frequent fliers to get away from the stress and commotion of waiting for planes. Airport lounge access credit cards in India give users with free or covered admission to airport lounges that offer special privileges and services. These amenities may include pleasant waiting areas, food, drinks, Wi-Fi, showers, and quiet spots to work or rest. Note that credit card holders should check whether your credit card gives you complimentary access at the selected airport.