India Financial News

BEML, India's leading defence and heavy engineering PSU, on Tuesday signed a strategic Memorandum of Understanding with the Directorate of Marine Engineering, Indian Navy. The agreement was signed at the Naval Headquarters in Delhi, with Ajit Kumar Srivastav, Director of Defence at BEML, and Rear Admiral K Srinivas, ACOM (D&R) of the Indian Navy. «This landmark agreement is a pivotal step in enhancing bilateral cooperation for the indigenous design, development, manufacture, testing, and product support of critical marine equipment and systems,» the BEML said in a statement. It also said the partnership aims to strengthen self-reliance in defence production and minimise reliance on foreign imports.

edtech firm Byju’s founder, Byju Raveendran, said in an email to his employees that their salaries will be paid promptly as soon as he regains control of the company’s accounts, even if it requires taking on more debt. “When we regain control, your salaries will be paid promptly, even if that means raising more personal debt. This isn't just a promise — it's a commitment. We have investors ready to back our turnaround story,” said Byju Raveendran. On August 14, the Supreme Court stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement deal between Think & Learn Pvt Ltd, the parent company of Byju's, and the Board of Control for Cricket in India (BCCI).

Supreme Court on Tuesday refused to restrain the Interm resolution professional (IRP) of debt-ridden Think & Learn Pvt Ltd, the parent of online educational services company Byju's, from constituting a committee of creditors (CoC). A bench led by Chief Justice DY Chandrachud agreed to hear the case in detail on Thursday, including the bankrupt edtech company’s request to stall the formation of CoC. Requesting the apex court to direct IRP Pankaj Srivastava against constituting the panel before Friday, senior counsel AM Singhvi, appearing for the edutech firm, told the SC that it would be infructuous if the CoC was constituted within 48 hours.

Aditya Birla Finance and AU Small Finance Bank have partnered to launch a co-branded credit card even as the Reserve Bank of India tightened the co-branded card rules. The banking regulator earlier in the year said that branding partners for credit cards cannot access customer data or engage in any transaction after the card is initially issued. The RBI rule is focused on increased scrutiny especially on the partnerships between banks and fintechs firms. The Aditya Birla and AU co-branded card is linked to Visa and RuPay payment networks and will be available in four variants.

OnePlus Buds Pro 3.

AI-enhanced Nitro V 16 is now available at Acer exclusive stores across India.The Nitro V 16 boasts a 16-inch display with a sharp 16:10 aspect ratio and WQXGA resolution of 2560 x 1600 pixels. This vibrant screen offers a 165Hz refresh rate and 100% sRGB color accuracy, providing gamers with stunning visuals.

Maharashtra Deputy Chief Minister Devendra Fadnavis on Tuesday said an inquiry led by a woman IPS officer has been ordered into an incident of alleged abuse of two school girls in Badlapur in Thane district. Talking to reporters here, Fadnavis said the state government has appointed Arti Singh, an inspector general-rank Indian Police Service (IPS) officer, to conduct the inquiry. «It will be our endeavour to inquire into the incident at the earliest. We want to file the chargesheet in this case as soon as possible and place the matter before a fast-track court for hearing,» he said. «Our police department will make complete efforts to get such a barbaric and inhuman act punished immediately,» the deputy chief minister added.

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Mobikwik reported a net profit of Rs 14 crore in FY24, compared to a loss of Rs 80.6 crore a year ago. Its operational revenue jumped 62% on year to Rs 875 crore from Rs 539 crore in FY23. The company had reported a net profit in the first half of FY24 as well, and said it plans to maintain its profitable streak and continue showing strong financials. The company’s lending operational expenses shot up sharply during the year, rising 294% to Rs 270 crore from Rs 68.5 crore in FY23.

Mint spoke with say that the business class should be looked at in the context of the airline’s larger plan to focus on improving yields or average revenue per seat. It is also looking to expand globally through the Airbus 321XLR, which is likely to be inducted next year, and the Airbus 350, which is likely to join in 2027. Emails sent to IndiGo and Airbus seeking an official response on the recent development had not elicited any replies at the time of publishing.

Bengaluru will play host to a three-day event on alternative dispute resolution (ADR) from August 24, led by the country’s eminent legal brains. The event aims to promote the practice of alternative dispute resolution in Karnataka. Alternative dispute resolution refers to the ways people can resolve disputes without court proceedings such as mediation and arbitration. The Arbitration & Conciliation Centre, Bengaluru (Domestic and International), the Karnataka Judicial Academy, the Advocates’ Association Bengaluru, and the Bengaluru ADR Week Committee have come together to organise the event. The ADR Week would be a pivotal forum for exploring the significance and evolution of ADR in contemporary legal contexts, the organisers said in a press release.

complaint against India’s second-largest software services firm Infosys to the ministry of labour and employment over delay in onboarding of freshers, NITES said in a statement on Tuesday. NITES is an organisation working for the welfare, and rights of IT, BPO and KPO professionals in India. “We have filed a formal complaint against Infosys Limited for the ongoing exploitation and unprofessional treatment of over 2,000 young engineering graduates who were selected for System Engineer (SE) and Digital Specialist Engineer (DSE) roles during the 2022-23 recruitment drive,” Harpreet Singh Saluja, president, NITES, said in a statement.

Aye Finance has raised about $25 million from Goldman Sachs (India) Finance, the non-banking unit of Goldman Sachs in India, in a securitisation deal. The deal, valued Rs 212 crore in local currency, was announced Tuesday. This will free capital for Aye Finance and help it in business expansion. The fintech company lends to micro enterprises across India.

Jio added way more active users than Bharti Airtel in June 2024, but the Sunil Mittal-led telco added more higher-paying 4G and 5G users than its closest rival in that month. Vodafone Idea (Vi) continued to lose active users but gained some 3G and 4G users, according to latest telco subscriber data released by the regulator Tuesday. Jio added nearly 4 million active users to Airtel’s modest 0.67 million additions in June, while Vi lost as many as 2.71 million active users, latest customer data put out by the Telecom Regulatory Authority of India (Trai) showed. Vi’s heavy losses on this score underlined its continuing inability to fight bigger rivals, Jio and Airtel. As per Trai data, Jio, Airtel and Vi’s active user bases were at 440.94 million, 384.83 million and 188.26 million respectively in end-June.

On the BSE, Diggi Multitrade(down 13.25 per cent), Samrat Forgings(down 10.47 per cent), Transpact Enterprise(down 9.53 per cent), Olympic Cards(down 9.33 per cent) and Gravita India(down 9.32 per cent) stood among the top losers in today's trade.

PVR Inox’s stock has gained 5% in the past three trading sessions following the success of Stree 2 and on account of factors such as strong line-up of films in the coming months and timely expansion of capacity in the southern region. The stock of the country’s largest multiplex company is on a roll after Stree 2, released on August 15, garnered over Rs 229 crore at the box office on a budget of Rs 50 crore, making it a super hit movie of the otherwise dull monsoon season. Another major success, which has surprised the trade circuit, is the English film Deadpool & Wolverine. The film collected Rs 131 crore at the box office in India.

Markets (NISM)) and FPSB India (Financial Planning Standards Board) have come together to launch a Postgraduate Program in Financial Planning along with a series of capacity building initiatives for the securities market’s ecosystem, a media release said. An MoU was signed between FPSB India CEO Krishan Mishra and NISM Registrar Sunil Kadam and aligns with the Union Budget 2024’s focus on skilling and employability, paving the way for enhanced career opportunities for finance professionals.

However, the promoter group has expressed its «strong intention to continue as the majority shareholder block of the company».

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Welspun One, an integrated fund and development management platform, has acquired 22-acre land in Gurgaon to develop a logistic park with an investment of Rs 125 crore. «This acquisition marks a significant step in expanding our footprint in one of India's vital logistics corridors. By leveraging this prime location, we aim to create a logistics hub that will not only support our tenants' operational efficiencies but also contribute to India's broader economic growth,” said Anshul Singhal, managing director, Welspun One. According to JLL, transaction advisor for the deal, the Gurgaon/NH-08 corridor boasts a total supply of 64 million square feet for Grade A and B spaces as of H1 2024.