India Financial News

JR One Footwear Pvt Ltd, a joint venture company between Phoenix Kothari Footwear Ltd and Taiwan-based ShoeTown Group has plans to expand its presence in Tamil Nadu by setting up two more manufacturing facilities and leather component clusters in the state, a top official said on Tuesday. The company had already committed investments of about Rs 5,000 crore for setting up a factory in Perambalur to produce 'Crocs' range of footwear. Spread across 50 acre of land in the district, located about 250 km south of Chennai, the manufacturing unit currently has generated about 1,700 jobs (direct and indirect) in the region. «We are expanding by entering two more districts (For setting up manufacturing facilities). We are bringing two more international footwear brands. We will announce the name of two districts soon, » Phoenix Kothari Footwear Ltd Chairman J Rafiq Ahmed said in an interaction here. Globally, Shoetown Group is a leading manufacturer of footwear and the Kothari Group has ties only with Ron Chang, Chairman, Shoetown Group for manufacturing of footwear in India, he said responding to a query.

Hero MotoCorp has fallen to the second position behind Honda Motorcycle & Scooter India (HMSI) based on wholesale dispatch data. According to figures from the Society of Indian Automobile Manufacturers (Siam), Honda has surpassed Hero MotoCorp in the April-July period, with 18.53 lakh units compared to Hero's 18.31 lakh units. This represents a difference of approximately 21,653 units, which grows to over 1.3 lakh units when including exports. Both companies declined to comment when approached, a TOI report stated. In January 2011, Hero MotoCorp and Honda Motors (Japan) decided to split after 26 year of partnership.

Mangalore Chemicals & Fertilizers Ltd.(up 3.15%), Sikko Industries Ltd.(up 1.87%), Chambal Fertilisers & Chemicals Ltd.(up 1.70%), Madhya Bharat Agro Products Ltd.(up 1.58%), Gujarat Narmada Valley Fertilizers & Chemicals Ltd.(up 1.31%), The Fertilisers and Chemicals Travancore Ltd.(up 1.30%), Southern Petrochemicals Industries Corporation Ltd.(up 1.30%), Zuari Agro Chemicals Ltd.(up 1.14%), Agro Phos India Ltd.(up 0.78%) and Gujarat State Fertilizer & Chemicals Ltd.(up 0.57%) stood among the top gainers.

Moody's Ratings on Tuesday said rated Indian companies will spend USD 45-50 billion annually over the next 1-2 years towards capex as companies boost capacity, with the country's most valued firm Reliance Industries alone accounting for 30 per cent of the spendings. Investments to increase vertical integration and achieve net zero targets will also keep spending high, Moody's Ratings said in a report on corporates in India and Indonesia. «Rated Indian companies' capex will remain elevated at around USD 45-50 billion annually over the next one to two years. With an annual capex budget of around USD 15 billion spread across its different business segments, Reliance Industries alone will account for around 30 per cent of the portfolio capex,» Moody's Ratings said. The oil and gas sector and Reliance Industries will collectively account for over 60 per cent of the rated Indian portfolio's spending over the next couple of years.

SC/ST reservations by the Supreme Court, the Reservation Bachao Sangharsh Samiti has called for a Bharat Bandh on August 21, 2024. There will likely be a large turnout for the bandh, which has the backing of Rajasthan's SC/ST groups. During the protest, law enforcement officials have been directed to take appropriate action to preserve order.

record date for the purpose of its 1:5 stock split, following which the stock closed 4.6% higher on BSE at Rs 555. “The Company has fixed Wednesday, 11th September, 2024 as ‘Record Date’ for the purpose of determining the eligibility of Shareholders for the purpose of sub-division of every one fully paid-up equity share having face value of Rs. 10/- (Rupees Ten only) each in the share capital of the Company into five (5) fully paid up equity shares having face value of Rs. 2/- (Rupees Two only) each,” said the company in a filing to the exchanges.

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Tasty Bite Eatables Ltd.(up 9.91%), Zydus Wellness Ltd.(up 4.42%), Dangee Dums Ltd.(up 4.03%), JHS Svendgaard Laboratories Ltd.(up 3.84%), ADF Foods Ltd.(up 2.67%), Prataap Snacks Ltd.(up 2.08%), Euro India Fresh Foods Ltd.(up 1.84%), Jyothy Labs Ltd.(up 1.42%), Gillette India Ltd.(up 1.34%) and Patanjali Foods Ltd.(up 1.16%) stood among the top gainers.

RBI's) inflation targeting regime has worked well and need not be abandoned in favour of a more discretionary regime that could be risky and counterproductive, a new research paper has said. The paper titled 'Inflation Targeting In India: A Further Assessment' said the weight of food-price inflation in the CPI inflation basket should be reduced to better reflect the circumstances of Indian households. «The RBI's inflation targeting regime has worked well. Given this record, radical changes such as broadening its mandate or abandoning the target in favour of a more discretionary regime would be risky and counterproductive,» it said. The paper is authored by economists Barry Eichengreen (University of California, Berkeley) and Poonam Gupta (NCAER).

Ankur Capital, which backs startups in agritech, climate and deeptech, has raised fresh capital commitments from existing backers British International Investment (BII) and MacArthur Foundation for its third fund. The latest fund, for which the target is Rs 1,200 crore ($150 million), has already raised capital from US International Development Finance Corporation and Self-Reliant India Fund, a central government initiative under the Ministry of Micro, Small and Medium Enterprises. “BII and MacArthur Foundation are returning investors in this fund as they were limited partners in our second fund…We continue to be a pre-series A investor and continue to look at companies at that stage,” Ritu Verma, managing partner, Ankur Capital, told ET.

Government on Tuesday instructed the Union Public Service Commission (UPSC) chairman to cancel the recent lateral entry advertisement. The directive, issued under the guidance of Prime Minister Narendra Modi, comes amid growing political controversy over the lateral entry process. In a letter addressed to the UPSC chairman, Jitendra Singh, the Minister of State (MoS) for the Department of Personnel and Training, conveyed the Prime Minister's stance that the lateral entry process must adhere to the principles of equity and social justice as stated in the Indian Constitution, particularly concerning the provisions of reservation. The government emphasized that the lateral entry mechanism needs to be reviewed and reformed to align with PM Modi's focus on ensuring social justice. «Cancelling the advertisement would be a significant advance in the pursuit of social justice and empowerment,» the letter stated.

auto-rickshaw driver has captured the attention of social media after a photograph of a notice inside his vehicle gained significant traction online. The sign displayed prominently above the windshield, boldly announced, «We accept cryptocurrency.» An X user named Garima shared the picture on the microblogging site and remarked, “Bro is transforming faster than most literate Indians.” The post sparked amusement among many users on X.

iPhone 16 launch date revealed via new leaked poster. Expected date, time and all we know so farAccording to social media posts shared by the company, Vivo T3 Pro will come with a 3D curved AMOLED display with 120Hz refresh rate and a peak brightness of 4,500 nits.

India and Malaysia on Tuesday decided to elevate their ties to the level of comprehensive strategic partnership following talks between Prime Minister Narendra Modi and his Malaysian counterpart Anwar Ibrahim. The two sides inked a number of pacts, including one on employment and repatriation of workers and another on boosting cooperation in the area of digital technologies. Ibrahim began his three-day visit to India on Monday night. It is his first visit to India as prime minister. The larger focus of the Modi-Ibrahim talks was to expand trade and investment and explore cooperation in new and emerging areas.

iPhone 16 launch date revealed via new leaked poster. Expected date, time and all we know so farAccording to a report by Bloomberg, Apple's key partner Foxconn has started training thousands of its workers at a factory in Tamil Nadu to produce iPhone 16 Pro and iPhone 16 Pro Max variants.

mining retrospectively from April 1, 2005, experts have been arguing that operating costs of Indian mining companies are likely to rise significantly post the apex court ruling. Financial advisory firm Ambit Capital, however, citing a precedent, argues that there is a silver bullet that could somewhat minimize the net impact to companies from prospective dues. The financial advisory firm says that the Union Government can lower the royalty rate on mining to compensate companies.

Dhaka, Tax authorities in Bangladesh have decided to unfreeze the bank accounts of Bangladesh Nationalist Party Chairperson Khaleda Zia, 17 years after they were blocked. The National Board of Revenue (NBR) on Monday instructed banks to unfreeze the accounts of BNP Chairperson Zia, the Daily Star newspaper reported. In August 2007, the NBR's Central Intelligence Cell directed banks to freeze the accounts of the BNP Chairperson, who has been elected Bangladesh's prime minister twice since 1990. The decision was based on a recommendation of a panel formed during the then Army-backed caretaker government, said a senior official of the NBR.

Mintthat if these proposals are approved, it would mean the death of financial planning in India. In a recent consultation paper, the market regulator proposed that investment advisers shall not provide services/products such as tax planning, estate planning, loan management, real estate, gold, and bitcoin under the IA licence. The reason: such products are not regulated, at least not by Sebi, and thus might not be scrutinised enough.

Info Edge (India) Ltd. slipped 0.06 per cent to Rs 7385.6 in Tuesday's trade as of 01:24PM (IST). The stock hit a high price of Rs 7426.0 and low of Rs 7364.0 during the session. The return on equity (ROE) for the stock stood at 1.91 per cent. Traded volume on the counter stood at 01:24PM shares and turnover at Rs 0.89 crore around that time. The stock of Info Edge (India) Ltd. quoted a 52-week high price of Rs 7455.05 and 52-week low prices of Rs 3973.15, respectively.

LTA rules can be confusing, especially regarding air travel. ET Wealth Online addresses common queries about LTA for employees.