India Financial News

quick commerce platforms increasingly operating like horizontal online marketplaces, Blinkit and Zepto are seeing much higher sales and carrying a wider assortment at the onset of the festive season with Rakshabandhan, top executives, brands and sellers told ET. Flipkart, Amazon India and others are in the middle of preparing for the upcoming festive season and quick commerce firms are bulking up for an action-packed Diwali this year, aiming to corner a greater market share. These platforms are also doubling the number of stock keeping units (SKUs) to be able to deliver a wider set of goods to consumers during the festive season. Zepto is working to roughly double its SKUs from the 10,000 on offer currently, people in the know told ET. A spokesperson for Zepto confirmed the development. In its June quarter report, Blinkit said it was selling up to 25,000 different SKUs in some locations.

Aviral Bhatnagar, who earlier led enterprise software and artificial intelligence investments for Venture Highway (now merged with US-based General Catalyst), has launched a Rs 100 crore fund to back early-stage Indian startups. The fund, launched by the new venture capital (VC) firm AJVC, will focus purely on pre-seed stage investments while being sector agnostic, he told ET. The development comes at a time when several new domestic funds and micro venture capital (VC) firms have come up in India. These investors back startups at a very early stage and write smaller cheques than established VC firms. The emergence of the micro VC funds, which are usually smaller and are single partner focused, have added to the diversity of risk capital investing in Indian startups. Other established micro VC firms include Vaibhav Domkundwar's Better Capital, deeptech-focused firm Java Capital, Delhi-based Sauce VC, which makes consumer sector investments, and $25 million enterprise software-focused Neon Fund.

₹2,400-3,000 crore, translating to ₹4-5 crore per MW, the people cited above said on the condition of anonymity. A potential acquisition would help India's largest private thermal power producer capitalize on the rising electricity demand in the country. "Adani Power is negotiating with CFM Asset Reconstruction Co.

startups in the electric two-wheeler segment — Ola Electric, Ather Energy and Greaves Electric (Ampere) — declined to 48.8% in the first quarter, from 59% in the year-ago period, as legacy manufacturers such as Bajaj Auto, Hero MotoCorp and TVS Motor Company expanded their footprint in the fast-evolving market. After starting from behind, the older companies accounted for about one of every three units sold in the category in the first three months of the current financial year. Overall, electric two-wheeler sales inched up by 1.4% to 221,548 units, according to the Federation of Automobile Dealers Association (FADA).

Department of Telecommunications (DoT) believes that the Telecom Regulatory Authority of India (Trai) should examine the issue of backhaul spectrum holistically, particularly due to technology advancements such as 5G and 6G, said officials. While historically, backhaul airwaves were given administratively, or without auctioning, telecom operator Reliance Jio says such bandwidth can also be used for access, or mobility services, and hence should be auctioned, a point opposed by rivals Bharti Airtel and Vodafone Idea. Satcom players such as Elon Musk-owned Starlink and Amazon's Project Kuiper want the same spectrum to be offered administratively, on a non-exclusive basis, for meeting their connectivity needs.

Blockchain technology is gradually transforming real estate across the world by introducing transparency, security, and efficiency in property transactions. While still in its early stages, its application in land records management and property financing is gaining momentum, driven by the potential to reduce fraud and streamline processes. However, the adoption of blockchain in India faces challenges such as regulatory uncertainty and the slow pace of digitisation. As these hurdles are addressed, blockchain is expected to significantly impact how real estate is bought, sold, and managed across the country. What is blockchain and how does it work in real estate?

World Meetei Council (WMC) urged Prime Minister Narendra Modi to take «immediate steps» to resolve the ongoing ethnic crisis in Manipur adding that over a year-long hostility is a matter of national concern. WMC's Tripura unit President H. Bankim Singha, on the sidelines of an event here, said the Manipur crisis has been persisting for over 15 months, claiming over 225 lives while leaving thousands homeless and destitute. Describing the ethnic riots in Manipur as a shameful chapter in the state's history, he said that «it is deeply distressing to see one community setting fire to another community's properties».

North Eastern Council (NEC) has withdrawn the draft ‘Vision Plan 2047’ document after it wrongly mentioned that the Kukis migrated from the 'Chin State of Manipur'. Manipur Chief Minister N. Biren Singh said in a Facebook post on Sunday said that following the mistake in the draft NEC 'Vision Plan 2047’, the issue was raised with Development of North Eastern Region (DoNER) Minister Jyotiraditya Scindia following which it was withdrawn. In Chapter 3 – 'Art, Culture, Natural Heritage' — of the draft vision document, “Kukis (Chin) from the Chin state of Manipur” was mentioned.

Narendra Modi has been continuously monitoring the Mpox (monkeypox) situation, the government said on Sunday. PK Mishra, Principal Secretary to the PM, chaired a high-level meeting to review the status of preparedness for Mpox in the country and related public health measures. The meeting was briefed that as of now there is no reported case of Mpox in the country. As per the current assessment, the risk of a large outbreak with sustained transmission is «low». The WHO has declared Mpox a health emergency of international concern.

Central Bank of India is on the verge of acquiring Future Enterprises' (FEL) stakes in two insurance joint ventures, as the debt-ridden conglomerate undergoes insolvency proceedings. The state-owned bank is likely to take over Future Enterprises' 25% stake in Future Generali India Insurance Co. and a 33% stake in Future Generali India Life Insurance Co., according to people familiar with the matter. The acquisition comes as the bank seeks to increase its presence in the insurance sector, where it currently holds a minority stake. Lenders to Future Enterprises had divided the company's assets into three groups — insurance ventures, textile businesses and other residual stakes.

Narayana Murthy, co-founder of Infosys, highlighted the issue of India's rising population as a major challenge during the convocation ceremony at Motilal Nehru National Institute of Technology in Prayagraj on Sunday. He stressed that inadequate attention to population control since the Emergency period threatens the country's sustainability. «India faces significant challenges related to population, per capita land availability, and healthcare facilities,» Murthy stated. He elaborated by comparing India with other nations, saying, «Since the Emergency period, we Indians have not paid enough attention to population control. This poses a risk of making our country unsustainable. In comparison, countries such as the US, Brazil and China have far higher per capita land availability.»

academic institutions, including the Indian Institute of Technology received notices from goods and services tax (GST) authorities for non-payment of tax. «The ministry of education has taken up the matter with the finance ministry. It is looking into it, » said a government official, privy to the development. A host of academic institutions countrywide including IIT-D have been served show cause notice seeking explanation on non-payment of tax on funding support for research by GST authorities. Notices have been sent by the Directorate General of GST Intelligence for the period between 2017-2022.

Reliance Industries (RIL), which will control the Star-Viacom18 merged entity after regulatory clearances, is leaning toward having only one OTT platform, JioCinema, after the merger, said people aware of the matter. Following the merger, RIL is considering a plan to combine Disney+ Hotstar with JioCinema, despite the former having higher downloads, said one of the persons. Disney+ Hotstar is Walt Disney-owned Star India's streaming service, while JioCinema is owned by RIL-controlled Viacom 18.

Inox Wind reported a profit in the April-June period, the first quarter it has done so since the three months to December 2018. «We are just at the cusp of a massive breakout,» Devansh Jain, executive director, InoxGFL Group, said in an interview. The company, a fully integrated wind energy player, has a record 2.9GW order book. The stock market has lapped up the turnaround story. The Noida-based company has seen its stock surge over 11 times from the low of ₹19 in December 2018 to ₹212 on August 16, 2024. In the past year, it has jumped 331% while the Sensex is up 22%, lifting its market capitalisation to nearly ₹28,000 crore.

Gita Gopinath said, while flagging concerns around the growing sentiment against de-globalisation and protectionism. She said countries are certainly becoming more selective about their trading partners. “In that sense, India is in a bit of a favoured position because for many countries, India is an attractive country to work with in terms of diversifying their trading partners… so that plays a beneficial role for India,” Gopinath told ET.

Pro Kabaddi League (PKL), which has completed 10 years and is gearing up for its 11th season, has helped create confidence among investors about the viability of non-cricket sporting leagues, said a senior executive. «When a league like PKL goes into its season 11, we are also helping to create some market confidence that non-cricket sports leagues and the business of sport can grow,» said Anupam Goswami, league commissioner, PKL. Many non-cricket sporting leagues were launched on the lines of the Indian Premier League (IPL), but many of them — such as the Indian Tennis Premier League, Premier Badminton League and Pro Wrestling League — are either dormant or have shut down.

Apple Inc's business in India, including exports, crossed ₹2 lakh crore in fiscal 2024, driven not only by a surge in the local manufacturing and export of iPhones, but also a spurt in domestic sales of its other products including MacBooks, iPads and Watches. The US-based tech giant has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making it the largest global value chain operating here, said officials. The company exported ₹1.35 lakh crore worth of iPhones, highest by any single brand in FY24 from India, while local sales were ₹68,000 crore. The Economic Survey 2023-24 mentioned Apple five times, underscoring the company's role in India's efforts to become a global smartphone manufacturing hub.

Kuwait City: External Affairs Minister S Jaishankar Sunday met Kuwait's top leadership and discussed ways to take the bilateral ties to a higher level and also exchanged views on the geopolitical developments in the region. Jaishankar, who arrived here on Sunday on a day-long visit, called on Crown Prince Sheikh Sabah Al-Khaled Al-Sabah and sought his insights on taking the bilateral ties to a higher level. «Honoured to call on His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, the Crown Prince of the State of Kuwait. Conveyed the greetings of the President and Prime Minister,» Jaishankar said in a post on X. "India and Kuwait share centuries-old bonds of goodwill and friendship. Our contemporary partnership is expanding steadily. Thank him for his guidance and insights on taking our ties to a higher level," he added.

incentive schemes even as it weighs various options such as lowering the sops if they’re not allocated more funds. The ministry has moved a note for the approval of the Expenditure Finance Committee (EFC) to extend to the Interest Equalisation scheme by five years, which is available for small businesses and products falling under 401 tariff codes, till August 31. The total outlay of the scheme is capped at Rs 750 crore. Separately, it has also sought that duty remission benefits granted to exporters, under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme are extended beyond September.

Mumbai, Shiv Sena (UBT) leader Aaditya Thackeray on Sunday said the Maha Vikas Aghadi will scrap the Dharavi redevelopment project after coming to power if residents are not given 500 square feet homes. He was speaking at the 'Dharavi Bachao' rally organised by the MVA, which also includes the Congress and Sharad Pawar-led Nationalist Congress Party (SP). «The state government wants to facilitate development of the Adani group and not people of Dharavi through the project. The MVA will work to rehabilitate all residents of Dharavi at the same place. The state government, however, wants to send residents of Dharavi to salt pan lands,» he alleged. Thackeray said residents should be shifted to transit camps in nearby Bandra Kurla Complex instead. «In 2014, the Bharatiya Janata Party promised Rs 15 lakh each in bank accounts of every Indian and now it is (giving) Rs 1500. The BJP wants to create a social divide to win elections but Maharashtra will not bow before it. When the MVA government comes to power it will ensure residents get 500 square feet homes or else the project will be scrapped,» he said.

BJP MP Praveen Khandelwal alleged that the West Bengal police attempted to suppress the rape and murder of a trainee doctor at RG Kar Medical College and Hospital on August 9 in the West Bengal city of Kolkata. «The case has been handed over to the CBI, this shows that West Bengal Police was trying to suppress it. The CM (Mamta Bannerjee) is protesting for the arrest of the accused. She (Mamata Banerjee) is the Chief Minister, Health Minister and Home Minister, the question is who is she protesting against?.. I am sure the CBI will catch the accused and they will get the strictest punishment...,» Khandelwal told ANI. Meanwhile, the students and junior doctors continue to protest over the incident amid rain that lashed parts of the Kolkata city on Sunday morning.