India Financial News

(This story originally appeared in on Aug 17, 2024)

₹2,606.18 crore, while their foreign counterparts or FIIs net purchased shares worth ₹766.52 crore . Overall, investor wealth increased by ₹7.3 trillion, per exchange data, on fresh buying and short covering (closing out bearish derivatives bets). Veteran money managers said the bullish sentiment is likely to continue despite quarterly earnings being in line.

₹15-20 lakh, depending on the complexity of the model," Sidak Singh Grewal, 20, a member of Team Vicharaka and currently a third year undergraduate student at IISc. For comparison, Nasa’s Perseverance rover mission, which landed on Mars in 2021, is projected to cost approximately $3 billion (around ₹25,200 crore). “We constantly try to minimise costs by cutting down on direct procurement and relying on customized and indigenously developed technologies," says Grewal.

India to Ukraine, Ravi Shankar presented his letter of credence to Ukraine's President Volodymyr Zelenskyy at the Presidential Palace in Kyiv. The other envoys who also presented their credentials to Zelenskyy were Ambassadors of Mexico, Italy, Slovakia, the Netherlands, and Belgium, who along with Shankar, will begin their diplomatic missions in Ukraine. Sharing a post on X Friday, Zelenskyy wrote, «Today, the newly appointed Ambassadors of Mexico, Italy, Slovakia, the Netherlands, India, and Belgium begin their diplomatic missions in Ukraine.»

Through the broken glass Of a library window The burning books Can’t be read. So new ones Will have to be written. —Ian McMillan (@IMcMillan) Over a decade ago, I walked into a small two-storeyed white house in Dhaka. It felt familiar. I’d grown up around houses like that in Kolkata with red oxide floors, black-and-white photographs on the wall, the rooms cool even on a warm afternoon.

₹2-3 crore (are) where high single digit rates can be offered for long-term deposits." The interest rate deregulation means the RBI cannot direct banks to make deposits more attractive. However, a senior economist suggested that the RBI can look at tweaking system liquidity, which would have an impact.

JP Nadda, chaired the BJP's General Secretary meeting at his residence in Delhi, following the announcement of election dates in Jammu and Kashmir and Haryana by the Election Commission of India on Friday. The meeting was attended by the BJP's national general secretaries to discuss the effective functioning of the NDA alliance. The meeting also saw the presence of national general secretaries of the NDA. Earlier, JP Nadda attended a meeting with the Jammu and Kashmir Bharatiya Janata Party, along with Union Minister and J-K Election Incharge G Kishan Reddy and Tarun Chugh, National General Secretary and J-K Prabhari, to constitute an election committee for the Union Territory of Jammu and Kashmir for the upcoming assembly elections.

equity instruments of a local company in exchange for those of a foreign firm in a significant rejig of foreign investment norms. Investments by an overseas citizen of India (OCI) on a non-repatriation basis would not be counted as indirect foreign investment, as per the changes, which were announced late on Friday. The amendments in the Foreign Exchange Management (Non-debt Instruments) Rules follow the budget pledge by finance minister Nirmala Sitharaman to simplify overseas investment rules. The latest changes have aligned the provisions governing downstream investments by overseas citizens of India with those for non-residents. This, experts said, would encourage greater participation of NRIs in the country's economy. Easier share swap rules will «facilitate global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives», the finance ministry said. The government also clarified that transfer of all shares in companies having foreign direct investment (FDI) from countries sharing land borders with India would require prior nod irrespective of the sector.

Haryana Assembly elections, Prime Minister Narendra Modi led a high-level meeting convened by the Bharatiya Janata Party's (BJP) central leadership in Delhi on Friday. The meeting focused on the party's strategy for the upcoming election in the northern state. BJP National President JP Nadda, Union Defence Minister Rajnath Singh, Union Home Minister Amit Shah, and Haryana Chief Minister Manohar Lal Khattar were present at the meeting.

tender process to procure graphic processing units (GPUs) and provide services to users under the India Artificial Intelligence (IndiaAI) Mission, sources told ET. The ministry of electronics and information technology is likely to float the tender to procure 1000 GPUs or equivalent AI compute capacity for now, a source said. The winning bidder will provide services for three years for now, which may be extended on mutually agreeable terms by the government. On July 5, ET had exclusively reported that the IT ministry was likely to allow only Indian companies to run and manage the operations of GPUs to be procured under the Rs 10,372 crore India AI Mission.

Jammu and Kashmir will be held in three phases — September 18, 25 and October 1, the Election Commission (EC) of India announced on Friday. The Supreme Court had set a deadline of September 30 for polls to be held in Jammu and Kashmir. The chief election commissioner (CEC) cited weather conditions and the Amarnath yatra as factors that had a bearing on the poll calendar. Haryana will go to polls on October 1, coinciding with the last day of the Jammu and Kashmir election. Counting of votes for both Haryana and Jammu and Kashmir will be on October 4.

Sabarmati Express derailed between Kanpur and Bhimsen stations in Uttar Pradesh early Saturday morning. Fortunately, no injuries or fatalities have been reported. Seven trains have been cancelled, and three diverted due to the incident. Emergency services, including buses and a MEMU train, were arranged to transport passengers to Kanpur. This comes at a time when India is seeing an increasing number of train mishaps that have killed hundreds over the last one year. However in this case, no injuries or fatalities were reported so far. «No injury to any person has been reported as of now. We are trying to find details regarding the number of coaches derailed,» stated a Railway Board official.

artillery guns that will be designed, developed and manufactured in India. It requires 400 of these gun systems in the first phase though the demand could rise manifold in the coming years as legacy equipment is replaced. The estimated Rs 7,000 crore acquisition of new Towed Gun Systems is seeing keen interest from the private defence manufacturing sector that has invested heavily in the past few years to develop artillery systems. Contenders for the contract will include Larsen & Toubro, which has already manufactured and supplied K9 Vajra Self Propelled artillery guns to the army. Bharat Forge and Tata Advanced Systems Ltd, which have developed the Advanced Towed Artillery Gun System (ATAGS) in partnership with Defence Research and Development Organisation and are currently competing for an army order, will also be top contenders.

Google Pixel 9 Pro Fold vs Samsung Galaxy Z Fold 6 vs Vivo X Fold 3 Pro: Price, display, cameras and more comparedAccording 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. The phone is also said to come with an eye protection feature. As per the teaser images, the T3 Pro looks to coming with a vegan leather back while also packing a Snapdragon chipset and Sony sensor for rear imaging.

super luxury cars are set to surpass previous peaks for the third straight year in India, even as mainstream auto makers are struggling to clear their piled-up inventory by offering massive discounts. A Lamborghini booked now will be delivered only in 2026 or later, as the supercar maker has sold all units its Italian headquarters allocated for India. The company retails the Huracan, Urus and Revuelto in India, with the on-road price ranging from ₹5 crore to ₹10 crore. Ferrari, McLaren and Aston Martin are also seeing strong demand in India for their supercars. Mercedes-Benz and Audi have waiting periods stretching up to a year for their top end models such as the AMG G 63 and RS Q8, priced ₹2.5-4.55 crore on road.

India Inc isn't hiring as much as it used to. The pace of growth in net white collar employment has almost halved in 2023-24 from five years back. An ET study of the Sensex companies-30 in total-showed such jobs grew 4.4% YoY in FY24 compared to 8.4% in FY19. This includes permanent jobs as well as those on long- and fixed-term contracts, and third-party rolls, data collated from the annual reports showed. HR analysts pointed to the stress in tech and consumer sectors as reasons for the slowdown while India Inc executives see the slower growth affecting consumption recovery.

telecom operators have fallen 12% to ₹1,335 crore for the fiscal ended March 31 from ₹1,516 crore in the previous fiscal, even as two of the three operators have shown a decline in content investments, as per the figures sourced from the annual reports of these companies. In the last few years, telecom operators have been heavily focused on acquiring content from TV broadcasters, besides partnering with streaming platforms, to build stickiness and drive data consumption. According to Jio Platforms' annual report, the company's content charges jumped 74% to ₹362 crore. Jio Platforms, the holding company of Reliance Jio Infocomm, also owns JioTV, India's largest live TV aggregation service.

Triveda Capital, a Sebi-registered alternative investment fund (AIF) which aims to raise ₹250 crore, has reached a first-close of ₹80 crore, said Ravindra Pai, managing director of Century Real Estate Holdings and partner at the newly launched fund. The investment was led by Ranjan Pai, chairman of the Manipal Education and Medical Group. The maiden fund targets an asset under management of $1 billion over the next five years. Of the total fund size, Century Real Estate Holdings' family office has committed 15%. «We have identified the first investment of a 30-acre plotted development project near the airport. We will invest in in-house under-construction and third-party plotted development projects,» said Ravindra Pai. Triveda Capital is raising a ₹200-crore AIF fund to invest in plotted development projects, with a ₹50 crore green shoe option.

Department of Pharmaceuticals (DoP) has started discussions with local manufacturers of rubber gloves to look into their complaints about poor quality products that are getting dumped in the country. Domestic glovemakers alleged that gloves from countries like Thailand, Malaysia and China are being dumped in India under different non-medical product codes. The department has been contemplating issuance of quality control orders in consultation with the Bureau of Indian Standards and has already invited comments from stakeholders on the matter.

Election Commission of India (EC) announcing assembly election dates for Haryana and Jammu & Kashmir on Friday, the opposition has raised questions about Prime Minister Narendra Modi's push for «one nation, one election.» The EC's decision to conduct elections only in these two states this year, while excluding Maharashtra, comes just a day after Modi's strong endorsement of the concept during his Independence Day address. The EC announced that Haryana will vote in a single phase on October 1, while Jammu & Kashmir will undergo a three-phase election process on September 19, September 25, and October 1, with counting scheduled for October 4. Chief Election Commissioner Rajiv Kumar explained the rationale behind the decision, stating that logistical and security concerns influenced the EC's approach. «Last time, Maharashtra and Haryana elections were held together. This time, with four states due for elections and heavy rainfall in Maharashtra, as well as several festivals lined up, we decided to conduct elections in two states together,» Kumar said. He added that the additional factors of security force requirements also played a role in the decision.

Narendra Modi on Friday urged his Israeli counterpart Benjamin Netanyahu «to de-escalate the situation» in West Asia when the latter dialled him to wish him on India's 78th Independence Day. «Appreciate PM @netanyahu's phone call and warm wishes on India's 78th Independence Day. We discussed the current situation in West Asia. Emphasized on the need to de-escalate the situation. Reiterated our call for immediate release of all hostages, ceasefire and need for continued humanitarian assistance,» Modi said on X. A statement from the Israeli PMO reads: «On behalf of the State of Israel, I extend heartfelt congratulations to Narendra Modi and the people of India on your 78th Independence Day! May our close relations flourish and bring prosperity to both our nations». The phone call comes amid heightened tensions between Iran and Israel following killing of Hamas leader Ismail Haniyeh in Tehran. There has been a flurry of diplomatic activity in West Asia this week. France, Germany and the United Kingdom urged Iran and its allies to «refrain from attacks that would further escalate regional tensions and jeopardise the opportunity to agree (to) a ceasefire and the release of hostages.»