India Financial News

ED) has provisionally attached immovable properties worth Rs 678.48 crore belonging to various companies of the Avantha Group owned and controlled by Gautam Thapar. These properties-land holdings in Haryana, Maharashtra and Uttarakhand-have been attached under the Prevention of Money Laundering Act (PMLA) as proceeds of crime. Thapar is being probed by the federal agency on charges of cheating and siphoning off loans worth Rs 2,435 crore taken from a State Bank of India-led consortium.

Also read | Can bring in a hybrid in a 'reasonable' time frame if market demands: M&M “For us, the one important thing in creating a moat is volume scale; so, everything we are doing is with a view to make sure we have volume momentum," said Rajesh Jejurikar, MD & CEO, auto & farm sectors, Mahindra & Mahindra, at the launch of the Thar Roxx in Kochi on Thursday. Jejurikar explained that volumes bring cost efficiency, better supplier involvement, and motivated dealers and teams.

Srinagar: Lieutenant Governor of Jammu and Kashmir, Manoj Sinha, on Thursday said that the Indian forces will not allow the neighbouring country to revive militancy in Jammu region as efforts have been intensified to crush militancy. Sinha hoisted the tricolor at Bakshi stadium in Srinagar and addressed the gathering. The administration also opened Balidan Stambh, a memorial dedicated to government forces personnel who died in the line of duty, at Partap Park in Srinagar. Sinha urged people in Jammu region that witnessed a spike in high casualty militant attacks and violence over the past two months, to stay united and help the forces to put an end to militancy in the region.

Ola Electric's S1 X is one of the most popular electric scooters in the country. It comes equipped with a 4 kWh battery and boasts a top speed of 85 km/h. The scooter can accelerate from 0 to 40 km/h in just 4.1 seconds and reaches 60 km/h in 8.1 seconds.

Bangladesh Nationalist Party (BNP) and pro-Pakistan Jamaat-e-Islami are planning to approach Bangladesh's interim government to secure bail for two former deputy ministers and some senior army officers convicted for their role in the 10-truck arms smuggling case, considered the biggest arms haul in the history of Bangladesh. BNP and Jamaat played a key role in the recent student protests in the country, which led to the ouster of Sheikh Hasina as Bangladesh PM. Sources said the two parties are likely to seek bail for former deputy home minister Lutfuzzaman Babar and former deputy education minister Abdus Salam Pintu, despite their conviction in anti-terror cases.

Indian Prime Minister Narendra Modi has expressed concern over the unrest that led to a change of government in neighboring Bangladesh and the attacks on Hindus and other minorities there

inland waterways, as part of its efforts to promote greater use of the country's network of rivers, canals and backwaters to move cargo, officials in the know said. The government is readying a scheme to incentivise parcel movement on the Ganga, Brahmaputra and Barak rivers in the first phase. A discount of up to 35% on the invoice value for transporting goods is expected to be offered by a subsidiary of state-run Shipping Corporation of India, with the government reimbursing the company for the loss of revenue, they said. «This scheme has been designed after feedback from stakeholders that recently used national waterways 1, 2 and 16 to transport goods,» one of the officials said. The incentive will make waterway movement on those routes comparable to road transport, he added.

Indian Army contingent on Thursday celebrated the 78th Indian Independence Day in joint exercise 'Mitra Shakti' with various activities, including a yoga session with their Sri Lankan counterparts. As part of the Independence Day commemorations, the Army troops participating in the Joint Exercise enthusiastically celebrated the day by practising various asanas led by Yoga instructors from the Indian Army contingent. The troops of the Indian Army contingent also undertook the 'Har Ghar Tiranga' campaign at their camp in the Army Training School in Madurouya, Sri Lanka, according to an official statement. «The Tricolour was proudly displayed by the participants, honouring the national pride of all Indians. The effort reflects the pride the Indian Army attaches to the Tricolour, for which every soldier has proudly made the supreme sacrifice over the years,» the statement said.

Supreme Court's verdict on Wednesday enabling state governments to tax mining and related activities retrospectively with respect to transactions made after April 1, 2005, could have a far-reaching impact on input costs across the economic value chain and create stresses in federalism. The most affected area would be electricity, where the higher cost of mining coal would eventually feed into prices overall. If tariffs are deliberately suppressed for political reasons, as the historical record suggests, stress will grow in the power industry, affecting capacity building. Majority of the country's states are coal-deficient and will make a case for higher imports, thereby affecting the country's trade balance. Although most of these effects will show up over time, and can be mitigated with policy correction, retrospective tax on minerals could have a more immediate impact on the health of mining companies and supply-side inflation.

insolvency law rose to 31.12% of the creditors' claims in the June quarter from 25% in the previous three months, showed the data released by the bankruptcy regulator. However, it's marginally lower than the longer-term recovery rate of 32.06% since the Insolvency and Bankruptcy Code (IBC) was introduced in late 2016. In absolute terms, the realisation for creditors from the resolution of 58 stressed firms during the June quarter touched Rs 3,935 crore, according to the Insolvency and Bankruptcy Board of India (IBBI) data. The cumulative recovery from the 1,005 resolved cases until June 2024 stood at Rs 3.40 lakh crore.

This approach is intended to ensure that students acquire relevant skills for a competitive job market. There's also a concerted push to promote STEM education and digital literacy, equipping our young with tech competencies increasingly valued in today's job market. Entrepreneurship is gaining traction as a viable career path, with 14.1% of young Indians (5.9 cr) opting for self-employment. The budget addresses this trend by proposing additional startup incubators be established. These incubators will provide mentorship, networking opportunities and access to resources crucial for new businesses to thrive. Also announced was access to credit being eased by simplifying loan applications and reducing financial barriers.

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India «over the next several weeks.» The search giant launched AI Overviews in Search in May, starting with the US, to help people quickly discover information on the web. «After extensive testing and positive feedback, including in the US and Search Labs globally, we’re bringing the helpfulness of AI Overviews to six new countries: India, United Kingdom, Japan, Indonesia, Mexico and Brazil – along with local language support in each country,» Hema Budaraju, senior director, product management, Search said in a blog post. In India, Google said it will be rolling out AI Overviews in English and Hindi. It will also introduce popular India-first features that were well-received during the company's Search Labs experiment. This includes helping a user easily switch between English and Hindi results with the language toggle button, and listen to responses with Text-To-Speech by tapping the 'Listen' button.

Stree 2' had a strong start at the box office, with the film, starring Shraddha Kapoor and Rajkummar Rao, crossing Rs 35 crore within two days of release. Prime Video holds the official OTT rights, but fans will need to wait to stream the movie online since it has just been released in theaters. Given the current excitement, it’s likely to have an extended stay in cinemas. Directed by Amar Kaushik, 'Stree 2' has garnered praise from both audiences and critics. Typically, films follow a four-week window from their theatrical release before becoming available online, so 'Stree 2' could potentially arrive on Prime Video around September 13-14. However, there hasn’t been an official announcement regarding its OTT release date yet.

Cyril Amarchand Mangaldas has been dominating legal industry headlines. Last month, the firm hired a team of more than 50 capital markets lawyers led by nine partners from smaller rival practice IndusLaw, depleting the latter firm’s capital markets offering entirely. Over the past two weeks, it has continued to aggressively hire partners laterally from competitors such as Luthra and Luthra Law Offices, Trilegal and S&R Associates. More hires will be made shortly, CAM managing partner Cyril Shroff told Law.com International, adding that new partners would be brought in to the firm’s banking and finance, private equity and corporate practices.

Reasons to buyReasons to avoidThe Butterfly Stainless Steel Multipurpose Vegetable Chopper is a handy kitchen appliance that makes chopping and cutting vegetables a breeze. It comes with a durable stainless steel blade and a 500W motor, making it suitable for everyday use.

Retailers and brands said there has been a 5-10% growth in sales during the Independence period sales this year as compared to last, driven by improvement in sentiments, premiumisation with a marginal recovery in volume or number of units sold for categories like smartphones and laptops, industry executives said. While consumers lapped up premium products in cities and large towns continuing the trend of the last three years, demand in rural areas continued to be muted this month. “Consumer sentiment appears to have improved a bit more than what it was for the rest of the year. We expect 5-10% growth in sales while volume wise there might be an improvement only in the grab and go categories like mobile phones and laptops,” said Nilesh Gupta, director at Vijay Sales, a leading consumer electronic retail chain in Delhi-NCR, Mumbai and Ahmedabad.

Sonata Software, a mid-tier IT company, has lost 18% in August so far after the company’s subdued June quarter performance due to delay in large deals. While it is likely to face challenges in the current quarter as well, Sonata expects to post better numbers in the second half of the current fiscal year given a strong order book. Given the slower momentum in the first half of the year, analysts have reduced the estimated earnings growth rate for the full year.

As many as 27.8% of undergraduate (UG) medical students and 15.3% of post graduate students (PG) suffer from mental health disorder, says a survey conducted by India’s apex medical education regulator. Of the 37,962 participants surveyed by the the National Medical Commission (NMC), 16.2% UG students and 31.23% PG students have suicidal ideas. The reasons for such mental health disorders include the pressure of paying educational loans and debt (32.7%), students facing ragging (18%), sub-par hostel facilities (41.6%), and lack of privacy (33.7%).

Air India on Thursday announced the cancellation of its scheduled flight from Delhi to Narita, Japan, on Friday, citing severe weather warnings at Tokyo. Passengers with confirmed bookings for flights AI306 and AI307 on the Delhi-Narita-Delhi route on August 16 are eligible for a one-time waiver on rescheduling or can opt for a full refund in case of cancellation. The airline shared this update via a post on X and said that the decision to prioritize passenger safety amid the weather warnings in Tokyo.

Indian 3 will be a back story to the two released Kamal Haasan films, a prequel to Kannada hit Kantara is in the works. Jigarthanda DoubleX, a 2023 Tamil-language action drama, was a spiritual successor and prequel to Jigarthanda released in 2014. Trade experts say the trend tries to cash in on the formula of franchises that are a bigger draw after the pandemic than new and fresh stories.