India Financial News

Canada Pension Plan Investment Board promoted Caitlin Gubbels to lead its global private equity group, replacing Suyi Kim, who’s leaving the fund manager after 17 years.

Starbucks has announced the departure of Chief Executive Officer Laxman Narasimhan after just 16 months in the role. The company's decision comes in response to declining sales. Narasimhan will be replaced by Chipotle CEO Brian Nichol. Reacting to the news, Shark Tank judge Anupam Mittal shared his thoughts on the microblogging site X, formerly known as Twitter. He expressed concerns about Starbucks' current direction.

Independence Day of India approaches on August 15, the sight of the Tricolour, India's national flag, fluttering in the wind evokes memories of the sacrifices made by freedom fighters and celebrates the unity and diversity of the nation. The national flag, widely seen in shops and streets ahead of this day, symbolizes India's strength, peace, and prosperity. The flag in its current form was adopted on July 22, 1947, during a meeting of the Constituent Assembly, becoming the official flag on August 15, 1947. The design of the flag, often attributed to Pingali Venkayya, features three colours: saffron, white, and green. Saffron signifies the strength and courage of the country, white represents peace, and green symbolizes fertility, prosperity, and the auspiciousness of the land. A navy-blue wheel, known as the Ashok Chakra, is centered in the white band, symbolizing truth and life with its 24 spokes representing continuous progress. «It reminds us of the sacrifices made by countless freedom fighters and the enduring spirit of unity and diversity that binds us together.»

Indian embassy here on Wednesday advised its citizens, including students, residing in Bryansk, Belgorod, and Kursk regions of Russia to relocate temporarily to safer places, citing recent «security incidents» in these areas following the intensification of the Russia-Ukraine war. The security advisory was issued hours after Russia's Belgorod border region declared an emergency under heavy shelling by Ukrainian forces that are pressing a major cross-border incursion into the adjacent Kursk region for a second week. An emergency was declared in Kursk last Saturday after Ukrainian forces on August 6 launched an incursion into the region, marking a significant escalation in the ongoing Russia-Ukraine war, with both sides reporting casualties and territorial gains. «In view of the recent security incidents in Bryansk, Belgorod and Kursk regions, Indian nationals are advised to take necessary precautions and temporarily relocate outside these regions,» the Indian embassy said.

Glenmark Pharma net profit doubled to Rs 340 crore crore in Q1FY25 led by robust sales growth in India and Europe and reduction in finance, depreciation and ammortisation costs. The drugmaker reported Rs 173 crore net profit in the corresponding quarter of the previous year.

Narendra Modi will spearhead the 78th Independence Day celebrations from Delhi's historic Red Fort. He will unfurl the National Flag and deliver the traditional address to the nation from the fort's ramparts. This year’s theme, ‘Viksit Bharat @ 2047’, emphasises the government's commitment to transforming India into a developed nation by the year 2047.

Comptroller and Auditor General (CAG) of India has signed a Memorandum of Understanding (MoU) with the supreme audit institution of Uzbekistan in Tashkent, it said in a statement. The agreement with the Chamber of Accounts of Uzbekistan aims to enhance collaboration and exchange expertise in auditing. Girish Chandra Murmu, the CAG of India, said investing in capacity building ensures that supreme audit institutions are well equipped to audit complex government programmes effectively, thereby “contributing to the development of more resilient and sustainable governance frameworks.”

free trade agreement with the UAE, which came into force on May 1, 2022, Commerce Secretary Sunil Barthwal said on Wednesday. He said that India is in discussions with the UAE and there are various issues which can be discussed in the review. The UAE is the third largest trading partner of India with USD 83.65 billion bilateral trade in 2023-24. The agreement is officially dubbed as Comprehensive Economic Partnership Agreement (CEPA). «As regards CEPA, there are two things — one is the value addition norms and the second is reduction (of customs duties). So we are in discussion with them and there are various issues which are discussed under CEPA review. So, I think we are seeking a review with them and once we get it, then we will look at all the issues holistically,» he told reporters here.

Allahabad High Court on Wednesday deferred the hearing on a plea against a Varanasi court order refusing to direct the ASI to survey the Gyanvapi mosque's 'wazukhana', as the counsel for the Muslim side did not appear due to «illness». On July 9, the high court granted a month to the mosque management committee to file a counter affidavit on the revision plea and fixed August 14 for the hearing. On Wednesday, an «illness slip» was sent on behalf of counsel for the Muslim side and a request was made to adjourn the matter. Thereafter, the high court fixed August 22 as the next date of hearing in the case. Justice Rohit Ranjan Agarwal passed the order on the revision petition filed by Rakhi Singh, one of the plaintiffs in the Shringar Gauri worshipping suit.

financial incentives for development of critical minerals, including lithium. Speaking during the Budget Seminar on National Critical Minerals Mission, Mines Joint Secretary Veena Kumari Dermal said there will also be an emphasis on securing loans from multilateral financial institutions for the development of the sector. The government, she said, will focus on global R&D collaboration across the critical minerals value chain. To encourage the participation of Indian public and private sector companies in the acquisition of assets abroad, the government will provide targeted subsidies for mining, and for setting up evacuation infrastructure.

cyber scam recently ensnared a prominent academic in a web of deceit, resulting in a staggering loss of Rs 2.81 crore. The victim, Dr. Ruchika Tandon, an associate professor at SGPGIMS Lucknow, was duped over a period of seven days through an elaborate scheme. The scam began with a call from someone posing as an official from the Telecom Regulatory Authority of India (TRAI). The caller informed Dr. Tandon that her phone would be switched off based on instructions from the police due to several complaints against her number for sending harassing messages.

India Independence Day 2024: As India gears up to celebrate its 78th Independence Day, the long weekend presents a perfect opportunity to spend quality time with friends. However, with the rainy weather putting a damper on outdoor plans, why not explore some fun and creative ways to make the most of the holiday indoors? Here are five exciting activities that you and your friends can enjoy together, rain or shine.

The Ministry of External Affairs on Wednesday appointed seasoned diplomat Parvathaneni Harish as India's next Permanent Representative to the United Nations in New York. Harish, a 1990-batch Indian Foreign Service officer, is presently serving as India's ambassador to Germany.

Maddock Supernatural Universe, has captured significant attention this year. Directed by Aditya Sarpotdar, this horror-comedy drama features Abhay Verma and Sharvari in leading roles, alongside Mona Singh, Sathyaraj, and Suhas Joshi. The film, released on June 7, 2024, blends elements of horror, comedy, and drama, drawing from Indian folklore and mythology to weave its tale.

Standard Chartered Bank on Wednesday announced the appointment of Aditya Mandloi as the new Head of Wealth and Retail Banking (WRB) for India and South Asia, effective from August 1, 2024. In his new role, Mandloi will oversee the bank's WRB operations in India, Bangladesh, Sri Lanka, and Nepal, working from the bank's Mumbai office. With 27 years of experience at Standard Chartered, Mandloi has held various positions in Product Management, Collections, and Sales, including leading the WRB business in Bangladesh.

Indian Army's K-9 squad is participating in the 10th edition of India-Sri Lanka joint military exercise 'Mitra Shakti'. The 10th edition of the India-Sri Lanka Joint Military Exercise Mitra Shakti began on August 12 at the Army Training School, Maduru Oya, Sri Lanka. The Exercise will conclude on August 25. Indian contingent comprising 106 personnel is being represented by a Battalion of Rajputana Rifles along with personnel from other arms and services. The Sri Lankan contingent is being represented by personnel from the Gajaba Regiment of the Sri Lankan Army.

wheat variety, Pusa Gehun Gaurav, has been developed in such a way that it can be used to make chapatis with better texture and also pasta, capable of satisfying desi as well as foreign palates. The Pusa Gehu Gaurav (HI 8840), was one of the 109 climate-resilient and bio-fortified varieties of crops dedicated to the nation recently by Prime Minister Narendra Modi. Dr Jung Bahadur Singh, Head and Principal Scientist (Plant Breeding) of the Indore-based regional station of the Indian Agricultural Research Institute (IARI), developed Pusa Gaurav. He said flour made from this wheat variety can absorb water better compared to Durum wheat, enabling softer chapatis.

Motilal Oswal has initiated coverage on Gravita India with a buy rating, and a target price of Rs 2,350, signalling a 30% upside potential, stating that the company is favored by strong industry tailwinds. “We believe that with strong industry tailwinds, favorable regulatory policies, the availability of additional hedging mechanisms, and the absence of significant supply chain disruption, Gravita can ramp up the utilization materially (driving ~30% sales volume CAGR over FY24-27E)," ,” said Motilal Oswal in its report.

WazirX announced on Wednesday that it is ending its custody arrangement with Liminal Custody following a major hack that resulted in the theft of Rs 2,000 crore ($230 million) from its multisig wallet. The Indian cryptocurrency exchange is currently in the process of migrating its remaining assets from Liminal Custody to new multisig wallets to enhance security. This move comes nearly a month after the breach that saw a significant portion of customer funds disappear. The hack on July 18 led to the loss of 45% of the exchange's customer funds. To prevent further issues and secure remaining assets, WazirX is taking careful steps to transfer its funds.

mining companies because of retrospective applicability of the Supreme Court order allowing state governments to levy taxes besides royalty on mining operations. “We are studying the impact of the Supreme Court order and will take a call on the future course of action. It is estimates that the industry wide impact is over Rs 1 lakh crore,” a top government official told ET while adding that retrospective applicability of the levies is a major concern. Estimates from the mining industry peg the total payout at much higher. According to B K Bhatia, Additional Secretary General at the Federation of Indian Mineral Industries (FIMI), the Indian mining industry as arrears may work out to the tune of more than Rs. 1.5 to Rs. 2 lakh crores.

As of 1:12 pm IST, Bitcoin (BTC) rose 2.85% over the past 24 hours, trading at $60,948. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, gained 2.65%, trading at $2,724.