India Financial News

Technocraft Industries announced a Rs 130 crore share buyback at a price of Rs 4,500 on Tuesday. The record date for this buyback has been set for August 27. Following the announcement, the company’s shares surged by 10% to a day's high of Rs 3,616 on the BSE today. The buyback price represents a premium of nearly 38% over Tuesday’s closing price and will be conducted through a tender offer route.

Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s (NCLAT) order, which approved the settlement between edtech firm Byju’s and the Board of Control for Cricket in India (BCCI) over unpaid dues of Rs 158 crore. Solicitor General Tushar Mehta, appearing for the BCCI, opposed the appeal against the NCLAT order. Mehta said that because of the stay, the BCCI’s settlement with Byju’s will go. The Supreme Court bench led by Chief Justice of India DY Chandrachud asked BCCI to keep the settlement amount in a separate account till August 23 – the next date of hearing.

ecommerce enabler, forecasts a 40% surge in online sales for the upcoming festive period, led by a resilient Indian economy, growth of aspirational GenZs, and rise of D2C brands. According to data from GoKwik's network, which includes over 4000 direct-to-consumer (D2C) brands, there has been a 38% increase in Gross Merchandise Value (GMV) and a 49% rise in orders in July compared to June of this year. This early spike suggests that the festive shopping season has begun earlier than usual and is being driven by online shopping. This year, with more shoppers adopting a direct-to-consumer (D2C) approach, an increasing number of Gen Z individuals entering the workforce with disposable income, and a growing emphasis on aspirational purchasing of premium products, GoKwik anticipates a 40% increase in orders during the festive season.

India Independence Day: Partition of India, which marked the end of the British Raj, was a hasty, if not botched, affair, so it may sound strange to know Lord Mountbatten, who literally took Partition through, said he wanted an unified India. He said he tried everything to stop the partition. He even said that he regretted it but had no choice. Speaking to veteran journalist Kuldip Nayar, the last British Viceroy and Governor-General of India accepted that he could not «hold» the country and had to hasten the Independence process, leading to a massacre that killed nearly two million people. Also Read: How a multinational company captured a whole country

The assets under management (AUM) of mid-cap funds have surpassed the large-cap funds by a record 60 basis points, according to the data from the Association of Mutual Funds in India (AMFI). Currently, midcap funds constitute 12.9% of the total equity AUM compared with the 12.3% for their large-cap counterparts. With this, the mid-cap funds have become the third-largest fund category after sectoral and flexi-cap funds.

Gensol Engineering and Matrix Gas & Renewables has bagged a 237 MW electrolyser manufacturing plant project, a statement said on Wednesday. The project was secured through a competitive bidding process invited by Solar Energy Corporation of India (SECI), Gensol Engineering said, adding that the project will be set up as part of the government's production linked incentive (PLI). «Gensol Engineering in collaboration with Matrix Gas & Renewables announced that it has emerged as a winning bidder for 237 MW annual capacity under the PLI scheme for setting up electrolyser manufacturing plant,» it said. With the latest win, the Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a 63 MW project awarded earlier in an SECI tender.

As we celebrate Independence Day, let’s look back at the distance we have traversed in 77 years. This was India in 1947: Life expectancy was 32 years. Literacy was 18%.

₹117 crore in penalties to the government. The penalties were imposed after the ministry of heavy industries found that Okinawa allegedly violated domestic manufacturing criteria under the FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme. The second edition of the scheme that’s designed to promote the adoption of electric vehicles in India concluded in March.

Passenger vehicle sales in July stood at 3,41,510 units, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday. Three-wheeler sales in the same month were 59,073 units, while two-wheeler sales totalled 14,41,694 units, the data showed. In June, total passenger vehicle sales were recorded at 3,37,757 units, compared to 3,27,788 units in June 2023.

Independence Day celebrations, security has been beefed up across the country. As Prime Minister Narendra Modi will hoist the Tricolour at the Red Fort and address the nation on Thursday, Delhi police have deployed personnel around the Red Fort, and bomb disposal staff have been carrying out checking of the nearby vicinity of Red Fort with dogs. The Delhi Police have been taking advantage of artificial intelligence. Many CCTV cameras have also been installed. Special cameras were installed on the Door Frame Metal Detector (DFMD), which will be connected to the facial recognition system to keep a check on invitees coming to Red Fort on the occasion of Independence Day.

third party vendors by financial institutions. Speaking at a convention organised by the International Association of Deposit Insurers, RBI deputy Governor J Swaminathan called upon banks to exercise caution to guard them against potential vulnerabilities while working with third party vendors. He also called upon deposit insurers to tie insurance premiums to the level of risk posed by individual financial institutions. “The digital transformation in banking has also led to a multitude of distinct third-party entities getting involved in the provision of a single product or service, creating a complex web of technical and operational dependencies,” said J Swaminathan, DG, RBI. “The impact of failure in any link in this chain can often be catastrophic as was seen in a global IT services outage incident last month. Third parties could be points of intrusion for ransomware and other cyber threats.” Last month, C-edge Technologies a third party IT vendor jointly owned by Tata Consultancy Services and State Bank of India faced a

MUMBAI : Retail and high net-worth individual (HNIs) investors have become a key bulwark for the Indian stock market in recent years. Latest data underscores their growing significance as a counterbalance to selling pressure from foreign institutional investors (FIIs) and “other" investor categories. This domestic buying spree has helped the Nifty outperform its Asian peers, such as Nikkei 225, South Korea's Kospi and Singapore's Straits Times Index, amid global market jitters.

Union budget, for example: the Indian government announced incentives to boost maintenance, repair, and overhaul (MRO) activities in the aviation and shipping sectors. While we’ve previously detailed how companies in the ship-repairing sector stand to benefit—leading to some stocks doubling in value—the aviation sector’s MRO industry hasn’t garnered the same level of attention. India’s aviation industry is soaring, driven by increasing demand for air travel, expanding fleet sizes, and a growing focus on regional connectivity.

Balrampur Chini Mills Ltd.(up 1.33%) and KM Sugar Mills Ltd.(up 0.40%) were among the top gainers.

Satish Pai, MD, Hindalco, says this quarter the sales were much higher than expected. The demand was very strong, and operational efficiencies were good. The company got a higher number, but there was also some amount of hedge accounting noise that came in, which can always go either way. So, on a consistent onward-going basis, Hindalco will stick with the Rs 600 crore guidance. Further, in India, Hindalco is net debt negative. The gross debt in India is around Rs 8,000 crore. The company does not have any plans to reduce that anymore. In Novelis, once the Bay Minette project is over, they will be back to normal two-and-a-half type of net debt to EBITDA rates. While Q1 revenue growth was largely in line with the guidance that you had earlier stated, given the recent fall in metal prices that we have seen recently, are you confident of achieving, let us say, 6% to 8% top-line growth guidance that you had given at the start of the year? Satish Pai: So, I think that honestly in our commodity type of business, we are more interested in growing the EBITDA than the top line. So, if you look at it, this quarter our consolidated EBITDA of Rs 7,992 crore was up 31% year-on-year. Our focus is on profitability and margins more than just trying to grow the top line because the top line in a commodity business is very much driven by the price of aluminium and copper, which is not really in our control. So, what we try to focus on is the profitability.

India's palm oil imports rose more than 37% in July from the previous month to about 1.1 million metric tons, a trade body said on Wednesday. Imports of soyoil gained 42% to 391,791 tons and sunflower oil imports fell 21.3% to 366,541 tons, with total vegetable oil imports up 22.2% to 1.9 million tons, the Solvent Extractors' Association of India (SEA) said in a statement.

Bhargav Buddhadev, Fund Manager, Ambit Asset Management, warns that few sectors within capex-oriented themes could see selling pressure. “Sectors like roads, railways, defense could see selling pressure given that the government in the recent budget has significantly cut down the budget allocations across these sectors, and in general as well. The Government’s capex budget expenditure, which saw a CAGR of ~12% over FY20-24 reduced to ~9% in FY25 budget estimate,” he says. Edited excerpts from a chat: FIIs have been the biggest sellers in the Indian market in the last few days given all the worries related to recession, reverse carry trade of yen, and other global factors. By when do you think we can start seeing a reversal as far as FII mood is concerned? Bhargav Buddhadev: Earnings should be the biggest driver for FIIs to start re-looking at India.

MIB) to hold an open and transparent consultation process before it comes out with a fresh draft of the Broadcast Services Regulation Bill. The MIB has faced criticism for the opaque manner in which it circulated the second draft of the Broadcast Bill with certain stakeholders at the end July. The first draft of the bill, which was released in November 2023, was put up for public consultation; however, the comments were not made public. «We expect the MIB to hold a transparent consultation process and take the views of all the stakeholders, including bodies like the Editors Guild of India, before coming out with the fresh draft,» said Anant Nath, the president of the non-profit organisation of journalists.

State Bank of India(up 0.99 per cent), Federal Bank Ltd.(up 0.3 per cent), HDFC Bank Ltd.(up 0.18 per cent), Kotak Mahindra Bank Ltd.(up 0.07 per cent) and Bank of Baroda(up 0.07 per cent) were among the top gainers.

Indian market is likely to trade higher on Wednesday tracking positive global cues. Foreign institutional investors (FIIs) sold to the tune of Rs 2,107.17 crore, while domestic institutional investors (DIIs) brought to the tune of Rs 1,239.96 crore on Tuesday.

The NSE Nifty index was trading 1.5 points down at 24137.5, while BSE Sensex was up 32.23 points at 78988.26 at the time of writing this report.