India Financial News

The minority Hindu population has faced vandalisation of their business and properties and devastation of Hindu temples in the students' violence that ensued for days following the ouster of prime minister Hasina, who soon fled to India on August 5. The Alliance's press conference took place on the same day as Nobel laureate Muhammad Yunus, who took charge as Chief Advisor of the interim government on August 8, reached out to the distressed Hindu community members at the famous Dhakeshwari Temple here earlier in the day and urged the people to «exercise patience» before judging his government's role.

bank helped avert a fall to the key psychological support level of 84 to the dollar. The rupee closed at 83.97, nearly unchanged from its close at its all-time low of 83.9725 in the previous session.

“Watching business channels on mute is key to my success," claims a 13-year-old self-proclaimed “world’s youngest successful options trader" on financial influencer Vivek Bindra’s YouTube channel.

Euphoria in the stock market has prompted scores of new investors to scour the internet for stock tips, giving rise to a host of illegal stock advisory channels. Despite the booming demand, only 1,371 entities are officially registered with Sebi as research analysts (RAs). In response, the markets regulator has proposed relaxing the rules for becoming an RA.

Triveni Engineering & Industries Ltd.(up 5.56%), Dwarikesh Sugar Industries Ltd.(up 3.58%), Bajaj Hindusthan Sugar Ltd.(up 3.35%), Balrampur Chini Mills Ltd.(up 3.29%), Ugar Sugar Works Ltd.(up 3.18%), Mawana Sugars Ltd.(up 2.70%), Shree Renuka Sugars Ltd.(up 2.60%), Simbhaoli Sugars Ltd.(up 2.37%), Avadh Sugar & Energy Ltd.(up 1.92%) and Rajshree Sugars & Chemicals Ltd.(up 1.66%) stood among the top gainers.

Khaitan Chemicals & Fertilizers Ltd.(up 9.75%), Aries Agro Ltd.(up 0.20%) and Madhya Bharat Agro Products Ltd.(up 0.08%) stood among the top gainers.

The new fund offer or NFO of Groww Nifty EV & New Age Automotive ETF was open for subscription from July 22 to August 2. The NFO of Groww Nifty EV & New Age Automotive ETF FOF was open from July 24 to August 7. Over 1.7 lakh investors invested ~130 cr in Groww Nifty EV & New Age Automotive ETF and FOF in 15 days. The ETF, which opened for trading on August 12, offers investors a unique opportunity to participate in India’s growing electric vehicle and new-age automotive sector growth.

Unicommerce eSolutions made a spectacular debut on the exchanges on Tuesday, listing at Rs 235 per share, which is a staggering 117% premium over its issue price. This blockbuster performance far exceeded pre-listing expectations, fueled by the massive oversubscription of 168.35 times and a robust grey market premium (GMP).

Air India Express has launched six new daily direct flights in a single day, said a press release on Tuesday. The Tata-owned Air India subsidiary airlines will be flying five new routes as a part of this launch which include Guwahati-Jaipur, exclusive to Air India Express. The new flights are operating on the Chennai-Bhubaneswar, Chennai-Bagdogra, Chennai-Thiruvananthapuram, Kolkata-Varanasi, Kolkata-Guwahati, and Guwahati-Jaipur routes. Moreover, to accommodate growing demand on the Chennai-Thiruvananthapuram route, which was previously served by two weekly flights, the airline has now added an extra daily service, increasing the total to nine flights per week. Air India Express now connects Chennai directly to 10 destinations which include Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kolkata, and Thiruvananthapuram domestically, and Dammam, Kuwait, and Singapore internationally.

Ethnic wear brand Fashor has raised $5 million in a funding round from early-stage venture capital firm Blume Ventures. The funds will be used for omnichannel expansion, building the brand, and strengthening the supply chain. Founded by Vikram and Priyanka Kankaria, the brand’s offerings are available through its website, app and fashion marketplaces like Flipkart-owned Myntra, Reliance Ajio and Nykaa Fashion. “We are excited to leverage this partnership to drive our next phase of growth, with a continued focus on delivering exceptional value to our customers,” said chief executive Vikram Kankaria.

Boeing has partnered with India's AI Engineering Services Ltd to provide overhaul services to the Indian Navy's fleet of 12 P-8I maritime surveillance aircraft. As part of the partnership, the first landing gear overhaul of a P-8I aircraft was recently completed at naval base INS Rajali in Tamil Nadu, Boeing India said on Tuesday. «This is a first in India and reflects the growth in India's indigenous capabilities for undertaking complex Maintenance, Repair and Overhaul (MRO) services,» it said in a statement. The Boeing P-8I, a multi-role long-range maritime reconnaissance anti-submarine warfare (LRMR ASW) aircraft, is integral to the Indian Navy's maritime surveillance missions in the Indian Ocean.

Independence day, an event in Uttar Pradesh's Kakori reignited the fire of violent revolution against the Britishers. A small incident of dacoity at a sleepy railway station shook the might of British empire. The use of physical force as a form of direct confrontation with and retaliation against the British began as a concerted attempt in the last decade of the 19th century in India. The anti-Partition agitation that began in 1905 further catalyzed the growth of extremist nationalism in India. Several revolutionary associations and organizations, both clandestine and open, sprang up in Bengal, Maharashtra, Punjab, and so on. This was also the period when the culture of the bomb was absorbed and employed by the nationalists with assistance from the revolutionaries abroad.

critical minerals industry. The funding illustrates the efforts India is making to get the critical mineral industry off the ground and cut the country's near-total reliance on imports of lithium and rare earths mineral that are key to energy transition technologies. So far, India's attempts to create a critical minerals mining industry have faltered. The country awarded development rights in June to a lithium block in Chhattisgarh state but a separate attempt to auction lithium blocks in Jammu and Kashmir found no takers because of low mineral concentration and high extraction costs.

Delhi High Court on Tuesday asked the Centre to clarify its position on a Public Interest Litigation (PIL) which stated that the new criminal laws Bharatiya Nyaya Sanhita (BNS) lacks a provision equivalent to Section 377 of the Indian Penal Code (IPC). Section 377 had previously criminalized «sodomy» and "unnatural sex," but was partially decriminalized by the Supreme Court in 2018, stated the plea. The bench, led by Acting Chief Justice Manmohan and including Justice Tushar Rao Gedela, has given the Union of India's counsel ten days to take instructions on the grievance raised in the PIL and fixed the matter for further hearing on August 27, 2024.

Inox Wind rallied 35% in two days, making a new all-time high of Rs 237 in Tuesday’s session on BSE after the company on Friday announced its Q1 results wherein it turned profitable on a YoY basis. The company also announced a 51 MW order win from Everrenew.

Central and state authorities will launch a two-month-long nationwide drive against fake goods and services tax (GST) registrations to weed out bogus entities used for evading tax, showed an official order from the Central Board of Indirect Taxes and Customs (CBIC). The drive, which will run from 16 August to 15 October, seeks to detect suspicious or fake GST registrations and conduct thorough verification to weed out entities engaging in fake invoicing, according to the order.

European vacations are gaining traction among Indians. As per a report by the European Commission, Schengen visa applications from Indian nationals surged by 43 per cent in 2023 as compared to 2022. India maintained the third position in Schengen visa applications for 2023, with a total of 9,66,687 filings. The European Commission last month introduced a new visa «cascade» regime for Indian nationals seeking Schengen visas, allowing for more straightforward access to multiple entry visas with extended validity periods.

Election Commission has directed district election officers and superintendents of police in Haryana to act with complete impartiality and ensure a level playing field for free and fair assembly elections. Underscoring its focus on an inducement-free poll process, the commission directed the enforcement agencies to work in a coordinated manner to curb the inflow of illicit liquor, cash and drugs. The directions were issued by an Election Commission (EC) team led by Chief Election Commissioner Rajiv Kumar. The team is on a two-day visit of Haryana to review poll preparedness for assembly elections, likely to be held later this year.

Hindalco Industries on Tuesday reported a consolidated net profit of Rs 3,074 crore for the quarter ended June 30, 2024, a 25% jump from Rs 2,454 crore reported by the company in the year ago period. The revenue from operations for the reporting quarter stood at Rs 57,013 crore, which was up by 7.6% from Rs 52,991 crore reported in the corresponding quarter of the previous financial year.

Siemens Ltd’s consolidated Ebitda for the quarter ended June was sharply below analysts’ estimates despite growing 22% year-on-year. Growth was aided by lower raw material cost and ‘other expenses’, but fell short of estimates due to a sharp drop in revenue growth. The Indian unit of Siemens AG, a German industrial technology conglomerate, seems to be facing headwinds in project execution and could see lower growth in the near-term.

Honasa Consumer, the parent of beauty and personal care brand Mamaearth, said its hair care brand, BBlunt, has achieved an annual revenue run rate (ARR) of Rs 100 crore and grown over four times since the company acquired it in 2022. ARR is the projection of a company’s annual revenue based on its current performance. The achievement was driven by data-based innovation strategy and product development process, integrating insights from stylists, consumer interactions and salon testing, the company said in a news release Tuesday.