India Financial News

Indian rupee weakened to a record low versus the US dollar on Monday, as Asian currencies fell due to risk aversion ahead of the US consumer price inflation numbers expected this week. The rupee was also pressured by a rise in crude oil prices. The rupee closed at 83.9725 versus the US dollar on Monday, as against its last close of 83.955 versus the US dollar, LSEG data showed. The currency was trading in a tight three paisa range of 83.95 and 83.97

Vodafone Idea’s net loss narrowed sequentially to Rs 6434.4 crore in the fiscal first quarter,from Rs 7675 crore, on the back of lower finance and depreciation & amortisation costs, even though it continued to be dragged by heavy customer losses and high debt. Operationally, the joint venture between UK’s Vodafone and India’s Aditya Birla Group, continued to battle with operational challenges. The telco’s average revenue per user (ARPU) — a key performance metric — remained flat sequentially at Rs 146, even though the full impact of the recent headline rate hikes will flow in only from the fiscal second quarter. But there was a marginal rise in 4G user base that boosted data usage sequentially.

₹23.8 trillion, while that of State Bank of India (SBI) dipped 0.3% to stand at ₹49 trillion. “Most of the banks witnessed growth moderation along with some uptick in credit cost in Q1," Christy Mathai, fund manager—equity, Quantum AMC (Asset Management Company), told Mint. “Deposit mobilization remains the key focus for the banks and incrementally, the cost of deposits has moved higher than yield increases, impacting the net interest margins (NIMs).

Gold prices rose by Rs 200 to Rs 72,350 per 10 grams while silver prices rallied by Rs 1,000 per kg in the local market here on Monday amid firm global trends. In the previous session, the yellow metal of 99.9 per cent purity had closed lower at Rs 72,150 per 10 grams on Saturday, according to the All India Sarafa Association. Silver prices jumped by Rs 1,000 to Rs 83,500 per kg from Rs 82,500 per kg in the previous close.

Mahindra & Mahindra is set to launch its new 5-door Thar model, the Thar Roxx, on India's Independence Day in 2024. Recently released images showcase the vehicle's updated design, including an upgraded grille, redesigned lights, and newly styled windmill-inspired alloy wheels.

Air transport is the only one direct option, but is useful only for expensive or perishable goods. The bulk of goods are delivered via Suez and Black Sea ports (Novorossiysk or others). As a result, the cargo travels triple the distance and several overloads along the route. High transport and logistics costs hinder the competitiveness of goods and the volume of mutual trade. Until now, the volume of mutual trade between India, Russia and Central Asia has been not so large (for example, $3.2 billion between India and five Central Asian countries in 2022). The obstacle is over huge delivery distances through the ports of the Black Sea or the Far East (7-10 thousand km).

NEW DELHI : Rockefeller Foundation-backed Global Energy Alliance for People and Planet (GEAPP) plans to support the development of 2 gigawatt hours (GWh) of cumulative utility-scale battery-energy-storage capacity, said Saurabh Kumar, vice president, India, GEAPP. In an interview, Kumar said GEAPP, in partnership with IndiGrid, is expected to commission the country's first commercial utility-scale project by the end of this year or the start of 2025. It would be set up in Delhi.

desi Sting fan club. Every other conversation I wandered into revolved around the 72-year-old former The Police frontman, people discussing their wishlist of Sting songs or having serious debates about how to make sure they get a good spot up front for his set. Even the usually gig-hardened and cynical music biz people backstage sounded positively giddy with Sting-mania.

Inox Wind Ltd.(up 19.70%), Inox Wind Energy Ltd.(up 10.00%), Suzlon Energy Ltd.(up 5.00%), Hitachi Energy India Ltd.(up 4.58%), KPI Green Energy Ltd.(up 3.19%), Energy Development Company Ltd.(up 2.79%), Power and Instrumentation(Gujarat)Ltd.(up 2.00%), Karma Energy Ltd.(up 1.97%), Jaiprakash Power Ventures Ltd.(up 1.72%) and Ravindra Energy Ltd.(up 1.56%) stood among the top gainers.

Stay tuned for Live Updates. Vinesh Phogat CAS Hearing Verdict Live: Rajya Sabha member Priyanka Chaturvedi from Maharashtra has condemned the Indian Olympic Association (IOA) for its handling of Vinesh Phogat's disqualification on Monday.She took to X and wrote, "Wow.

NEW DELHI : India had 162 million demat accounts as of June, and 93 million SIP (systematic investment plan) accounts as of July—a strong indicator of increasing financialization in the country. Still, there are places where terms like “Sensex" or “Nifty" are foreign to people. Kargil, in the Union territory of Ladakh, over 200 kilometres from Srinagar, is one such place.

Ministry of Education announced the National Institutional Ranking Framework (NIRF) 2024 on Monday. The Indian Institute of Technology (IIT) Madras ranked first in the National Institutional Ranking Framework (NIRF) 2024, becoming the top ranked institution for the sixth consecutive year. Indian Institute of Science (IISc), Bengaluru has been ranked as the best university. IIT-Madras is also the best-ranked engineering college in the country for the last nine years.

₹945 crore. June quarter marks the fifth consecutive quarter of subdued revenue performance with growth being flattish in FY24 after two years of strong show. In the March quarter earnings call, Bata’s management had said it was seeing initial signs of demand recovery.

Avadh Sugar & Energy Ltd.(up 8.30%), Triveni Engineering & Industries Ltd.(up 2.81%), EID Parry(India)Ltd.(up 2.61%), Dwarikesh Sugar Industries Ltd.(up 1.97%), Ponni Sugars(Erode)Ltd.(up 1.83%), Magadh Sugar & Energy Ltd.(up 1.33%), Dalmia Bharat Sugar and Industries Ltd.(up 1.30%), Uttam Sugar Mills Ltd.(up 1.21%), KM Sugar Mills Ltd.(up 1.08%) and Dhampur Sugar Mills Ltd.(up 0.94%) stood among the top gainers.

Youth Affairs and Sports Minister Mansukh Mandaviya on Monday urged youth to work with commitment and dedication to become successful and make India a developed nation by 2047. Addressing the «Impact With Youth Conclave 2024» here on International Youth Day, the minister said the 'Mera Yuva Bharat — 'MY Bharat' portal launched by the Centre will become a single window platform for the youth. This year's International Youth Day, themed 'From Clicks to Progress: Youth Digital Pathways for Sustainable Development,' emphasises the importance of digitalisation and the pivotal role young people play in this transformation. «This is a country with a population of 140 crore. It is our collective responsibility to make India a developed nation. In such a situation, youth have a special responsibility,» Mandaviya said.

Hy-Vee, Inc., a retail grocery company headquartered in west Des Moines, Iowa, has relocated to a new office location spread over 54,000 sqft in Bengaluru, further enhancing its footprint in India. Hy-Vee's move to a new space is part of its plan to leverage India's talent pool for a wide range of technical and non-technical roles, allowing the company to work on projects on a 24/7 basis. The new facility, situated in Karle Tech Park on the Outer Ring Road, under a 10-year lease, aims to drive innovation and enhance operational efficiency. «We are excited to see the HST Global team's growth over the last year and a half and look forward to this new space supporting them as they continue to help move Hy-Vee forward as a retail leader,” said Travis Hoover, Chief Data Officer at HyVee.

Kazam EV Tech, which offers several charging products and services for electric vehicles, said on Monday that it raised $8 million in a funding round led by Vertex Ventures. Existing investors like Avaana Capital and Alteria Capital, among others, also participated in this round, the company said. Kazam plans to use the proceeds to strengthen its tech and product teams, increase its offerings and expand its market presence. The firm had raised about $11 million before the latest round, according to data from Tracxn.

The NSE Nifty index closed 20.5 points down at 24347.0, while BSE Sensex ended down 56.99 points at 79648.92.

Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) — comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar — directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan.

To date, Maruti Suzuki’s startup arm has evaluated over 3,000 startups, engaged with 88, explored multiple technologies, and onboarded 21 startups as business partners through commercial engagements. The initiative remains focused on fostering open innovation with startups worldwide, both domestic and international, to co-create an ecosystem where Maruti Suzuki can leverage deep tech and the latest technologies from across the globe.

Shares of Inox Wind zoomed to lock at an upper circuit of 20% to its fresh all-time high of Rs 209 after the company posted a profit of Rs 50 crore in the June quarter against a loss of Rs 65 crore in the corresponding quarter of the last year. The company's consolidated revenue rose 85% YoY and 16% QoQ to Rs 651 crore for the quarter ended June 2024. The consolidated EBITDA stood at Rs 157 crore for the said period, which is up by 349% YoY.