India Financial News

Bank of India ensured the currency did not weaken more. The rupee closed at 83.9725 against the U.S. dollar, after closing at 83.9550 in the previous session. The currency hovered in a narrow range between 83.95 and 83.97 during the session.

₹5686, up 9% over last year. The company has over 10,000 rooms across its 107 hotels.

It has built sector scorecards by analysing data of NSE-listed companies from FY 2022-23 annual reports. The data shows that banks, financial services, information technology and services companies have a larger representation of women workers than other sectors. But there were some interesting point to note at different levels of roles, on retention and implementing enabling policies to help more women find meaningful career pathways. The report points out that leading global and Indian companies have initiated several programmes for women employees. But the IT sector continues to face a significant gender gap in leadership positions. The report highlights that women in leadership and at board level are at 22%, lower than the 34% at the overall employee level. The retention rates and return-to-work after parental leave rates are closer to the average of NSE companies. It's important to focus on targeted talent development and progression planning for women employees, says the report. This could include implementing two-way feedback sessions, providing learning opportunities and facilitating networking with senior leaders. Additionally, creating customised sponsorship or mentorship programmes can help support women’s career growth.

PM-Surya Ghar: Muft Bijli Yojana. Under the scheme component, emphasis has been laid on creating one model solar village per district across India, to promote solar energy adoption and enable village communities to become self-reliant in energy needs, Ministry of New and Renewable Energy (MNRE) said in a statement. A financial outlay of Rs 800 crore has been allocated for this component, providing Rs 1 crore per selected Model Solar Village, the ministry said. The scheme guidelines for implementation of Model Solar Village were notified by MNRE on August 9, 2024.

Prime Minister Narendra Modi is set to deliver his eleventh consecutive Independence Day address on Thursday, marking his first speech since securing a record-equalling third consecutive term in office. With his oath-taking on June 9, Modi matched Jawaharlal Nehru's record of three terms as prime minister. He is now poised to become the third prime minister, after Nehru and Indira Gandhi, to address the nation from the ramparts of the Red Fort on eleven consecutive August 15 occasions. Nehru, a leading figure of the Congress party, delivered 17 straight Independence Day speeches, while Indira Gandhi, who served as prime minister from January 1966 to March 1977 and again from January 1980 to October 1984, addressed the nation 16 times, with 11 of those speeches being consecutive.

Reserve Bank of India has set up an expert panel to benchmark India's statistics to global standards and improve them as needed, the central bank said on Monday. RBI's Deputy Governor Michael Debabrata Patra will chair the expert committee of 10 members. The panel will submit its report by the end of November 2024. The expert committee will be tasked with benchmarking the statistics regularly disseminated by it against global standards and best practices. It will also study the quality of other regular data where such benchmarks do not exist, including for sectors of national priority. Finally, the panel will provide guidance on the scope for any further data refinement.

shipping industry worldwide. As per BIMCO’s Manpower study, which is published every 5 years (the last being published in 2021) India ranked as the 5th largest manpower supplier in Shipping globally. In 2021 together with Philippines, Russian Federation, Indonesia, China & India supplied bulk of the global workforce in shipping. These 5 countries collectively accounted for 44% of global supply of seafarers. India accounted for 2,50,071 active seafarers of which 1,51,840 were Ratings & 98,231 were officers. Chinese seafarers catermainly to their own national flag and / or coastal ships. The reason for Chinese being limited to their national industry is obviously due to their language barrier.

Adani Green Energy’s (AGEL) RE capacity would see >30% CAGR during FY24-30, domestic brokerage firm Emkay Global initiated coverage on the stock with a buy rating and a target price of Rs 2,550. “AGEL’s RE capacity would see >30% CAGR during FY24-30E, while the improving CUF would drive a power sales CAGR of ~35%. Rising share of merchant-C&I volumes (20% by FY30) should support realizations, leading to ~35% consol. gross revenue CAGR, while concentrated development—mostly in the high-yield Khavda asset—should further optimize capex-opex efficiency, boosting its cost leadership and industry-leading metrics (EBITDAM, asset turnover) and helping it secure more PPAs competitively,” said Emkay Global in its report.

Independence Day, observed on August 15th, marks the country's liberation from British rule in 1947. This significant day offers a unique opportunity for students in classes 1, 2, and 3 to explore the concept of independence through creative writing. Crafting an essay about this day helps young learners grasp the essence of freedom, unity, and patriotism.

Hindenburg Research's second attack on the Adani Group in which it targeted Sebi chairperson Madhabi Puri Buch has failed to make much impact on the markets. Hindenburg has claimed that she and her husband had stakes in offshore entities linked to the Adani family. Unlike its first report against the Adani Group in January last year, this one has failed to have intended impact so far. Adani stocks did not suffer the kind of rout they did in the wake of last year's report. Analysts have dismissed the report as «sensationalism» and say that it will not have much impact on stock prices.«It appears that this “revelation” is unlikely to impact the market meaningfully. The buy on-dips strategy which has been working well in this bull run is likely to work again,» said Dr. V K Vijayakumar of Geojit Financial Services. However, Hindenburg has doubled down on its claims and responded to Sebi chief's statement that accused the short-seller of attempting a «character assassination». Even though Indian markets as well as analysts have discounted the latest Hindenburg report and the short-seller has itself come under fire after Sebi's show-cause notice to it in June, short-seller attacks constitute a high risk for Indian companies.

ACC Ltd. traded at Rs 2327.4 on BSE at 01:59PM (IST) on Monday, down 0.99 per cent. The stock quoted a 52-week low price of Rs 1803.8 and a high of Rs 2843.0. Earlier in the day, the stock saw a gap down opening.

India. President Muizzu further emphasized that India has always been one of the closest allies and invaluable partners, facilitating and providing aid whenever the Maldives needed it, the Maldivian President's Office said in a statement. He was speaking at the ceremony held at the Maldivian President's Office, where he was handing over the completed water supply and sewerage facilities on 28 islands in the Maldives, funded by the Government of India's Line of Credit Facility through EXIM Bank of India.

Tube Investments of India Ltd. slipped 1.95 per cent to Rs 3929.55 in Monday's trade as of 02:05PM (IST). The stock hit a high price of Rs 3989.65 and low of Rs 3901.65 during the session.

India Meteorological Department (IMD) predicting a week full of showers. On August 12, 2024, the national capital experienced light rain, with the maximum temperature recorded at 32°C and the minimum at 24.8°C. According to the Central Pollution Control Board, Delhi's air quality index (AQI) was recorded at 53 this morning, placing it in the «satisfactory» category. The AQI scale ranges from «good» (0-50) to «severe» (401-500), with «satisfactory» (51-100) indicating that air quality poses little or no risk. Throughout the week, Delhi is expected to witness generally cloudy skies accompanied by light to moderate rain, thundershowers, and occasional lightning, as forecasted by the IMD.

Union Minister Giriraj Singh on Monday said Hindenburg Research has defamed the country in alliance with Congress and the «strictest action» will be taken against the US short-seller. Hindenburg on Saturday launched a broadside against markets regulator Sebi chairperson Madhabi Buch, alleging she and her husband Dhaval had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal. The duo has denied the allegations as baseless and asserted their finances are an open book. The Adani Group termed the latest allegations malicious and based on manipulation of select public information. The company said it has no commercial relationship with the Sebi chairperson or her husband.

REA Group, owner of Housing.com, PropTiger.com, and Makaan.com, reported a 31% rise in its revenue from India in the financial year ended June 2024, down from 46% a year ago. The company has reported 103 million AUD (Rs 563 crore) in FY 24 against $79 million for the Australian FY23 ended June and $54 million in FY 22. «Our new products and innovations, both for customers and home seekers, have gained great popularity among the target groups and boosted sales, contributing to a 30% revenue growth,” said Dhruv Agarwala, CEO, Housing.com & PropTiger.com.

«Our maps feature 3D junction views and many other attributes that are hard to replicate or compete with. Of course, people will try, and everyone is welcome to compete fairly, but it is quite challenging.,» says Rohan Verma, CEO & MD, MapMyIndia. Before discussing the earnings and other details, I wanted to get a sense from you about the competition, as you’ve been quite vocal about it. Ola is also a listed player, so I'm trying to understand better what unique selling proposition (USP) you offer and what the moat is for companies trying to catch up in this technology. Rohan Verma: Mapping is a serious business and building it is not at all easy.

Axis Commercial Real Estate Fund, a strategic partnership between Axis Asset Management Co and global real estate developer, owner, and operator Tishman Speyer, has acquired a 1.5-acre land parcel at Fintech City in Chennai’s Nandambakkam. The fund has acquired the land parcel through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). The Tamil Nadu government, through TIDCO, has envisioned Fintech City as a world-class infrastructure hub for the financial technology industry in Chennai. “Chennai investment is the epitome of the fund strategy; wherein a clear titled land parcel supported by single window clearance for approvals at city centric location has been acquired in a transparent manner by the fund. The fund is completely aligned and will seek to benefit from TIDCO’s vision and strategy of the Fintech City,” said Chetan Shah, Head – Real Estate, Axis AMC.

Narendra Modi made headlines on Sunday as he held an umbrella for farmers during a heavy downpour while interacting with them at the India Agricultural Research Institute in New Delhi. Despite officials suggesting the event be cancelled due to the rain, the Prime Minister insisted on continuing, even offering to hold umbrellas for the farmers as they conversed. During the event, PM Modi released 109 high-yielding, climate-resilient, and biofortified crop varieties, marking a significant milestone in the country's agricultural innovation. He emphasised the growing adoption of natural farming among farmers, highlighting their conscious efforts to reduce pesticide use and their responsibility towards environmental sustainability.

premiumisation trend further got magnified in sales of electronic products such as smartphones, appliances and televisions in the January to June period of this year, with the industry’s value growth significantly outpacing volume or number of units sold in brick-and-mortar stores. The overall consumer electronics market in offline retail grew by 11% by value in the first half of this calendar year as compared to the same period last year, whereas volume went up by a marginal 1%, latest data by market researcher GfK India shows. This indicates consumers only purchased premium or high value goods with sales of the entry-to-mid segment continue to be severely impacted. For instance, GfK reported overall mobile phone sales by volume declined by 6% in the Jan-Jun period whereas by value it went up by 10%. The smartphone segment registered a 12% increase in value, while by volume there was no growth.

Arvind Kejriwal has filed a petition in the Supreme Court challenging his arrest by the Central Bureau of Investigation in the excise policy case and has also filed a bail plea. The Delhi High Court had earlier dismissed his petition challenging the arrest and advised him to seek bail from the trial court. While dismissing Kejriwal's plea challenging his arrest, the HC stated that the prosecution has explained that, respecting his position as Chief Minister of NCT of Delhi, the police treaded with trepidation and caution and proceeded to collect the evidence from other persons suspected to be the accused. Consequently, extensive investigations were carried out across India to ascertain the entire web of conspiracy involving numerous persons. In his plea to the Delhi HC, CM Kejriwal stated that he is the National Convenor of a National Political Party (Aam Aadmi Party) and the sitting Chief Minister of Delhi, who is being subjected to «gross persecution and harassment for wholly malafide and extraneous considerations.»