India Financial News

SEBI chairperson Madhabi Puri Buch's involvement in the obscure offshore entities in siphoning case. «Group has absolutely no commercial relationship with individuals or matters mentioned,» Adani said reacting to recent Hindenburg report. The Adani Group also rejected these allegations against the company and reiterated that its overseas holding structure is fully transparent.

CareEdge Ratings anticipated that the credit-deposit ratios may pose a concern to the Non-Banking Financial Companies (NBFCs). «Bank's credit-deposit ratios raise concerns about NBFCs' ability to secure funds,» it said. By definition, the credit-deposit ratio (CD ratio) is a tool that measures how much of a bank's deposits are lent out as loans.

Shah Rukh Khan is hitting the headlines for the wrong reason. A video of the ‘Pathaan’ actor seemingly pushing a man away at the Locarno Film Festival is doing the rounds on X. An X user shared a video clip of Shah Rukh Khan on the red carpet at the Locarno Film Festival on Saturday, where the actor appeared to move toward a man standing near the photographers.

India's coal import rose by 5.7 per cent to 75.26 million tonnes (MT) in the first quarter of the current fiscal compared to 71.16 MT of coal in the same period of the previous fiscal. Coal imports in June were also higher by 6.59 per cent at 22.97 MT compared to 21.55 MT in the same month of the previous fiscal, according to data compiled by mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. mjunction MD and CEO Vinaya Varma said that given the surplus coal available in the system and the slowdown in industrial activity during monsoon, import demand is likely to remain subdued in the coming month. Of the total imports in June 2024, non-coking coal imports stood at 14.19 MT, higher than 13.29 MT imported in June last year. Coking coal imports were at 5.45 MT, against 5.33 MT imported in June 2023.

fresh allegations dragging the role of Sebi chief Madhabi Puri Buch and her husband in the Hindenburg case, the Adani Group on Sunday issued a statement saying they have absolutely no commercial relationship with the individuals and that the claims are no more than red herrings thrown by a desperate entity. “The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in January 2024,” the Adani Group said in a statement.

Foreign Secretary Vikram Misri arrived here on Sunday on a two-day visit to discuss with the country's leadership and officials ways to further strengthen India-Nepal relations and advance the mutually beneficial ties with the Himalayan nation. Misri was received by his Nepalese counterpart Sewa Lamsal on his arrival here. «Foreign Secretary of India @VikramMisri arrives in Kathmandu for an official visit from 11-12 August 2024. Warm reception by Nepal Foreign Secretary Ms Sewa Lamsal,» the Embassy of India in Kathmandu said in a post on X. «The visit is in keeping with the tradition of regular high-level India-Nepal bilateral exchanges & underlines India's commitment to its #NeighbourhoodFirst policy,» it said.

Reliance Industries Ltd, India's most valuable company, plans to commission its first solar giga-factory in the current fiscal as it pivots a green pathway to achieve net zero carbon emissions from operations by 2035. In its largest annual report, the firm said it is targeting to commission the first train of 20GW solar PV (photovoltaic) manufacturing by the end of 2024-25 fiscal (April 2024 to March 2025) and scale up to 20GW in a phased manner over 2026. The solar giga factory will include manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity. It is also targeting industrialising sodium-ion cell production at the MW level in 2025 and first 50 MWh a year lithium battery cells pilot in 2026.

The Met Department expects the maximum and minimum temperatures likely to settle around 32 and 26 degrees Celsius, with a generally cloudy sky throughout the day. Rains lashed the national capital on Saturday prompting heavy traffic due to waterlogging in various parts of the city.

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K Natwar Singh wore many hats as he straddled the worlds of diplomacy, politics and writing but what remained consistent across decades was his sharp-wit and plainspeaking. The former Congress leader had a love-hate relationship with the party as while he had a great equation with the likes of former prime ministers Indira Gandhi and Rajiv Gandhi, he had a fallout with Sonia Gandhi after allegations were levelled against him when he was part of the UPA-I Cabinet. Singh passed away on Saturday night after a prolonged illness, family sources said. He was 93. He breathed his last at Medanta Hospital in Gurugram near Delhi, where he had been admitted for the past couple of weeks, they said.

India's former external affairs minister K Natwar Singh passed away late Saturday in Gurugram at the age of 93 after a prolonged illness. Singh, Congress veteran, was born in Bharatpur, Rajasthan in 1931. He was awarded the Padma Bhushan in 1984. Singh, who was the foreign minister in UPA-I and also served as India's Ambassador to Pakistan besides holding other senior diplomatic positions. Singh worked in former Indian Prime Minister Indira Gandhi's office from 1966 to 1971 as a civil services officer before joining the Congress in the 80s and becoming a minister in the Rajiv Gandhi Cabinet.

Protesters carried American and Bangladeshi flags and held posters demanding that Bangladeshi minorities be «saved.» They chanted slogans of «We want justice» and called for peace amid the recent surge in violence. The crowd, which included activists from various human rights organizations, members of the Bangladeshi diaspora and Indian-American Hindu allies, came from Washington, Maryland, Virginia, and New York.

sports teams in India saw an up to threefold surge in earnings in 2023-24, with cricket dominating the table, according to the latest filings of their owners such as Reliance Industries, United Spirits, Tata Steel and RPSG Ventures. These companies, which run the sports teams as business ventures through subsidiaries, benefited from a larger central revenue pool of the Board of Control for Cricket in India (BCCI), showed the filings. The revenue pool mainly comprises money earned by the BCCI from selling the broadcasting rights and a portion of it is shared among the Indian Premier League (IPL) teams. For instance, the total income of Reliance Industries' wholly owned subsidiary Indiawin Sports, which owns the Mumbai Indians cricket team, more than doubled to ₹737 crore in 2023-24 from ₹359 crore in the previous fiscal. The company's net profit was ₹110 crore, compared to a net loss of ₹49 crore in 2022-23. The central rights accounted for three-fourths of the revenue in 2023-24, while nearly 22% came from ticketing sales, said the annual report of Reliance Industries.

Nirmala Sitharaman on Saturday said lenders need to focus on raising smaller deposits that come in “trickles,” but are the “bread and butter” of the banking system. She commented on the widening gap between deposits and credit, which has become a cause for concern, at a media briefing after the Reserve Bank of India (RBI) board meeting in the capital on Saturday. Sitharaman said deposits and lending are the two wheels of a cart, but “deposit is moving slowly.” RBI governor Shaktikanta Das said the banking regulator had sounded out banks on this as a matter of proactive caution as the trend can lead to potential liquidity issues.

study abroad platforms including CollegeDekho, iSchoolConnect, Leverage.biz, Career Mosaic, among others told ET that Indian colleges have lately become safer bets or at least a back-up option for students considering international markets for education. The reasons: protests escalating into violence, political unrest, tighter visa policies, geo-political tensions and economic slowdown in many of the study abroad destinations for Indian students, said experts. Nations like Canada, Australia and the UK that are home to the bulk of Indian students have tightened visa policies leading to higher rates of rejection. Others like Russia, Ukraine, Bangladesh and even some regions in the UK and the US are grappling with either public unrest or geopolitical tensions, making them unattractive.

Somanathan as India's new cabinet secretary. A 1987 batch Tamil Nadu cadre IAS officer and current finance secretary, Somanathan will serve a two-year term, initially assuming the role of officer on special duty. He will take over India's top bureaucratic post on August 30, according to a statement from the Department of Personnel and Training (DoPT). With a distinguished career spanning over three decades, he has held various key positions, including joint secretary in the Ministry of Corporate Affairs, and joint secretary and additional secretary at the Prime Minister's Office. Bold Policy Reforms

Neeraj Chopra's silver and his easy and graceful sportsmanship at the Paris Olympics has ignited worldwide praise on social media. This sparked leading sponsors of the javelin star to take advertising and campaigns featuring Chopra global, with plans to amplify the win and step up campaigns through the year. «Neeraj Chopra's remarkable achievement in winning the silver medal at the Paris Olympics and his exceptional code of conduct throughout the event have captured the world's attention, elevating him to a truly global icon,» said a spokesperson for Swiss luxury watchmaker Omega, which signed Chopra in May this year. Beverage maker Coca-Cola India, which signed Chopra to endorse its Limca GlucoCharge hydration drink two years back, is unveiling a film to capture Chopra's spirit on global platforms.

athletes with awe, to catch a glimpse of citius, altius, forties and all that stuffius. We follow the Olympics to do INDIAAAA-INDIA! And in the process if we catch something that is sportingly wonderful, well, we get lucky, whether we know it or not. Let's face it, despite the once-in-four years suppressed supply-heightened demand coverage, the Olympics as a spectator sporting event isn't as popular in this day and age of multiple fan loyalty as 'viewership' would suggest. In football, for instance, there was a time when the Indian football fan was content following the national team — and his local club, if he was Malayali, Bengali or Punjabi. Other sports that Indian fans followed were hockey and cricket — the former represented almost solely by the national squad, the latter overwhelmingly by the Indian team, and for more serious enthusiasts of the game, by national tournaments like the Ranji Trophy. The nation was pretty much the only side we had to follow.

Hindenburg Research alleged that Madhabi Puri Buch, chairperson of the Securities Exchange Board of India (SEBI), and her husband Dhaval Buch held stakes in an offshore fund with significant investments from Vinod Adani, brother of Gautam Adani. These entities were allegedly involved in a network used by Vinod Adani to siphon money, raising questions about SEBI's impartiality due to potential conflicts of interest. According to the Hindenburg report, on March 22, 2017, days before Madhabi Puri Buch’s appointment as SEBI chairperson, her husband contacted Mauritius fund administrator Trident Trust regarding their investment in the Global Dynamic Opportunities Fund (GDOF). “In the letter, Dhaval Buch requested to 'be the sole person authorised to operate the Accounts', seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment,” alleged the report.

Opel Astra? It was India’s first tryst with German technology on the roads. With automatic transmission — a rarity in those days — ventilated disc brakes and a CFC-free air-conditioning system, Astra quickly became the car to dream for. It single-handedly launched the premium luxury sedan segment in India. Opel, then owned by Detroit, US-based auto major General Motors, doubled down, launching Corsa with an ad campaign that auto enthusiasts still remember—“Achtung Baby”—flaunting its German origins. The Opel cars scored high on product satisfaction, but the sheen wore off quickly, thanks to expensive maintenance and sub-par after-sales experience, all of which affected the resale value. Opel exited India in 2006, 10 years after its entry. French manufacturer Peugeot was another early mover in the 1990s and launched the 309 —a boxy sedan with 80s design language—in India. Not even the choice of the TUD5 engine, a legendary motor, could save the Parisian car maker. You would think that after initial hiccups, things would have become different in the new millennium and the Europeans would have made the most of their early-mover advantage. But that was not to be.

Taapsee Pannu and Imane Khelif have in common? Answer: the Indian actor and the Algerian boxer have both been targeted by misogynists at the Paris Olympics, although for reasons that are poles apart. Khelif is being humiliated by a global army of trolls — including the most famous troll of all, Harry Potter author JK Rowling — who have been questioning her identity as a woman after a match in which she made short shrift of her Italian opponent. She is a man disguised as a woman, they alleged. Pannu, meanwhile, was criticised after visuals emerged of her lustily cheering Indian badminton players coached by her husband, Mathias Boe. She distracted them, she obstructed spectators' view, she's an attention-seeker, she is a panauti (ill-omen), she is unpatriotic — the list of charges against her on social media was long.