India Financial News

Embraer is in talks with the government and top conglomerates to set up a manufacturing unit in India, a top executive said. However, progress will depend on the company’s jets gaining access to India’s large and rapidly expanding domestic market, dominated by Airbus and Boeing planes. India is among countries such as China, Turkey, Japan and Saudi Arabia with which the firm is discussing a possible partnership, said Arjan Meijer, CEO and president of Embraer’s commercial aviation business. “We have been vocal for the last couple of years that we are looking for a partner,” Meijer told ET. “We have always said we want to cooperate, but we also want to bring our products into the market.”

As per market trackers Counterpoint Research and IDC, four Chinese brands-Xiaomi, Vivo, Realme and Oppo-are ranked in the top five for smartphones. The only one not from that country is South Korea's Samsung. Industry executives estimate this will translate into combined sales of almost Rs 90,000-95,000 crore. China's Xiaomi was examined by Indian government agencies over alleged foreign exchange violations in 2022, which coincided with a large proportion of its top leadership changing. The company ceded its No. 1 spot in the December quarter of 2022 to Samsung, eventually sliding to fourth. But by the June quarter this year, Xiaomi was back at the top on the back of an aggressive expansion in offline retail. Vivo is another Chinese company that has faced investigations over allegations of tax violations and money laundering.

festive season is sparking a burst of temporary hiring, with 600,000-700,000 jobs likely to be created across industries. Demand for temporary staff is surging 15-20% year-on-year, fuelled by an anticipated increase in consumer spending, resurgence in the rural economy amid prospects of a good harvest and a buoyant stock market, said staffing firms including Quess, Randstad, Adecco, CIEL HR Services and TeamLease Services. Ecommerce and logistics are likely to see the highest jump of 30-35% in temporary hiring, though demand is also strong from the consumer, banking, financial services and insurance (BFSI), retail and hospitality sectors, the firms said. “We are still in the early stages but there’s already been a considerable rise in festive demand. We are expecting to see some 600,000- 700,000 temp jobs being created across sectors this year,” said Lohit Bhatia, president, workforce management, Quess Corp.

domestic accounting firms to merge and acquire scale. The government is of the view this will help create large domestic audit firms akin to the Big Four, people aware of the development said. The Ministry of Corporate Affairs (MCA) could outline some details as part of the new government's 100-day agenda, one of them said. The LLP law and the Companies Act could be amended in the winter session of Parliament, likely to be held in December, he added. The ministry is also engaged in talks with the Institute of Chartered Accountants of India (ICAI), which has decided to relax key provisions in its regulatory framework to facilitate the "aggregation of chartered accountant firms," the person said.

Paris Olympics 2024 action is at its very last phase, with the penultimate day of action starting off in a few hours. On August 10, 39 gold medals will be up on offer for the athletes of respective nations, in a final bid to consolidate their positions in the Paris Olympics medal tally, which is seeing some massive ups and downs, as countries keep increasing their medal count.

India can set up 5-6 massive zones for manufacturing, similar to the Gift City for financial services, as it moves towards its $1 trillion goods exports target, PwC India chairperson Sanjeev Krishan said. He spoke to ET on a PwC India report released Friday that said India's $1 trillion goods export target can be achieved one year in advance by fiscal 2029 with appropriate measures. The report, 'VIKSIT: An approach for India to achieve $1 trillion exports', offers a six-pillar framework for achieving the target.

Bangladeshis gathered across Sitalkuchi in West Bengal, seeking to cross over to India, and many more are moving towards the border amid reports of attacks on minorities, people aware of the matter told ET on Friday. Bangladeshis were seen trying to cross Kharpa river near Pathantuli village of Sitalkuchi block in Coochbehar district, they said. BSF is dealing with this «emerging challenge (that) is new to BSF». «Guwahati Frontier of Border Security Force successfully addressed a significant and different kind of challenge at the India-Bangladesh border in Coochbehar district. Approximately 1,000 individuals, reportedly Bangladeshi nationals, approached the international border, seeking refuge in India,» BSF said on Friday.

Aman Sehrawat on Friday bagged the men's 57kg free-style bronze medal at the Olympics with a commanding win over Darian Toi Cruz, bringing some cheers to the Indian wrestling contingent that has been rocked by controversies. The 21-year-old U-23 world champion was the lone Indian male wrestler to qualify for the Paris Games and he did not disappoint, winning 13-5 in the bronze play-off at Champ de Mars Arena.

US Presidential Election 2024 wear eyeliner? After much of speculation, Usha Vance, wife of JD Vance, has finally revealed the truth. The Indian American wife of Donald Trump's running mate has said that these are all natural and that she has been always jealous of those lashes, reports 'The Beast'. Vance came into discussion for his eyes after his photographs showed smoldering cerulean eyes, appearing to pop off his face in a way that few people can achieve naturally. Earlier, it was said that he might have been born with these eyes. An expert told 'Slate' that the shape of his eyelids made the effect especially pronounced.

joint parliamentary committee will examine the Waqf (Amendment) Bill and submit its report in the first week of the winter session of Parliament. The committee will have 21 members from the Lok Sabha and 10 from the Rajya Sabha. The Lok Sabha members to be part of the panel are Jagdambika Pal, Nishikant Dubey, Tejasvi Surya, Aparajita Sarangi, Sanjay Jaiswal, Dilip Saikia, Abhijit Gangopadhyay, DK Aruna, Gaurav Gogoi, Imran Masood, Mohd Javed, Maulana Mohibbullah, Kalyan Banerjee, A Raja, Lavu Sri Krishna Devarayulu, Arvind Sawant, Matre Balya Mama Suresh Gopinath, Naresh Ganpath Mhaske, Arun Bharti and Asaduddin Owaisi. The panel will submit its report on the last day of the first week of the next session of Parliament, said minorities affairs minister Kiren Rijiju. As he moved a motion to adopt the names of 21 members, Congress member Kodukkunil Suresh said the Indian Union Muslim League, his party's Kerala ally, should be included in the panel.

Ola Electric is set to unveil its first electric motorcycle on August 15, 2024, during the "Sankalp 2024" event at the FutureFactory. The bike will join Ola's existing electric two-wheeler lineup, including the S1X, S1 Air, and S1 Pro.Teasers suggest the motorcycle will feature a dual-pod LED headlamp, KTM-inspired turn indicators, telescopic fork suspension, and a large battery in a tubular frame.

The Indian financial market experienced significant volatility in the past quarter. Fluctuations were notable during the national elections in June, and now with the recent declines, driven by various factors, such as concerns of recession in the US, the fallout of the Japanese Yen carry trade, and the ongoing geopolitical tensions. 

Ola's first foray into the electric bike segment. The new motorcycle will join the company's existing lineup of electric two-wheelers, including the S1X, S1 Air, and S1 Pro, which have already gained traction in the Indian market.Although specific details about the bike remain scarce, Ola Electric has been generating buzz by teasing various design aspects on social media.

Sheikh Hasina's escape to India following a coup, her arch rival Khaleda Zia, a former prime minister whose Bangladesh Nationalist Party (BNP) is the main opposition party in the country, has been released from years of house arrest. Her party is likely to win the elections which the interim government will now hold.

cricket captain Sourav Ganguly recalled that former West Bengal Chief Minister Buddhadeb Bhattacharjee, who died on Thursday morning, was crazy for the game and always kept himself updated about the performance of players. On arrival from Mumbai at the N S C Bose International Airport here on Friday, the Indian cricket icon told reporters that not only contemporary cricketers, Bhattacharjee loved to discuss former cricket stalwarts like Pankaj Roy, his captaincy and batting during chats. «Buddha babu was a cricket crazy person. He used to talk to me before and after cricket matches and discuss our performance. He had so much grasp over the game and its rules. He was well-versed in the history of the cricket of Bengal and the country. We will miss such a person,» Ganguly said. He said Bhattacharjee also loved to discuss films and books and it was a pleasure meeting him always.

Mint’s Founder Diaries podcast, Jain, the chief executive of Dream11, details the realities of his startup journey—from failure, rejection, and relentless pivoting, to building a category-defining business valued at more than $8 billion. From navigating the complexities of investor pitches to adapting to regulatory changes, Dream11’s growth holds invaluable lessons for entrepreneurs. Jain emphasises the importance of building a strong team and culture, understanding the market, and the critical role of financial literacy in entrepreneurial success.

Mint, potentially alleviating their burden of keeping 90 days of stocks. Acknowledging that Honasa's overall inventory with distributors is higher than that of other FMCG companies, Alagh said as the company changes its distribution model from super-stockists to direct distributors, which was announced during Q4 FY24 earnings in May, the supply chain will be streamlined, helping bring down the holding period. Honasa has also signed a partnership with third-party logistics company Delhivery to use its mother warehouse, the CEO said.

During the quarter, the pizza seller reported a 9.9% YoY rise in its revenue from operations to Rs 1,439.6 crore compared to Rs 1,309.6 crore in the year-ago period. The revenue uptick was mainly driven by 8.5% growth in Domino’s India.

Madhya Pradesh chief minister Mohan Yadav on Thursday said that Google Cloud has proposed to set up a startup hub and centre of excellence in his State. He said proposals with an investment potential of around Rs 3,200 crore were received during his two-day visit to Bengaluru. «To increase skilled workforce, Google Cloud has proposed setting up a startup hub and centre of excellence in Madhya Pradesh,» Yadav told reporters after an interactive session on investment opportunities in Madhya Pradesh. The chief minister visited Hindustan Aeronautics Limited here on Wednesday.

Foreign Tourist Arrivals (FTAs) of 9.24 million (provisional estimates) with a growth of 43.5% over the same period of the previous year. This accounted for foreign exchange earnings of 2,31,927 crores (provisional estimates) with a growth of 65.74%, as per the annual report 2023-2024 released Friday by the Ministry of Tourism. As per the report, augmenting tourism infrastructure, easing of visa regime, projection of the country as a 365 days’ tourist destination are some of the policy areas which need to be constantly worked upon to increase and facilitate tourism in India. The report stated that identification, diversification, development, and promotion of niche tourism products in the country is the initiative of the ministry to overcome the aspect of ‘seasonality’ and to promote India as a 365 days’ destination to attract tourists with specific interest, and to ensure repeat visits. “Thus, new products may be added in due course. The Ministry of Tourism has constituted task forces and committees for the promotion of golf, medical, wellness, cruise and adventure tourism in the country,” stated the report.

To assess their real estate attractiveness and growth potential for the next five to six years, Colliers India has analysed over 100 emerging cities in its latest report, «Equitable Growth and Emerging Real Estate Hotspots.» From this pool of over 100 cities, 30 emerged as high-potential growth centres. Notably, 17 of these cities are expected to witness accelerated real estate development across three or more asset classes. The 17 emerging real estate hotspots are spread across the country. They are Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow, and Varanasi in the North; Patna and Puri in the East; Dwarka, Nagpur, Shirdi, Surat in the West; and Coimbatore, Kochi, Tirupati, Visakhapatnam in the South and Indore, says Colliers India report.