India Financial News

Coforge and Persistent Systems earned more than their counterparts in TCS and Infosys in the last financial year as some Indian midcap IT firms are paying top dollar to their CEOs who are growing their business despite headwinds from multiple directions. Coforge CEO Sudhir Singh’s annual remuneration jumped three times in FY24 to more than $12.5 million (Rs 105.12 crore), making him the second-highest paid Indian IT firm CEO last financial year, trailing only former Wipro CEO Thierry Delaporte. Other midcap IT firm CEOs like Nitin Rakesh of Mphasis and Sandeep Kalra of Persistent Systems earned Rs 44.13 crore ($5.2 million) and Rs 77.1 crore ($9.1 million), respectively, in FY24, according to the companies’ annual reports.

₹250 crore on entities failing to prevent data breaches or misuse of the personal data of individuals. The Act was notified last year but rules under the law are yet to be finalised. Read this | Mint Explainer: Concerns around Digital Personal Data Protection law Another executive emphasized the importance of releasing the DPDP rules to avoid regulatory ambiguity.

The world is falling well short of a promise signed at global climate talks last year to triple the amount of wind power, according to research by an energy think tank released Thursday

Paris Olympics 2024 is one of the most-talked about sporting event in the world right now, with some amazing ongoing Olympic action till now. The Games have entered its last leg and will soon be wrapping up the remaining major medal events from August 9.

Neeraj Chopra gave India its first silver medal at the Paris Olympics. It was his second medal after the gold medal at the Tokyo Olympics. In the javelin finals, however, only one throw of Neeraj's five attempts was counted. During the finals, all athletes get five attempts. After the first three attempts, only the top eight advance to the second round, where they get three more attempts.

Neeraj Chopra missed the chance to defend his Olympic gold on Friday and settled for silver with a best throw of 89.45 meters in the men's javelin final at the Paris Olympics. Pakistan’s Nadeem Arshad, who finished 5th at the Tokyo Olympics, clinched gold with a monstrous throw of 92.97 meters, setting a new Olympic record. Chopra, comfortably ahead in qualifiers and favourite to win, looked off his best form. His best throw of 89.45 meters came on his second attempt. He committed four consecutive fouls in his final four attempts.

BSF) in co-ordination with Border Guard Bangladesh (BGB) facilitated the return of 17 Indian workers who were stranded in Bangladesh since the turmoil started. A BSF spokesperson said that the 17 workers, who were employed by Afcons Infrastructure Pvt Ltd for the construction of 52 km four-lane road from Akhaura to Kishoreganj in Bangladesh, returned to Tripura through the Agartala-Akhaura (Bangladesh) Integrated Check Post (ICP) on Wednesday night. The official said that BSF Tripura Frontier Inspector General Patel Piyush Purusottam Das received a call regarding stranded Indian workers in Bangladesh requiring assistance.

Bangladesh borders, a top BSF official said that the condition is improving «rapidly» and «no major incidents» of violence have been reported so far. He said that at some places, build-up of locals was reported due to rumour mongering. The situation has been defused with cooperation from the Bangladesh Army, border guarding forces and local administration. India and Bangladesh share 4,096.7 km of border running through West Bengal (2,217 km), Tripura (856 km), Meghalaya (443 km), Assam (262 km) and Mizoram (318 km). On being asked about the deployment, the official said «reinforcements» were sent on the first day and additional troops were mobilised to augment BSF's presence in the area. BSF is also organising village coordination meetings to sanitise locals about the present situation in Bangladesh in the presence of prominent locals, sarpanch and pradhan to create a sense of security, the official clarified. BSF said late Wednesday night Bangladeshi nationals gathered near the borders in two sectors. «These gatherings were prompted by fears of attacks by protestors within Bangladesh. BSF personnel swiftly responded to these situations, ensuring the security of the border and the safety of the gathered Bangladeshi nationals.»

External affairs minister S Jaishankar will pay a three-day visit to Maldives starting Friday as both countries look to repair the strained relationship since President Mohamed Muizzu came to power last year. This would be Jaishankar's first visit to Male since Muizzu was elected to office. During the visit, India and Maldives will inaugurate completed projects under High Impact Community Development Projects and Line of Credit facility of EXIM Bank of India and witness the exchange of the memorandum of understanding on areas for capacity building, commerce and trade, said Maldives foreign ministry on Thursday announcing the visit. «Maldives is India's key maritime neighbour and an important partner in India's 'Neighbourhood First' Policy and our Vision 'Sagar' i.e. Security and Growth for All in the Region. The visit is aimed at strengthening the close partnership between the two countries and to explore avenues to enhance the bilateral relationship further,» the MEA said in a statement.

Tata Motors has increased discount on its Nexon.ev range by up to ₹60,000 to arrest sluggish sales, according to a communique the company sent to its dealers on Thursday. The discount takes effect within months of the price reduction of up to ₹1.2 lakh announced on the Nexon.ev range and the ongoing offer. It comes a day after the launch of Curvv.ev, an e-SUV coupe. The move to enhance consumer benefits also signals the company bracing for a rising competition in a weak market and wooing buyers ahead of the festive season. «Our channel partners are offering these additional, varying benefits locally for a limited period till August 31,» said the company's spokesperson.

Professor Mohammad Yunus, a well-known critic of Sheikh Hasina and persecuted by her regime, when the Nobel laureate became the head of the caretaker government after she resigned and fled to India. The 84-year-old economist, globally recognised as 'The Father of Microfinance,' who flew down from Paris earlier in the day, was declared as the head of the interim government by President Mohammed Shahabuddin after dissolving Parliament Tuesday, a decision prompted by a demand by the Anti-Discrimination Student Movement. Yunus had announced plans to form a political party in 2007 when the country was run by a military-backed government and criticised Bangladeshi politicians alleging they were only interested in money. He, however, did not follow through on that plan. By a quirk of fate, on Thursday he took oath to lead a non-partisan, non-military caretaker government.

Fortis Healthcare is set to acquire the stake of private equity firms in its own diagnostics arm Agilus Diagnostics (formerly SRL), according to sources in the know. Jacob Ballas and International Finance Corporation (IFC), who along with Resurgence PE own around 34% stake in the diagnostics company, are selling their stake and exercising a put option. The deal will peg the valuation of Agilus at around ₹5,000 crore, the people cited earlier said.

₹1,700—23% less than ₹2,300 in the same period a year ago. This, the IDC report said, occurred “due to price cuts to clear inventory, and discounts and offers by brands." Vikas Sharma, senior market analyst for wearable devices at IDC India, said that the stagnation in the market partly occurred in anticipation of the festival period. “Several new model launches by incumbent brands are expected during the upcoming festive season, which may help in arresting this decline.

Anand Mahindra has hinted at the upcoming launch of much anticipated BSA Goldstar 650. His post, accompanied by the date "AUGUST 15TH @bsamotorcyclein," has sparked excitement among motorcycle enthusiasts.Adding to the anticipation, BSA Motorcycles India recently shared a cryptic image on its X account, featuring the Goldstar 650 in silhouette and the caption "Riding on 15th August." This suggests that the much-anticipated bike is set for its Indian debut on the same day.According to a report by Bikewale, Classic Legends is poised to introduce BSA's revered nameplate to the Indian market. The Goldstar 650 will mark the first product under the BSA brand in India, following its international release.

Mint. About the Ganga water treaty renewal, the minister said, “We are moving forward positively." The Ganga treaty will complete 30 years in 2026 and calls for a renewal. Queries sent to the spokesperson of the Bangladesh High Commission in New Delhi, and the concerned departments of Sikkim and West Bengal governments remained unanswered at press time.

Jindal Steel and Power Ltd (JSPL) on Thursday said the company has diversified its coking coal sourcing, thus reducing dependence on Australia for the key raw material by over 50 per cent. The initiative will aid in reducing the overall cost involved in manufacturing steel, the company said in a regulatory filing. The development assumes significance as the government was making efforts to reduce India's dependence on a select group of countries for meeting coking coal requirements. Indian steel players were making bulk purchases of coking coal from Australia due to unavailability of coking coal in the domestic market. Alternate sources will improve its timely availability and reduce logistic costs. This initiative has significantly reduced the company's consumption of Australian coking coal by more than 50 per cent, the company said.

IIT Delhi's Abu Dhabi campus will offer two undergraduate courses from the new academic session commencing in September, Director Rangan Banerjee announced on Thursday. The offshore campus, established in 2023, currently offers only postgraduate courses. The two new undergraduate (UG) courses are Computer Science Engineering and Energy Engineering. A total of 60 students will be admitted to the two courses. This will include 20 students who have qualified JEE (Advanced) 2024 and 40 picked through a new entrance test called the Combined Admission Entrance Test (CAET), Banerjee said at a press conference.

Pharma India on Thursday said its net loss stood at Rs 12 crore for the first quarter ended June 30, 2024. The drug maker had reported a net profit of Rs 54 crore in the April-June quarter of last fiscal. Total income stood at Rs 396 crore for the June quarter against Rs 303 crore in the year-ago period, AstraZeneca Pharma India said in a regulatory filing.

Reserve Bank of India deputy governor Michael Patra, ten days after the central bank excluded new issuances of 14-year and 30-year sovereign bonds from the Fully Accessible Route. “All the existing securities issued are available for FAR investment. So, that makes Rs 41 lakh crore of available investment, of which investment today is only Rs 2 lakh crore. There’s an ample amount of space to go,” Patra said at a press conference after the RBI’s monetary policy statement on Thursday.

Ceigall India on Thursday said it has secured orders worth Rs 1,042 crore for development of Kanpur Central Bus Terminal and Bhubaneshwar Metro Project-Phase I. In a statement, the Ludhiana-based company said the Bhubaneshwar Metro Project in Odisha includes the construction of an extensive metro rail network that will enhance connectivity, reduce traffic congestion and promote economic growth within the region. The project is estimated to be completed in 3 years and will enhance urban mobility, reduce traffic congestion and improve air quality, according to the statement. The Kanpur Central Bus Terminal project in Uttar Pradesh will encompass the construction of a modern bus terminal and a comprehensive commercial complex.

influx from Bangladesh into Assam due to ongoing disturbances, Assam Chief Minister Himanta Biswa Sarma assured that stringent security measures have prevented any unauthorized entry. Highlighting that the Indo-Bangladesh border is being vigilantly monitored, he confirmed that no individuals from Bangladesh have entered Assam without valid documentation. Sarma addressed the media in Guwahati, emphasizing, «Government of India has instructed the state government to completely secure the Indo-Bangladesh border so that no one can come inside the country. Accordingly, the Assam government is maintaining strict vigil in the border area and as of now no one has entered our country except those having valid visa and passport and genuine and bonafide citizens of this country.» He expressed confidence in the central government's efforts, stating, “However, I do hope the government of India will do everything possible and I am sure the Prime minister is doing everything possible to ensure the safety and security of Hindus, Sikha, Buddhist Jains and Christian people in Bangladesh.”