India Financial News

job creation, despite elevated cost pressures pushing up selling-price inflation to a seven-year high, a survey showed. The HSBC final India Services Purchasing Managers' Index, compiled by S&P Global, fell marginally to 60.3 in July from 60.5 in June and was considerably below a preliminary estimate of 61.1. However, the overall pace of expansion was sharp and the index remained above the 50-mark that separates contraction from expansion for the 36th straight month.

Benchmark NSE Nifty index fell 456.21 points to 24261.5 amid selling in frontline bluechip stocks.

Domestic benchmark index NSE Nifty fell 430.21 points to 24287.5, while the BSE Sensex traded 1457.01 points down at 79524.94.

Sumant Sinha, chairman and managing director of Gurgaon-based ReNew, was recently appointed co-chair of the Switzerland-based Alliance of CEO Climate Leaders. This private sector collective has about 130 global chief executive officers from 26 countries representing 12 industries. Apart from ReNew, at an institutional level, there are eight other Indian companies that are part of this group.

French Air and Space Force will participate in India's first multilateral air exercise, Tarang Shakti-2024, which is set to begin at Air Force Station Sulur in Tamil Nadu on August 6. The French contingent will comprise three Rafale fighter jets, one Multirole Tanker Transport (MRTT) aircraft, and one A400M, with a total of 160 Air Force personnel, according to French Embassy in India press release. In the press release, the French Embassy in India stated, «Three other nations are participating in the first phase of this exercise, including EU Member States Germany and Spain, which have been partners of the Pacific Skies deployment from Alaska to India.»

₹6,145 crore initial share offer of electric two-wheeler business Ola Electric Mobility was tepid, with 35% of the issue subscribed on Friday, August 2, the opening day of the bidding process.Retail investors led the initial public offering (IPO) of the firm, subscribing 1.57 times the amount allotted for them.Bids were received for 16.31 crore shares of the 46.51 crore shares that were offered in the offering, which closes on Tuesday, August 6. Ola Electric IPO subscription status was 35% on the first day of bidding.

Edited excerpts: Across our four business segments that are India multichannel, overseas business, Globalbees (brand aggregator) and preschools, it’s a $120 billion opportunity we are chasing. So having such a large market, there will be growth levers, and which we'll talk about separately, I'll just restrict myself to profitability right now. So, on profitability, India multichannel we grew our adjusted Ebitda profitability in FY22, we were at 5.9%, we made it to 6.2% in FY23, and now, FY24, we are at 8.8%.

Punch has launched its new safety-first trading platform. This innovative platform is designed to protect beginner traders from the common pitfalls of the trading world, such as overtrading and emotional decision-making, which can lead to substantial financial losses. Tackling an industry challenge Options trading, while appearing lucrative, is fraught with risks, especially for novice traders. Many beginners enter the market without a solid understanding of risk management, capital allocation, and position sizing. As a result, they often incur heavy losses, which can be discouraging and financially devastating. Recent articles from the Securities and Exchange Board of India (SEBI) have highlighted this alarming trend, revealing that a significant percentage of individual traders are losing money in Futures and Options (F&O) trading.

At least 11 firms, including Indus Towers Ltd., have or are set to approve share buybacks shortly after the new regime was proposed in the budget on July 23. This is a jump from the average of about four transactions per month in 2023, data from primeinfobase.com show.

Unny Radhakrishnan and Bindhu Unny's journey from the brink of bankruptcy to financial stability is a tale of resilience and reinvention. In the late '90s, they were idealistic young professionals driven by a passion for social impact, only to end up being financially broke.

stress in unsecured retail, micro finance and some rural advances as seasonal impact of the heatwave, election season slowdown and higher risk weights led to increase in slippages during the first quarter. However, analysts do not expect asset quality to be a challenge yet. Instead, most observers believe that Indian lenders will have to contend with falling margins and slow deposit growth this year. Data from the results of 40 listed banks analysed by ET showed that though net profit increased a healthy 21%, margins continued to be weak and deposit growth still lagged credit demand. There was a notable increase in stress in some micro finance and personal loan accounts. State Bank of India's fresh slippages increased to ₹7,903 crore in June 2024 from ₹7,659 crore a year ago and was double the ₹3,867 crore reported in March 2024 mainly as ₹3,000 crore of loans to individuals slipped during the quarter and was the largest chunk of fresh slippages, followed by ₹2,500 crore of agriculture loans. Chairman Dinesh Khara attributed the slippages to some delay in salaries by some state governments during the quarter.

iPhone was stolen in the bustling Chandni Chowk market in Delhi, he smirked and told his friends to remain calm. The police were able to track the device within 30 minutes as it had an embedded SIM (eSIM) which cannot be physically removed from the phone unlike a normal SIM Card. An eSIM can be tracked even when a phone is switched off. In another instance, an oil refinery in Assam was able to fix leakages and prevent accidents within a few seconds as several Internet of Things (IoT) devices with eSIMs sent live alerts to a centralised provisioning system. Virtual SIMs or eSIMs offer several advantages to retail and enterprise phone users. However, the pace of adoption in India has been sluggish so far, mainly due to a Chinese government policy, executives and experts said.

Paris Olympics 2024 entered their ninth day, the excitement continued to build with a series of thrilling events lined up for the day. Highlights include Novak Djokovic's maiden Olympic tennis title, Team India's historic win in men's hockey, and record-breaking performances in swimming. Here's a detailed look at what happened on Day 9.

Delhi High Court has designated a special CBI Court to expedite the trial of India's biggest bank fraud. The Central Bureau of Investigation (CBI) has charged Dheeraj Wadhawan, Kapil Wadhawan-promoters of embattled Dewan Housing Finance Ltd (DHFL)-and several others in the alleged loan fraud of Rs 34,614 crore. The orders of the Delhi High Court designating a special CBI Judge to exclusively deal with the DHFL case were received on August 1. It is pertinent to mention that considering the gravity of the case and the enormous amount of documents filed by the CBI, number of accused and hundreds of witnesses involved, a special CBI Court had written to the High Court. In April this year, a special CBI Court had shared the information of the case with the High Court with a request to designate «one special court for doing this matter only». Special CBI Judge Ashwani Kumar Sarpal, in a judicial order passed on April 27, had highlighted the fact that the documents filed by the CBI run into over 330,000 pages and are kept in 26 trunks.

Olympic hockey quarter final match against Great Britain with 10 men. And, with nine for a few minutes in the crucial fourth quarter with scores tied at 1-1. That’s what India was reduced to while playing when Amit Rohidas, India’s best first rusher, was shown a red card for lifting his stick in the 17th minute. India, though, did not lose hope and took the lead through captain Harmanpreet Singh in the 22nd minute from a penalty corner before Britain drew level through Lee Morton from a field effort in the 27th minute.

aviation sector with the introduction of the Bhartiya Vayuyan Vidheyak Bill 2024 in the Lok Sabha. This Bill replaces the Aircraft Act of 1934, which has undergone 21 amendments over the years and aims to align the Indian aviation sector with global standards. The proposed legislation, consisting 44 clauses, seeks to streamline regulations and foster growth in India’s rapidly expanding aviation market. The Bill was introduced in Parliament last week.

Bangladesh is on edge once again as at least 91 people, including 14 policemen, were killed and hundreds injured on Sunday in fierce clashes between protesters demanding Prime Minister Sheikh Hasina's resignation and the ruling party supporters in different parts of the country. The clashes broke out when protesters attending the non-cooperation programme under the banner of Students Against Discrimination with the one-point demand of the government's resignation faced opposition from the supporters of Hasina-led Awami League. As violence escalated, the home ministry imposed an indefinite countrywide curfew from 6 pm and blocked the use of certain social media platforms. A three-day public holiday has been announced starting Monday.

Chinese ambassador to Nepal kicked up another controversy through social media, drawing the ire of the local population. In the latest such instance, Chen Song faced criticism for passing a «joke» about a bus accident in Nepal. On July 28, while reposting a news article titled «19 kg magnet, brought to search for the lost bus, is itself missing», he wrote on X, «Find the magnet then». He was referring to the July 12 accident, when a bus travelling from Kathmandu to Gaur and another coming from Birgunj to Kathmandu were swept away into the Trishuli river at Simaltal, Chitwan district of Nepal. Out of 65 passengers, 62 were missing. The whereabouts of the buses and most of the passengers are still unknown. Upon the request of the Nepal government, India sent a 12-member diving team with magnets to assist in the search. The Chinese ambassador's comments appeared to be targeted not only at Nepal but also at the failure of the Indian team, according to Kathmandu-based people.

cyber criminals are targeting almost every facet of the fintech industry to gain access to critical customer data. Non-banking finance companies — account aggregators (NBFC-AAs), which has just started to take off, has now become the latest target of fraudsters. Two people in the know said the Indian Cyber Crime Coordination Centre (I4C) recently met top executives of some of the major NBFC-AAs to address issues of cyber fraud attacks and ways to tackle them.