India Financial News

Last week, speaking at the Defense News Conclave: Stories of US-India Defense and Security Partnership in New Delhi, the US envoy to India, Eric Garcetti invoking the qualities of “trusted friends” remarked that the bilateral relationship is still “not yet deep enough” to be taken for granted and emphasised that “there is no such thing as strategic autonomy” during a conflict. Garcetti stressed that in times of conflict, strategic autonomy gives way to the necessity of acting together as trusted friends, understanding each other's equipment, training, systems, and even as human beings.

trade agreement (FTA) between the two countries, AEPC said on Sunday. The Apparel Export Promotion Council (AEPC) said to tap the growing potential, they are leading a delegation to participate in the India Tex Trend Fair (ITTF) in Tokyo. The three-day fair will begin from July 23 and over 200 exhibitors are participating. Some of the renowned Japanese brands, including Sumitomo Corporation, MUJI, Toyoshima, Marubeni, Mitsubishi, Koyo trading, United Arrows, MYK Fashion will be there to source their requirements, it said.

Economic Survey 2023-24 will be tabled in Parliament today by Finance Minister Nirmala Sitharaman. This document reviews the economic performance of the past fiscal year and provides a future outlook. It covers India's fiscal policy trajectory, the evolution of banking and capital markets, and the performance of the manufacturing and services sectors.

Union Bank of India with a target price of Rs 165. The current market price of Union Bank of India is Rs 136.3. Union Bank of India, incorporated in the year 1919, is a banking company (having a market cap of Rs 103549.86 Crore).

JSW Infrastructure Ltd, India’s second-largest port operator, is considering building green hydrogen and ammonia plants at its ports to diversify into this potential growth market. “This is a new age business that is emerging. We have been contemplating and exploring opportunities in this sector,” Arun Maheshwari, joint managing director told ET. “We’ve been approached by companies interested in the green hydrogen and ammonia segment, and we are evaluating the potential to enter this market as well,” he added.

battery electric vehicles, Suzuki Motor Corp. Executive Vice President Kenichi Ayukawa said. First, the goal is for Maruti Suzuki India Ltd., the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. “We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview. The emergence of India as an economic powerhouse and its expanding middle class present a clear opportunity for the Hamamatsu-based manufacturer, which has been active in the South Asian nation since 1983 and has found success as the top-selling automaker with models such as Swift and Brezza. In order to keep its lead, Suzuki plans to introduce its first-ever EV in India, as well as in Europe, next year after exhibiting its mass production model at the upcoming auto expo in India in January, according to Ayukawa.

budget should arm the central bank with a time-tested tool to deal with a potential surge in bond flows on the nation’s entry into a key global index, according to the nation’s largest asset manager. “Rather than selling long bonds from their book and distorting the market, you can issue short-term government securities,” Rajeev Radhakrishnan, chief investment officer for fixed income at SBI Funds Management Ltd., said in an interview. “The market stabilization scheme is the right tool to have and at some point, at least in this budget, they should have that.”

About 8.5 million computers got disabled globally in the great outage that left users of Windows blue-walled last week, as estimated by Microsoft, which makes the operating software. This, the company noted, meant that less than 1% of the world’s devices with Windows got hit by the faulty update installed online by CrowdStrike, a cybersecurity firm.

profit booking on Friday amid global selloff after a record-breaking rally in the last few days. «Investors are also cautious ahead of the Union Budget next week on 23rd July which will provide the next set of directions to the market. Earnings season will also pick up pace which will result in stock specific actions. Apart from Budget, US Core PCE data and PMI data will be key events to monitor,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

₹11.11 trillion. This may be increased slightly given the increased focus by the infrastructure-related ministries, the person added. "If the intention was to go with different numbers, more liberal numbers would have been presented in the interim budget," added the second person.

Mint Acharya sheds light on the evolving landscape of advertising amidst economic uncertainties and technological evolution. Acharya discusses the strategic manoeuvres Publicis is adopting in response to global economic conditions, recent elections, and the surge in digital transformation. Edited excerpts… Earlier in the year, we observed some slowdown in consumption in some consumer product categories.

MoEFCC) plans to promote urban biodiversity to mitigate pollution, provide cleaner air, reduce noise, and harvest water, the official added. Further, pointing out that biodiversity will help issues such as spiralling mosquito population and monkeys moving into cities due to lack of green spaces, the official also noted that water conservation and crop production are other concern areas that can be addressed with urban forests. “If you look especially at South Delhi, the water table is depleting faster and many plants are needed to restore greenery," the person said.

workspace provider Incuspaze has raised $8 million (₹67 crore) led by the India Inflection Opportunity Fund (IIOF) and other financial institutions in its maiden funding round. The IIOF specialises in late-stage venture capital investments, focusing on companies poised for pre-IPO stages with clear strategies for stock market listing. Incuspaze has a portfolio of 3 million square feet in 18 cities across 44 locations. «This investment will significantly bolster our capabilities to provide top-tier workspace solutions tailored to enterprises, MSMEs, and startups. With our clear profitability matrix and enterprise-focused approach, we aim to become a dominant player in Indi's flexible workspace market,» said Sanjay Choudhary, founder & CEO, Incuspaze. It recently leased 220,000 square feet of space in Gurugram's M3M Urbana project on Golf Course Extension Road.

orphan drugs from the government-set price controls, people in the know told ET. It has asked the government to do away with the existing practice of 50% price cuts upon patent expiry, arguing that the government's price-setting provisions will stymie innovation. In a recent meeting held with the Department of Pharmaceuticals (DoP), the OPPI also sought exemption from price controls for drugs used for rare diseases.

One will be able to watch the «My Hero Academia» Season 7 episode 12 on Crunchyroll on Saturday, August 3. Notably, «My Hero Academia» Season 7 episodes are released on Saturday at 5.30 pm (ET)/2.30 am (PT). The seventh season has a total of 21 episodes.

PC Jeweller has reached a one-time settlement (OTS) with a consortium of lenders led by State Bank of India (SBI) to settle its debt by offering banks a mix of cash and equity in the Delhi-based company. The ₹2,250-crore offer represents about a 20% haircut to lenders' principal amount, estimated at ₹2,900 crore, and 64% recovery of total dues, including interest of ₹3,500 crore, said people familiar with the details. PC Jeweller informed stock exchanges over the past month that six of the 14 lender banks have agreed to the OTS proposal. It, however, did not disclose the settlement details. The lenders include Union Bank of India, SBI, IndusInd Bank, Punjab National Bank, Karur Vyasya Bank and Axis Bank. «Each bank will have to take separate internal approvals for the transaction. Banks expect to complete the process, including taking equity stake in the company in the next three to four months,» said one of the persons cited above.

Airbus has shortlisted eight sites in India to open its second assembly line in the country in partnership with Tata Advanced Systems (TASL), weeks ahead of the inauguration of the first, which is for the C295 transport plane. The second plant will make the H125 and will be the fourth for the single-engine helicopter after factories in France, Brazil and the US. It will produce around 10 helicopters a year with the first of these debuting in early 2026. Airbus expects the Indian subcontinent excluding Pakistan to be a market for about 500 such helicopters over the next 20 years. The H125 starts at a list price of '30 crore. «The FAL (final assembly line) in India will not only make us competitive in terms of lead time, delivery time, it will also help us address the growth of the Indian market and possibly the demand from neighbouring nations,» Olivier Michalon, executive vice president, global business, Airbus Helicopters, told reporters in the French city, location of the helicopter's first assembly line. He expects the model to be as successful in India as the Airbus A320 is with the country's airlines. «H125 is our A320,» he said.

CapitaLand India Trust, formerly known as Ascendas India Trust, part of CapitaLand Group, has acquired realty developer Aurum Ventures’ 22-storey, fully leased sustainable office tower, spread over 8.5 lakh sq ft in Navi Mumbai’s Ghansoli locality, for Rs 707 crore, said people with direct knowledge of the development. The deal is among the largest acquisitions of a standalone commercial tower by any global institutional investor in India. CapitaLand India Trust Management has acquired the multi-tenanted tower ‘Building Q2’ in Aurum Q Parc in its capacity as trustee-manager of CapitaLand India Trust, a Real Estate Investment Trust (REIT) focusing on India.

Kotak Mahindra Bank, the country's fourth-biggest private lender by market value, said its margins and unsecured loan business are affected by the Reserve Bank of India's (RBI) embargo, but it has made progress in deepening relationships with Kotak 811 customers and enhanced offers to credit card customers. Ashok Vaswani, MD, conveyed this message to the analysts soon after declaring the first quarter results. He indicated that the RBI has not given any timeline on when the ban, imposed in the last week of April on onboarding customers digitally and issuing credit cards, would be lifted. «We have been assured that look, it's not as if we are going to wait till you finish every single thing before we lift the embargo,» he said. The bank has shown strong commitment by adding resources, and the RBI is aware of it, added Vaswani.

Bangladesh situation remaining tense and volatile, notwithstanding the decision by the country's Supreme Court on Sunday to scrap the student reservation policy which is the genesis of the current crisis. Opposition BNP through the Jamaat-e-Islami has threatened to unseat the Hasina government and has launched a campaign to influence the country's Army to prevent it from safeguarding the dispensation. A fake letter signed by «junior officers» of Bangladesh Army was circulated with an aim to pressurise the Army Chief to take a neutral stand. Dhaka-based sources told ET that the country's security establishment is backing Prime Minister Sheikh Hasina. On Sunday Bangladesh's Supreme Court scrapped most of the quotas that have sparked protests and in which at least 114 people have been killed. The Supreme Court's Appellate Division dismissed a lower court order that had reinstated the quotas, directing that 93% of government jobs will be open to candidates on merit, without quotas, reports said.

West Bengal chief minister Mamata Banerjee on Sunday said in wake of the violence in Bangladesh, she would keep the doors of her state open for people in distress and offer them shelter, referring to the United Nations resolution on refugees. «If someone knocks at my door seeking refuge due to trouble in Bangladesh, I will give them shelter,» Banerjee said, adding, «Don't worry if you have family members in Bangladesh, or people who have come here and got stuck, we will help them. If people come here in a helpless state and the people knock at the door of Bengal, we will surely give them shelter. We will not step in or talk about it as Bangladesh is a sovereign and the Indian government will speak about it. Our empathy and solidarity are with people and students as many lives were lost,» Banerjee said. «We are sad to see so many deaths and my heart goes out to those students who were killed,» she further said. «I should not be speaking on the affairs of Bangladesh as it is a subject matter of the Centre,» Banerjee added. The West Bengal CM's comments came amid the ongoing protests in Bangladesh that erupted over demands of an end to a quota system that reserves up to 30% government jobs for relatives of veterans who fought in Bangladesh's war of independence in 1971 against Pakistan.