India Financial News

State Street Corp, which earlier this year acquired HCLTech's stake in their joint venture, said its cost towards compensation and employee benefits fell 2% in the April-June quarter, mainly due to a decrease in contractor spending associated with JV consolidations in India and lower salaries. State Street that completed the transaction on April 1 made the observation in a filing with the US Securities and Exchange Commission. HCLTech, meanwhile, posted a fall in revenue at its financial services vertical and has warned about headwinds in the segment in the July-September quarter as well due to State Street insourcing the business operation services provided by the JV.

₹1 trillion government fund to support companies in promising segments struggling for capital. Setting up the fund for deeptech companies, first proposed in the interim budget in February, is part of the government's to-do list for the first 100 days in power.

Mint said there is a need for a dedicated ministry to address the sector's unique needs, which contributes a substantial ₹5.69 trillion to India's gross domestic product. The sector, which gave patrons or consumers of restaurants a GST rate reduced from 18% to 5% in 2017, now struggles with rising costs and shrinking profit margins. Suri said calling for the restoration of input tax credit and support for operational expenditures such as rentals and delivery commissions for restaurants, especially an input on rentals which contribute 20% of operational costs would be a game changer.

Nine crew members were rescued and another died as teams searched for others after an oil tanker capsized this week off the coast of Oman, according to the country's state news agency

The International Monetary Fund is upgrading its forecast for the Canadian economy, projecting it will now grow by 1.3 per cent this year and by 2.4 per cent in 2025, according to a report released Wednesday.

French drugmaker Sanofi plans to invest ₹400 million (about ₹3,600 crore) over the next six years to expand its global capability centre (GCC) in Hyderabad by increasing the headcount and further developing the facility. Of the total, ₹100 million will be invested by the end of 2025. Over the next two years, Sanofi plans to more than double the headcount at the Hyderabad GCC to 2,600 employees, making the centre the largest of its four hubs globally. The company employs about 1,000 people in Hyderabad. The Hyderabad GCC will support Sanofi's global operations spanning commercial, manufacturing, supply chain research and development (R&D) and digitalisation. The GCC in India will help the company bring some of outsourced functions in-house, giving it more control over critical operations like manufacturing, commercial and R&D.

Godrej Consumer Products said its global manufacturing footprint will reduce by 40% by FY26, part of its broader strategy to make more products in India and cut costs to improve profitability. At present, the maker of Cinthol and Good Knight has 36 plants including 14 in India. It also invested Rs 1,000 crore in two manufacturing sites in India last fiscal. «We are also reassessing our manufacturing footprint. We are questioning how much of what we make in international geographies can be made in India and exported out,» Sudhir Sitapati, MD at GCPL, said in its latest annual report.

athletes at this month's Paris Olympics after the sports ministry cleared the final contingent that also features 140 support staff and officials, of which 72 have been approved at «cost to the government» to meet the «requirements» of the travelling sportspersons. The only qualified athlete missing from the list is shot-putter Abha Khatua. The Games will run from July 26 to August 11. Khatua, who made the cut through world rankings quota, has been dropped without any explanation after her name was found missing from the World Athletics' list of Olympic participants a few days ago. There is no word yet on whether her name has been knocked off owing to injury, a doping violation or any other technical issue.

armed forces established brief contact with terrorists on Wednesday during the search operation in the Bhata Desa forest area of Doda district, where four Army personnel and a policeman were killed in the intervening night of Monday and Tuesday. Village defence guards also opened fire on suspicious movement observed outside Melan village of the Desa area. Two explosive shells were recovered from the Sinoo forest area of Gandoh in the same district, where three infiltrators were killed on June 26 and a huge cache of arms and ammunition, including a US-made M4 carbine, were recovered. The exchange of fire took place within a span of a few hours during the search operation. However, no casualty or injuries were reported from either side. «Search operation is going on in the area, but they (terrorists) took advantage of the challenging terrain, thick forest and darkness and managed to flee,» said an official.

Supreme Court on Monday ordered that evidence shall not be recorded in a coal scandal involving M/s Revati Cements Private Limited till further orders. Many individuals and entities allegedly involved in the coal scandal had approached the top court seeking quashing of the proceedings initiated against them by the Enforcement Directorate as they have been made witness by the Central Bureau of Investigation in the predicate offence. The company had petitioned the top court challenging the order of the special CBI court trying the coal scandal.

Budget 2024 to overcome current challenges and support growth. The focus is on enhancing regional connectivity, expanding airport infrastructure, and supporting domestic maintenance, repair and overhaul (MRO) and aircraft leasing. ENHANCED REGIONAL CONNECTIVITY: Strengthen regional connectivity scheme (UDAN) to improve access to underserved and remote regions, boosting connectivity and tourism. «The Indian aviation industry expects a continued focus on enhancing regional connectivity through UDAN and expanding airport infrastructure to support growth,» said Kinjal Shah, Co-group Head, Corporate Ratings, ICRA. INCENTIVES FOR MRO SECTOR:Provide financial incentives domestically, reducing reliance on foreign facilities, fostering local industry growth.

Union home secretary, the person said. Proposals under Press Note 3 will be expedited only when certain conditions are met. First, the Indian company has to make a case that the technology required and investment proposed is critical for developing the local manufacturing supply chain in areas such as hi-tech components. Second, the management and board of the investee company should not have any Chinese nationals in key roles such as MD/CEO and finance chief, and the Chinese partner can only have a minority stake in any partnership. These conditions will apply to Chinese joint ventures with Indian entities and even with foreign firms operating in India, according to four industry executives. The government plans underscore acknowledgment in industry circles that current Press Note 3 approvals are taking much longer time even where the Chinese has a minority, non-controlling and non-strategic stake, impacting investor sentiments, decisions and investment flows into India. The ministry of commerce and industry, through which Press Note 3 applications are processed, didn't respond to ET's queries.

defence ministry is set to clear a mega ₹70,000 crore order for new warships for the Indian Navy. The stealth frigates will be the most advanced ships to be built in India and are a follow-on of the Nilgiri class that are currently under construction. Sources said that state-run yards — Mazagon Dockyards Limited (MDL) and Garden Reach Shipbuilders and Engineers (GRSE) — are the frontrunners for the order that is classified as Project 17B. The two yards are currently constructing frigates under Project 17A (Nilgiri class). MDL is making four of the frigates while GRSE is executing an order for three. While details will emerge after the defence ministry clears the project, there is a possibility that it could be split between the two yards, as was the case for Project 17A. A split order helps shorten delivery timelines for the Navy.

Indian Ocean Region, Indian Navy deployed warship INS Teg to rescue crew members onboard a Comoros-flagged cargo vessel that capsized off Oman coast three days ago. Nine crew members — eight Indians and a Sri Lankan national — were successfully saved. «One crew member was found deceased. The search-and-rescue operations continue for the remaining members of the vessel's crew,» Oman's Maritime Security Centre said in a post on X. The nationality of the deceased person is not yet known. The vessel MT Falcon Prestige had capsized on July 14 and had transmitted a distress call around 2200 hours. The merchant vessel had a crew of 16, of which 13 were Indian seafarers.

commerce and industry ministry is finalising two cabinet notes for the clean economy and fair economy pillars of the Indo-Pacific Economic Framework (IPEF) as the inter-ministerial discussions are almost complete. The IPEF is structured around four pillars-trade, supply chains, clean economy and fair economy. India has joined all the pillars except the one on trade. «We are working on the cabinet notes and the inter-ministerial consultations are almost done. There were some concerns but broadly everyone is on board,» said an official. Last year, the 14 IPEF nations inked a supply chain resilience agreement to reduce dependence on China, and shifting production of critical sectors and key goods to member countries. Pillar III (clean economy) focuses on environmental issues, how to mitigate greenhouse gas emissions in various industries, carbon capture utilisation and storage, and collaborative financing mechanisms to facilitate trading and reduce barriers for low-carbon projects.

Competition law practice at law firm Trilegal Nisha Kaur Uberoi is set to join law firm J Sagar Associates (JSA) along with her team of 25 attorneys including two partners Harshita Singh Parmar and Pranav Satyam. An alumnus of the National Law School of India University and the National University of Singapore Uberoi has also worked with firms such as AZB & Partners and Cyril Amarchand Mangaldas. “This move will greatly enhance and consolidate the firm’s existing domain in Competition Law, and further bolster our market-leading corporate and disputes practices,” said Amit Kapur and Vivek K. Chandy, joint managing partners at JSA in a joint statement. “The addition of Nisha and her team to our existing practice in JSA is a testament to our commitment to meeting the complex antitrust and competition needs of our clients globally.”

ESAF Small Finance Bank on Wednesday said it has received the Reserve Bank of India's (RBI's) nod for re-appointment of K Paul Thomas as its Managing Director & CEO for another three years. This approval was communicated via the RBI's letter dated May 16, 2024, granted under the Banking Regulation Act, 1949, the bank said in a statement.

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. As India marches closer to the status of a $4 trillion economy and the world’s fourth largest, a crucial question emerges: how do we equip ourselves for the road ahead? For India to wear the crown of a developed nation, we require 10x growth targeting the $40 trillion mark. It is not just growth, but other goals that need to be addressed.

Vivo V40 and V40 Pro are likely to launch in India in August this year. The report further suggests that both models will come equipped with Zeiss Optics cameras, supporting multifocal portraits.The Vivo V40, which has been unveiled globally, boasts a 6.78-inch curved AMOLED display with a resolution of 2,800 x 1,260 pixels, a 120Hz refresh rate, and a peak brightness of 4,500 nits. The device features the Snapdragon 7 Gen 3 chipset, paired with an Adreno 720 GPU.

Small-scale fisher organisations from India, Indonesia, Bangladesh, Ecuador, and Gambia have asked fisheries subsidies negotiations to be kept out of the World Trade Organization (WTO) and said that the ongoing negotiations on curbing overcapacity and overfishing (OCOF) subsidies are “unfair and unbalanced”. They said that the exemptions for small-scale fishers across developing countries is being restricted by imposing irrational conditionalities. The World Forum of Fisher Peoples and World Forum of Fish Harvesters and Fish Workers have raised concerns at the negotiations which seek disciplines on subsidies such as those for construction, acquisition and modernisation of vessels.

Piyush Goyal has called for enhancing collaborations among trusted partner countries for smooth supply of critical minerals, semiconductors, pharmaceuticals, and green energy, an official statement said on Wednesday. The minister proposed this collaboration during the G7 Trade Ministers' meeting at Reggio Calabria, Italy. He also highlighted the importance of analyzing global supply chains' robustness in times of crisis like pandemic, Ukraine-Russia conflict, and Red Sea crisis. Goyal said that efforts are on in various countries to build resilient supply chains under platforms like the G20 Generic Framework for Mapping GVCs (global value chains), the 14 Member IPEF (Indo-Pacific Economic Framework for Prosperity) association, Trilateral Supply Chain Resilience Initiative (SCRI), and India-EU TTC (trade and technology council).