India Financial News

Fraud Risk Management in commercial banks including regional rural banks and all India financial institutions. The RBI said in a circular dated July 16, 2024, “These master directions have been prepared based on a comprehensive review of the earlier Master Directions, circular and emerging issues. These Master Directions are principle-based and strengthen the role of the Board in overall governance and oversight of fraud risk management in the Regulated Entities (REs).” The Reserve Bank of India issued three revised Master Directions on Fraud Risk Management for the Regulated Entities, namely for:

In a candid interview with Elle, Samantha Ruth Prabhu opened up about her journey of resilience and self-discovery following her public divorce from actor Naga Chaitanya and her battle with Myositis, an auto-immune condition. Despite the challenges, the 37-year-old actor has embraced a transformative phase in her life, focusing on personal growth and rebuilding. Here are six new skills Samantha is actively cultivating to navigate this new chapter:

Jasprit Bumrah is noted not only for his remarkable consistency with the ball throughout formats, but also for his distinct bowling action. He made news for the first time after making his IPL debut, and his unusual action drew notice. Bumrah was sidelined for several months due to a back ailment, raising concerns about whether the top bowler would be able to bowl with the same energy that catapulted him to world-class status. Bumrah rebounded back in style, playing key roles in India's unbroken march to the 2023 ODI World Cup final and, this month, producing a player-of-the-tournament performance to help India win the T20 World Cup. Wasim Akram was overjoyed when a video of a young Pakistani fan successfully copying Jasprit Bumrah's unique bowling movement went viral. Bumrah, one of the world's top pacers, has been an inspiration to many aspiring pacers throughout the world. The little Pakistani boy's impersonation has struck a special chord with fans and cricketing groups worldwide.

NCLT) on Tuesday admitted edtech firm Byju’s parent company Think and Learn into insolvency over unpaid dues of Rs 158 crore related to sponsorship rights from the Board of Control for Cricket in India (BCCI). The tribunal has appointed Pankaj Srivastava as the interim resolution professional who will run the company until a Committee of Creditors (CoC) is constituted.

Indian Army soldiers, including an officer, lost their lives during an encounter with terrorists in Doda district, Jammu and Kashmir. This incident marks the 48th such loss of Army personnel in the region over the past 32 months. There has been a recent surge in terror attacks in Jammu and Kashmir with terrorists changing tactics to target the peaceful Jammu region in place of heavily secured Kashmir.

plastic surgery trend grows, concerns over associated myths loom larger. Doctors at AIIMS Delhi have debunked several misconceptions about plastic surgery, emphasising that enhancing one's appearance through these procedures is neither as dangerous nor as painful as commonly believed. They highlighted advancements in anaesthetic techniques that have markedly reduced the discomfort typically associated with such surgeries. A major misconception is that plastic surgery involves a lot of pain. According to the doctors, facial surgeries are generally painless, although procedures like liposuction and abdominoplasty may cause more discomfort. However, advancements in anaesthetic drugs and pain management techniques have made these surgeries much less painful than perceived. Dr. Maneesh Singhal, professor and head of the plastic, reconstructive, and burns surgery department, told The Times of India that AIIMS Delhi sees a significant number of cosmetic surgeries, performing around 25-30 procedures every month. «These surgeries encompass a wide range of treatments, including scar correction, liposuction, gynecomastia, platelet-rich plasma therapy, and rhinoplasty. Most people opting for cosmetic surgery at AIIMS are in the 25-35 age bracket,» he said.

Info Edge (India) Ltd. traded 0.62 per cent down at Rs 6801.25 on Tuesday at around 01:29PM (IST), while the benchmark BSE Sensex advanced 110.3 points to 80775.16. As many as 2,733 shares changed hands on the counter with a total value of Rs 1.85 crore.

Union Budget 2024: In a bid to enhance passenger travel experience and facilitate faster speeds, thereby reducing travel time, Finance Minister Nirmala Sitharaman had announced in her interim budget speech earlier this year that 40,000 normal rail bogies will undergo conversion to Vande Bharat standards. This announcement marked a significant boost to India’s railway infrastructure, underscoring its pivotal role in the government’s capital expenditure agenda. The interim budget for fiscal 2024-25 allocated Rs 2.55 lakh crore to Indian Railways. Sitharaman, in her sixth budget speech, proposed a 5.8% increase over the budgetary estimate (BE) of Rs 2.41 lakh crore set for fiscal 2023-24. The revised estimates (RE) for fiscal 2023-24 stood at Rs 2.43 lakh crore, marking a notable commitment to bolstering the railway sector. Once again, this allocation in the interim budget represented the highest ever granted to the national transporter, reflecting the government's steadfast commitment to enhancing railway infrastructure and services across the country.

JD Vance is in the news for being chosen by former US President Donald Trump as his running mate. Details of the senator’s life, his illustrious credentials, and his 2016 social media posts, which criticised Trump has gained the Internet’s attention. Additionally, all eyes are on his Indian-origin wife Usha Chilukuri Vance. Business tycoon Anand Mahindra recently drew attention to the power couple. Taking to X, the Mahindra Group Chairman shared a picture of their wedding day and wrote, “There’s another Great Indian Wedding to celebrate…” (a subtle reference to the grand wedding of Anant Ambani & Radhika Merchant, which took place on Friday). In the picture, both Vance and Chilukuri are clad in traditional Indian wedding attire. The bride looks radiant in a white and gold wedding saree, while the groom looks dapper in a cream-coloured sherwani. The post has become viral on the microblogging site, gaining more than 273K views and 6.1K likes.

GAIL (India) Ltd. fell 0.78 per cent to Rs 235.25 in Tuesday's trade as of 01:44PM (IST) even as the benchmark Nifty ruled at 24621.55, up 34.85 points. The scrip had closed at Rs 237.1 in the previous session. The stock quoted a 52-week low of Rs 108.45 and a high of Rs 239.2. The company quoted a market-cap of Rs 154843.6 crore on the BSE.

HDFC Defence Fund, the only active mutual fund focused on the defense sector, has doubled investors' money in just nine months, delivering a return of 102.26% during this period. The scheme yielded approximately a 38.87% return in the last three months and about 55.16% in the last six months. Over the past year, the scheme has delivered a return of 130.44%. If an investor had started a monthly SIP of Rs 10,000 since the inception of the fund, the investment would now be valued at Rs 2.28 lakh, achieving an XIRR (Extended Internal Rate of Return) of 147.90%. The total amount invested would have been Rs 1.30 lakh. (Source: ACE MF)

Countries around the world are looking for ways in which to address the challenge of competition in the digital world. In America, there are a number of bills before the US Congress seeking to provide legislative avenues through which this problem can be tackled. Both the US Department of Justice and the Federal Trade Commission have initiated a number of high profile antitrust lawsuits against Big Tech companies.

Malaria vaccine: Ivory Coast has become the first country to deploy a malaria shot developed by Serum Institute of India Ltd., the world’s largest vaccine maker, and the University of Oxford.The first doses of the R21 immunization were administered on Monday to children in Abidjan, the commercial capital of the West African country, the developers and their partners said in a statement — the second malaria vaccine to go into use.“The new vaccine has been authorized by Ghana, Nigeria, Burkina Faso and the Central African Republic, and many others are preparing to receive shipments," they said in the statement. A total of 656,600 doses have been received, which will initially vaccinate 250,000 children from newborns to 23 months across 16 regions of Ivory Coast.The vaccine was recommended in 2023 by the World Health Organization for use in Africa for children under five years old, the age group there that bears the brunt of a disease that kills more than 600,000 people per year.

₹92 crore ($11 million) in a pre-Series A funding round—that gave the company a post money valuation of $55 million—led by early-stage investors such as Blume Ventures, and Antler. Google also participated in the round. The latest fundraise marks the company's first external capital raise since its inception in November 2022.

Mint dives into the updated details to understand what this means for startup founders in India. The rule mandates entrepreneurs to be either living abroad or already within the US. Spouses of these entrepreneurs could also apply for employment authorization after being paroled.

Hyderabad's National Geophysical Research Institute (NGRI) has unearthed new findings shedding light on an ancient link between the Indian subcontinent and Antarctica. Their research provides strong evidence of a collision between India and East Antarctica over a billion years ago, a TOI report stated. In a significant discovery, the NGRI team, which includes Dr. K Chandrakala, OP Pandey, Biswajit Mandal, K Renuka, and N Prem Kumar, uncovered a hidden ridge beneath the Darsi and Addanki regions of Andhra Pradesh. This ridge is attributed to the historic collision, suggesting a tilting of the Cuddapah basin towards the south. The study further indicates signs of past seismic activity in the area, hinting at the presence of a marginal ocean basin along the east coast during the Columbia and Rodinia supercontinent assembly periods. By reprocessing seismic data along a 325-kilometer profile from Alampur to Ganapeswaram, the team investigated the subsurface crustal seismic structure of the north Cuddapah basin. Their findings revealed a thin layer of alluvium underlain by Gondwana sediments and Proterozoic sedimentary layers. Gondwana, a supercontinent encompassing present-day South America, Africa, Arabia, Madagascar, India, Australia, and Antarctica, played a crucial role in the geological evolution of these regions.

ONGC) achieved a milestone as its share price surged past Rs 323 with a 5.18 per cent intraday gain on Tuesday. This performance propelled ONGC's market capitalization to Rs 4.06 lakh crore, marking the highest in the company's history. The surge in share prices is a testament to ONGC's robust financial health and strategic direction.

Colgate-Palmolive (India) Ltd. gained 0.47 per cent to Rs 3114.55 at 10:40AM (IST) in Tuesday's trade. The scrip has hit a high of Rs 3142.2 and low of Rs 3080.25 so far during the session. The stock had closed at Rs 3099.75 in the previous session. The counter has had a total traded volume of 6274 shares so far with a value of Rs 1.95 crore on the NSE. It traded at a price-to-earnings multiple of 64.12 and a price-to-book ratio of 27.81.

Budget 2024 is eagerly awaited by various sectors of the economy, the Micro, Small, and Medium Enterprises (MSMEs) sector stands at the forefront for these expectations. MSMEs constitute the backbone of the Indian economy, contributing significantly to the GDP, to overall employment, and for exports. With the advent of the GST, MSMEs have had to navigate through new regulations and compliance requirements. In the past, the government introduced several initiatives, including introduction of quarterly returns and increase in turnover threshold to Rs 40 lakhs for supply of goods, aiming to boost MSMEs. Against the backdrop of some of the aforesaid relaxations, as per recent GST@7 survey conducted by Deloitte, 78% of MSMEs have endorsed GST. Tax compliance automation, e-invoicing and timely issuance of circulars/instructions on contentious tax issues, emerged as top performance areas for government in the survey. MSMEs demonstrate robust support (69%) for these initiatives compared with larger counterparts (which was around 60%)

Sunteck Realty Ltd.(up 7.65 per cent), Brigade Enterprises Ltd.(up 4.32 per cent), Prestige Estates Projects Ltd.(up 3.98 per cent), Phoenix Mills Ltd.(up 1.72 per cent) and Godrej Properties Ltd.(up 1.66 per cent) were among the top gainers.

“Banks should provide liquidity to engineering industries, specifically MSMEs, for purchase of new machines, equipment and technology updates so that smaller engineering firms can produce world-class products, both in volume and at affordable prices to compete internationally,” says Arun Shukla, MD of Vikramaditya engineering, a Baddi-based MSME engineering company. He advocates increased government incentives to acquire capital goods and machinery; these are now imported, putting a significant burden on engineering firms’ working capital. “The finance minister should allocate substantial funds for industrial infrastructure for MSME the way China has done, for example, for common effluent plants, testing laboratories, logistic hubs, uninterrupted electricity, etc. Unnecessary statutory and regulatory compliance burden hurting productivity needs to go away. Also, labour reforms should be imposed strictly so that exploitation can be reduced. Product-wise MSME clusters should be announced. Collateral-free funding should be available at a low interest rate for development, automation, research & development and expansion purposes,” Shukla adds.