India Financial News

India-Russia annual summit in Moscow on Tuesday between Prime Minister Narendra Modi and President Vladmir Putin will be on devising mechanisms for the easy and quick transfer of money between the two countries. This has gained significance in the backdrop of the ban on the use of SWIFT by Russia and the unprecedented surge in bilateral trade since the Ukraine war. The two leaders are also expected to initiate a process to allow the use of national currencies by tourists and students, ET has learnt. This will include the use of RuPay cards in Russia and MiR cards in India, according to persons familiar with the matter. While 60% of India-Russia trade is currently in national currencies, the need for real-time and faster payment in the absence of SWIFT has been felt. It is in this context that Modi and Putin are expected to focus on creating a special mechanism, said the people cited above.

Political parties in Jammu and Kashmir on Saturday voiced their strong opposition to the Centre's move to vest more powers in the Union Territory's Lieutenant Governor for taking decisions on matters related to police and all-India service officers. While main regional outfits — the National Conference (NC) and the People's Democratic Party (PDP) — said the decision would «disempower» the people of Jammu and Kashmir, the Congress termed it as the «murder of democracy» and the Apni Party urged all parties to shun differences and unitedly protest against the move. NC Vice President Omar Abdullah said the people of Jammu and Kashmir deserve better than a «powerless, rubber stamp» chief minister who will have to beg the Lieutenant Governor to get a peon appointed. The former chief minister of the erstwhile state of Jammu and Kashmir, however, said the move was «another indicator that elections are around the corner in J&K».

NEW DELHI : Luxembourg-based SES, which has a joint venture with Jio Platforms in India, has applied for a satellite-bandwidth-provider licence to set up a local arm, two senior executives with direct knowledge of the development told Mint. The European firm's entry is expected to bring costs down for domestic direct-to-home (DTH) TV players, who have to lease satellite bandwidth through the Indian Space Research Organisation (Isro). The license, being processed by the Indian National Space Promotion and Authorization Centre (In-Space), will allow the firm to offer satellite capacity directly to its DTH and very small aperture terminal (VSAT) satellite broadcasting clients, including Bharti Airtel Ltd and satellite bandwidth service provider Hughes Communications India.

T20 World Cup-winning skipper Rohit Sharma has penned an emotional farewell note to the team's former head coach Rahul Dravid, expressing «gratitude» for his man-management skills and for leaving his baggage of stardom outside the dressing room. Dravid, following a nearly three-year long stint as head coach, stepped down at the end of India's title-winning T20 World Cup campaign in the West Indies last month. «My wife (Ritika Sajdeh) refers to you as my work wife and I am lucky to get to call you that too,» the current skipper wrote about his first international captain on his Instagram page. Rohit's tribute was also an indicator of how the player-coach equation works in the Indian dressing room.

Ahmedabad (Gujarat) [India], July 9: K&R Rail Engineering Ltd, a leading Railway infrastructure company offering services in laying of track, signalling, electrification and telecommunication in the Railway Industry is proud to announce that it has signed a Memorandum of Understanding (MOU) with UNECO Co. Ltd, a South Korea-based company engaged in the manufacture and sale of industrial machineries, to establish a Composite Sleeper Plant in India. With the estimated cost of Rs.

World Audio Visual and Entertainment Summit in November alongside the International Film Festival of India in Goa, with I&B Minister Ashwini Vaishnaw promising to strengthen the ecosystem for the protection of intellectual property rights in the media and entertainment sector. Vaishnaw and Goa Chief Minister Pramod Sawant made the announcement of the first World Audio Visual and Entertainment Summit (WAVES) in Goa from November 20-24 and described it as a visionary initiative by Prime Minister Narendra Modi as India seeks to make a mark in the media and entertainment sector. «IP rights hold huge value in the media and entertainment sector. We will be strengthening the ecosystem for protecting IP rights,» Vaishnaw, the Information and Broadcasting Minister, said in his address at the curtain raiser event for WAVES. Vaishnaw said the government was also exploring ways to make available low-cost funds to the media and entertainment sector with learnings from the venture capital model.

these pages that flash floods have long been a feature of life on the Indo-Gangetic floodplains. Archival sources on south Bihar dating back to the 1860s, when India was primarily an agricultural economy, showed that sudden floods during the rainy season were the norm, as the Gangetic riverine network overflowed its banks. These floods, however, receded within days, causing little damage and leaving a layer of fine silt that replenished the soil and enhanced farm productivity.

Shipping, and Waterways (MoPSW) has approved a research proposal on 'Valorization of Dredged Sediments'. According to a statement by the ministry on Saturday, the project has been sanctioned at an estimated cost of Rs 46,47,380. The 'Valorization of dredged sediments' is the reuse of sediments as raw material for civil engineering and other purposes. It can be a sustainable solution to reduce the strain on natural resources and eliminate waste.

Tata Motors' leadership in the SUV segment. From introducing India's first-ever SUV, the Tata Sierra, in 1991 to unveiling groundbreaking innovations like the compact SUV concept Nexon at the 2014 Auto Expo, Tata Motors has continually redefined the SUV category.

Carbon Border Adjustment Mechanism aims to treat imported goods the same as EU-produced goods to help global decarbonisation, the Director-General of the European Commission has said following a visit to India to discuss tax and custom issues. Carbon Border Adjustment Mechanism (CBAM) is the European Union's planned tax on the carbon emitted while making goods imported from countries like India and China. The move has sparked a debate at multilateral forums, including the United Nations climate conferences, as the poorer countries fear such tariffs will harm livelihoods and economic growth. Director-General of the European Commission, Gerassimos Thomas, led a group of officials to New Delhi to discuss tax and customs issues, with a focus on CBAM, on July 1 and 2. He met the Indian government officials and business leaders to explore the manner in which it might affect the Indian industries and explain CBAM's goals and timeline. Thomas welcomed India's plans to decarbonise its economy, underlining the shared commitment to collaborate with India in their decarbonisation efforts, the European Commission said in a statement.

Mint. Bangladesh—that has a market reminiscent of India from 15 years ago when the TV-viewing landscape was predominantly analogue—presents a significant opportunity for both the companies. “As we make our foray into Bangladesh, we find potential partners eager for our platform.

market likely to consolidate on Friday tracking muted global cues. The Nifty future closed positive with gains of 0.10% at 24375 levels on Thursday. India VIX was down by 2.90% from 13.20 to 12.82 levels.

winning the World Cup title in Barbados.Hundreds of fans, holding placards congratulating their favourite players and waving the national flag, gathered outside the Indira Gandhi International Airport to welcome the victorious players.Meanwhile, taking to X, BCCI wrote, “It's home #TeamIndia." And netizens were quick to react to congratulate the team One said, Aa gayi ji aa gayi jiska barso se intejaar tha wo trophy ghar aa gayi. Another fan wrote,"A warm welcome to our country's heroes on their return to India after winning the World Cup!" “Welcome home team India finally after 17 years India is back with Trophy.....Grt moment......," said another fan.The squad is expected to leave for Mumbai on Thursday evening.

Koo’s collapse underlines the fact that social media platforms are “natural" monopolies because of network effects. In this sense, they are like utilities. Power and gas utilities are natural monopolies.

capital markets saved the day for Indian investment bankers as they took home hefty bonuses and payouts despite a relatively soft M&A business, company officials and industry sources said, pointing to the IPO frenzy as equity indices surged to records. Bonuses were 150-200% high for top performers in some of the top-rung local I-banks such as Kotak, JM Financial, Axis Capital, Avendus and Veda, among others, sources told ET. A string of IPOs and other capital market offerings helped deal-makers earn an average 10% increase, while a few top performers took home 20-25% more, as companies tried to retain top talent, said industry officials. On the lower end, average bonuses were in 80-100% range, according to estimates.

Paytm) on Monday surged a little over 9% to the day’s high of Rs 477, rising closer to the Rs 500 level after it hit a 52-week low of Rs 310 in May. The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.

portfolio investor Raselle Capital VCC has settled a case related to the alleged violation of FPI rules with capital markets regulator Sebi after paying Rs 1.23 crore as settlement charges. The order came after Raselle Capital proposed to settle the instant proceedings initiated against it without «admitting or denying the findings of facts and conclusions» of the law. The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against the applicant (Raselle Capital VCC) for the alleged violations of Sebi's Foreign Portfolio Investors (FPI) rules and other market norms.

auto retail sales in the month of June, owing to the delayed monsoon in certain parts of the country, the Federation of Automobile Dealers Associations (FADA) said on Friday. While the two wheeler (2W) and three-wheeler (3W) segments saw a positive year-on-year (YoY) growth of 4.66 per cent and 5.1 per cent respectively, passenger vehicles (PV), tractors and commercial vehicles (CV) sales declined 6.7 per cent, 28.3 per cent, and 4.7 per cent, respectively. “June is traditionally one of the weakest months for India’s auto retail. This year, while the monsoon progressed normally up to Maharashtra, it lost momentum, delaying rains in West Bengal, Bihar, Uttar Pradesh, Chhattisgarh, and Madhya Pradesh. This exacerbated the effects of a severe heatwave in northwest India, contributing to a prolonged hiatus that not only intensified the heatwave but also delayed the sowing operations of kharif (summer sown) crops in northern and north-western regions, thereby impacting rural sales," said Manish Raj Singhania, FADA President.

Nifty 50 and Bank Nifty indices ended in the green. The Nifty 50 gained 1.3% to close at 24,323, while the Bank Nifty rallied 0.61% to settle at 52,660. Overall, the Indian equity market is likely to remain positive in the coming week as well, supported by strong Q1 updates.

consumer behaviour, presenting a wealth of opportunities for investors. Consider the automotive industry: 60% of car registrations in India in FY24 have been SUVs, highlighting a preference for higher-end vehicles offering status and comfort. In the two-wheeler segment, growth is driven by demand for power bikes Similarly, metropolitan real estate markets, particularly in Mumbai, NCR, Bangalore, and Chennai show a rise in demand for luxury properties India's luxury housing market is thriving, as it recorded a 10 per cent year-on-year (Y-o-Y) growth in sales during the first quarter (Q1) of 2024.

budget presentation will commence at 11 am in the Lok Sabha.The Union budget will be broadcast on the official channels of the Parliament, Doordarshan, and Sansad TV. It will also be streamed on the government's official YouTube channels.Digital access to the budget documents will be provided on the Union government's official web portal, www.indiabudget.gov.in.