India Financial News

Iran's Chabahar Port not only holds «great value» to landlocked Central Asian states but also «de-risks» commerce between India and Eurasia, Prime Minister Narendra Modi said on Thursday. External Affairs Minister S Jaishankar, who is in Astana to attend the SCO Summit, delivered Modi's remarks at the extended format meeting of the Shanghai Cooperation Organisation (SCO) Council of Heads of State here in the Kazakh capital. He also said, «While standing resolute on challenges, it is equally important to actively and collaboratively explore avenues of progress. The current global debate is focused on creating new connectivity linkages that would better serve a rebalanced world.» «If this is to gather serious momentum, it requires the joint efforts of many. It must also be respectful of the sovereignty and territorial integrity of states and be built on the foundation of non-discriminatory trade and transit rights to neighbours.»

Paytm brand, laid off an undisclosed number of employees in June and claimed that it was providing outplacement support for their smooth transition. During an event, Paytm founder Vijay Shekhar Sharma on Saturday when asked why senior-level employees are leaving Paytm, said, «All is well and all is rocking.»

Boeing Max planes, market leader IndiGo awaits delivery of new and inspected Airbus 320 neo planes with P&W engines. Boeing has guaranteed Max deliveries till December, an executive at one of the airlines operating the plane said. “The delivery outlook beyond December 2024 looks grim, and may impact our expansion plans in 2025," the executive said on condition of anonymity.

Eton Solutions, a cloud-based software services firm for family offices, has announced Infosys founder NR Narayana Murthy’s family office investment firm Catamaran Ventures as the launch customer to roll out its flagship platform AtlasFive to Indian investment firms. “Catamaran will use AtlasFive platform to streamline its investment portfolio management and enhance operational planning, reporting and compliance,” Eton Solutions said in a statement.

affordable for the consumer. A panel formed to address regulatory challenges with regard to nutraceuticals is looking at ways to regulate their prices, people in the know told ET. At present nutraceuticals come under the ambit of Food Safety and Standards Authority of India (FSSAI) and there are no such price regulations. «Nutraceuticals are generally sold as over the counter (OTC) products. It has been seen that pharma companies are marketing them at high prices,» said an official aware of the line of thought in the government. «For example, in the case of vitamins, the companies are using active pharmaceutical ingredients (API) for manufacturing a medicine. They then mix it with another ingredient to make it into a nutraceutical and sell it at exorbitant prices,» he added. At present, there are no rules and regulations to regulate the prices of nutraceuticals. «But this is going to get changed,» another person said. Senior officials from the ministry of health and family welfare, department of pharmaceuticals are (DoP), ministry of food processing industries, FSSAI, the Drugs Controller General of India (DCGI), director general of the Indian Council of Medical Research (ICMR) and the director general of health services are actively discussing the issue and will soon come out with measures to regulate the prices.

Bollywood actor Ronit Roy has purchased a sea-view luxury apartment in Versova locality of Mumbai’s western suburb Andheri for nearly Rs 19 crore from realty developer Macrotech Developers. Roy has acquired the apartment spread over 4,259 sq ft on the 20th floor of the upcoming tower along with his wife Neelam. As part of the transaction, the buyer will get exclusive access to four car parking slots in the tower. He has paid stamp duty of nearly Rs 1.14 crore for the registration of the deal that took place on June 10, showed documents accessed through IndexTap.com.

Marriott International sees India as a significant market for branded residences and plans to launch a dozen projects in the next few years, including a property in Gurugram that will be the biggest Westin Residences project in the world, a top executive said. The Gurugram property, with an investment of more than Rs 5,600 crore, will be developed in phases with local developer Whiteland Corporation and will encompass an area of 6 million square feet, Trinh Quynh Phuong, vice president of mixed-use development for Asia Pacific at Marriott International, told ET. «In terms of hotel development, our second biggest market in Asia Pacific is India, and that's why we want to grow the branded residences market here as well. We believe this is the right time to enter India, as every project launched by a reputable developer is seeing a very good absorption rate,» Phuong said.

train drivers' unions have countered Railways' claim that Congress leader Rahul Gandhi met loco pilots who were not from the Delhi Division and were brought from outside. On Friday, after Gandhi visited the loco pilots' crew lobby at the New Delhi Railway Station, the Chief Public Relation Officer (CPRO) of Northern Railway (NR) under which the Delhi Division falls, said that it looked like Gandhi met loco pilots who were not from crew lobby of the New Delhi Railway Station. «It looks like they were brought from outside,» Deepak Kumar, CPRO, NR, said. Gandhi visited the crew lobby at the station and spoke to some loco-pilots to know their problems and challenges.

A man named Syed was flying overseas for a holiday when bought a book for ₹250 at the airport using his credit card. His credit card bill was generated while he was abroad, and soon they payment was due. But Syed couldn’t access his payment gateway while abroad and missed his payment.

₹15,999. With the new phone, Nothing is certain to rake up competition in the budget smartphone market.CMF Phone 1 features a 6.67 inch Full HD+ AMOLED display with 120Hz adaptive refresh rate and a peak brightness of 2,000 nits. The phone comes with a 240Hz touch sampling rate, 960Hz PWM dimming and HDR10+ support.The first ever CMF Phone is powered by the MediaTek Dimensity 7300 chipset based on 4nm process and is paired with Mali G615 MC2 GPU for handling graphics intensive tasks.

were among the top gainers.

State Bank of India (SBI) has informed that it has appointed KFin Technologies Limited as the Registrar & Share Transfer Agent (RTA) of the Bank in place of existing RTA Alankit Assignments. SBI published an advertisement in the Times of India newspaper on July 8, 2024, regarding the same. Get up to 8.5% FD rate: SBI vs HDFC Bank vs ICICI Bank vs Canara Bank vs PNB; Latest fixed deposit interest rates in July 2024

record number of around 28 Indian-origin members of Parliament have been elected to the House of Commons in the UK's general election as results were announced on Friday, with several Conservatives surviving an overall brutal outcome for their party. Outgoing prime minister Rishi Sunak leads the Tory charge of British Indians holding on to their seats, with a decisive win in his Richmond and Northallerton constituency in Yorkshire. It would have come as small consolation for the Tory leader, who saw his party haemorrhage over 200 seats as the Labour Party's landslide victory unfolded. «On this difficult night, I would like to express my gratitude to the people of the Richmond and Northallerton constituency for your continued support. Since I moved here a decade ago, you have made me and my family feel so at home and I look forward to serving you for years to come,» said Sunak, in a message clearly aimed at dismissing pre-election chatter around his future plans as a politician. Other prominent British Indian Tories holding on to their seats included former home secretaries, Suella Braverman and Priti Patel, as did Sunak's Goan-origin Cabinet ally Claire Coutinho.

survey reveals that 73 percent of Indians prefer to read ingredient lists and nutritional value before purchasing snacks, highlighting a growing inclination towards healthy snacking in the country. The Healthy Snacking Report 2024, released on Sunday, is based on a survey of over 6,000 people across India and aims to examine the evolving consumption trends. «Seventy-three per cent of those surveyed prefer to read labels for ingredient lists and nutritional value before making a purchase. Of this, 93 per cent expressed a desire to transition to healthier options, highlighting a correlation between label reading and conscious choices while pushing for transparency,» read the report. The report comes in the wake of increasing cases of food adulteration in products such as spices, confectionaries, and fast-moving goods. This issue has prompted consumers to be more cautious, with many checking food packets for potentially harmful substances.

The new criminal laws replace the Indian Penal Code of 1860, the 1973 Code of Criminal Procedure and the Indian Evidence Act of 1872, and came into effect last week. Here are the key new provisions:

Vodafone Idea's financial health is set to get a much-needed boost from latest tariff increases and easing competitive intensity with analysts predicting the debt-laden telecom operator's average revenue per user (ARPU) to rise to ₹171-180 by this fiscal-end, from ₹143 in April. Brokerage Citi Research projected rising revenues, operating income, capex, and narrowing losses for the telecom joint venture between India's Aditya Birla Group and UK's Vodafone Plc. «The peak of competitive intensity is now likely behind us, evidenced not just by the latest tariff action but also the recent spectrum auction,» Citi said in a report. «With Jio taking the lead in initiating the latest round of tariff hikes, a shift in stance of the market leader towards monetisation is now clearly evident, which also improves visibility of future hikes,» it said, adding that last week's price increase were slightly ahead of market expectation in terms of both magnitude and timing.

brands endorsed by top Indian cricketers is likely to swell after the historic victory at the ICC Men's T20 World Cup as the deals that were being negotiated will get fast-tracked, said sports marketing experts. India's leading sports marketing agency, Rise Worldwide, which manages Rohit Sharma, Jasprit Bumrah, Suryakumar Yadav, and Hardik Pandya, had signed about 10 endorsement deals before the T20 World Cup and is expecting the numbers to go up in the coming days. Between the four cricketers, they endorse 89 brands across 35-40 categories. Audio, wearables, nutrition, insurance, automobiles, grooming, home decor, and fitness apps are some of the major categories that Rise is focusing on. «What this result (the T20 World Cup win) does is fast-track a lot of deals that were being negotiated,» said Rise Worldwide head Nikhil Bardia, adding that the value of the deals will be determined by market dynamics and the brand that the cricketers create for themselves.

flood plan to safeguard lives and property amid forecasts of an above-normal monsoon rainfall in most of the country in July and August. A senior government official told ET that the plan includes identifying vulnerable locations, drawing up alternate diversion routes and deploying emergency response teams at critical points. Besides, all vulnerable slopes and tunnels will be monitored in real time.

Deloitte survey shows. “Automotive OEMs are projecting the highest salary increments across all sectors in 2024, which is 100-140 basis points (or, 1-1.4 percentage points) above India average of 9.0%-9.5%,” said Neelesh Gupta, partner at Deloitte India. Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.

‘Sneaker-heads’ and ‘fitness freaks’ have most certainly transcended into the trend of premiumisation as they are now seeking quality, exclusivity, and a deeper connection with the brands they wear. This change in demand is reflected in the premium options offered by Adidas & Myntra on the latter's website, which has gone up by 30-40 per cent. Neelendra Singh, General Manager of Adidas India, appears to have tapped into this emerging trend. Speaking to ET, Singh stated that India, with its large population aspiring for better products, exhibits a natural consumer behaviour of constantly seeking improvement.

PTI had earlier reported that Narang was in race to become the CDM of the Indian contingent.Six-time world champion Mary Kom had resigned from the position in April, saying she was left with no choice but to step down owing to compelling personal reasons.