India Financial News

₹1 lakh of paid-up capital at ₹1 per share, with an average pre-money valuation of ₹10 crore now would result in an issue price of ₹1,000 per share, or a premium of ₹999. But this would likely result in angel-tax notice from authorities. The tax department uses a system known as Computer-Aided Selection of Cases For Scrutiny (CASS).

India will struggle to create enough jobs for its growing workforce over the next decade even if the economy grows at a rapid pace of 7%, Citigroup Inc. said, suggesting the world’s most-populous nation will need more concerted steps to boost employment and skills. Citi estimates India will need to create about 12 million jobs a year over the next decade to absorb the number of new entrants to the labor market. Based on a growth rate of 7%, India can only generate 8-9 million jobs a year, the bank’s economists Samiran Chakraborty and Baqar Zaidi wrote in a report this week.

commerce ministry said on Wednesday. The mutual recognition agreement (MRA) will ease the export of organic products by avoiding dual certifications, thereby reducing compliance cost, simplifying compliance requirements by adhering to only one regulation and enhancing trade opportunities in the organic sector. It said the pact will pave the way for export of major Indian organic products such as rice, processed food, green/black and herbal tea, medicinal plant products to Taiwan. The implementing agencies for the MRA are India's Agricultural and Processed Food Products Export Development Authority (APEDA) and Taiwan's Agriculture and Food Agency.

PM Modi at the airport. Manturov and PM Modi shook hands and greeted each other. In a rare gesture, Manturov will also accompany PM Modi to the hotel from the airport in the same car. India's Ambassador to Russia, Vinay Kumar, was present at the airport to welcome PM Modi. The Indian community has gathered outside the hotel, where PM Modi is scheduled to arrive. Indian diaspora are also playing dhol to welcome PM Modi at the hotel.

valuations in the Indian equity market, there are expectations of subdued returns in the second half of 2024, with increased volatility and only marginal gains likely by the end of the year,” says Vikaas M Sachdeva, Managing Director, Sundaram Alternates. In an interview with ETMarkets, Sachdeva said: “The earnings expectations for the markets for Nifty stocks and for the top 100 stocks are around 15%, but around 20-25% for midcaps. The problem is there is so much euphoria right now that if you fall short of these numbers, you are going to see a pullback happening,” Edited excerpts:

government spending and continued momentum in corporate earnings, according to market watchers. The upcoming government budget will likely boost consumer spending and infrastructure building, which bode well for businesses, strategists and investors surveyed by Bloomberg said. More than half of the 24 respondents estimated that the NSE Nifty 50 Index may advance up to 26,000 points by the end of 2024, while one predicted the gauge can climb even more.

In a surprise move, the Uttar Pradesh government has reportedly waived registration fee on hybrid vehicles in an attempt to incentivize cleaner transport. This is expected to help Maruti Suzuki, Toyota and Honda Cars India the most, given their bet on hybrids, which combine conventional fossil fuel-burning engines with electric-power for motion.

electric vehicle maker VinFast will enter the Indian market with locally assembled models, marking a shift from its earlier strategy of initially selling only imported EVs in the world's third-largest automobile market, said a person with knowledge of the plans. The revised approach follows a fast-tracked opening of the company's new factory in Tamil Nadu. The plant is likely to become operational by March 2025, 3 months ahead of schedule, the person said, asking not to be named. VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ?25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres. VinFast's move to enter the Indian market through the completely knocked down (CKD) route will help the maker of VFe-34, VF6, VF7 car models save on high import duties and offer its products at competitive prices. India levies an import duty of 100% on imported car models having a CIF (cost, insurance, freight) value of more than $40,000 and 70% on imported models with a CIF value of less than $40,000. CKD kits attract 15% duty.

Private equity firm TA Associates Thursday said it has led the acquisition of a significant minority stake in Vastu Housing Finance Corp, a pan-India diversified lending institution. TA Associates bought the stake along with existing investors, including the International Finance Corporation, according to a release. Financial details of the transaction were not disclosed. People familiar with the matter said the investors bought the stake for about ₹3,340 crore ($400 million) and it valued Vastu at ₹10,000 crore. The lender also got about $75 million in primary capital infusion. Founded in 2015 by Sandeep Menon and Sujay Patil, Vastu is backed by Multiples Alternate Asset Management since inception. Other investors include Norwest Venture Partners, Creation Investments, 360 ONE Asset Management and Faering Capital. Vastu has a loan book of about ₹10,000 crore as of FY24-end. It has more than 230 branch locations across 13 states.

Virat Kohli has set a new record, this time off the cricket field. His Instagram post celebrating India's T20 World Cup victory has become the most-liked photo ever posted by an Indian account. The heartfelt post, which featured a collage of Team India celebrating their triumph, has amassed over 19 million likes and continues to gain traction. Kohli's caption, expressing his gratitude with the words «Couldn't have dreamt of a better day than this. God is great and I bow my head in gratitude. We finally did it Jai Hind,» deeply resonated with fans nationwide.

The Adani group will spend $9 billion to build manufacturing and transportation infrastructure for the first phase of its ambitious green hydrogen venture, pivotal to the conglomerate’s business aspirations and crucial to the world’s third most polluted country’s net-zero transition. Once production gets under way, Adani group will hire specialized ships to export what will be the world’s cheapest green hydrogen and its derivatives to Europe and some Asian countries, three people directly aware of the conglomerate’s plans said on condition of anonymity. "This is the most decisive entry into green hydrogen being planned by any group in the country," one of the three people said.

Reasons to BuyReasons to AvoidThe Apple iPad 10th generation features a powerful A14 Bionic chip, a vibrant 10.9 inch Liquid Retina display, and a 64GB storage capacity. It supports Wi-Fi 6 for fast connectivity and boasts a 12MP front and back camera.

A recent survey by global search firm Executive Access, commissioned by TOI, highlights this trend. The study, which analyzed over 300 new CEO hires in 2023-24, found that only 45% of C-suite leaders now come from a sales and marketing background, a significant drop from the 80% observed a decade ago. Instead, streams like strategy and operations are gaining prominence, with around 20% of new CEOs coming from a strategic background. «A lesser percentage of CEOs come from the function of sales and marketing, which was not the case earlier. The survey also found a higher number of CEOs are now from strategy and operations. Strategy has become very important as complexity and uncertainty of any business has increased significantly,» said Ronesh Puri, MD of Executive Access India. «Businesses are looking to survive and grow as businesses are becoming extinct much faster today. Therefore, it has become imperative for companies to look at both survival and growth, which a strategist can do well.»

trade imbalance with Russia and securing the discharge of Indians misled into fighting in the Ukraine war will be among Prime Minister Narendra Modi's priorities during talks in Moscow next week, a top official said on Friday. Modi will visit Russia on July 8-9 for talks with President Vladimir Putin as part of annual summits between New Delhi and Moscow, launched in 2000. Modi's visit coincides with the July 9-11 NATO summit in Washington at which the Ukraine war will hold centre stage, and the timing has raised questions about the signal India could be sending.

₹2.5-lakh tax exemption limit but own foreign assets must file an ITR to declare these assets. Also read | Income tax deadline looms: Know your ITR forms to avoid penalties Foreign stocks and stock options are to be disclosed in Schedule FA every year that the taxpayer holds them, and not just when they are sold. Failing to do so could attract hefty fines and prosecution under the black money law.

Rishi Sunak as Britain's first Prime Minister of Indian origin and the leader of the Conservative Party — fighting anti-incumbency of 14 years — hangs in the balance as millions of voters cast their ballots in a historic general election on Thursday. The British Indian leader and the man who wants his job — Labour leader Keir Starmer were among the early voters from an estimated 46 million registered voters as around 40,000 polling booths opened across the country at 7 am local time. Sunak and his wife Akshata Murty walked hand-in-hand to their local polling booth on a sunny day in his constituency of Richmond and Northallerton in Yorkshire, northern England. A little later, Starmer and wife Victoria were at their polling station in Camden, north London, sporting Labour red colours.

The DSP TIGER Fund was a standout performer in 2007, drawing huge inflows. Infrastructure saw a massive rally from 2003 to 2007, and the DSP TIGER Fund, launched in June 2004, capitalized on this trend.

Tesla not moving forward on deal with the government, Ola CEO Bhavesh Aggrawal claimed that this loss would be for Elon Musk-owned company, not for India. «If true, this is Tesla’s loss, not India’s. While the Indian EV and Lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years,» said the Ola CEO in a post on X. The government has not heard from Tesla since the election results, on its plans to participate in the recently launched Scheme to Promote the Manufacturing of Electric Passenger Cars in India, said Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh.

Keir Starmer finally has the mandate and credentials to shake off the historical burden which has dogged ties between India and Britain’s Labour Party since the 1930s, a long arc that began with the jaundiced view taken of Mahatma Gandhi by Ramsay MacDonald, Labour’s first elected prime minister, and terminated in former Labour leader Jeremy Corbyn’s apparent positions on Indian policy. Starmer, who took his Labour Party to a historic landslide win in Britain’s Parliamentary elections, now has the tailwind to re-imagine London’s ties with India, which is the world’s fastest growing major economy and gaining heft.

Tube Investments of India Ltd. traded 5.42 per cent down at Rs 4279.35 at 02:10PM (IST) on Thursday, even as BSE benchmark Sensex dropped 100.44 points to 79824.33. The scrip had closed at Rs 4524.75 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 4666.0 and Rs 2729.1, respectively.

waste management firm ReCircle has entered the textile waste management vertical with a target to process 570 million tonnes (MT) of textile waste in 12 months. The company recently launched Project Extra Life to tackle India’s textile waste problem and build a more sustainable circular economy. Until now, ReCircle has focussed on managing plastic and paper waste. In FY24, it diverted 65,364 tonnes of waste — paper, plastic, cardboard and e-waste. “We’re constantly innovating to digitise the waste supply chain, create meaningful opportunities for informal waste workers, build a closed-loop system to extend the life cycle of waste and empower India to move towards a circular future — one piece of trash at a time,” says Rahul Nainani, Co-Founder & CEO, ReCircle.