India Financial News

Invesco has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its books, according to its half-yearly shareholder report filed with the US Securities and Exchange Commission (SEC). As of April 30, Invesco valued Pine Labs at $3.5 billion, compared to $3.8 billion as of January 31, and $4.8 billion as of December 31, 2023.

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Narendra Modi has said. In a written message to the Jain International Trade Organisation (JITO) on the seventh foundation day of its incubation innovation fund, Modi said that the kind of optimism and trust being seen worldwide for India is a reflection of the country's strength. «India is a nation of immense possibilities. The participation of our countrymen doing excellent work in various fields and their enthusiasm to develop the country is our biggest strength,» Modi said. The Prime Minister has set a target to make India a developed nation by 2047 with a focus on the use of technology.

Gen Anil Chauhan on Thursday said the form of war is transforming rapidly due to technological advancements and the country's armed forces will have to be ready to accept this change. He made the remarks while addressing a gathering of Army officers, junior commissioned officers (JCOs) and soldiers drawn from 18 Grenadiers to mark 25 years of the battles of Tololing and Tiger Hill fought during the Kargil war in 1999. Tiger Hill top was captured by the Indian Army on July 4, 1999. The 18 Grenadiers battalion played a pivotal role in the Kargil conflict. 'Vijay Diwas' is celebrated on July 26 every year to mark India's victory over Pakistan in the 1999 Kargil war. «People of the country have faith in our capabilities and due to that, we have this immense prestige. The legacy that has been bequeathed to you has been earned by our ancestors. We may not have made a direct contribution but we are reaping its fruits,» Gen Chauhan told the gathering.

Union Budget 2024 announcements may include continued focus on renewable energy by the Narendra Modi government, industry players have said, as they expect policy stability and investment in the sector. «From budget what we expect that there are certain areas on which we need to focus. We have seen in budget what is required for the sector. One is the policy stability is very important because there should not be any fear because today we invest, project takes 18 months to 24 months, so policy stability is one key which we expect,» Sharad Mahendra, Joint MD & CEO, JSW Energy told ETNow in an interview. «One is the policy stability is very important because there should not be any fear because today we invest, project takes 18 months to 24 months, so policy stability is one key which we expect. And boost the renewable energy investment, that is also very-very important because the kind of investment which is required to add almost 40 to 50 gigawatts every year is huge,» Mahendra added.

Crypto trading platform Bitget is eyeing India expansion and is actively discussing with the country’s regulator regarding licensing requirements.

New Delhi: The government is likely to allow electric vehicle (EV) makers to benefit from a new policy that was announced this March, even if their investments were made earlier, according to two officials aware of the development. Such a move would benefit Vietnam's EV maker VinFast, which had announced in January that it would build an EV plant in India, the first official cited above said on condition of anonymity, adding that the new policy may attract a few more global EV makers to manufacture in India.

Indian Medical Association (IMA) president R V Asokan told the Supreme Court on Tuesday his unconditional apology to the apex court over his «damaging» statements in an interview to PTI, where he had answered queries about Patanjali Ayurved Ltd's misleading advertisements case, has been published in various publications. The IMA's counsel told a bench of Justices Hima Kohli and Sandeep Mehta that his unconditional apology has been published in the association's monthly publication, on the IMA's website, as also by PTI. «Last time, I (Asokan) had submitted an affidavit of apology. Your lordships were of the opinion that the apology should be given proper publicity like the interview...,» senior advocate P S Patwalia, appearing for the IMA, told the bench. He said the IMA has a monthly publication, and on its first page, a full page advertisement says that Asokan has apologised, expressed regret to the apex court and has submitted his affidavit tendering unconditional apology.

compensation to the next of kin of Agniveer Ajay Kumar intensified on Friday with Rahul Gandhi reiterating that the martyr's family had not got compensation till date and alleged that the Modi government was discriminating against the Agniveers. The Congress leader also shared a video on X purportedly of the father of a deceased Agniveer who stated that his family got Rs 50 lakh as insurance from a private bank and 48 lakh from the Army Group Insurance Fund. Gandhi said in the video that the martyr's family had not got compensation and asked why they have not got ex-gratia payment. He asked why salary arrears have not been received in the bank account of the martyr's family.

Asset management companies (AMCs) in Gift City, Ahmedabad, are set for a major boost following a crucial regulatory change by the Securities and Exchange Board of India (Sebi). By eliminating the restrictive 50% cap on investments from Indians abroad in India-focused funds, Sebi has removed a significant hurdle that has long impeded the growth potential of these funds. For years, AMCs faced a stringent requirement: for every dollar accepted from non-resident Indians (NRIs) and overseas citizens of India (OCIs), an equivalent dollar had to be sourced from foreign investors.

Tamil Nadu government seeking a detailed report in the Foxconn case, taking suo motu cognizance of discrimination by the company which reportedly excluded married women from job at its assembly plant in Sriperumbudur, Tamil Nadu. “The Commission has observed that the contents of the media reports, if true, raise a serious issue of discrimination against married women causing the violation of the right to equality and equal opportunity,” NHRC said in a statement issued on Monday. “Therefore, the Commission has issued notices to the secretary, union ministry of labour and employment and the chief secretary, government of Tamil Nadu calling for a detailed report in the matter within one week,” NHRC said in a statement issued on Monday.

Maruti Suzuki India on Monday reported a 12 per cent increase in total wholesales to 1,79,228 units in June. The company had dispatched 1,59,418 units to its dealers in the same month last year, Maruti Suzuki India (MSI) said in a statement. The total domestic passenger vehicle sales were 1,37,160 units last month compared to 1,33,027 units in the year-ago month, a growth of 3 per cent, it added. Sales of mini-segment cars, comprising Alto and S-Presso, declined to 9,395 units from 14,054 units in June 2023.

Lok Sabha during his address on Monday. The Congress leader said that BJP and RSS, who call themselves followers of Hindu religion, speak of violence and 'asatya'. Gandhi's tirade against the government also prompted Modi's intervention twice who accused the former of calling the 'entire' Hindu society violent. «This is a serious issue,» Modi said. The second time around, Modi said that the Constitution of India taught him to take the LoP seriously.

Prime Minister Narendra Modi intervened during Congress leader Rahul Gandhi's inaugural speech of the session. Gandhi, newly appointed as Leader of Opposition, launched a scathing critique targeting the BJP, RSS, and Prime Minister Modi himself at the Lok Sabha on Monday. Rahul Gandhi accused the government of spreading fear and hate throughout the nation, challenging Modi directly with a pointed question: «Why is the PM always serious?» In response, Modi replied, «Democracy and the constitution have taught me that I should take opposition seriously.»

critical minerals and their processing besides battery production, Commerce Secretary Sunil Barthwal said on Monday. Both countries have signed an interim free trade agreement and are in negotiations to expand that into a comprehensive pact, he said. «We are looking at how we can integrate our (India and Australia) economies in terms of battery production, in terms of mineral production, in terms of mineral processing, in terms of vehicle production,» the secretary said here at a conference on the roadmap for vehicle electrification. He also said that the government has taken a series of steps to promote domestic manufacturing of electric vehicles (EVs) and strengthened the ecosystem around that like boosting charging infrastructure.

India secured their highly anticipated second T20 World Cup trophy in a thrilling final against South Africa, triumphing by a narrow 7-run margin under the leadership of captain Rohit Sharma. The victory marked the end of a 13-year wait, with India’s last ICC trophy lifted in 2011. Fans worldwide took to the streets in jubilation, praising the Men in Blue for their exceptional performance throughout the tournament.

July financial deadlines and rules change: In the month of July, there are several financial deadlines and changes in rules, which will come into effect. Besides, there is one key economic event – Union Budget, which is likely to be presented on July 23 or 24 in the second leg of the Monsoon Session of parliament.

AS PER Section 139 of the Income Tax Act, 1961 (ITA), individuals are mandatorily required to file an income tax return if they hold, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India. It also includes those having signing authority in any account located outside India, or are beneficiaries of any asset (including any financial interest in any entity) located outside India.

Sun Pharma, a pharmaceutical company, unveiled its #SecondBirthDate 2.0 campaign on National Doctors’ Day. This year’s initiative features Bollywood actor, Sushmita Sen, who has joined the movement to express her gratitude to doctors. 

Defence stocks like Hindustan Aeronautics, Bharat Dynamics, Bharat Electronics and others are in focus after the government granted an extension in the exemption of customs duty on the imports of certain parts. Initially set to expire on July 1, 2024, the exemption has now been extended for five years, until 2029. So how does it impact the stocks? 

Under the Income Tax Act, certain groups living in specific areas of select states in India are exempted from paying income tax. These exemptions are granted based on specific criteria, such as income levels, socio-economic status and occupation of the people forming these groups. This unique approach to taxation helps in lessening the financial burden on disadvantaged people living in these areas, providing them with a level-playing field.