India Financial News

Japanese Yen. The Japanese Yen dipped to its lowest level since 1986, and fell 0.4% to 160.39 per US Dollar. The month end has caused demand to spike up in crude oil and Brent prices were up 0.58% and were trading at $85.5

INDIA bloc did not press for division of votes but Trinamool Congress said the division was not allowed despite its members pressing for it. The resolution to elect Om Birla as Speaker was put to vote after his name was proposed by Prime Minister Narendra Modi and other NDA allies. But Congress and other INDIA bloc allies did not press for division of votes. Protem Speaker Bhatruhari Mahtab clarified on the floor of the House that the Opposition was not «pressing for division». Later, Congress spokesman Jairam Ramesh said on X: «INDIA parties exercised their democratic right and moved motions in support of Kodikunnil Suresh… Voice vote was taken. Thereafter, INDIA parties could have insisted on division. They did not do so. This is because they wanted a spirit of consensus and cooperation to prevail, a spirit singularly lacking in the actions of the PM and the NDA.»

China on Wednesday spoke of President Mohamed Muizzu's recent visit to New Delhi and the importance of India to his country's tourism-dependent economy. The comments by Minister of Economic Development and Trade Mohamed Saeed came as Male seems to have re-oriented ties with New Delhi following President Muizzu, known for his pro-China leanings, attending Prime Minister Narendra Modi's swearing-in ceremony earlier this month. «President Muizzu reiterated that India remains our closest neighbour,» Saeed, who is attending the 15th World Economic Forum (WEF) at Dalian, told CNBC International TV in an interview.

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Om Birla on his election as Lok Sabha Speaker and exhorted him to run the House fairly, without bias. Leading the Opposition benches was Rahul Gandhi, who was appointed Leader of Opposition on Tuesday, a post that remained vacant for a decade. «The idea that you can run the House efficiently by silencing the voice of the Opposition is a non-democratic idea and this election has shown that the people of India expect the Opposition to defend the Constitution, the Samvidhan of this country,» said Gandhi as he cautioned against the stifling of the voice of Opposition. «The question is not how efficiently the House is run, the question is how much of India's voice is being allowed to be heard in this House,» Gandhi said, adding that by allowing the Opposition to speak, the Speaker would be doing his duty of defending the Constitution of India. Gandhi assured the Speaker of his support in running the House. «We, the Opposition, would like to assist you in doing your work. We would like the House to function often and well,» he said.

Aga Syed Ruhullah Mehdi, the newly-elected MP from Srinagar, on Wednesday urged Lok Sabha Speaker Om Birla to ensure the sanctity of the House by restraining members from making disparaging remarks or rushing legislations like the abrogation of Article 370. In his two-minute inaugural address after Birla was elected Speaker, the National Conference member made a passionate appeal and emphasised, «I would request you that from today you are neither BJP nor Congress or Samajwadi, and you have only one party, and that is the Constitution of India.» He expressed hope that the Speaker would uphold the Constitution and lead the house as a beacon of democracy. Mehdi cryptically alluded to the Speaker's legacy, stating that his actions in handling both the government and opposition voices would define his tenure.

Essel Group chairman Subhash Chandra that challenged the Securities and Exchange Board of India (Sebi) summons to appear before the capital markets regulator. The division bench of Justice KR Shriram and Justice Jitendra Jain disposed of the writ petition in an oral order after the Sebi informed the court that it was withdrawing the first summons directing Subhas Chandra to be present. However, Chandra will have to furnish the documents sought by the regulator through a communication dated March 27. Chandra, chairman emeritus of Zee Entertainment, was represented by senior counsels Ravi Kadam and Prateek Seksaria.

Electric vehicle manufacturer BGauss has launched its latest EV, the BGauss RUV 350. This new e-scooter comes in three variants: RUV 350i, RUV 350 EX, and RUV 350 Max. Prices start at Rs 1.10 lakh for the base model, going up to Rs 1.35 lakh for the top-spec variant. Deliveries will begin in July through BGauss's network of 120 dealerships across India. The RUV 350 features a 3.5kW electric motor, delivering a peak torque of 165 Nm and a top speed of 75 kmph. It is powered by a 3 kWh lithium LFP battery. The top-spec model boasts a range of up to 120 km on a single charge, while the RUV 350 EXi and RUV 350 EX variants offer ranges of up to 90 km. The e-scooter is built on a micro-alloy tubular frame with suspension duties handled by a telescopic fork at the front and twin shock absorbers at the rear. Braking is managed by drum brakes on both ends, and it rides on 16-inch wheels with tubeless tyres.

NIA) on Wednesday secured the conviction and sentencing of two members of the proscribed Bangladeshi terror outfit, Ansal-al-lslam, over a conspiracy to unleash terrorist attacks in India. They have been identified as Bangladeshi nationals, Mahmud Hassan @ Shariful Hassan and Mohamad Sayad Hussain @ Mohamad Sa'ad Hussain @ Sohan Molla @ Shihab Hossain. The NIA Special Court, Aizawl, Mizoram, has sentenced both to Imprisonment of five years each, along with fine of Rs 10,000 or one month in default, after finding them quilty under various provisions of IPC, Foreigners Act and UA(P) Act.

coal-based power plants through the newest Advanced Ultra Supercritical (AUSC) technology. A proposal to offer about ₹6,000 crore viability gap funding (VGF) mooted by the heavy industries ministry is being evaluated by the finance ministry, people familiar with the development told ET. A ₹3,500 crore payment security mechanism for electric buses is also being considered, they said, adding that a final call would be taken closer to the budget.

₹80,000 crore business (commercial vehicles) is very large. And it is growing and generating tonnes of cash," said Balaji.“So, you need management bandwidth and the board’s time for this.

Bharat Heavy Electricals Ltd (Bhel) and Larsen & Toubro."MEIL emerged as the lowest bidder, demonstrating its exceptional technical capabilities and cost-efficiency by submitting the lowest bid of ₹12,799.92 crore," the statement said.Ch Subbaiah, director, MEIL said, "This contract represents the most significant project for MEIL and our strategic entry into the nuclear energy sector." MEIL has its presence in a number of sectors including hydrocarbons, electric buses, defence, telecom, power, transport, manufacturing, general and social infrastructure, irrigation, and drinking water.It also has a global presence and in September last year it bagged a deal to construct a crude oil refinery plant valued at $648 million from Mongol Refinery State Owned LLC.MEIL's foray into the nuclear power space comes at a time when the Union government is looking at increasing India's nuclear power capacity in line with the ambitious target to install 500 GW non-fossil fuel capacity by 2030.On Tuesday, Union minister Jitendra Singh said that India’s nuclear power generation capacity is likely to increase by 70% in the next five years.

Apple and Foxconn acknowledged lapses in hiring practices in 2022 and said they had worked to address the issues. However, all the discriminatory practices documented by Reuters at the Sriperumbudur plant near Chennai took place in 2023 and 2024.

NSIL said on Wednesday that its newest rocket the SSLV will have its first dedicated commercial launch when it puts into orbit the Optimus — a satellite built by Australia-based Space Machines Company. The announcement was made jointly by NewSpace India Limited (NSIL) and Space Machines Company at the India Space Congress, organised by the Satcom Industry Association-India. This pioneering collaboration sets the stage for the launch of Space Machines Company's second Optimus spacecraft, weighing 450 kilogrammes, the largest Australian-designed and built spacecraft so far, a statement from NSIL said. «This will be the first dedicated commercial launch for SSLV (Small Satellite Launch Vehicle). The first commercial launch was Janus, a 10-kilogramme nanosatellite on board the SSLV-D2 mission,» NSIL Chairman and Managing Director Radhakrishnan Durairaj told PTI.

FIH Mauritius Investments is likely to sell a 9.72% stake in CSB Bank on Thursday through block deals to raise about Rs 595 crore. According to the term sheet issued by the banker IIFL, FIH Mauritius is expected to sell 1.68 crore shares in the Kerala-based bank at a floor price of Rs 352.4 per share. The floor price represents a 1% discount to Wednesday’s closing price of Rs 355.95. FIH held a 49.72% stake in the bank as of March 31, 2024, which will be reduced to 40% post the stake sale. Shares of CSB Bank have declined 15% so far this year compared to the Sensex's gain of 9%.

Russia has sent two trains laden with coal to India via the International North-South Transport Corridor (INSTC), which connects Russia to India via Iran, according to Russia’s national railway company. A multimodal route that includes a railway, roadway network and seaports, the INSTC spans 7,200km (4,500 miles) from St. Petersburg to the port of Mumbai in India. The corridor is part of Russia’s push to find new transport routes in light of Western sanctions, which have forced it to shift trade flows from Europe to Asia and the Middle East, RT has reported. “For the first time, two trains with Kuzbass coal headed to India along the International North-South Transport Corridor. The trains set off from the Kemerovo region. They followed along the eastern branch of the INSTC through Kazakhstan and Turkmenistan to the Iranian port of Bandar Abbas,” Russian Railways said on Monday in its Telegram channel, RT reported. How INSTC can revolutionise India's trade The development of the INSTC, which connects Russia to India through Iran's Chabahar port, means a lot for India's trade. Now that Russia faces restrictions on sea trade due to the Ukraine war, the corridor assumes even more economic and strategic importance, especially when India sees it as an alternative to China's ambitious Belt and Road Initiative.

Quant Mutual Fund has assured investors that its gross inflows continue to remain normal and its liquidity position robust. The fund remained defiant that all allegations must be proved before the alleged could be deemed guilty. It said every suspicion is not an allegation and Quant has always maintained transparency with its investors. The fund house stressed on its commitment to cooperate with the Securities and Exchange Board of India (Sebi) through any review and has dedicated people to give data to Sebi on a regular basis, ET Now reported on Wednesday.

DRDO on Wednesday handed over to the Indian Navy a niche technology that obscures radar signals and creates a microwave shield around platforms and assets, thus reducing radar detection, the defence ministry said. The Defence Research and Development Organisation (DRDO) handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Navy at a ceremony here. «Microwave Obscurant Chaff (MOC), a niche technology developed by DRDO's Defence Laboratory, Jodhpur, obscures radar signals and creates a microwave shield around platforms and assets, thus reducing radar detection,» the ministry said in a statement. A special type of fibres with a diameter of a few microns and unique microwave obscuration properties have been assembled in the medium-range chaff rocket. When fired, the rocket forms microwave obscurant clouds in space spreading over a sufficient area with adequate persistence time, thus creating an effective shield against threats having radio frequency seekers, it said.

JM Financial, has set up BlinkX Gen AI Lab for operational efficiencies and enhancing customers’ experiences. Spread over 10,000 sq ft, BlinkX Gen AI Lab, based in Mumbai, has a dedicated team of in-house researchers and developers who aim to drive consistent innovations to deliver personalised trading strategies, risk management, portfolio optimisation, and faster decision-making capabilities to customers. Soumya Pattanayak, associate director, MarTech, AI and Digital Marketing, BlinkX by JM Financial, said, “The launch of BlinkX Gen AI Lab represents a major advancement in our AI capabilities. One of our standout innovations, amongst many, is the automated creative commentary generation, which will deliver personalised, real-time content tailored to each client's portfolio and relevant market events”.

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Nikesh Arora, CEO and Chairman of Palo Alto Networks, is the only Indian-American to make it to the list of the top 10 highest-paid CEOs in the United States. According to a report from data analytics firm C-Suite Comp, Arora is ranked 10th on the list of highest-earning CEOs. The report featured two lists based on different metrics: «total compensation granted» in 2023 and «compensation actually paid.» Sundar Pichai of Google and Satya Nadella of Microsoft, despite their prominent positions and successful years, did not appear on either list. Nikesh Arora’s Earnings in 2023