India Financial News

MVN Aero One has leased the largest co-working space to date to Spring House, spanning 3 lakh sq ft, at its upcoming MVN Aero One Mall located at Sector-37 D, Dwarka Expressway, Gurugram. This partnership ushers in a transformative era of work and lifestyle integration, setting a new benchmark in the commercial real estate sector in India, the company said on Tuesday.

HDFC Bank has launched a new digital investment platform ‘SmartWealth’, aimed at revolutionizing the wealth creation journey by incorporating cutting-edge technology.

We are all familiar with the fact that investing in tax-saving avenues such as life insurance, NPS, PPF, ELSS, Sukanya Samriddhi Scheme, NSC, among others, is necessary to save tax. However, not many of us are aware of the different tax provisions that can help us reduce our tax liability without making any investments.

Radisson Hotel Group announced that it has signed 10 new hotels in just four days. These signings, it added, are across brands, including Radisson Blu, Radisson, Radisson Individuals, and its brand extension Radisson Individuals Retreats. The Group also entered five new markets and will be the first to open internationally branded hotels in Jawai (Rajasthan), Sagar (Madhya Pradesh), Yavatmal (Maharashtra), Ooty (Tamil Nadu) and Calicut (Kerala).

Union Budget 2024: With just about a month to go before the union budget, the finance ministry has started its routine meetings and consultations with various stakeholders from the industry and social sectors. Among many proposals before the finance ministry, one pertains to tax relief for salaried taxpayers, according to reports.

In yet another case of labour trafficking, an Indian-American couple has been sent to prison by a US court for forcing their relative to work at their gas station and convenience store for over three years, after bringing him to the United States under the pretense of helping him enroll in school.

By Deepak Pahwa

HDFC Top 100 Fund, one of the longest running mutual fund schemes in India, has given 19% Compound Annual Growth Rate (CAGR) returns over the last 27 years.

The asbestos-based roofing players are expected to record PBIT margins at around 8- 9 per cent in FY2025 and FY2026, an improvement of 100-200 bps, stated a report by ICRA. This, it added, will be backed by estimated steady growth in volumes and marginal improvement in realisations. The asbestos fibre prices increased at a CAGR of 9.6 per cent during the FY2018- FY2024 period compared to the modest rise in realisations at a CAGR of 3.1 per cent during the same period, thereby impacting the profitability of the companies.

Quant Mutual Fund, one of India’s oldest and fastest growing asset management firms, is facing a probe by capital market watchdog SEBI in an alleged front-running case. Front-running is an illegal practice in which fund managers and dealers place orders based on prior information of upcoming large trades and earn profit from the price movement on eventual trade execution.

Bharat Agri Fert & Realty Ltd plans to develop a 7-star theme-based resort on the outskirts of Mumbai with an investment of about Rs 55 crore. It plans to launch an additional 170 rooms, along with a banquet hall and enhanced amenities by 2025-2026, thus offering the perfect venue for destination weddings on the banks of a river within the 120-acre freehold land, the company said in a statement.

In a landmark move towards environmental sustainability, India’s real estate sector is poised for a significant transformation driven by ambitious government policies aimed at achieving net-zero carbon emissions by 2047. The latest initiatives underscore a vital shift towards green growth, aligning with global sustainability goals and signaling a new era for urban development in the country.

Groww recently faced severe criticism on social media after an investor alleged that the fintech platform deducted money but not invested in a mutual fund scheme. In response, Groww said that it regrets the “error” and credited the amount to the investor “on a good faith basis’ “.

FMCG major Hindustan Foods (HFL) surged 15% today on BSE to Rs 582.50 after a likely equity stake sale of 11.1% via a block deal on Wednesday. The deal size is said to be approximately worth Rs 720 crore. Westbridge, Sixth Sense are among a few PE investors that are likely to be the sellers in the transaction. However, the official details of the buyers and sellers are not currently known.

Bitcoin prices saw stable trading on Wednesday, gaining marginally by 1% to $61,598 around 12 pm India time. Other major crypto coins traded with a positive bias too. Among them were Etehreum, BNB, Solana, Dogecoin, Tron, Cardano, Shiba Inu and Avalanche which were up by up to 3% around this time. A few of them were also on the losing side viz. XRP, Polygon, XRP and Toncoin which were down by 1.5%.

«In sync with market requirements, market realities, the buyers are okay to pay that kind of price rise and in such times that price rise does not go haywire, stay closer to double digits, etc, we are in safe zone,» says Gulam Zia, Knight Frank India. Is that a trend that you are observing as well, when it comes to the pricing there is nothing extraordinary, 6% to 10% in line with inflation and is it that there is that definite dichotomy maybe between how luxury is panning out versus the affordable segment? Gulam Zia: Well, I would love to agree with Anuj word by word. What he said is exactly what the market is right now behaving like. So, to start with the point that you wanted me to also clarify was on price rise. Bang on, about 5% to 7% price rise per annum is something which we have been observing for last couple of years, at least last two to three years, and which is in sync.

Pakistan captain Inzamam ul Haq raised bizarre allegations of ball-tampering against Indian pacer Arshdeep Singh, who delivered a match-winning performance of 3/37 during the ICC T20 World Cup Super Eights clash against Australia, questioning how was he able to reverse-swing the ball in the 16th over while defending the target. During the ongoing T20 WC, Arshdeep is the joint-highest wicket-taker in the tournament with 15 scalps in six games at an average of 11.86 and an economy rate of 7.41. His best figures are 4/9 and he is tied for most wickets in the competition with Afghanistan's Fazalhaq Farooqi. During a talk show on a Pakistan news channel, the clips of which have went viral on social media, Inzamam said, «Arshdeep Singh, when he was bowling the 15th (16th) over, the ball was reversing. is it too early (for reverse swing) with a relatively new ball? This means the ball was ready for reverse swing by the 12th or the 13th over, Umpires should keep their eyes open (to spot) these things,» said Inzamam during a talk show.

Information Technology) segment. Historically, the majority of India’s IT service importers include North America and Europe, but there has been a lot of interest and potential coming from Asia, Africa, and Latin America, says experts. Register for the ET MSME Day 2024 here

Bandhan Employees' Welfare Trust, which is in the midst of a storm following agitations by a section of its members against Bandhan group founder Chandra Shehar Ghosh for alleged irregularities in running the trust, has termed the agitation «baseless and motivated, with an ulterior motive» and is planning to seek legal intervention on the matter. Chairman of the Trust said tha Ghosh ceased to be a part of it following the formation of Bandhan Bank in 2015. «Neither Bandhan Bank nor Mr Ghosh has any interest whatsoever in BEWT. It’s an employee welfare trust managed by the employees themselves. None of the promoter or promoter group entities have any interests or say in the functioning of the trust,» BEWT chairman Ronendra Chowdhury said.

«I think after a very-very long time I have discovered that the developers have been extremely mindful of bringing in more cash flows and deleveraging their position rather than continuously increasing the prices and somewhere hurt the sort of sales of their residential,» says Anuj Puri, Chairman, ANAROCK Group. Let us just get in a sense as to what you are seeing when it comes to the trend for housing prices in the Indian cities. Clearly, it seems that it has been on a rise, but at a time when we are looking at inflation moderating, how are you looking at the correlation between these two factors and what is the outlook when it comes to residential in particular? Anuj Puri: The residential market continues to surprise us. It is at a 15-year high and it does continue to remain very strong. The good thing is that we are not seeing abnormal price rise within the residential real estate market. And I think after a very-very long time I have discovered that the developers have been extremely mindful of bringing in more cash flows and deleveraging their position rather than continuously increasing the prices and somewhere hurt the sort of sales of their residential.

Bajaj Auto, India’s largest exporter of two and three wheelers has inaugurated its new manufacturing plant in Manaus, Brazil, it said in a statement on Wednesday. This will be the company’s first manufacturing facility outside India. In all the other markets in which it has a presence the company follows a distribution-led model – the distribution partners manage local operations, including assembly. Bajaj now sells vehicles in 100 countries. The Bairro Tarumã-based factory with an area of 9600 square meters has a capacity to produce engine assembly, vehicle assembly, and testing facilities has a production capacity of 20,000 units per annum on a single shift. It can be expanded further in due course to accommodate additional production capacity to up to 50,000 units per year. Initially, the plant will focus on manufacturing Dominar models and later Pulsar models when they become available for introduction. «With the establishment of our own plant in Brazil we have achieved a quantum shift in our local capability to fulfil demand. Our Dominar brand has received an outstanding reception since its launch 18 months ago. The new manufacturing capabilities will enable us to build a wider distribution network, introduce new products and meet growing expectations of our customers.” Rakesh Sharma, Executive Director of Bajaj Auto said in the statement.