India Financial News

Reliance Retail has started the pilot of immediate delivery of groceries and fast-moving consumer goods (FMCG) products in certain areas of Mumbai and Navi Mumbai where orders will be fulfilled within an hour, a senior industry executive told ET. The group's fast-delivery service has been integrated into the Jiomart mobile application as a 'hyperlocal delivery' option. Reliance will try to reduce the delivery time to 30-45 minutes as more stores get linked into the system and the operation expands into other markets, the executive said. According to industry executives, Reliance's shortest delivery time for orders of daily necessities placed online is about 12 hours. Some orders can even take up to three days. An email query sent to Reliance Retail remained unanswered as of press time.

Exporters sought the creation of an Indian shipping line, duty cuts on import of products like wet blue leather, extension of a key scheme for small exporters to avail pre- and post-shipment rupee export credit, and duty drawback for platinum jewellery at their pre-budget meeting with finance minister Nirmala Sitharaman on Tuesday. Highlighting the need for an Indian shipping line, the Federation of Indian Export Organisations president Ashwani Kumar said that India's outward remittance on transport services is increasing with rising exports. «We remitted over $109 billion as transport service charge in 2022. As the country moves towards the goal of $1 trillion, this will touch $200 billion by 2030. A 25% share by the Indian shipping line can save $50 billion on a year-on-year basis,» he said.

Bianca Censori keeps on hitting the headlines from time to time with her risque, attention-grabbing dresses and has emerged as one of the most photographed celebrities of her time. She has shocked her fans, the modeling world and many others with her unexpected outfits. Who is the man who guides or advises her in taking these unexpected extremes? Her husband Kanye West? No, a fellow Aussie model turned clothing designer, Gadir Rajab is the person who helps Censori shock the world.

rupee traded flatish on Tuesday with a gain of 3.5 paise at the end of the trading session. This is the third consecutive session where the local currency has gradually gained in expectation of index inclusion that will happen this week. The rupee closed at 83.432/$1 on Tuesday. As the month-end approaches, the demand from local oil companies makes the rupee trade lower, but such a case was not seen this month.

Jaishankar on Tuesday emphasised on the «common interest» in «stabilisation and progress» in India-China relations during a meeting with Chinese ambassador Xu Feihong, amid the lingering border row in eastern Ladakh. Jaishankar also separately met envoys of New Zealand, Kuwait and Sri Lanka. «Received Ambassador of China Xu Feihong this evening. Discussed our bilateral relationship and our common interest in its stabilization and progress. Wished him a successful tenure,» the external affairs minister said on 'X'. The external affairs minister has consistently been maintaining that India's ties with China cannot be normal unless there is peace in the border areas.

Financial Action Task Force (FATF) is likely to be taken up by the inter-governmental body after the plenary session which starts from June 26 in Singapore, said officials aware of the matter. The focus will be on the number of money laundering cases registered by the Enforcement Directorate (ED). The report on India's anti-money laundering and counter-terror action will be released on June 28, they added. According to officials, the last mutual evaluation was conducted in 2009 and was delayed due to the Covid-19 pandemic. According to FATF, the international policy making body conducts mutual evaluations of its member countries by evaluating levels of implementation of the FATF recommendations. The main sources of money laundering in India result from a range of illegal activities committed within and outside the country, mainly drug trafficking, fraud, counterfeiting of Indian currency, transnational organised crime, human trafficking and corruption. The CBI and ED are among the lead agencies investigating cases of corruption and money laundering. The Prevention of Money Laundering Act, 2002 came into force in 2005 and was amended in 2009. According to ED, it has recorded 5,906 Enforcement Case Information Reports, of which 3,867 cases were registered in the past five years till March 31, 2023.

₹51.29 crore from its anchor round ahead of its initial public offering (IPO) on Wednesday, June 26.According to an exchange filing, the metal manufacturer allocated 24,78,259 equity shares to anchor investors at ₹207 per share.Volrado Venture Partners, Ashika Global Securities, Capri Global Housing Finance, Rajasthan Global Securities, Leading Light Fund, and Astorne Capital were the anchor investors who participated in the round.According to the filing, no mutual fund has applied through any scheme for any of the 24,78,259 equity shares allotted to the anchor investors.Volrado Venture Partners and Ashika Global Securities got the most equity share allocation at 48.74 per cent and 12.28 per cent, respectively.The metal manufacturer's IPO will open for retail subscription on Wednesday, June 26, and close on Friday, June 28. The price band for the IPO has been set at ₹195 to ₹207 per equity share, with a face value of ₹10 per share.The Vraj Iron and Steel IPO is valued at ₹171 crore.

Quant’s offices in Mumbai and Hyderabad on 21 June for a search and seizure operation triggered by suspicion of front-running by Quant’s employees. “Look around you. Do you see any disruption? We are all carrying on our usual work," said Tandon when this reporter visited the Quant MF office in Mumbai.

Nifty projected to reach 25,200 by December this year: ICICI Securities What drove the upward move of the market on Tuesday was gains in financial services and information technology (IT) stocks. HDFC Bank, ICICI Bank and Axis Bank, Reliance Industries (RIL), Larsen & Toubro (L&T), and Infosys were the biggest contributors to the surge. Nifty Bank index registered a fresh high on Tuesday, closing 1.7% higher.

Modi 3.0 Budget 2024 Expectations: What are Finance Minister Nirmala Sitharaman's plans for taxpayers?The need to protect domestic industry from dumping of Chinese products featured prominently in the discussions."We represented our industry pain points, which are imports from China and the threats we face from China," said Ajay Sardana, chairman - National Expert Committee on Chemical and Petrochemical, Indian Chamber of Commerce."China has created a lot of overcapacity. After the pandemic, with the demand coming down, they are dumping products in India at a cheaper price.

Budget 2024: Finance Minister Nirmala Sitharaman will unveil the first Union Budget of the Modi 3.0 government in the third week of July. The upcoming budget is likely to be an extension of the interim budget presented earlier this year in February 2024.

ICICI Bank hit a 52-week high on Tuesday, making it the sixth Indian company to cross $100 billion market capitalisation. The stock scaled a high of Rs 1,207 before closing the day 2.5% higher at Rs 1,199. Only HDFC Bank, with a market capitalization of just over $162 billion, is above ICICI Bank in terms of m-cap rankings among the lenders.

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₹50 lakh due to a freak hailstorm. This year I am hoping to recover the losses," he said, sitting on a charpai, under the shade of giant mango trees spread across the 25-acre orchard. The oppressive June heat, closing in on 50 degrees Celsius, is a little more bearable here.

Cedar-IBSi Capital has secured funding from Middle East-based asset management firm Hades Financial Private Capital Group (HFPCG), the venture fund said in a release today. This is the second major institutional investor to get involved in this fund set up by management consultancy firm Cedar and fintech market intelligence platform IBS Intelligence.

Mumbai: Just like the post-pandemic recovery, the Indian inflation story is also 'K-shaped' and is hurting certain sections more than others, a foreign brokerage said on Tuesday. Rural consumers are more impacted by price-rise than their urban counterparts, economists at HSBC said, adding it outstripped the urban segment by 1.1 percentage point in May, mainly due to higher food inflation. «The same developments, driving a K-shaped recovery, seem to be driving K-shaped inflation dynamics,» they said in a report. The report by its chief economist Pranjul Bhandari cited the ongoing heat waves, pointing out that higher food and lower core inflation are coexisting because of crop damage and livestock mortality pushing up the former.

Shaktikanta Das while addressing the 188th AGM of Bombay Chamber of Commerce & Industry in Mumbai informed that India is at the threshold of a major structural shift in its growth trajectory as it moves towards 8% GDP in a sustained manner. «India is at the threshold of a major structural shift in its growth trajectory moving towards 8% GDP growth in a sustained manner,» said the RBI governor in Mumbai. Speaking on RBI's forecast of 7.2% growth, the governor flagged concerns such as weather, geo political conflicts, fragmentation in trade and other challenges like heightened financial sector volatility that could hurt the forecast but remains confident of achieving the predicted growth.

South China Morning Post (SCMP) reported that this unusual incident happened on May 17. The thief managed to get into the office, stealing a watch and a laptop. Before leaving, he wrote a note for the owner, advising them to upgrade their security system, according to Shanghai police. The police identified the thief as Sang. He climbed the building's wall to get in and stole a watch and an Apple MacBook. While inside, he gathered mobile phones and laptops, piled them on a desk, wrote a note, and left it under the pile of devices. «Dear boss, I took a wristwatch and a laptop. You should improve your anti-theft system. I didn't take all the phones and laptops, fearing it might hurt your business,» Sang wrote. At the end of the note, he added, «Contact me if you want your laptop and phone back,» and left his number.

opposition bloc, has forced a contest for the post of the Lok Sabha speaker which has been decided with consensus for decades. While the NDA has fielded former Speaker Om Birla, INDIA has picked Congress leader and senior-most Lok Sabha MP Kodikunnil Suresh. As per the Lok Sabha Secretariat, the first such contest was in 1952 between GV Mavalankar and Shankar Shantaram. Mavalankar won with 394 votes whereas Shantaram got 55. The second such fight happened in 1976 between Baliram Bhagat and Jagannath Rao. Bhagat won with 344 votes while Jagannath Rao got 58. NDA candidate Birla was unanimously elected as the Speaker of the previous 17th Lok Sabha. Birla's name was proposed by Prime Minister Narendra Modi and was supported by all major opposition parties, including Congress, TMC, DMK, and BJD. The YSRCP and TDP also supported Birla's candidature.

₹27,200) followed by tur dal ( ₹12,100). The median value of loss for paddy during the kharif cycle was ₹8,400 during the last incidence of crop loss owing to extreme weather events, while the same for rabi wheat was ₹9,200, the survey report said. Paddy and wheat are sown by a majority of marginal farmers.

Quant Mutual Fund, which is under the Securities and Exchange Board of India (SEBI) scanner over an alleged front-running case, is one of the country's fastest-growing fund houses. According to data collected from ValueResearch, it has a total assets under management (AUM) of more than ₹84,000 crore.The decade-old fund house has generated high returns over the years for investors, thanks to the best-performing mutual fund schemes in its arsenal. Here is a list of best-performing funds from Ouant MF (as per data collected from ValueResearch reports):1.