India Financial News

Shoppers Stop aims to capitalise on mass premium opportunities, disrupting India's value fashion landscape, according to the latest annual report of the K Raheja Corp group firm. Shoppers Stop, which competes with similar value formats as Trent's Zudio and Landmark of Max Fashion, is leveraging real-time insights, enabling frequent product drops and assortment refinements to stay ahead, it added. «We are targeting 60 new stores in FY2024-25 backed by strategic investments in merchandising, store operations, and customer analytics capabilities,» the company said.

Bannari Amman Sugars Ltd.(up 8.38%) stood among the top gainers.

commerce ministry's investigation arm DGTR has recommended the continuation of countervailing or anti-subsidy duty on welded stainless steel pipes and tubes from China and Vietnam to guard domestic players. In a notification, the Directorate General of Trade Remedies (DGTR) has said that there is a likelihood of injury to the domestic industry in the event of cessation of present countervailing duty on the imports from these two nations. «The authority has reached a conclusion that the duty imposed on subject goods is required to be extended further...The authority recommends extension of countervailing duties on imports of the product under consideration,» the DGTR has said. The directorate has recommended a duty of up to 29.88 per cent on the product.

micro and small business units, marginal farmers and self-help group members still suffer from unavailability of institutional credit, while grassroot customers do not get comprehensive financial services, Reserve Bank of India said. «Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs. This includes savings, credit, insurance and investment products that can enhance their economic well-being,» the deputy governor said on June 19 at the Conference of Convenors of State Level Bankers’ Committees, held at College of Agricultural Banking in Pune. RBI shared a copy of his speech Monday.

Bata has appointed Meeru Gupta as general counsel and head of legal. An alumnus of Delhi University, Gupta had served previously as Varun Beverages – RJ Corporation, where she led the legal practice, formulated litigation strategies and managed cross-border acquisitions. Over two decades veteran Gupta started her career with Reliance Energy (BSES Rajdhani Power Ltd.) in 2004. Subsequently, she joined Philips India as manager in its legal department in 2008 and rose to became director Legal and Compliance. At Philips India, she was instrumental in key decision-making processes across the Lighting, Consumer Lifestyle, and Healthcare divisions, said the company in its statement.

Tanushree Dutta has strongly responded to Nana Patekar's recent comments dismissing the MeToo allegations she made against him. In a recent interview with Times Now, Dutta accused Patekar of being a «pathological liar» and claimed he is fearful because his support base in Bollywood is declining.

Narendra Modi praised the transformative impact of the Goods and Services Tax (GST) over its seven-year implementation. Citing data compiled y the Central Board of Indirect Taxes and Customs (CBIC), PM Modi posted on «X» (formerly Twitter) that GST has significantly enhanced the lives of 140 crore Indians. «For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper.» The Prime Minister also emphasized that the implementation of GST has led to increased savings for the poor and common man. He noted that GST has lowered taxes on essential household items such as flour, curd, and detergent, making daily necessities more affordable.

OYO on Monday announced the opening of its first luxury hotel in Dubai — Palette Royal Reflections Hotel and Spa — as the IPO-bound unicorn eyes strengthening its premium property portfolio globally. The company expects the number of Indian tourists to grow significantly in 2024 after Dubai relaxed visa policy for them earlier this year. «OYO is expecting more than 1 lakh Indian tourists to visit Dubai this year. Dubai has long been a favourite destination for Indian travellers, thanks to its luxury shopping, stunning architecture, and vibrant culture. The launch comes as the emirate prepares to welcome a record number of Indian tourists in 2024,» OYO stated. The initiative is part of OYO's ongoing efforts to strengthen its premium property footprints across the world, including the Middle East.

Adani group capitalize on upcoming opportunities, especially with its expertise in executing complex, large-scale projects, chairman Gautam Adani said. The core infrastructure group which has businesses ranging across ports, green energy, cement, airports, power and transmission will be setting up the largest energy installation, redeveloping the largest slum and making the largest single location copper smelter of the world in the country over the next few years.

Zuari Agro Chemicals Ltd.(up 4.27%), Mangalore Chemicals & Fertilizers Ltd.(up 3.09%), Chambal Fertilisers & Chemicals Ltd.(up 0.91%), Sikko Industries Ltd.(up 0.22%) and Khaitan Chemicals & Fertilizers Ltd.(up 0.21%) stood among the top gainers.

India's Adani Group is «well positioned» to capitalize on opportunities in the country's booming infrastructure sector as spending is expected to surge, Chairman Gautam Adani told investors on Monday. The group, which has businesses across ports, power utilities, transmission and coal trading, is betting on India's infrastructure spending that is expected to grow at a compounded annual growth rate of 20%-25%, Adani said.

Quant Mutual Fund has received inquiries from Sebi in the suspected front-running case. The market regulator has seized mobile phones, computers and other digital devices while raiding Quant's Mumbai headquarter and the Hyderabad premises of suspected beneficiaries to find out who was leaking confidential information from the fund house to make profit. ETMutualFunds analysed the performance of Quant Small Cap Fund in a longer horizon of five years. The scheme was the topper in the last five years among all small cap funds. Quant Small Cap Fund offered 495% absolute return in the last five years. The scheme is benchmarked against Nifty Smallcap 250 — TRI which gave 250% absolute return in the same time period. The scheme manages assets of Rs 21,243 crore as of May 2024.

Modi’s vast domestic agenda is in jeopardy after his party failed to win an outright majority in parliament for the first time in a decade, forcing it to work with a coalition of parties and grapple with an expanded opposition bench. Over the past decade that Modi’s Bharatiya Janata Party has ruled with absolute majorities, its advocated for — and pushed through — laws that critics say have furthered its majoritarian goals. Some of the outstanding policies on that agenda may now need to be reviewed or jettisoned after the electoral setback. Signs of acrimony between the BJP-led government and the opposition were visible Monday at the start of the first parliamentary session since election results earlier this month. A united opposition — which won about 230 of the 543 seats in the lower house, the Lok Sabha — are opposing the BJP’s selection of a temporary speaker of parliament and are protesting against a brewing scandal over college entrance exams.

Rahul Gandhi on Monday targeted the central government and listed ten issues that took place during the first fifteen days of Prime Minister Narendra Modi's government. The issues listed by Rahul Gandhi included alleged NEET irregularities, UGC NET paper leak, a train accident, water crisis, and more. Rahul Gandhi in a post on X, alleged that PM Modi is busy in saving his government and said, «First 15 days of NDA! 1. Horrific train accident; 2. Terrorist attacks in Kashmir 3. The plight of passengers in trains 4. NEET scam; 5. NEET PG cancelled 6. UGC NET paper leak 7. Milk, pulses, gas, tolls and expensive 8. Forests blazing with fire; 9. Water crisis; 10. Deaths due to lack of arrangements during the heat wave.»

Uttar Pradesh Special Task Force (STF) arrested six individuals in connection with the paper leak of the Review Officer/Assistant Review Officer (Preliminary) Examination-2024. These arrests, made in Prayagraj, follow the discovery that the exam papers were leaked from a printing press in Bhopal. The examination, conducted by the Uttar Pradesh Public Service Commission (UPPSC) on February 11, was subsequently canceled on March 2 after reports of the leak surfaced. Prior to this, ten individuals had already been arrested in connection with the case. The accused face charges under various sections of the Indian Penal Code, including cheating, forgery, and criminal conspiracy, as well as the Uttar Pradesh Public Examination Act, 1998, and the Information Technology Act. During interrogation, it was revealed that the question paper was leaked in two ways. The arrested individuals include Sunil Raghuvanshi, a mechanical engineer at the printing press, and others identified as Subhash Prakash, Vishal Dubey, Sandeep Pandey, Amarjeet Sharma, and Vivek Upadhyay, all his former classmates. Initial intelligence had suggested that the leak originated from a school in Prayagraj, where Arpit Vineet Yashwant, responsible for the exam at the center, was previously arrested along with four gang members in April. Investigations are also looking into the involvement of the school's management and principal.

hilsa ecosystem in the Ganga estuary. The use of fine mesh nets, which trap even the smallest fish, is described by many as an act of temporal greed. This unsustainable practice is pushing the hilsa population to spawn in Bangladesh, where catching juvenile hilsa is a punishable offense. While larger hilsa weighing between 400 g and 600 g are also caught, their numbers are significantly lower.

Lok Sabha witnessed a display of linguistic diversity on Monday, with the newly-elected MPs taking their oaths in English and Indian languages, including Sanskrit, Hindi, Dogri, Bengali, Assamese and Odia. Prime Minister Narendra Modi took his oath in Hindi amid slogans of «Jai Shri Ram» from the treasury benches. Union Home Minister Amit Shah, Defence Minister Rajnath Singh, Road Transport and Highways Minister Nitin Gadkari, Women and Child Development Minister Annapurna Devi, Telecom Minister Jyotiraditya Scindia and Urban Development Minister ML Khattar were among those who took oath in Hindi. Education Minister Dharmendra Pradhan, the MP from Odisha's Sambalpur, took oath in Odia.

JP Nadda on Monday wrote to Congress President Mallikarjun Kharge, questioning the «stoic silence» of his party on the recent hooch tragedy which left several people dead in Tamil Nadu. Tamil Nadu hooch tragedy was entirely a «man-made disaster», Nadda said in his letter to Kharge, adding «perhaps if the deep nexus between the ruling DMK-INDI alliance dispensation and illicit liquor mafia did not exist today, 56 lives could have been saved.» Nadda said the ghastly images of burning funeral pyres from Karunapuram village in Kallakurichi in the aftermath of Tamil Nadu's «worst ever' spurious liquor consumption tragedy, that has left 56 dead until now and almost 159 persons hospitalised, has shaken the conscience of the entire nation.»

Jaishankar has reviewed with his United Arab Emirates counterpart Abdullah bin Zayed Al Nahyan the multi-faceted India-UAE comprehensive strategic partnership and discussed new areas with «untapped potential» to enhance collaboration, an official statement said on Monday. Jaishankar, who was in the UAE on Sunday, also exchanged views with Al Nahyan on regional and global issues. He visited the iconic BAPS Hindu Mandir in Abu Dhabi and participated in the 10th International Yoga Day celebrations before meeting Al Nahyan.

Abhishek Sharma and Riyan Parag and pace sensation Mayank Yadav are likely to get their maiden Indian team call-up for the upcoming T20I series against Zimbabwe, as per sources. India will be touring Zimbabwe for a five-match T20I series following the conclusion of the ongoing ICC T20 World Cup. The series will start on July 6 and go on until July 14 with all matches taking place in Harare. The sources added that the series will witness a lot of senior players being rested as well.

Pranav Chawda, head of commercial banking for India, will expand his current responsibilities to become the head of India Corporate Banking and can confirm that PD Singh is leaving the firm, a JPMorgan representative said by email in response to queries from Bloomberg News.