India Financial News

Unicommerce Esolutions has tagged Japanese investor SoftBank, which holds a nearly 30% stake in the ecommerce enterprise software developer, as well as Snapdeal cofounders Kunal Bahl and Rohit Bansal as the Gurugram-based company's promoters in an addendum filed to its draft IPO prospectus. The original draft red herring prospectus filed with the Securities and Exchange Board of India had named only AceVector Ltd — the parent company of Snapdeal — as its promoter.

Nikhil Gupta, an Indian national, has been extradited from the Czech Republic to the United States in connection with an alleged foiled plot to murder Khalistan separatist Gurpatwant Singh Pannun. This extradition has brought renewed attention to the case against Gupta, who allegedly hired a hitman at the behest of an Indian government official. The US Department of Justice claims Pannun was targeted for exercising his freedom of speech in America. Gupta has pleaded not guilty. Gupta's extradition was approved by Czech authorities on June 3 but was made public just before the visit of US National Security Advisor Jake Sullivan to India. Sullivan’s visit, primarily aimed at reviewing the Initiative on Critical and Emerging Technology (iCET) with his Indian counterpart Ajit Doval, was overshadowed by the developments in the Gupta case. Czech Justice Minister Pavel Blazek announced the extradition the same day Sullivan landed in India. Subsequently, a group of Democrat senators wrote to Secretary of State Antony Blinken demanding a stronger response to the alleged Indian involvement in the plot. According to the US Department of Justice, Pannun is a dual US-Canadian national and political activist. They assert that «Pannun is an American national and political activist who was targeted for exercising a 'quintessential American right: his freedom of speech.'»

health ministry reported that 143 people across India had succumbed to heatstroke this summer, based on confirmed data from states as of June 20. However, numbers collected by TOI from state governments indicate 209 confirmed heat-related deaths, in addition to 239 suspected deaths, totaling 448 confirmed and suspected fatalities this season. The health ministry's data shows Uttar Pradesh recorded the highest number of such deaths at 35, followed by Delhi with 21 deaths. Rajasthan and Odisha each reported 17 fatalities due to heatstroke. Ministry sources suggest that the death toll may increase as investigations into some suspected heatstroke-related deaths are ongoing. According to TOI's data, Delhi has recorded 76 heat-related deaths so far, marking the highest confirmed toll in the country. These figures were compiled from various government hospitals in the capital. Uttar Pradesh's Relief Commissioner Office reported 51 confirmed heat-related deaths, with an additional 65 suspected heat-related fatalities, including 51 in Ghaziabad district and 14 in Noida district.

Kabirdas Jayanti, also known as Kabir Prakat Diwas, commemorates the birth anniversary of the esteemed mystic poet and social reformer Kabir Das. Celebrated annually on the full moon of Jyeshtha (May or June), this day in India honours Kabir's enduring legacy of love, tolerance, and social harmony. His teachings, which highlight the unity of God and the futility of religious divisions, continue to inspire people across generations. Kabir's poetry, sermons, and aphorisms are cherished worldwide, reflecting his profound impact on spiritual thought.

Indian firms had seized upon the opportunity thrown open by the Act to supply cheaper generics to American drug stores. Tapping chemistry skills abundantly available in the country, Indian pharma companies had become experts at reverse engineering off-patent drugs. In the past, Cipla had produced a less than a dollar anti-malaria drug, while Lupin had launched low-cost medication for tuberculosis.

₹537.02 crore, comprising a fresh issue and an offer-for-sale.The Bengaluru-based furniture maker raised over ₹161.10 crore from anchor investors on Thursday ahead of its initial public offering.Stanley Lifestyles is a super-premium and luxury furniture brand in India involved in manufacturing and retail operations.Experts point out that in FY23, it was the fourth-largest revenue-generating player in the home furniture segment in India.Stanley Lifestyles is among the first few Indian companies in the super-premium and luxury furniture segment and one of the few Indian companies present across various price points, such as super-premium, luxury and ultra-luxury segments, through its various brands.Here are ten key points about Stanley Lifestyles and its IPO:A book-built issue of ₹537.02 crores, Stanley Lifestyles IPO combines a fresh issue and an offer-for-sale (OFS) by its promoters and shareholders. It comprises a fresh issue of ₹200 crore and an OFS of 91,33,454 shares, aggregating to ₹337.02 crore.The promoter-selling shareholders under the OFS are Sunil Suresh and Shubha Sunil, who will offload up to 11.82 lakh shares each.

he would “love" to coach the Indian cricket team but has recently remained tight-lipped. However, during an event in Kolkata, Gautam Gambhir said he is “not seeing far ahead" when asked about his future as the Indian coach.Gautam Gambhir said, “I don't see that far ahead. You are grilling me, asking me all tough questions.

Arif Abubakar Shaikh, also known as Arif Bhaijaan, the brother-in-law of fugitive gangster Chhota Shakeel and an accused in a terror-funding case, passed away on Friday evening at Mumbai's J J Hospital. Shaikh, 61, a businessman, was arrested by the National Investigation Agency (NIA) in connection with a case involving several members of the Dawood gang, including Dawood Ibrahim and Shakeel themselves.

India-UAE leg of the strategic India-Middle East Europe Economic Corridor (IMEE-EC) is set to begin, with a digital platform for information exchange between the two countries' ports expected to be operational within the first 100 days of the Modi government, according to The Times of India. Despite tensions in West Asia affecting the project, the G7 recently expressed strong support for the ambitious multi-country initiative. The India-UAE sea corridor is divided into five phases, with the second phase focusing on customs connectivity and the third on regulatory agencies. The IMEE-EC aims to facilitate the seamless movement of cargo from locations like Hajipur in Bihar to Haifa in Israel, requiring common port and customs documentation across countries, as well as standardized equipment and containers in all ports and dry docks.

Gautam Gambhir addressed his future as the head coach of the men's national team and stated that he isn't «looking far ahead» as he is in a «happy space» at the moment. The Board of Control for Cricket in India (BCCI) is evaluating the next head coach as the stint of Rahul Dravid is about to reach its conclusion following the end of the T20 World Cup 2024 in June. Gambhir has been heavily linked with the role, with many former cricketers backing the 2011 World Cup winner to thrive as the head coach of the Indian team.

Leader of the Opposition? Why wasn't there any Leader of the Opposition in the Lok Sabha since 2014? Why is the Congress likely to get the post? The lies in numbers.The Leader of the Opposition is the Leader of the largest opposition party. The post was not recognised till 1969 when Ram Subhag Singh became the first recognised LoP of the Lok Sabha.The post received statutory recognition through the Salary and Allowances of Leaders of Opposition in Parliament Act, 1977.The Act defines the term ' Leader of the Opposition' as that member of the Lok Sabha or the Rajya Sabha who, for the time being, is the Leader of that House of the party in Opposition to the government having the greatest numerical strength and recognised, as such, by the chairman of the Rajya Sabha or the speaker of the Lok Sabha.Although several political parties may exist in the Opposition, the post of Leader of the Opposition is said to be taken up by the party that secures one-tenth of the total strength of the Lok Sabha.

personal guarantors seeking to resolve their financial difficulties", the Ministry of Corporate Affairs (MCA) said in a communication to stakeholders. Personal guarantors give lenders an assurance of the repayment of loans taken by corporate debtors. Usually, these individuals are promoters or directors of the companies concerned or occupy key positions in them. Earlier this week, the insolvency regulator floated a discussion paper seeking to make it difficult for personal guarantors of defaulting firms to escape liabilities.

N Biren Singh on Friday that Manipur is a top priority for the Modi government and that a solution to the ongoing crisis in the state will likely be achieved within the next 2-3 months. Manipur is battling ethnic strife for more than a year now. Talking to media persons in Imphal on Friday, Singh said that violence continues in some areas due to a lack of security personnel, but the situation is improving as security forces which were taken out of the state for general election duties have come back and have been redeployed in vulnerable areas. «Now, the situation will be better,» he added.

state governments and union territories asking them to strengthen the enforcement mechanisms to prevent any violation of The Child and Adolescent Labour (Prohibition & Regulation) Act, 1986. The diktat comes days after over 50 children under the age of 14 were found working in Bhopal-based Som Distilleries and Breweries, a listed company. In its advisory that ET has seen, the labour ministry has also states to expedite the rescue and rehabilitation of the affected children, ensuring that they receive proper care and access to education as outlined in the standard operating procedures laid down by the government.

Telecommunications Act 2023 will come into force from June 26. However, some other sections of the Act like those relating to administrative allocation of spectrum, including for satellite services, and the adjudication mechanism etc will be notified later. “In exercise of the powers conferred by sub-section (3) of section 1 of the Telecommunications Act, 2023 (44 of 2023), the Central Government hereby appoints the 26th Day of June 2024, as the date on which the provisions of sections 1, 2, 10 to 30, 42 to 44, 46, 47, 50 to 58, 61 and 62 of the said Act shall come into force,” a gazette notification issued late Friday said. Officials told ET that the new Telecommunications Act and these sections have come into force. “All existing provisions and rules continue unless repugnant to these sections,” a top official said.

Bill Gates isn't the first name that you'd think of after watching Oppenheimer. But TerraPower, the nuclear reactor engineering company the Microsoftwala founded in 2006, began constructing a micro nuclear reactor plant, Natrium, in Wyoming this month. This marks a quiet, commercially untested class of nuclear reactors: small modular reactors (SMR).

global economic crisis, interest and exchange rates moved steadily to make NRI deposits more rewarding. This was aided by temporary easing of interest rate flexibility, and risk provision allowed by RBI on such deposits. Finally, India has not been a contributor to global uncertainty in economic or political terms, which improves the risk profile of deposits held by NRIs in the country. These favourable influences are expected to continue, making for secular growth in India's non-resident deposits.

Also Read: Suryakumar Yadav - Jasprit Bumrah power India to 47-run victory. Rohit says ‘ we had class bowlers’India has won the last four times it has faced Bangladesh in the T20 format and has lost only once in the duo’s entire T20 match history. The match comes one rest day after India crushed Afghanistan, winning by 43 runs and showcasing its unbeaten form.

Oppo A3 Pro is priced at Rs. 17,999 for the 8GB + 128GB model, while the 8GB + 256GB variant is available for Rs. 19,999.

Also read | With premium coffees and pricey hair serums, consumer goods makers woo the well-heeledHUL’s turnover in the financial year ended 31 March increased 2.5% year-on-year to ₹59,579 crore, while profit after tax rose 1.5% to ₹10,114 crore. Volumes grew 2%.While HUL is focused on expanding its premium products portfolio, Paranjpe is hopeful of a recovery at the mass-end of the market.“It is really the mass-end of the business where inflation had squeezed discretionary incomes of people and curtailed demand.

have urged the government to reduce taxes on farm equipment and increase allocations for agricultural research and development and a flagship programme meant to support farmers.In a meeting with Union finance minister Nirmala Sitharaman on Friday as part of consultations ahead of the annual budget for 2024-25, they also urged higher allocations to strengthen the Agricultural and Processed Food Products Export Development Authority (APEDA), a government export trade promotion body.The upcoming full-year budget is expected to be presented in July.India’s agriculture sector grew at a mere 1.4% in financial year 2023-24, much below its pre-pandemic decadal average of 4.4%, due to erratic monsoons. The sector is expected to improve in the current fiscal year because of anticipated normal monsoons and a favourable base effect.Agricultural stakeholders at the meeting on Friday also urged the government to strengthen trade and exports post-harvest management, develop districts as export hubs, establish boards for each agri-commodity under the private sector, and fund global market access programmes.“We have suggested an acceleration of agriculture growth rate through a substantial increase in agricultural R&D up to ₹20,000 crore from ₹9,500 crore," said M.J.