India Financial News

The U.S. Supreme Court has refused to take up a challenge to an agreement that gave the Seminole Tribe exclusive rights to handle online sports betting in Florida, dealing a blow to the deal’s opponents

Vodafone Idea (Vi) has proposed borrowing Rs 23,000 crore from banks in term loans — and sought another Rs 10,000 crore in bank guarantees — as the country's third-largest telco looks to line up the capital expenditure necessary to compete effectively with bigger rivals Reliance Jio and Airtel in a telecom market that had once threatened to slip into a duopoly. The Vodafone Plc and Aditya Birla Group joint venture, which recently satisfied long-pending demands from the lenders to commit more equity to the business, submitted the term loan proposal at a meeting of a State Bank of India (SBI)-led banking consortium a few days ago, people familiar with the matter said. The loans sought are part of the targeted Rs 55,000-crore ($6.6 billion) capex funding Vi needs to boost 4G coverage and kickstart greenfield 5G rollouts in key markets. In its presentation to lenders, Vi said it needs the money to upgrade its mobile broadband network infrastructure in its 17 priority markets. Techno-economic viability report:

Kaiju No. 8 anime has premiered on Crunchyroll. Here is the release date and time of Episode 11 and the schedule of all upcoming episodes of this exciting new series.

bio-bitumen from biomass or agricultural waste, a move that would help reduce imports of the material used for asphalting of roads while also addressing the persistent issue of stubble burning. India currently imports about half of its annual requirement of bitumen and the target is to replace imports with bio-bitumen over the next 10 years, a senior government official told ET. «Based on the success of the pilot study, we hope to kick-start production of bio-bitumen on a large scale by the end of 2025,» the official added. The Central Road Research Institute (CRRI) will soon undertake a pilot study with the Indian Institute of Petroleum, Dehradun on a 1-km road stretch which will be built using bio-bitumen. If successful, the technology will be commercialised and transferred to a private entity or public sector enterprises for large-scale production of bio-bitumen, to be used in the construction of national highways.

renewable energy capacity in the ongoing financial year, higher than last fiscal's addition of 18.4 GW, two senior government officials told ET. Renewable energy sources contributed 71% to the 26 GW of power generation capacity that India added in FY24, according to the Council on Energy, Environment and Water. Nodal agencies with auction responsibility are likely to bid out 50 GW of renewable energy capacity in the ongoing FY25, as is the decided trajectory for each of the five years starting FY24. In the last fiscal year, the agencies auctioned around 51 GW of such capacity, according to one of the officials.

LNG imports fell 7.2% year-on-year in May as domestic demand stagnated and local production expanded. India imported 2,650 million metric standard cubic meters (MMSCM) of LNG in May, lower than 2,854 MMSCM a year earlier, according to the oil ministry data. The country consumed 5,708 MMSCM of natural gas in May, 0.3% higher than in the same month a year earlier. The data showed that a sizzling summer, which has boosted electricity demand across the country, had no significant impact on gas demand. An executive at a gas marketing company found it hard to explain the decline in LNG imports and stagnation in demand. He said the power sector has increased the use of gas for generation. And the only explanation could be that some other sectors cut down on gas use. Domestic production of natural gas expanded 6.7% in May from a year earlier to 3,105 MMSCM, helping offset the decline in imports. LNG prices have risen in recent months. JKM, the Asian spot LNG benchmark, averaged $11.9 per mmbtu in May, higher than $8.4 in February and $9.3 in May 2023. In June, it rose above $12 per mmbtu.

World Trade Organization (WTO) on the concessions the bloc can offer to New Delhi to mitigate the adverse impact of duties it levies on some steel imports. The two sides conducted consultations on June 7 on the EU's recent announcement of its decision to extend the existing safeguard measures on some steel product imports beyond the current termination date of June 30 for another two years. «India and the European Union were not able to reach an agreement,» India told the WTO on Monday. The measures hurt imports from many countries including India. «India requested the European Union to put forth its proposals for maintaining substantially equivalent level of concessions and other obligations and adequate trade compensation to mitigate the adverse effects of the proposed measure,» India said. India, China and Russia, along with five others have criticised the EU's decision to extend the levy on certain steel products, arguing that the measure, imposed after the US slapped additional duties on certain categories of steel imports from the bloc, in 2018, was inconsistent with the global trade body's rules.

India started off strong on the first day of Cannes Lions International Festival of Creativity, touted as the Oscars of the ad-world, with one silver and two bronze Lions at the time of going to press. Ogilvy Mumbai won a Silver Lion in the Outdoor Lions category for their 'Megh Santoor' campaign for Brooke Bond Taj Mahal tea — an innovative musical billboard that played a rendition of 'Raag Megh Malhar' whenever it rained. Last year, the campaign also picked up a Guinness World Record for the largest environmentally interactive billboard. India also shone in the health and wellness category, clinching two bronze Lions. One for Ogilvy's 'The Impossible Choice' campaign and the other for McCann's 'Fit my Feet' campaign. «Our compassion-driven and design-led idea helps uplift individuals with clubfoot while also providing a new commerce stream to the cobbler community of India,» said Prasoon Joshi, chairman, McCann Asia Pacific & CEO and chief creative officer McCann India. Out of a total of 26,573 entries submitted across 31 categories, India has submitted approximately 826 entries and garnered 44 shortlists as of now. With three metals already under its belt, the Indian contingent could potentially best its highest Cannes tally — 47 metals in 2022, including two titanium Lions. Last year, the country grabbed 25 metals. Accenture Song's creative chairperson Nick Law kicked off the festival with their annual 'song simplifies' session.

will establish India’s presence on a strategic route considered to be the main gateway for shipments from the Indian subcontinent to Europe. “The use of the International North-South Corridor (INSTC) and the Chabahar port would be quite beneficial, and coking coal is among the key mineral resources along with few others from central Asia being looked at for sourcing by India via this route," one of the persons cited above said on condition of anonymity. The INSTC is a 7,200-km network of ship, rail, and road routes being developed to move freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe.

ALSO READ: Captain Babar Azam on Pakistan's T20 World Cup 2024 exit, 'cannot play in every player's place, there are 11 players...According to a report by news agency PTI, which quoted Pakistani media outlets, Kristen didn't mince his words while asserting the team's shortcomings after being disqualified from the T20 World Cup.His remarks pointed out that the Pakistan cricket team should address the apparent lack of cohesion and unity within their ranks."There's no unity in Pakistan's team. They call it a team, but it isn't a team.

IFC will make the investment through long-term non-convertible debentures allocated to the project's special purpose vehicles, which are implementing the project.Megawatt peak (MWp) refers to the maximum power output capacity of a solar or wind power project that varies depending on wind speed and strength of sunlight.A joint statement from IFC and Brookfield said that following the commitment, Brookfield will provide solar power to commercial and industrial (C&I) consumers across India at more competitive tariffs through long-term power purchase agreements (PPA) and contribute to the nation’s decarbonization goals."This is IFC’s first investment in Asia and the Pacific using an innovative hybrid offtake structure where the project sells the power generated to C&I consumers under long-term corporate PPAs and merchant market through exchange. The project will be connected to the inter-state transmission system section of India’s green energy corridor," said the statement.Imad N.

Vodafone Idea (Vi) is confident its operational creditors, including network gear makers Nokia and Ericsson and tower vendor Indus will continue to support it despite delays in clearing their dues as the telco’s upcoming 4G-cum-5G blitz will generate fresh business for them. “Vendor negotiations shouldn’t impact, despite payment issues. With (our) peers’ post-5G capex peak, equipment vendors potentially see Vi as the primary source of growth, making their support likely in addition to the recent preference shares issued for part dues,” Vi’s CFO Murthy GVAS told global brokerage J P Morgan at a recent meeting. Global brokerage J P Morgan also quoted Vi’s Murthy saying that even for Indus, which has “a high proportion of single-tenant towers recently rolled out for LTE coverage, Vi offers a profitable second tenancy and loading revenues that should keep the terms of trade in the telco’s favour”.

NHAI will begin work on the Rs 4,000-crore Chattergala tunnel in Jammu and Kashmir at the earliest, Union Minister of Road Transport and Highways Nitin Gadkari said on Monday. Gadkari on Monday chaired a review meeting that was also attended by Union Minister of State in the Prime Minister's Office (PMO) Jitendra Singh. «The prestigious Chhatergala tunnel work, costing about Rs 4,000 crore, will be executed by the National Highways Authority of India (NHAI) and the underpasses on the Kathua express corridor section, wherever demanded by the public, will be undertaken at the earliest,» an official spokesperson said after the review meeting. During the meeting, Singh thanked Gadkari for accepting most of the suggestions and proposals put across by him.

Boruto Two Blue Vortex Chapter 11 has fans eagerly awaiting the next developments. With new power-ups and intense battles, the chapter promises significant moments for key characters.

ISRO astronauts at the NASA Johnson Space Center. A fact-sheet issued by the US and India after the iCET Dialogue between US National Security Adviser (NSA) Jake Sullivan and National Security Advisor Ajit Doval said the two sides are also exploring opportunities to participate in the Lunar Gateway Programme. The Lunar Gateway Programme aims to build a space station around the moon as part of the collaborative Artemis programme spearheaded by the US. The fact-sheet said the talks between the two NSAs explored opportunities for India's participation in the Lunar Gateway Programme, as well as joint avenues for collaboration in other space technologies.

Air India Express announced on Monday that it had completed Operational Safety Audit (IOSA) by the International Air Transportation Authority (IATA), the trade association of airlines worldwide. Improving airline operational safety and enhancing efficiency are the two key elements of the IOSA registration. The audit looks at corporate organization and management, flight operations, operational control and flight dispatch among other key areas. '’We are proud to announce our successful completion of the IATA Operational Safety Audit (IOSA). The IOSA is a rigorous evaluation process, and achieving this distinction reinforces our commitment to upholding the highest international standards across all aspects of our operations," said Aloke Singh, Managing Director, Air India Express.

Yediyurappa for three hours on Monday in connection with a POCSO case registered against him.Yediyurappa appeared before a team of CID, which had summoned him for an inquiry in connection with the case. «He was questioned for three hours,» a CID officer said. The Karnataka High Court on Friday restrained the CID from arresting the veteran BJP leader in connection with the March 14 case.

European Commission has slapped 8-11.4% anti-dumping duty on Indian optical fibre cable (OFC) manufacturers including Sterlite Technologies, Birla Cables, Universal Cables, Vindhya Telelinks and others who were exporting OFC to Europe. After a six-month long investigation, including being physically present at the factory premises of these companies, the Commission, last week decided to levy the duty on as many as ten companies, barring HFCL which was found to be following fair business practices. Sterlite Technologies Ltd and its subsidiary Sterlite Tech Cables Solutions Ltd are facing the highest levy of 11.4%, followed by Birla Cables, Universal Cables and Vindhya Telelinks who are facing a duty of 8.7%.

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IIFL Finance's microfinance subsidiary IIFL Samasta Finance has garnered Rs 216 crore through its second public bond issue against a Rs 1,000-crore target despite higher interest rates, as investors were likely concerned over the regulatory scrutiny on IIFL Finance's gold loan business. IIFL Samasta Finance is 100% owned by IIFL Finance.

Lupin said it has entered contract development and manufacturing organisation (CDMO) business, with newly formed subsidiary, Lupin Manufacturing Solutions (LMS). The company on Monday named Abdelaziz Toumi (Abdel) as the chief executive officer of LMS. LMS will engage in the development, manufacture and sale of active pharmaceutical ingredients and is starting to build its CDMO.