India Financial News

₹1,660.15 crore in the JV. “NGEL has a tie-up with IOCL. It is also taking to HPCL and Hindalco, among a few others.

Mint explains their working, the impact on airlines and passengers. Bilateral rights are granted under air service agreements between two countries. They are a set of commercial aviation rights granting an airline the right to enter another country’s airspace.

₹51 trillion and a market share of over 61.5% in life insurance, is keen to secure a composite licence—a licence planned to be introduced by the Insurance Regulatory and Development Authority of India (Irdai) that will allow an insurer to sell both life and non-life policies. “For LIC, this makes sense. The work is on internally.

Buy or sell stocks for today: Despite weak global market sentiments on the hawkish US Fed meeting outcome, the Indian stock market ended higher for the third straight session. The Nifty 50 index finished 75 points higher at 23,398, and the BSE Sensex scaled 204 points north and ended at 76,810.

Ambuja Cement, Vodafone Idea, Puravankara, Wipro among others will be in focus due to various news developments. L&T Finance

government is looking to set up a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming and Comics (AVGC) and Extended Reality (XR) in Mumbai while also proposing a policy on AVGC to spur growth of this sunrise sector and unlock its full potential, several people told ET. The NCoE will be built in Film City, Mumbai where the Maharashtra government has allotted 10 acres for the project costing more than Rs 1,000 crore.

Yummo brand ice-cream ordered from Zepto on Thursday adds to the growing list of safety concerns raised over food items delivered by ultra-fast delivery firms. The customer has filed a police complaint.

budget to be presented next month. Electric two, three, and four-wheelers are expected to be supported under the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme, which could receive a budgetary allocation of about Rs 10,000 crore, people familiar with the deliberations told ET. “Discussions are on… FAME III could be announced in the full budget,” a senior official said. The heavy industries ministry, which administers the scheme, has already sent a plan for vetting to the Prime Minister’s Office (PMO).

Offsites may never be the same again. Corporates across sectors such as banking, auto and insurance have loosened their purse strings for top performers, partners and distributors this season and are rewarding them with unique travel experiences, luxury watches and bags as well as catch-ups with Bollywood celebrities and other rewards. Travel, including trips with families, figures high on the rewards and incentives list.

A recent study by the Employee Benefit Research Institute, published right after Asian American and Pacific Islander Heritage Month in May, sheds fresh insight into the financial position of the AAPI community in the US.

MCA) has slapped penalties totalling Rs 8,14,200 on Samsung Display Noida Private Ltd, its managing director Seung Kyu Lee and three others for alleged violation of the significant beneficial owner (SBO) norms under the Companies Act, 2013. In its order dated June 12, reviewed by ET, the Registrar of Companies (RoC) for Uttar Pradesh under the MCA has said the company «has failed to exercise the due diligence to ascertain the SBO in terms of the provisions of the section 90 of the Act». As per Samsung Display Noida's February 2024 letter cited in the order, it's fully owned by Samsung Display Co (Korea), which, in turn, is 84.8% owned by Samsung Electronics Co (Korea). Section 90 of the Companies Act, 2013, typically requires companies to disclose their significant beneficial owner details to authorities.

access to some patented medicines, the government has allowed global tenders to be floated for procurement of 120 drugs, including anti-diabetic medication Semaglutide, after the health ministry raised concerns over lack of domestic options. The decision was notified by the finance ministry last week, people in the know told ET. With this, it will become easier for people in India to procure medicines which are either not available in the country because they are patented, or are not being produced here due to technological barriers. «This will open doors to various such products and will benefit the Indian patient,» said an industry insider.

National Highways Authority of India (NHAI) has scrapped the requirement for developing wayside amenities along new highways and expressways by road contractors and concessionaires. Instead, NHAI will seek separate bids from companies for developing such amenities. The step is aimed at attracting global expertise for creating wayside amenities (WSAs) in the country with a stronger focus on design and product innovations to boost return on investment while scaling up the experience of highway users. Under the existing provision, a highway contractor or concessionaire is responsible for developing WSAs, placing an additional responsibility on contractors to build, run and maintain such facilities.

Adani Group unit Ambuja Cement is to acquire Hyderabad-based Penna Cement at an enterprise value of ₹10,422 crore, adding to its capacity and market share in southern India. Mumbai-headquartered Ambuja Cement will acquire 100% of Penna Cement from existing promoter group P Pratap Reddy and family, the company said in a stock exchange filing. Penna Cement has around ₹3,000 crore of debt, including fund, non-fund debt and inter-corporate deposits, according to sources. Of the enterprise value, Ambuja Cement will hold back around ₹3,500 crore as milestone payments for completion of 2 million tonne (MT) cement capacity and 3 MT clinker facility at Penna's Rajasthan plant, which is likely in a year.

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PTC India Ltd in its meeting held on 13th June 2024 has decided that till a regular CMD is appointed, Dr. Manoj Kumar Jhawar, the current whole time director shall also exercise the powers of Chairman & Managing Director as have been delegated by the Board from time to time w.e.f.

Union Budget 2024 likely to be tabled in Parliament by third week of JulyAdditionally, a meeting of the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, is scheduled for June 22 in the national capital. This will be the Council's first meeting since their last gathering in October 2023.“We expect the new Finance Minister to focus on key areas that will help SME to strengthen enterprise security - Protect MSMEs from external risks such as cybersecurity threats, economic shocks, and supply chain disruptions.

Reserve Bank's nod to operate as an online payment aggregator via its payment gateway brand AuroPay. The authorisation from the apex bank enables the company to operate as an online payment aggregator to provide digital payments services to merchants across the country. «Aurionpro Payment Solutions Private Limited, a subsidiary of Aurionpro...has received final authorisation from the Reserve Bank of India to operate as an Online Payment aggregator under the Payments Settlements Act, 2007, through its payments brand AuroPay,» a company statement said.