India Financial News

exit polls, which are expected to forecast the potential composition of the next government. The focus will primarily be on determining whether the ruling National Democratic Alliance (NDA) or the opposition bloc led by Congress, known as INDIA (Indian National Developmental Inclusive Alliance), is likely to secure victory. However, exit polls, often eagerly awaited and scrutinized after the completion of election seasons, are not without their flaws. Despite their seemingly scientific methodology, several factors can contribute to inaccuracies in their predictions. 1. Faulty Basic Premise: Exit polls operate under the assumption that voters will truthfully reveal their choices during personal interviews. However, this premise can be faulty. Some individuals may intentionally deceive pollsters, while others, particularly from marginalized or vulnerable communities, may feel pressured to conceal their true opinions.

5G subscriber base is expected to rise to 20-25% of overall users from around 17% now. But 5G adoption won’t be as fast as 4G because the average selling price of 5G smartphones is still 2-4x higher than normal smartphones, said India Rating and Research (Ind-Ra). The ratings firm added that the Indian telecom industry was at an inflection point in fiscal 2024 with their investments in 5G networks and spectrum renewal having peaked to almost $20 billion. Thereafter, telcos would keep their investments subdued while possibility of tariff increase remains uncertain. «The cash outflow towards spectrum renewal/acquisition could be a marginal drag on cash flows from FY25. Visibility on meaningful tariff hikes remains uncertain, since globally also 5G has not yielded any major tariff premium over 4G tariffs,” said Priyanka Bansal, associate director, Ind-Ra.

Boxing Federation of India (BFI) on Friday parted ways with the suspended IBA and joined the breakaway World Boxing in a bid to counter the threat to the sport's Olympic future. The move comes months after the International Olympic Committee reiterated its threat to leave boxing out of the 2028 Los Angeles Olympics if national federations continued to align themselves with the International Boxing Association (IBA). «It is absolutely vital to the sustainability of boxing that it retains its Olympics status, so we are delighted to join World Boxing,» BFI president Ajay Singh said in a press release.

Prashant Kishor is sticking to his poll forecast with about 24 hours left for the exit polls. The weeks long voting process for the Lok Sabha elections gets over tomorrow. The final phase of the seven phase Lok Sabha election will be finished tomorrow with polling in 57 parliamentary seats across seven states and the Union territory of Chandigarh. After the final phase of voting ends all eyes will be on exit polls. The news channels are allowed to air exit polls from 6:30 pm tomorrow. Speaking with Vir Sanghvi at The Print, Prashant Kishor said that he expects Modi-led BJP to get same number of seats it bagged in 2019 elections or may perform even better. «To my mind, BJP is going to come back with similar or slightly better majority. In my assessment, in west and northern India, I don't see BJP taking a material hit in terms of seat,» he said. BJP had bagged 303 seats in 2019 Lok Sabha polls, with bulk of seats from northern and western India. Prashant Kishor said the he does not foresee BJP losing that many seats from north and west India and the BJP has got «adequate cover from east and southern India.'

water level of the country's 150 main reservoirs has dropped to 23 per cent and is also 77 per cent less than last year's levels at this time, according to Central Water Commission (CWC) data. Last week, the live storage of these reservoirs was at 24 per cent. The present storage is merely 77 per cent of last year's levels and 94 per cent of the normal storage, CWC data stated. In its latest weekly bulletin, released on Friday, the commission said that «the total live storage available is 41.705 billion cubic metres (BCM), equating to 23 per cent of the total capacity».

Interglobe Aviation, which operates India's budget IndiGo airlines, has run trials on a new software related to passengers' safety and comfort, and is evaluating its in-flight safety announcements, the airline said on Friday. The airline is planning to launch another trial in the next two to three weeks for the safety and comfort-related software it tested, for its Airbus fleet, it added. A week back, an IndiGo flight headed to the northern Indian city of Jammu was forced to land in the city of Amritsar — roughly 210 kilometres (130.5 miles) away by road — after turbulence and adverse weather conditions in Jammu.

show cause notice to Air India after a 20-hour delay on a Delhi-San Francisco flight. The Tata Group-owned airline has been asked to respond within three days. «It has come to the notice of DGCA that flight Al-179 dated 24.05.2024 and flight Al- 183 dated 30.05.2024 were inordinately delayed and passengers were put to discomfort due to insufficient cooling in the cabin,» said the ministry in the notice. The flight on Thursday was delayed with passengers being made to sit inside the aircraft without air-conditioning in the capital's searing heat. Some of them allegedly fainted in the heat, while others pleaded to be allowed to alight.

battery materials producer Altmin is in talks with the Australian government to secure lithium supplies, the company's managing director said, as part of its expansion plans to meet rising demand for the critical mineral. «We are talking to the Australian High Commission and the critical minerals office,» Anjani Sri Mourya Sunkavalli told Reuters. Altmin, India's only cathode active materials producer, currently sources lithium carbonate from Brazil and Bolivia.

India stands at the forefront of technological disruption, and the advent of Web3 represents a seismic shift in how we interact with the digital world. As industries clamour for innovative solutions, the need for user-centric, decentralised technologies has never been more pressing. Web3 empowers users by separating their data from platforms and infrastructure, fostering unprecedented interactivity and true digital ownership. As per a report by Bharat Web3 Association the global Web3 and Metaverse market is expected to contribute $13 trillion to the global GDP by 2030. For India, this presents a massive opportunity. With over 900 startups in the sector and Indian employees making up 11% of the global Web3 talent pool, India is well-positioned. Since 2018, blockchain-related jobs in India have surged by 138%. Looking at the growth, Web3 could contribute over $1 trillion to the Indian economy by 2032.

Nirmala Sitharaman on Friday said the Modi government has turned around the banking sector through various reforms and improved governance which has led to banks recovering more than Rs 10 lakh crore from bad loans between 2014 and 2023. She said the Enforcement Directorate has investigated around 1,105 bank fraud cases, which resulted in the attachment of Rs 64,920 crore worth of proceeds of crime. As of December 2023, assets amounting to Rs 15,183 crore have been restituted to the Public Sector Banks (PSBs). «Recently, India's banking sector achieved a significant milestone by recording its highest-ever net profit, crossing Rs 3 lakh crore. The banking sector turned around due to PM Shri @narendramodi's strong and decisive leadership. Our government atoned for the UPA's sins in the banking sector through comprehensive and long-term reforms,» Sitharaman said in a post on X. She said there has been no leniency in recovering bad loans, especially from large defaulters, under the Modi government and the process is ongoing.

Info Edge (India) Ltd. traded 1.1 per cent up at Rs 5690.95 at around 01:08PM (IST) on Friday. The stock had closed at Rs 5754.75 in the previous session. Equity benchmark Sensex traded 209.61 points higher at 74095.21 around the same time.

crypto market saw a trading session mainly in the red on Friday, although Bitcoin (BTC) traded in the green ahead of forthcoming key inflation data, which could clarify the Federal Reserve’s interest rate plan. At 12:04 pm, BTC was trading 0.8% higher at $68,337, while Ethereum experienced a marginal decline of over 0.1% to $3,738. Meanwhile, the global cryptocurrency market cap rose by 0.3% to around $2.54 trillion in the last 24 hours.

Torrent Power Ltd.(up 3.73%), CESC Ltd.(up 3.44%), Transformers & Rectifiers(India)Ltd.(up 2.75%), NHPC Ltd.(up 2.23%), RattanIndia Power Ltd.(up 2.20%), Hitachi Energy India Ltd.(up 2.05%), Power and Instrumentation(Gujarat)Ltd.(up 1.95%), Adani Power Ltd.(up 1.74%), Tata Power Company Ltd.(up 1.72%) and Adani Energy Solutions Ltd.(up 1.58%) were among the top gainers.

GAIL (India) Ltd. traded 0.72 per cent up at Rs 200.8 at 11:06AM (IST) on Friday, even as BSE benchmark Sensex gained 117.91 points to 74003.51. The stock had closed at Rs 199.35 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 213.7 and Rs 103.2, respectively.

Mirzapur, a district made famous by an OTT series, has never seen an incumbent MP win a third term. Anupriya Patel, the sitting MP since 2014 from Apna Dal (Sonelal) and a part of the NDA, is determined to break this streak. At 43, she faces a strong challenge from Ramesh Chand Bind, a 50-year-old who switched from BJP to SP after being denied a ticket in his home constituency, Bhadohi. The Mirzapur parliamentary seat includes five assembly segments: Chhanbey, Mirzapur, Majhawan, Chunar, and Marihaan. While the fictional character "Kaleen Bhaiya" belongs to the reel world, real-life carpet traders in the region are looking for a representative who can address their business issues. Rajesh Kumar, vice-president of the All India Carpet Manufacturers’ Association, noted that although the «one district, one product» scheme has helped build the Bhadohi-Mirzapur carpet brand, the industry still lacks adequate support. He told TOI that recent years have seen the removal of incentives and the introduction of more regulations, which have hurt the business.

ACC Ltd. gained 0.9 per cent to Rs 2518.45 at 10:55AM (IST) in Friday's trade. The scrip hit a high of Rs 2542.05 and low of Rs 2513.65 so far during the session. The stock had closed at Rs 2495.8 in the previous session. The counter had a total traded volume of 10:55AM shares so far with a turnover of Rs 0.4 crore on BSE. The stock traded at a price-to-earnings multiple of 20.34 and a price-to-book ratio of 2.87.

India are closed on national holidays, state-specific holidays along with second and fourth Saturdays in the month and all Sundays, according to the Reserve Bank of India holiday list. The central bank designates certain holidays under the Negotiable Instruments Act, Real-Time Gross Settlement (RTGS) holidays, and Banks' Closing of Accounts. June bank holidays: Banks are closed for 10 days in June 2024;check dates, full state-wise list

Bank Nifty was up by 73.7(0.15%) at 31 May 2024 10:44:53 IST.Other stocks such as Sel Manufacturing Company, Shalimar Paints, KRBL, Berger Paints India, Route Mobile hit their fresh 52 wk lows today.

Shiva Group of Industries looked at two objectives when it got into the water business — provide drinking water at an affordable price and use the product as a vehicle for marketing too. With the mercury soaring in Delhi-NCR now, their efforts stand to fulfil these objectives in the region. Kashiish Nenwani and Amit Nenwani, directors at Delhi-based petrochemical firm Shiva Group of Industries, got into the drinking water business in January by launching bottled water under the brand of Wahter. The 250 ml bottle is priced at Re 1. About 80% of the label space on the bottle is empty; advertisers can put their names and brands here for a price, say the husband-wife duo.

heatwave, special arrangements have been implemented at RML Hospital to treat heatstroke patients effectively.Dr. Seema Balkrishna Wasnik, Head of Emergency Medicine at RML, spoke about the urgency and critical care measures in place and said that inflatable tubs filled with ice have been set up for heatstroke patients arriving at the hospital.Dr Seema Balkrishna Wasnik, HOD, Emergency Medicine, RML, said: "At RML hospital, if any patient (of heat stroke) comes in critical situation he is taken to the red zone, intubated, we have inflatable tubs.

meditation break in Kanyakumari, arrived at Vivekananda Rock Memorial in Tamil Nadu on Thursday evening. PM Modi started mediation on May 30 at the Dhyan Mandapam where Swami Vivekanand meditated once. It will conclude on June 1.Before reaching the memorial, the Prime Minister offered prayers at Bhagavathy Amman Temple in Kanyakumari, after the culmination of the seven-phase Lok Sabha election campaigns.