India Financial News

Reliance Industries Limited (RIL) has been named one of the World's Most Influential Companies by TIME magazine, making its second appearance on the prestigious TIME 100 list. This recognition places Reliance in the 'Titans' category, highlighting its transformative impact across various sectors in India and beyond. According to a press release, Reliance now holds the unique distinction of being the only Indian company to have been included twice in this elite list. This recognition comes after Jio Platforms, a subsidiary of Reliance, was included in the inaugural TIME 100 Most Influential Companies List of 2021. This distinction makes Reliance the only Indian company to receive this recognition twice, showcasing its continued impact and influence on a global scale.

temperatures across India are having their worst impact in the country's teeming megacities, experts said Thursday, warning that the heat is fast becoming a public health crisis. India is enduring a crushing heatwave with temperatures in several cities sizzling well above 45 degrees Celsius (104 degrees Fahrenheit). Temperature readings in the capital New Delhi rose into the high 40s Celsius this week, with power usage in the city — where the population is estimated at more than 30 million — surging to a record high on Wednesday.

TPG Asia on Thursday sold its entire stake in wire and cable manufacturer RR Kabel through block deals, according to exchange data. TPG Asia offloaded about 5% stake or just over 56 lakh shares at around Rs 1,701 apiece. This valued the deal at around Rs 958 crore.

situation in Bishkek is normal and the Indian Embassy in Kyrgyzstan remains ready to assist students in every manner, Ministry of External Affairs official spokesperson Randhir Jaiswal said on Thursday. While addressing a media briefing, Jaiswal informed that direct flights between Bishkek and Delhi can be availed by students who wish to return to India after their exams in Kyrgyzstan. Asked about the situation in Bishkek, he said, «The situation in the capital of Kyrgyzstan, Bishkek is normal. Some two weeks back or so, there were some incidents involving foreign students, not Indians. Because of that, Indian students got worked up. They were really concerned. Our embassy swung into action. We established helplines to assist the students.»

Orient Electric, part of the diversified $3 billion CK Birla Group, has appointed Ravindra Singh Negi its managing director and CEO, effective May 31, 2024 (subject to regulatory approvals), the company said in a statement on Friday. Negi joins the Orient Electric Board as a full-time Director and will be based in New Delhi. “Negi’s extensive experience across industries and especially electrical consumer durables will be pivotal in guiding Orient Electric towards sustained growth,” CK Birla, Chairman, Orient Electric said in a statement. “Under his leadership, Orient Electric will accelerate its journey to becoming a future-ready consumer-centric organisation. He will continue to build organisation capability and execution excellence towards growing all key businesses.”

IEX, Infosys, Havells etc, will be in focus today on the back of corporate actions like stock split, and the annual general meeting (AGM) on Friday. Here is a list of corporate actions lined up for the day:

Fatemah Ahmedi* feels like a loser.

In a shareholder letter published on Tuesday (28 May), the board set out plans for HANetf to drop fossil fuels from the fund's ESG screening criteria. The current ESG screens ban companies that do not comply with the UN Global Compact principles and are involved in, linked, and/or whose partial or total revenues come from fossil fuels, conventional weapons, controversial weapons and/or tobacco production. Lloyd Capital and HANetf partner for double equity ETF launch The revised criteria will remove fossil fuels from its screening, but it will now exclude companies from the index th...

Shares have opened higher in Europe after a retreat in Asia

20 Microns Ltd.(up 3.31%) stood among the top gainers.

BFSI (banking, financial services, and insurance), and hospitality sectors witnessed an increased demands for talents in the first four months of 2024, indicating a recovery in overall job market, a report said on Thursday. Driven by economic recovery, the demand for workforce in BFSI increased the maximum by 21 per cent during the first four months of this calender year. The e-commerce sector saw an increase of 17 per cent, services and hospitality industries reported a growth of 13 per cent, according to a report by professional networking platform Apna. The report is based on the data on Apna platform during 2023 and 2024. It also found that the job market in the southern part of India saw a growth of 23 per cent compared to 18 per cent last year, with cities like Hyderabad, Bengaluru and Chennai leading in terms of total number of job postings.

BJP of making efforts to mislead the people on religious and divisive issues in the Lok Sabha election campaign, Congress president Mallikarjun Kharge said on Thursday that Prime Minister Narendra Modi in his speeches over the past 15 days «did not speak a word» on unemployment and price rise even as he mentioned «Modi» 758 times, Congress 232 times and referred to INDIA alliance 573 times. Addressing a press conference here, Kharge expressed confidence of the INDIA bloc forming the government after the Lok Sabha polls and said they will take everyone along. He accused the Election Commission of not acting on «divisive» speeches by PM Modi

The NSE Nifty index closed 216.05 points down at 22488.65, while BSE Sensex ended down 617.3 points at 73885.6.

The NSE Nifty index ended the session 216.05 points down at 22488.65, while BSE Sensex fell 617.3 points to 73885.6.

Rooftop solar capacity installations in India registered a 26 per cent year-on-year decline to at 367 megawatts during January-March period, mainly on account of rise in input cost, according to Mercom Capital. The country had witnessed 485 megawatt (MW) of rooftop solar installations during the first quarter of 2023, the research firm said in a report on Friday. India added 367 MW of rooftop solar in the March quarter. Installations fell nearly 10 per cent quarter-over-quarter from 406 MW and dropped over 24 per cent year-on-year from 485 MW, the report titled 'Q1 India Rooftop Solar Market' said. India's cumulative rooftop solar capacity was 10.8 GW as of March 2024.

«We have been through a variety of political dispensations in the last three decades and growth has been in the 6-7% area. India rarely grows much faster than 7% and rarely grows much slower than 6%,» says Saurabh Mukherjea, Marcellus Investment Managers. Tell us what exactly were the conversations like when you were sitting far away from India, but looking at India from the foreign lens, in conversation with some of your prospective clients? What were they asking you or probing you, what were they most curious about? Let me break it into three parts. Obviously, the first discussion tends to be, what will happen in the elections, what do you think? And my response is, I really do not know. You can read the newspapers as well as anybody else can, I tell my clients. And the simple point of view on that is, regardless of what happens in the election, it looks like there will be policy continuity.

Board of Control for Cricket in India is hunting for the next head coach to guide the Indian Cricket team, the one name that's gaining popularity is former Indian opener Gautam Gambhir.Though nothing concrete has been decided as of yet, nor the BCCI has indicated its decision, former Indian skipper Sourav Ganguly has suggested the BCCI to choose the coach and institution wisely.ALSO READ: Gautam Gambhir meets Jay Shah after IPL final amid India Head Coach rumours; netizens speculate, ‘Salary kitna loge’Taking to X, Ganguly has suggested, "The coach's significance in one's life, their guidance, and relentless training shape the future of any person, both on and off the field. So choose the coach and institution wisely…"The deadline for receiving application for the top post was 27 May, but it appears the BCCI is in no hurry to select current head coach Rahul Dravid's successor.

Indian economy is on a firm footing with an improved external sector sustainability and a robust corporate balance sheet which along with a thrust on production linked incentive schemes could boost employment, said the Reserve Bank of India in its annual report. «The outlook for the Indian economy remains bright, underpinned by a sustained strengthening of macroeconomic fundamentals, robust financial and corporate sectors and a resilient external sector,» RBI said.

flight simulator provider Simaero on Thursday announced investing USD 100 million in India to train up to 5,000 pilots over the next five years, wherein the company will also set up training infrastructure and simulators. At the current exchange rate, USD 100 million translates to more than Rs 8,300 crore. The construction of its training facility is underway in the national capital and is expected to be completed by the fourth quarter of 2024. The facility, which will be spread over 4,500 square metres, will feature eight full-flight simulators for A320 neo and B737NG aircraft types. «The facility will offer comprehensive training solutions, with devices certified by both DGCA and EASA authorities, and an in-house ATO (Approved Traininig Organisation) covering all main pilot recurrent training programmes, including initial type rating and recurrent training, with various aircraft-type simulators for airlines,» the company said in a release.

Reserve Bank of India (RBI) Thursday said that banks must reduce their reliance on wholesale deposits to fund loans, and be watchful of the risks associated with their advances and trading exposures amid interest rate fluctuations. “Considering the dynamic nature of the interest rate risk, banks may have to address both trading and banking book risks, especially in the light of moderating net inter margins,” the RBI said in its annual report for FY24 Thursday. “On the liabilities side, it is imperative to focus on diversification of deposit sources as reliance on bulk deposits heightens sensitivity to interest rate fluctuations,” it added. The RBI also pointed out that regulatory measures aimed at slowing consumer lending have worked.

rupee ended higher on Thursday, halting a three-day losing streak, supported by dollar inflows related to the rebalancing of the MSCI equity indices. The rupee ended at 83.3175 to the U.S. dollar, compared with the close of 83.3450 in the previous session. The local currency had dipped to 83.4375 earlier in the session, following a further rise in U.S. Treasury yields.