India Financial News

Ola is migrating its IT workload from Amazon Web Services (AWS) cloud as well, people involved in the process told ET, after having exited Microsoft’s Azure cloud. For Azure, Ola’s departure would mean a daily revenue loss of Rs5-25 lakh. For AWS, this number would range between Rs 30 and Rs 40 lakh, as per some estimates and disclosures by Ola founder Bhavish Aggarwal on X.

Allied Blenders and Distillers, India's third-largest Indian Made Foreign Liquor (IMFL) producer, plans to enter the capital market in the second half of June to raise about ₹1,500 crore, bankers told ET. The Mumbai-based company, known for Officer's Choice and Sterling Reserve whisky, refiled its draft red herring prospectus (DRHP) in January and received regulatory approval on May 10. The IPO comprises a ₹1,000-crore fresh issue and a ₹500 crore offer for sale. The company had initially filed its DRHP with the market regulator in June 2022 to raise ₹2,000 crore.

import of capital goods and machinery to build factories as manufacturers in China and Southeast Asia embark on their own expansion plans. That could potentially hobble their ability to meet any rise in consumption demand. Reliance is among Indian companies facing such challenges as it looks to set up production facilities for its fast-moving consumer goods (FMCG) business and scale it up, said a senior executive, citing difficulties in establishing bottling plants for Campa Cola with machinery suppliers asking for a year and more. Reliance didn't respond to queries.

India's sovereign outlook after 10 years to 'positive,' citing improved quality of public spending and expectation of broad continuity in reforms and fiscal policies. India's rating remains unchanged at BBB-. The agency said the country's rating could be upgraded in the next 24 months if it adopts a cautious fiscal and monetary policy that reduces the government's elevated debt and interest burden while bolstering economic resilience. «It's a welcome development,» finance minister Nirmala Sitharaman posted on X, «It has been possible due to the series of macroeconomic reforms undertaken since 2014, along with substantial outlay for capex, fiscal discipline, and decisive & visionary leadership.» Expressing enduring confidence in the economy, economic affairs secretary Ajay Seth told ET, «I am glad S&P, in its own assessment, has realised the strength of India's economy and upgraded outlook… The team led by the chief economic adviser could convince them (S&P) to reach (this) assessment.»

GenAI landscape, navigating complex compliances such as transfer pricing, SEZ (special economic zone), labour and data laws are among key priorities for the global capability centres (GCCs) operating in India, said a Nasscom-KPMG survey report. «81% of respondents mentioned transfer pricing as the top regulatory priority for GCCs in India. More than half of the respondents highlighted SEZ laws and STPI regulations (67%) and labour laws (60%) among key regulatory priorities,» stated the report titled 'GCCs in India: Building resilience for sustainable growth', to be released today.

bench strength at top Indian outsourcers has nearly halved in a very short span of time, but that isn’t necessarily a very bad thing for the global services leaders. Higher utilization and generative artificial intelligence (GenAI) are helping them drive efficiencies through the talent pyramid as the $254-billion industry rides out its toughest business cycle since the global financial crisis. “Large IT services companies typically maintained a bench of 20-30% of their workforce. This has significantly reduced, with many companies now reporting a bench size of around 10%,” said Krishna Vij, business head at staffing firm TeamLease Digital. “This shift can be attributed to increased focus on upskilling and training bench employees for redeployment.”

The Texas State Securities Board greatly damaged a fraudulent Arkbit cryptocurrency cloud mining operation on with a May 28 cease and desist order against Arkbit Capital for engaging in deceptive practices to perpetrate an alleged investment fraud.

₹4.43, marking a notable 48.34% increase YoY.In terms of market performance, DHP India delivered -1.23% return in the last week, -11.93% return over the last 6 months, and -11.59% Year-to-Date (YTD) return.Currently, DHP India holds a market capitalization of ₹210.13 Cr with a 52-week high/low of ₹994 & ₹627.5 respectively.FAQsQuestion : What is the Q4 profit/Loss as per company?Ans : ₹1.33CrQuestion : What is Q4 revenue?Ans : ₹16.41CrStay updated on quarterly results with our results calendarMilestone Alert! Livemint tops charts as the fastest growing news website in the world

₹15.79 for Q4 which decreased by 16.21% Y-o-Y.Astrazeneca Pharma India has delivered 11.76% return in the last 1 week, 36.22% return in last 6 months and 16.94% YTD return.Currently the Astrazeneca Pharma India has a market cap of ₹16157.5 Cr and 52wk high/low of ₹7220.95 & ₹3241.6 respectively.FAQsQuestion : What is the Q4 profit/Loss as per company?Ans : ₹39.48CrQuestion : What is Q4 revenue?Ans : ₹383.2CrStay updated on quarterly results with our results calendarMilestone Alert! Livemint tops charts as the fastest growing news website in the world

extension from the government to comply with the Liberalised Remittance Scheme (LRS) for international credit card spends, said people familiar with the matter. The scheme allows Indian residents to remit up to $250,000 abroad in a financial year for permissible purposes such as education, travel and investment. Last year, the government announced that forex transactions through credit cards would be covered under the scheme and charged 20% tax collected at source (TCS) beyond the threshold of ₹7 lakh per fiscal. Senior bank executives decided, at a meeting held earlier this month, to seek an extension till June 30 to fully calibrate their systems to report such transactions. «Earlier this month a communication was received from the RBI on the preparedness for implementing the guidelines,» said one of the executives, who did not wish to be identified.

Creditors have been able to recover nearly half their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution has been completed within the 330-day deadline but delays lowered the proportion of money they got back. Creditors recovered as much as 49% of claims when the IBC process was finished on time but this dropped to 26% when it took 600 days or more, according to Insolvency and Bankruptcy Board of India (IBBI) data. The IBC was introduced eight years ago, in May 2016. The latest data by the bankruptcy regulator establishes the cost of delays in insolvency resolution, going beyond anecdotal evidence. Insolvency resolution holdups, caused mainly by litigation, have been the IBC's gravest challenge, experts said. They called on the government to address this in amendments to the IBC--introduced in May 2016--that are expected to be made once the next government is in place. The IBC by itself isn't a recovery tool but a law that facilitates the market-driven resolution of stressed firms. However, recoveries through this route have often been flagged to gauge its efficacy. The resolution of 947 stressed companies under the IBC over these years has fetched creditors ₹3.36 lakh crore, or 32.1% of claims. A company's insolvency resolution takes an average 679 days, pointing to the scourge of delays.

India's peak power demand hit a record 246.1 GW till 0300 pm Wednesday as northwest and central parts of the country continue to reel under unprecedented heatwave conditions. The previous record of peak demand was set at 243 GW, including shortage, last September. The peak demand met was 240 GW last year. Peak demand that could not be met today, if any, will be available in a day, a government official said. Electricity demand surpassed the government's expected peak of 235 GW for solar hours in May. The power ministry had projected peak power demand at 235 GW this month during daytime and 225 GW during evening hours. The national capital recorded the highest ever peak of 8,302 MW as of 530 pm Wednesday. It breached the projected peak demand of up to 8,200 MW this summer. In Delhi, peak power demand crossed 7000 MW for 12 days in a row in May for the first time this calendar year. The city's peak power demand had clocked 8,000 MW on May 22. «The persistent heat wave across north India is leading to a sharp demand surge for electricity in the national capital,» a Tata Power Delhi Distribution Ltd spokesperson said.

NEW YORK: After two months of intense competitive cricket under night lights, the Indian cricket team, sans Virat Kohli, began its preparations for the T20 World Cup with a morning training session here, keeping in mind the 10.30am starts for all its preliminary games. Kohli took a break for personal work after RCB's IPL ouster and in all likelihood, he will join the squad by Friday. But it is not clear if he would be able to take part in the only warm-up game against Bangladesh on Saturday after a long flight.

A northern Virginia tech company is paying nearly $40,000 to settle claims it discriminated by posting a job listing seeking white, U.S.-born candidates for an opening as a business analyst

Platform for promise Congress' promise of directly crediting ₹8,500 into the accounts of women heads of families belonging to the BPL category under its Mahalakshmi scheme has received mixed response in UP. Those doubting it have just one statement to offer: «it will just be like BJP's promise of transferring ₹15 lakh to the accounts of Indian citizens every year.» But goaded by their wives, some are ready to support the party. «Like we hoped for ₹15 lakh, let us, for a change, hope for this too,» said a voter. ‘Khatakhat’, ‘Fatafat’ Congress leader Rahul Gandhi using the word “khatakhat, khatakhat” to denote how people will receive money in their accounts after INDIA bloc comes to power has caught on among other Congress leaders and Opposition leaders like Tejaswi Yadav who have made it a part of their campaign speeches now. Congress’ Varanasi candidate Ajay Rai recently asked people to vote “khatakhat, khatakhat” for him on June 1 and added if done, he would get their work accomplished “fatafat, fatafat, fatafat”.

Reserve Bank of India (RBI) has imposed stiff business curbs on two Edelweiss Group entities — ECL Finance (ECL) and Edelweiss Asset Reconstruction (EARCL) — for what it described as 'material' transgressions that allegedly involved 'evergreening of stressed assets'. The regulator has asked EARCL to stop acquiring financial assets, including security receipts (SRs), and to stop reorganising existing SRs into different tranches. In the case of ECL Finance, the RBI has asked the company to immediately stop all structured transactions related to its wholesale exposures, except for account repayments or closures in the normal course of business.

escort vehicle, part of the cavalcade of BJP's Kaiserganj Lok Sabha candidate Karan Bhushan Singh, on Wednesday rammed into a motorcycle in Gonda's Colonelganj area, killing two youths and injuring a lady. Singh is the son of Kaiserganj MP Brij Bhushan Sharan Singh, who is facing sexual harassment charges. The incident took place around 9 am near Huzurpur road crossing. The two youths — Rehan and Shehzad — were brought to the Colonelganj community health centre, where they were declared dead. The police took the vehicle, a Toyota Fortuner, into custody while the driver was arrested. According to their father, the two boys were going to get medicines. One of them had returned from Saudi Arabia. Following the accident, villagers gathered and protested against the accident, but were pacified by the police. A first information report was registered against the driver under sections 304A, 427, 279 and 184 of the Indian Penal Code.

Advertisers are grappling with whether to put their money solely on India's matches, particularly the eagerly awaited clash with Pakistan, or buy non-India games as Disney Star strives to sell a bulk of its ICC Men's T20 World Cup TV ad inventory, as per media buying executives. The India matches will air during prime time at 8 pm while most of the matches featuring non-Indian teams involve weaker teams and will broadcast at 6 am. For advertisers wanting to advertise only on Indian games due to guaranteed viewership, the price tag of Rs 27-30 lakh per 10 seconds is proving to be prohibitive, experts said. For all 55 matches, the ad rate is Rs 6.5-7 lakh per 10 spots.

stockpile of 400,000 vehicles worth ₹44,000 crore by this month-end as demand cools in India after a 3-year run of scorching sales. With car despatches to dealers outpacing demand, passenger vehicle registrations, taken as a proxy for retail sales, are also expected to fall by 5% in May from a year earlier. The likely decline — 2nd this year — comes amid election-related uncertainties, completion of marriage season, and heat waves in several key markets especially Delhi NCR, said industry executives. Automakers are expected to end May with wholesales or factory despatches to dealers of 340,000-350,000 vehicles, up 4-4.5% from a year earlier. As per dealers, planned shutdowns by some companies will help in moderating production volume and managing inventory. «Pre-Covid stocks for the industry used to be in the range of 45 days. This has dropped to 2-3 weeks after pandemic. Industry stocks are high,» said Hardeep Singh Brar, national sales head at Kia India. He expects sales to rebound after the new government takes charge. «Forecast for monsoons is good. Interest rates are expected to come down later in the year, with inflation under control. Given the high base for the entire year, sales growth is likely to be in low single digits,» he said.

Ajay Gupta, one of three infamous Gupta brothers, by Indian authorities is a shot in the arm for South Africa's ruling African National Congress (ANC) and the country's President Cyril Ramaphosa in an election season. ANC is seeking re-election in Wednesday's parliamentary polls and the arrest of Ajay Gupta will enable the current ANC leadership to target former president Jacob Zuma under whose rule the Gupta brothers ran a controversial business empire in South Africa. Zuma is accused of backing the Gupta brothers in lieu of personal favours, including financial emoluments. Zuma has formed a separate entity to fight the elections, eyeing to create a rift within ANC supporters and garner votes. This is a high-stakes election for ANC.

meeting with PM Narendra Modi in September 2018 proved a turning point for Sunil Bharti Mittal-led Bharti Airtel, which was facing an existential crisis at the time, the Bharti Group founder told ET. Airtel was then reeling under the onslaught of free voice and data services offered by the then new entrant Reliance Jio and a series of decisions by the telecom regulator that adversely impacted the incumbent market leader, Mittal said. "...in (September) 2018, I sought a meeting with the PM. I was still the chairman of GSMA...just coming out from the chairmanship of the International Chambers of Commerce, when I used to brief him (PM) occasionally on WTO, G20 and other issues. So, I took the liberty and took his permission to talk about the Indian telecom industry. I told him that things were going very badly and the situation was getting very alarming," Mittal told ET. He was referring to the free voice and data services being offered by Jio, which entered the telecom market in 2016, and a slew of regulations that, Mittal felt, favoured one side.