India Financial News

Also Read: Unemployment rate in India doubles among educated youth: Former CEA Kaushik Basu says, ‘Change is coming’Dr Basu took to microblogging platform ‘X’ and said, ‘’Latest data from India’s CMIE shows India’s youth unemployment rate has reached the alarming level of 45.4 per cent—among the highest in the world. This is doing deep damage. For the sake of the country we must not hide behind slogans, must put politics aside & take corrective measures.''The ex-CEA, who now teaches economics at Cornell University, stated that the rising unemployment is doing ‘’deep damage''.

₹142 on May 29, against previous at ₹138 per share on Tuesday.The state-owned construction company reported a 24.6 percent year-on-year increase in net profit, reaching ₹141.5 crore, and a 43 percent year-on-year surge in revenue from operations, totaling ₹4,025 crore for the reviewed quarter.Also read: Dividend stock: Multibagger chemical stock declares final dividend for fourth straight yearAt the operational level, NBCC's EBITDA rose to ₹240.2 crore in the fourth quarter of FY24, compared to ₹104.5 crore in the same period of FY23. The EBITDA margin improved to 6 percent from 3.7 percent in the previous fiscal's corresponding quarter.At 9:30 am on Wednesday, the NBCC shares opened 4.17 per cent higher at ₹144.80 per share.

ALSO READ: IRS officer arrested after woman's body found hanging at his Noida flatThe incident occurred around 11:08 pm on Monday at the Raja Ki Mandi railway station in Agra.Before the incident, Rani had a heated argument with her live-in partner, Kishore.Both partners argued over Kishore’s drinking habits, and as the verbal fight escalated, Rani threatened to commit suicide by jumping in front of a train. During the argument, Rani led Kishore to Raja Ki Mandi railway station, where they both sat on chairs at platform No 2.Later, in a dramatic turn of events, the woman jumped on the railway tracks and threatened to commit suicide.ALSO READ: Karnataka: Horrific stabbing in Hubbali after woman rejects advancesShe did not see the Kerala Express train coming on the tracks in time and, while trying to climb back onto the platform, got stuck between the train and the platform.Railway Police Force (RPF) personnel immediately swung into action, pulled Rani out from under the train, and rushed her to SN Medical College, where she succumbed to her injuries during the treatment.Her body had been sent for a post-mortem.Rani was in a relationship with Kishore for more than a year.According to an India Today report, Inspector Samar Bahadur, in charge of the GRP Cantonment, said that Kishore told them that Rani had a troubled past, including the death of her ex-husband due to his excessive drinking habits.

Sensex:Top Gainers: Power Grid Corporation Of India (up 1.52%), Sun Pharmaceutical Industries (up 0.92%), Nestle India (up 0.71%), ITC (up 0.44%), Bharti Airtel (up 0.26%)Top Losers: Tech Mahindra (down 2.35%), ICICI Bank (down 2.19%), Axis Bank (down 1.92%), Bajaj Finserv (down 1.89%), HDFC Bank (down 1.48%)Nifty:Top Gainers: Hindalco Industries (up 3.52%), Power Grid Corporation Of India (up 1.57%), Divis Laboratories (up 1.27%), Nestle India (up 1.00%), Sun Pharmaceutical Industries (up 0.96%)Top Losers: HDFC Life Insurance Company (down 2.87%), SBI Life Insurance Company (down 2.62%), ICICI Bank (down 2.21%), Tata Consumer (down 2.21%), Tech Mahindra (down 2.18%)Nifty MidCap 50:Top Gainers: Suzlon Energy, Jubilant Foodworks, Au Small Finance Bank, L&T Finance Holdings, Vodafone IdeaTop Losers: HDFC Asset Management Company, Ashok Leyland, Tube Investments Of India, Hindustan Petroleum Corporation, AstralNifty Small Cap 100:Top Gainers: Cochin Shipyard, Baheti Recycling Industries, Housing & Urban Development Corporation, Great Eastern Shipping Company, Finolex CablesTop Losers: PNB Housing Finance, Ujjivan Small Finance Bank, Arham Technologies, Narayana Hrudayalaya, ITIBSE:Top Gainers: Sumitomo Chemical India (up 8.79%), Grindwell Norton (up 8.70%), Eid Parry India (up 8.18%), BHARAT DYNAMICS (up 5.99%), Cochin Shipyard (up 5.92%)Top Losers: IFB Industries (down 9.94%), Hatsun Agro Product (down 8.39%), EIGHTY JEWELL-MT (down 7.58%), PNB Housing Finance (down 6.69%), ICICI Prudential Life Insurance Company (down 4.41%)NSE:Top Gainers: Sumitomo Chemical India (up 9.03%), Grindwell Norton (up 8.33%), Eid Parry India (up 8.28%), BHARAT DYNAMICS (up 6.01%), Finolex Industries (up 5.75%)Top Losers: Master Components

Also Read: Lok Sabha Elections 2024: Defence, power, industrials among sectors to bet on ahead of election resultMindspace REIT registered its best-ever quarterly gross leasing since IPO in Q4FY24, while Embassy REIT and Brookfield REIT had achieved this milestone in Q3FY24.“Over the past couple of years, higher exits, predominantly from IT/ITeS companies had dragged net leasing into negative territory. While exits continued in Q4FY24, the pace seems to be moderating.

NEW DELHI : Ten of India’s 65 cities with over a million population experienced more than 100 hours of ‘heat stress’—dangerous levels of both heat and humidity—in May, in the midst of India’s longest election season, data analysed by climate tech startup, Respirer Living Sciences, showed. Heat stress refers to situations when the heat index, which accounts for both surface temperature and humidity, exceeds 41°C.

‘Mahatma Gandhi, Pandit Nehru couldn’t imagine…', Priyanka Gandhi in Rae BareliIn the video clip of the TV interview that has gone viral on social media, PM Modi suggests that Mahatma Gandhi's global recognition was significantly influenced by cinematic portrayals of his life and principles. Flagging a 'durdasha' (sad state of affairs) in post-Independence India, PM Modi said that when the movie was made of Mahatma Gandhi, did the world get 'curious' about Gandhi? ALSO READ: ‘Mahatma Gandhi said soon after Independence…’ Rajnath Singh reiterates ‘abolish Congress’ remarkPM Modi further emphasises that if Martin Luther King and Nelson Mandela had been well-known figures worldwide, India should have 'worked' better to make Mahatma Gandhi a world-renowned figure.

Last month, an article in Harvard Business Review (HBR) ‘Will Your Nudge Have a Lasting Impact?’ by Evan Polman and Sam J. Maglio questioned the effectiveness of nudges used in policymaking and corporate strategy. Ever since the book Nudge by Richard Thaler and Cass Sunstein was published in 2008, behavioural nudges, or interventions designed to subtly steer individuals towards desired behaviours, has become a favourite tool of policymakers around the world.

HDFC Life Insurance Company (down 2.90 per cent), SBI Life Insurance Company (down 2.53 per cent) and Tech Mahindra (down 2.27 per cent) closed as the top losers in the Nifty 50 index.On the other hand, shares of Hindalco (up 3.52 per cent), Divi's Labs (up 1.72 per cent) and Power Grid (up 1.29 per cent) closed as the top gainers in the Nifty 50 index.The Sensex opened 344 points lower at 74,826.94 against its previous close of 75,170.45 and fell as much as 716 points in the intraday session to 74,454.55. The 30-share pack closed with a loss of 668 points, or 0.89 per cent, at 74,502.90 with 24 stocks in the red.Mid and smallcap indices outperformed the benchmarks.

For SpiceJet to stay afloat, some crew will have to deplaneIn December, Engine Lease Finance BV approached the Delhi High Court after settlement talks failed, alleging the airline only made partial payments and violated the terms of the agreement.In October, SpiceJet had agreed to pay the lessor about $2 million and return the leased engines by 25 January. It eventually returned the leased engines in March on the court's orders.SpiceJet has faced several insolvency pleas in the NCLT over pending dues from various parties including Wilmington Trust SP Services (Dublin), Willis Lease Finance, Celestial Aviation, Aircastle, and Alterna Aircraft.

NEW DELHI:Universal VulKaan Aviation, a Singapore-based company, is set to venture into India as its next growth market, aiming to sell over 30 helicopters within the next three years, senior officials told Mint in an interaction.This ambitious plan, which includes both pre-owned and new helicopters, is set to reshape the country's helicopter landscape. The company, a distributor for Leonardo helicopters in India, has already engaged in discussions with private charter companies and state governments, they added."The helicopter market in India has not reached its full potential, with only 250 machines in operation," said Harinder Jeet Singh Commar, partner at Universal VulKaan Aviation.

Anand Mahindra, the chairman of Mahindra Group, is known for his active social media presence and has over 11 million followers. Recently, he responded to a tweet by a user who shared a picture with the Ramanagara hills in the background, famously known as the fictional town of Rampur in the classic Bollywood film "Sholay" (1975). The tweet humorously speculated whether 'Basanti,' a character played by Hema Malini in the film, would drive a Mahindra Scorpio instead of her traditional horse-drawn cart if the movie was made today. The place is just off the Bengaluru — Mysuru Expressway, the X user said. In his witty response, Anand Mahindra posted a famous line from the film, saying, «Kitne Scorpio the» instead of «Kitne Aadmi The,» referring to the iconic dialogue by the character Gabbar Singh. Last year, Mahindra achieved a significant milestone by producing 900,000 units of its iconic SUV, the Scorpio, highlighting its impact on the SUV market in India. For over two decades, the Scorpio has been a favorite among SUV enthusiasts across the country. From the original Scorpio to the latest Scorpio-N and Scorpio Classic, the vehicle has consistently maintained its appeal.

Nakoda Group Of Industries Ltd.(up 7.68%), JHS Svendgaard Laboratories Ltd.(up 4.95%), ADF Foods Ltd.(up 4.29%), Sheetal Cool Products Ltd.(up 3.31%), Gillette India Ltd.(up 2.91%), Zydus Wellness Ltd.(up 2.67%), Mrs. Bectors Food Specialities Ltd.(up 1.90%), Adani Wilmar Ltd.(up 1.82%), Honasa Consumer Ltd.(up 1.78%) and Umang Dairies Ltd.(up 1.76%) stood among the top gainers.

IOS Sports & Entertainment has signed three of India's top wrestling talents — Reetika Hooda, Nisha Dahiya, and Aman Sehrawat. All three of them have secured spots for the Paris 2024 Olympics. With these latest signings, four of the six qualified Indian wrestlers for the Games, will now be represented by IOS Sports & Entertainment, who already have Anshu Malik(qualified for Paris 2024) and Sonam Malik in their wrestling roster. The onboarding of the three talented grapplers highlight IOS's commitment to nurturing India's sporting potential and furthering the country's ambitions on the global stage.

India's capital reached an all-time high of 50.5 degrees Celsius (122.9 Fahrenheit) on Wednesday, according to the government's weather bureau. The India Meteorological Department (IMD), reporting «severe heat-wave conditions,» recorded the temperature in Delhi's suburb of Mungeshpur on Wednesday afternoon, surpassing the 50C mark for the first time in the city's history. Earlier on, the IMD had issued a red alert for many parts of India's northwestern regions and warned of a severe heat wave day.

rupee logged its biggest daily decline against the U.S. dollar in nearly seven weeks on Wednesday, pressured by persistent dollar demand from importers and election-related risks. The rupee ended at 83.3450, down from 83.1775 in the previous session. It fell 0.2% on Wednesday, its biggest daily fall since April 12.

Indian benchmark equity indices closed in the red for the fourth straight session on Wednesday, dragged down by losses in heavyweight financials and IT stocks. Uncertainty around domestic election results and the timing of US rate cuts also contributed to the decline. The 30-share BSE Sensex declined by 668 points, or 0.89%, to settle at 74,503. The broader NSE Nifty dropped 183 points, or 0.80%, to end at 22,704.

Steel pipes maker Man Industries on Wednesday said it has secured new orders worth Rs 490 crore in the domestic and international markets. With the latest win, the order book stands around Rs 2,600 crore, the company said in a statement. The new orders worth Rs 490 crore are from both domestic and international clients, and are scheduled for delivery in the next six months, it said. Man Industries Managing Director Nikhil Mansukhani said, «The start of the year is proving exceptionally strong. We expect the momentum to continue.»

Avaada Group's arm Avaada Energy on Wednesday said it has secured Rs 315 crore financing from Aseem Infrastructure Finance for a captive solar project in Karnataka. Aseem Infrastructure Finance Ltd (AIFL) is an IFC (Infrastructure Finance Company) established with the aim of playing a transformative role in the growth of Indian infrastructure debt financing, according to a company statement. Avaada Energy, a leading player in the renewable energy sector, has secured financing for its solar PV power project, which is being developed under a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers' Federation Ltd (KMF), the statement said. The project is located in the Kalaburagi district of Karnataka. KMF, the apex body for the dairy cooperative movement in Karnataka, is rated A+ (Stable) by ICRA.

Jakson Green, a new energy transition platform backed by Jakson Group, on Wednesday said it has secured Rs 60 crore funding from HSBC India. This funding will support the company's working capital requirements for its renewable energy business, both in India and internationally, a company statement said. The Jakson Green is actively expanding its global reach in Middle East, Africa, (Commonwealth of Independent States) CIS countries and Europe, it added. This sustainable trade facility from HSBC India underscores Jakson Green's unwavering commitment to ESG responsibilities and its leadership in promoting a sustainable and inclusive future.

India is poised to begin wheat imports after a six-year gap, to replenish depleted reserves and hold down prices that leaped following three years of disappointing crops, sources say, as the approaching end of general elections removes a key hurdle. New Delhi is expected to abandon a 40% tax on wheat imports this year, officials and other sources told Reuters, paving the way for private traders and flour millers to buy from producers such as top exporter Russia, albeit in modest volumes. As the new-season wheat harvest rolls in, the government is likely to wait until after June to scrap the import tax, in time for Russia's harvest, the sources said.